INDENTURE



  
 EXECUTION COPY

  
 Exhibit 4.1 
  
 AMF BOWLING WORLDWIDE, INC. 
 (as successor by merger to Kingpin Merger Sub, Inc.), as Issuer, 
  
 AMF BOWLING PRODUCTS, INC. 
 AMF BOWLING CENTERS HOLDINGS INC. 
 AMF WORLDWIDE BOWLING CENTERS HOLDINGS INC. 
 AMERICAN RECREATION CENTERS, INC. 
 AMF BOWLING CENTERS, INC. 
 AMF BEVERAGE COMPANY OF OREGON, INC. 
 AMF BEVERAGE COMPANY OF W. VA., INC. 
 KING LOUIE LENEXA, INC. 
 300, INC. 
 BUSH RIVER CORPORATION 
 AMF BOWLING CENTERS (AUST) INTERNATIONAL INC. 
 AMF BOWLING CENTERS INTERNATIONAL INC. 
 AMF BOWLING MEXICO HOLDING, INC. 
 BOLICHES AMF, INC. 
  
 as Guarantors, 
  
 and 
  
 WILMINGTON TRUST COMPANY, as Trustee 
  
 INDENTURE 
  
 Dated as of February 27, 2004 
  
 $150,000,000

  
 10% Senior Subordinated Notes due 2010 







 Reconciliation and tie between Trust Indenture Act of 1939, 
 as amended, and Indenture, dated as of February 27, 2004 
  

					
	 Trust Indenture                Indenture
 Act
Section

	  	Section


	 § 310
	  	 (a)(1)
	  	609
	 	  	 (a)(2)
	  	609
	 	  	 (b)
	  	608, 610
	 § 311
	  	 (a)
	  	613
	 	  	 (c)
	  	Not Applicable
	 § 312
	  	 (a)
	  	701
	 	  	 (b)
	  	702
	 	  	 (c)
	  	702
	 § 313
	  	 (a)
	  	703
	 § 314
	  	 (a)
	  	704
	 	  	 (a)(4)
	  	1018
	 	  	 (b)
	  	Not Applicable
	 	  	 (c)(1)
	  	103, 104, 404, 1201
	 	  	 (c)(2)
	  	103, 104, 404, 1201
	 	  	 (d)
	  	Not Applicable
	 	  	 (e)
	  	103
	 § 315
	  	 (a)
	  	601(b)
	 	  	 (b)
	  	602
	 	  	 (c)
	  	601(a)
	 	  	 (d)
	  	601(c), 603
	 	  	 (e)
	  	514
	 § 316
	  	 (a)(last sentence)
	  	101 (Outstanding)
	 	  	 (a)(1)(A)
	  	502, 512
	 	  	 (a)(1)(B)
	  	513
	 	  	 (a)(2)
	  	Not Applicable
	 	  	 (b)
	  	508
	 	  	 (c)
	  	105
	 § 317
	  	 (a)(1)
	  	503
	 	  	 (a)(2)
	  	504
	 	  	 (b)
	  	1003
	 § 318
	  	 (a)
	  	108



	Note: 	This reconciliation and tie shall not, for any purpose, be deemed to be a part of this Indenture. 

  









 TABLE OF CONTENTS 
  

					
	 	 	 	  	Page


		
	ARTICLE ONE	  	 
		
	DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION	  	 
			
	 Section 101.
	 	 Definitions
	  	2
	 Acquired Indebtedness
	  	2
	 Acquisition
	  	2
	 Additional Securities
	  	2
	 Affiliate
	  	3
	 Agent Bank
	  	3
	 AMF
	  	3
	 Applicable Procedures
	  	3
	 Asset Sale
	  	3
	 Asset Swap
	  	4
	 Attributable Indebtedness
	  	4
	 Average Life to Stated Maturity
	  	4
	 Bankruptcy Law
	  	4
	 Board of Directors
	  	4
	 Board Resolution
	  	4
	 Book-Entry Securities
	  	4
	 Business Day
	  	4
	 Capital Lease Obligation
	  	4
	 Capital Stock
	  	5
	 Cash Equivalents
	  	5
	 Change of Control
	  	5
	 CHS
	  	6
	 Clearstream
	  	6
	 Commission
	  	6
	 Commodity Price Protection Agreement
	  	7
	 Company
	  	7
	 Company Request
	  	7
	 Consolidated Fixed Charge Coverage Ratio
	  	7
	 Consolidated Income Tax Expense
	  	8
	 Consolidated Interest Expense
	  	8
	 Consolidated Net Income (Loss)
	  	9
	 Consolidated Non-cash Charges
	  	10
	 Consolidated Tangible Assets
	  	10
	 Consolidation
	  	10
	 Corporate Trust Office
	  	10
	 Credit Agreement
	  	10
	 Credit Facility
	  	10
	 Currency Hedging Agreements
	  	11
	 Default
	  	11
	 Depositary
	  	11
	 Designated Non-cash Consideration
	  	11

  

 - i - 









					
	 Designated Senior Indebtedness
	  	11
	 Disinterested Director
	  	11
	 Equity Agreements
	  	11
	 Euroclear
	  	11
	 Event of Default
	  	11
	 Exchange Act
	  	11
	 Exchange Offer
	  	11
	 Exchange Offer Registration Statement
	  	11
	 Exchange Securities
	  	11
	 Fair Market Value
	  	11
	 Foreign Subsidiary
	  	12
	 Generally Accepted Accounting Principles
	  	12
	 Global Securities
	  	12
	 Guarantee
	  	12
	 Guaranteed Debt
	  	12
	 Guarantor
	  	13
	 Holder
	  	13
	 Holdings
	  	13
	 IAI Global Securities
	  	13
	 Indebtedness
	  	13
	 Indenture
	  	14
	 Indenture Obligations
	  	14
	 Initial Purchasers
	  	14
	 Initial Securities
	  	14
	 Institutional Accredited Investor
	  	14
	 Interest Payment Date
	  	14
	 Interest Rate Agreements
	  	14
	 International Operations
	  	15
	 Investment
	  	15
	 Issue Date
	  	15
	 Lien
	  	15
	 Management Agreement
	  	15
	 Maturity
	  	15
	 Merger
	  	15
	 Merger Agreement
	  	15
	 Moody’s
	  	15
	 Net Cash Proceeds
	  	15
	 Non-U.S. Person
	  	16
	 Officers’ Certificate
	  	16
	 Opinion of Counsel
	  	16
	 Outstanding
	  	17
	 Parent Entity
	  	17
	 Pari Passu Indebtedness
	  	17
	 Paying Agent
	  	17
	 Permitted Business
	  	17
	 Permitted Holders
	  	18
	 Permitted Investment
	  	18
	 Permitted Lien
	  	19
	 Person
	  	20

  

 - ii - 









					
	 Portfolio Sale
	  	20
	 Predecessor Security
	  	20
	 Preferred Stock
	  	20
	 Public Debt
	  	20
	 Public Equity Offering
	  	20
	 Purchase Money Obligation
	  	21
	 Qualified Capital Stock
	  	21
	 Redeemable Capital Stock
	  	21
	 Redemption Date
	  	21
	 Redemption Price
	  	21
	 Registration Rights Agreement
	  	21
	 Registration Statement
	  	21
	 Regular Record Date
	  	22
	 Regulation S
	  	22
	 Regulation S Global Securities
	  	22
	 Release
	  	22
	 Responsible Officer
	  	22
	 Restricted Subsidiary
	  	22
	 Rule 144A
	  	22
	 Rule 144A Global Securities
	  	22
	 S&P
	  	22
	 Sale-Leaseback Transaction
	  	22
	 Securities
	  	22
	 Securities Act
	  	22
	 Senior Guarantor Indebtedness
	  	23
	 Senior Indebtedness
	  	24
	 Senior Representative
	  	25
	 Shelf Registration Statement
	  	25
	 Significant Subsidiary
	  	25
	 Special Record Date
	  	25
	 Stated Maturity
	  	25
	 Subordinated Indebtedness
	  	25
	 Subsidiary
	  	25
	 Successor Security
	  	25
	 Transactions
	  	26
	 Trust Indenture Act
	  	26
	 Trustee
	  	26
	 Unrestricted Global Securities
	  	26
	 Unrestricted Subsidiary
	  	26
	 Unrestricted Subsidiary Indebtedness
	  	26
	 Voting Stock
	  	26
	 Wholly Owned Restricted Subsidiary
	  	26
	 Section 102.
	 	 Other Definitions
	  	27
	 Section 103.
	 	 Compliance Certificates and Opinions
	  	28
	 Section 104.
	 	 Form of Documents Delivered to Trustee
	  	28
	 Section 105.
	 	 Acts of Holders
	  	29
	 Section 106.
	 	 Notices, etc., to the Trustee, the Company and any Guarantor
	  	30
	 Section 107.
	 	 Notice to Holders; Waiver
	  	31
	 Section 108.
	 	 Conflict with Trust Indenture Act
	  	31

  

 - iii - 









					
	 Section 109.
	  	 Effect of Headings and Table of Contents
	  	31
	 Section 110.
	  	 Successors and Assigns
	  	32
	 Section 111.
	  	 Separability Clause
	  	32
	 Section 112.
	  	 Benefits of Indenture
	  	32
	 Section 113.
	  	 GOVERNING LAW
	  	32
	 Section 114.
	  	 Legal Holidays
	  	32
	 Section 115.
	  	 Independence of Covenants
	  	32
	 Section 116.
	  	 Schedules and Exhibits
	  	32
	 Section 117.
	  	 Counterparts
	  	33
	 Section 118.
	  	 No Personal Liability of Directors, Officers, Employees or Stockholders
	  	33
			
	 	  	ARTICLE TWO	  	 
			
	 	  	SECURITY FORMS	  	 
			
	 Section 201.
	  	 Forms Generally
	  	33
	 Section 202.
	  	 Form of Face of Security
	  	34
	 Section 203.
	  	 Form of Reverse of Securities
	  	49
	 Section 204.
	  	 Form of Guarantee
	  	55
			
	 	  	ARTICLE THREE	  	 
			
	 	  	THE SECURITIES	  	 
			
	 Section 301.
	  	 Title and Terms
	  	56
	 Section 302.
	  	 Denominations
	  	57
	 Section 303.
	  	 Execution, Authentication, Delivery and Dating
	  	57
	 Section 304.
	  	 Temporary Securities
	  	58
	 Section 305.
	  	 Registration, Registration of Transfer and Exchange
	  	59
	 Section 306.
	  	 Book Entry Provisions for Global Securities
	  	60
	 Section 307.
	  	 Special Transfer and Exchange Provisions
	  	61
	 Section 308.
	  	 Mutilated, Destroyed, Lost and Stolen Securities
	  	65
	 Section 309.
	  	 Payment of Interest; Interest Rights Preserved
	  	66
	 Section 310.
	  	 CUSIP Numbers
	  	67
	 Section 311.
	  	 Persons Deemed Owners
	  	67
	 Section 312.
	  	 Cancellation
	  	67
	 Section 313.
	  	 Computation of Interest
	  	67
			
	 	  	ARTICLE FOUR	  	 
			
	 	  	DEFEASANCE AND COVENANT DEFEASANCE	  	 
			
	 Section 401.
	  	 Company’s Option to Effect Defeasance or Covenant Defeasance
	  	68
	 Section 402.
	  	 Defeasance and Discharge
	  	68
	 Section 403.
	  	 Covenant Defeasance
	  	68
	 Section 404.
	  	 Conditions to Defeasance or Covenant Defeasance
	  	69
	 Section 405.
	  	 Deposited Money and U.S. Government Obligations to Be Held in Trust; Other Miscellaneous Provisions
	  	71
	 Section 406.
	  	 Reinstatement
	  	71

  

 - iv - 









					
			
	 	  	ARTICLE FIVE	  	 
			
	 	  	REMEDIES	  	 
			
	 Section 501.
	  	 Events of Default
	  	72
	 Section 502.
	  	 Acceleration of Maturity; Rescission and Annulment
	  	73
	 Section 503.
	  	 Collection of Indebtedness and Suits for Enforcement by Trustee
	  	75
	 Section 504.
	  	 Trustee May File Proofs of Claim
	  	75
	 Section 505.
	  	 Trustee May Enforce Claims without Possession of Securities
	  	76
	 Section 506.
	  	 Application of Money Collected
	  	76
	 Section 507.
	  	 Limitation on Suits
	  	77
	 Section 508.
	  	 Unconditional Right of Holders to Receive Principal, Premium and Interest
	  	77
	 Section 509.
	  	 Restoration of Rights and Remedies
	  	77
	 Section 510.
	  	 Rights and Remedies Cumulative
	  	78
	 Section 511.
	  	 Delay or Omission Not Waiver
	  	78
	 Section 512.
	  	 Control by Holders
	  	78
	 Section 513.
	  	 Waiver of Past Defaults
	  	78
	 Section 514.
	  	 Undertaking for Costs
	  	79
	 Section 515.
	  	 Waiver of Stay, Extension or Usury Laws
	  	79
	 Section 516.
	  	 Remedies Subject to Applicable Law
	  	79
			
	 	  	ARTICLE SIX	  	 
			
	 	  	THE TRUSTEE	  	 
			
	 Section 601.
	  	 Duties of Trustee
	  	79
	 Section 602.
	  	 Notice of Defaults
	  	81
	 Section 603.
	  	 Certain Rights of Trustee
	  	81
	 Section 604.
	  	 Trustee Not Responsible for Recitals, Dispositions of Securities or Application of Proceeds Thereof
	  	82
	 Section 605.
	  	 Trustee and Agents May Hold Securities; Collections; etc
	  	82
	 Section 606.
	  	 Money Held in Trust
	  	83
	 Section 607.
	  	 Compensation and Indemnification of Trustee and Its Prior Claim
	  	83
	 Section 608.
	  	 Conflicting Interests
	  	83
	 Section 609.
	  	 Trustee Eligibility
	  	84
	 Section 610.
	  	 Resignation and Removal; Appointment of Successor Trustee
	  	84
	 Section 611.
	  	 Acceptance of Appointment by Successor
	  	85
	 Section 612.
	  	 Merger, Conversion, Consolidation or Succession to Business
	  	86
	 Section 613.
	  	 Preferential Collection of Claims Against Company
	  	86
			
	 	  	ARTICLE SEVEN	  	 
			
	 	  	HOLDERS’ LISTS AND REPORTS BY TRUSTEE AND COMPANY	  	 
			
	 Section 701.
	  	 Company to Furnish Trustee Names and Addresses of Holders
	  	86
	 Section 702.
	  	 Disclosure of Names and Addresses of Holders
	  	87
	 Section 703.
	  	 Reports by Trustee
	  	87
	 Section 704.
	  	 Reports by Company and Guarantors
	  	87

  

 - v - 









					
			
	 	  	ARTICLE EIGHT	  	 
			
	 	  	CONSOLIDATION, MERGER, SALE OF ASSETS	  	 
			
	 Section 801.
	  	 Company and Guarantors May Consolidate, etc., Only on Certain Terms
	  	88
	 Section 802.
	  	 Successor Substituted
	  	90
			
	 	  	ARTICLE NINE	  	 
			
	 	  	SUPPLEMENTAL INDENTURES	  	 
			
	 Section 901.
	  	 Supplemental Indentures and Agreements without Consent of Holders
	  	90
	 Section 902.
	  	 Supplemental Indentures and Agreements with Consent of Holders
	  	91
	 Section 903.
	  	 Execution of Supplemental Indentures and Agreements
	  	92
	 Section 904.
	  	 Effect of Supplemental Indentures
	  	93
	 Section 905.
	  	 Conformity with Trust Indenture Act
	  	93
	 Section 906.
	  	 Reference in Securities to Supplemental Indentures
	  	93
	 Section 907.
	  	 Notice of Supplemental Indentures
	  	93
	 Section 908.
	  	 Revocation and Effects of Consents
	  	93
			
	 	  	ARTICLE TEN	  	 
			
	 	  	COVENANTS	  	 
			
	 Section 1001.
	  	 Payment of Principal, Premium and Interest
	  	94
	 Section 1002.
	  	 Maintenance of Office or Agency
	  	94
	 Section 1003.
	  	 Money for Security Payments to Be Held in Trust
	  	94
	 Section 1004.
	  	 Corporate Existence
	  	95
	 Section 1005.
	  	 Payment of Taxes and Other Claims
	  	96
	 Section 1006.
	  	 Maintenance of Properties
	  	96
	 Section 1007.
	  	 Waiver of Certain Covenants
	  	97
	 Section 1008.
	  	 Limitation on Indebtedness
	  	97
	 Section 1009.
	  	 Limitation on Restricted Payments
	  	101
	 Section 1010.
	  	 Limitation on Transactions with Affiliates
	  	106
	 Section 1011.
	  	 Limitation on Liens
	  	107
	 Section 1012.
	  	 Limitation on Sale of Assets
	  	108
	 Section 1013.
	  	 Limitation on Issuances of Guarantees of Indebtedness
	  	112
	 Section 1014.
	  	 Purchase of Securities upon a Change of Control
	  	113
	 Section 1015.
	  	 Limitation on Subsidiary Preferred Stock
	  	116
	 Section 1016.
	  	 Limitation on Dividend and Other Payment Restrictions Affecting Subsidiaries
	  	116
	 Section 1017.
	  	 Limitations on Unrestricted Subsidiaries
	  	118
	 Section 1018.
	  	 Sale and Leaseback Transactions
	  	119
	 Section 1019.
	  	 Incurrence of Layered Indebtedness
	  	120
	 Section 1020.
	  	 Provision of Financial Statements
	  	120
	 Section 1021.
	  	 Statement by Officers as to Default
	  	121
			
	 	  	ARTICLE ELEVEN	  	 
			
	 	  	REDEMPTION OF SECURITIES	  	 
			
	 Section 1101.
	  	 Rights of Redemption
	  	121
	 Section 1102.
	  	 Applicability of Article
	  	122

  

 - vi - 









					
	 Section 1103.
	  	 Election to Redeem; Notice to Trustee
	  	122
	 Section 1104.
	  	 Selection by Trustee of Securities to Be Redeemed
	  	122
	 Section 1105.
	  	 Notice of Redemption
	  	122
	 Section 1106.
	  	 Deposit of Redemption Price
	  	123
	 Section 1107.
	  	 Securities Payable on Redemption Date
	  	124
	 Section 1108.
	  	 Securities Redeemed or Purchased in Part
	  	124
	 Section 1109.
	  	 No Mandatory Redemption
	  	124
			
	 	  	ARTICLE TWELVE	  	 
			
	 	  	SATISFACTION AND DISCHARGE	  	 
			
	 Section 1201.
	  	 Satisfaction and Discharge of Indenture
	  	124
	 Section 1202.
	  	 Application of Trust Money
	  	125
			
	 	  	ARTICLE THIRTEEN	  	 
			
	 	  	SUBORDINATION OF SECURITIES	  	 
			
	 Section 1301.
	  	 Securities Subordinate to Senior Indebtedness
	  	126
	 Section 1302.
	  	 Payment Over of Proceeds Upon Dissolution, etc
	  	126
	 Section 1303.
	  	 Suspension of Payment When Designated Senior Indebtedness in Default
	  	127
	 Section 1304.
	  	 Payment Permitted if No Default
	  	129
	 Section 1305.
	  	 Turnover of Payment
	  	129
	 Section 1306.
	  	 Subrogation to Rights of Holders of Senior Indebtedness
	  	129
	 Section 1307.
	  	 Provisions Solely to Define Relative Rights
	  	129
	 Section 1308.
	  	 Trustee to Effectuate Subordination
	  	130
	 Section 1309.
	  	 No Waiver of Subordination Provisions
	  	130
	 Section 1310.
	  	 Notice to Trustee
	  	130
	 Section 1311.
	  	 Reliance on Judicial Orders or Certificates
	  	131
	 Section 1312.
	  	 Rights of Trustee as a Holder of Senior Indebtedness; Preservation of Trustee’s Rights
	  	132
	 Section 1313.
	  	 Article Applicable to Paying Agents
	  	132
	 Section 1314.
	  	 No Suspension of Remedies
	  	132
	 Section 1315.
	  	 Trustee’s Relation to Senior Indebtedness
	  	132
			
	 	  	ARTICLE FOURTEEN	  	 
			
	 	  	GUARANTEES	  	 
			
	 Section 1401.
	  	 Guarantors’ Guarantee
	  	132
	 Section 1402.
	  	 Continuing Guarantee; No Right of Set-Off; Independent Obligation
	  	133
	 Section 1403.
	  	 Guarantee Absolute
	  	134
	 Section 1404.
	  	 Right to Demand Full Performance
	  	135
	 Section 1405.
	  	 Waivers
	  	136
	 Section 1406.
	  	 The Guarantors Remain Obligated in Event the Company Is No Longer Obligated to Discharge Indenture Obligations
	  	136
	 Section 1407.
	  	 Fraudulent Conveyance; Contribution; Subrogation
	  	137
	 Section 1408.
	  	 Guarantee Is in Addition to Other Security
	  	137
	 Section 1409.
	  	 Release of Security Interests
	  	137
	 Section 1410.
	  	 No Bar to Further Actions
	  	138

  

 - vii - 









					
	 Section 1411.
	  	 Failure to Exercise Rights Shall Not Operate as a Waiver; No Suspension of Remedies
	  	138
	 Section 1412.
	  	 Trustee’s Duties; Notice to Trustee
	  	138
	 Section 1413.
	  	 Successors and Assigns
	  	138
	 Section 1414.
	  	 Release of Guarantee
	  	138
	 Section 1415.
	  	 Execution of Guarantee
	  	139
	 Section 1416.
	  	 Guarantee Subordinate to Senior Guarantor Indebtedness
	  	139
	 Section 1417.
	  	 Payment Over of Proceeds Upon Dissolution of the Guarantor, etc
	  	140
	 Section 1418.
	  	 Default on Senior Guarantor Indebtedness
	  	141
	 Section 1419.
	  	 Turnover of Payment
	  	141
	 Section 1420.
	  	 Payment Permitted by Each of the Guarantors if No Default
	  	142
	 Section 1421.
	  	 Subrogation to Rights of Holders of Senior Guarantor Indebtedness
	  	142
	 Section 1422.
	  	 Provisions Solely to Define Relative Rights
	  	142
	 Section 1423.
	  	 Trustee to Effectuate Subordination
	  	142
	 Section 1424.
	  	 No Waiver of Subordination Provisions
	  	143
	 Section 1425.
	  	 Notice to Trustee by Each of the Guarantors
	  	143
	 Section 1426.
	  	 Reliance on Judicial Orders or Certificates
	  	144
	 Section 1427.
	  	 Rights of Trustee as a Holder of Senior Guarantor Indebtedness; Preservation of Trustee’s Rights
	  	144
	 Section 1428.
	  	 Article Applicable to Paying Agents
	  	144
	 Section 1429.
	  	 No Suspension of Remedies
	  	145
	 Section 1430.
	  	 Trustee’s Relation to Senior Guarantor Indebtedness
	  	145

  
 TESTIMONIUM 
  
 SIGNATURE AND SEALS 
  
 ACKNOWLEDGMENTS 
  

			
	EXHIBIT A	  	Regulation S Certificate
		
	EXHIBIT B	  	Restricted Securities Certificate
		
	EXHIBIT C	  	Institutional Accredited Investor Certificate
		
	EXHIBIT D	  	Unrestricted Security Certificate
		
	EXHIBIT E	  	Form of Supplemental Indenture

  

 - viii - 








 INDENTURE, dated as of February 27, 2004, among Kingpin Merger Sub, Inc., a Delaware corporation, to be
merged with and into AMF Bowling Worldwide, Inc., a Delaware corporation (herein called the “Company,” which term includes any successor person to the merger of Kingpin Merger Sub, Inc. and AMF Bowling Worldwide, Inc.), AMF Bowling
Products, Inc., a Virginia corporation, AMF Bowling Centers Holdings Inc., a Delaware corporation, AMF Worldwide Bowling Centers Holdings Inc., a Delaware corporation, American Recreation Centers, Inc., a Virginia corporation, AMF Bowling Centers,
Inc., a Virginia corporation, AMF Beverage Company of Oregon, Inc., an Oregon corporation, AMF Beverage Company of W. Va., Inc., a West Virginia corporation, King Louie Lenaxa, Inc., a Kansas corporation, 300, Inc., a Texas corporation, Bush River
corporation, a South Carolina corporation, AMF Bowling Centers (Aust) International Inc., a Virginia corporation, AMF Bowling Centers International Inc., a Virginia corporation, AMF Bowling Mexico Holding, Inc., a Delaware corporation, Boliches,
AMF, Inc., a Virginia corporation., as Guarantors (each a “Guarantor,” and collectively, the “Guarantors”), and Wilmington Trust Company, a Delaware banking corporation, as trustee (the “Trustee”). 
  
 RECITALS OF THE COMPANY AND THE GUARANTORS 
  
 The Company has duly authorized the creation of an issue of 10% Senior
Subordinated Notes due 2010, (the “Initial Securities”), and, when and if issued in an Exchange Offer, an issue of 10% Senior Subordinated Notes due 2010 (the “Exchange Securities” and, together with the Initial Securities, the
“Securities”), of substantially the tenor and amount hereinafter set forth (subject to the ability of the Company to issue additional Securities hereunder as described herein), and to provide therefore, the Company has duly authorized the
execution and delivery of this Indenture and the Securities; 
  
 Each Guarantor has duly authorized the issuance of a Guarantee of the Securities, of substantially the tenor hereinafter set forth, and to provide therefor, each Guarantor has duly authorized the execution and delivery of this Indenture and
its Guarantee; 
  
 Upon the issuance of the Exchange Securities,
this Indenture is subject to, and shall be governed by, the provisions of the Trust Indenture Act that are required to be part of and to govern indentures qualified under the Trust Indenture Act; 
  
 All things necessary have been done to make (i) the Securities, when duly
issued and executed by the acts and Company and authenticated and delivered hereunder, the valid obligations of the Company, (ii) the Guarantees, when executed by each of the Guarantors and delivered hereunder, the valid obligation of each of the
Guarantors and (iii) this Indenture a valid agreement of the Company and each of the Guarantors in accordance with the terms of this Indenture; 
  









 NOW, THEREFORE, THIS INDENTURE WITNESSETH: 
  
 For and in consideration of the premises and the purchase of the Securities by the Holders thereof, it is mutually
covenanted and agreed, for the equal and proportionate benefit of all Holders of the Securities, as follows: 
  
 ARTICLE ONE 
  
 DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION 
  
 Section 101. Definitions. 
  
 For all
purposes of this Indenture, except as otherwise expressly provided or unless the context otherwise requires: 
  
 (a) the terms defined in this Article have the meanings assigned to them in this Article, and include the plural as well as the singular; 
  
 (b) all other terms used herein which are defined in the Trust Indenture Act,
either directly or by reference therein, have the meanings assigned to them therein; 
  
 (c) all accounting terms not otherwise defined herein have the meanings assigned to them in accordance with GAAP; 
  
 (d) the words “herein,” “hereof” and “hereunder” and other words of similar import refer to this Indenture as a whole and
not to any particular Article, Section or other subdivision; 
  
 (e) all references to $, US$, dollars or United States dollars shall refer to the lawful currency of the United States of America; and 
  
 (f) all references herein to particular Sections or Articles refer to this Indenture unless otherwise so indicated. 
  
 Certain terms used principally in Article Four are defined in Article Four.

  
 “Acquired Indebtedness” means Indebtedness of a
Person (1) existing at the time such Person becomes a Restricted Subsidiary or (2) assumed in connection with the acquisition of assets from such Person, in each case, other than Indebtedness incurred in connection with, or in contemplation of, such
Person becoming a Restricted Subsidiary or such acquisition, as the case may be. Acquired Indebtedness shall be deemed to be incurred on the date of the related acquisition of assets from any Person or the date the acquired Person becomes a
Restricted Subsidiary, as the case may be. 
  
 “Acquisition” means the consummation of the merger by and among AMF, Holdings, and Kingpin Merger Sub, Inc., a wholly owned subsidiary of Holdings. 
  
 “Additional Securities” means further Securities (other than the Initial Securities) issued under this Indenture
in accordance with the terms of this Indenture including Sections 303 and 1108 hereof, as part of the same series as the Initial Securities ranking equally with the Initial Securities in all respects (other than the issuance dates and, at the option
of the Company, the date from which interest will accrue), subject to compliance with Section 1008 herein. The Initial Securities and any Additional Securities subsequently issued under this Indenture shall be treated as a single class for all
purposes under this Indenture, including, without limitation, waivers, amendments, redemptions, and offers to purchase. 
  

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 “Affiliate” of any specified Person means any other Person directly or indirectly controlling
or controlled by or under direct or indirect common control with such specified Person. For purposes of this definition, “control,” as used with respect to any Person, means the possession, directly or indirectly, of the power to direct or
cause the direction of the management or policies of such Person, whether through the ownership of voting securities, by agreement or otherwise; provided that beneficial ownership of 10% or more of the Voting Stock of a Person will be deemed
to be control. For purposes of this definition, the terms “controlling,” “controlled by” and “under common control with” have correlative meanings. 
  
 “Agent Bank” means Merrill Lynch, Pierce, Fenner & Smith Incorporated or any other agent bank under the Credit
Agreement. 
  
 “AMF” means AMF Bowling Worldwide, Inc.,
a corporation incorporated under the laws of Delaware. 
  
 “Applicable Procedures” means, with respect to any transfer or transaction involving a Global Security or beneficial interest therein, the rules and procedures of the Depositary for such Security, Euroclear and Clearstream, in
each case to the extent applicable to such transaction and as in effect at the time of such transfer or transaction. 
  
 “Asset Sale” means any sale, issuance, conveyance, transfer, lease or other disposition (including, without limitation, by way of merger,
consolidation or Sale-Leaseback Transaction) (collectively, a “transfer”), directly or indirectly, in one or a series of related transactions, of: 
  
 (1) any Capital Stock of any Subsidiary; 
  
 (2) all or substantially all of the properties and assets of any division or line of business of the Company or any Restricted Subsidiary;
or 
  
 (3) any other properties, assets or rights
of the Company or any Restricted Subsidiary other than in the ordinary course of business. 
  
 For the purposes of this definition, the term “Asset Sale” shall not include any transfer of properties or assets 
  
 (A) that is governed by the provisions described under Article Eight hereof, or a transaction that is a Change of Control and the Company
makes a Change of Control Offer and complies with its terms, 
  
 (B) that is by the Company to any Restricted Subsidiary, Guarantor, or by any Restricted Subsidiary to the Company or any Restricted Subsidiary or Guarantor in accordance with the terms of this Indenture, 

 
 (C) that would be within the definition of a
“Restricted Payment” under Section 1009 and would be permitted to be made as a Restricted Payment (and is deemed a Restricted Payment) under Section 1009, 
  
 (D) that is of obsolete equipment or excess property in the ordinary course of business, 
  

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 (E) that consist of cash or Cash Equivalents, inventory, receivables and other current
assets in the ordinary course of business, 
  
 (F) the licensing of any intellectual property, or 
  
 (G) the Fair Market Value of which in the aggregate does not exceed $2.5 million in any transaction or series of related transactions. 
  
 “Asset Swap” means the exchange by the Company or a Restricted Subsidiary of a portion of its property, business
or assets, in the ordinary course of business, for property, business or assets which, or Capital Stock of a Person all or substantially all of whose assets, are of a type used in the business of the Company on the date of this Indenture or in a
Permitted Business, or a combination of any property, business or assets or Capital Stock of such a Person and cash or Cash Equivalents. 
  
 “Attributable Indebtedness” in respect of a sale-leaseback transaction means, at the time of determination, the present value (discounted at the
rate of interest implicit in such transaction) of the obligation of the lessee for net rental payments during the remaining term of the lease included in such sale-leaseback transaction (including any period for which such lease has been extended or
may, at the option of the lessor, be extended). 
  
 “Average
Life to Stated Maturity” means, as of the date of determination with respect to any Indebtedness, the quotient obtained by dividing (1) the sum of the products of (a) the number of years from the date of determination to the date or dates of
each successive scheduled principal payment of such Indebtedness multiplied by (b) the amount of each such principal payment by (2) the sum of all such principal payments. 
  
 “Bankruptcy Law” means Title 11, United States Bankruptcy Code of 1978, as amended, or any similar United States
federal or state law or foreign law relating to the bankruptcy, insolvency, receivership, winding up, liquidation, reorganization or relief of debtors or any amendment to, succession to or change in any such law. 
  
 “Board of Directors” means the board of directors of the Company,
Holdings, any Parent Entity or any Guarantor, as the case may be, or any duly authorized committee of such board. 
  
 “Board Resolution” means a copy of a resolution certified by the Secretary or an Assistant Secretary of the Company or any Guarantor, as the
case may be, to have been duly adopted by the Board of Directors and to be in full force and effect on the date of such certification, and delivered to the Trustee. 
  
 “Book-Entry Securities” means any Global Securities bearing the legend specified in Section 202 evidencing all or
part of a series of Securities, authenticated and delivered to the Depositary for such series or its nominee, and registered in the name of such Depositary or nominee. 
  
 “Business Day” means each Monday, Tuesday, Wednesday, Thursday and Friday which is not a day on which banking
institutions or trust companies in The City of New York or the city in which the Corporate Trust Office of the Trustee is located are authorized or obligated by law, regulation or executive order to close. 
  
 “Capital Lease Obligation” of any Person means any obligation of
such Person and its Restricted Subsidiaries on a Consolidated basis under any capital lease of (or other agreement conveying 

  

 4 








 
the right to use) real or personal property which, in accordance with GAAP, is required to be recorded as a capitalized lease obligation. 
  
 “Capital Stock” of any Person means any and all shares, interests,
participations, rights in or other equivalents (however designated) of such Person’s capital stock, other equity interests whether now outstanding or issued after the date of this Indenture, partnership interests (whether general or limited),
limited liability company interests, 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, including any Preferred Stock, and any
rights (other than debt securities convertible into Capital Stock), warrants or options exchangeable for or convertible into such Capital Stock. 
  
 “Cash Equivalents” means 
  
 (1) any evidence of Indebtedness issued or directly and fully guaranteed or insured by the United States or any agency or instrumentality
thereof, 
  
 (2) deposits, certificates of
deposit or acceptances of any financial institution that is a member of the Federal Reserve System and whose senior unsecured debt is rated at least “A-1” by S&P, or at least “P-1” by Moody’s, 
  
 (3) commercial paper with a maturity of 365 days or less
issued by a corporation (other than an Affiliate or Subsidiary of the Company or Holdings or any Parent Entity) organized and existing under the laws of the United States of America, any state thereof or the District of Columbia and rated at least
“A-1” by S&P and at least “P-1” by Moody’s, 
  
 (4) repurchase agreements and reverse repurchase agreements relating to marketable direct obligations issued or unconditionally guaranteed by the United States or issued by any agency thereof and backed by the full
faith and credit of the United States maturing within 365 days from the date of acquisition, and 
  
 (5) money market funds which invest substantially all of their assets in securities described in the preceding clauses (1) through (4).

  
 “Change of Control” means the occurrence of any of
the following events: 
  
 (1) any
“person” or “group” (as such terms are used in Sections 13(d) and 14(d) of the Exchange Act), other than Permitted Holders, is or becomes the “beneficial owner” (as defined in Rules 13d-3 and 13d-5 under the Exchange
Act, except that a Person will be deemed to have beneficial ownership of all shares that such Person has the right to acquire, whether such right is exercisable immediately or only after the passage of time), directly or indirectly, of more than 50%
of the total outstanding Voting Stock of the Company or Holdings or any Parent Entity; 
  
 (2) during any period of two consecutive years, individuals who at the beginning of such period constituted the Board of Directors or
managers of the Company or Holdings or any Parent Entity (together with any new directors or managers whose election to such board or whose nomination for election by the stockholders of the Company or the members of Holdings or any Parent Entity
was approved by a vote of a majority of the directors or managers then still in office who were either directors or managers at the beginning of such period or whose election or nomination for election was previously so approved), cease for any


  

 5 








 
reason to constitute a majority of the Board of Directors or managers of the Company or Holdings or any Parent Entity, as the case may be, then in office;

  
 (3) the Company or Holdings or any Parent
Entity consolidates with or merges with or into any Person or sells, assigns, conveys, transfers, leases or otherwise disposes of all or substantially all of its assets to any Person, or any Person consolidates with or merges into or with the
Company or Holdings or any Parent Entity, in any such event pursuant to a transaction in which the outstanding Voting Stock of the Company or Holdings or any Parent Entity is converted into or exchanged for cash, securities or other property, other
than any such transaction where 
  
 (A) the
outstanding Voting Stock of the Company or Holdings or any Parent Entity is changed into or exchanged for (1) Voting Stock of the surviving corporation which is not Redeemable Capital Stock or (2) cash, securities and other property (other than
Capital Stock of the surviving corporation) in an amount which could be paid by the Company or Holdings or any Parent Entity as a Restricted Payment as described under Section 1009 (and such amount is treated as a Restricted Payment subject to the
provisions of Section 1009 hereof), and 
  
 (B)
immediately after such transaction, no “person” or “group,” is the beneficial owner (as defined in Rules 13d-3 and 13d-5 under the Exchange Act, except that a person will be deemed to have beneficial ownership of all securities
that such person has the right to acquire, whether such right is exercisable immediately or only after the passage of time), directly or indirectly, of more than 50% of the total outstanding Voting Stock of the surviving corporation; or 

 
 (4) the Company or Holdings or any Parent Entity is
liquidated or dissolved or adopts a plan of liquidation or dissolution other than in a transaction which complies with the provisions described under Article Eight hereof. 
  
 For purposes of this definition, any transfer of an equity interest of an entity that was formed for the purpose of
acquiring Voting Stock of the Company or Holdings or any Parent Entity will be deemed to be a transfer of such portion of such Voting Stock as corresponds to the portion of the equity of such entity that has been so transferred. Notwithstanding the
foregoing, the occurrence of a reorganization event that results in the Capital Stock of the Company or Holdings being held by a Parent Entity shall not result in a Change of Control so long as such reorganization would not otherwise fall within
this definition of Change of Control. 
  
 “CHS” means
Code Hennessy & Simmons LLC, a Delaware limited liability company, and its Affiliates, and their respective successors, heirs and assigns. 
  
 “Clearstream” means Clearstream Banking, societe anonyme (or any successor securities clearing agency). 
  
 “Commission” means the Securities and Exchange Commission, as from
time to time constituted, created under the Exchange Act, or if at any time after the execution of this Indenture such Commission is not existing and performing the duties now assigned to it under the Securities Act, Exchange Act and Trust Indenture
Act then the body performing such duties at such time. 
  

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 “Commodity Price Protection Agreement” means any forward contract, commodity swap, commodity
option or other similar financial agreement or arrangement relating to, or the value which is dependent upon, fluctuations in commodity prices. 
  
 “Company” shall have the meaning set forth in the recitals. 
  
 “Company Request” or “Company Order” means a written request or order signed in the name of the Company
(i) by any one of its Chairman of the Board, its President, its Chief Executive Officer, its Chief Financial Officer, any Vice President (regardless of Vice Presidential designation), its Treasurer, an Assistant Treasurer, its Secretary or an
Assistant Secretary, or (ii) by an authorized signatory (by virtue of a power of attorney or other similar instrument) and delivered to the Trustee. 
  
 “Consolidated Fixed Charge Coverage Ratio” of any Person means, for any period, the ratio of 
  
 (a) the sum of Consolidated Net Income (Loss), and in each case to the extent
deducted in computing Consolidated Net Income (Loss) for such period, Consolidated Interest Expense, Consolidated Income Tax Expense and Consolidated Non-cash Charges for such period, of such Person and its Restricted Subsidiaries on a Consolidated
basis, less all non-cash items increasing Consolidated Net Income for such period and less all cash payments during such period relating to non-cash charges that were added back to Consolidated Net Income in determining the Consolidated Fixed Charge
Coverage Ratio in any prior period to 
  
 (b) the sum of
Consolidated Interest Expense for such period and cash and non-cash dividends paid on any Redeemable Capital Stock of the Company and its Restricted Subsidiaries or Preferred Stock of the Restricted Subsidiaries during such period, 
  
 in each case after giving pro forma effect (as calculated in accordance with Article
11 of Regulation S-X under the Securities Act or any successor provision) to 
  
 (1) the incurrence of the Indebtedness giving rise to the need to make such calculation and (if applicable) the application of the net proceeds therefrom, including to refinance other Indebtedness, as if such
Indebtedness was incurred, and the application of such proceeds occurred, on the first day of such period; 
  
 (2) the incurrence, repayment or retirement of any other Indebtedness by the Company and its Restricted Subsidiaries since the first day
of such period as if such Indebtedness was incurred, repaid or retired at the beginning of such period (except that, in making such computation, the amount of Indebtedness under any revolving credit facility shall be computed based upon the average
daily balance of such Indebtedness during such period, unless being repaid with the proceeds of such incurrence); 
  
 (3) in the case of Acquired Indebtedness or any acquisition occurring at the time of the incurrence of such Indebtedness, the related
acquisition, assuming such acquisition had been consummated on the first day of such period; and 
  
 (4) any acquisition or disposition by the Company and its Restricted Subsidiaries of any company or any business or any assets out of the
ordinary course of business, whether by merger, stock purchase or sale or asset purchase or sale, or any related 

  

 7 








 
repayment of Indebtedness, in each case since the first day of such period, assuming such acquisition or disposition had been consummated on the first day of
such period. 
  
 “Consolidated Income Tax Expense” of
any Person means, for any period, the provision for federal, state, local and foreign income taxes of such Person and its Consolidated Restricted Subsidiaries for such period as determined in accordance with GAAP. 
  
 “Consolidated Interest Expense” of any Person means, without
duplication, for any period, the sum of 
  
 (a) the interest
expense of such Person and its Restricted Subsidiaries for such period, on a Consolidated basis, including, without limitation, 
  
 (1) amortization of debt discount, 
  
 (2) the net cash costs associated with Interest Rate Agreements (including amortization of discounts), 
  
 (3) the interest portion of any deferred payment obligation,

  
 (4) all commissions, discounts and other fees
and charges owed with respect to letters of credit and bankers acceptance financing and 
  
 (5) accrued interest, plus 
  
 (b) (1) the interest component of the Capital Lease Obligations paid, accrued and/or scheduled to be paid or accrued by such Person and its Restricted
Subsidiaries during such period and 
  
 (2) all
capitalized interest of such Person and its Restricted Subsidiaries amortized or accrued in the relevant period, plus 
  
 (c) the interest expense under any Guaranteed Debt of such Person and any Restricted Subsidiary to the extent not included under clause (a)(4) above,
whether or not paid by such Person or its Restricted Subsidiaries, plus 
  
 (d) dividend requirements of the Company with respect to Redeemable Capital Stock and of any Restricted Subsidiary with respect to Preferred Stock (except, in either case, dividends payable solely in shares of Qualified Capital Stock of the
Company or such Restricted Subsidiary, as the case may be), minus 
  
 (e) amortization of deferred financing costs incurred in connection with the Acquisition; 
  
 provided that 
  
 (1) in making such computation, the Consolidated Interest Expense attributable to interest on any Indebtedness computed on a pro forma basis and (A) bearing a floating interest rate shall be computed as if the rate in effect on the
date of computation had been the applicable rate for the entire period and (B) which was not outstanding during the 

  

 8 








 
period for which the computation is being made but which bears, at the option of such Person, a fixed or floating rate of interest, shall be computed by
applying at the option of such Person either the fixed or floating rate, and 
  
 (2) in making such computation, the Consolidated Interest Expense of such Person attributable to interest on any Indebtedness under a revolving credit facility computed on a pro forma basis shall be computed
based upon the average daily balance of such Indebtedness during the applicable period unless being repaid with the proceeds of such incurrence. 
  
 “Consolidated Net Income (Loss)” of any Person means, for any period, the Consolidated net income (or loss) of such Person and its Restricted
Subsidiaries for such period on a Consolidated basis as determined in accordance with GAAP, adjusted, to the extent included in calculating such net income (or loss), by excluding, without duplication, 
  
 (1) all extraordinary or non-cash non-recurring gains or
losses net of taxes (less all fees and expenses relating thereto), 
  
 (2) the portion of net income (or loss) of such Person and its Restricted Subsidiaries on a Consolidated basis allocable to minority interests in unconsolidated Persons or Unrestricted Subsidiaries to the extent that
cash dividends or distributions have not actually been received by such Person or one of its Consolidated Restricted Subsidiaries, 
  
 (3) any non-cash impact attributable to the application of the purchase method of accounting in accordance with GAAP, 
  
 (4) any gain or loss, net of taxes, realized upon the
termination of any employee pension benefit plan, 
  
 (5) gains or losses, net of taxes (less all fees and expenses relating thereto), in respect of dispositions of assets other than in the ordinary course of business (including, without limitation, dispositions pursuant to sale-leaseback
transactions and including from the sale of the International Operations), 
  
 (6) the net income of any Restricted Subsidiary to the extent that the declaration of dividends or similar distributions by that Restricted Subsidiary of that income is not at the time permitted, 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, provided that upon the release
of any such prohibition, such net income shall be included with retroactive effect, 
  
 (7) any net gain arising from the acquisition of any securities or extinguishment, under GAAP, of any Indebtedness of such Person,

  
 (8) all deferred financing costs written off,
and premiums paid, in connection with any early extinguishment of Indebtedness, 
  
 (9) the cumulative effect of a change in accounting principles, or 
  
 (10) with respect to calculations made for purposes of Section 1008, currency gains and losses, or

  

 9 








 (11) with respect to calculations made for purposes of Section 1008, losses related to
discontinued operations as determined in accordance with GAAP. 
  
 “Consolidated Non-cash Charges” of any Person means, for any period, the aggregate depreciation, amortization and other non-cash charges of such Person and its Restricted Subsidiaries on a Consolidated basis for such period
(excluding any non-cash charge which requires an accrual or reserve for cash charges for any future period). 
  
 “Consolidated Tangible Assets” of any Person means, at any time, for such Person and its Restricted Subsidiaries on a consolidated basis, an
amount equal to (a) the consolidated assets of the Person and its Restricted Subsidiaries minus (b) consolidated intangible assets of the Person and its Restricted Subsidiaries at that time. 
  
 “Consolidation” means, with respect to any Person, the
consolidation of the accounts of such Person and each of its subsidiaries if and to the extent the accounts of such Person and each of its subsidiaries would normally be consolidated with those of such Person, all in accordance with GAAP. The term
“Consolidated” shall have a similar meaning. 
  
 “Corporate Trust Office” means the office of the Trustee or an affiliate or agent thereof at which at any particular time the corporate trust business for the purposes of this Indenture shall be principally administered, which
office at the date of execution of this Indenture is located at Rodney Square North, 1100 N. Market Street, Wilmington, Delaware 19890, Attention: Corporate Trust Administration, Facsimile: (302) 651-8882. 
  
 “Credit Agreement” means the Credit Agreement dated as of February
27, 2004, among Holdings, Kingpin Merger Sub, Inc. (which is to be merged with and into AMF), the Foreign Subsidiary Borrowers (as defined in the Credit Agreement) from time to time party thereto, the banks and other financial institutions from time
to time party to the Credit Agreement, Credit Suisse First Boston, Cayman Islands Branch, as administrative agent, and Merrill Lynch & Co., Merrill Lynch, Pierce, Fenner & Smith Incorporated, as syndication agent and documentation agent, as
such agreement, in whole or in part, in one or more instances, may be amended, renewed, extended, substituted, refinanced, restructured, replaced, supplemented or otherwise modified from time to time (including, without limitation, any successive
renewals, extensions, substitutions, refinancings, restructurings, replacements, supplementations or other modifications of the foregoing), including without limitation any amendment increasing the amount of Indebtedness incurred or available to be
borrowed thereunder, extending the maturity of any Indebtedness incurred thereunder or contemplated thereby or deleting, adding or substituting one or more parties thereto (whether or not such added or substituted parties are banks or other
institutional lenders). 
  
 “Credit Facility” means one
or more debt facilities (including, without limitation, the Credit Agreement), commercial paper facilities or other debt instruments, indentures or agreements, providing for revolving credit loans, term loans, receivables financing (including
through the sale of receivables to such lenders or to special purpose entities formed to borrow from such lenders against such receivables), letters of credit or other debt obligations, in each case, as amended, restated, modified, renewed,
refunded, restructured, supplemented, replaced or refinanced in whole or in part from time to time, including without limitation any amendment increasing the amount of Indebtedness incurred or available to be borrowed thereunder, extending the
maturity of any Indebtedness incurred thereunder or contemplated thereby or deleting, adding or substituting one or more parties thereto (whether or not such added or substituted parties are banks or other institutional lenders). 
  

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 “Currency Hedging Agreements” means one or more of the following agreements which shall be
entered into by one or more financial institutions: foreign exchange contracts, currency swap agreements or other similar agreements or arrangements designed to protect against the fluctuations in currency values. 
  
 “Default” means any event which is, or after notice or passage of
time or both would be, an Event of Default. 
  
 “Depositary” means, with respect to the Securities issued in the form of one or more Book-Entry Securities, The Depository Trust Company (“DTC”), its nominees and successors, or another Person designated as Depositary by
the Company, which must be a clearing agency registered under the Exchange Act. 
  
 “Designated Non-cash Consideration” means the Fair Market Value, as set forth in an Officer’s Certificate, of non-cash consideration received by the Company or any of its Restricted Subsidiaries in
connection with an Asset Sale 
  
 “Designated Senior
Indebtedness” means (i) all Senior Indebtedness under the Credit Agreement permitted to be incurred pursuant to paragraph (b)(1) of Section 1008 and (ii) any other Senior Indebtedness which at the time of determination has an aggregate
principal amount outstanding of at least $20.0 million and which is specifically designated in the instrument evidencing such Senior Indebtedness or the agreement under which such Senior Indebtedness arises as “Designated Senior
Indebtedness” by the Company. 
  
 “Disinterested
Director” means, with respect to any transaction or series of related transactions, a member of the Board of Directors or managers of the Company or Holdings or any Parent Entity who does not have any material direct or indirect financial
interest in or with respect to such transaction or series of related transactions, provided that no director shall be deemed to have a financial interest in such transaction solely as a result of stock ownership. 
  
 “Equity Agreements” means the stockholders agreement and other
equity arrangements entered into in connection with the Acquisition. 
  
 “Euroclear” means Euroclear Bank S.A./N.V., as operator of the Euroclear Clearance System (or any successor securities clearing agency). 
  
 “Event of Default” has the meaning specified in Section 501. 
  
 “Exchange Act” means the Securities Exchange Act of 1934, as amended, or any successor statute, and the rules and
regulations promulgated by the Commission thereunder. 
  
 “Exchange Offer” has the meaning set forth in the Registration Rights Agreement. 
  
 “Exchange Offer Registration Statement” has the meaning set forth in the Registration Rights Agreement. 
  
 “Exchange Securities” has the meaning set forth in the first
recital of this Indenture. 
  
 “Fair Market Value”
means, with respect to any asset or property, the sale value that would be obtained in an arm’s-length free market transaction between an informed and willing seller 

  

 11 








 
under no compulsion to sell and an informed and willing buyer under no compulsion to buy. Fair Market Value shall be determined by the Board of Directors of
the Company acting in good faith and shall be evidenced by a Board Resolution. 
  
 “Foreign Subsidiary” means any Restricted Subsidiary of the Company that (x) is not organized under the laws of the United States of America or any State thereof or the District of Columbia, or (y) was
organized under the laws of the United States of America or any State thereof or the District of Columbia that has no material assets other than Capital Stock of one or more foreign entities of the type described in clause (x) above and is not a
guarantor of Indebtedness under the Credit Agreement. 
  
 “Generally Accepted Accounting Principles” or “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 (i)
with respect to periodic reporting requirements, from time to time, and (ii) otherwise on the date of this Indenture. 
  
 “Global Securities” means the Rule 144A Global Securities, the Regulation S Global Securities, the IAI Global Securities and the Unrestricted
Global Securities to be issued as Book-Entry Securities issued to the Depositary in accordance with Section 306. 
  
 “Guarantee” means the guarantee by any Guarantor of the Company’s Indenture Obligations. 
  
 “Guaranteed Debt” of any Person means, without duplication, all
Indebtedness of any other Person referred to in the definition of Indebtedness guaranteed directly or indirectly in any manner by such Person, or in effect guaranteed directly or indirectly by such Person through an agreement 
  
 (1) to pay or purchase such Indebtedness or to advance or
supply funds for the payment or purchase of such Indebtedness, 
  
 (2) to purchase, sell or lease (as lessee or lessor) property, or to purchase or sell services, primarily for the purpose of enabling the debtor to make payment of such Indebtedness or to assure the holder of such
Indebtedness against loss, 
  
 (3) to supply
funds to, or in any other manner invest in, the debtor (including any agreement to pay for property or services without requiring that such property be received or such services be rendered), 
  
 (4) to maintain working capital or equity capital of the
debtor, or otherwise to maintain the net worth, solvency or other financial condition of the debtor or to cause such debtor to achieve certain levels of financial performance or 
  
 (5) otherwise to assure a creditor against loss; 
  
 provided that the term “guarantee” shall not include endorsements for
collection or deposit, in either case in the ordinary course of business. 
  

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 “Guarantor” means any Subsidiary which is a guarantor of the Securities, including any Person
that is required after the date of this Indenture to execute a guarantee of the Securities pursuant to Section 1011 or Section 1013 until a successor replaces such party pursuant to the applicable provisions of this Indenture and, thereafter, shall
mean such successor. 
  
 “Holder” means a Person in
whose name a Security is registered in the Security Register. 
  
 “Holdings” means Kingpin Holdings, LLC, a limited liability company formed under the laws of Delaware and Kingpin Intermediate Corp., a Delaware corporation, or if the context warrants, either entity individually. 
  
 “IAI Global Securities” means one or more permanent Global
Securities in registered form representing the aggregate principal amount of Securities sold to Institutional Accredited Investors. 
  
 “Indebtedness” means, with respect to any Person, without duplication, 
  
 (1) all indebtedness of such Person for borrowed money or for the deferred purchase price of property or
services, excluding any trade payables and other accrued current liabilities arising in the ordinary course of business, but including, without limitation, all obligations, contingent or otherwise, of such Person in connection with any letters of
credit issued under letter of credit facilities, acceptance facilities or other similar facilities, 
  
 (2) all obligations of such Person evidenced by bonds, notes, debentures or other similar instruments, 
  
 (3) all indebtedness created or arising under any
conditional sale or other title retention agreement with respect to property acquired by such Person (even if the rights and remedies of the seller or lender under such agreement in the event of default are limited to repossession or sale of such
property), but excluding trade payables arising in the ordinary course of business, 
  
 (4) all obligations under Interest Rate Agreements, Currency Hedging Agreements or Commodity Price Protection Agreements of such Person
(the amount of any such obligations to be equal at any time to the termination value of such agreement or arrangement giving rise to such obligation that would be payable by such Person if terminated at such time), 
  
 (5) all Capital Lease Obligations of such Person,

  
 (6) all Indebtedness referred to in clauses
(1) through (5) above of other Persons and all dividends of other Persons, the payment of which is secured by (or for which the holder of such Indebtedness has an existing right, contingent or otherwise, to be secured by) any Lien, upon or with
respect to property (including, without limitation, accounts and contract rights) owned by such Person, even though such Person has not assumed or become liable for the payment of such Indebtedness, 
  
 (7) all Guaranteed Debt of such Person, 
  

 13 








 (8) all Redeemable Capital Stock issued by such Person valued at the greater of its
voluntary or involuntary maximum fixed repurchase price plus accrued and unpaid dividends, 
  
 (9) Preferred Stock of any Restricted Subsidiary of the Company, and 
  
 (10) any amendment, supplement, modification, deferral, renewal, extension, refunding or refinancing of any
liability of the types referred to in clauses (1) through (9) above; 
  
 provided, however, that Indebtedness shall not include any obligations incurred by the Company and its Restricted Subsidiaries of obligations under repurchase arrangements in connection with the financing by lenders and
leasing companies of bowling equipment sales. 
  
 For purposes of
this Indenture, the “maximum fixed repurchase price” of any Redeemable Capital Stock which does not have a fixed repurchase price shall be calculated in accordance with the terms of such Redeemable Capital Stock as if such Redeemable
Capital Stock were purchased on any date on which Indebtedness shall be required to be determined pursuant to this Indenture, and if such price is based upon, or measured by, the Fair Market Value of such Redeemable Capital Stock, such Fair Market
Value to be determined in good faith by the board of directors of the issuer of such Redeemable Capital Stock. 
  
 “Indenture” means this instrument as originally executed (including all exhibits and schedules thereto) and as it may from time to time be
supplemented or amended by one or more indentures supplemental hereto entered into pursuant to the applicable provisions hereof. 
  
 “Indenture Obligations” means the obligations of the Company and any other obligor under this Indenture or under the Securities, including any
Guarantor, to pay principal of, premium, if any, and interest when due and payable, and all other amounts due or to become due under or in connection with this Indenture, the Securities and the payment and performance of all other obligations to the
Trustee and the Holders under this Indenture and the Securities, according to the respective terms thereof. 
  
 “Initial Purchasers” means Merrill Lynch, Pierce, Fenner & Smith Incorporated and Credit Suisse First Boston LLC (or the initial purchasers
with respect to Additional Securities issued after the date hereof). 
  
 “Initial Securities” has the meaning set forth in the first recital in this Indenture. 
  
 “Institutional Accredited Investor” means an institution that is an “accredited investor” as defined in Rule 501(a)(1), (2), (3) or
(7) under the Securities Act. 
  
 “Interest Payment
Date” when used with respect to any Security, means each semiannual interest payment date on March 1st and
September 1st of each year. 
  

“Interest Rate Agreements” means one or more of the following agreements which shall be entered into by one or more financial institutions:
interest rate protection agreements (including, without limitation, interest rate swaps, caps, floors, collars and similar agreements) and/or other types of interest rate hedging agreements from time to time. 
  

 14 








 “International Operations” means the assets or Capital Stock relating to the Company’s
operations outside the U.S. 
  
 “Investment” means, with
respect to any Person, directly or indirectly, any advance, loan (including guarantees), or other extension of credit or capital contribution to (by means of any transfer of cash or other property to others or any payment for property or services
for the account or use of others), or any purchase, acquisition or ownership by such Person of any Capital Stock, bonds, notes, debentures or other securities issued or owned by any other Person and all other items that would be classified as
investments on a balance sheet prepared in accordance with GAAP. If the Company or any Restricted Subsidiary of the Company sells or otherwise disposes of any Capital Stock of any direct or indirect Subsidiary of the Company such that, after giving
effect to any such sale or disposition, such Person is no longer a Subsidiary of the Company (other than the sale of all of the outstanding Capital Stock of such Subsidiary), the Company will be deemed to have made an Investment on the date of such
sale or disposition equal to the Fair Market Value of the Company’s Investments in such Subsidiary that were not sold or disposed of in an amount determined as provided in Section 1009. 
  
 “Issue Date” means the original issue date of the Securities under
this Indenture. 
  
 “Lien” means any mortgage or deed of
trust, charge, pledge, lien (statutory or otherwise), privilege, security interest, assignment, deposit, arrangement, easement, hypothecation, claim, preference, priority or other encumbrance upon or with respect to any property of any kind
(including any conditional sale, capital lease or other title retention agreement, any leases in the nature thereof, and any agreement to give any security interest), real or personal, movable or immovable, now owned or hereafter acquired. A Person
will be deemed to own subject to a Lien any property which it has acquired or holds subject to the interest of a vendor or lessor under any conditional sale agreement, Capital Lease Obligation or other title retention agreement. 
  
 “Management Agreement” means the management agreement entered into
with CHS or its Affiliates. 
  
 “Maturity” means, when
used with respect to the Securities, the date on which the principal of the Securities becomes due and payable as therein provided or as provided in this Indenture, whether at Stated Maturity, the Offer Date or the Redemption Date and whether by
declaration of acceleration, Offer in respect of Excess Proceeds, Change of Control Offer in respect of a Change of Control, call for redemption or otherwise. 
  

“Merger” means the merger by and among the Company, Holdings and AMF pursuant to the Merger Agreement. 
  
 “Merger Agreement” means the merger agreement dated as of November
26, 2004 among the Company, Holdings and AMF. 
  
 “Moody’s” means Moody’s Investors Service, Inc. and its successors. 
  
 “Net Cash Proceeds” means 
  
 (a) with respect to any Asset Sale by any Person, the proceeds thereof (without duplication in respect of all Asset Sales) in the form of cash or Cash
Equivalents including payments in respect of deferred payment obligations when received in the form of, or stock or other assets when 

  

 15 








 
disposed of for, cash or Cash Equivalents (except to the extent that such obligations are financed or sold with recourse to the Company or any Restricted
Subsidiary) net of 
  
 (1) brokerage commissions
and other reasonable fees and expenses (including fees and expenses of counsel and investment bankers) related to such Asset Sale, 
  
 (2) provisions for all taxes payable as a result of such Asset Sale, 
  
 (3) payments made to retire Indebtedness where payment of such Indebtedness is secured by the assets or
properties the subject of such Asset Sale, 
  
 (4) amounts required to be paid to any Person (other than the Company or any Restricted Subsidiary) owning a beneficial interest in the assets subject to the Asset Sale, 
  
 (5) appropriate amounts to be provided by the Company or any Restricted Subsidiary, as the case may be, as a
reserve, in accordance with GAAP, against any liabilities associated with such Asset Sale and retained by the Company or any Restricted Subsidiary, as the case may be, after such Asset Sale, including, without limitation, pension and other
post-employment benefit liabilities, liabilities related to environmental matters and liabilities under any indemnification obligations associated with such Asset Sale, all as reflected in an Officers’ Certificate delivered to the Trustee and

  
 (6) in the case of any sale of International
Operations, payments made to retire Indebtedness of the Subsidiary owning the assets being sold and 
  
 (b) with respect to any issuance or sale of Capital Stock or options, warrants or rights to purchase Capital Stock, or debt securities or Capital Stock
that have been converted into or exchanged for Capital Stock as referred to under Section 1009, the proceeds of such issuance or sale in the form of cash or Cash Equivalents including payments in respect of deferred payment obligations when received
in the form of, or stock or other assets when disposed of for, cash or Cash Equivalents (except to the extent that such obligations are financed or sold with recourse to the Company or any Restricted Subsidiary), net of attorney’s fees,
accountant’s fees and brokerage, consultation, underwriting and other fees and expenses actually incurred in connection with such issuance or sale and net of taxes paid or payable as a result thereof. 
  
 “Non-U.S. Person” means a Person that is not a “U.S.
person” as defined in Regulation S under the Securities Act. 
  
 “Officers’ Certificate” means a certificate signed by the Chairman of the Board, the President, the Chief Executive Officer, the Chief Financial Officer or a Vice President (regardless of Vice Presidential designation), and
by the Treasurer, an Assistant Treasurer, the Secretary or an Assistant Secretary, of the Company or any Guarantor, as the case may be, and in form and substance reasonably satisfactory to, and delivered to, the Trustee that meets the requirements
of Section 103 hereof. 
  
 “Opinion of Counsel” means a
written opinion of counsel, who may be an employee or counsel for the Company, any Guarantor or the Trustee, and who shall be reasonably acceptable to the Trustee, and which opinion shall be in form and substance reasonably satisfactory to the
Trustee and which otherwise meets the requirements of Section 103 hereof. 
  

 16 








 “Outstanding” when used with respect to Securities means, as of the date of determination, all
Securities theretofore authenticated and delivered under this Indenture, except: 
  
 (a) Securities theretofore canceled by the Trustee or delivered to the Trustee for cancellation; 
  
 (b) Securities, or portions thereof, for whose payment or redemption money in the necessary amount has been theretofore deposited with the Trustee or any
Paying Agent (other than the Company or any Affiliate thereof) in trust or set aside and segregated in trust by the Company or any Affiliate thereof (if the Company or any Affiliate thereof shall act as its own Paying Agent) for the Holders of such
Securities; provided that if such Securities are to be redeemed, notice of such redemption has been duly given pursuant to this Indenture or provision therefor reasonably satisfactory to the Trustee has been made; 
  
 (c) Securities, to the extent provided in Sections 402 and 403, with respect
to which the Company has effected defeasance or covenant defeasance as provided in Article Four; and 
  
 (d) Securities in exchange for or in lieu of which other Securities have been authenticated and delivered pursuant to this Indenture, other than any such
Securities in respect of which there shall have been presented to the Trustee and the Company proof reasonably satisfactory to each of them that such Securities are held by a bona fide purchaser in whose hands the Securities are valid
obligations of the Company; 
  
 provided, however, that in
determining whether the Holders of the requisite principal amount of Outstanding Securities have given any request, demand, authorization, direction, notice, consent or waiver hereunder, Securities owned by the Company, any Guarantor, or any other
obligor upon the Securities or any Affiliate of the Company, any Guarantor or such other obligor shall be disregarded and deemed not to be Outstanding, except that, in determining whether the Trustee shall be protected in relying upon any such
request, demand, authorization, direction, notice, consent or waiver, only Securities which the Trustee knows to be so owned shall be so disregarded. Securities so owned which have been pledged in good faith may be regarded as Outstanding if the
pledgee establishes to the reasonable satisfaction of the Trustee the pledgee’s right so to act with respect to such Securities and that the pledgee is not the Company, any Guarantor or any other obligor upon the Securities or any Affiliate of
the Company, any Guarantor or such other obligor. 
  
 “Parent
Entity” means the entity that holds at least a majority of the Capital Stock of the Company or Holdings upon the occurrence of a reorganization. 
  
 “Pari Passu Indebtedness” means (a) any Indebtedness of the Company that is equal in right of payment to the Securities and (b) with respect to
any Guarantee, Indebtedness which ranks equal in right of payment to such Guarantee. 
  
 “Paying Agent” means any Person (including the Company) authorized by the Company to pay the principal of, premium, if any, or interest on, any Securities on behalf of the Company. 
  
 “Permitted Business” means the lines of business conducted by the
Company and its Restricted Subsidiaries on the date the Acquisition is consummated and business reasonably related, complementary or ancillary thereto, including reasonably related extensions or expansions thereof. 
  

 17 








 “Permitted Holders” means CHS and any Affiliate of CHS. 
  
 “Permitted Investment” means 
  
 (1) Investments in any Restricted Subsidiary or any Person
which, as a result of such Investment, (a) becomes a Restricted Subsidiary or (b) is merged or consolidated with or into, or transfers or conveys substantially all of its assets to, or is liquidated into, the Company or any Restricted Subsidiary;

  
 (2) Indebtedness of the Company or a
Restricted Subsidiary of the type described under clauses (4), (5), (6), (7) and (12) of the definition of “Permitted Indebtedness” under paragraph (b) of Section 1008; 
  
 (3) Investments in any of the Securities; 
  
 (4) Investments in Cash Equivalents; 
  
 (5) Investments acquired by the Company or any Restricted Subsidiary in connection with an Asset Sale
permitted under Section 1012 to the extent such Investments are non-cash proceeds as permitted under such covenant; 
  
 (6) Investments in existence on the date of this Indenture; 
  
 (7) Investments acquired in exchange for the issuance of Capital Stock (other than Redeemable Capital Stock
of the Company, Holdings, any Parent Entity or a Restricted Subsidiary or Preferred Stock of a Restricted Subsidiary) or acquired with the net cash proceeds received by the Company after the date of this Indenture from the issuance and sale of
Capital Stock (other than Redeemable Capital Stock of the Company, Holdings, any Parent Entity or a Restricted Subsidiary or Preferred Stock of a Restricted Subsidiary); provided that such Net Cash Proceeds are used to make such Investment
within 10 days of the receipt thereof and the amount of all such Net Cash Proceeds will be excluded from clause (3)(B) of the first paragraph of Section 1009(a); 
  
 (8) loans or advances to employees of the Company or Holdings or any Parent Entity in the ordinary course of
business in the aggregate amount outstanding at any one time of $2.0 million; 
  
 (9) any Investments received in good faith in settlement or compromise of obligations of trade creditors or customers that were incurred in the ordinary course of business, including pursuant to any plan of
reorganization or similar arrangement upon the bankruptcy or insolvency of any trade creditor or customer; 
  
 (10) Investments in joint ventures engaged in a Permitted Business in an aggregate amount outstanding (together with other Investments
made pursuant to this clause (10)) not to exceed 3.0% of Consolidated Tangible Assets at the time such Investment is made; and 
  
 (11) other Investments in the aggregate amount outstanding at any one time of up to $15.0 million. 
  

 18 








 In connection with any assets or property contributed or transferred to any Person as an Investment, such property and
assets shall be equal to the Fair Market Value (as determined by the Company’s Board of Directors) at the time of Investment. 
  
 “Permitted Lien” means 
  
 (a) Liens on assets of the Company and its Restricted Subsidiaries securing Senior Indebtedness and Liens on assets of a Restricted Subsidiary securing
Senior Indebtedness of such Guarantor, that was permitted by the terms of this Indenture to be incurred; 
  
 (b) any Lien existing as of the date of this Indenture on Indebtedness existing on the date of this Indenture; 
  
 (c) any Lien arising by reason of 
  
 (1) any judgment, decree or order of any court, so long as
such Lien is adequately bonded and any appropriate legal proceedings which may have been duly initiated for the review of such judgment, decree or order shall not have been finally terminated or the period within which such proceedings may be
initiated shall not have expired; 
  
 (2) taxes
not yet delinquent or which are being contested in good faith; 
  
 (3) security for payment of workers’ compensation or other insurance; 
  
 (4) good faith deposits in connection with tenders, leases, contracts (other than contracts for the payment of money); 
  
 (5) zoning restrictions, easements, licenses, reservations,
title defects, rights of others for rights of way, utilities, sewers, electric lines, telephone or telegraph lines, and other similar purposes, provisions, covenants, conditions, waivers, restrictions on the use of property or minor irregularities
of title (and with respect to leasehold interests, mortgages, obligations, liens and other encumbrances incurred, created, assumed or permitted to exist and arising by, through or under a landlord or owner of the leased property, with or without
consent of the lessee), none of which materially impairs the use of any parcel of property material to the operation of the business of the Company or any Subsidiary or the value of such property for the purpose of such business; 
  
 (6) deposits to secure public or statutory obligations, or
in lieu of surety or appeal bonds; or 
  
 (7)
operation of law in favor of mechanics, carriers, warehousemen, landlords, materialmen, laborers, employees or suppliers, incurred in the ordinary course of business for sums which are not yet delinquent or are being contested in good faith by
negotiations or by appropriate proceedings which suspend the collection thereof; 
  
 (d) any Lien securing Acquired Indebtedness created prior to (and not created in connection with, or in contemplation of) the incurrence of such Indebtedness by the Company or any Restricted Subsidiary; 
  

 19 








 (e) any Lien to secure the performance bids, trade contracts, leases (including, without limitation,
statutory and common law landlord’s liens), statutory obligations, surety and appeal bonds, letters of credit and other obligations of a like nature and incurred in the ordinary course of business of the Company or any Subsidiary; 

 
 (f) any Lien permitted under the Credit Agreement as in effect on the date
of this Indenture; and 
  
 (g) any extension, renewal, refinancing
or replacement, in whole or in part, of any Lien described in the foregoing clauses (a) through (f) so long as no additional collateral is granted as security thereby. 
  
 “Person” means any individual, corporation, limited liability company, partnership, joint venture, association,
joint-stock company, trust, unincorporated organization or government or any agency or political subdivision thereof. 
  
 “Portfolio Sale” means, the sale-leaseback transaction in connection with the Acquisition, on the terms set forth in the Lease I Agreement,
dated as of February 27, 2004, by and between iStar Bowling Centers I LP, a Delaware limited partnership, as Landlord, and AMF Bowling Centers, Inc, a Virginia corporation, as Tenant and the Lease II Agreement, dated as of February 27, 2004, by and
between iStar Bowling Centers II LP, a Delaware limited partnership, as Landlord, and AMF Bowling Centers, Inc., a Virginia corporation, as Tenant. 
  
 “Predecessor Security” of any particular Security means every previous Security evidencing all or a portion of the same debt as that evidenced
by such particular Security; and, for the purposes of this definition, any Security authenticated and delivered under Section 308 in exchange for a mutilated Security or in lieu of a lost, destroyed or stolen Security shall be deemed to evidence the
same debt as the mutilated, lost, destroyed or stolen Security. 
  
 “Preferred Stock” means, with respect to any Person, any Capital Stock of any class or classes (however designated) which is preferred as to the payment of dividends or distributions, or as to the distribution of assets upon any
voluntary or involuntary liquidation or dissolution of such Person, over the Capital Stock of any other class in such Person. 
  
 “Public Debt” means any Indebtedness (i) issued in a registered offering of securities under the Securities Act or (ii) issued in a private
placement of securities (including under Rule 144A) pursuant to an exemption from the registration requirements of the Securities Act. 
  
 “Public Equity Offering” means an underwritten public offering of Capital Stock (other than Redeemable Capital Stock) of the Company or Holdings
or a Parent Entity with gross proceeds to the Company or Holdings or a Parent Entity (and contributed by Holdings or the Parent Entity, as applicable, on a non-recourse basis as equity to the Company) of at least $50.0 million pursuant to a
registration statement that has been declared effective by the Commission pursuant to the Securities Act (other than a registration statement on Form S-4 (or any successor form covering substantially the same transactions), Form S-8 (or any
successor form covering substantially the same transactions) or otherwise relating to equity securities issuable under any employee benefit plan of the Company or Holdings or a Parent Entity). 
  

 20 








 “Purchase Money Obligation” means any Indebtedness secured by a Lien on assets related to the
business of the Company and any additions and accessions thereto, which are purchased or constructed by the Company at any time after the Securities are issued; provided that 
  
 (1) the security agreement or conditional sales or other title retention contract pursuant to which the Lien
on such assets is created (collectively a “Purchase Money Security Agreement”) shall be entered into within 90 days after the purchase or substantial completion of the construction of such assets and shall at all times be confined solely
to the assets so purchased or acquired, any additions and accessions thereto and any proceeds therefrom, 
  
 (2) at no time shall the aggregate principal amount of the outstanding Indebtedness secured thereby be increased, except in connection
with the purchase of additions and accessions thereto and except in respect of fees and other obligations in respect of such Indebtedness and 
  
 (3) (A) the aggregate outstanding principal amount of Indebtedness secured thereby (determined on a per asset basis in the case of any
additions and accessions) shall not at the time such Purchase Money Security Agreement is entered into exceed 100% of the purchase price to the Company of the assets subject thereto and associated fees and expenses or (B) the Indebtedness secured
thereby shall be with recourse solely to the assets so purchased or acquired, any additions and accessions thereto and any proceeds therefrom. 
  
 “Qualified Capital Stock” of any Person means any and all Capital Stock of such Person other than Redeemable Capital Stock. 
  
 “Redeemable Capital Stock” means any Capital Stock that, either by
its terms or by the terms of any security into which it is convertible or exchangeable or otherwise, is or upon the happening of an event or passage of time would be, required to be redeemed prior to the final Stated Maturity of the principal of the
Securities or is redeemable at the option of the holder thereof at any time prior to such final Stated Maturity (other than upon a change of control of or sale of assets by the Company in circumstances where the holders of the Securities would have
similar rights), or is convertible into or exchangeable for debt securities at any time prior to such final Stated Maturity at the option of the holder thereof. 
  

“Redemption Date” when used with respect to any Security to be redeemed pursuant to any provision in this Indenture means the date fixed for
such redemption by or pursuant to this Indenture. 
  
 “Redemption Price” when used with respect to any Security to be redeemed pursuant to any provision in this Indenture means the price at which it is to be redeemed pursuant to this Indenture. 
  
 “Registration Rights Agreement” means (1) the Registration Rights
Agreement, dated as of February 27, 2004, among the Company, the Guarantors and the Initial Purchasers and (2) with respect to any Additional Securities issued subsequent to February 27, 2004, the registration rights agreement entered into for the
benefit of the holders of such Additional Securities, if any. 
  
 “Registration Statement” has the meaning set forth in the Registration Rights Agreement. 
  

 21 








 “Regular Record Date” for the interest payable on any Interest Payment Date means the February
15th or August 15th (whether or not a Business Day) next preceding such Interest Payment Date. 
  
 “Regulation S” means Regulation S under the Securities Act, as amended from time to time. 
  
 “Regulation S Global Securities” means one or more permanent global
Securities in registered form representing the aggregate principal amount of Securities sold in reliance on Regulation S under the Securities Act. 
  
 “Release” means the release of the Escrowed Property pursuant to the Escrow Agreement. 
  
 “Responsible Officer” when used with respect to the Trustee means
any officer or employee assigned to the Corporate Trust Office or any agent of the Trustee appointed hereunder, including any vice president, assistant vice president, secretary, assistant secretary, or any other officer or assistant officer of the
Trustee or any agent of the Trustee appointed hereunder to whom any corporate trust matter is referred because of his or her knowledge of and familiarity with the particular subject. 
  
 “Restricted Subsidiary” means any Subsidiary of the Company that has not been designated by the Board of Directors
of the Company by a Board Resolution delivered to the Trustee as an Unrestricted Subsidiary pursuant to and in compliance with Section 1017 hereof. 
  
 “Rule 144A” means Rule 144A under the Securities Act, as amended from time to time. 
  
 “Rule 144A Global Securities” means one or more permanent Global
Securities in registered form representing the aggregate principal amount of Securities sold in reliance on Rule 144A under the Securities Act. 
  
 “S&P” means Standard & Poor’s Rating Services, a division of The McGraw-Hill Companies, Inc., and any successor thereto.

  
 “Sale-Leaseback Transaction” means an arrangement
with any lender or investor or to which such lender or investor is a party providing for the leasing by a Person of any property of such Person which has been or is being sold, conveyed, transferred or otherwise disposed of by such Person more than
270 days after the acquisition thereof or the completion of construction or commencement of operation thereof to such lender or investor or to any person to whom funds have been or are to be advanced by such lender or investor on the security of
such property or assets. The stated maturity of such arrangement will be deemed to be the date of the last payment of rent or any other amount due under such arrangement prior to the first date on which such arrangement may be terminated by the
lessee without payment of a penalty. Sale-Leaseback Transactions between or among the Company and its Restricted Subsidiaries shall not be deemed a “Sale-Leaseback Transaction” hereunder. 
  
 “Securities” shall have the meaning set forth in the Recitals. The
Initial Securities and the Additional Securities shall be treated as a single class for all purposes under this Indenture. 
  
 “Securities Act” means the Securities Act of 1933, as amended, or any successor statute, and the rules and regulations promulgated by the
Commission thereunder. 
  

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 “Senior Guarantor Indebtedness” means (a) with respect to any Guarantor, all obligations
(including principal, premium, if any, interest (including interest accruing after the filing of a petition initiating any proceeding under any state, federal or foreign bankruptcy law, whether or not allowed or allowable as a claim in any such
proceeding), fees, charges, expenses, indemnities and other amounts payable from time to time) arising under the Credit Agreement or any guarantee, security or collateral documents relating thereto, all amounts that may be or become available for
drawings under all letters of credit outstanding under the Credit Agreement, and all obligations arising under Interest Rate or Currency Hedging Agreements, in each case, whether at any time owing, actually or contingent, and (b) the principal of,
premium, if any, and interest (including interest, accruing after the filing of a petition initiating any proceeding under any state, federal or foreign bankruptcy law, whether or not allowed or allowable as a claim in any such proceeding) on any
Indebtedness of any Guarantor (other than as otherwise provided in this definition), whether outstanding on the Issue Date or thereafter created, incurred or assumed, and whether at any time owing, actually or contingent, unless, in the case of any
particular Indebtedness, the instrument creating or evidencing the same or pursuant to which the same is outstanding expressly provides that such Indebtedness shall not be senior in right of payment to any Guarantee. 
  
 Notwithstanding anything else herein to the contrary, Senior Guarantor
Indebtedness shall not include: 
  
 (1)
Indebtedness evidenced by the Guarantees; 
  
 (2)
Indebtedness that is subordinate or junior in right of payment to any Indebtedness of any Guarantor; 
  
 (3) Indebtedness which when incurred and, without respect to any election under Section 1111(b) of Title 11 United States Code, is without
recourse to any Guarantor; 
  
 (4) Indebtedness
which is represented by Redeemable Capital Stock; 
  
 (5) any liability for foreign, federal, state, local or other taxes owed or owing by any Guarantor to the extent such liability constitutes Indebtedness; 
  
 (6) Indebtedness of any Guarantor to a Subsidiary or any other Affiliate of the Company, Holdings or any
Parent Entity (other than a lender under a Credit Facility or an Affiliate of such lender with respect to Indebtedness incurred prior to or concurrent with such Person becoming an Affiliate) or any of such Affiliate’s Subsidiaries; 

 
 (7) to the extent it might constitute Indebtedness,
amounts owing for goods, materials or services purchased in the ordinary course of business or consisting of trade accounts payable owed or owing by such Guarantor, and amounts owed by such Guarantor for compensation to employees or services
rendered to such Guarantor; 
  
 (8) that portion
of any Indebtedness which at the time of issuance is issued in violation of this Indenture; and 
  
 (9) Indebtedness evidenced by any guarantee of any Subordinated Indebtedness or Pari Passu Indebtedness. 
  

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 Obligations constituting Senior Guarantor Indebtedness shall continue to constitute Senior Guarantor
Indebtedness for all purposes, notwithstanding that such Senior Guarantor Indebtedness or any claim in respect thereof may be disallowed, avoided, or subordinated pursuant to any Bankruptcy Law (i) as a claim for unmatured interest, (ii) as a
fraudulent transfer or conveyance or (iii) otherwise. 
  
 “Senior Indebtedness” means (a) all obligations (including principal, premium, if any, interest (including interest accruing after the filing of a petition initiating any proceeding under any state, federal or foreign bankruptcy
law, whether or not allowed or allowable as a claim in any such proceeding), fees, charges, expenses, indemnities and other amounts payable from time to time) arising under the Credit Agreement or any guarantee, security or collateral documents
relating thereto, all amounts that may be or become available for drawings under all letters of credit outstanding under the Credit Agreement, and all obligations arising under Interest Rate or Currency Hedging Agreements, in each case, whether at
any time owing, actually or contingent, and (b) the principal of, premium, if any, and interest (including interest, accruing after the filing of a petition initiating any proceeding under any state, federal or foreign bankruptcy law, whether or not
allowed or allowable as a claim in any such proceeding) on any of the Company’s Indebtedness (other than as otherwise provided in this definition), whether outstanding on the Issue Date or thereafter created, incurred or assumed, and whether at
any time owing, actually or contingent, unless, in the case of any particular Indebtedness, the instrument creating or evidencing the same or pursuant to which the same is outstanding expressly provides that such Indebtedness shall not be senior in
right of payment to the Securities. 
  
 Notwithstanding anything
else herein to the contrary, Senior Indebtedness shall not include: 
  
 (1) Indebtedness that is subordinate or junior in right of payment to any of the Company’s Indebtedness; 
  
 (2) Indebtedness which when incurred and, without respect to any election under Section 1111(b) of Title 11 United States Code, is without
recourse to the Company; 
  
 (3) Indebtedness
which is represented by Redeemable Capital Stock; 
  
 (4) any liability for foreign, federal, state, local or other taxes owed or owing by the Company to the extent such liability constitutes Indebtedness; 
  
 (5) Indebtedness of the Company to a Subsidiary or any other Affiliate of the Company, Holdings or any
Parent Entity (other than a lender under a Credit Facility or an Affiliate of such lender with respect to Indebtedness incurred prior to or concurrent with such Person becoming an Affiliate) or any of such Affiliate’s Subsidiaries; 

 
 (6) to the extent it might constitute Indebtedness,
amounts owing for goods, materials or services purchased in the ordinary course of business or consisting of trade accounts payable owed or owing by the Company, and amounts owed by the Company for compensation to employees or services rendered to
the Company; 
  
 (7) that portion of any
Indebtedness which at the time of issuance is issued in violation of this Indenture; and 
  

 24 








 (8) Indebtedness evidenced by any guarantee of any Subordinated Indebtedness or Pari
Passu Indebtedness. 
  
 Obligations constituting Senior
Indebtedness shall continue to constitute Senior Indebtedness for all purposes, notwithstanding that such Senior Indebtedness or any claim in respect thereof may be disallowed, avoided, or subordinated pursuant to any Bankruptcy Law (i) as a claim
for unmatured interest, (ii) as a fraudulent transfer or conveyance or (iii) otherwise. 
  
 “Senior Representative” means the agent or representative of holders of any Designated Senior Indebtedness, including holders of Senior Indebtedness arising under the Credit Agreement, unless the context
indicates otherwise. 
  
 “Shelf Registration Statement”
has the meaning set forth in the Registration Rights Agreement. 
  
 “Significant Subsidiary” means (1) any Restricted Subsidiary that would be a “significant subsidiary” as defined in Regulation S-X promulgated pursuant to the Securities Act as such Regulation is in effect on the Issue
Date and (2) any Restricted Subsidiary that, when aggregated with all other Restricted Subsidiaries that are not otherwise Significant Subsidiaries and as to which any event described in clause (7) or (8) under “Events of Default” under
Section 501 has occurred and is continuing, would constitute a Significant Subsidiary under clause (1) of this definition. 
  
 “Special Record Date” for the payment of any Defaulted Interest means a date fixed by the Trustee pursuant to Section 309. 
  
 “Stated Maturity” means, when used with respect to any Indebtedness
or any installment of interest thereon, the dates specified in such Indebtedness as the fixed date on which the principal of such Indebtedness or such installment of interest, as the case may be, is due and payable. 
  
 “Subordinated Indebtedness” means Indebtedness of the Company or a
Guarantor subordinated in right of payment to the Securities or a Guarantee, as the case may be. 
  
 “Subsidiary” of a Person means 
  
 (1) any corporation more than 50% of the outstanding voting power of the Voting Stock of which is owned or controlled, directly or
indirectly, by such Person or by one or more other Subsidiaries of such Person, or by such Person and one or more other Subsidiaries thereof, or 
  
 (2) any limited partnership of which such Person or any Subsidiary of such Person is a general partner, or 
  
 (3) any other Person in which such Person, or one or more
other Subsidiaries of such Person, or such Person and one or more other Subsidiaries, directly or indirectly, has more than 50% of the outstanding partnership or similar interests or has the power, by contract or otherwise, to direct or cause the
direction of the policies, management and affairs thereof. 
  
 “Successor Security” of any particular Security means every Security issued after, and evidencing all or a portion of the same debt as that evidenced by, such particular Security; and, for the purposes of this definition, any
Security authenticated and delivered under Section 308 in exchange for 

  

 25 








 
or in lieu of a mutilated, destroyed, lost or stolen Security shall be deemed to evidence the same debt as the mutilated, destroyed, lost or stolen Security.

  
 “Transactions” has the meaning as set forth in the
offering memorandum dated February 19, 2004 relating to the Securities. 
  
 “Trust Indenture Act” means the Trust Indenture Act of 1939, as amended, or any successor statute. 
  
 “Trustee” means the Person named as the “Trustee” in the first paragraph of this Indenture, until a successor trustee shall have
become such pursuant to the applicable provisions of this Indenture, and thereafter “Trustee” shall mean such successor trustee. 
  
 “Unrestricted Global Securities” means one or more permanent Global Securities in registered form representing the aggregate principal amount of
Exchange Securities exchanged for Initial Securities pursuant to the Exchange Offer. 
  
 “Unrestricted Subsidiary” means any Subsidiary of the Company (other than a Guarantor) designated as such pursuant to and in compliance with Section 1017 hereof. 
  
 “Unrestricted Subsidiary Indebtedness” of any Unrestricted
Subsidiary means Indebtedness of such Unrestricted Subsidiary 
  
 (1) as to which neither the Company nor any Restricted Subsidiary is directly or indirectly liable (by virtue of the Company or any such Restricted Subsidiary being the primary obligor on, guarantor of, or otherwise
liable in any respect to, such Indebtedness), except Guaranteed Debt of the Company or any Restricted Subsidiary to any Affiliate or any Affiliate of Holdings or any Parent Entity which becomes an Unrestricted Subsidiary, in which case (unless the
incurrence of such Guaranteed Debt resulted in a Restricted Payment at the time of incurrence) the Company shall be deemed to have made a Restricted Payment equal to the principal amount of any such Indebtedness to the extent guaranteed at the time
such Affiliate or Affiliate of Holdings or any Parent Entity is designated an Unrestricted Subsidiary and 
  
 (2) which, upon the occurrence of a default with respect thereto, does not result in, or permit any holder of any Indebtedness of the
Company or any Subsidiary to declare, a default on such Indebtedness of the Company or any Subsidiary or cause the payment thereof to be accelerated or payable prior to its Stated Maturity; provided that notwithstanding the foregoing any
Unrestricted Subsidiary may guarantee the Securities. 
  
 “Voting Stock” of a Person means Capital Stock of such Person of the class or classes pursuant to which the holders thereof have the general voting power under ordinary circumstances to elect at least a majority of the board of
directors, managers or trustees of such Person (irrespective of whether or not at the time Capital Stock of any other class or classes shall have or might have voting power by reason of the happening of any contingency). 
  
 “Wholly Owned Restricted Subsidiary” means a Restricted Subsidiary
all the Capital Stock of which is owned by the Company or another Wholly Owned Restricted Subsidiary. 
  

 26 








 Section 102. Other Definitions. 
  

			
	 Term

	  	 Defined in Section


	 “Act”
	  	105
	 “Agent Members”
	  	306
	 “cash”
	  	1012
	 “Change of Control Offer”
	  	1014
	 “Change of Control Purchase Date”
	  	1014
	 “Change of Control Purchase Notice”
	  	1014
	 “Change of Control Purchase Price”
	  	1014
	 “control”
	  	101 (“Affliliate”)
	 “CUSIP”
	  	310
	 “covenant defeasance”
	  	403
	 “Defaulted Interest”
	  	309
	 “defeasance”
	  	402
	 “Defeasance Redemption Date”
	  	404
	 “Defeased Securities”
	  	401
	 “Designation”
	  	1017
	 “Designation Amount”
	  	1017
	 “DTC”
	  	101 (“Depositary”)
	 “Excess Proceeds”
	  	1012
	 “Fairness Opinion”
	  	1010
	 “incur”
	  	1008
	 “Initial Period”
	  	1303
	 “International Offer Amount”
	  	1009
	 “International Payment”
	  	1009
	 “maximum fixed repurchase price”
	  	101 (“Indebtedness”)
	 “Merger Survivor”
	  	801
	 “Non-payment Default”
	  	1303
	 “Offer”
	  	1012
	 “Offer Date”
	  	1012
	 “Offered Price”
	  	1012
	 “Offshore Transaction”
	  	202
	 “Pari Passu Debt Amount”
	  	1012
	 “Pari Passu Offer”
	  	1012
	 “Payment Blockage Notice”
	  	1303
	 “Payment Blockage Period”
	  	1303
	 “Payment Default”
	  	1303
	 “Permitted Guarantor Junior Securities”
	  	1417
	 “Permitted Indebtedness”
	  	1008
	 “Permitted Junior Securities”
	  	1302
	 “Permitted Payment”
	  	1009
	 “Private Placement Legend”
	  	202
	 “Purchase Money Security Agreement”
	  	101 (“Purchase Money Obligation”)
	 “Qualified Institutional Buyer”
	  	202
	 “Registration Default”
	  	202
	 “Required Filing Date”
	  	1020

  

 27 









			
	 “Restricted Payments”
	  	1009
	 “Restricted Period”
	  	201
	 “restricted security”
	  	307
	 “Revocation”
	  	1017
	 “Security Amount”
	  	1012
	 “Security Register”
	  	305
	 “Security Registrar”
	  	305
	 “Special Payment Date”
	  	309
	 “Surviving Entity”
	  	801
	 “Surviving Guarantor Entity”
	  	801
	 “transfer”
	  	101 (“Asset Sale”)
	 “U.S. Government Obligations”
	  	404
	 “U.S. Person”
	  	202

  
 Section 103.
Compliance Certificates and Opinions. 
  
 Upon any
application or request by the Company to the Trustee to take any action under any provision of this Indenture, the Company and any Guarantor (if applicable) and any other obligor on the Securities (if applicable) shall, in each case at the request
of the Trustee, furnish to the Trustee an Officers’ Certificate in a form and substance reasonably acceptable to the Trustee stating that all conditions precedent, if any, provided for in this Indenture (including any covenant compliance with
which constitutes a condition precedent) relating to the proposed action have been complied with, and an Opinion of Counsel in a form and substance reasonably acceptable to the Trustee stating that in the opinion of such counsel all such conditions
precedent, if any, have been complied with, except that, in the case of any such application or request as to which the furnishing of such certificates or opinions is specifically required by any provision of this Indenture relating to such
particular application or request, no additional certificate or opinion need be furnished. 
  
 Every certificate or Opinion of Counsel with respect to compliance with a condition or covenant provided for in this Indenture (other than pursuant to Section 1021) shall include: 
  
 (a) a statement that each individual signing such certificate or individual
or firm signing such opinion has read and understands such covenant or condition and the definitions herein relating thereto; 
  
 (b) a brief statement as to the nature and scope of the examination or investigation upon which the statements or opinions contained in such certificate
or opinion are based; 
  
 (c) a statement that, in the opinion of
each such individual or such firm, he or it has made such examination or investigation as is necessary to enable him or it 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, in the opinion of each such individual or such
firm, such condition or covenant has been complied with. 
  
 Section 104. Form of Documents Delivered to Trustee. 
  
 In any case where several matters are required to be certified by, or covered by an opinion of, any specified Person, it is not necessary that all such matters be certified by, or covered by 

  

 28 








 
the opinion of, only one such Person, or that they be so certified or covered by only one document, but one such Person may certify or give an opinion with
respect to some matters and one or more other such Persons as to other matters, and any such Person may certify or give an opinion as to such matters in one or several documents. 
  
 Any certificate of an officer of the Company, any Guarantor or other obligor on the Securities may be based, insofar as it
relates to legal matters, upon a certificate or opinion of, or representations by, counsel, unless such officer knows, or in the exercise of reasonable care should know, that the certificate or opinion or representations with respect to the matters
upon which his certificate or opinion is based are erroneous. Any such certificate or opinion may be based, insofar as it relates to factual matters, upon a certificate or opinion of, or representations by, an officer or officers of the Company, any
Guarantor or other obligor on the Securities stating that the information with respect to such factual matters is in the possession of the Company, any Guarantor or other obligor on the Securities, unless such officer or counsel knows, or in the
exercise of reasonable care should know, that the certificate or opinion or representations with respect to such matters are erroneous. Opinions of Counsel required to be delivered to the Trustee may have qualifications customary for opinions of the
type required and counsel delivering such Opinions of Counsel may rely on certificates of the Company or government or other officials customary for opinions of the type required, including certificates certifying as to matters of fact, including
that various financial covenants have been complied with. 
  
 Any
certificate or opinion of an officer of the Company, any Guarantor or other obligor on the Securities may be based, insofar as it relates to accounting matters, upon a certificate or opinion of, or representations by, an accountant or firm of
accountants in the employ of the Company, unless such officer knows, or in the exercise of reasonable care should know, that the certificate or opinion or representations with respect to the accounting matters upon which his certificate or opinion
may be based are erroneous. Any certificate or opinion of any independent firm of public accountants filed with the Trustee shall contain a statement that such firm is independent with respect to the Company. 
  
 Where any Person is required to make, give or execute two or more
applications, requests, consents, certificates, statements, opinions or other instruments under this Indenture, they may, but need not, be consolidated and form one instrument. 
  
 Section 105. Acts of Holders. 
  
 (a) Any request, demand, authorization, direction, notice, consent, waiver or other action provided by this Indenture to be
given or taken by Holders may be embodied in and evidenced by one or more instruments of substantially similar tenor signed by such Holders in person or by an agent duly appointed in writing; and, except as herein otherwise expressly provided, such
action shall become effective when such instrument or instruments are delivered to the Trustee and, where it is hereby expressly required, to the Company. Such instrument or instruments (and the action embodied therein and evidenced thereby) are
herein sometimes referred to as the “Act” of the Holders signing such instrument or instruments. Proof of execution of any such instrument or of a writing appointing any such agent shall be sufficient for any purpose of this Indenture and
conclusive in favor of the Trustee and the Company, if made in the manner provided in this Section 105. 
  
 (b) The ownership of Securities shall be proved by the Security Register. 
  

 29 








 (c) Any request, demand, authorization, direction, notice, consent, waiver or other Act by the Holder of
any Security shall bind every future Holder of the same Security or the Holder of every Security issued upon the transfer thereof or in exchange therefor or in lieu thereof, in respect of anything done, suffered or omitted to be done by the Trustee,
any Paying Agent or the Company, any Guarantor or any other obligor of the Securities in reliance thereon, whether or not notation of such action is made upon such Security. 
  
 (d) The fact and date of the execution by any Person of any such instrument or writing may be proved by the affidavit of a
witness of such execution or by a certificate of a notary public or other officer authorized by law to take acknowledgments of deeds, certifying that the individual signing such instrument or writing acknowledged to him the execution thereof. Where
such execution is by a signer acting in a capacity other than his individual capacity, such certificate or affidavit shall also constitute sufficient proof of his authority. The fact and date of the execution of any such instrument or writing, or
the authority of the Person executing the same, may also be proved in any other manner which the Trustee deems sufficient. 
  
 (e) If the Company shall solicit from the Holders any request, demand, authorization, direction, notice, consent, waiver or other Act, the Company may, at
its option, by or pursuant to a Board Resolution, fix in advance a record date for the determination of such Holders entitled to give such request, demand, authorization, direction, notice, consent, waiver or other Act, but the Company shall have no
obligation to do so. Notwithstanding Trust Indenture Act Section 316(c), any such record date shall be the record date specified in or pursuant to such Board Resolution, which shall be a date not more than 30 days prior to the first solicitation of
Holders generally in connection therewith and no later than the date such first solicitation is completed. 
  
 If such a record date is fixed, such request, demand, authorization, direction, notice, consent, waiver or other Act may be given before or after such
record date, but only the Holders of record at the close of business on such record date shall be deemed to be Holders for purposes of determining whether Holders of the requisite proportion of Securities then Outstanding have authorized or agreed
or consented to such request, demand, authorization, direction, notice, consent, waiver or other Act, and for this purpose the Securities then Outstanding shall be computed as of such record date; provided that no such request, demand,
authorization, direction, notice, consent, waiver or other Act by the Holders on such record date shall be deemed effective unless it shall become effective pursuant to the provisions of this Indenture not later than six months after such record
date. 
  
 (f) For purposes of this Indenture, any action by the
Holders which may be taken in writing may be taken by electronic means or as otherwise reasonably acceptable to the Trustee. 
  
 Section 106. Notices, etc., to the Trustee, the Company and any Guarantor. 
  
 Any request, demand, authorization, direction, notice, consent, waiver or Act of Holders or other document provided or
permitted by this Indenture to be made upon, given or furnished to, or filed with: 
  
 (a) the Trustee by any Holder or by the Company or any Guarantor or any other obligor on the Securities shall be sufficient for every purpose (except as provided in Section 501(c)) hereunder if in writing and mailed,
first-class postage prepaid, or delivered by recognized overnight courier, to or with the Trustee at its Corporate Trust Office, Attention: Corporate Trust Administration, or at any other address previously furnished in writing to the Holders or the
Company, 

  

 30 








 
any Guarantor or any other obligor on the Securities by the Trustee with a copy to: Nixon Peabody LLP, 437 Madison Avenue, New York, New York 10022,
Attention: Bart Pisella, Facsimile: (212) 940-3111; or 
  
 (b) the
Company or any Guarantor by the Trustee or any Holder shall be sufficient for every purpose (except as provided in Section 501(c)) hereunder if in writing and mailed, first-class postage prepaid, or delivered by recognized overnight courier, to the
Company or such Guarantor addressed to it c/o AMF Bowling Worldwide, Inc., 8100 AMF Drive, Mechanicsville, VA 23111, Attention: General Counsel, Facsimile: (804) 559-8650, or at any other address previously furnished in writing to the Trustee by the
Company or such Guarantor with a copy to Kirkland & Ellis, LLP at AON Centers, 200 East Randolph Drive, Chicago, Illinois 60601, attention Gerald T. Nowak, Esq., Facsimile: (312) 861-2200. 
  
 Section 107. Notice to Holders; Waiver. 
  
 Where this Indenture provides for notice to Holders of any event, such notice
shall be sufficiently given (unless otherwise herein expressly provided) if in writing and mailed, first-class postage prepaid, or delivered by recognized overnight courier, to each Holder affected by such event, at its address as it appears in the
Security Register, not later than the latest date, and not earlier than the earliest date, prescribed for the giving of such notice. In any case where notice to Holders is given by mail, neither the failure to mail such notice, nor any defect in any
notice so mailed, to any particular Holder shall affect the sufficiency of such notice with respect to other Holders. Any notice when mailed to a Holder in the aforesaid manner shall be conclusively deemed to have been received by such Holder
whether or not actually received by such Holder. Where this Indenture provides for notice in any manner, such notice may be waived in writing by the Person entitled to receive such notice, either before or after the event, and such waiver shall be
the equivalent of such notice. Waivers of notice by Holders shall be filed with the Trustee, but such filing shall not be a condition precedent to the validity of any action taken in reliance upon such waiver. 
  
 In case by reason of the suspension of regular mail service or by reason of
any other cause, it shall be impracticable to mail notice of any event as required by any provision of this Indenture, then any method of giving such notice as shall be reasonably satisfactory to the Trustee shall be deemed to be a sufficient giving
of such notice. 
  
 Section 108. Conflict with Trust
Indenture Act. 
  
 If any provision hereof limits, qualifies
or conflicts with any provision of the Trust Indenture Act or another provision which is required or deemed to be included in this Indenture by any of the provisions of the Trust Indenture Act, the provision or requirement of the Trust Indenture Act
shall control. If any provision of this Indenture modifies or excludes any provision of the Trust Indenture Act that may be so modified or excluded, the latter provision shall be deemed to apply to this Indenture as so modified or to be excluded, as
the case may be. 
  
 Section 109. Effect of Headings and
Table of Contents. 
  
 The Article and Section headings herein
and the Table of Contents are for convenience only and shall not affect the construction hereof. 
  

 31 








 Section 110. Successors and Assigns. 
  
 All covenants and agreements in this Indenture by the Company and the
Guarantors shall bind their respective successors and assigns, whether so expressed or not. 
  
 Section 111. Separability Clause. 
  
 In case any provision in this Indenture or in the Securities or Guarantees shall be invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be
affected or impaired thereby. 
  
 Section 112. Benefits
of Indenture. 
  
 Nothing in this Indenture or in the
Securities or Guarantees, express or implied, shall give to any Person (other than the parties hereto and their successors hereunder, any Paying Agent and the Holders) any benefit or any legal or equitable right, remedy or claim under this
Indenture. 
  
 Section 113. GOVERNING LAW.

  
 THIS INDENTURE, THE SECURITIES AND THE GUARANTEES SHALL BE
GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK, WITHOUT GIVING EFFECT TO THE CONFLICTS OF LAWS PRINCIPLES THEREOF. 
  
 Section 114. Legal Holidays. 
  
 In any case where any Interest Payment Date, Redemption Date, Maturity or Stated Maturity of any Security shall not be a Business Day, then
(notwithstanding any other provision of this Indenture or of the Securities) payment of interest or principal or premium, if any, need not be made on such date, but may be made on the next succeeding Business Day with the same force and effect as if
made on such Interest Payment Date or Redemption Date, or at the Maturity or Stated Maturity and no interest shall accrue with respect to such payment for the period from and after such Interest Payment Date, Redemption Date, Maturity or Stated
Maturity, as the case may be, to the next succeeding Business Day. 
  
 Section 115. Independence of Covenants. 
  
 All covenants and agreements in this Indenture shall be given independent effect so that if a particular action or condition is not permitted by any such covenants, the fact that it would be permitted by an exception to, or be otherwise
within the limitations of, another covenant shall not avoid the occurrence of a Default or an Event of Default if such action is taken or condition exists. 
  
 Section 116. Schedules and Exhibits. 
  
 All schedules and exhibits attached hereto are by this reference made a part hereof with the same effect as if herein set forth in full. 
  

 32 








 Section 117. Counterparts. 
  
 This Indenture may be executed in any number of counterparts, each of which shall be deemed an original; but all such
counterparts shall together constitute but one and the same instrument. 
  
 Section 118. No Personal Liability of Directors, Officers, Employees or Stockholders. 
  
 No director, officer, employee, member or stockholder of the Company or any Guarantor, as such, will have any liability for any obligations of the Company
or the Guarantors under the Securities, this Indenture, the Guarantees, or for any claim based on, in respect of, or by reason of, such obligations or their creation. Each Holder of Securities by accepting a Security waives and releases the Company
and each Guarantor from all such liability. The waiver and release are part of the consideration for issuance of the Securities. 
  
 ARTICLE TWO 
  
 SECURITY FORMS 
  
 Section 201. Forms Generally. 
  
 The Securities, the Guarantees and the Trustee’s certificate of authentication thereon shall be in substantially the forms set forth in this Article Two, with such appropriate insertions, omissions, substitutions
and other variations as are required or permitted hereby and may have such letters, numbers or other marks of identification and such legends or endorsements placed thereon as may be required to comply with the rules of any securities exchange, any
organizational document or governing instrument or applicable law or as may, consistently herewith, be determined by the officers executing such Securities and Guarantees, as evidenced by their execution of the Securities and Guarantees. Any portion
of the text of any Security may be set forth on the reverse thereof, with an appropriate reference thereto on the face of the Security. 
  
 The definitive Securities shall be printed, lithographed or engraved or produced by any combination of these methods or may be produced in any other
manner permitted by the rules of any securities exchange on which the Securities may be listed, all as determined by the officers executing such Securities, as evidenced by their execution of such Securities. 
  
 Securities offered and sold in reliance on Rule 144A shall be issued
initially in the form of one or more Rule 144A Global Securities, substantially in the form set forth in Section 202, deposited upon issuance with the Trustee, as custodian for the Depositary, registered in the name of the Depositary or its nominee,
in each case for credit to an account of a direct or indirect participant of the Depositary, duly executed by the Company and authenticated by the Trustee as hereinafter provided. The aggregate principal amount of the Rule 144A Global Securities may
from time to time be increased or decreased by adjustments made on the records of the Trustee, as custodian for the Depositary or its nominee, as hereinafter provided. 
  
 Securities offered and sold in reliance on Regulation S shall be issued in the form of one or more Regulation S Global
Securities, substantially in the form set forth in Section 202, deposited upon issuance with the Trustee, as custodian for the Depositary, registered in the name of the Depositary or its nominee, in each case for credit by the Depositary to an
account of a direct or indirect participant of the Depositary, duly executed by the Company and authenticated by the Trustee as 

  

 33 








 
hereinafter provided; provided, however, that upon such deposit through and including the 40th day after the later of the commencement of the offering
of such Securities and the original issue date of such Securities (such period through and including such 40th day, the “Restricted Period”), all such Securities shall be credited to or through accounts maintained at the Depositary by or
on behalf of Euroclear or Clearstream unless exchanged for interests in the Rule 144A Global Securities in accordance with the transfer and certification requirements described below. The aggregate principal amount of the Regulation S Global
Securities may from time to time be increased or decreased by adjustments made on the records of the Trustee, as custodian for the Depositary or its nominee, as hereinafter provided. 
  
 Exchange Securities exchanged for Initial Securities shall be issued initially in the form of one or more Unrestricted
Global Securities, substantially in the form set forth in Section 202, deposited upon issuance with the Trustee, as custodian for the Depositary, registered in the name of the Depositary or its nominee, in each case for credit to an account of a
direct or indirect participant of the Depositary, duly executed by the Company and authenticated by the Trustee as hereinafter provided. The aggregate principal amount of the Exchange Global Securities may from time to time be increased or decreased
by adjustments made on the records of the Trustee, as custodian for the Depositary or its nominee, as hereinafter provided. 
  
 With respect to any Additional Securities issued subsequent to the date of this Indenture, (1) all references in Section 202 herein and elsewhere in this
Indenture to a Registration Rights Agreement shall be to the registration rights agreement entered into with respect to such Additional Securities, (2) any references in Section 202 and elsewhere in this Indenture to the Exchange Offer, Exchange
Offer Registration Statement, Shelf Registration Statement, Initial Purchasers, Registration Default, and any other term related thereto shall be to such terms as they are defined in such registration rights agreement entered into with respect to
such Additional Securities, (3) all time periods described in the Securities with respect to the registration of such Additional Securities shall be as provided in such Registration Rights Agreement entered into with respect to such Additional
Securities and (4) all provisions of this Indenture shall be construed and interpreted to permit the issuance of such Additional Securities and to allow such Additional Securities to become fungible and interchangeable with the Initial Securities
originally issued under this Indenture. 
  
 Section 202.
Form of Face of Security. 
  
 (a) The form of the face
of any Initial Securities authenticated and delivered hereunder shall be substantially as follows: 
  
 Unless and until (i) an Initial Security is sold under an effective Registration Statement or (ii) an Initial Security is exchanged for an Exchange
Security in connection with an effective Registration Statement, in each case pursuant to the Registration Rights Agreement, and except to the extent otherwise provided in Section 307(b) hereof, then such Initial Security shall bear the legend set
forth below (the “Private Placement Legend”) on the face thereof: 
  
 THE SECURITIES HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR ANY STATE SECURITIES LAWS. NEITHER THIS SECURITY NOR ANY INTEREST OR PARTICIPATION HEREIN
MAY BE REOFFERED, SOLD, ASSIGNED, TRANSFERRED, PLEDGED, ENCUMBERED OR 

  

 34 








 
OTHERWISE DISPOSED OF IN THE ABSENCE OF SUCH REGISTRATION OR UNLESS SUCH TRANSACTION IS EXEMPT FROM, OR NOT SUBJECT TO, REGISTRATION AS SET FORTH BELOW.

  
 BY ITS ACQUISITION HEREOF, THE HOLDER (1) REPRESENTS
THAT (A) IT IS A “QUALIFIED INSTITUTIONAL BUYER” (AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”)), (B) IT IS NOT A U.S. PERSON AND IS ACQUIRING THIS SECURITY IN AN OFFSHORE TRANSACTION, OR (C) AN
“INSTITUTIONAL ACCREDITED INVESTOR” (AS DEFINED IN RULE 501(A)(1),(2), (3) OR (7) OF REGULATION D UNDER THE SECURITIES ACT) AND (2) AGREES TO OFFER, SELL OR OTHERWISE TRANSFER SUCH SECURITY PRIOR TO THE DATE WHICH IS TWO YEARS AFTER THE
LATER OF THE ORIGINAL ISSUE DATE HEREOF AND THE LAST DATE ON WHICH THE COMPANY OR ANY AFFILIATE OF THE COMPANY WAS THE OWNER OF THIS SECURITY (OR ANY PREDECESSOR OF THIS SECURITY) ONLY (A) TO THE COMPANY OR ANY SUBSIDIARY OF THE COMPANY, (B)
PURSUANT TO A REGISTRATION STATEMENT WHICH HAS BEEN DECLARED EFFECTIVE UNDER THE SECURITIES ACT, (C) FOR SO LONG AS THE SECURITIES ARE ELIGIBLE FOR RESALE PURSUANT TO RULE 144A INSIDE THE UNITED STATES, TO A PERSON IT REASONABLY BELIEVES IS A
“QUALIFIED INSTITUTIONAL BUYER” AS DEFINED IN RULE 144A THAT PURCHASES FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A QUALIFIED INSTITUTIONAL BUYER TO WHOM NOTICE IS GIVEN THAT THE TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, (D) OUTSIDE
THE UNITED STATES PURSUANT TO OFFERS AND SALES TO NON-U.S. PERSONS IN AN OFFSHORE TRANSACTION WITHIN THE MEANING OF REGULATION S UNDER THE SECURITIES ACT, (E) TO AN INSTITUTIONAL ACCREDITED INVESTOR IN A TRANSACTION EXEMPT FROM THE REGISTRATION
REQUIREMENTS OF THE SECURITIES ACT OR (F) PURSUANT TO ANOTHER AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT, SUBJECT TO THE COMPANY’S AND THE TRUSTEE’S RIGHT PRIOR TO ANY SUCH OFFER, SALE OR TRANSFER (I)
PURSUANT TO CLAUSES (D), (E) OR (F) TO REQUIRE THE DELIVERY OF AN OPINION OF COUNSEL, CERTIFICATION AND/OR OTHER INFORMATION SATISFACTORY TO EACH OF THEM, AND (II) IN EACH OF THE FOREGOING CASES, TO REQUIRE THAT A CERTIFICATE OF TRANSFER IN THE FORM
APPEARING ON THE OTHER SIDE OF THIS SECURITY IS COMPLETED AND 

  

 35 








 
DELIVERED BY THE TRANSFEROR TO THE TRUSTEE. AS USED HEREIN, THE TERMS “UNITED STATES,” “OFFSHORE TRANSACTION,” AND “U.S.
PERSON” HAVE THE RESPECTIVE MEANINGS GIVEN TO THEM BY REGULATION S UNDER THE SECURITIES ACT. 
  
 [Legend if Security is a Global Security] 
  
 THIS SECURITY IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITARY OR A
NOMINEE OF A DEPOSITARY OR A SUCCESSOR DEPOSITARY. TRANSFERS OF THIS GLOBAL SECURITY SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF CEDE & CO. 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 SECTIONS 306 AND 307 OF THIS INDENTURE. 
  
 UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK
CORPORATION (“DTC”), TO THE COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT AND ANY SUCH CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL
INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. 
  
 [Legend if Security is a Regulation S Global Security] 
  
 THIS SECURITY IS A REGULATION S GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE REFERRED TO HEREIN. INTERESTS IN THIS REGULATION S GLOBAL SECURITY MAY NOT BE OFFERED OR SOLD TO A U.S. PERSON OR FOR THE ACCOUNT
OR BENEFIT OF A U.S. PERSON PRIOR TO THE EXPIRATION OF THE RESTRICTED PERIOD (AS DEFINED IN THIS INDENTURE), AND NO TRANSFER OR EXCHANGE OF AN INTEREST IN THIS REGULATION S GLOBAL SECURITY MAY BE MADE FOR AN INTEREST IN A RULE 144A GLOBAL SECURITY
UNTIL AFTER THE TERMINATION OF THE RESTRICTED PERIOD OR AS OTHERWISE PERMITTED BY LAW AND CONTEMPLATED BY THIS INDENTURE. 
  

 36 








 AMF BOWLING WORLDWIDE, INC. 
  

  
 10% SENIOR SUBORDINATED NOTE DUE 2010 
  
 CUSIP NO.
                     
  
 No.                     
        $                     
  
 Kingpin Merger Sub, Inc., a Delaware corporation, to be merged with and into AMF Bowling Worldwide, Inc., a Delaware
corporation (herein called the “Company,” which term includes any successor person to the merger of Kingpin Merger Sub, Inc. and AMF Bowling Worldwide, Inc.), for value received, hereby promises to pay to Cede & Co., or registered
assigns, the principal sum of                  United States dollars on March 1, 2010, at the office or agency of the Company referred to below, and to pay
interest thereon from February 27, 2004, or from the most recent Interest Payment Date to which interest has been paid or duly provided for, semiannually on March 1st and September 1st in each
year, commencing September 1st, 2004 at the rate of 10% per annum, in United States dollars, until the principal
hereof is paid or duly provided for. Interest shall be computed on the basis of a 360-day year comprised of twelve 30-day months. 
  
 The Holder of this Initial Security is entitled to the benefits of a Registration Rights Agreement among the Company, the Guarantors and the Initial
Purchasers, pursuant to which, subject to the terms and conditions thereof, the Company and the Guarantors are obligated to consummate the Exchange Offer pursuant to which the Holder of this Security (and the related Guarantees) shall have the right
to exchange this Security (and the related Guarantees) for 10% Senior Subordinated Notes due 2010, and related guarantees (herein called the “Exchange Securities”) in like principal amount as provided therein. In addition, the Company and
the Guarantors have agreed to register the Securities for resale under the Securities Act through a Shelf Registration Statement under certain circumstances. The Initial Securities and the Exchange Securities are together (including related
Guarantees) referred to as the “Securities.” The Initial Securities rank pari passu in right of payment with the Exchange Securities. The interest rate on the Initial Securities may increase pursuant to the terms set forth in the
Registration Rights Agreement. 
  
 The interest so payable, and
punctually paid or duly provided for, on any Interest Payment Date will, as provided in such Indenture, be paid to the Person in whose name this Security (or any Predecessor Securities) is registered at the close of business on the Regular Record
Date for such interest, which shall be February 15th or August 15 th (whether or not a Business Day), as the case may be, next preceding such Interest Payment Date. Any such interest not so punctually paid, or duly provided
for, and interest on such defaulted interest at the interest rate borne by the Initial Securities, to the extent lawful, shall forthwith cease to be payable to the Holder on such Regular Record Date, and may either be paid to the Person in whose
name this Security (or any Predecessor Securities) is registered at the close of business on a Special Record Date for the payment of such defaulted interest to be fixed by the Trustee, notice whereof shall be given to Holders of Securities not less
than 10 days prior to such Special Record Date, or be paid at any time in any other lawful manner not inconsistent with the requirements of any securities exchange on which the Securities may be listed, and upon such notice as may be required by
this Indenture not inconsistent with the requirements of such exchange, all as more fully provided in this Indenture. 
  

 37 








 Payment of the principal of, premium, if any, and interest on, this Security, and exchange or transfer of
the Security, will be made at the office or agency of the Company within or without The City of New York maintained for that purpose, or at such other office or agency as may be maintained for such purpose, in such coin or currency of the United
States of America as at the time of payment is legal tender for payment of public and private debts; provided, however, that payment of interest may be made at the option of the Company by check mailed to the address of the Person
entitled thereto as such address shall appear on the Security Register. 
  
 Reference is hereby made to the further provisions of this Security set forth on the reverse hereof, which further provisions shall for all purposes have the same effect as if set forth at this place. 
  
 This Security is entitled to the benefits of the Guarantees by the Guarantors
of the punctual payment when due and performance of the Indenture Obligations made in favor of the Trustee for the benefit of the Holders. Reference is made to Article Fourteen of this Indenture for a statement of the respective rights, limitations
of rights, duties and obligations under the Guarantees of the Guarantors. 
  
 Unless the certificate of authentication hereon has been duly executed by the Trustee referred to on the reverse hereof or by the authenticating agent appointed as provided in this Indenture by manual signature of an
authorized signer, this Security shall not be entitled to any benefit under this Indenture, or be valid or obligatory for any purpose. 
  

 38 








 IN WITNESS WHEREOF, the Company has caused this instrument to be duly executed by the manual or facsimile
signature of its authorized officers. 
  

			
	 KINGPIN MERGER SUB, INC.

		
	 By:
	 	 
	 	 	

	 	 	 Name:
 Title:

	
	AMF BOWLING WORLDWIDE, INC.
		
	 By:
	 	 
	 	 	

	 	 	 Name:
 Title:



  
 TRUSTEE’S
CERTIFICATE OF AUTHENTICATION 
  
 This is one of the 10% Senior
Subordinated Notes due 2010 referred to in the within-mentioned Indenture. 
  

			
	WILMINGTON TRUST COMPANY, as Trustee
		
	 By:
	 	 
	 	 	

	 	 	 Name:
 Title:



  
 Dated: 
  

 39 








 OPTION OF HOLDER TO ELECT PURCHASE 
  
 If you wish to have this Security purchased by the Company pursuant to
Section 1009, Section 1012 or Section 1014, as applicable, of the Indenture, check the Box: [    ]. 
  
 If you wish to have a portion of this Security purchased by the Company pursuant to Section 1009, Section 1012 or Section 1014, as applicable, of the
Indenture, state the amount (in original principal amount): 
  
 $                    . 
  

			
	 Date:
                                        
            
	 	Your Signature:
                                        
                    

 (Sign exactly as your name appears on the other side of this Security) 
  
 Signature Guarantee:
                                        
                     
  
 [Signature must be guaranteed by an eligible Guarantor Institution (banks, stock brokers, savings and loan associations and credit unions) with membership in an approved
guarantee medallion program pursuant to Securities and Exchange Commission Rule 17Ad-15] 
  

 40 








 [FORM OF TRANSFER NOTICE] 
  
 FOR VALUE RECEIVED the undersigned registered holder hereby sell(s), assign(s) and transfer(s) unto 
  
 Insert Taxpayer Identification No. 
  

  

  

 (Please print or typewrite name and address including zip code of assignee) 
  

 the within Security and all rights thereunder, hereby irrevocably constituting and appointing 
  

 attorney to transfer such Security on the books of the Company with full power
of substitution in the premises. 
  
 In connection with any
transfer of this Security occurring prior to the date which is the earlier of the date of an effective Registration Statement or two years after the issuance of the relevant Securities, the undersigned confirms that without utilizing any general
solicitation or general advertising that: 
  
 [Check One]

  

			
	  ̈  (a)
	  	this Security is being transferred in compliance with the exemption from registration under the Securities Act of 1933 provided by Rule 144A thereunder.

  
 or 
  

			
	  ̈  (b)
	  	this Security is being transferred other than in accordance with (a) above and documents are being furnished which comply with the conditions of transfer set forth in this Security and the
Indenture.

  
 If none of the foregoing boxes is
checked, the Trustee or other Security Registrar shall not be obligated to register this Security in the name of any Person other than the Holder hereof unless and until the conditions to any such transfer of registration set forth herein and in
Section 307 of the Indenture shall have been satisfied. 
  

			
	Date:
                                        
            	 	 
		
	  	 	  
	 	 	

	 	 	NOTICE: The signature to this assignment must correspond with the name as written upon the face of the within-mentioned instrument in every particular, without alteration or any change
whatsoever.

  

 41 








 Signature Guarantee:
                                        
                     
  
 [Signature must be guaranteed by an eligible Guarantor Institution (banks, stock brokers, savings and loan associations and credit unions) with membership in an approved
guarantee medallion program pursuant to Securities and Exchange Commission Rule 17Ad-15] 
  
 TO BE COMPLETED BY PURCHASER IF (a) ABOVE IS CHECKED. 
  
 The undersigned represents and warrants that it is purchasing this Security for its own account or an account with respect to which it exercises sole investment discretion and that it and any such account is a
“qualified institutional buyer” within the meaning of Rule 144A under the Securities Act of 1933 and is aware that the sale to it is being made in reliance on Rule 144A and acknowledges that it has received such information regarding the
Company as the undersigned has requested pursuant to Rule 144A or has determined not to request such information and that it is aware that the transferor is relying upon the undersigned’s foregoing representations in order to claim the
exemption from registration provided by Rule 144A. 
  

					
	Dated:
                                        
            	 	 	 	 
	 	 	 	 	

	  	 	 	 	 NOTICE: To be executed by an authorized signatory


  

 42 








 (b) The form of the face of any Exchange Securities authenticated and delivered hereunder shall be
substantially as follows: 
  
 [Legend if Security is a Global
Security] 
  
 THIS SECURITY IS A GLOBAL SECURITY WITHIN
THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITARY OR A NOMINEE OF A DEPOSITARY OR A SUCCESSOR DEPOSITARY. TRANSFERS OF THIS GLOBAL SECURITY SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO
NOMINEES OF CEDE & CO. 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 SECTIONS 306 AND 307 OF THE
INDENTURE. 
  
 UNLESS THIS CERTIFICATE IS PRESENTED BY AN
AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT AND ANY SUCH CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE
& CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE
HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. 
  

 43 








 AMF BOWLING WORLDWIDE, INC. 
  

  
 10% SENIOR SUBORDINATED NOTE DUE 2010 
  
 CUSIP NO.
                     
  

			
	 No.
                    
	  	$                                

  
 Kingpin Merger Sub,
Inc., a Delaware corporation, to be merged with and into AMF Bowling Worldwide, Inc., a Delaware corporation (herein called the “Company,” which term includes any successor person to the merger of Kingpin Merger Sub, Inc. and AMF Bowling
Worldwide, Inc.), for value received, hereby promises to pay to Cede & Co. or registered assigns, the principal sum of
                     United States dollars on March 1, 2010, at the office or agency of the Company referred to below, and to pay
interest thereon from February 27, 2004, or from the most recent Interest Payment Date to which interest has been paid or duly provided for, semiannually on March 1st and September 1st in each
year, commencing September 1, 2004 at the rate of 10% per annum, in United States dollars, until the principal hereof is paid or duly provided for; provided that to the extent interest has not been paid or duly provided for with respect to
the Initial Security exchanged for this Exchange Security, interest on this Exchange Security shall accrue from the most recent Interest Payment Date to which interest on the Initial Security which was exchanged for this Exchange Security has been
paid or duly provided for. Interest shall be computed on the basis of a 360-day year comprised of twelve 30-day months. 
  
 This Exchange Security was issued pursuant to the Exchange Offer pursuant to which the 10% Senior Subordinated Notes due 2010, and related Guarantees
(herein called the “Initial Securities”) in like principal amount were exchanged for the Exchange Securities and related Guarantees. The Exchange Securities rank pari passu in right of payment with the Initial Securities.

  
 For any period in which the Initial Security exchanged for
this Exchange Security was outstanding, additional interest may be due and owing on the Initial Security in connection with the Registration Rights Agreement. 
  

The interest so payable, and punctually paid or duly provided for, on any Interest Payment Date will, as provided in such Indenture, be paid to the
Person in whose name this Security (or any Predecessor Securities) is registered at the close of business on the Regular Record Date for such interest, which shall be February 15th or August 15th (whether
or not a Business Day), as the case may be, next preceding such Interest Payment Date. Any such interest not so punctually paid, or duly provided for, and interest on such defaulted interest at the interest rate borne by the Exchange Securities, to
the extent lawful, shall forthwith cease to be payable to the Holder on such Regular Record Date, and may either be paid to the Person in whose name this Security (or any Predecessor Securities) is registered at the close of business on a Special
Record Date for the payment of such defaulted interest to be fixed by the Trustee, notice whereof shall be given to Holders of Securities not less than 10 days prior to such Special Record Date, or be paid at any time in any other lawful manner not
inconsistent with the requirements of any securities exchange on which the Securities may be listed, and upon such notice as may be required by the Indenture not inconsistent with the requirements of such exchange, all as more fully provided in the
Indenture. 
  

 44 








 Payment of the principal of, premium, if any, and interest on, this Security, and exchange or transfer of
the Security, will be made at the office or agency of the Company within or without The City of New York maintained for such purpose, or at such other office or agency as may be maintained for such purpose, in such coin or currency of the United
States of America as at the time of payment is legal tender for payment of public and private debts; provided, however, that payment of interest may be made at the option of the Company by check mailed to the address of the Person
entitled thereto as such address shall appear on the Security Register. 
  
 Reference is hereby made to the further provisions of this Security set forth on the reverse hereof, which further provisions shall for all purposes have the same effect as if set forth at this place. 
  
 This Security is entitled to the benefits of the Guarantees by the Guarantors
of the punctual payment when due and performance of the Indenture Obligations made in favor of the Trustee for the benefit of the Holders. Reference is made to Article Fourteen of the Indenture for a statement of the respective rights, limitations
of rights, duties and obligations under the Guarantees of the Guarantors. 
  
 Unless the certificate of authentication hereon has been duly executed by the Trustee referred to on the reverse hereof or by the authenticating agent appointed as provided in the Indenture by manual signature of an
authorized signer, this Security shall not be entitled to any benefit under the Indenture, or be valid or obligatory for any purpose. 
  

 45 








 IN WITNESS WHEREOF, the Company has caused this instrument to be duly executed by the manual or facsimile
signature of its authorized officers. 
  

			
	 KINGPIN MERGER SUB, INC.

		
	 By:
	 	 
	 	 	

	 	 	 Name:

	 	 	 Title:



  

			
	 AMF BOWLING WORLDWIDE, INC.

		
	 By:
	 	 
	 	 	

	 	 	 Name:

	 	 	 Title:



  
 TRUSTEE’S
CERTIFICATE OF AUTHENTICATION 
  
 This is one of the 10% Senior
Subordinated Notes due 2010 referred to in the within-mentioned Indenture. 
  

			
	 WILMINGTON TRUST COMPANY, as Trustee

		
	 By:
	 	 
	 	 	

	 	 	 Name:

	 	 	 Title:



  
 Dated: 
  

 46 








 OPTION OF HOLDER TO ELECT PURCHASE 
  
 If you wish to have this Security purchased by the Company pursuant to
Section 1009, Section 1012 or Section 1014, as applicable, of the Indenture, check the Box: [    ]. 
  
 If you wish to have a portion of this Security purchased by the Company pursuant to Section 1009, Section 1012 or Section 1014, as applicable, of the
Indenture, state the amount (in original principal amount): 
  
 $                    . 
  

			
	 Date:
                                        
            
	 	Your Signature:
                                        
                    

 (Sign exactly as your name appears on the other side of this Security) 
  
 Signature Guarantee:
                                        
                     
  
 [Signature must be guaranteed by an eligible Guarantor Institution (banks, stock brokers, savings and loan associations and credit unions) with membership in an approved
guarantee medallion program pursuant to Securities and Exchange Commission Rule 17Ad-15] 
  

 47 








 FORM OF TRANSFEREE CERTIFICATE 
  
 I or we assign and transfer this Security to: 
  
 Please insert social security or other identifying number of assignee 
  

  

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

			
	 Dated
                                        
            
	 	Signed
                                        
                    

 (Sign exactly as name appears on the other side of this Security) 
  
 [Signature must be guaranteed by an eligible Guarantor Institution (banks, stock brokers,
savings and loan associations and credit unions) with membership in an approved guarantee medallion program pursuant to Securities and Exchange Commission Rule 17Ad-15] 
  

 48 








 Section 203. Form of Reverse of Securities. 
  
 (a) The form of the reverse of the Initial Securities shall be substantially
as follows: 
  
 AMF BOWLING WORLDWIDE, INC. 
  
 10% Senior Subordinated Note due 2010 
  
 This Security is one of a duly authorized issue of Securities of the Company
designated as its 10% Senior Subordinated Notes due 2010 (herein called the “Initial Securities”), initially limited (except as otherwise provided in the Indenture referred to below) in aggregate principal amount to $150,000,000, issued
under and subject to the terms of an indenture (herein called the “Indenture”) dated as of February 27, 2004, among the Company, the Guarantors and Wilmington Trust Company, as trustee (herein called the “Trustee,” which term
includes any successor trustee under the Indenture), to which Indenture and all indentures supplemental thereto reference is hereby made for a statement of the respective rights, limitations of rights, duties, obligations and immunities thereunder
of the Company, the Guarantors, the Trustee and the Holders of the Securities, and of the terms upon which the Securities are, and are to be, authenticated and delivered. 
  
 The Company may, from time to time, without notice to or the consent of the Holders of the Securities, create and issue
Additional Securities under the Indenture ranking equally with the Initial Securities in all respects (or in all respects other than the payment of interest accruing prior to the issue date of such Additional Securities or except for the first
payment of interest following the issue date of such Additional Securities), subject to the limitations described in Section 1008 of the Indenture. Such Additional Securities will be consolidated and form a single series with the Initial Securities
and have the same terms as to status, redemption or otherwise as the Initial Securities. 
  
 The Securities are subject to redemption at any time on or after March 1, 2007, at the option of the Company, in whole or in part, on not less than 30 nor more than 60 days’ prior notice, in amounts of $1,000 or
an integral multiple thereof, at the following Redemption Prices (expressed as percentages of the principal amount), if redeemed during the 12-month period beginning March 1 of the years indicated below: 
  

			
	 Year

	 	 Redemption Price


	 2007
	 	105.00%
	 2008
	 	102.50%
	 2009 and thereafter
	 	100.00%

  
 of the principal amount, in each case,
together with accrued and unpaid interest, if any, to the Redemption Date (subject to the rights of Holders of record on relevant record dates to receive interest due on an Interest Payment Date). 
  
 In addition, at any time prior to March 1, 2007, the Company, Holdings or any
Parent Entity, at the Company’s option, may use the net proceeds of one or more Public Equity Offerings to redeem up to an aggregate of 35% of the aggregate principal amount of Securities originally issued under the Indenture at a Redemption
Price equal to 110% of the aggregate principal amount thereof, plus accrued and unpaid interest thereon, if any, to the Redemption Date (subject to the rights of Holders of record on relevant record dates to receive interest due on Interest Payment
Date); provided, 

  

 49 








 
that at least 65% of the initial aggregate principal amount of Securities remains outstanding immediately after the occurrence of such redemption. In order
to effect the foregoing redemption, the Company must mail a notice of redemption no later than 30 days after the closing of the related Public Equity Offering and must complete such redemption within 60 days of the closing of the Public Equity
Offering. 
  
 If less than all of the Securities are to be
redeemed, the Trustee shall select the Securities or portions thereof to be redeemed in compliance with the requirements of the principal national securities exchange, if any, on which the Securities are listed, or if the Securities are not so
listed, pro rata, by lot or by any other method the Trustee shall deem fair and reasonable. Securities redeemed in part must be redeemed only in integral multiples of $1,000. Redemption pursuant to the provisions relating to a Public Equity
Offering must be made on a pro rata basis or on as nearly a pro rata basis as practicable (subject to the procedures of DTC or any other depositary). 
  
 Upon the occurrence of a Change of Control, each Holder may require the Company to purchase such Holder’s Securities in whole or in part in integral
multiples of $1,000, at a purchase price in cash in an amount equal to 101% of the principal amount thereof, plus accrued and unpaid interest, if any, to the date of purchase, pursuant to a Change of Control Offer in accordance with the procedures
set forth in the Indenture. 
  
 Under certain circumstances
described in the Indenture, the Company will be required to apply the proceeds of Asset Sales to the repayment of the Securities and Pari Passu Indebtedness. 
  
 In the case of any redemption or repurchase of Securities in accordance with the Indenture, interest installments whose Stated Maturity is on or prior to
the Redemption Date will be payable to the Holders of such Securities of record as of the close of business on the relevant Regular Record Date or Special Record Date referred to on the face hereof. Securities (or portions thereof) for whose
redemption and payment provision is made in accordance with the Indenture shall cease to bear interest from and after the Redemption Date. 
  
 In the event of redemption or repurchase of this Security in accordance with the Indenture in part only, a new Security or Securities for the unredeemed
portion hereof shall be issued in the name of the Holder hereof upon the cancellation hereof. 
  
 If an Event of Default shall occur and be continuing, the principal amount of all the Securities may be declared due and payable in the manner and with the effect provided in the Indenture. 
  
 The Indenture contains provisions for defeasance at any time of (a) the
entire Indebtedness on the Securities and (b) certain restrictive covenants and related Defaults and Events of Default, in each case, upon compliance with certain conditions set forth therein. 
  
 The Indenture permits, with certain exceptions (including certain amendments
permitted without the consent of any Holders and certain amendments which require the consent of all the Holders) as therein provided, the amendment thereof and the modification of the rights and obligations of the Company and the Guarantors and the
rights of the Holders under the Indenture and the Securities and the Guarantees at any time by the Company and the Trustee with the consent of the Holders of at least a majority in aggregate principal amount of the Securities at the time
Outstanding. The Indenture also contains provisions permitting, with certain exceptions (including certain waivers 

  

 50 








 
which require the consent of all of the Holders) as therein provided, the Holders of at least a majority in aggregate principal amount of the Securities at
the time Outstanding, on behalf of the Holders of all the Securities, to waive compliance by the Company and the Guarantors with certain provisions of the Indenture and the Securities and the Guarantees and certain past Defaults under the Indenture
and the Securities and the Guarantees and their consequences. Any such consent or waiver by or on behalf of the Holder of this Security shall be conclusive and binding upon such Holder and upon all future Holders of this Security and of any Security
issued upon the registration of transfer hereof or in exchange herefor or in lieu hereof whether or not notation of such consent or waiver is made upon this Security. 
  
 The Initial Securities are, to the extent and manner provided in Article Thirteen of the Indenture, subordinated and subject
in right of payment to the prior payment in full in cash or Cash Equivalents of all Senior Indebtedness. 
  
 No reference herein to the Indenture and no provision of this Security or of the Indenture shall alter or impair the obligation of the Company, any
Guarantor or any other obligor on the Securities (in the event such Guarantor or such other obligor is obligated to make payments in respect of the Securities), which is joint and several, full, absolute and unconditional, to pay the principal of,
premium, if any, and interest on, this Security at the times, place, and rate, and in the coin or currency, herein prescribed. 
  
 As provided in the Indenture and subject to certain limitations therein set forth, the transfer of this Security is registrable in the Security Register,
upon surrender of this Security for registration of transfer at the office or agency of the Company in the Borough of Manhattan, The City of New York, duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the
Company and the Security Registrar duly executed by, the Holder hereof or its attorney duly authorized in writing, and thereupon one or more new Securities, of authorized denominations and for the same aggregate principal amount, will be issued to
the designated transferee or transferees. 
  
 Certificated
securities shall be transferred to all beneficial holders in exchange for their beneficial interests in the Rule 144A Global Securities, the Regulation S Global Securities or the IAI Global Securities if (i) the Depositary (A) has notified the
Company that it is unwilling or unable to continue as Depositary for such Global Security or (B) has ceased to be a clearing agency registered as such under the Exchange Act, and in either case the Company fails to appoint a successor Depositary
within 90 days, (ii) the Company, at its option, notifies the Trustee in writing that it elects to cause the issuance of the Securities in certificated form or (iii) there shall have occurred and be continuing an Event of Default or any event which
after notice or lapse of time or both would be an Event of Default with respect to such Global Security. Upon any such issuance, the Trustee is required to register such certificated Initial Securities in the name of, and cause the same to be
delivered to, such Person or Persons (or the nominee of any thereof). All such certificated Initial Securities would be required to include the Private Placement Legend unless the Legend is not required by applicable law. 
  
 Initial Securities in certificated form are issuable only in registered form
without coupons in denominations of $1,000 and any integral multiple thereof. As provided in the Indenture and subject to certain limitations therein set forth, the Initial Securities are exchangeable for a like aggregate principal amount of
Securities of a differing authorized denomination, as requested by the Holder surrendering the same. 
  

 51 








 At any time when the Company is not subject to Section 13 or 15(d) of the Exchange Act, upon the written
request of a Holder of a Initial Security, the Company will promptly furnish or cause to be furnished such information as is specified pursuant to Rule 144A(d)(4) under the Securities Act (or any successor provision thereto) to such Holder or to a
prospective purchaser of such Initial Security who such Holder informs the Company is reasonably believed to be a “Qualified Institutional Buyer” within the meaning of Rule 144A under the Securities Act, as the case may be, in order to
permit compliance by such Holder with Rule 144A under the Securities Act. 
  
 No service charge shall be made for any registration of transfer or exchange of Securities, but the Company may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection
therewith. 
  
 Prior to due presentment of this Security for
registration of transfer, the Company, any Guarantor, the Trustee and any agent of the Company, any Guarantor or the Trustee may treat the Person in whose name this Security is registered as the owner hereof for all purposes, whether or not this
Security is overdue, and neither the Company, any Guarantor, the Trustee nor any such agent shall be affected by notice to the contrary. 
  
 THIS SECURITY SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, WITHOUT REGARD TO CONFLICTS OF LAWS PRINCIPLES
THEREOF. 
  
 All terms used in this Security which are defined
in the Indenture and not otherwise defined herein shall have the meanings assigned to them in the Indenture. 
  
 (b) The form of the reverse of the Exchange Securities shall be substantially as follows: 
  
 AMF BOWLING WORLDWIDE, INC. 
  
 10% Senior Subordinated Note due 2010 
  
 This Security is one of a duly authorized issue of Securities of the Company designated as its 10% Senior Subordinated Notes due 2010 (herein called the
“Exchange Securities”), initially limited (except as otherwise provided in the Indenture referred to below) in aggregate principal amount to $150,000,000, issued under and subject to the terms of an indenture (herein called the
“Indenture”) dated as of February 27, 2004, among the Company, the Guarantors and Wilmington Trust Company, as trustee (herein called the “Trustee,” which term includes any successor trustee under the Indenture), to which
Indenture and all indentures supplemental thereto reference is hereby made for a statement of the respective rights, limitations of rights, duties, obligations and immunities thereunder of the Company, the Guarantors, the Trustee and the Holders of
the Securities, and of the terms upon which the Securities are, and are to be, authenticated and delivered. 
  
 The Company may, from time to time, without notice to or the consent of the Holders of the Securities, create and issue Additional Securities under the
Indenture ranking equally with the Initial Securities in all respects (or in all respects other than the payment of interest accruing prior to the issue date of such Additional Securities or except for the first payment of interest following the
issue date of such Additional Securities), subject to the limitations described in Section 1008 of the 

  

 52 








 
Indenture. Such Additional Securities will be consolidated and form a single series with the Initial Securities and have the same terms as to status,
redemption or otherwise as the Initial Securities. 
  
 The
Securities are subject to redemption at any time on or after March 1, 2007, at the option of the Company, in whole or in part, on not less than 30 nor more than 60 days’ prior notice, in amounts of $1,000 or an integral multiple thereof, at the
following Redemption Prices (expressed as percentages of the principal amount), if redeemed during the 12-month period beginning March 1 of the years indicated below: 
  

			
	 Year

	 	 Redemption Price


	 2007
	 	105.00%
	 2008
	 	102.50%
	 2009 and thereafter
	 	100.00%

  
 of the principal amount, in each case,
together with accrued and unpaid interest, if any, to the Redemption Date (subject to the rights of Holders of record on relevant record dates to receive interest due on an Interest Payment Date). 
  
 In addition, at any time prior to March 1, 2007, the Company, Holdings or any
Parent Entity, at the Company’s option, may use the net proceeds of one or more Public Equity Offerings to redeem up to an aggregate of 35% of the aggregate principal amount of Securities originally issued under the Indenture at a Redemption
Price equal to 110% of the aggregate principal amount thereof, plus accrued and unpaid interest thereon, if any, to the Redemption Date (subject to the rights of Holders of record on relevant record dates to receive interest due on Interest Payment
Date); provided that at least 65% of the initial aggregate principal amount of Securities remains outstanding immediately after the occurrence of such redemption. In order to effect the foregoing redemption, the Company must mail a notice of
redemption no later than 30 days after the closing of the related Public Equity Offering and must complete such redemption within 60 days of the closing of the Public Equity Offering. 
  
 If less than all of the Securities are to be redeemed, the Trustee shall select the Securities or portions thereof to be
redeemed in compliance with the requirements of the principal national securities exchange, if any, on which the Securities are listed or, if the Securities are not so listed, pro rata, by lot or by any other method the Trustee shall deem
fair and reasonable. Securities redeemed in part must be redeemed only in integral multiples of $1,000. Redemption pursuant to the provisions relating to a Public Equity Offering must be made on a pro rata basis or on as nearly a pro
rata basis as practicable (subject to the procedures of DTC or any other depositary). 
  
 Upon the occurrence of a Change of Control, each Holder may require the Company to purchase such Holder’s Securities in whole or in part in integral multiples of $1,000, at a purchase price in cash in an amount
equal to 101% of the principal amount thereof, plus accrued and unpaid interest, if any, to the date of purchase, pursuant to a Change of Control Offer in accordance with the procedures set forth in the Indenture. 
  
 Under certain circumstances described in the Indenture, the Company will be
required to apply the proceeds of Asset Sales to the repayment of the Securities and Pari Passu Indebtedness. 
  

 53 








 In the case of any redemption or repurchase of Securities in accordance with the Indenture, interest
installments whose Stated Maturity is on or prior to the Redemption Date will be payable to the Holders of such Securities of record as of the close of business on the relevant Regular Record Date or Special Record Date referred to on the face
hereof. Securities (or portions thereof) for whose redemption and payment provision is made in accordance with the Indenture shall cease to bear interest from and after the Redemption Date. 
  
 In the event of redemption or repurchase of this Security in accordance with
the Indenture in part only, a new Security or Securities for the unredeemed portion hereof shall be issued in the name of the Holder hereof upon the cancellation hereof. 
  
 If an Event of Default shall occur and be continuing, the principal amount of all the Securities may be declared due and
payable in the manner and with the effect provided in the Indenture. 
  
 The Indenture contains provisions for defeasance at any time of (a) the entire Indebtedness on the Securities and (b) certain restrictive covenants and related Defaults and Events of Default, in each case upon compliance with certain
conditions set forth therein. 
  
 The Indenture permits, with
certain exceptions (including certain amendments permitted without the consent of any Holders and certain amendments which require the consent of all the Holders) as therein provided, the amendment thereof and the modification of the rights and
obligations of the Company and the Guarantors and the rights of the Holders under the Indenture and the Securities and the Guarantees at any time by the Company and the Trustee with the consent of the Holders of at least a majority in aggregate
principal amount of the Securities at the time Outstanding. The Indenture also contains provisions permitting, with certain exceptions (including certain waivers which require the consent of all of the Holders) as therein provided, the Holders of at
least a majority in aggregate principal amount of the Securities at the time Outstanding, on behalf of the Holders of all the Securities, to waive compliance by the Company and the Guarantors with certain provisions of the Indenture and the
Securities and the Guarantees and certain past Defaults under the Indenture and the Securities and the Guarantees and their consequences. Any such consent or waiver by or on behalf of the Holder of this Security shall be conclusive and binding upon
such Holder and upon all future Holders of this Security and of any Security issued upon the registration of transfer hereof or in exchange herefor or in lieu hereof whether or not notation of such consent or waiver is made upon this Security.

  
 The Exchange Securities are, to the extent and manner provided
in Article Thirteen of the Indenture, subordinated and subject in right of payment to the prior payment in full in cash or Cash Equivalents of all Senior Indebtedness. 
  
 No reference herein to the Indenture and no provision of this Security or of the Indenture shall alter or impair the
obligation of the Company, any Guarantor or any other obligor on the Securities (in the event such Guarantor or such other obligor is obligated to make payments in respect of the Securities), which is joint and several, full, absolute and
unconditional, to pay the principal of, and premium, if any, and interest on, this Security at the times, place, and rate, and in the coin or currency, herein prescribed. 
  
 As provided in the Indenture and subject to certain limitations therein set forth, the transfer of this Security is
registrable in the Security Register, upon surrender of this Security for 

  

 54 








 
registration of transfer at the office or agency of the Company in the Borough of Manhattan, The City of New York, duly endorsed by, or accompanied by a
written instrument of transfer in form satisfactory to the Company and the Security Registrar duly executed by, the Holder hereof or its attorney duly authorized in writing, and thereupon one or more new Securities, of authorized denominations and
for the same aggregate principal amount, will be issued to the designated transferee or transferees. 
  
 Certificated securities shall be transferred to all beneficial holders in exchange for their beneficial interests in the Exchange Securities if (i) the
Depositary (A) has notified the Company that it is unwilling or unable to continue as Depositary for such Global Security or (B) has ceased to be a clearing agency registered as such under the Exchange Act, and in either case the Company fails to
appoint a successor Depositary within 90 days, (ii) the Company, at its option, notifies the Trustee in writing that it elects to cause the issuance of the Securities in certificated form or (iii) there shall have occurred and be continuing an Event
of Default or any event which after notice or lapse of time or both would be an Event of Default with respect to such Global Security. Upon any such issuance, the Trustee is required to register such certificated Exchange Securities in the name of,
and cause the same to be delivered to, such Person or Persons (or the nominee of any thereof). 
  
 Exchange Securities in certificated form are issuable only in registered form without coupons in denominations of $1,000 and any integral multiple thereof. As provided in the Indenture and subject to certain
limitations therein set forth, the Exchange Securities are exchangeable for a like aggregate principal amount of Securities of a differing authorized denomination, as requested by the Holder surrendering the same. 
  
 No service charge shall be made for any registration of transfer or exchange
of Securities, but the Company may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith. 
  
 Prior to due presentment of this Security for registration of transfer, the Company, any Guarantor, the Trustee and any agent of the Company, any
Guarantor or the Trustee may treat the Person in whose name this Security is registered as the owner hereof for all purposes, whether or not this Security is overdue, and neither the Company, any Guarantor, the Trustee nor any such agent shall be
affected by notice to the contrary. 
  
 THIS SECURITY SHALL BE
GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, WITHOUT REGARD TO CONFLICTS OF LAWS PRINCIPLES THEREOF. 
  
 All terms used in this Security which are defined in the Indenture and not otherwise defined herein shall have the meanings assigned to them in the
Indenture. 
  
 Section 204. Form of Guarantee.

  
 The form of Guarantee shall be set forth on the Securities
(including both Initial Securities and Exchange Securities) substantially as follows: 
  
 GUARANTEE 
  
 For value received,
each of the undersigned hereby absolutely, fully and unconditionally and irrevocably guarantees, jointly and severally with each other Guarantor, to the 

  

 55 








 
holder of this Security the payment of principal of, premium, if any, and interest on this Security upon which these Guarantees are endorsed in the amounts
and at the time when due and payable whether by declaration thereof, or otherwise, and interest on the overdue principal and interest, if any, of this Security, if lawful, and the payment or performance of all other obligations of the Company under
the Indenture or the Securities, to the holder of this Security and the Trustee, all in accordance with and subject to the terms and limitations of this Security and Article Fourteen of the Indenture. This Guarantee will not become effective until
the Trustee duly executes the certificate of authentication on this Security. These Guarantees shall be governed by and construed in accordance with the laws of the State of New York, without regard to conflict of law principles thereof. The
Indebtedness evidenced by these Guarantees is, to the extent and in the manner provided in the Indenture, subordinate and subject in right of payment to the prior payment in full in cash or Cash Equivalents of all Senior Guarantor Indebtedness,
whether outstanding on the date of this Indenture or thereafter, and the Guarantees are issued subject to such provisions. 
  
 Dated: 
  

			
	[AMF Guarantors]
		
	 By:
	 	 
	 	 	

	 	 	 Name:

	 	 	 Title:



  
 ARTICLE THREE

  
 THE SECURITIES 
  
 Section 301. Title and Terms. 
  
 The initial aggregate principal amount of Securities which may be
authenticated and delivered under this Indenture is $150,000,000 in principal amount of Securities, except for Securities authenticated and delivered upon registration of transfer of, or in exchange for, or in lieu of, other Securities pursuant to
Section 303, 304, 305, 306, 307, 308, 906, 1012, 1014 or 1108. Notwithstanding the foregoing, the Company may, from time to time, without notice to or the consent of the Holders of Securities, create and issue Additional Securities under this
Indenture ranking equally with the Initial Securities in all respects (or in all respects other than the payment of interest accruing prior to the issue date of such Additional Securities or except for the first payment of interest following the
issue date of such Additional Securities), subject to the limitations described in Section 1008 hereof. Such Additional Securities will be consolidated and form a single series with the Initial Securities and have the same terms as to status,
redemption or otherwise as the Initial Securities. 
  
 The
Securities shall be known and designated as the “10% Senior Subordinated Notes due 2010” of the Company. The Stated Maturity of the Securities shall be March 1, 2010, and the Securities shall each bear interest at the rate of 10% per
annum, as such interest rate may be adjusted as set forth in the Securities, from February 27, 2004, or from the most recent Interest Payment Date to which interest has been paid, payable semiannually on March 1st and September 1st in each year, 

  

 56 








 
commencing September 1, 2004, until the principal thereof is paid or duly provided for. Interest on any overdue principal, interest (to the extent lawful) or
premium, if any, shall be payable on demand. 
  
 The principal of,
premium, if any, and interest on, the Securities shall be payable and the Securities shall be exchangeable and transferable at an office or agency of the Company within or without The City of New York maintained for such purposes;
provided, however, that payment of interest may be made at the option of the Company by check mailed to addresses of the Persons entitled thereto as shown on the Security Register. 
  
 For all purposes hereunder, the Initial Securities and the Exchange
Securities will be treated as one class and are together referred to as the “Securities.” The Initial Securities rank pari passu in right of payment with the Exchange Securities. 
  
 The Securities shall be subject to repurchase by the Company pursuant to an
Offer as provided in Section 1012. 
  
 Holders shall have the
right to require the Company to purchase their Securities, in whole or in part, in the event of a Change of Control pursuant to Section 1014. 
  
 The Securities shall be redeemable as provided in Article Eleven and in the Securities. 
  
 The Indebtedness evidenced by the Securities shall rank junior to and be subordinated in right of payment to the prior
payment in full in cash or Cash Equivalents of all other Senior Indebtedness as provided in Article Thirteen and Senior Guarantor Indebtedness as provided in Article Fourteen. 
  
 At the election of the Company, the entire Indebtedness on the Securities or certain of the Company’s obligations and
covenants and certain Events of Default thereunder may be defeased as provided in Article Four. 
  
 Section 302. Denominations. 
  
 The Securities shall be issuable only in fully registered form without coupons and only in denominations of $1,000 and any integral multiple thereof.

  
 Section 303. Execution, Authentication, Delivery and
Dating. 
  
 The Securities shall be executed on behalf of the
Company by one of its Chairman of the Board, its President, its Chief Executive Officer, its Chief Financial Officer or one of its Vice Presidents. The signatures of any of these officers on the Securities may be manual or facsimile. 
  
 Securities bearing the manual or facsimile signatures of individuals who were
at any time the proper officers of the Company shall bind the Company, notwithstanding that such individuals or any of them have ceased to hold such offices prior to the authentication and delivery of such Securities or did not hold such offices at
the date of such Securities. 
  
 At any time and from time to time
after the execution and delivery of this Indenture, the Company may deliver Securities executed by the Company to the Trustee (with Guarantees endorsed thereon if required pursuant to the provisions of this Indenture) for authentication, together
with a Company Order for the authentication and delivery of such Securities; and the Trustee in accordance 

  

 57 








 
with such Company Order shall authenticate and deliver such Securities as provided in this Indenture and not otherwise. 
  
 Each Security shall be dated the date of its authentication. 
  
 No Security or Guarantee endorsed thereon shall be entitled to any benefit
under this Indenture or be valid or obligatory for any purpose unless there appears on such Security a certificate of authentication substantially in the form provided for herein duly executed by the Trustee by manual signature of an authorized
officer, and such certificate upon any Security shall be conclusive evidence, and the only evidence, that such Security has been duly authenticated and delivered hereunder and is entitled to the benefits of this Indenture. 
  
 In case the Company or any Guarantor, pursuant to Article Eight, shall, in a
single transaction or through a series of related transactions, be consolidated or merged with or into any other Person or shall sell, assign, convey, transfer, lease or otherwise dispose of all or substantially all of its properties and assets to
any Person, and the successor Person resulting from such consolidation or surviving such merger, or into which the Company or such Guarantor shall have been merged, or the successor Person which shall have participated in the sale, assignment,
conveyance, transfer, lease or other disposition as aforesaid, shall have executed an indenture supplemental hereto with the Trustee pursuant to Article Eight, any of the Securities authenticated or delivered prior to such consolidation, merger,
sale, assignment, conveyance, transfer, lease or other disposition may, from time to time, at the request of the successor Person, be exchanged for other Securities executed in the name of the successor Person with such changes in phraseology and
form as may be appropriate, but otherwise in substance of like tenor as the Securities surrendered for such exchange and of like principal amount; and the Trustee, upon the written request of the successor Person, shall authenticate and deliver
Securities as specified in such request for the purpose of such exchange. If Securities shall at any time be authenticated and delivered in any new name of a successor Person pursuant to this Section 303 in exchange or substitution for or upon
registration of transfer of any Securities, such successor Person, at the option of the Holders but without expense to them, shall provide for the exchange of all Securities at the time Outstanding for Securities authenticated and delivered in such
new name. 
  
 The Trustee may appoint an authenticating agent
acceptable to the Company to authenticate Securities on behalf of the Trustee. Unless limited by the terms of such appointment, an authenticating agent may authenticate Securities 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 Security Registrar or Paying Agent to deal with the Company and the Guarantors. 
  
 Section 304. Temporary Securities. 
  
 Pending the preparation of definitive Securities, the Company may execute,
and upon Company Order the Trustee shall authenticate and deliver, temporary Securities which are printed, lithographed, typewritten or otherwise produced, in any authorized denomination, substantially of the tenor of the definitive Securities in
lieu of which they are issued and with such appropriate insertions, omissions, substitutions and other variations as the officers executing such Securities may determine, as conclusively evidenced by their execution of such Securities. 

 
 If temporary Securities are issued, the Company will cause definitive
Securities to be prepared without unreasonable delay. After the preparation of definitive Securities, the temporary 

  

 58 








 
Securities shall be exchangeable for definitive Securities upon surrender of the temporary Securities at the office or agency of the Company designated for
such purpose pursuant to Section 1002, without charge to the Holder. Upon surrender for cancellation of any one or more temporary Securities, the Company shall execute and the Trustee shall, upon written request of the Company, authenticate and
deliver in exchange therefor a like principal amount of definitive Securities of authorized denominations. Until so exchanged, the temporary Securities shall in all respects be entitled to the same benefits under this Indenture as definitive
Securities. 
  
 Section 305. Registration, Registration
of Transfer and Exchange. 
  
 The Company shall cause the
Trustee to keep, so long as it is the Security Registrar, at the Corporate Trust Office of the Trustee, or such other office as the Trustee may designate, a register (the register maintained in such office or in any other office or agency designated
pursuant to Section 1002 being herein sometimes referred to as the “Security Register”) in which, subject to such reasonable regulations as the Security Registrar may prescribe, the Company shall provide for the registration of Securities
and of transfers of Securities. The Trustee shall initially be the “Security Registrar” for the purpose of registering Securities and transfers of Securities as herein provided. The Company may change the Security Registrar or appoint one
or more co-Security Registrars upon notice to the Trustee. 
  
 Upon surrender for registration of transfer of any Security at the office or agency of the Company designated pursuant to Section 1002, the Company shall execute, and the Trustee shall, upon written request of the Company, authenticate and
deliver, in the name of the designated transferee or transferees, one or more new Securities of the same series of any authorized denomination or denominations, of a like aggregate principal amount. 
  
 Furthermore, any Holder of the Global Security shall, by acceptance of such
Global Security, agree that transfers of beneficial interests in such Global Security may be effected only through a book-entry system maintained by the Holder of such Global Security (or its agent), and that ownership of a beneficial interest in a
Security shall be required to be reflected in a book entry. 
  
 At
the option of the Holder, Securities of any authorized denomination or denominations may be exchanged for other Securities of a like aggregate principal amount, upon surrender of the Securities to be exchanged at such office or agency. Whenever any
Securities are so surrendered for exchange, the Company shall execute, and the Trustee shall, upon written request of the Company, authenticate and deliver, Securities of the same series which the Holder making the exchange is entitled to receive;
provided that no exchange of Initial Securities for Exchange Securities shall occur until an Exchange Offer Registration Statement shall have been declared effective by the Commission and the Exchange Offer shall have expired; and
provided, further, however that the Initial Securities exchanged for the Exchange Securities shall be canceled. 
  
 All Securities issued upon any registration of transfer or exchange of Securities shall be the valid obligations of the Company, evidencing the same
Indebtedness, and entitled to the same benefits under this Indenture, as the Securities surrendered upon such registration of transfer or exchange. 
  
 Every Security presented or surrendered for registration of transfer, or for exchange, repurchase or redemption, shall (if so required by the Company or
the Trustee) be duly endorsed, or be 

  

 59 








 
accompanied by a written instrument of transfer in form satisfactory to the Company and the Security Registrar, duly executed by the Holder thereof or his
attorney duly authorized in writing. 
  
 No service charge shall
be made to a Holder for any registration of transfer, exchange or redemption of Securities, except for any tax or other governmental charge that may be imposed in connection therewith, other than exchanges pursuant to Sections 303, 304, 305, 308,
906, 1012, 1014 or 1108 not involving any transfer. 
  
 The
Company shall not be required (a) to issue, register the transfer of or exchange any Security during a period beginning at the opening of business 15 days before the mailing of a notice of redemption of the Securities selected for redemption under
Section 1104 and ending at the close of business on the day of such mailing or (b) to register the transfer of or exchange any Security so selected for redemption in whole or in part, except the unredeemed portion of Securities being redeemed in
part. 
  
 Every Security shall be subject to the restrictions on
transfer provided in the legend required to be set forth on the face of each Security pursuant to Section 202, and the restrictions set forth in this Section 305, and the Holder of each Security, by such Holder’s acceptance thereof (or interest
therein), agrees to be bound by such restrictions on transfer. 
  
 Except as provided in Section 306(b) hereof, any Security authenticated and delivered upon registration of transfer of, or in exchange for, or in lieu of, any Global Security, whether pursuant to this Section 305, Section 304, 308, 906 or
1108 or otherwise, shall also be a Global Security and bear the legend specified in Section 202. 
  
 Section 306. Book Entry Provisions for Global Securities. 
  
 (a) Each Global Security initially shall (i) be registered in the name of the Depositary for such Global Security or the
nominee of such Depositary, (ii) be deposited with, or on behalf of, the Depositary or with the Trustee as custodian for such Depositary and (iii) bear legends as set forth in Section 202. 
  
 Members of, or participants in, the Depositary (“Agent Members”)
shall have no rights under this Indenture with respect to any Global Security held on their behalf by the Depositary, or the Trustee as its custodian, or under such Global Security, and the Depositary may be treated by the Company, the Guarantors,
the Trustee and any agent of the Company or the Trustee as the absolute owner of such Global Security for all purposes whatsoever. Notwithstanding the foregoing, nothing herein shall prevent the Company, the Guarantors, 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 Depositary or shall impair, as between the Depositary and its Agent Members, the operation of customary practices governing the
exercise of the rights of a Holder of any Security. 
  
 (b)
Notwithstanding any other provision in this Indenture, no Global Security may be exchanged in whole or in part for Securities registered, and no transfer of a Global Security in whole or in part may be registered, in the name of any Person other
than the Depositary for such Global Security or a nominee thereof unless (i) such Depositary (A) has notified the Company that it is unwilling or unable to continue as Depositary for such Global Security or (B) has ceased to be a clearing agency
registered as such under the Exchange Act, and in either case the Company fails to appoint a successor Depositary within 90 days, (ii) the Company, at its option, executes and delivers to 

  

 60 








 
the Trustee a Company Order stating that it elects to cause the issuance of the Securities in certificated form and that all Global Securities shall be
exchanged in whole for Securities that are not Global Securities (in which case such exchange shall be effected by the Trustee) or (iii) there shall have occurred and be continuing an Event of Default or any event which after notice or lapse of time
or both would be an Event of Default with respect to such Global Security. 
  
 (c) If any Global Security is to be exchanged for other Securities or canceled in whole, it shall be surrendered by or on behalf of the Depositary or its nominee to the Trustee, as Security Registrar, for exchange or
cancellation as provided in this Article Three. If any Global Security is to be exchanged for other Securities or canceled in part, or if another Security is to be exchanged in whole or in part for a beneficial interest in any Global Security, then
either (i) such Global Security shall be so surrendered for exchange or cancellation as provided in this Article Three or (ii) the principal amount thereof shall be reduced or increased by an amount equal to the portion thereof to be so exchanged or
canceled, or equal to the principal amount of such other Security to be so exchanged for a beneficial interest therein, as the case may be, by means of an appropriate adjustment made on the records of the Trustee, as Security Registrar, whereupon
the Trustee, in accordance with the Applicable Procedures, shall instruct the Depositary or its authorized representative to make a corresponding adjustment to its records. Upon any such surrender or adjustment of a Global Security, the Trustee
shall, subject to this Section 306(c) and as otherwise provided in this Article Three, upon written request of the Company, authenticate and deliver any Securities issuable in exchange for such Global Security (or any portion thereof) to or upon the
order of, and registered in such names as may be directed by, the Depositary or its authorized representative. Upon the request of the Trustee in connection with the occurrence of any of the events specified in the preceding paragraph, the Company
shall promptly make available to the Trustee a reasonable supply of Securities that are not in the form of Global Securities. The Trustee shall be entitled to rely upon any order, direction or request of the Depositary or its authorized
representative which is given or made pursuant to this Article Three if such order, direction or request is given or made in accordance with the Applicable Procedures. 
  
 (d) Every Security authenticated and delivered upon registration of transfer of, or in exchange for or in lieu of, a Global
Security or any portion thereof, whether pursuant to this Article Three or otherwise, shall be authenticated and delivered in the form of, and shall be, a Global Security, unless such Security is registered in the name of a Person other than the
Depositary for such Global Security or a nominee thereof. 
  
 (e)
The Depositary or its nominee, as registered owner of a Global Security, shall be the Holder of such Global Security for all purposes under this Indenture and the Securities, and owners of beneficial interests in a Global Security shall hold such
interests pursuant to the Applicable Procedures. Accordingly, any such owner’s beneficial interest in a Global Security will be shown only on, and the transfer of such interest shall be effected only through, records maintained by the
Depositary or its nominee or its Agent Members. 
  
 Section
307. Special Transfer and Exchange Provisions. 
  
 (a)
Certain Transfers and Exchanges. Transfers and exchanges of Securities and beneficial interests in a Global Security of the kinds specified in this Section 307 shall be made only in accordance with this Section 307 and subject in each case to
the Applicable Procedures. 
  
 (i) Rule 144A
Global Security to Regulation S Global Security. If the owner of a beneficial interest in the Rule 144A Global Security wishes at any time to transfer 

  

 61 








 
such interest to a Person who wishes to acquire the same in the form of a beneficial interest in the Regulation S Global Security, such transfer may be
effected only in accordance with the provisions of this paragraph and paragraph (viii) below and subject to the Applicable Procedures. Upon receipt by the Trustee, as Security Registrar, of (a) a written order given by the Depositary or its
authorized representative (designated by the Depositary in writing) directing that a beneficial interest in the Regulation S Global Security in a specified principal amount be credited to a specified Agent Member’s account and that a beneficial
interest in the Rule 144A Global Security in an equal principal amount be debited from another specified Agent Member’s account and (b) a Regulation S Certificate in the form of Exhibit A hereto, satisfactory to the Trustee and duly executed by
the owner of such beneficial interest in the Rule 144A Global Security or his attorney duly authorized in writing, then the Trustee, as Security Registrar but subject to paragraph (viii) below, shall reduce the principal amount of the Rule 144A
Global Security and increase the principal amount of the Regulation S Global Security by such specified principal amount as provided in Section 306(c). 
  
 (ii) Rule 144A Global Security to IAI Global Security. If the owner of a beneficial interest in the Rule 144A Global Security
wishes at any time to transfer such interest to a Person who wishes to acquire the same in the form of a beneficial interest in the IAI Global Security, such transfer may be effected only in accordance with the provisions of this paragraph and
subject to the Applicable Procedures. Upon receipt by the Trustee, as Security Registrar, of (a) a written order given by the Depositary or its authorized representative (designated by the Depositary in writing) directing that a beneficial interest
in the IAI Global Security in a specified principal amount be credited to a specified Agent Member’s account and that a beneficial interest in the Rule 144A Global Security in an equal principal amount be debited from another specified Agent
Member’s account and (b) an Institutional Accredited Investor Certificate in the form of Exhibit C hereto, satisfactory to the Trustee, then the Trustee, as Security Registrar, shall reduce the principal amount of the Rule 144A Global Security
and increase the principal amount of the IAI Global Security by such specified principal amount as provided in Section 306(c). 
  
 (iii) Regulation S Global Security to Rule 144A Global Security. If the owner of a beneficial interest in the Regulation S Global
Security wishes at any time to transfer such interest to a Person who wishes to acquire the same in the form of a beneficial interest in the Rule 144A Global Security, such transfer may be effected only in accordance with this paragraph and subject
to the Applicable Procedures. Upon receipt by the Trustee, as Security Registrar, of (a) a written order given by the Depositary or its authorized representative (designated by the Depositary in writing) directing that a beneficial interest in the
Rule 144A Global Security in a specified principal amount be credited to a specified Agent Member’s account and that a beneficial interest in the Regulation S Global Security in an equal principal amount be debited from another specified Agent
Member’s account and (b) if such transfer is to occur during the Restricted Period, a Restricted Securities Certificate in the form of Exhibit B hereto, satisfactory to the Trustee and duly executed by the owner of such beneficial interest in
the Regulation S Global Security or his attorney duly authorized in writing, then the Trustee, as Security Registrar, shall reduce the principal amount of the Regulation S Global Security and increase the principal amount of the Rule 144A Global
Security by such specified principal amount as provided in Section 306(c). 
  
 (iv) Regulation S Global Security to IAI Global Security. If the owner of a beneficial interest in the Regulation S Global Security wishes at any time to transfer such 

  

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interest to a Person who wishes to acquire the same in the form of a beneficial interest in the IAI Global Security, such transfer may be effected only in
accordance with this paragraph and subject to the Applicable Procedures. Upon receipt by the Trustee, as Security Registrar, of (a) a written order given by the Depositary or its authorized representative (designated by the Depositary in writing)
directing that a beneficial interest in the IAI Global Security in a specified principal amount be credited to a specified Agent Member’s account and that a beneficial interest in the Regulation S Global Security in an equal principal amount be
debited from another specified Agent Member’s account and (b) if such transfer is to occur during the Restricted Period, an Institutional Accredited Investor Certificate in the form of Exhibit C hereto, satisfactory to the Trustee, then the
Trustee, as Security Registrar, shall reduce the principal amount of the Regulation S Global Security and increase the principal amount of the IAI Global Security by such specified principal amount as provided in Section 306(c). 
  
 (v) IAI Global Security to Regulation S Global
Security. If the owner of a beneficial interest in the IAI Global Security wishes at any time to transfer such interest to a Person who wishes to acquire the same in the form of a beneficial interest in the Regulation S Global Security, such
transfer may be effected only in accordance with the provisions of this paragraph and paragraph (viii) below and subject to the Applicable Procedures. Upon receipt by the Trustee, as Security Registrar, of (a) a written order given by the Depositary
or its authorized representative (designated by the Depositary in writing) directing that a beneficial interest in the IAI Global Security in a specified principal amount be credited to a specified Agent Member’s account and that a beneficial
interest in the IAI Global Security in an equal principal amount be debited from another specified Agent Member’s account and (b) a Regulation S Certificate in the form of Exhibit A hereto, satisfactory to the Trustee and duly executed by the
owner of such beneficial interest in the IAI Global Security or his attorney duly authorized in writing, then the Trustee, as Security Registrar but subject to paragraph (viii) below, shall reduce the principal amount of the IAI Global Security and
increase the principal amount of the Regulation S Global Security by such specified principal amount as provided in Section 306(c). 
  
 (vi) IAI Global Security to Rule 144A Global Security. If the owner of a beneficial interest in the IAI Global Security wishes at
any time to transfer such interest to a Person who wishes to acquire the same in the form of a beneficial interest in the Rule 144A Global Security, such transfer may be effected only in accordance with this paragraph and subject to the Applicable
Procedures. Upon receipt by the Trustee, as Security Registrar, of (a) a written order given by the Depositary or its authorized representative (designated by the Depositary in writing) directing that a beneficial interest in the Rule 144A Global
Security in a specified principal amount be credited to a specified Agent Member’s account and that a beneficial interest in the IAI Global Security in an equal principal amount be debited from another specified Agent Member’s account and
(b) if such transfer is to occur during the Restricted Period, a Restricted Securities Certificate in the form of Exhibit B hereto, satisfactory to the Trustee and duly executed by the owner of such beneficial interest in the IAI Global Security or
his attorney duly authorized in writing, then the Trustee, as Security Registrar, shall reduce the principal amount of the IAI Global Security and increase the principal amount of the Rule 144A Global Security by such specified principal amount as
provided in Section 306(c). 
  
 (vii)
Exchanges between Global Security and Non-Global Security. A beneficial interest in a Global Security may be exchanged for a Security that is not a Global 

  

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Security as provided in Section 307(b), provided that, if such interest is a beneficial interest in the Rule 144A Global Security, or if such interest
is a beneficial interest in the IAI Global Security, or if such interest is a beneficial interest in the Regulation S Global Security and such exchange is to occur during the Restricted Period, then such interest shall bear the Private Placement
Legend (subject in each case to Section 307(b)). 
  
 (viii) Regulation S Global Security to be Held Through Euroclear or Clearstream During Restricted Period. The Company shall use its best efforts to cause the Depositary to ensure that, until the expiration of the Restricted Period,
beneficial interests in the Regulation S Global Security may be held only in or through accounts maintained at the Depositary by Euroclear or Clearstream (or by Agent Members acting for the account thereof), and no person shall be entitled to effect
any transfer or exchange that would result in any such interest being held otherwise than in or through such an account; provided that this paragraph (iv) shall not prohibit any transfer or exchange of such an interest in accordance with
paragraph (ii) above. 
  
 (b) Private Placement Legends.
Rule 144A Global Securities and their Successor Securities, IAI Global Securities and their Successor Securities and Regulation S Global Securities and their Successor Securities shall bear a Private Placement Legend, subject to the following:

  
 (i) subject to the following clauses of this
Section 307(b), a Security or any portion thereof which is exchanged, upon transfer or otherwise, for a Global Security or any portion thereof shall bear the Private Placement Legend borne by such Global Security while represented thereby;

  
 (ii) subject to the following clauses of this
Section 307(b) herein, a new Security which is not a Global Security and is issued in exchange for another Security (including a Global Security) or any portion thereof, upon transfer or otherwise, shall bear the Private Placement Legend borne by
such other Security; 
  
 (iii) all Securities
sold or otherwise disposed of pursuant to an effective registration statement under the Securities Act, together with their respective Successor Securities, shall not bear a Private Placement Legend; 
  
 (iv) at any time after the Securities may be freely
transferred without registration under the Securities Act or without being subject to transfer restrictions pursuant to the Securities Act, a new Security which does not bear a Private Placement Legend may be issued in exchange for or in lieu of a
Security (other than a Global Security) or any portion thereof which bears such a legend if the Trustee has received an Unrestricted Securities Certificate substantially in the form of Exhibit D hereto, satisfactory to the Trustee and duly executed
by the Holder of such legended Security or his attorney duly authorized in writing, and after such date and receipt of such certificate, the Trustee shall authenticate and deliver such a new Security in exchange for or in lieu of such other Security
as provided in this Article Three; 
  
 (v) a new
Security which does not bear a Private Placement Legend may be issued in exchange for or in lieu of a Security (other than a Global Security) or any portion thereof which bears such a legend if, in the Company’s judgment, placing such a legend
upon such new Security is not necessary to ensure compliance with the registration requirements of 

  

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the Securities Act, and the Trustee, at the direction of the Company, shall authenticate and deliver such a new Security as provided in this Article Three;
and 
  
 (vi) notwithstanding the foregoing
provisions of this Section 307(b), a Successor Security of a Security that does not bear a particular form of Private Placement Legend shall not bear such form of legend unless the Company has reasonable cause to believe that such Successor Security
is a “restricted security” within the meaning of Rule 144, in which case the Trustee, at the direction of the Company, shall authenticate and deliver a new Security bearing a Private Placement Legend in exchange for such Successor Security
as provided in this Article Three. 
  
 By its acceptance of any
Security bearing the Private Placement Legend, each Holder of such a Security acknowledges the restrictions on transfer of such Security set forth in this Indenture and in the Private Placement Legend and agrees that it will transfer such Security
only as provided in this Indenture. 
  
 The Security Registrar
shall retain copies of all letters, notices and other written communications received pursuant to Section 306 or this Section 307. The Company shall have the right to inspect and make copies of all such letters, notices or other written
communications at any reasonable time upon the giving of reasonable written notice to the Security Registrar. 
  
 Section 308. Mutilated, Destroyed, Lost and Stolen Securities. 
  
 If (a) any mutilated Security is surrendered to the Trustee, or (b) the Company and the Trustee receive evidence to their
satisfaction of the destruction, loss or theft of any Security, and there is delivered to the Company, any Guarantor and the Trustee, such security or indemnity, in each case, as may be required by any of them to save each of them harmless, then, in
the absence of notice to the Company, any Guarantor or the Trustee that such Security has been acquired by a bona fide purchaser, the Company shall execute and upon a Company Request the Trustee shall authenticate, upon written request of the
Company, and deliver, in exchange for any such mutilated Security or in lieu of any such destroyed, lost or stolen Security, a replacement Security of like tenor and principal amount, bearing a number not contemporaneously outstanding and each
Guarantor shall execute a replacement Guarantee. 
  
 In case any
such mutilated, destroyed, lost or stolen Security has become or is about to become due and payable, the Company in its discretion may, instead of issuing a replacement Security, pay such Security. 
  
 Upon the issuance of any replacement Securities under this Section, the
Company may require the payment of a sum sufficient to pay all documentary, stamp or similar issue or transfer taxes or other governmental charges that may be imposed in relation thereto and any other expenses (including the fees and expenses of the
Trustee) connected therewith. 
  
 Every replacement Security and
Guarantee issued pursuant to this Section in lieu of any destroyed, lost or stolen Security shall constitute an original additional contractual obligation of the Company and any Guarantor, whether or not the destroyed, lost or stolen Security shall
be at any time enforceable by anyone, and shall be entitled to all benefits of this Indenture equally and proportionately with any and all other Securities duly issued hereunder. 
  

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 The provisions of this Section are exclusive and shall preclude (to the extent lawful) all other rights
and remedies with respect to the replacement or payment of mutilated, destroyed, lost or stolen Securities. 
  
 Section 309. Payment of Interest; Interest Rights Preserved. 
  
 Interest on any Security which is payable, and is punctually paid or duly provided for, on the Stated Maturity of such
interest shall be paid to the Person in whose name the Security (or any Predecessor Securities) is registered at the close of business on the Regular Record Date for such interest payment. 
  
 Any interest on any Security which is payable, but is not punctually paid or
duly provided for, on an Interest Payment Date, and interest on such defaulted interest at the then applicable interest rate borne by the Securities, to the extent lawful (such defaulted interest and interest thereon herein collectively called
“Defaulted Interest”), shall forthwith cease to be payable to the Holder on the Regular Record Date; and such Defaulted Interest may be paid by the Company, at its election in each case, as provided in subsection (a) or (b) below:

  
 (a) The Company may elect to make payment of any Defaulted
Interest to the Persons in whose names the Securities (or any relevant Predecessor Securities) are registered at the close of business on a Special Record Date for the payment of such Defaulted Interest, which shall be fixed in the following manner.
The Company shall notify the Trustee in writing of the amount of Defaulted Interest proposed to be paid on each Security and the date of the proposed payment (the “Special Payment Date”), and at the same time the Company shall deposit with
the Trustee an amount of money equal to the aggregate amount proposed to be paid in respect of such Defaulted Interest or shall make arrangements satisfactory to the Trustee for such deposit prior to the Special Payment Date, such money when
deposited to be held in trust for the benefit of the Persons entitled to such Defaulted Interest as in this subsection provided. Thereupon the Trustee shall fix a Special Record Date for the payment of such Defaulted Interest which shall be not more
than 15 days and not less than 10 days prior to the date of the Special Payment Date and not less than 10 days after the receipt by the Trustee of the notice of the proposed payment. The Trustee shall promptly notify the Company in writing of such
Special Record Date. In the name and at the expense of the Company, the Trustee shall cause notice of the proposed payment of such Defaulted Interest and the Special Record Date therefor to be mailed, first-class postage prepaid, to each Holder at
its address as it appears in the Security Register, not less than 10 days prior to such Special Record Date. Notice of the proposed payment of such Defaulted Interest and the Special Record Date and Special Payment Date therefor having been so
mailed, such Defaulted Interest shall be paid to the Persons in whose names the Securities are registered on such Special Record Date and shall no longer be payable pursuant to the following subsection (b). 
  
 (b) The Company may make payment of any Defaulted Interest in any other
lawful manner not inconsistent with the requirements of any securities exchange on which the Securities may be listed, and upon such notice as may be required by this Indenture not inconsistent with the requirements of such exchange, if, after
written notice given by the Company to the Trustee of the proposed payment pursuant to this subsection, such payment shall be deemed practicable by the Trustee. 
  

Subject to the foregoing provisions of this Section 309, each Security delivered under this Indenture upon registration of transfer of or in exchange
for or in lieu of any other Security shall 

  

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carry the rights to interest accrued and unpaid, and to accrue, which were carried by such other Security. 
  
 Section 310. CUSIP Numbers. 
  
 The Company in issuing the Securities may use “CUSIP” numbers (if
then generally in use), and the Company, or the Trustee on behalf of the Company, shall use CUSIP numbers in notices of redemption or exchange as a convenience to Holders; provided, however, that any such notice shall state that no
representation is made as to the correctness of such numbers either as printed on the Securities or as contained in any notice of redemption or exchange and that reliance may be placed only on the other identification numbers printed on the
Securities; and provided further, however, that failure to use CUSIP numbers in any notice of redemption or exchange shall not affect the validity or sufficiency of such notice. 
  
 Section 311. Persons Deemed Owners. 
  
 Prior to and at the time of due presentment of a Security for registration of transfer, the Company, any Guarantor, the
Trustee and any agent of the Company, any Guarantor or the Trustee may treat the Person in whose name any Security is registered as the owner of such Security for the purpose of receiving payment of principal of, premium, if any, and (subject to
Section 309) interest on, such Security and for all other purposes whatsoever, whether or not such Security is overdue, and neither the Company, any Guarantor, the Trustee nor any agent of the Company, any Guarantor or the Trustee shall be affected
by notice to the contrary. 
  
 Section 312.
Cancellation. 
  
 All Securities surrendered for
payment, purchase, redemption, registration of transfer or exchange shall be delivered to the Trustee and, if not already canceled, shall be promptly canceled by it. The Company and any Guarantor may at any time deliver to the Trustee for
cancellation any Securities previously authenticated and delivered hereunder which the Company or such Guarantor may have acquired in any manner whatsoever, and all Securities so delivered shall be promptly canceled by the Trustee. No Securities
shall be authenticated in lieu of or in exchange for any Securities canceled as provided in this Section 312, except as expressly permitted by this Indenture. All canceled Securities held by the Trustee shall be destroyed and certification of their
destruction delivered to the Company, unless by a Company Order received by the Trustee prior to such destruction, the Company shall direct that the canceled Securities be returned to it. The Trustee shall provide the Company a list of all
Securities that have been canceled from time to time as requested by the Company. 
  
 Section 313. Computation of Interest. 
  
 Interest on the Securities shall be computed on the basis of a 360-day year comprised of twelve 30-day months. 
  

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 ARTICLE FOUR 
  
 DEFEASANCE AND COVENANT DEFEASANCE 
  
 Section 401. Company’s Option to Effect Defeasance or Covenant Defeasance. 
  
 The Company may, at its option by Board Resolution, at any time, with respect
to the Securities, elect to have either Section 402 or Section 403 be applied to all of the Outstanding Securities (the “Defeased Securities”), upon compliance with the conditions set forth below in this Article Four. 
  
 Section 402. Defeasance and Discharge. 
  
 Upon the Company’s exercise under Section 401 of the option applicable
to this Section 402, the Company, each Guarantor and any other obligor upon the Securities, if any, shall be deemed to have been discharged from its obligations with respect to the Defeased Securities on the date the conditions set forth in Section
404 below are satisfied (hereinafter, “defeasance”). For this purpose, such defeasance means that the Company, each Guarantor and any other obligor under this Indenture shall be deemed to have paid and discharged the entire Indebtedness
represented by the Defeased Securities, which shall thereafter be deemed to be “Outstanding” only for the purposes of Section 405 and the other Sections of this Indenture referred to in (a) and (b) below, and to have satisfied all its
other obligations under such Securities and this Indenture insofar as such Securities are concerned (and the Trustee, at the expense of the Company and upon Company Request, shall execute proper instruments acknowledging the same), except for the
following which shall survive until otherwise terminated or discharged hereunder: (a) the rights of Holders of Defeased Securities to receive, solely from the trust fund described in Section 404 and as more fully set forth in such Section, payments
in respect of the principal of, premium, if any, and interest on, such Securities, when such payments are due, (b) the Company’s obligations with respect to such Defeased Securities under Sections 304, 305, 308, 1002 and 1003, (c) the rights,
powers, trusts, duties and immunities of the Trustee hereunder, including, without limitation, the Trustee’s rights under Section 607, and (d) this Article Four. Subject to compliance with this Article Four, the Company may exercise its option
under this Section 402 notwithstanding the prior exercise of its option under Section 403 with respect to the Securities. 
  
 Section 403. Covenant Defeasance. 
  
 Upon the Company’s exercise under Section 401 of the option applicable to this Section 403, the Company and each Guarantor shall be released from its
obligations under any covenant or provision contained or referred to in Sections 1005 through 1020, inclusive, and the provisions of Section 801(a), with respect to the Defeased Securities, on and after the date the conditions set forth in Section
404 below are satisfied (hereinafter, “covenant defeasance”), and the Defeased Securities shall thereafter be deemed to be not “Outstanding” for the purposes of any direction, waiver, consent or declaration or Act of Holders (and
the consequences of any thereof) in connection with such covenants, but shall continue to be deemed “Outstanding” for all other purposes hereunder. For this purpose, such covenant defeasance means that, with respect to the Defeased
Securities, the Company and each Guarantor may omit to comply with and shall have no liability in respect of any term, condition or limitation set forth in any such Section, whether directly or indirectly, by reason of any reference elsewhere herein
to any such Section or by reason of any reference in any such Section to any other provision herein or in any other document and such omission to comply shall not constitute a Default or an Event of Default under Section 501(3), and Defaults or
Events of Default under Section 

  

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501(4), (5) and (6) shall cease to apply, but, except as specified above, the remainder of this Indenture and such Defeased Securities shall be unaffected
thereby. 
  
 Section 404. Conditions to Defeasance or
Covenant Defeasance. 
  
 The following shall be the conditions
to application of either Section 402 or Section 403 to the Defeased Securities: 
  
 (1) The Company shall irrevocably have deposited or caused to be deposited with the Trustee as trust funds in trust for the purpose of
making the following payments, specifically pledged as security for, and dedicated solely to, the benefit of the Holders of such Securities, (a) cash in United States dollars, (b) U.S. Government Obligations which through the scheduled payment of
principal and interest in respect thereof in accordance with their terms and with no further reinvestment will provide, not later than one day before the due date of payment, money in an amount, or (c) a combination thereof, in each case, in such
amounts as will be sufficient, in the opinion of a nationally recognized firm of independent public accountants or a nationally recognized investment banking firm expressed in a written certification thereof delivered to the Trustee, to pay and
discharge, and which shall be applied by the Trustee to pay and discharge, the principal of, premium, if any, and interest on, the Defeased Securities, on the Stated Maturity of such principal or interest (or on any date after March 1, 2007 (such
date being referred to as the “Defeasance Redemption Date”) if at or prior to electing to exercise either its option applicable to Section 402 or its option applicable to Section 403, the Company has delivered to the Trustee an irrevocable
notice to redeem the Defeased Securities on the Defeasance Redemption Date). For this purpose, “U.S. Government Obligations” means securities that are (i) direct obligations of the United States of America for the timely payment of which
its full faith and credit is pledged or (ii) 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 either case, are not callable or redeemable at the option of the issuer 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 U.S. Government Obligation or a specific payment of principal of or interest on any such U.S. Government Obligation 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 U.S.
Government Obligation or the specific payment of principal of or interest on the U.S. Government Obligation evidenced by such depository receipt; 
  
 (2) In the case of an election under Section 402, the Company shall have delivered to the Trustee an Opinion of Counsel in the United
States stating that (A) the Company has received from, or there has been published by, the Internal Revenue Service a ruling or (B) since the date hereof, 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 in the United States shall confirm that, the Holders and the beneficial owners of the Outstanding Securities will not recognize income, gain or loss for federal income tax purposes as a result of such
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 defeasance had not occurred; 
  

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 (3) In the case of an election under Section 403, the Company shall have delivered to the
Trustee an Opinion of Counsel in the United States to the effect that the Holders and the beneficial owners of the Outstanding Securities will not recognize income, gain or loss for federal income tax purposes as a result of such covenant defeasance
and will be subject to federal income tax on the same amounts, in the same manner and at the same times as would have been the case if such covenant defeasance had not occurred; 
  
 (4) No Default or Event of Default shall have occurred and be continuing on the date of such deposit or
insofar as clause (7) or (8) of Section 501 is concerned, at any time during the period ending on the 91st day after the date of deposit (it being understood that this condition shall not be deemed satisfied until the expiration of such period);

  
 (5) Such defeasance or covenant defeasance
shall not result in a breach or violation of, or constitute a Default under, this Indenture or any other material agreement or instrument to which the Company, any Guarantor or any Restricted Subsidiary is a party or by which it is bound;

  
 (6) Such defeasance or covenant defeasance
shall not result in the trust arising from such deposit constituting an investment company within the meaning of the Investment Company Act of 1940, as amended, unless such trust shall be registered under such Act or exempt from registration
thereunder; 
  
 (7) The Company will have
delivered to the Trustee an Opinion of Counsel in the United States to the effect that (assuming no Holder of the Securities would be considered an insider of the Company or any Guarantor under any applicable bankruptcy or insolvency law and
assuming no intervening bankruptcy or insolvency of the Company or any Guarantor between the date of deposit and the 91st day following the deposit) after the 91st day following the deposit, the trust funds will not be subject to the effect of any
applicable bankruptcy, insolvency, reorganization or similar laws affecting creditors’ rights generally; 
  
 (8) No event or condition shall exist that would prevent the Company from making payments of the principal of, premium, if any, and
interest on the Securities on the date of such deposit or at any time ending on the 91st day after the date of such deposit; 
  
 (9) The Company shall have delivered to the Trustee an Officers’ Certificate stating that the deposit was not made by the Company
with the intent of preferring the holders of the Securities or any Guarantee over the other creditors of the Company or any Guarantor with the intent of defeating, hindering, delaying or defrauding creditors of the Company, any Guarantor or others;

  
 (10) Such defeasance or covenant defeasance
shall not cause the Trustee for the Securities to have a conflicting interest as defined in the Indenture and for purposes of the Trust Indenture Act with respect to any securities of the Company or any Guarantor; and 
  
 (11) The Company shall have delivered to the Trustee an
Officers’ Certificate and an Opinion of Counsel, each stating that all conditions precedent to either the defeasance under Section 402 or the covenant defeasance under Section 403 (as the case may be) have been complied with. 
  

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 Opinions of Counsel required to be delivered under this Section shall be in form and substance reasonably
satisfactory to the Trustee and may have qualifications customary for opinions of the type required and counsel delivering such opinions may rely on certificates of the Company or government or other officials customary for opinions of the type
required, which certificates shall be limited as to matters of fact, including that various financial covenants have been complied with. 
  
 Section 405. Deposited Money and U.S. Government Obligations to Be Held in Trust; Other Miscellaneous Provisions. 
  
 Subject to the provisions of the last paragraph of Section 1003, all United
States dollars and U.S. Government Obligations (including the proceeds thereof) deposited with the Trustee pursuant to Section 404 in respect of the Defeased Securities shall be held in trust and applied by the Trustee, in accordance with the
provisions of such Securities and this Indenture, to the payment, either directly or through any Paying Agent (excluding the Company or any of its Affiliates acting as Paying Agent), as the Trustee may determine, to the Holders of such Securities of
all sums due and to become due thereon in respect of principal, premium, if any, and interest, but such money need not be segregated from other funds except to the extent required by law. 
  
 The Company shall pay and indemnify the Trustee against any tax, fee or other charge imposed on or assessed against the U.S.
Government Obligations deposited pursuant to Section 404 or the principal and interest received in respect thereof other than any such tax, fee or other charge which by law is imposed, assessed or for the account of the Holders of the Defeased
Securities. 
  
 Anything in this Article Four to the contrary
notwithstanding, the Trustee shall deliver or pay to the Company from time to time upon Company Request any United States dollars or U.S. Government Obligations held by it as provided in Section 404 which, in the opinion of a nationally recognized
firm of independent public accountants expressed in a written certification thereof delivered to the Trustee, are in excess of the amount thereof which would then be required to be deposited to effect defeasance or covenant defeasance under this
Article Four. 
  
 Section 406. Reinstatement.

  
 If the Trustee or Paying Agent is unable to apply any United
States dollars or U.S. Government Obligations in accordance with Section 402 or 403, as the case may be, by reason of any order or judgment of any court or governmental authority enjoining, restraining or otherwise prohibiting such application, then
the Company’s obligations under this Indenture and the Securities and any Guarantor’s obligations under any Guarantee shall be revived and reinstated, with present and prospective effect, as though no deposit had occurred pursuant to
Section 402 or 403, as the case may be, until such time as the Trustee or Paying Agent is permitted to apply all such United States dollars or U.S. Government Obligations in accordance with Section 402 or 403, as the case may be; provided,
however, that if the Company makes any payment to the Trustee or Paying Agent of principal of, premium, if any, or interest on any Security following the reinstatement of its obligations, the Trustee or Paying Agent shall promptly pay any such
amount to the Holders of the Securities and the Company shall be subrogated to the rights of the Holders of such Securities to receive such payment from the United States dollars and U.S. Government Obligations held by the Trustee or Paying Agent.

  

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 ARTICLE FIVE 
  
 REMEDIES 
  
 Section 501. Events of Default. 
  
 “Event of Default,” wherever used herein, means any one of the following events (whatever the reason for such Event of Default and whether it
shall be voluntary or involuntary or be 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): 
  
 (1) there shall be a default in the payment of any interest
on any Securities when it becomes due and payable, and such default shall continue for a period of 30 days; 
  
 (2) there shall be a default in the payment of the principal of (or premium, if any, on) any Security at its Maturity (upon acceleration,
optional or mandatory redemption, if any, required repurchase or otherwise); 
  
 (3) (a) there shall be a default in the performance, or breach, of any covenant or agreement of the Company or any Guarantor under the Indenture or any Guarantee (other than a default in the performance, or breach, of
a covenant or agreement which is specifically dealt with in clause (1), (2) or in clause (b), (c) or (d) of this clause (3)) and such default or breach shall continue for a period of 30 days after written notice has been given, by certified mail,
(1) to the Company by the Trustee or (2) to the Company and the Trustee by the Holders of at least 25% in aggregate principal amount of the Outstanding Securities; (b) there shall be a default in the performance or breach of the provisions described
in Article Eight; (c) the Company shall have failed to make or consummate an Offer in accordance with the provisions of Section 1012 herein; or (d) the Company shall have failed to make or consummate a Change of Control Offer in accordance with the
provisions of Section 1014 herein; 
  
 (4) (a)
any default in the payment of the principal at Stated Maturity on any Indebtedness shall have occurred under any of the agreements, indentures or instruments under which the Company, any Guarantor or any Restricted Subsidiary then has outstanding
Indebtedness in excess of $20.0 million when the same shall become due and payable in full and such default shall have continued after giving effect to any applicable grace period and shall not have been cured or waived and, if not already matured
at its final maturity in accordance with its terms, the holder of such Indebtedness shall have the right to accelerate such Indebtedness or (b) an event of default as defined in any of the agreements, indentures or instruments described in clause
(a) of this clause (4) shall have occurred and the Indebtedness thereunder, if not already matured at its final maturity in accordance with its terms, shall have been accelerated; 
  
 (5) any Guarantee shall for any reason cease to be, or shall for any reason be asserted in writing by any
Guarantor or the Company not to be, in full force and effect and enforceable in accordance with its terms, except to the extent contemplated by the Indenture and any such Guarantee; 
  
 (6) one or more judgments, orders or decrees of any court or regulatory or administrative agency for the
payment of money in excess of $20.0 million, either individually 

  

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or in the aggregate, shall be rendered against the Company, any Guarantor or any Subsidiary or any of their respective properties and shall not be discharged
or covered by insurance or indemnity from a financially sound third party and either (a) any creditor shall have commenced an enforcement proceeding upon such judgment, order or decree or (b) there shall have been a period of 60 consecutive days
during which a stay of enforcement of such judgment or order, by reason of an appeal or otherwise, shall not be in effect; 
  
 (7) there shall have been the entry by a court of competent jurisdiction of (a) a decree or order for relief in respect of the Company or
any of its Significant Subsidiaries in an involuntary case or proceeding under any applicable Bankruptcy Law or (b) a decree or order adjudging the Company or any of its Significant Subsidiaries bankrupt or insolvent, or seeking reorganization,
arrangement, adjustment or composition of or in respect of the Company or any of its Significant Subsidiaries under any applicable federal or state law, or appointing a custodian, receiver, liquidator, assignee, trustee, sequestrator (or other
similar official) of the Company or any of its Significant Subsidiaries or of any substantial part of their respective properties, or ordering the winding up or liquidation of their affairs, and any such decree or order for relief shall continue to
be in effect, or any such other decree or order shall be unstayed and in effect, for a period of 60 consecutive days; or 
  
 (8) (a) the Company or any Significant Subsidiary commences a voluntary case or proceeding under any applicable Bankruptcy Law or any
other case or proceeding to be adjudicated bankrupt or insolvent, 
  
 (b) the Company or any Significant Subsidiary consents to the entry of a decree or order for relief in respect of the Company or such Significant Subsidiary in an involuntary case or proceeding under any applicable
Bankruptcy Law or to the commencement of any bankruptcy or insolvency case or proceeding against it, 
  
 (c) the Company or any Significant Subsidiary files a petition or answer or consent seeking reorganization or relief under any applicable
federal or state law, 
  
 (d) the Company or any
Significant Subsidiary (1) consents to the filing of such petition or the appointment of, or taking possession by, a custodian, receiver, liquidator, assignee, trustee, sequestrator or similar official of the Company or any Significant Subsidiary or
of any substantial part of their respective properties or (2) makes an assignment for the benefit of creditors, or 
  
 (e) the Company or any Significant Subsidiary takes any corporate action in furtherance of any such actions in this paragraph (8).

  
 Section 502. Acceleration of Maturity; Rescission
and Annulment. 
  
 If an Event of Default (other than as
specified in clauses (7) and (8) of Section 501 with respect to the Company or any Guarantor that is a Significant Subsidiary) shall occur and be continuing with respect to this Indenture, the Trustee or the Holders of not less than 25% in aggregate
principal amount of the Securities then Outstanding may, and the Trustee at the request of such Holders shall, declare all unpaid principal of, premium, if any, and accrued interest on all Securities to 

  

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be due and payable immediately, by a notice in writing to the Company (and to the Trustee if given by the Holders of the Securities) and upon any such
declaration, such principal, premium, if any, and interest shall become due and payable immediately; provided, however, that so long as any Indebtedness under the Credit Facility shall be outstanding, no such acceleration shall be effective
until the earlier of (x) acceleration of any such Indebtedness under the Credit Facility and (y) five Business Days after the giving of the acceleration notice of such acceleration to the Company and the Agent Bank. In the event of a declaration of
acceleration of the Securities because an Event of Default described in clause (4) of Section 501 has occurred and is continuing, the declaration of acceleration of the Securities shall be automatically annulled if the event of default triggering
such Event of Default pursuant to clause (4) shall be remedied or cured by the Company or waived by the holders of the relevant Indebtedness within 20 calendar days after the declaration of acceleration with respect thereto (and any acceleration of
such Indebtedness was rescinded) and if (1) the annulment of the acceleration of the Securities would not conflict with any judgment or decree of a court of competent jurisdiction and (2) all existing Events of Default, except nonpayment of
principal, premium or interest on the Securities that became due solely because of the acceleration of the Securities, have been cured or waived. If an Event of Default specified in clause (7) or (8) of Section 501 occurs with respect to the Company
or any Guarantor that is a Significant Subsidiary and is continuing, then all the Securities shall ipso facto become and be due and payable immediately in an amount equal to the principal amount of the Securities, together with accrued and
unpaid interest, if any, to the date the Securities become due and payable, without any declaration or other act on the part of the Trustee or any Holder. Thereupon, the Trustee may, at its discretion, proceed to protect and enforce the rights of
the Holders of the Securities by appropriate judicial proceedings. 
  
 After a declaration of acceleration with respect to the Securities, but before a judgment or decree for payment of the money due has been obtained by the Trustees as hereinafter in this Article provided, the Holders of a majority in
aggregate principal amount of the Securities Outstanding by written notice to the Company and the Trustee, may rescind and annul such declaration and its consequences if: 
  
 (a) the Company has paid or deposited with the Trustee a sum sufficient to pay (1) all sums paid or advanced by the Trustee
under the Indenture and the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel, (2) all overdue interest on all then Outstanding Securities, (3) the principal of, and premium, if any, on any then
Outstanding Securities which have become due otherwise than by such declaration of acceleration and interest thereon at the rate borne by the Securities, and (4) to the extent that payment of such interest is lawful, interest upon overdue interest
at the rate borne by the Securities; 
  
 (b) the rescission would
not conflict with any judgment or decree of a court of competent jurisdiction; and 
  
 (c) all Events of Default, other than the non-payment of principal of, premium, if any, and interest on the Securities which have become due solely by such declaration of acceleration, have been cured or waived as
provided in Section 513. 
  
 No such rescission shall affect any subsequent
Default or impair any right consequent thereon. 
  

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 Section 503. Collection of Indebtedness and Suits for Enforcement by Trustee. 

 
 The Company and each Guarantor covenant that if 
  
 (a) default is made in the payment of any interest on any Security when such
interest becomes due and payable and such default continues for a period of 30 days, or 
  
 (b) default is made in the payment of the principal of or premium, if any, on any Security at the Stated Maturity thereof or otherwise, 
  
 the Company and such Guarantor will, upon demand of the Trustee, pay to it, for the benefit of the Holders of such Securities, the whole
amount then due and payable on such Securities for principal and premium, if any, and interest, with interest upon the overdue principal and premium, if any, and, to the extent that payment of such interest shall be legally enforceable, upon overdue
installments of interest, at the rate borne by the Securities; and, in addition thereto, such further amount as shall be sufficient to cover the costs and expenses of collection, including the reasonable compensation, expenses, disbursements and
advances of the Trustee, its agents and counsel. 
  
 If the
Company or any Guarantor, as the case may be, fails to pay such amounts forthwith upon such demand, the Trustee, in its own name and as trustee of an express trust, may institute a judicial proceeding for the collection of the sums so due and unpaid
and may prosecute such proceeding to judgment or final decree, and may enforce the same against the Company or any Guarantor (in accordance with the applicable Guarantee) or any other obligor upon the Securities and collect the moneys adjudged or
decreed to be payable in the manner provided by law out of the property of the Company, any Guarantor or any other obligor upon the Securities, wherever situated. 
  
 If an Event of Default occurs and is continuing, the Trustee may in its discretion proceed to protect and enforce its rights
and the rights of the Holders under this Indenture or any Guarantee by such appropriate private or judicial proceedings as the Trustee shall deem most effectual to protect and enforce such rights, including seeking recourse against any Guarantor
pursuant to the terms of any Guarantee, whether for the specific enforcement of any covenant or agreement in this Indenture or in aid of the exercise of any power granted herein or therein, or to enforce any other proper remedy, including, without
limitation, seeking recourse against any Guarantor pursuant to the terms of a Guarantee, or to enforce any other proper remedy, subject however to Section 512. No recovery of any such judgment upon any property of the Company or any Guarantor shall
affect or impair any rights, powers or remedies of the Trustee or the Holders. 
  
 Section 504. Trustee May File Proofs of Claim. 
  
 In case of the pendency of any receivership, insolvency, liquidation, bankruptcy, reorganization, arrangement, adjustment, composition or other judicial proceeding relative to the Company or any other obligor,
including any Guarantor, upon the Securities or the property of the Company or of such other obligor or their creditors, the Trustee (irrespective of whether the principal of the Securities shall then be due and payable as therein expressed or by
declaration or otherwise and irrespective of whether the Trustee shall have made any demand on the Company for the payment of overdue principal or interest) shall be entitled and empowered, by intervention in such proceeding or otherwise,

  
 (a) to file and prove a claim for the whole
amount of principal, and premium, if any, and interest owing and unpaid in respect of the Securities and to file such other papers or documents as may be necessary or advisable in order to have the claims of the Trustee (including any claim for the
reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel) and of the Holders allowed in such judicial proceeding, and 
  

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 (b) to collect and receive any moneys or other property payable or deliverable on any
such claims and to distribute the same; 
  
 and any custodian, receiver, assignee,
trustee, liquidator, sequestrator or similar official in any such judicial proceeding is hereby authorized by each Holder to make such payments to the Trustee and, in the event that the Trustee shall consent to the making of such payments directly
to the Holders, to pay the Trustee any amount due it for the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel, and any other amounts due the Trustee under Section 607. To the extent that the
payment of any such compensation, expenses, disbursements and advances of the Trustee, its agents and counsel, and any other amounts due the Trustee under Section 607 hereof out of the estate in any such proceeding, shall be denied for any reason,
payment of the same shall be secured by a Lien on, and shall be paid out of, any and all distributions, dividends, money, securities and other properties that the Holders may be entitled to receive in such proceeding whether in liquidation or under
any plan of reorganization or arrangement or otherwise. 
  
 Nothing herein contained shall be deemed to authorize the Trustee to authorize or consent to or accept or adopt on behalf of any Holder any plan of reorganization, arrangement, adjustment or composition affecting the Securities or the
rights of any Holder thereof, or to authorize the Trustee to vote in respect of the claim of any Holder in any such proceeding. 
  
 Section 505. Trustee May Enforce Claims without Possession of Securities. 
  
 All rights of action and claims under this Indenture, the Securities or the Guarantees may be prosecuted and enforced by the
Trustee without the possession of any of the Securities or the production thereof in any proceeding relating thereto, and any such proceeding instituted by the Trustee shall be brought in its own name and as trustee of an express trust, and any
recovery of judgment shall, after provision for the payment of the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel, be for the ratable benefit of the Holders of the Securities in respect of which
such judgment has been recovered. 
  
 Section 506.
Application of Money Collected. 
  
 Any money collected
by the Trustee pursuant to this Article or otherwise on behalf of the Holders or the Trustee pursuant to this Article or through any proceeding or any arrangement or restructuring in anticipation or in lieu of any proceeding contemplated by this
Article shall be applied, subject to applicable law, in the following order, at the date or dates fixed by the Trustee and, in case of the distribution of such money on account of principal, premium, if any, or interest, upon presentation of the
Securities and the notation thereon of the payment if only partially paid and upon surrender thereof if fully paid: 
  
 FIRST: To the payment of all amounts due the Trustee under Section 607; 
  
 SECOND: To the payment of the amounts then due and unpaid upon the Securities for principal, premium, if any, and interest,
in respect of which or for the benefit of which such money has been collected, ratably, without preference or priority of any kind, according to the amounts due and payable on such Securities for principal, premium, if any, and interest; and

  

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 THIRD: The balance, if any, to the Person or Persons entitled thereto, including the Company, provided
that all sums due and owing to the Holders and the Trustee have been paid in full as required by this Indenture. 
  
 Section 507. Limitation on Suits. 
  
 No Holder of any Securities shall have any right to institute any proceeding, judicial or otherwise, with respect to this Indenture or the Securities, or
for the appointment of a receiver or trustee, or for any other remedy hereunder, unless 
  
 (a) such Holder has previously given written notice to the Trustee of a continuing Event of Default; 
  
 (b) the Holders of not less than 25% in aggregate principal amount of the Outstanding Securities shall have made written request to the Trustee to
institute proceedings in respect of such Event of Default in its own name as trustee hereunder; 
  
 (c) such Holder or Holders have offered to the Trustee a reasonable indemnity against the costs, expenses and liabilities to be incurred in compliance
with such request; 
  
 (d) the Trustee for 30 days after its
receipt of such notice, request and offer (and if requested, provision) of indemnity has failed to institute any such proceeding; and 
  
 (e) no direction inconsistent with such written request has been given to the Trustee during such 30-day period by the Holders of a majority in aggregate
principal amount of the Outstanding Securities; 
  
 it being understood and
intended that no one or more Holders shall have any right in any manner whatever by virtue of, or by availing of, any provision of this Indenture, any Security or any Guarantee to affect, disturb or prejudice the rights of any other Holders, or to
obtain or to seek to obtain priority or preference over any other Holders or to enforce any right under this Indenture, any Security or any Guarantee, except in the manner provided in this Indenture and for the equal and ratable benefit of all the
Holders. 
  
 Section 508. Unconditional Right of Holders
to Receive Principal, Premium and Interest. 
  
 Notwithstanding any other provision in this Indenture, including without limitation, Section 507, the Holder of any Security shall have the right based on the terms stated herein, which is absolute and unconditional, to receive payment of
the principal of, premium, if any, and (subject to Section 309) interest on such Security on the respective Stated Maturities expressed in such Security (or, in the case of redemption or repurchase, on the Redemption Date or the repurchase date) and
to institute suit for the enforcement of any such payment, and such rights shall not be impaired without the consent of such Holder. 
  
 Section 509. Restoration of Rights and Remedies. 
  
 If the Trustee or any Holder has instituted any proceeding to enforce any right or remedy under this Indenture or any Guarantee and such proceeding has
been discontinued or abandoned for any reason, or has been determined adversely to the Trustee or to such Holder, then and in every such case the Company, any Guarantor, any other obligor on the Securities, the Trustee and 

  

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the Holders shall, subject to any determination in such proceeding, be restored severally and respectively to their former positions hereunder, and
thereafter all rights and remedies of the Trustee and the Holders shall continue as though no such proceeding had been instituted. 
  
 Section 510. Rights and Remedies Cumulative. 
  
 No right or remedy herein conferred upon or reserved to the Trustee or to the Holders is intended to be exclusive of any other right or remedy, and every
right and remedy shall, to the extent permitted by law, be cumulative and in addition to every other right and remedy given hereunder or now or hereafter existing at law or in equity or otherwise. The assertion or employment of any right or remedy
hereunder, or otherwise, shall not prevent the concurrent assertion or employment of any other appropriate right or remedy. 
  
 Section 511. Delay or Omission Not Waiver. 
  
 No delay or omission of the Trustee or of any Holder of any Security to exercise any right or remedy accruing upon any Event of Default shall impair any
such right or remedy or constitute a waiver of any such Event of Default or an acquiescence therein. Every right and remedy given by this Article or by law to the Trustee or to the Holders may be exercised from time to time, and as often as may be
deemed expedient, by the Trustee or by the Holders, as the case may be. 
  
 Section 512. Control by Holders. 
  
 The
Holders of not less than a majority in aggregate principal amount of the Outstanding Securities shall have the right to direct the time, method and place of conducting any proceeding for exercising any remedy available to the Trustee, or exercising
any trust or power conferred on the Trustee, provided that 
  
 (a) such direction shall not be in conflict with any rule of law or with this Indenture (including, without limitation, Section 507) or any Guarantee, expose the Trustee to personal liability, or be unduly prejudicial to Holders not joining
therein; and 
  
 (b) subject to the provisions of Section 315 of
the Trust Indenture Act, the Trustee may take any other action deemed proper by the Trustee which is not inconsistent with such direction. 
  
 Section 513. Waiver of Past Defaults. 
  
 The Holders of not less than a majority in aggregate principal amount of the Outstanding Securities may on behalf of the Holders of all Outstanding
Securities waive any past Default hereunder and its consequences, except: 
  
 (a) an uncured Default in the payment of the principal of, premium, if any, or interest on any Security (which may only be waived with the consent of each Holder of Securities effected); or 
  
 (b) a Default in respect of a covenant or a provision hereof which under this
Indenture cannot be modified or amended without the consent of the Holder of each Security Outstanding affected by such modification or amendment. 
  

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 Upon any such waiver, such Default shall cease to exist, and any Event of Default arising therefrom shall
be deemed to have been cured, for every purpose of this Indenture; but no such waiver shall extend to any subsequent or other Default or impair any right consequent thereon. 
  
 Section 514. Undertaking for Costs. 
  
 All parties to this Indenture agree, and each Holder of any Security by his acceptance thereof shall be deemed to have
agreed, that any court may in its discretion require, 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, suffered or omitted by it as Trustee, the filing by any party
litigant in such suit of an undertaking to pay the costs of such suit, and that such court may in its discretion assess reasonable costs, including reasonable attorneys’ fees, against any party litigant in such suit, having due regard to the
merits and good faith of the claims or defenses made by such party litigant, but the provisions of this Section shall not apply to any suit instituted by the Trustee, to any suit instituted by any Holder, or group of Holders, holding in the
aggregate more than 10% in principal amount of the Outstanding Securities, or to any suit instituted by any Holder for the enforcement of the payment of the principal of, premium, if any, or interest on, any Security on or after the respective
Stated Maturities expressed in such Security (or, in the case of redemption, on or after the Redemption Date). 
  
 Section 515. Waiver of Stay, Extension or Usury Laws. 
  
 Each of the Company and the Guarantors covenants (to the extent that it may lawfully do so) that it will not 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 or any usury or other law wherever enacted, now or at any time hereafter in force, which would prohibit or forgive the Company or
any Guarantor from paying all or any portion of the principal of, premium, if any, or interest on the Securities contemplated herein or in the Securities or which may affect the covenants or the performance of this Indenture; and each of the Company
and the Guarantors (to the extent that it may lawfully do so) hereby expressly waives all benefit or advantage of any such law, and covenants that it will not hinder, delay or impede the execution of any power herein granted to the Trustee, but will
suffer and permit the execution of every such power as though no such law had been enacted. 
  
 Section 516. Remedies Subject to Applicable Law. 
  
 All rights, remedies and powers provided by this Article Five may be exercised only to the extent that the exercise thereof does not violate any applicable provision of law in the premises, and all the provisions of
this Indenture are intended to be subject to all applicable mandatory provisions of law which may be controlling in the premises and to be limited to the extent necessary so that they will not render this Indenture invalid, unenforceable or not
entitled to be recorded, registered or filed under the provisions of any applicable law. 
  
 ARTICLE SIX 
  
 THE
TRUSTEE 
  
 Section 601. Duties of Trustee.

  
 Subject to the provisions of Trust Indenture Act Sections
315(a) through 315(d): 
  
 (a) if a Default or an Event of Default
has occurred and is continuing, the Trustee shall exercise such of the rights and powers vested in it by this Indenture and use the same degree of care and skill in its exercise thereof as a prudent person would exercise or use under the
circumstances in the conduct of his own affairs; 
  

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 (b) except during the continuance of a Default or an Event of Default: 
  
 (1) the Trustee need perform only those duties as are
specifically set forth in this Indenture and no covenants or obligations shall be implied in this Indenture that are adverse to the Trustee; and 
  
 (2) in the absence of bad faith or willful misconduct on its part, the Trustee may conclusively rely, as to the truth of the statements
and the correctness of the opinions expressed therein, upon certificates or opinions furnished to the Trustee and conforming to the requirements of this Indenture. However, the Trustee shall examine the certificates and opinions to determine whether
or not they conform to the requirements of this Indenture (but need not confirm or investigate the accuracy of mathematical calculations or other facts stated therein); 
  
 (c) the Trustee may not be relieved from liability for its own grossly negligent action, its own grossly negligent failure
to act, or its own willful misconduct, except that: 
  
 (1) this subsection (c) does not limit the effect of subsection (b) of this Section 601; 
  
 (2) the Trustee shall not be liable for any error of judgment made in good faith by a Responsible Officer, unless it is proved that the
Trustee was grossly negligent in ascertaining the pertinent facts; and 
  
 (3) the Trustee shall not be liable with respect to any action it takes or omits to take in good faith, in accordance with a direction of the Holders of a majority in principal amount of Outstanding Securities
relating to the time, method and place of conducting any proceeding for any remedy available to the Trustee, or exercising any trust or power confirmed upon the Trustee under this Indenture; 
  
 (d) no provision of this Indenture shall require the Trustee to expend or
risk its own funds or otherwise incur any financial liability in the performance of any of its duties hereunder or in the exercise of any of its rights or powers unless the Trustee shall have been offered reasonable indemnity against any loss,
liability or expense; 
  
 (e) whether or not therein expressly so
provided, every provision of this Indenture that in any way relates to the Trustee is subject to subsections (a), (b), (c) and (d) of this Section 601; and 
  
 (f) the Trustee shall not be liable for interest on any money or assets received by it. Assets held in trust by the Trustee need not be segregated from
other assets except to the extent required by law. 
  

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 Section 602. Notice of Defaults. 
  
 Within 30 days after a Responsible Officer of the Trustee receives written
notice of the occurrence of any Default, the Trustee shall transmit by mail to all Holders and any other Persons entitled to receive reports pursuant to Section 313(c) of the Trust Indenture Act, as their names and addresses appear in the Security
Register, notice of such Default hereunder known to the Trustee, unless such Default shall have been cured or waived; provided, however, that, except in the case of a Default in the payment of the principal of, premium, if any, or
interest on any Security, the Trustee shall be protected in withholding such notice if and so long as a trust committee of Responsible Officers of the Trustee in good faith determines that the withholding of such notice is in the interest of the
Holders. 
  
 Section 603. Certain Rights of Trustee.

  
 Subject to the provisions of Section 601 hereof and Trust
Indenture Act Sections 315(a) through 315(d): 
  
 (a) the Trustee
may rely and shall be protected in acting or refraining from acting upon receipt by it of any resolution, certificate, statement, instrument, opinion, report, notice, request, direction, consent, order, bond, debenture, note, other evidence of
Indebtedness or other paper or document believed by it to be genuine and to have been signed or presented by the proper party or parties; 
  
 (b) any request or direction of the Company mentioned herein shall be sufficiently evidenced by a Company Request or Company Order and any resolution of
the Board of Directors may be sufficiently evidenced by a Board Resolution; 
  
 (c) the Trustee may consult with counsel of its selection and any Opinion of Counsel shall be full and complete authorization and protection in respect of any action taken, suffered or omitted by it hereunder in good
faith and in reliance thereon in accordance with such Opinion of Counsel; 
  
 (d) the Trustee shall be under no obligation to exercise any of the rights or powers vested in it by this Indenture at the request or direction of any of the Holders pursuant to this Indenture, unless such Holders
shall have offered to the Trustee security or indemnity satisfactory to the Trustee against the costs, expenses and liabilities which might be incurred therein or thereby in compliance with such request or direction; 
  
 (e) the Trustee shall not be liable for any action taken or omitted by it in
good faith and believed by it to be authorized or within the discretion, rights or powers conferred upon it by this Indenture other than any liabilities arising out of the gross negligence, bad faith or willful misconduct of the Trustee; 

 
 (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, direction, consent, order, approval, appraisal, bond, debenture, note, coupon, security or other paper or document unless requested in
writing to do so by the Holders of not less than a majority in aggregate principal amount of the Securities then Outstanding; provided that, if the payment within a reasonable time to the Trustee of the costs, expenses or liabilities likely
to be incurred by it in the making of such 

  

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investigation is, in the opinion of the Trustee, not reasonably assured to the Trustee by the security afforded to it by the terms of this Indenture, the
Trustee may require reasonable indemnity against such expenses or liabilities as a condition to proceeding; the reasonable expenses of every such investigation so requested by the Holders of not less than a majority in aggregate principal amount of
the Securities Outstanding shall be paid by the Company or, if paid by the Trustee or any predecessor Trustee, shall be repaid by the Company upon demand; provided, further, the Trustee in its discretion may make such further inquiry
or investigation into such facts or matters as it may deem 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; 
  
 (g) the Trustee may execute any of the trusts or
powers hereunder or perform any duties hereunder either directly or by or through agents or attorneys and the Trustee shall not be responsible for any misconduct or negligence on the part of any agent or attorney appointed with due care by it
hereunder; 
  
 (h) Before the Trustee acts or refrains from
acting, it may require an Officer’s Certificate or an Opinion of Counsel or both. The Trustee shall not be liable for any action it takes or omits to take in good faith in reliance on such Officer’s Certificate or Opinion of Counsel; and

  
 (i) The Trustee shall not be deemed to have notice of any
Default or Event of Default unless a Responsible Officer of the Trustee has actual knowledge thereof or unless written notice of any event that is in fact such a default is received by the Trustee, and such notice references the Securities and this
Indenture. 
  
 Section 604. Trustee Not Responsible for
Recitals, Dispositions of Securities or Application of Proceeds Thereof. 
  
 The recitals contained herein and in the Securities, except the Trustee’s certificates of authentication, shall be taken as the statements of the Company and the Guarantors, and the Trustee assumes no
responsibility for their correctness. The Trustee makes no representations as to the validity or sufficiency of this Indenture or of the Securities, except that the Trustee represents that it is duly authorized to execute and deliver this Indenture,
authenticate the Securities and perform its obligations hereunder and that the statements made by it in any Statement of Eligibility and Qualification on Form T-1 to be supplied to the Company will be true and accurate subject to the qualifications
set forth therein. The Trustee shall not be accountable for the use or application by the Company of Securities or the proceeds thereof or any money paid to the Company or upon the Company’s direction under any provision of this Indenture, nor
shall the Trustee be responsible for the use or application of any money received by any Paying Agent other than the Trustee. 
  
 Section 605. Trustee and Agents May Hold Securities; Collections; etc. 
  
 The Trustee, any Paying Agent, Security Registrar or any other agent of the Company, in its individual or any other
capacity, may become the owner or pledgee of Securities, with the same rights it would have if it were not the Trustee, Paying Agent, Security Registrar or such other agent and, subject to Trust Indenture Act Sections 310 and 311, may otherwise deal
with the Company and receive, collect, hold and retain collections from the Company with the same rights it would have if it were not the Trustee, Paying Agent, Security Registrar or such other agent. 
  

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 Section 606. Money Held in Trust. 
  
 All moneys received by the Trustee shall, until used or applied as herein
provided, be held in trust for the purposes for which they were received, but need not be segregated from other funds except to the extent required by mandatory provisions of law. Except for funds or securities deposited with the Trustee pursuant to
Article Four, the Trustee shall be required to invest all moneys received by the Trustee, until used or applied as herein provided, in Cash Equivalents in accordance with the written directions of the Company. 
  
 Section 607. Compensation and Indemnification of Trustee and Its
Prior Claim. 
  
 The Company covenants and agrees to pay to
the Trustee from time to time, and the Trustee shall be entitled to, such compensation as the Trustee and the Company shall agree from time to time for all services rendered by the Trustee hereunder (which compensation shall not be limited by any
provision of law in regard to the compensation of a trustee of an express trust) and the Company covenants and agrees promptly to pay or reimburse the Trustee and each predecessor Trustee upon its request for all reasonable expenses, disbursements
and advances incurred or made by or on behalf of the Trustee in accordance with any of the provisions of this Indenture (including the reasonable compensation and the expenses and disbursements of its counsel and of all agents and other persons not
regularly in its employ) except any such expense, disbursement or advance as may arise from its gross negligence, bad faith or willful misconduct. The Company also covenants and agrees to indemnify the Trustee and each predecessor Trustee for, and
to hold it harmless against, any claim, loss, liability, tax, assessment, governmental charge (other than taxes applicable to the Trustee’s compensation hereunder) or expense incurred without gross negligence, bad faith or willful misconduct on
its part, arising out of or in connection with the acceptance or administration of this Indenture or the trusts hereunder or the performance of its duties hereunder, including the costs of enforcement of this Section 607 and the costs and expenses
of defending itself against or investigating any claim or liability in connection with the exercise or performance of any of its powers or duties hereunder (including the reasonable fees and expenses of its agents and counsel). The obligations of
the Company under this Section 607 to compensate and indemnify the Trustee and each predecessor Trustee and to pay or reimburse the Trustee and each predecessor Trustee for reasonable expenses, disbursements and advances shall constitute an
additional obligation hereunder and shall survive the satisfaction and discharge of this Indenture and the resignation or removal of the Trustee and each predecessor Trustee. 
  
 To secure the payment obligations of the Company in this Section, the Trustee shall have a Lien prior to the claim of the
Holders of the Securities on all money or property held or collected by the Trustee, except that held in trust to pay principal and interest on particular Securities. Such Lien shall survive the satisfaction and discharge of this Indenture.

  
 When the Trustee incurs expenses or renders services after an
Event of Default specified in Section 501(7) or (8) hereof occurs, the expenses and the compensation for the services (including the fees and expenses of its agents and counsel) are intended to constitute expenses of administration under any
Bankruptcy Law. 
  
 Section 608. Conflicting
Interests. 
  
 The Trustee shall comply with the provisions of
Section 310(b) of the Trust Indenture Act. 
  

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 Section 609. Trustee Eligibility. 
  
 There shall at all times be a Trustee hereunder which shall be eligible to
act as trustee under Trust Indenture Act Section 310(a) and which shall have a combined capital and surplus of at least $100,000,000, to the extent there is an institution eligible and willing to serve. If the Trustee does not have a Corporate Trust
Office in The City of New York, the Trustee may appoint an agent in The City of New York reasonably acceptable to the Company to conduct any activities which the Trustee may be required under this Indenture to conduct in The City of New York. If
such Trustee publishes reports of condition at least annually, pursuant to law or to the requirements of federal, state, territorial or District of Columbia supervising or examining authority, then for the purposes of this Section 609, the combined
capital and surplus of such corporation shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. If at any time the Trustee shall cease to be eligible in accordance with the provisions
of this Section 609, the Trustee shall resign immediately in the manner and with the effect hereinafter specified in this Article. 
  
 Section 610. Resignation and Removal; Appointment of Successor Trustee. 
  
 (a) No resignation or removal of the Trustee and no appointment of a successor trustee pursuant to this Article shall become
effective until the acceptance of appointment by the successor trustee under Section 611. 
  
 (b) The Trustee, or any trustee or trustees hereafter appointed, may at any time resign by giving written notice thereof to the Company no later than 5 Business Days prior to the proposed date of resignation. Upon
receiving such notice of resignation, the Company shall promptly appoint a successor trustee by written instrument executed by authority of the Board of Directors of the Company, a copy of which shall be delivered to the resigning Trustee and a copy
to the successor trustee. If an instrument of acceptance by a successor trustee shall not have been delivered to the Trustee within 30 days after the giving of such notice of resignation, the resigning Trustee may, or any Holder who has been a
bona fide Holder of a Security for at least six months may, on behalf of himself and all others similarly situated, petition any court of competent jurisdiction for the appointment of a successor trustee. Such court may thereupon, after such
notice, if any, as it may deem proper, appoint and prescribe a successor trustee. 
  
 (c) The Trustee may be removed at any time for any cause or for no cause by an Act of the Holders of not less than a majority in aggregate principal amount of the Outstanding Securities, delivered to the Trustee and
to the Company. 
  
 (d) If at any time: 
  
 (1) the Trustee shall fail to comply with the provisions of
Trust Indenture Act Section 310(b) after written request therefor by the Company or by any Holder who has been a bona fide Holder of a Security for at least six months, 
  
 (2) the Trustee shall cease to be eligible under Section 609 and shall fail to resign after written request
therefor by the Company or by any Holder who has been a bona fide Holder of a Security for at least six months, or 
  
 (3) the Trustee shall become incapable of acting or shall be adjudged a bankrupt or insolvent, or a receiver of the Trustee or of its
property shall be appointed or any 

  

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public officer shall take charge or control of the Trustee or of its property or affairs for the purpose of rehabilitation, conservation or liquidation,

  
 then, in any case, (i) the Company by a Board Resolution may remove the
Trustee, or (ii) subject to Section 514, the Holder of any Security who has been a bona fide Holder of a Security for at least six months may, on behalf of himself and all others similarly situated, petition any court of competent
jurisdiction for the removal of the Trustee and the appointment of a successor trustee. Such court may thereupon, after such notice, if any, as it may deem proper and prescribe, remove the Trustee and appoint a successor trustee. 
  
 (e) If the Trustee shall resign, be removed or become incapable of acting, or
if a vacancy shall occur in the office of Trustee for any cause, the Company, by a Board Resolution, shall promptly appoint a successor trustee and shall comply with the applicable requirements of Section 611. If, within 60 days after such
resignation, removal or incapability, or the occurrence of such vacancy, the Company has not appointed a successor Trustee, a successor trustee shall be appointed by the Act of the Holders of a majority in principal amount of the Outstanding
Securities delivered to the Company and the retiring Trustee. Such successor trustee so appointed shall forthwith upon its acceptance of such appointment become the successor trustee and supersede the successor trustee appointed by the Company. If
no successor trustee shall have been so appointed by the Company or the Holders of the Securities and accepted appointment in the manner hereinafter provided, the Trustee or the Holder of any Security who has been a bona fide Holder for at
least six months may, subject to Section 514, on behalf of himself and all others similarly situated, petition any court of competent jurisdiction for the appointment of a successor trustee. 
  
 (f) The Company shall give notice of each resignation and each removal of the
Trustee and each appointment of a successor trustee by mailing written notice of such event by first-class mail, postage prepaid, to the Holders of Securities as their names and addresses appear in the Security Register. Each notice shall include
the name of the successor trustee and the address of its Corporate Trust Office or agent hereunder. 
  
 Section 611. Acceptance of Appointment by Successor. 
  
 Every successor trustee appointed hereunder shall execute, acknowledge and deliver to the Company and to the retiring
Trustee an instrument accepting such appointment, and thereupon the resignation or removal of the retiring Trustee shall become effective and such successor trustee, without any further act, deed or conveyance, shall become vested with all the
rights, powers, trusts and duties of the retiring Trustee as if originally named as Trustee hereunder; but, nevertheless, on the written request of the Company or the successor trustee, upon payment of its charges pursuant to Section 607 then
unpaid, such retiring Trustee shall pay over to the successor trustee all moneys at the time held by it hereunder and shall execute and deliver an instrument transferring to such successor trustee all such rights, powers, duties and obligations.
Upon request of any such successor trustee, the Company shall execute any and all instruments for more fully and certainly vesting in and confirming to such successor trustee all such rights and powers. 
  
 No successor trustee with respect to the Securities shall accept appointment
as provided in this Section 611 unless at the time of such acceptance such successor trustee shall be eligible to act as trustee under the provisions of Trust Indenture Act Section 310(a) and this Article Six and shall have a combined capital and
surplus of at least $100,000,000 and have a Corporate Trust Office or an agent selected in accordance with Section 609. 
  

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 Upon acceptance of appointment by any successor trustee as provided in this Section 611, the Company
shall give notice thereof to the Holders of the Securities, by mailing such notice to such Holders at their addresses as they shall appear on the Security Register. If the acceptance of appointment is substantially contemporaneous with the
appointment, then the notice called for by the preceding sentence may be combined with the notice called for by Section 610. If the Company fails to give such notice within 10 days after acceptance of appointment by the successor trustee, the
successor trustee shall cause such notice to be given at the expense of the Company. 
  
 Section 612. Merger, Conversion, Consolidation or Succession to Business. 
  
 Any corporation into which the Trustee may be merged or converted or with which it may be consolidated, or any corporation resulting from any merger,
conversion or consolidation to which the Trustee shall be a party, or any corporation succeeding to all or substantially all of the corporate trust business of the Trustee (including the trust created by this Indenture) shall be the successor of the
Trustee hereunder, provided that such corporation shall be eligible under Trust Indenture Act Section 310(a) and this Article Six and shall have a combined capital and surplus of at least $100,000,000 and have a Corporate Trust Office or an
agent selected in accordance with Section 609, without the execution or filing of any paper or any further act on the part of any of the parties hereto. 
  
 In case at the time such successor 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 trustee; and in all such cases such certificate 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; provided that the right to adopt the certificate of authentication of any predecessor Trustee or to authenticate Securities in the name
of any predecessor Trustee shall apply only to its successor or successors by merger, conversion or consolidation. 
  
 Section 613. Preferential Collection of Claims Against Company. 
  
 If and when the Trustee shall be or become a creditor of the Company (or other obligor under the Securities), the Trustee
shall be subject to the provisions of the Trust Indenture Act regarding the collection of claims against the Company (or any such other obligor). A Trustee who has resigned or been removed shall be subject to Trust Indenture Act Section 311(a) to
the extent indicated therein. 
  
 ARTICLE SEVEN 

 
 HOLDERS’ LISTS AND REPORTS BY TRUSTEE AND COMPANY 

 
 Section 701. Company to Furnish Trustee Names and Addresses of
Holders. 
  
 The Company will furnish or cause to be furnished
to the Trustee 
  
 (a) semiannually, not more than 10 days after
each Regular Record Date, a list, in such form as the Trustee may reasonably require, of the names and addresses of the Holders as of such Regular Record Date; and 
  

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 (b) at such other times as the Trustee may reasonably request in writing, within 30 days after receipt by
the Company of any such request, a list of similar form and content to that in subsection (a) hereof as of a date not more than 15 days prior to the time such list is furnished; 
  
 provided, however, that if and so long as the Trustee shall be the Security Registrar, no such list need be furnished.

  
 Section 702. Disclosure of Names and Addresses of
Holders. 
  
 Holders may communicate pursuant to Trust
Indenture Act Section 312(b) with other Holders with respect to their rights under this Indenture or the Securities, and the Trustee shall comply with Trust Indenture Act Section 312(b). The Company, the Guarantors, the Trustee, the Security
Registrar and any other Person shall have the protection of Trust Indenture Act Section 312(c). Further, every Holder of Securities, by receiving and holding the same, agrees with the Company and the Trustee that none of the Company, the guarantors,
the Trustee or any agent of any of them shall be held accountable by reason of the disclosure of any information as to the names and addresses of the Holders in accordance with Trust Indenture Act Section 312, regardless of the source from which
such information was derived, and that the Trustee shall not be held accountable by reason of mailing any material pursuant to a request made under Trust Indenture Act Section 312. 
  
 Section 703. Reports by Trustee. 
  
 (a) Within 60 days after May 15 of each year commencing with the first May 15 after the issuance of Securities, the Trustee,
if so required under the Trust Indenture Act, shall transmit by mail to all Holders, in the manner and to the extent provided in Trust Indenture Act Section 313(c), a brief report dated as of such May 15 in accordance with and with respect to the
matters required by Trust Indenture Act Section 313(a). The Trustee shall also transmit by mail to all Holders, in the manner and to the extent provided in Trust Indenture Act Section 313(c), a brief report in accordance with and with respect to the
matters required by Trust Indenture Act Section 313(b)(2). 
  
 (b)
A copy of each report transmitted to Holders pursuant to this Section 703 shall, at the time of such transmission, be mailed to the Company and filed with each stock exchange, if any, upon which the Securities are listed and also with the
Commission. The Company will notify the Trustee promptly if the Securities are listed on any stock exchange. 
  
 Section 704. Reports by Company and Guarantors. 
  
 The Company, and each Guarantor, as the case may be, shall: 
  
 (a) file with the Trustee any information required by the Trust Indenture Act; and 
  
 (b) within 15 days after the filing thereof with the Trustee, transmit by mail to all Holders in the manner and to the
extent provided in Trust Indenture Act Section 313(c), such summaries of any information, documents and reports required to be filed by the Company or any Guarantor, as the case may be, pursuant to Section 1020 hereunder and subsection (a) of this
Section as are required by rules and regulations prescribed from time to time by the Commission. 
  

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 ARTICLE EIGHT 
  
 CONSOLIDATION, MERGER, SALE OF ASSETS 
  
 Section 801. Company and Guarantors May Consolidate, etc., Only on Certain Terms. 
  
 (a) The Company will not, in a single transaction or through a series of
related transactions, consolidate with or merge with or into any other Person or sell, assign, convey, transfer, lease or otherwise dispose of all or substantially all of its properties and assets to any Person or group of Persons, or permit any of
its Restricted Subsidiaries to enter into any such transaction or series of transactions, if such transaction or series of transactions, in the aggregate, would result in a sale, assignment, conveyance, transfer, lease or disposition of all or
substantially all of the properties and assets of the Company and its Restricted Subsidiaries on a Consolidated basis to any other Person or group of Persons (other than the Company or a Guarantor), unless at the time and after giving effect
thereto: 
  
 (1) either (a) the Company will be
the continuing corporation or (b) the Person (if other than the Company) formed by such consolidation or into which the Company is merged or the Person which acquires by sale, assignment, conveyance, transfer, lease or disposition all or
substantially all of the properties and assets of the Company and its Restricted Subsidiaries on a Consolidated basis (the “Surviving Entity”) will be a corporation, partnership or limited liability company organized or existing under the
laws of the U.S., any state of the U.S. or the District of Columbia; provided that if the Person is a partnership or limited liability company, a corporation wholly owned by such Person organized or existing under the laws of the U.S., any
state of the U.S. or the District of Columbia that does not and will not have any material assets or operations will become a co-issuer of the Securities (pursuant to a supplemental indenture in a form reasonably satisfactory to the Trustee) such
Person expressly assumes, by a supplemental indenture, in a form reasonably satisfactory to the Trustee, all the obligations of the Company under the Securities and this Indenture and the Registration Rights Agreement (to the extent any obligations
remain under the Registration Rights Agreement), as the case may be, and the Securities and this Indenture and the Registration Rights Agreement will remain in full force and effect as so supplemented (and any Guarantees will be confirmed as
applying to such Surviving Entity’s obligations); 
  
 (2) after giving effect to such transaction on a pro forma basis (and treating any Indebtedness not previously an obligation of the Company or any of its Restricted Subsidiaries which becomes the obligation of the Company or any of
its Restricted Subsidiaries as a result of such transaction as having been incurred at the time of such transaction), no Default or Event of Default will have occurred and be continuing; 
  
 (3) after giving effect to such transaction on a pro forma basis (on the assumption that the
transaction occurred on the first day of the four-quarter period for which financial statements are available ending immediately prior to the consummation of such transaction with the appropriate adjustments with respect to the transaction being
included in such pro forma calculation), either (a) the Company (or the Surviving Entity if the Company is not the continuing obligor under this Indenture) could incur $1.00 of additional Indebtedness pursuant to paragraph (a) of Section 1008
hereof; or (b) the Company’s Consolidated Fixed Charge Coverage Ratio shall be at least as great as that in effect prior to such transaction; 
  

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 (4) at the time of the transaction, each Guarantor, if any, unless it is the other party
to the transactions described above, will have by supplemental indenture confirmed that its Guarantee shall apply to such Person’s obligations under this Indenture and the Securities; 
  
 (5) at the time of the transaction, if any of the property
or assets of the Company or any of its Restricted Subsidiaries would thereupon become subject to any Lien, the provisions of Section 1011 hereof are complied with; and 
  
 (6) at the time of the transaction, the Company or the Surviving Entity will have delivered, or caused to be
delivered, to the Trustee, in form and substance reasonably satisfactory to the Trustee, an Officers’ Certificate and an Opinion of Counsel, each to the effect that such consolidation, merger, transfer, sale, assignment, conveyance, transfer,
lease or other transaction and the supplemental indenture in respect thereof comply with this Indenture and that all conditions precedent therein provided for relating to such transaction have been complied with. 
  
 Notwithstanding the foregoing, (1) any Restricted Subsidiary may consolidate
with, merge into or transfer all or part of its properties and assets to another Restricted Subsidiary and (2) the Company may merge with an Affiliate that has no significant assets or liabilities and was formed solely for the purpose of changing
the Company’s jurisdiction of organization to another state of the United States, provided that the surviving entity assumes, by supplemental indenture in form reasonably satisfactory to the Trustee, the Company’s obligation under
this Indenture and the Registration Rights Agreement (to the extent any obligations remain under the Registration Rights Agreement). 
  
 (b) Each Guarantor will not, and the Company will not permit a Guarantor to, in a single transaction or through a series of related transactions, (x)
consolidate with or merge with or into any other Person (other than the Company or any Guarantor) or (y) sell, assign, convey, transfer, lease or otherwise dispose of all or substantially all of its properties and assets to any Person or group of
Persons (other than the Company or any Guarantor) or permit any of its Restricted Subsidiaries to enter into any such transaction or series of transactions if such transaction or series of transactions, in the aggregate, in the case of clause (y)
would result in a sale, assignment, conveyance, transfer, lease or disposition of all or substantially all of the properties and assets of the Guarantor and its Restricted Subsidiaries on a Consolidated basis to any other Person or group of Persons
(other than the Company or any Guarantor), unless at the time and after giving effect thereto: 
  
 (1) either (a) the Guarantor will be the continuing corporation in the case of a consolidation or merger involving the Guarantor or (b)
the Person (if other than the Guarantor) formed by such consolidation or into which such Guarantor is merged or the Person which acquires by sale, assignment, conveyance, transfer, lease or disposition all or substantially all of the properties and
assets of the Guarantor and its Restricted Subsidiaries on a Consolidated basis (the “Surviving Guarantor Entity”) will be a corporation, limited liability company, limited liability partnership, partnership or trust duly organized and
validly existing under the laws of the United States of America, any state thereof or the District of Columbia and such Person expressly assumes, by a supplemental indenture, in a form reasonably satisfactory to the Trustee, all the obligations of
such Guarantor under its Guarantee of the Securities and this Indenture and the Registration Rights Agreement (to the extent any obligations remain under the Registration Rights Agreement) and such Guarantee, Indenture and Registration Rights
Agreement will remain in full force and effect; 
  

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 (2) after giving effect to such transaction on a pro forma basis, no Default or
Event of Default will have occurred and be continuing; and 
  
 (3) at the time of the transaction such Guarantor or the Surviving Guarantor Entity will have delivered, or caused to be delivered, to the Trustee, in form and substance reasonably satisfactory to the Trustee, an
Officers’ Certificate and an Opinion of Counsel, each to the effect that such consolidation, merger, transfer, sale, assignment, conveyance, lease or other transaction and the supplemental indenture in respect thereof comply with this Indenture
and that all conditions precedent therein provided for relating to such transaction have been complied with; provided, however, that this paragraph shall not apply to any Guarantor whose Guarantee of the Securities is unconditionally released
and discharged in accordance with paragraph (b) of Section 1013 hereof. 
  
 Section 802. Successor Substituted. 
  
 Upon any consolidation or merger, or any sale, assignment, conveyance, transfer, lease or disposition of all or substantially all of the properties and assets of the Company or any Guarantor, if any, in accordance with Section 801, the
successor Person formed by such consolidation or into which the Company or such Guarantor, as the case may be, is merged, or the successor Person to which such sale, assignment, conveyance, transfer, lease or disposition is made, shall succeed to,
and be substituted for, and may exercise every right and power of, the Company or such Guarantor, as the case may be, under this Indenture, the Securities and/or the related Guarantee, as the case may be, and the Registration Rights Agreement, with
the same effect as if such successor had been named as the Company or such Guarantor, as the case may be, herein, in the Securities and/or in the Guarantee, as the case may be, and the Registration Rights Agreement, and the Company and such
Guarantor, as the case may be, would be discharged from all obligations and covenants under this Indenture and the Securities or its Guarantee, as the case may be, and the Registration Rights Agreement; provided that in the case of a transfer
by lease, the predecessor shall not be released from the payment of principal and interest on the Securities or its Guarantee, as the case may be. 
  
 ARTICLE NINE 
  
 SUPPLEMENTAL INDENTURES 
  
 Section 901. Supplemental Indentures and Agreements without Consent of Holders. 
  
 Without the consent of any Holders, the Company, the Guarantors, if any, and any other obligor under the Securities when authorized by or pursuant to a
Board Resolution, and the Trustee, at any time and from time to time, may enter into one or more indentures supplemental hereto or agreements or other instruments with respect to this Indenture, the Securities or any Guarantee, in form and substance
satisfactory to the Trustee, for any of the following purposes: 
  
 (a) to evidence the succession of another Person to the Company or a Guarantor or any other obligor upon the Securities, and the assumption by any such successor of the covenants of the Company or such Guarantor or obligor herein and in the
Securities and in any Guarantee in accordance with Article Eight; 
  

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 (b) to add to the covenants of the Company, any Guarantor or any other obligor upon the Securities for
the benefit of the Holders, or to surrender any right or power conferred upon the Company or any Guarantor or any other obligor upon the Securities, as applicable, herein, in the Securities or in any Guarantee; 
  
 (c) (i) to cure any ambiguity, or to correct or supplement any provision
herein or in any supplemental indenture, the Securities or any Guarantee which may be defective or inconsistent with any other provision herein, in the Securities or any Guarantee or (ii) to make any other changes herein with respect to matters or
questions arising under this Indenture, the Securities or the Guarantees; provided that, in the case of clause (ii), such changes shall not adversely affect the interest of the Holders in any material respect; 
  
 (d) to comply with the requirements of the Commission in order to effect or
maintain the qualification of this Indenture under the Trust Indenture Act, as contemplated by Section 905 or otherwise; 
  
 (e) to add a Guarantor pursuant to the requirements of Section 1013 hereof or otherwise; 
  
 (f) to evidence and provide the acceptance of the appointment of a successor trustee hereunder; 
  
 (g) to mortgage, pledge, hypothecate or grant a security interest in favor of
the Trustee for the benefit of the Holders as additional security for the payment and performance of the Company’s and any Guarantor’s Indenture Obligations, in any property, or assets, including any of which are required to be mortgaged,
pledged or hypothecated, or in which a security interest is required to be granted to the Trustee pursuant to this Indenture or otherwise; or 
  
 (h) to provide for the issuance of Additional Securities under this Indenture. 
  
 Section 902. Supplemental Indentures and Agreements with Consent of Holders. 
  
 Except as permitted by Section 901, with the consent of the Holders of at
least a majority in aggregate principal amount of the Outstanding Securities (including consents obtained in connection with a tender offer or exchange offer for Securities), by Act of said Holders delivered to the Company, each Guarantor, if any,
and the Trustee, the Company and each Guarantor (if a party thereto) when authorized by or pursuant to Board Resolutions, and the Trustee may (i) enter into an indenture or indentures supplemental hereto or agreements or other instruments with
respect to any Guarantee in form and substance satisfactory to the Trustee, for the purpose of adding any provisions to or amending, modifying or changing in any manner or eliminating any of the provisions of this Indenture, the Securities or any
Guarantee (including but not limited to, for the purpose of modifying in any manner the rights of the Holders under this Indenture, the Securities or any Guarantee) or (ii) waive compliance with any provision in this Indenture, the Securities or any
Guarantee (other than waivers of past Defaults which are covered by Section 513 and waivers of covenants which are covered by Section 1007); provided, however, that no such supplemental indenture, agreement or instrument shall, without
the consent of the Holder of each Outstanding Security affected thereby: 
  
 (a) change the Stated Maturity of the principal of, or any installment of interest on, or change to an earlier date any Redemption Date of, or waive an uncured default in the payment of the 

  

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principal of, premium, if any, or interest on, any such Security or reduce the principal amount thereof or the rate of interest thereon or any premium
payable upon the redemption thereof, or change the coin or currency in which the principal of any such Security or any premium or the interest thereon is payable, or impair the right to institute suit for the enforcement of any such payment after
the Stated Maturity thereof (or, in the case of redemption, on or after the Redemption Date); 
  
 (b) amend, change or modify the obligation of the Company to make and consummate a Change of Control Offer in the event of a Change of Control in accordance with Section 1014 hereof, including, in each case, amending,
changing or modifying any definitions related thereto; 
  
 (c)
reduce the percentage in principal amount of such Outstanding Securities, the consent of whose Holders is required for any such supplemental indenture, or the consent of whose Holders is required for any waiver or compliance with certain provisions
of this Indenture; 
  
 (d) modify any of the provisions of this
Section 902 or Section 513 or 1007, except to increase the percentage of such Outstanding Securities required for such actions or to provide that certain other provisions of this Indenture cannot be modified or waived without the consent of the
Holder of each such Security affected thereby; 
  
 (e) except as
otherwise permitted under Article Eight of this Indenture, consent to the assignment or transfer by the Company or any Guarantor of its rights and obligations under this Indenture; 
  
 (f) amend or modify any of the provisions of this Indenture in any manner which makes any change to the subordination
provisions of the Securities issued hereunder or makes any change to the subordination provisions of any Guarantee, in each case, in any material respect; or 
  
 (g) release any Guarantor from any of its obligations under its Guarantee or the Indenture otherwise than in accordance with the terms of this Indenture.

  
 Upon the written request of the Company and each Guarantor, if
any, accompanied by a copy of Board Resolutions authorizing the execution of any such supplemental indenture or Guarantee, and upon the filing with the Trustee of evidence of the consent of Holders as aforesaid, the Trustee shall join with the
Company and each Guarantor in the execution of such supplemental indenture or Guarantee. 
  
 It shall not be necessary for any Act of Holders under this Section 902 to approve the particular form of any proposed supplemental indenture or Guarantee or agreement or instrument relating to any Guarantee, but it
shall be sufficient if such Act shall approve the substance thereof. 
  
 Section 903. Execution of Supplemental Indentures and Agreements. 
  
 In executing, or accepting the additional trusts created by, any supplemental indenture, agreement, instrument or waiver permitted by this Article Nine or the modifications thereby of the trusts created by this
Indenture, the Trustee shall be entitled to receive, and (subject to Trust Indenture Act Sections 315(a) through 315(d) and Section 602 hereof) shall be fully protected in relying upon, an Opinion of Counsel and an Officers’ Certificate stating
that the execution of such supplemental indenture, agreement or instrument (a) is authorized or permitted by this Indenture and (b) does not violate the provisions of any agreement or instrument evidencing any other Indebtedness of the Company, any
Guarantor or any other Restricted Subsidiary. The Trustee may, but shall not be 

  

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obligated to, enter into any such supplemental indenture, agreement or instrument which affects the Trustee’s own rights, duties or immunities under
this Indenture, any Guarantee or otherwise. 
  
 Section 904.
Effect of Supplemental Indentures. 
  
 Upon the
execution of any supplemental indenture under this Article, this Indenture shall be modified in accordance therewith, and such supplemental indenture shall form a part of this Indenture for all purposes; and every Holder of Securities theretofore or
thereafter authenticated and delivered hereunder shall be bound thereby. 
  
 Section 905. Conformity with Trust Indenture Act. 
  
 Every supplemental indenture executed pursuant to this Article Nine shall conform to the requirements of the Trust Indenture Act as then in effect.

  
 Section 906. Reference in Securities to Supplemental
Indentures. 
  
 Securities authenticated and delivered after
the execution of any supplemental indenture pursuant to this Article Nine may, and shall if required by the Trustee, bear a notation in form approved by the Trustee as to any matter provided for in such supplemental indenture. If the Company shall
so determine, new Securities so modified as to conform, in the opinion of the Trustee and the Board of Directors, to any such supplemental indenture may be prepared and executed by the Company and each Guarantor and authenticated and delivered by
the Trustee in exchange for Outstanding Securities. 
  
 Section
907. Notice of Supplemental Indentures. 
  
 Promptly
after the execution by the Company, any Guarantor and the Trustee of any supplemental indenture pursuant to the provisions of Section 902, the Company shall give notice thereof to the Holders of each Outstanding Security affected, in the manner
provided for in Section 106, setting forth in general terms the substance of such supplemental indenture. Any failure of the Company to mail such notice, or any defect therein, shall not, however, in any way impair or affect the validity of any such
supplemental indenture. 
  
 Section 908. Revocation and
Effects of Consents. 
  
 Until an amendment or waiver becomes
effective, a consent to it by a Holder of a Security is a continuing consent by the Holder and every subsequent Holder of a Security or portion of a Security that evidences the same Indebtedness as the consenting Holder’s Security, even if a
notation of the consent is not made on any Security. However, any such Holder, or subsequent Holder, may revoke the consent as to his Security or portion of a Security if the Trustee receives the notice of revocation before the date the amendment or
waiver becomes effective. An amendment or waiver shall become effective in accordance with its terms and thereafter bind every Holder. 
  

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 ARTICLE TEN 
  
 COVENANTS 
  
 Section 1001. Payment of Principal, Premium and Interest. 
  
 The Company shall duly and punctually pay the principal of, premium, if any, and interest on the Securities in accordance
with the terms of the Securities and this Indenture. 
  
 Section 1002. Maintenance of Office or Agency. 
  
 The Company shall maintain an office or agency where Securities may be presented or surrendered for payment. The Company also will maintain in The City of New York an office or agency where Securities may be surrendered for registration of
transfer, redemption or exchange and where notices and demands to or upon the Company in respect of the Securities and this Indenture may be served. The office of an affiliate of the Trustee, Computershare Trust Company of New York, at its corporate
trust office initially located at 88 Pine Street, New York, New York 10005, Attention: Mary Ann Louisi, will be such office or agency of the Company, unless the Company shall designate and maintain some other office or agency for one or more of such
purposes. The Company will give prompt written notice to the Trustee of the location and any change in the location of any such offices or agencies. If at any time the Company shall fail to maintain any such required offices or agencies or shall
fail to furnish the Trustee with the address thereof, such presentations, surrenders, notices and demands may be made or served at the office of the Trustee and the Company hereby appoints the Trustee such agent as its agent to receive all such
presentations, surrenders, notices and demands. 
  
 The Company
may from time to time designate one or more other offices or agencies (in or outside of The City of New York) where the Securities may be presented or surrendered for any or all such purposes, and may from time to time rescind such designation. The
Company will give prompt written notice to the Trustee of any such designation or rescission and any change in the location of any such office or agency. 
  
 The Trustee shall initially act as Paying Agent for the Securities. 
  
 Section 1003. Money for Security Payments to Be Held in Trust. 
  
 If the Company or any of its Affiliates shall at any time act as Paying
Agent, it will, on or before each due date of the principal of, premium, if any, or interest on any of the Securities, segregate and hold in trust for the benefit of the Holders entitled thereto a sum sufficient to pay the principal, premium, if
any, or interest so becoming due until such sums shall be paid to such Persons or otherwise disposed of as herein provided, and will promptly notify the Trustee of its action or failure so to act. 
  
 If the Company or any of its Affiliates is not acting as Paying Agent, the
Company will, on or before each due date of the principal of, premium, if any, or interest on any of the Securities, deposit with a Paying Agent a sum in same day funds sufficient to pay the principal, premium, if any, or interest so becoming due,
such sum to be held in trust for the benefit of the Persons entitled to such principal, premium or interest, and (unless such Paying Agent is the Trustee) the Company will promptly notify the Trustee of such action or any failure so to act.

  

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 If the Company is not acting as Paying Agent, the Company will cause each Paying Agent other than the
Trustee to execute and deliver to the Trustee an instrument in which such Paying Agent shall agree with the Trustee, subject to the provisions of this Section, that such Paying Agent will: 
  
 (a) hold all sums held by it for the payment of the principal of, premium, if
any, or interest on the Securities in trust for the benefit of the Persons entitled thereto until such sums shall be paid to such Persons or otherwise disposed of as herein provided; 
  
 (b) give the Trustee notice of any Default by the Company or any Guarantor (or any other obligor upon the Securities) in the
making of any payment of principal, premium, if any, or interest on the Securities; 
  
 (c) at any time during the continuance of any such Default, upon the written request of the Trustee, forthwith pay to the Trustee all sums so held in trust by such Paying Agent; and 
  
 (d) acknowledge, accept and agree to comply in all aspects with the
provisions of this Indenture relating to the duties, rights and liabilities of such Paying Agent. 
  
 The Company may at any time, for the purpose of obtaining the satisfaction and discharge of this Indenture or for any other purpose, pay, or by Company
Order direct any Paying Agent to pay, to the Trustee all sums held in trust by the Company or such Paying Agent, such sums to be held by the Trustee upon the same trusts as those upon which such sums were held by the Company or such Paying Agent;
and, upon such payment by any Paying Agent to the Trustee, such Paying Agent shall be released from all further liability with respect to such money. 
  
 Any money deposited with the Trustee or any Paying Agent, or then held by the Company, in trust for the payment of the principal of, premium, if any, or
interest on any Security and remaining unclaimed for two years after such principal and premium, if any, or interest has become due and payable shall promptly be paid to the Company on Company Request, or (if then held by the Company) shall be
discharged from such trust; and the Holder of such Security shall thereafter, as an unsecured general creditor, look only to the Company for payment thereof, and all liability of the Trustee or such Paying Agent with respect to such trust money, and
all liability of the Company as trustee thereof, shall thereupon cease; provided, however, that the Trustee or such Paying Agent, before being required to make any such repayment, may at the expense of the Company cause to be published
once, in The New York Times and The Wall Street Journal (National Edition), and mail to each such Holder, notice that such money remains unclaimed and that, after a date specified therein, which shall not be less than 30 days from the
date of such notification, publication and mailing, any unclaimed balance of such money then remaining will promptly be repaid to the Company. 
  
 Section 1004. Corporate Existence. 
  
 Subject to Article Eight, the Company shall do or cause to be done all things necessary to preserve and keep in full force and effect the corporate
existence and related rights and franchises (charter and statutory) of the Company and each Restricted Subsidiary; provided, however, that the Company shall not be required to preserve any such right or franchise or the corporate
existence of any such Restricted Subsidiary if the Board of Directors of the Company shall determine that the preservation thereof is no longer necessary or desirable in the conduct of the business of the Company and its Restricted Subsidiaries as a
whole and that the loss thereof would not reasonably be expected to 

  

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have a material adverse effect on the ability of the Company to perform its obligations hereunder; and provided, further, however, that
the foregoing shall not prohibit a sale, transfer or conveyance of a Restricted Subsidiary or any of its assets in compliance with the terms of this Indenture. 
  

Section 1005. Payment of Taxes and Other Claims. 
  

The Company shall pay or discharge or cause to be paid or discharged, on or before the date the same shall become due and payable, (a) all taxes,
assessments and governmental charges levied or imposed upon the Company or any of its Restricted Subsidiaries shown to be due on any return of the Company or any of its Restricted Subsidiaries or otherwise assessed or upon the income, profits or
property of the Company or any of its Restricted Subsidiaries if failure to pay or discharge the same could reasonably be expected to have a material adverse effect on the ability of the Company or any Guarantor to perform its obligations hereunder
and (b) all lawful claims for labor, materials and supplies, which, if unpaid, would by law become a Lien upon the property of the Company or any of its Restricted Subsidiaries, except for any Lien permitted to be incurred under Section 1011, if
failure to pay or discharge the same could reasonably be expected to have a material adverse effect on the ability of the Company or any Guarantor to perform its obligations hereunder; provided, however, that the Company shall not be
required to pay or discharge or cause to be paid or discharged any such tax, assessment, charge or claim whose amount, applicability or validity is being contested in good faith by appropriate proceedings properly instituted and diligently conducted
and in respect of which appropriate reserves (in the good faith judgment of management of the Company) are being maintained in accordance with GAAP. 
  
 Section 1006. Maintenance of Properties. 
  
 (a) The Company shall cause all material properties owned by the Company and its Restricted Subsidiaries or used or held for use in the conduct of its
business or the business of any of its Restricted Subsidiaries to be maintained and kept in reasonably good condition, repair and working order (ordinary wear and tear excepted) and supplied with all necessary equipment and will cause to be made
necessary repairs, renewals, replacements, betterments and improvements thereof, all as in the reasonable judgment of the Company may be appropriate and necessary so that the business carried on in connection therewith may be properly conducted;
provided, however, that nothing in this Section shall prevent the Company from discontinuing the maintenance of any of such properties if such discontinuance is in the ordinary course of business or, in the reasonable judgment of the
Company, desirable in the conduct of its business or the business of any of its Restricted Subsidiaries and not reasonably expected to have a material adverse effect on the ability of the Company to perform its obligations hereunder; and
provided, further, however, that the foregoing shall not prohibit a sale, transfer or conveyance of a Restricted Subsidiary or any of its properties or assets in compliance with the terms of this Indenture. 
  
 (b) The Company shall at all times keep all of its and its Restricted
Subsidiaries’ properties that are of an insurable nature insured with insurers (including, in the Company’s reasonable judgment, self insurance) believed by the Company in good faith to be financially sound and responsible against loss or
damage to the extent that property of similar character is usually so insured by corporations similarly situated and owning like properties in the same general geographic areas in which the Company and its Restricted Subsidiaries operate, except
where the failure to do so could not reasonably be expected to have a material adverse effect on the financial condition, earnings, or business of the Company and its Restricted Subsidiaries, taken as a whole. 
  

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 Section 1007. Waiver of Certain Covenants. 
  
 The Company and the Guarantors may omit in any particular instance to comply
with any covenant or condition set forth in Sections 1006 through 1012 (other than this Section 1007), 1013 and 1015 through 1021, if, before or after the time for such compliance, the Holders of not less than a majority in aggregate principal
amount of the Securities at the time Outstanding shall, by Act of such Holders, waive such compliance in such instance with such covenant or provision, but no such waiver shall extend to or affect such covenant or condition except to the extent so
expressly waived, and, until such waiver shall become effective, the obligations of the Company and the duties of the Trustee in respect of any such covenant or condition shall remain in full force and effect. 
  
 Section 1008. Limitation on Indebtedness. 
  
 (a) The Company will not, and will not cause or permit any of its Restricted
Subsidiaries to, create, issue, incur, assume, guarantee or otherwise in any manner become directly or indirectly liable for the payment of or otherwise incur, contingently or otherwise (collectively, “incur”), any Indebtedness (including
any Acquired Indebtedness), unless such Indebtedness is incurred by the Company or any Guarantor and, in each case, the Company’s Consolidated Fixed Charge Coverage Ratio for the most recent four full fiscal quarters for which financial
statements are publicly available immediately preceding the incurrence of such Indebtedness taken as one period is at least equal to or greater than 2.00:1.00. 
  

(b) Notwithstanding the foregoing, the Company and, to the extent specifically set forth below in this paragraph (b), the Restricted Subsidiaries may
incur each and all of the following (collectively, the “Permitted Indebtedness”): 
  
 (1) Indebtedness of the Company (and any of the Guarantors and any domestic non-Wholly Owned Restricted Subsidiary that is a guarantor of
the Credit Facilities) under or in respect of Credit Facilities in an aggregate principal amount at any one time outstanding not to exceed $215.0 million under any term loans made pursuant thereto or under any revolving credit facility or in respect
of letters of credit thereunder, minus any permanent reduction in commitments thereunder resulting from the repayment thereof from the proceeds of one or more asset sales (including with respect to the sale of the International Operations) pursuant
to clause (b)(i) of Section 1012; 
  
 (2)
Indebtedness of the Company pursuant to (a) the Securities (excluding any Additional Securities) and any Guarantee of the Securities, and (b) any Exchange Securities issued in exchange for the Securities (excluding Additional Securities) pursuant to
the Registration Rights Agreement; 
  
 (3)
Indebtedness of the Company or any Restricted Subsidiary outstanding on the date of this Indenture; 
  
 (4) Indebtedness of the Company owing to a Restricted Subsidiary; provided that any Indebtedness of the Company owing to a Restricted
Subsidiary that is not a Guarantor is unsecured and is subordinated in right of payment to the payment and performance of the Company’s obligations under the Securities; provided, further, that any disposition, pledge or transfer of any
such Indebtedness to a Person (other than a disposition, pledge or transfer to a Restricted Subsidiary and other than a pledge permitted under Section 1011) shall be deemed to 

  

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be an incurrence of such Indebtedness by the Company or other obligor not permitted by this clause (4); 


  
 (5) Indebtedness of a Restricted Subsidiary owing to the
Company or another Restricted Subsidiary; provided that (a) any disposition, pledge or transfer of any such Indebtedness to a Person (other than a disposition, pledge or transfer to the Company or a Restricted Subsidiary or a pledge permitted
under Section 1011) shall be deemed to be an incurrence of such Indebtedness by the obligor not permitted by this clause (5), and (b) any transaction pursuant to which any Restricted Subsidiary, which has Indebtedness owing to the Company or any
other Restricted Subsidiary, ceases to be a Restricted Subsidiary shall be deemed to be the incurrence of Indebtedness by such Restricted Subsidiary that is not permitted by this clause (5); 
  
 (6) guarantees of any Restricted Subsidiary of Indebtedness
of the Company or any of its Restricted Subsidiaries which is permitted to be incurred under the Indenture, provided that such guarantees are made in accordance with the provisions of Section 1013; 
  
 (7) obligations of the Company or any Guarantor entered into
for genuine business purposes and not for speculative purposes 
  
 (a) pursuant to Interest Rate Agreements designed to protect the Company or any Restricted Subsidiary against fluctuations in interest rates or to permit such fluctuations in respect of Indebtedness of the Company or
any Restricted Subsidiary as long as such obligations do not exceed the aggregate principal amount of such Indebtedness then outstanding other than as a result of fluctuations in interest rates or by reason of fees, indemnities and compensation
payable thereunder, or 
  
 (b) under any Currency
Hedging Agreements; provided, however, that such Currency Hedging Agreements do not increase the Indebtedness or other obligations of the Company or any Restricted Subsidiary outstanding other than as a result of fluctuations in
foreign currency exchange rates or by reason of fees, indemnities and compensation payable thereunder; 
  
 (8) Indebtedness of the Company or any Guarantors represented by Capital Lease Obligations (whether or not incurred pursuant to
Sale-Leaseback Transactions) or Purchase Money Obligations or other Indebtedness incurred or assumed in connection with the acquisition or development of real or personal, movable or immovable, property in each case incurred for the purpose of
financing or refinancing all or any part of the purchase price or cost of construction or improvement of property used in the business of the Company, in an aggregate principal amount pursuant to this clause (8) not to exceed the greater of (x)
$20.0 million or (y) 3% of Consolidated Tangible Assets outstanding at any time; provided that the principal amount of any Indebtedness permitted under this clause (8) did not in each case at the time of incurrence exceed the Fair Market
Value, as determined by the Company in good faith, of the acquired or constructed asset or improvement so financed; 
  
 (9) Indebtedness of the Company or any of its Restricted Subsidiaries in connection with surety, payment, performance, appeal or similar
bonds, completion guarantees, export or import indemnity or similar instruments, including pursuant to self-insurance and 

  

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workers’ compensation obligations; provided that such Indebtedness is not incurred for the purpose of borrowing of money; 
  
 (10) Indebtedness of the Company or any of its Restricted
Subsidiaries arising from the honoring by a bank or other financial institution of a check, draft or similar instrument inadvertently (except in the case of daylight overdrafts) drawn against insufficient funds in the ordinary course of business;
provided, however, that such Indebtedness is extinguished within five Business Days of incurrence; 
  
 (11) Indebtedness of the Company to the extent the net proceeds thereof are promptly deposited to defease the Securities as described
under Article Four; 
  
 (12) Indebtedness of the
Company or any Restricted Subsidiary arising from agreements for indemnification or purchase price adjustment obligations or similar obligations, earn-outs or other similar obligations or from guarantees securing any obligation of the Company or a
Restricted Subsidiary pursuant to such an agreement, in each case, incurred or assumed in connection with the acquisition or disposition of any business, assets or Capital Stock of a Restricted Subsidiary; provided that the maximum assumable
liability in respect of all such obligations shall at no time exceed the gross proceeds actually paid or received by the Company and any Restricted Subsidiary, including the Fair Market Value of non-cash proceeds; 
  
 (13) any renewals, extensions, substitutions, refundings,
refinancings or replacements (collectively, a “refinancing”) of any Indebtedness incurred pursuant to paragraph (a) of this section and clauses (2) and (3) of this paragraph (b) of this definition of “Permitted Indebtedness,”
including any successive refinancings so long as the borrower under such refinancing is the Company or a Guarantor or, if not the Company or a Guarantor, the same as the borrower of the Indebtedness being refinanced and the aggregate principal
amount of Indebtedness represented thereby (or if such Indebtedness provides for an amount less than the principal amount thereof to be due and payable upon a declaration of acceleration of the maturity thereof, the original issue price of such
Indebtedness plus any accreted value attributable thereto since the original issuance of such Indebtedness) is not increased by such refinancing plus the lesser of (a) the stated amount of any premium or other payment required to be paid in
connection with such a refinancing pursuant to the terms of the Indebtedness being refinanced or (b) the amount of premium or other payment actually paid at such time to refinance the Indebtedness, plus, in either case, the amount of commissions,
fees and expenses of the Company incurred in connection with such refinancing and (1) in the case of any refinancing of Indebtedness that is Subordinated Indebtedness, such new Indebtedness is made subordinated to the Securities at least to the same
extent as the Indebtedness being refinanced and (2) in the case of Pari Passu Indebtedness or Subordinated Indebtedness, as the case may be, such refinancing does not reduce the Average Life to Stated Maturity or the Stated Maturity of such
Indebtedness; 
  
 (14) Indebtedness in an
aggregate principal amount outstanding at any one time not to exceed $25.0 million of any Foreign Subsidiaries; and 
  
 (15) Indebtedness of the Company and its Restricted Subsidiaries in addition to that described in clauses (1) through (14) above in this
paragraph (b), and any renewals, extensions, substitutions, refinancings or replacements of such Indebtedness, so long as the 

  

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aggregate principal amount of all such Indebtedness shall not exceed $35.0 million outstanding at any one time in the aggregate.



  
 (c) For purposes of determining compliance
with this Section 1008, in the event that an item of Indebtedness meets the criteria of more than one of the types of Indebtedness permitted by this Section 1008, the Company in its sole discretion shall classify or reclassify such item of
Indebtedness and only be required to include the amount of such Indebtedness as one of such types; provided that Indebtedness under the Credit Facility (or amounts committed thereunder) which is in existence on the Issue Date, and any
renewals, extensions, substitutions, refundings, refinancings or replacements thereof, in an amount not in excess of the amount permitted to be incurred pursuant to clause (1) of paragraph (b) of this Section 1008, shall be deemed to have been
incurred pursuant to clause (1) of paragraph (b) of this Section 1008 rather than paragraph (a) of this Section 1008. For clarity purposes, the Company may incur Indebtedness under a Credit Facility in amounts after the Issue Date in excess of the
amounts outstanding on the Issue Date (or amounts committed thereunder) under any paragraph or clause of this Section 1008. 
  
 (d) Indebtedness permitted by this Section 1008 need not be permitted solely by reference to one provision permitting such Indebtedness but may be
permitted in part by one such provision and in part by one or more other provisions of this Section 1008 permitting such Indebtedness. 
  
 (e) Accrual of interest, accretion or amortization of original issue discount and the payment of interest on any Indebtedness in the form of additional
Indebtedness with the same terms, and the payment of dividends on any Redeemable Capital Stock or Preferred Stock in the form of additional shares of the same class of Redeemable Capital Stock or Preferred Stock will not be deemed to be an
incurrence of Indebtedness for purposes of this Section 1008; provided, in each such case, that the amount thereof as accrued is included in Consolidated Fixed Charge Coverage Ratio of the Company. 
  
 (f) For purposes of determining compliance with any dollar-denominated
restriction on the incurrence of Indebtedness denominated in a foreign currency, the dollar-equivalent principal amount of such Indebtedness incurred pursuant thereto shall be calculated based on the relevant currency exchange rate in effect on the
date that such Indebtedness was incurred. Notwithstanding any other provision of this Section 1008, the maximum amount that the Company or a Restricted Subsidiary of the Company may incur pursuant to this Section 1008 shall not be deemed to be
exceeded, with respect to outstanding Indebtedness, due solely to the result of fluctuations in the exchange rates of currencies. 
  
 (g) If Indebtedness is secured by a letter of credit that serves only to secure such Indebtedness, then the total amount deemed incurred shall be equal to
the greater of (x) the principal of such Indebtedness and (y) the amount that may be drawn under such letter of credit. 
  
 (h) The amount of Indebtedness issued at a price less than the amount of the liability thereof shall be determined in accordance with GAAP. 
  

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 Section 1009. Limitation on Restricted Payments. 
  
 (a) The Company will not, and will not cause or permit any Restricted
Subsidiary to, directly or indirectly: 
  
 (1)
declare or pay any dividend on, or make any distribution to holders of, any shares of the Company’s Capital Stock (other than dividends or distributions payable solely in shares of its Qualified Capital Stock or in options, warrants or other
rights to acquire shares of such Qualified Capital Stock); 
  
 (2) purchase, redeem, defease or otherwise acquire or retire for value, directly or indirectly, the Company’s or Holdings’ or any Parent Entity’s Capital Stock or any Capital Stock of any Affiliate of
Holdings, any Parent Entity or the Company, including any Subsidiary of Holdings, any Parent Entity or the Company (other than Capital Stock of any Restricted Subsidiary of the Company) or options, warrants or other rights to acquire such Capital
Stock; 
  
 (3) make any principal payment on, or
repurchase, redeem, defease, retire or otherwise acquire for value, prior to any scheduled principal payment, sinking fund payment or maturity, any Subordinated Indebtedness, except a purchase, repurchase, redemption, defeasance or retirement within
one year of final maturity thereof; 
  
 (4)
declare or pay any dividend or distribution on any Capital Stock of any Restricted Subsidiary to any Person (other than to the Company or any of its Restricted Subsidiaries); or 
  
 (5) make any Investment in any Person (other than any Permitted Investments); 
  
 (any of the foregoing actions described in clauses (1) through (5) of paragraph (a) of this
Section 1009, other than any such action that is a Permitted Payment (as defined below in this Section 1009), collectively, “Restricted Payments”) (the amount of any such Restricted Payment, if other than cash, shall be the Fair Market
Value of the assets proposed to be transferred, as determined by the Board of Directors of the Company, whose determination shall be conclusive and evidenced by a Board Resolution), unless 
  
 (1) immediately after giving effect to such proposed
Restricted Payment on a pro forma basis, no Default or Event of Default shall have occurred and be continuing and such Restricted Payment shall not be an event which is, or after notice or lapse of time or both, would be, an “event of
default” under the terms of any Indebtedness of the Company or its Restricted Subsidiaries; 
  
 (2) immediately after giving effect to such Restricted Payment on a pro forma basis, the Company could incur $1.00 of additional
Indebtedness pursuant to paragraph (a) of Section 1008; and 
  

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 (3) after giving effect to the proposed Restricted Payment, the aggregate amount of all
such Restricted Payments declared or made after the date of this Indenture and all Designation Amounts does not exceed the sum of: 
  
 (A) 50% of the aggregate Consolidated Net Income of the Company accrued on a cumulative basis during the period beginning on the first day
of the Company’s fiscal quarter beginning before the date of this Indenture and ending on the last day of the Company’s last fiscal quarter for which financial statements are publicly available ending prior to the date of the Restricted
Payment (or, if such aggregate cumulative Consolidated Net Income shall be a loss, minus 100% of such loss); 
  
 (B) the aggregate Net Cash Proceeds received after the date of this Indenture by the Company either (1) as capital contributions in the
form of common equity to the Company or (2) from the issuance or sale (other than to any of its Subsidiaries) of Qualified Capital Stock of the Company or any options, warrants or rights to purchase such Qualified Capital Stock of the Company
(except, in each case, to the extent such proceeds are used to purchase, redeem or otherwise retire Capital Stock or Subordinated Indebtedness as set forth below in clause (2) or (3) of paragraph (b) of this Section 1009 and except for any capital
contributions or issuances of Capital Stock made as part of, or concurrent with, the Transactions) (and excluding the Net Cash Proceeds from the issuance of Qualified Capital Stock financed, directly or indirectly, using funds borrowed from the
Company or any Subsidiary until and to the extent such borrowing is repaid); 
  
 (C) the aggregate Net Cash Proceeds received after the date of this Indenture by the Company (other than from any of its Subsidiaries) upon the exercise of any options, warrants or rights to purchase Qualified Capital
Stock of the Company (and excluding the Net Cash Proceeds from the exercise of any options, warrants or rights to purchase Qualified Capital Stock financed, directly or indirectly, using funds borrowed from the Company or any Subsidiary until and to
the extent such borrowing is repaid); 
  
 (D) the
aggregate Net Cash Proceeds received after the date of this Indenture by the Company from the conversion or exchange, if any, of debt securities or Redeemable Capital Stock of the Company or its Restricted Subsidiaries into or for Qualified Capital
Stock of the Company plus, to the extent such debt securities or Redeemable Capital Stock were issued after the date of this Indenture, the aggregate of Net Cash Proceeds from their original issuance (and excluding the Net Cash Proceeds from the
conversion or exchange of debt securities or Redeemable Capital Stock financed, directly or indirectly, using funds borrowed from the Company or any Subsidiary until and to the extent such borrowing is repaid); 
  
 (E) the aggregate Net Cash Proceeds (including Fair Market
Value of assets other than cash) received upon the sale or other disposition of any Investment made since the date of this Indenture; plus the net reduction in Investments made since the date of this Indenture; plus the net reduction in Investments
in any Person resulting from dividends, repayments of loans or advances or other transfers of assets subsequent to the date of this Indenture, in each case, to the Company or any Restricted Subsidiary from such Person; plus to the extent that the
ability to make Restricted Payments was reduced as the 

  

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result of the designation of an Unrestricted Subsidiary, the portion (proportionate to the Company’s or any Restricted Subsidiary’s equity interest
in such Subsidiary) of the Fair Market Value of the net assets of such Unrestricted Subsidiary at the time such Unrestricted Subsidiary is redesignated, or liquidated or merged into, a Restricted Subsidiary; provided, in each case, the
foregoing shall not exceed, in the aggregate, (x) the amount of all Investments which previously reduced the ability to make Restricted Payments minus (y) the amount of any increase of the amounts available to make Restricted Payments pursuant to
clause (3)(A) of paragraph (a) of this Section 1009 resulting from any of the events described above; and 


  
 (F) at any time after the extinguishment or termination of any amount which previously qualified as a Restricted Payment on account of any
Guarantee entered into by the Company or any Restricted Subsidiary, such amount; provided that such Guarantee has not been called upon and the obligation arising under such Guarantee no longer exists. 
  
 (b) Notwithstanding the foregoing, the foregoing provisions shall not
prohibit the following actions (each of clauses (1) through (7), (8)(A), (8)(B) and (9) of paragraph (b) of this Section 1009 being referred to as a “Permitted Payment”): 
  
 (1) the payment of any dividend within 60 days after the date of declaration thereof, if at such date of
declaration such payment was permitted by Section 1009(a) and such payment shall have been deemed to have been paid on such date of declaration and shall not have been deemed a “Permitted Payment” for purposes of the calculation required
by Section 1009(a); 
  
 (2) the repurchase,
redemption, or other acquisition or retirement for value of any shares of any class of Capital Stock of the Company in exchange for (including any such exchange pursuant to the exercise of a conversion right or privilege in connection with which
cash is paid in lieu of the issuance of fractional shares or scrip), or out of the Net Cash Proceeds of the issuance and sale for cash (other than to a Subsidiary) of, other shares of Qualified Capital Stock of the Company; provided that the
Net Cash Proceeds from the issuance of such shares of Qualified Capital Stock are excluded from clause (3)(B) of paragraph (a) of this Section 1009; 
  
 (3) the repurchase, redemption, defeasance, retirement or acquisition for value or payment of principal of any Subordinated Indebtedness
in exchange for, or in an amount not in excess of the Net Cash Proceeds of, the issuance and sale for cash (other than to any Subsidiary of the Company) of any Qualified Capital Stock of the Company; provided that the Net Cash Proceeds from
the issuance of such shares of Qualified Capital Stock are excluded from clause (3)(B) of paragraph (a) of this Section 1009; 
  

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 (4) the repurchase, redemption, defeasance, retirement, refinancing, acquisition for
value or payment of principal of any Subordinated Indebtedness (other than Redeemable Capital Stock) (a “refinancing”) through the issuance of new Subordinated Indebtedness of the Company; provided that any such new Subordinated
Indebtedness 
  
 (a) shall be in a principal
amount that does not exceed the principal amount so refinanced (or, if such Subordinated Indebtedness provides for an amount less than the principal amount thereof to be due and payable upon the payment thereof, then such lesser amount as of the
date of determination), plus the lesser of (1) the stated amount of any premium or other payment required to be paid in connection with such a refinancing pursuant to the terms of the Indebtedness being refinanced or (2) the amount of premium or
other payment actually paid at such time to refinance the Indebtedness, plus, in either case, the amount of commissions, fees and expenses of the Company incurred in connection with such refinancing; 
  
 (b) has an Average Life to Stated Maturity greater than the
remaining Average Life to Stated Maturity of the Securities; 
  
 (c) has a Stated Maturity for its final scheduled principal payment later than the Stated Maturity for the final scheduled principal payment of the Securities; and 
  
 (d) is expressly subordinated in right of payment to the
Securities at least to the same extent in all material respects as the Subordinated Indebtedness to be refinanced; 
  
 (5) the repurchase of Capital Stock deemed to occur upon exercise of stock options to the extent that shares of such Capital Stock
represent a portion of the exercise price of such options or upon the withholding of a portion thereof to pay taxes; 
  
 (6) the payment of cash in lieu of the issuance of fractional shares in connection with the exercise of warrants, options or other
securities convertible into or exercisable for Capital Stock of the Company; 
  
 (7) the repurchase of any Subordinated Indebtedness or Redeemable Capital Stock of the Company at a purchase price not greater than as contractually provided for in any such instrument in the event of an Asset Sale
pursuant to a provision similar to Section 1012; provided, however, that prior to consummating any such repurchase, the Company has made the Offer required by the Indenture and has repurchased all Securities validly tendered for
payment in connection with such Offer; provided, further, that no Default or Event of Default is continuing or would arise therefrom; 
  
 (8) any payment of dividends, other distributions or other amounts by the Company for the purposes set forth in clauses (A) through (C)
below: 
  
 (A) to Holdings or any Parent Entity
in amounts equal to the amounts required for Holdings or any Parent Entity to pay franchise taxes, accounting, legal and other fees required to maintain its corporate existence and provide for other operating costs in each case related to the
Company and its Restricted Subsidiaries of up to $750,000 per fiscal year; provided that any amounts under this clause (A) not used in any fiscal year may be used in subsequent fiscal years; 
  

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 (B) to Holdings or any Parent Entity in amounts equal to amounts required for Holdings or
any Parent Entity to pay federal, state, local and foreign income taxes to the extent such income taxes are attributable to the income of the Company and its Restricted Subsidiaries (and, to the extent of amounts actually received from its
Unrestricted Subsidiaries, in amounts required to pay such taxes to the extent attributable to the income of such Unrestricted Subsidiaries); or 
  
 (C) to Holdings or any Parent Entity in amounts equal to amounts expended by Holdings or any Parent Entity to purchase, repurchase,
redeem, retire or otherwise acquire for value Capital Stock of Holdings or any Parent Entity owned by employees, former employees, directors or former directors, consultants or foreign consultants of the Company or any of its Subsidiaries (or
permitted transferees of such employees, former employees, directors or former directors, consultants or foreign consultants); provided, however, that the aggregate amount paid, loaned or advanced to Holdings or any Parent Entity
pursuant to this clause (C) will not, in the aggregate, exceed $2.0 million per fiscal year of the Company, provided, further, that (x) any amounts under this clause (C) not used in any fiscal year may be used in the subsequent fiscal
year so long as the amount used in any one fiscal year shall in no event exceed $5.0 million, plus any amounts contributed by Holdings or any Parent Entity to the Company as a result of sales of shares of Capital Stock to employees, directors and
consultants (not included pursuant to clause (3)(B) of paragraph (a) of Section 1009), plus the net proceeds of any key person life insurance received by the Company after the date of this Indenture; and (y) no Default or Event of Default is
continuing or would arise therefrom; 
  
 (9) the
payment of any dividend or distribution to Holdings or any Parent Entity or the repurchase, redemption, or other acquisition or retirement for value of any shares of any class of Capital Stock of the Company or Holdings or any Parent Entity (an
“International Payment”) of up to 35% of the Net Cash Proceeds from the sale of International Operations in one or more transactions; provided, that there may only be two such International Payments and provided further that
at or prior to the time of an International Payment (i) as a result of or in contemplation of or following the announcement or the consummation of the sale of International Operations or an International Payment, no downgrading shall have occurred
in the rating or negative change made to the outlook accorded the Securities or of any of the Company’s other debt instruments by either Moody’s or Standard & Poor’s, and neither such organization shall have announced that it has
under surveillance or review its ratings of any of the Company’s debt instruments; (ii) at the time of such International Payment and after giving pro forma effect thereto as if such International Payment had been made at the beginning
of the applicable four-quarter period, the Company could incur $1.00 of additional Indebtedness pursuant to paragraph (a) of Section 1008; (iii) no Default or Event of Default is continuing or would arise therefrom; and (iv) if, and only if, the
Company opts to make an International Payment, the Company shall have first made an offer (which shall be open for at least 20 Business Days and shall, subject to the provisions of this clause (iv), otherwise be done in manner generally consistent
with an Offer pursuant to Section 1012(e)-(i) hereof) to all Holders of the Securities to purchase Securities with an aggregate principal amount equal to 35% of the Net Cash Proceeds from such sale of International Operations (the
“International Offer Amount”) at a price equal to 102% of the aggregate principal amount of the Securities so 

  

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purchased; provided, that if the Securities tendered by holders accepting such offer exceeds the International Offer Amount, such purchase shall be
made on a pro rata basis to all Holders accepting the offer made pursuant to this clause (iv); and provided, further, that the amount available to make an International Payment shall be reduced by any payments made to tendering Holders
pursuant to the offer contemplated by this clause (iv); and 


  
 (10) Restricted Payments not to exceed $25.0 million in the aggregate since the Issue Date; provided that no Default or Event of Default is continuing or would arise therefrom. 
  
 Section 1010. Limitation on Transactions with Affiliates.

  
 The Company will not, and will not cause or permit any of its
Restricted Subsidiaries to, directly or indirectly, enter into any transaction or series of related transactions (including, without limitation, the sale, purchase, exchange or lease of assets, property or services) with or for the benefit of any
Affiliate of Holdings or any Parent Entity or the Company (other than the Company or a Wholly Owned Restricted Subsidiary) unless such transaction or series of related transactions is entered into in good faith and in writing, such transaction or
series of related transactions is on terms that are no less favorable to the Company or such Restricted Subsidiary (as reasonably determined by the Company), as the case may be, than those that would be available in a comparable transaction in
arms-length dealings with an unrelated third party, and 
  
 (1) with respect to any transaction or series of related transactions involving aggregate value in excess of $5.0 million, 
  
 (a) the Company delivers an officer’s certificate to the Trustee certifying that such transaction or series of related transactions
complies with the first paragraph in this Section) above, and 
  
 (b) such transaction or series of related transactions has been approved by a majority of the Disinterested Directors of the Board of Directors of the Company, or in the event there is only one Disinterested Director,
by such Disinterested Director; provided that in the event there are no Disinterested Directors the Company delivers to the Trustee a Fairness Opinion, or 
  
 (2) with respect to any transaction or series of related transactions involving aggregate value in excess of
$15.0 million, the Company delivers to the Trustee a written opinion of an investment banking firm of national standing or other recognized independent expert with experience appraising the terms and conditions of the type of transaction or series
of related transactions for which an opinion is required stating that the transaction or series of related transactions is fair to the Holders of the Securities from a financial point of view (a “Fairness Opinion”); 
  
 provided, however, that the provisions of this Section 1010 shall not apply to:

  

	 	(i)	employee benefit arrangements with any officer or director of the Company, including under any stock option or stock incentive plans, and customary indemnification arrangements with
officers or directors of the Company, 

  

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	 	(ii)	any Restricted Payment permitted to be made pursuant to Section 1009; 

  

	 	(iii)	transactions involving the Company or any of its Restricted Subsidiaries on the one hand, and CHS or any of its Affiliates, on the other hand, in connection with the Acquisition and
transactions related thereto, the Credit Facility and any amendment, modification, supplement, extension, refinancing, replacement, work-out, restructuring and other transactions related thereto or transactions provided for in the Management
Agreement with CHS as in effect on the Issue Date, as the same may be modified or amended so long as such modification or amendment does not increase the amount of management or advisory fees to be paid thereunder; provided that before making
any such payment and after giving pro forma effect thereto, no Default or Event of Default shall have occurred and be continuing and such payment shall not be an event which is, or after notice or lapse of time or both, would be, an
“event of default” under the terms of any Indebtedness of the Company or its Restricted Subsidiaries; 

  

	 	(iv)	transactions pursuant to the Equity Agreements as in effect on the date of this Indenture as the same may be amended from time to time in any manner not materially less favorable
taken as a whole to the holders of the Securities; 

  

	 	(v)	any sale or issuance of Qualified Capital Stock of the Company to Affiliates of the Company; 

  

	 	(vi)	transactions between or among the Company and/or its Restricted Subsidiaries; 

  


	 	(vii)	transactions with a Person (other than an Unrestricted Subsidiary of the Company) that is an Affiliate of the Company solely because the Company owns, directly or through a
Restricted Subsidiary, any Capital Stock in such Person; 

  

	 	(viii)	the Transactions and the payment of all fees and expenses related to the Transactions; and 

  

	 	(ix)	any agreement to do any of the foregoing. 

  
 Notwithstanding anything in this Section 1010 to the contrary, the Company agrees (i) that any fee paid pursuant to the Management Agreement in any fiscal
year in excess of $2.5 million will be treated as a Restricted Payment under Section 1009 hereof; (ii) not to pay any fee pursuant to the Management Agreement so long as any Default or Event of Default is continuing or would arise therefrom and
(iii) that it will not amend the subordination provision of the Management Agreement as in effect on the date of this Indenture in a manner adverse to a Holder without the consent of the Holders of at least a majority in aggregate principal amount
of the Securities at the time Outstanding. 
  
 Section 1011.
Limitation on Liens. 
  
 The Company will not, and will
not cause or permit any Restricted Subsidiary to, directly or indirectly, create, incur or affirm any Lien (except for any Permitted Liens) securing Indebtedness (including any intercompany notes) of the Company or any Restricted Subsidiary owned on
the date of this Indenture or acquired after the date of this Indenture, unless the Securities (or a Guarantee in the case of Liens of a Guarantor) are directly secured equally and ratably with (or, in the case of Subordinated Indebtedness, prior or
senior thereto, with the same relative priority as the 

  

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Securities shall have with respect to such Subordinated Indebtedness) the Indebtedness secured by such Lien. 
  
 Notwithstanding the foregoing, any Lien securing the Securities granted
pursuant to this Section 1011 shall be automatically and unconditionally released and discharged upon the release by the holders of the Indebtedness described in the preceding paragraph of their Lien on the property or assets of the Company or any
Restricted Subsidiary (including any deemed release upon payment in full of all obligations under such Indebtedness), at such time as the holders of all such Indebtedness also release their Lien on the property or assets of the Company or such
Restricted Subsidiary, or upon any sale, exchange or transfer to any Person not an Affiliate of the Company or Holdings or any Parent Entity of the property or assets secured by such Lien, or of all of the Capital Stock held by the Company or any
Restricted Subsidiary in, or all or substantially all the assets of, any Restricted Subsidiary that owns the property or assets subject to such Lien. 
  
 Section 1012. Limitation on Sale of Assets. 
  
 (a) The Company will not, and will not cause or permit any of its Restricted Subsidiaries to, directly or indirectly, consummate an Asset Sale unless (1)
at least 75% of the consideration from such Asset Sale other than Asset Swaps is received in cash and (2) the Company or such Restricted Subsidiary receives consideration at the time of such Asset Sale at least equal to the Fair Market Value of the
shares or assets subject to such Asset Sale (as determined by the Board of Directors of the Company and evidenced in a Board Resolution). 
  
 For purposes of paragraph (a)(1) of this Section 1012, the following will be deemed to be cash: (A) the amount of any Indebtedness (other than any
Subordinated Indebtedness) of the Company or any Restricted Subsidiary that is actually assumed by the transferee in such Asset Sale and from which the Company and the Restricted Subsidiaries are fully and unconditionally released (excluding any
liabilities that are incurred in connection with or in anticipation of such Asset Sale and contingent liabilities), (B) the amount of any notes, securities or other similar obligations received by the Company or any Restricted Subsidiary from such
transferee that are immediately converted, sold or exchanged (or are converted, sold or exchanged within 90 days of the related Asset Sale) by the Company or the Restricted Subsidiaries into cash in an amount equal to the Net Cash Proceeds realized
upon such conversion, sale or exchange and (C) the amount of any Designated Non-cash Consideration received by the Company or any Restricted Subsidiaries in the Asset Sale; provided that the aggregate of such Designated Non-cash Consideration
received in connection with Asset Sales (and still held) by the Company or any Restricted Subsidiary shall not exceed $10.0 million at any one time (with the Fair Market Value in each case being measured at the time received and without giving
effect to subsequent changes in value). 
  
 With respect to an
Asset Swap constituting an Asset Sale, the Company or any Restricted Subsidiary shall be required to receive in cash an amount equal to 75% of the proceeds of the Asset Sale which do not consist of like-kind assets acquired with the Asset Swap.

  
 (b) All or a portion of the Net Cash Proceeds of any Asset
Sale may be applied by the Company or a Restricted Subsidiary, to the extent the Company or such Restricted Subsidiary elects (or is required by the terms of any Indebtedness under the Credit Agreement): 
  
 (i) to prepay permanently or repay permanently any
Indebtedness under the Credit Agreement or any other Senior Indebtedness or any Indebtedness of any non-Guarantors 

  

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then outstanding (and in the case of any such Indebtedness under a revolving credit facility, effect a permanent reduction in the availability under such
revolving credit facility), or 


  
 (ii) to invest the Net Cash Proceeds in properties and other assets that (as determined by the Board of Directors of the Company) replace the properties and assets that were the subject of the Asset Sale or in properties and assets that
will be used in the businesses of the Company or its Restricted Subsidiaries (including pursuant to capital expenditures) existing on the date of this Indenture or in businesses reasonably related thereto, or 
  
 (iii) to make an International Payment. 
  
 The amount of such Net Cash Proceeds not used or invested in accordance with
the preceding clauses (i), (ii) and (iii) within 365 days of the Asset Sale (other than any Net Cash Proceeds from an Asset Sale of International Operations) constitutes “Excess Proceeds.” 
  
 (c) When the aggregate amount of Excess Proceeds exceeds $15 million or more,
the Company will apply the Excess Proceeds to the repayment of the Securities and, at the Company’s option, any other Pari Passu Indebtedness outstanding with similar provisions requiring the Company to make an offer to purchase such
Indebtedness with the proceeds from any Asset Sale as follows: 
  
 (i) the Company will make an offer to purchase (an “Offer”) from all holders of the Securities in accordance with the procedures set forth in the Indenture in the maximum principal amount (expressed as a
multiple of $1,000) of Securities that may be purchased out of an amount (the “Security Amount”) equal to the product of such Excess Proceeds multiplied by a fraction, the numerator of which is the outstanding principal amount of the
Securities, and the denominator of which is the sum of the outstanding principal amount (or accreted value in the case of Indebtedness issued with original issue discount) of the Securities and such Pari Passu Indebtedness (subject to proration in
the event such amount is less than the aggregate Offered Price (as defined herein) of all the Securities tendered); and 
  
 (ii) to the extent required by such Pari Passu Indebtedness to permanently reduce the principal amount of such Pari Passu Indebtedness (or
accreted value in the case of Indebtedness issued with original issue discount), the Company will make an offer to purchase or otherwise repurchase or redeem Pari Passu Indebtedness (a “Pari Passu Offer”) in an amount (the “Pari Passu
Debt Amount”) equal to the excess of the Excess Proceeds over the Security Amount; provided that in no event will the Company be required to make a Pari Passu Offer in a Pari Passu Debt Amount exceeding the principal amount (or accreted
value) of such Pari Passu Indebtedness plus the amount of any premium required to be paid to repurchase such Pari Passu Indebtedness. 
  
 The offer price for the Securities will be payable in cash in an amount equal to 100% of the principal amount of the Securities plus accrued and unpaid interest, if any,
to the date (the “Offer Date”) such Offer is consummated (the “Offered Price”), in accordance with the procedures set forth in the Indenture. To the extent that the aggregate Offered Price of the Securities tendered pursuant to
the Offer is less than the Security Amount relating thereto or the aggregate amount of Pari Passu Indebtedness that is purchased in a Pari Passu Offer is less than the Pari Passu Debt Amount, the Company may use any remaining Excess Proceeds for
general corporate purposes, subject to the other covenants contained in the Indenture. If the aggregate principal amount of the Securities and Pari Passu Indebtedness surrendered by holders thereof exceeds the amount of Excess Proceeds, the Trustee
shall select the Securities to be purchased on a pro rata basis. Upon the completion of the purchase of all the 

  

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Securities tendered pursuant to an Offer and the completion of a Pari Passu Offer, the amount of Excess Proceeds, if any, shall be reset at zero. 

 
 (d) If the Company becomes obligated to make an Offer pursuant to
paragraph (c) above, the Securities and the Pari Passu Indebtedness shall be purchased by the Company, at the option of the holders thereof, in whole or in part in integral multiples of $1,000, on a date that is not earlier than 30 days and not
later than 60 days from the date the notice of the Offer is given to holders, or such later date as may be necessary for the Company to comply with the requirements under the Exchange Act. 
  
 (e) The Company will comply with the applicable tender offer rules, including
Rule 14e-1 under the Exchange Act, and any other applicable securities laws or regulations in connection with an Offer. 
  
 (f) Subject to paragraph (e) above, within 30 days after the date on which the amount of Excess Proceeds equals or exceeds $15 million, the Company shall
send or cause to be sent by first-class mail, postage prepaid, to the Trustee and to each Holder, at his address appearing in the Security Register, a notice stating or including: 
  
 (1) that the Holder has the right to require the Company to repurchase, subject to proration, such
Holder’s Securities at the Offered Price; 
  
 (2) the Offer Date; 
  
 (3) the
instructions a Holder must follow in order to have his Securities purchased in accordance with paragraph (c) of this Section; 
  
 (4) the Offered Price; 
  
 (5) the names and addresses of the Paying Agent and the offices or agencies referred to in Section 1002; 
  
 (6) that Securities must be surrendered prior to the Offer
Date to the Paying Agent at the office of the Paying Agent or to an office or agency referred to in Section 1002 to collect payment; 
  
 (7) that any Securities not tendered will continue to accrue interest and that unless the Company defaults in the payment of the Offered
Price, any Security accepted for payment pursuant to the Offer shall cease to accrue interest on and after the Offer Date; 
  
 (8) the procedures for withdrawing a tender; and 
  

(9) that the Offered Price for any Security which has been properly tendered and not withdrawn and which has been accepted for payment
pursuant to the Offer will be paid promptly following the Offer Date. 
  
 (g) Holders electing to have Securities purchased hereunder will be required to surrender such Securities at the address specified in the notice prior to the Offer Date. Holders will be entitled to withdraw their election to have their
Securities purchased pursuant to this Section 1012 if the Company receives, not later than one Business Day prior to the Offer Date, a telegram, telex, 

  

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facsimile transmission or letter setting forth (1) the name of the Holder, (2) the certificate number of the Security in respect of which such notice of
withdrawal is being submitted, (3) the principal amount of the Security (which shall be $1,000 or an integral multiple thereof) delivered for purchase by the Holder as to which his election is to be withdrawn, (4) a statement that such Holder is
withdrawing his election to have such principal amount of such Security purchased, and (5) the principal amount, if any, of such Security (which shall be $1,000 or an integral multiple thereof) that remains subject to the original notice of the
Offer and that has been or will be delivered for purchase by the Company. 
  
 (h) The Company shall (i) not later than the Offer Date, accept for payment Securities or portions thereof tendered pursuant to the Offer, (ii) not later than 10:00 a.m. (New York time) on the Offer Date, deposit with
the Trustee or with a Paying Agent an amount of money in same day funds sufficient to pay the aggregate Offered Price of all the Securities or portions thereof which are to be purchased on that date and (iii) not later than 10:00 a.m. (New York
time) on the Offer Date, deliver to the Paying Agent an Officers’ Certificate stating the Securities or portions thereof accepted for payment by the Company. The Paying Agent shall promptly mail or deliver to Holders of Securities so accepted
payment in an amount equal to the Offered Price of the Securities purchased from each such Holder, and the Company shall execute and the Trustee shall promptly authenticate and mail or deliver to such Holders a new Security equal in principal amount
to any unpurchased portion of the Security surrendered. Any Securities not so accepted shall be promptly mailed or delivered by the Paying Agent at the Company’s expense to the Holder thereof. For purposes of this Section 1012, the Company
shall choose a Paying Agent which shall not be the Company. 
  
 Subject to applicable escheat laws, the Trustee and the Paying Agent shall return to the Company any cash that remains unclaimed, together with interest, if any, thereon, held by them for the payment of the Offered Price;
provided, however, that (x) to the extent that the aggregate amount of cash deposited by the Company with the Trustee in respect of an Offer exceeds the aggregate Offered Price of the Securities or portions thereof to be purchased,
then the Trustee shall hold such excess for the Company and (y) unless otherwise directed by the Company in writing, promptly after the Business Day following the Offer Date the Trustee shall return any such excess to the Company together with
interest or dividends, if any, thereon. 
  
 (i) Securities to be
purchased shall, on the Offer Date, become due and payable at the Offered Price and from and after such date (unless the Company shall default in the payment of the Offered Price) such Securities shall cease to bear interest. Such Offered Price
shall be paid to such Holder promptly following the later of the Offer Date and the time of delivery of such Security to the relevant Paying Agent at the office of such Paying Agent by the Holder thereof in the manner required. Upon surrender of any
such Security for purchase in accordance with the foregoing provisions, such Security shall be paid by the Company at the Offered Price; provided, however, that installments of interest whose Stated Maturity is on or prior to the Offer
Date shall be payable to the Person in whose name the Securities (or any Predecessor Securities) is registered as such on the relevant Regular Record Dates according to the terms and the provisions of Section 309; provided, further, that
Securities to be purchased are subject to proration in the event the Excess Proceeds are less than the aggregate Offered Price of all Securities tendered for purchase, with such adjustments as may be appropriate by the Trustee so that only
Securities in denominations of $1,000 or integral multiples thereof, shall be purchased. If any Security tendered for purchase shall not be so paid upon surrender thereof by deposit of funds with the Trustee or a Paying Agent in accordance with
paragraph (h) above, the principal thereof (and premium, if any, thereon) shall, until paid, bear interest from the Offer Date at the rate borne by such Security. Any Security that is to be purchased only in part shall be surrendered to a Paying
Agent at the office of such Paying Agent (with, if the Company, the Security 

  

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Registrar or the Trustee so requires, due endorsement by, or a written instrument of transfer in form satisfactory to the Company and the Security Registrar
or the Trustee duly executed by, the Holder thereof or such Holder’s attorney duly authorized in writing), and the Company shall execute and the Trustee shall authenticate and deliver to the Holder of such Security, without service charge, one
or more new Securities of any authorized denomination as requested by such Holder in an aggregate principal amount equal to, and in exchange for, the portion of the principal amount of the Security so surrendered that is not purchased. The Company
shall publicly announce the results of the Offer on or as soon as practicable after the Offer Date. 
  
 Section 1013. Limitation on Issuances of Guarantees of Indebtedness. 
  
 (a) The Company will not cause or permit any Restricted Subsidiary (which is not a Guarantor), directly or indirectly, to
guarantee, assume or in any other manner become liable with respect to any funded Indebtedness of the Company or any other Restricted Subsidiary (other than a guarantee by a Foreign Subsidiary of the Indebtedness of another Foreign Subsidiary)
unless the Restricted Subsidiary issuing the guarantee simultaneously executes and delivers a supplemental indenture to the Indenture providing for a Guarantee of the Securities on the same terms as the guarantee of such Indebtedness except that

  
 (1) such guarantee need not be secured unless
required pursuant to Section 1011; 
  
 (2) if
such Indebtedness is by its terms expressly subordinated to the Securities, any such assumption, guarantee or other liability of such Restricted Subsidiary with respect to such Indebtedness shall be subordinated to such Restricted Subsidiary’s
Guarantee of the Securities at least to the same extent as such Indebtedness is subordinated to the Securities; and 
  
 (3) no guaranty will be required from a Restricted Subsidiary to the extent it is not a Wholly Owned Restricted Subsidiary and does not
guarantee Public Debt if the aggregate Consolidated Net Income of all Restricted Subsidiaries guaranteeing funded Indebtedness of the Company or any Restricted Subsidiary but not guaranteeing the Securities does not exceed 3% of the Consolidated Net
Income of the Company and its Restricted Subsidiaries taken as a whole. 
  
 (b) Notwithstanding the foregoing, any Guarantee by a Restricted Subsidiary of the Securities shall provide by its terms that it (and all Liens securing the same) shall be automatically and unconditionally released and discharged upon

  
 (1) any sale, exchange or transfer, to any
Person not an Affiliate of the Company or Holdings or any Parent Entity, of all of the Company’s Capital Stock in, or all or substantially all the assets of, such Restricted Subsidiary, or the designation of such Restricted Subsidiary as an
Unrestricted Subsidiary, which transaction is in compliance with the terms of the Indenture and such Restricted Subsidiary is released from all guarantees, if any, by it of other Indebtedness of the Company or any Restricted Subsidiaries;

  
 (2) the merger or dissolution of a Guarantor
into the Company or another Guarantor or the transfer or sale of all or substantially all of the assets of a Guarantor to the Company or another Guarantor; 
  

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 (3) the release by the holders of the Indebtedness of the Company described in paragraph
(a) of this Section 1013 of their security interest or their guarantee by such Restricted Subsidiary (including any deemed release upon payment in full of all obligations under such Indebtedness), at such time as (A) no other Indebtedness of the
Company has been secured or guaranteed by such Restricted Subsidiary, as the case may be, or (B) the holders of all such other Indebtedness which is secured or guaranteed by such Restricted Subsidiary also release their security interest in or
guarantee by such Restricted Subsidiary (including any deemed release upon payment in full of all obligations under such Indebtedness); 
  
 (4) the Company’s designation of any Restricted Subsidiary that is a Guarantor to be an Unrestricted Subsidiary in accordance with
the applicable provisions of this Indenture; 
  
 (5) the defeasance of the Securities as provided under Section 402 or Section 403 or satisfaction and discharge of the Securities as provided under Article Twelve; or 
  
 (6) the dissolution of a Guarantor that is permitted under the Indenture. 
  
 Section 1014. Purchase of Securities upon a Change of Control.

  
 (a) If a Change of Control occurs, each Holder of Securities
will have the right to require that the Company purchase all or any part (in integral multiples of $1,000) of such Holder’s Securities pursuant to a “Change of Control Offer.” In the Change of Control Offer, the Company will offer to
purchase all of the Securities, at a purchase price (the “Change of Control Purchase Price”) in cash in an amount equal to 101% of the principal amount of such Securities, plus accrued and unpaid interest, if any, to the date of purchase
(the “Change of Control Purchase Date”) (subject to the rights of Holders of record on relevant record dates to receive interest due on an interest payment date). 
  
 (b) Within 30 days of any Change of Control or, at the Company’s option, prior to such Change of Control but after it
is publicly announced, the Company must notify the Trustee and give written notice (a “Change of Control Purchase Notice”) of the Change of Control to each Holder of Securities, by first-class mail, postage prepaid, at his address
appearing in the Security Register. The notice must state, among other things: 
  
 (1) that a Change of Control has occurred or will occur, the date of such event, and that such Holder has the right to require the Company
to repurchase such Holder’s Securities at the Change of Control Purchase Price; 
  
 (2) that the Change of Control Offer is being made pursuant to this Section 1014 and that all Securities properly tendered pursuant to the
Change of Control Offer will be accepted for payment at the Change of Control Purchase Price; 
  
 (3) the Change of Control Purchase Date, which shall be fixed by the Company on a Business Day no earlier than 30 days nor later than 60
days from the date such notice is mailed, or such later date as is necessary to comply with requirements under the Exchange Act; provided that the Change of Control Purchase Date may not occur prior to the Change of Control; 
  
 (4) the Change of Control Purchase Price; 
  

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 (5) the names and addresses of the Paying Agent and the offices or agencies referred to
in Section 1002; 
  
 (6) that Securities must be
surrendered on or prior to the Change of Control Purchase Date to the Paying Agent at the office of the Paying Agent or to an office or agency referred to in Section 1002 to collect payment; 
  
 (7) that the Change of Control Purchase Price for any
Security which has been properly tendered and not withdrawn will be paid promptly following the Change of Control Offer Purchase Date; 
  
 (8) the procedures that a Holder must follow to accept a Change of Control Offer or to withdraw such acceptance; 
  
 (9) that any Security not tendered will continue to accrue
interest; 
  
 (10) that, unless the Company
defaults in the payment of the Change of Control Purchase Price, any Securities accepted for payment pursuant to the Change of Control Offer shall cease to accrue interest after the Change of Control Purchase Date; and 
  
 (11) other procedures that a holder of Securities must
follow to accept a Change of Control Offer or to withdraw acceptance of the Change of Control Offer. 
  
 (c) Upon receipt by the Company of the proper tender of Securities, the Holder of the Security in respect of which such proper tender was made shall
(unless the tender of such Security is properly withdrawn) thereafter be entitled to receive solely the Change of Control Purchase Price with respect to such Security. Upon surrender of any such Security for purchase in accordance with the foregoing
provisions, such Security shall be paid by the Company at the Change of Control Purchase Price; provided, however, that installments of interest whose Stated Maturity is on or prior to the Change of Control Purchase Date shall be
payable to the Holders of such Securities, or one or more Predecessor Securities, registered as such on the relevant Regular Record Dates according to the terms and the provisions of Section 309. If any Security tendered for purchase in accordance
with the provisions of this Section 1014 shall not be so paid upon surrender thereof, the principal thereof (and premium, if any, thereon) shall, until paid, bear interest from the Change of Control Purchase Date at the rate borne by such Security.
Holders electing to have Securities purchased will be required to surrender such Securities to the Paying Agent at the address specified in the Change of Control Purchase Notice at least one Business Day prior to the Change of Control Purchase Date.
Any Security that is to be purchased only in part shall be surrendered to a Paying Agent at the office of such Paying Agent (with, if the Company, the Security Registrar or the Trustee so requires, due endorsement by, or a written instrument of
transfer in form satisfactory to the Company and the Security Registrar or the Trustee, as the case may be, duly executed by, the Holder thereof or such Holder’s attorney duly authorized in writing), and the Company shall execute and the
Trustee shall authenticate and deliver to the Holder of such Security, without service charge, one or more new Securities of any authorized denomination as requested by such Holder in an aggregate principal amount equal to, and in exchange for, the
portion of the principal amount of the Security so surrendered that is not purchased. 
  
 (d) The Company shall (i) not later than the Change of Control Purchase Date, accept for payment Securities or portions thereof tendered pursuant to the Change of Control Offer, 

  

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(ii) not later than 10:00 a.m. (New York time) on the Business Day following the Change of Control Purchase Date, deposit with the Trustee or with a Paying
Agent an amount of money in same day funds sufficient to pay the aggregate Change of Control Purchase Price of all the Securities or portions thereof which have been so accepted for payment and (iii) not later than 10:00 a.m. (New York time) on the
Business Day following the Change of Control Purchase Date, deliver to the Paying Agent an Officers’ Certificate stating the Securities or portions thereof accepted for payment by the Company. The Paying Agent shall promptly mail or deliver to
Holders of Securities so accepted payment in an amount equal to the Change of Control Purchase Price of the Securities purchased from each such Holder, and the Company shall execute and the Trustee shall promptly authenticate and mail or deliver to
such Holders a new Security equal in principal amount to any unpurchased portion of the Security surrendered. Any Securities not so accepted shall be promptly mailed or delivered by the Paying Agent at the Company’s expense to the Holder
thereof. The Company will publicly announce the results of the Change of Control Offer on the Change of Control Purchase Date. For purposes of this Section 1014, the Company shall choose a Paying Agent which shall not be the Company. 
  
 (e) A tender made in response to a Change of Control Purchase Notice may be
withdrawn if the Company receives, not later than one Business Day prior to the Change of Control Purchase Date, a telegram, telex, facsimile transmission or letter, specifying, as applicable: 
  
 (1) the name of the Holder; 
  
 (2) the certificate number of the Security in respect of
which such notice of withdrawal is being submitted; 
  
 (3) the principal amount of the Security (which shall be $1,000 or an integral multiple thereof) delivered for purchase by the Holder as to which such notice of withdrawal is being submitted; 
  
 (4) a statement that such Holder is withdrawing his election
to have such principal amount of such Security purchased; and 
  
 (5) the principal amount, if any, of such Security (which shall be $1,000 or an integral multiple thereof) that remains subject to the original Change of Control Purchase Notice and that has been or will be delivered
for purchase by the Company. 
  
 (f) Subject to applicable escheat
laws, the Trustee and the Paying Agent shall return to the Company any cash that remains unclaimed, together with interest or dividends, if any, thereon, held by them for the payment of the Change of Control Purchase Price; provided,
however, that, (x) to the extent that the aggregate amount of cash deposited by the Company pursuant to clause (ii) of paragraph (d) above exceeds the aggregate Change of Control Purchase Price of the Securities or portions thereof to be
purchased, then the Trustee shall hold such excess for the Company and (y) unless otherwise directed by the Company in writing, promptly after the Business Day following the Change of Control Purchase Date the Trustee shall return any such excess to
the Company together with interest, if any, thereon. 
  
 (g) The
Company shall comply, to the extent applicable, with the applicable tender offer rules, including Rule 14e-1 under the Exchange Act, and any other applicable securities laws or regulations in connection with a Change of Control Offer. 
  

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 (h) Notwithstanding the foregoing, the Company will 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 this Indenture applicable to a Change of Control Offer made by the Company and
purchases all the Securities validly tendered and not withdrawn under such Change of Control Offer. 
  
 Section 1015. Limitation on Subsidiary Preferred Stock. 
  
 (a) The Company will not permit any Restricted Subsidiary of the Company to issue, sell or transfer any Preferred Stock,
except for (1) Preferred Stock issued or sold to, held by or transferred to the Company or a Wholly Owned Restricted Subsidiary, (2) the issuance to directors of director’s qualifying shares to the extent required by applicable law, (3) the
issuance of any regulatorily required shares of Preferred Stock, (4) the issuances of any shares of Preferred Stock to persons in connection with the obtaining of liquor licenses and (5) Preferred Stock issued by a Person prior to the time (A) such
Person becomes a Restricted Subsidiary, (B) such Person merges with or into a Restricted Subsidiary or (C) a Restricted Subsidiary merges with or into such Person; provided that such Preferred Stock was not issued or incurred by such Person
in anticipation of the type of transaction contemplated by subclause (A), (B) or (C). Paragraph (a) of this Section 1015 shall not apply upon the acquisition of all the outstanding Preferred Stock of such Restricted Subsidiary in accordance with the
terms of this Indenture. 
  
 (b) The Company will not permit any
Person (other than (1) the Company or a Wholly Owned Restricted Subsidiary, (2) directors, with respect to director’s qualifying shares to the extent required by applicable law, (3) holders of any regulatorily required shares of Preferred
Stock, (4) holders of any shares of Preferred Stock to persons in connection with the obtaining of liquor licenses) to acquire Preferred Stock of any Restricted Subsidiary from the Company or any Restricted Subsidiary, except upon the acquisition of
all the outstanding Preferred Stock of such Restricted Subsidiary in accordance with the terms of the Indenture. 
  
 Section 1016. Limitation on Dividend and Other Payment Restrictions Affecting Subsidiaries. 
  
 (a) The Company will not, and will not cause or permit any of its Restricted
Subsidiaries to, directly or indirectly, create or otherwise cause to exist or become effective any consensual encumbrance or restriction on the ability of any Restricted Subsidiary to 
  
 (1) pay dividends or make any other distribution on its Capital Stock; 
  
 (2) pay any Indebtedness owed to the Company or any other
Restricted Subsidiary; 
  
 (3) make any
Investment in the Company or any other Restricted Subsidiary; or 
  
 (4) transfer any of its properties or assets to the Company or any other Restricted Subsidiary. 
  
 (b) However, paragraph (a) of this Section 1016 will not prohibit 
  
 (1) encumbrance or restriction pursuant to an agreement (including the Credit Agreement) in effect on the
date of this Indenture or any amendments thereto that are 

  

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not more restrictive with respect to such matters in the aggregate than such existing agreements; 
  
 (2) the Indenture, the Securities and the Exchange
Securities; 
  
 (3) encumbrance or restriction
with respect to a Restricted Subsidiary that is not a Restricted Subsidiary of the Company on the date of this Indenture, in existence at the time such Person becomes a Restricted Subsidiary of the Company and not incurred in connection with, or in
contemplation of, such Person becoming a Restricted Subsidiary, provided that such encumbrances and restrictions are not applicable to the Company or any Restricted Subsidiary or the properties or assets of the Company or any Restricted
Subsidiary other than such Subsidiary which is becoming a Restricted Subsidiary; 
  
 (4) encumbrance or restriction pursuant to any agreement governing any Indebtedness of the type permitted by paragraph (b)(8) of Section
1008 as to the assets financed with the proceeds of such Indebtedness; 
  
 (5) encumbrance or restriction contained in any Acquired Indebtedness or other agreement of any entity or related to assets acquired by or merged into or consolidated with the Company or any Restricted Subsidiaries,
so long as such encumbrance or restriction (A) was not entered into in contemplation of the acquisition, merger or consolidation transaction, and (B) is not applicable to any Restricted Subsidiary, or the properties or assets of any Restricted
Subsidiary, other than the Restricted Subsidiary, or the property or assets of the Restricted Subsidiary, so acquired, so long as the agreement containing such restriction does not violate any other provision of the Indenture; 
  
 (6) encumbrance or restriction existing under applicable
law, regulations or any requirement of any governmental or regulatory body; 
  
 (7) Liens securing Indebtedness otherwise permitted to be incurred under the provisions of Section 1011 that limit the right of the debtor to dispose of the assets subject to such Liens; 
  
 (8) customary non-assignment provisions in leases, permits,
licenses or contracts; 
  
 (9) customary
restrictions contained in (A) asset sale agreements permitted to be incurred under Section 1012 that limit the transfer of such assets pending the closing of such sale and (B) any other agreement for the sale or other disposition of a Restricted
Subsidiary that restricts distributions by that Restricted Subsidiary pending its sale or other disposition; 
  
 (10) in the case of clause (4) of paragraph (a) of this Section 1016, restrictions contained in security agreements or mortgages securing
Indebtedness of a Restricted Subsidiary permitted under the Indenture to the extent such restrictions restrict the transfer of property subject to such security agreements or mortgages; 
  
 (11) provisions limiting the disposition or distribution of assets or property in joint ventures agreements
or similar arrangements, which limitation is applicable only to assets or property that are the subject of such joint venture or similar arrangement, provided that such 

  

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joint venture or similar arrangement is included within the calculation of Permitted Investments under clause (10) of the definition of “Permitted
Investments” in Section 101; or 
  
 (12)
under any agreement that extends, renews, refinances or replaces the agreements containing the encumbrances or restrictions in the foregoing clauses (1) through (11), or in this clause (12), provided that the terms and conditions of any such
encumbrances or restrictions are no more restrictive in any material respect taken as a whole than those under or pursuant to the agreement evidencing the Indebtedness so extended, renewed, refinanced or replaced. 
  
 Section 1017. Limitations on Unrestricted Subsidiaries.

  
 The Company may designate after the Issue Date any Subsidiary
(other than a Guarantor) as an “Unrestricted Subsidiary” under this Indenture (a “Designation”) only if: 
  
 (a) no Default shall have occurred and be continuing after giving effect to such Designation; 
  
 (b) the Company would be permitted to make an Investment (other than a
Permitted Investment) at the time of Designation (assuming the effectiveness of such Designation) pursuant to paragraph (a) of Section 1009 hereof in an amount (the “Designation Amount”) equal to the Fair Market Value of the Company’s
interest in such Subsidiary as determined in good faith by the Company’s Board of Directors; 
  
 (c) the Company could incur $1.00 of additional Indebtedness pursuant to paragraph (a) of Section 1008 hereof at the time of such Designation (assuming
the effectiveness of such Designation); 
  
 (d) such Unrestricted
Subsidiary does not own any Capital Stock in any Restricted Subsidiary of the Company which is not simultaneously being designated an Unrestricted Subsidiary; 
  

(e) such Unrestricted Subsidiary is not liable, directly or indirectly, with respect to any Indebtedness other than Unrestricted Subsidiary
Indebtedness, provided that an Unrestricted Subsidiary may provide a Guarantee for the Securities; and 
  
 (f) such Unrestricted Subsidiary is not a party to any agreement, contract, arrangement or understanding at such time with the Company or any Restricted
Subsidiary unless the terms of any such agreement, contract, arrangement or understanding are no 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 or Holdings or any Parent Entity or, in the event such condition is not satisfied, the value of such agreement, contract, arrangement or understanding to such Unrestricted Subsidiary shall be deemed a Restricted Payment. 
  
 In the event of any such Designation, the Company shall be deemed to have
made an Investment constituting a Restricted Payment pursuant to Section 1009 hereof for all purposes of this Indenture in the Designation Amount. 
  
 The Company shall not and shall not cause or permit any Restricted Subsidiary to at any time 
  

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 (g) provide credit support for, guarantee or subject any of its property or assets (other than the
Capital Stock of any Unrestricted Subsidiary) to the satisfaction of, any Indebtedness of any Unrestricted Subsidiary (including any undertaking, agreement or instrument evidencing such Indebtedness) (other than Permitted Investments in Unrestricted
Subsidiaries); or 
  
 (h) be directly or indirectly liable for any
Indebtedness of any Unrestricted Subsidiary, 
  
 provided, however, that
the Company or any Restricted Subsidiary, with respect to any Indebtedness of any Unrestricted Subsidiary, may (i) provide credit support for, guarantee or subject any of its property or assets to the satisfaction of such Indebtedness or (ii) be
directly or indirectly be liable for such Indebtedness, to the extent that such provision of credit or the assumption of liability, as the case may be, will constitute a Restricted Payment pursuant to paragraph (a) of Section 1009 hereof in an
amount equal to the credit support or guarantee or value of the property or assets that is subject to the satisfaction of any such Indebtedness, as the case may be. 
  
 For purposes of the foregoing, the Designation of a Subsidiary of the Company as an Unrestricted Subsidiary shall be deemed
to be the Designation of all of the Subsidiaries of such Subsidiary as Unrestricted Subsidiaries. Unless so designated as an Unrestricted Subsidiary, any Person that becomes a Subsidiary of the Company will be classified as a Restricted Subsidiary.

  
 The Company may revoke any Designation of a Subsidiary as an
Unrestricted Subsidiary (a “Revocation”) if: 
  
 (i) no
Default shall have occurred and be continuing after giving effect to such Revocation; 
  
 (j) all Liens and Indebtedness of such Unrestricted Subsidiary outstanding immediately following such Revocation would, if incurred at such time, have been permitted to be incurred for all purposes of this Indenture;
and 
  
 (k) the Company could incur the Indebtedness of such
Subsidiary pursuant to Section 1008 hereof. 
  
 All Designations
and Revocations must be evidenced by a resolution of the Board of Directors of the Company delivered to the Trustee certifying compliance with the foregoing provisions. 
  
 Section 1018. Sale and Leaseback Transactions. 
  
 The Company will not, and will not permit any of its Restricted Subsidiaries to, enter into any Sale-Leaseback Transaction
other than the Portfolio Sale and amendments, extensions and replacements thereof; provided, that the Company or one of its Restricted Subsidiaries may enter into a Sale-Leaseback Transaction if: 
  
 (1) the Company or such Subsidiary could have (a) incurred
Indebtedness in an amount equal to the Attributable Indebtedness relating to such Sale-Leaseback Transaction under Section 1008 of this Indenture and (b) incurred a Lien to secure such Indebtedness under Section 1011 of this Indenture; 

 

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 (2) the gross cash proceeds of such Sale-Leaseback Transactions are at least equal to the
Fair Market Value of the property that is the subject of such Sale-Leaseback Transaction as determined by the Company in its reasonable judgment; and 
  
 (3) the transfer of assets in such Sale-Leaseback Transaction is permitted by, and the Company applies the proceeds of such transaction in
compliance with Section 1012 of this Indenture. 
  
 Section
1019. Incurrence of Layered Indebtedness. 
  
 Notwithstanding the provisions described above under Section 1008 of this Indenture, (i) the Company will not incur, create, issue, assume, guarantee or otherwise become liable for any Indebtedness that is expressly subordinate or junior in
right of payment to any Indebtedness of the Company and senior in right of payment to the Securities; and (ii) no Guarantor will incur, create, issue, assume, guarantee or otherwise become liable for any Indebtedness of such Guarantor that is
expressly subordinate or junior in right of payment to any Indebtedness of such Guarantor and senior in right of payment to the Guarantee of such Guarantor. For purposes of the foregoing in this Section, no Indebtedness shall be deemed to be
subordinated in right of payment to any other Indebtedness solely by virtue of being unsecured or secured by a junior priority Lien or by virtue of the fact that the holders of such Indebtedness have entered into intercreditor agreements or other
arrangements giving one or more of such holders priority over the other holders in the collateral held by them. 
  
 Section 1020. Provision of Financial Statements. 
  
 Whether or not the Company is subject to Section 13(a) or 15(d) of the Exchange Act, the Company and the Guarantors will (following the Exchange Offer or
the effectiveness of a Shelf Registration Statement), to the extent permitted under the Exchange Act, file with the Commission the annual reports, quarterly reports and other documents which the Company and such Guarantors would have been required
to file with the Commission pursuant to Sections 13(a) or 15(d) if the Company or such Guarantors were so subject, such documents to be filed with the Commission on or prior to the date (the “Required Filing Date”) by which the Company and
such Guarantors would have been required so to file such documents if the Company and such Guarantors were so subject. 
  
 The Company and the Guarantors will also in any event (a) within 15 days of each Required Filing Date (whether before or after the Exchange Offer or the
effectiveness of a Shelf Registration Statement) (1) transmit by mail to all holders, as their names and addresses appear in the security register, without cost to such holders and (2) file with the Trustee copies of the annual reports, quarterly
reports and other documents which the Company and such Guarantors would have been required to file with the Commission pursuant to Sections 13(a) or 15(d) of the Exchange Act if the Company and such Guarantors were subject to either of such Sections
and (b) if filing such documents by the Company and such Guarantors with the Commission is not permitted under the Exchange Act or prior to the Exchange Offer or the effectiveness of a Shelf Registration Statement, promptly upon written request and
payment of the reasonable cost of duplication and delivery, supply copies of such documents to any prospective holder at the Company’s cost. 
  
 If the Guarantors’ or secured party’s financial statements would be required to be included in the financial statements filed or delivered
pursuant to the Indenture if the Company were subject to Section 13(a) or 15(d) of the Exchange Act, the Company shall include such Guarantors’ financial statements in any filing or delivery pursuant to the Indenture. 
  

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 In addition, so long as any of the Securities remain outstanding, the Company will make available to any
prospective purchaser of the Securities or beneficial owner of the Securities in connection with any sale thereof the information required by Rule 144A(d)(4) under the Securities Act, until such time as the Company has either exchanged the
Securities for securities identical in all material respects which have been registered under the Securities Act or until such time as the Holders thereof have disposed of such Securities pursuant to an effective registration statement under the
Securities Act. 
  
 Section 1021. Statement by Officers
as to Default. 
  
 (a) The Company will deliver to the
Trustee, on or before a date not more than 120 days after the end of each fiscal year of the Company ending after the date hereof, and 60 days after the end of each fiscal quarter ending after the date hereof, a written statement signed by two
executive officers of the Company and the Guarantors, one of whom shall be the principal executive officer, principal financial officer or principal accounting officer of the Company and the Guarantors, as to compliance herewith, including whether
or not, after a review of the activities of the Company during such year or such quarter and of the Company’s and each Guarantor’s performance under this Indenture, to the best knowledge, based on such review, of the signers thereof, the
Company and each Guarantor have fulfilled all of their respective obligations and are in compliance with all conditions and covenants under this Indenture throughout such year or quarter, as the case may be, and, if there has been a Default
specifying each Default and the nature and status thereof and any actions being taken by the Company and the Guarantors with respect thereto. 
  
 (b) When any Default or Event of Default has occurred and is continuing, or if the Trustee or any Holder or the trustee for or the holder of any other
evidence of Indebtedness of the Company or any Subsidiary gives any notice or takes any other action with respect to a claimed default, the Company and the Guarantors shall deliver to the Trustee by registered or certified mail or facsimile
transmission followed by an originally executed copy of an Officers’ Certificate specifying such Default, Event of Default, notice or other action, the status thereof and what actions the Company and the Guarantors are taking or propose to take
with respect thereto, within five Business Days after the occurrence of such Default or Event of Default. 
  
 ARTICLE ELEVEN 
  
 REDEMPTION OF SECURITIES 
  
 Section 1101. Rights of Redemption. 
  
 (a)
The Securities are subject to redemption at any time on or after March 1, 2007, at the option of the Company, in whole or in part, subject to the conditions, and at the Redemption Prices specified in the form of Security, together with accrued and
unpaid interest, if any, to the Redemption Date (subject to the right of Holders of record on relevant Regular Record Dates and Special Record Dates to receive interest due on relevant Interest Payment Dates and Special Payment Dates). 

 
 (b) In addition, at any time prior to March 1, 2007, the Company, Holdings
or any Parent Entity, at the Company’s option, may use the net proceeds of one or more Public Equity Offerings to redeem up to an aggregate of 35% of the aggregate principal amount of Securities originally issued under the Indenture at a
Redemption Price equal to 110% of the aggregate principal 

  

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amount thereof, plus accrued and unpaid interest thereon, if any, to the Redemption Date (subject to the rights of Holders of record on relevant record dates
to receive interest due on Interest Payment Date); provided that at least 65% of the initial aggregate principal amount of Securities remains outstanding immediately after the occurrence of such redemption. In order to effect the foregoing
redemption, the Company must mail a notice of redemption no later than 30 days after the closing of the related Public Equity Offering and must complete such redemption within 60 days of the closing of the Public Equity Offering. 
  
 Section 1102. Applicability of Article. 
  
 Redemption of Securities 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 Eleven. 
  
 Section 1103. Election to Redeem; Notice to Trustee. 
  
 The election of the Company to redeem any Securities pursuant to Section 1101 shall be evidenced by a Company Order and an
Officers’ Certificate. In case of any redemption at the election of the Company, the Company shall, not less than 45 nor more than 60 days prior to the Redemption Date fixed by the Company (unless a shorter notice period shall be satisfactory
to the Trustee), notify the Trustee in writing of such Redemption Date and of the principal amount of Securities to be redeemed. 
  
 Section 1104. Selection by Trustee of Securities to Be Redeemed. 
  
 If less than all the Securities are to be redeemed, the particular Securities or portions thereof to be redeemed shall be
selected not more than 30 days prior to the Redemption Date. The Trustee shall select the Securities or portions thereof to be redeemed in compliance with the requirements of the principal national security exchange, if any, on which the Securities
are listed, or if the Securities are not so listed, pro rata, by lot or by any other method the Trustee shall deem fair and reasonable. The amounts to be redeemed shall be equal to $1,000 or any integral multiple thereof. Redemption pursuant
to the provisions of Section 1101(b) relating to a Public Equity Offering must be made on a pro rata basis or on as nearly a pro rata basis as practicable (subject to the procedures of DTC or any other depositary). 
  
 The Trustee shall promptly notify the Company and the Security Registrar in
writing of the Securities selected for redemption and, in the case of any Securities selected for partial redemption, the principal amount thereof to be redeemed. 
  
 For all purposes of this Indenture, unless the context otherwise requires, all provisions relating to redemption of
Securities shall relate, in the case of any Security redeemed or to be redeemed only in part, to the portion of the principal amount of such Security which has been or is to be redeemed. 
  
 Section 1105. Notice of Redemption. 
  
 Notice of redemption shall be given by first-class mail, postage prepaid, mailed not less than 30 days nor more than 60 days
prior to the Redemption Date, to each Holder of Securities to be redeemed, at its address appearing in the Security Register. 
  

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 All notices of redemption shall state: 
  
 (a) the Redemption Date; 
  
 (b) the Redemption Price; 
  
 (c) if less than all Outstanding Securities are to be redeemed, the identification of the particular Securities to be redeemed; 
  
 (d) in the case of a Security to be redeemed in part, the principal amount of
such Security to be redeemed and that after the Redemption Date upon surrender of such Security, new Security or Securities in the aggregate principal amount equal to the unredeemed portion thereof will be issued; 
  
 (e) that Securities called for redemption must be surrendered to the Paying
Agent to collect the Redemption Price; 
  
 (f) that on the
Redemption Date the Redemption Price will become due and payable upon each such Security or portion thereof to be redeemed, and that (unless the Company shall default in payment of the Redemption Price) interest thereon shall cease to accrue on and
after said date; 
  
 (g) the names and addresses of the Paying
Agent and the offices or agencies referred to in Section 1002 where such Securities are to be surrendered for payment of the Redemption Price; 
  
 (h) the CUSIP number, if any, relating to such Securities; and 
  
 (i) the procedures that a Holder must follow to surrender the Securities to be redeemed. 
  
 Notice of redemption of Securities to be redeemed at the election of the Company shall be given by the Company or, at the
Company’s written request, by the Trustee in the name and at the expense of the Company. If the Company elects to give notice of redemption, it shall provide the Trustee with a certificate stating that such notice has been given in compliance
with the requirements of this Section 1105. 
  
 The notice if
mailed in the manner herein provided shall be conclusively presumed to have been given, whether or not the Holder receives such notice. In any case, failure to give such notice by mail or any defect in the notice to the Holder of any Security
designated for redemption as a whole or in part shall not affect the validity of the proceedings for the redemption of any other Security. 
  
 Section 1106. Deposit of Redemption Price. 
  
 On or prior to any Redemption Date, the Company shall deposit with the Trustee or with a Paying Agent (or, if the Company or any of its Affiliates is
acting as Paying Agent, segregate and hold in trust as provided in Section 1003) an amount of money in same day funds sufficient to pay the Redemption Price of, and (except if the Redemption Date shall be an Interest Payment Date or Special Payment
Date) accrued interest on, all the Securities or portions thereof which are to be redeemed on that date. The Paying Agent shall promptly mail or deliver to Holders of Securities so 

  

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redeemed payment in an amount equal to the Redemption Price of the Securities purchased from each such Holder. All money, if any, earned on funds held in
trust by the Trustee or any Paying Agent shall be remitted to the Company. For purposes of this Section 1106, the Company shall choose a Paying Agent which shall not be the Company. 
  
 Section 1107. Securities Payable on Redemption Date. 
  
 Notice of redemption having been given as aforesaid, the Securities so to be
redeemed shall, on the Redemption Date, become due and payable at the Redemption Price therein specified and from and after such date (unless the Company shall default in the payment of the Redemption Price and accrued interest) such Securities
shall cease to bear interest. Upon surrender of any such Security for redemption in accordance with said notice, such Security shall be paid by the Company at the Redemption Price together with accrued interest to the Redemption Date;
provided, however, that installments of interest whose Stated Maturity is on or prior to the Redemption Date shall be payable to the Holders of such Securities, or one or more Predecessor Securities, registered as such on the relevant
Regular Record Dates and Special Record Dates according to the terms and the provisions of Section 309. 
  
 If any Security called for redemption shall not be so paid upon surrender thereof for redemption, the principal and premium, if any, shall, until paid,
bear interest from the Redemption Date at the rate borne by such Security. 
  
 Section 1108. Securities Redeemed or Purchased in Part. 
  
 Any Security which is to be redeemed or purchased only in part shall be surrendered to the Paying Agent at the office or agency maintained for such
purpose pursuant to Section 1002 (with, if the Company, the Security Registrar or the Trustee so requires, due endorsement by, or a written instrument of transfer in form satisfactory to the Company, the Security Registrar or the Trustee, as the
case may be, duly executed by, the Holder thereof or such Holder’s attorney duly authorized in writing), and the Company shall execute, and the Trustee shall authenticate and deliver to the Holder of such Security without service charge, a new
Security or Securities, of any authorized denomination as requested by such Holder in aggregate principal amount equal to, and in exchange for, the unredeemed portion of the principal of the Security so surrendered that is not redeemed or purchased.

  
 Section 1109. No Mandatory Redemption.

  
 The Company is not required to make mandatory redemption or
sinking fund payments with respect to the Securities. 
  
 ARTICLE TWELVE 
  
 SATISFACTION AND DISCHARGE

  
 Section 1201. Satisfaction and Discharge of
Indenture. 
  
 This Indenture will be discharged and will
cease to be of further effect (except as to surviving rights of registration of transfer or exchange of Securities as expressly provided for herein) as to all Outstanding Securities hereunder, and the Trustee, upon Company Request and at the expense
of the Company, shall execute proper instruments acknowledging satisfaction and discharge of this Indenture, when 
  
 (a) either 
  
 (1) all the Securities theretofore authenticated and delivered (other than (i) lost, stolen or destroyed Securities which have been
replaced or paid as provided in Section 308 or (ii) all Securities 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 as
provided in Section 1003) have been delivered to the Trustee for cancellation; or 
  

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 (2) all such Securities not theretofore delivered to the Trustee for cancellation (i)
have become due and payable, (ii) will become due and payable at their Stated Maturity within one year or (iii) 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; 
  
 (b) the Company or any Guarantor has irrevocably deposited or caused to be deposited with the Trustee as trust funds in trust an amount in United States dollars sufficient to pay and discharge the entire Indebtedness on the Securities not
theretofore delivered to the Trustee for cancellation, including the principal of, premium, if any, and accrued interest on, such Securities at such Maturity, Stated Maturity or Redemption Date; 
  
 (c) after giving effect thereto, no Default or Event of Default shall have
occurred and be continuing under any Indebtedness of the Company or any Restricted Subsidiary on the date of such deposit; 
  
 (d) such satisfaction and discharge will not result in a breach or violation of, or constitute a default under, this Indenture or any other material
agreement or instrument to which the Company, any Guarantor or any Restricted Subsidiary is a party or by which the Company, any Guarantor or any Restricted Subsidiary is bound; 
  
 (e) the Company or any Guarantor has paid or caused to be paid all other sums payable hereunder by the Company and any
Guarantor; and 
  
 (f) the Company has delivered to the Trustee an
Officers’ Certificate and an Opinion of Counsel, in form and substance satisfactory to the Trustee, each stating that (i) all conditions precedent herein relating to the satisfaction and discharge hereof have been complied with. 
  
 Notwithstanding the satisfaction and discharge hereof, the obligations of the
Company to the Trustee under Section 607 and, if United States dollars shall have been deposited with the Trustee pursuant to subclause (2) of subsection (a) of this Section 1201, the obligations of the Trustee under Section 1202 and the last
paragraph of Section 1003 shall survive. 
  
 Section 1202.
Application of Trust Money. 
  
 Subject to the
provisions of the last paragraph of Section 1003, all United States dollars deposited with the Trustee pursuant to Section 1201 shall be held in trust and applied by it, in accordance with the provisions of the Securities and this Indenture, to the
payment, either directly or through any Paying Agent (including the Company acting as its own Paying Agent) as the Trustee may determine, to the Persons entitled thereto, of the principal of, premium, if any, and interest on, the Securities for
whose payment such United States dollars have been deposited with the Trustee. 
  

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 ARTICLE THIRTEEN 
  
 SUBORDINATION OF SECURITIES 
  

Section 1301. Securities Subordinate to Senior Indebtedness. 
  
 The Company covenants and agrees, and each Holder of a Security, by such Holder’s acceptance thereof, likewise
covenants and agrees, that, to the extent and in the manner hereinafter set forth in this Article, the Indebtedness represented by the Securities and the payment of the principal of, premium, if any, and interest on the Securities and any other
payment obligations on or with respect to the Securities (including any obligation to repurchase the Securities) are hereby expressly made subordinate and subject in right of payment as provided in this Article to the prior payment in full in cash
or Cash Equivalents of the Senior Indebtedness. 
  
 This Article
Thirteen shall constitute a continuing offer to all Persons who, in reliance upon such provisions, become holders of, or continue to hold Senior Indebtedness; and such provisions are made for the benefit of the holders of Senior Indebtedness; and
such holders are made obligees hereunder and they or each of them may enforce such provisions as provided herein. 
  
 Section 1302. Payment Over of Proceeds Upon Dissolution, etc. 
  
 (a) The holders of Senior Indebtedness shall be entitled to receive payment in full in cash or Cash Equivalents of all
obligations due in respect of such Senior Indebtedness (including interest after the commencement of any bankruptcy, reorganization, insolvency, receivership or similar proceeding whether or not allowed or allowable as a claim in any such preceding
at the rate specified in the applicable Senior Indebtedness) before the Holders of the Securities will be entitled to receive any direct or indirect payment in respect of any Indenture Obligations, in the event of any distribution to creditors of
the Company or a Guarantor: 
  
 (1) in a
liquidation or dissolution of the Company or a Guarantor: 
  
 (2) in a bankruptcy, reorganization, insolvency, receivership or similar proceeding relating to the Company or a Guarantor or its property; 
  
 (3) in an assignment for the benefit of creditors; or 
  
 (4) in any marshalling of the Company’s or a
Guarantor’s assets and liabilities. 
  
 (b) Any payment or
distribution of any kind or character, whether in cash, property or securities, which may be payable or deliverable in respect of the Indenture Obligations in any case, proceeding, dissolution, liquidation or other winding up or event of the type
referred to in clauses (1) through (4) in paragraph (a) of this Section 1302, including any such payment or distribution which may be payable or deliverable by reason of the payment of any other indebtedness of the Company or a Guarantor which is
subordinated to the payment of the Indenture Obligations, shall be paid by the Company or Guarantor, as applicable, or by the trustee in bankruptcy, debtor-in-possession, receiver, liquidating trustee, custodian, assignee, agent or other Person
making payment or distribution of assets of the Company or a Guarantor directly to the holders of the Senior Indebtedness or their representative or representatives or to the trustee or trustees under any indenture under which any instruments
evidencing any of such Senior Indebtedness may have been issued, ratably according to 

  

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the aggregate amounts remaining unpaid, for application to the payment of all Senior Indebtedness remaining unpaid to the extent necessary to pay all Senior
Indebtedness in full in cash or Cash Equivalents after giving effect to any concurrent payment or distribution to or for the benefit of the holders of the Senior Indebtedness, except that (1) in a bankruptcy, reorganization, insolvency, receivership
or similar proceeding relating to the Company or a Guarantor or its property, holders of the Securities may receive any payment or distribution authorized by an unstayed, final, nonappealable order or decree stating that effect is being given to the
subordination of the Indenture Obligations to the Senior Indebtedness and made by a court of competent jurisdiction in a reorganization proceeding under any applicable bankruptcy law of securities (“Permitted Junior Securities”) which, if
debt securities, are subordinated to at least the same extent as the Indenture Obligations are to (x) the Senior Indebtedness or (y) any securities issued in exchange for the Senior Indebtedness; and (2) holders of the Securities may recover
payments made from the trust described under provisions of Section 402 or 403 of this Indenture. 
  
 (c) The consolidation of the Company with, or the merger of the Company with or into, another Person or the liquidation or dissolution of the Company
following the sale, assignment, conveyance, transfer, lease or other disposal of its properties and assets substantially as an entirety to another Person upon the terms and conditions set forth in Article Eight shall not be deemed a dissolution,
winding up, liquidation, reorganization, assignment for the benefit of creditors or marshaling of assets and liabilities of the Company or any Guarantor for the purposes of this Section 1302 if the Person formed by such consolidation or the
surviving entity of such merger or the Person which acquires by sale, assignment, conveyance, transfer, lease or other disposal of such properties and assets substantially as an entirety, as the case may be, shall, as a part of such consolidation,
merger, sale, assignment, conveyance, transfer, lease or other disposal, comply with the conditions set forth in Article Eight. 
  
 Section 1303. Suspension of Payment When Designated Senior Indebtedness in Default. 
  
 (a) Unless Section 1302 shall be applicable, upon the occurrence of any
default in the payment of principal of, premium, if any, or interest on any Designated Senior Indebtedness beyond any applicable grace period (a “Payment Default”), no payment (other than any payment or distribution in the form of
Permitted Junior Securities and any payment previously set aside with the Trustee or payments previously made, in either case, pursuant to Section 402 or 403 of this Indenture) or distribution of any assets of the Company of any kind or character
may be made by the Company in respect of the Indenture Obligations, or on account of the purchase, redemption, defeasance or other acquisition of or in respect of, the Securities unless and until such Payment Default shall have been cured or waived
or shall have ceased to exist or such Designated Senior Indebtedness shall have been discharged or paid in full in cash or Cash Equivalents, after which the Company shall (subject to the other provisions of this Article Thirteen) resume making any
and all required payments in respect of the Securities, including any missed payments. 
  
 (b) Unless Section 1302 shall be applicable, upon the occurrence and during the continuance of any default other than a Payment Default with respect to any Designated Senior Indebtedness pursuant to which the maturity
thereof may then be accelerated (a “Non-payment Default”) and after the receipt by the Trustee and the Company of written notice of such Non-payment Default from the applicable Agent Bank, with respect to the Designated Senior Indebtedness
arising under the Credit Agreement or from a Senior Representative, with respect to any other Designated Senior Indebtedness, no payment (other than any payment or distribution in the form of Permitted Junior Securities and any payment previously
set aside with the Trustee, or payments previously made, 

  

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in either case, pursuant to the provisions of Section 402 or 403 of this Indenture) or distribution of any assets of the Company of any kind or character may
be made by the Company in respect of the Indenture Obligations, or on account of the purchase, redemption, defeasance or other acquisition of or in respect of, the Securities for the period specified in paragraph (c) below (the “Payment
Blockage Period”). 
  
 (c) The Payment Blockage Period shall
commence upon the receipt of the notice of the Non-payment Default (the “Payment Blockage Notice”) by the Trustee and the Company from the applicable Agent Bank or Senior Representative, as the case may be, and shall end on the earliest of

  
 (1) the 179th day after such commencement
unless the maturity of any Senior Designated Indebtedness has been accelerated, 
  
 (2) the date on which such Non-payment Default (and all Non-payment Defaults as to which notice is given after such Payment Blockage
Period is initiated) is cured, waived or ceases to exist or on which such Designated Senior Indebtedness is discharged or paid in full in cash or Cash Equivalents or 
  
 (3) the date on which such Payment Blockage Period (and all Non-payment Defaults as to which notice is given
after such Payment Blockage Period is initiated) shall have been terminated by written notice to the Company or the Trustee from the applicable Agent Bank or Senior Representative, as the case may be, initiating such Payment Blockage Period.

  
 When the Payment Blockage Period ends, unless a Payment
Default has occurred and is continuing, the Company shall promptly resume making any and all required payments in respect of the Securities, including any missed payments. In no event will a Payment Blockage Period extend beyond 179 days from the
date of the receipt by the Company or the Trustee of the notice initiating such Payment Blockage Period (such 179-day period referred to as the “Initial Period”). Any number of notices of Non-payment Defaults may be given during the
Initial Period. However, no new Payment Blockage Period may be commenced by a Payment Blockage Notice unless and until 360 days have elapsed since the first date of the effectiveness of the Initial Period; provided that the delivery of a Payment
Blockage Notice by a Senior Representative or holder of Senior Indebtedness other than under the Credit Agreement shall not bar the delivery of another Payment Blockage Notice by the applicable Agent Bank for the Credit Agreement within such 360
days; provided, further, that no Payment Blockage Payment Period shall exceed 179 days in any one year and no two consecutive interest payments on the Securities may be blocked by the delivery of a Payment Blockage Notice. 
  
 No Non-payment Default with respect to Designated Senior Indebtedness that
existed or was continuing on the date of the commencement of any Payment Blockage Period will be, or can be, made the basis for the commencement of a second Payment Blockage Period, whether or not within a period of 360 consecutive days, unless such
default has been cured or waived for a period of not less than 90 consecutive days subsequent to the commencement of the Initial Period. 
  
 The Company shall deliver a notice to the Trustee promptly after the date on which any Non-payment Default is cured or waived or ceases to exist or on
which the Designated Senior Indebtedness related thereto is discharged or paid in full in cash or Cash Equivalents, and the Trustee is authorized to act in reliance on such notice. 
  

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 Section 1304. Payment Permitted if No Default. 
  
 Nothing contained in this Article, elsewhere in this Indenture or in any of
the Securities shall prevent the Company, at any time except during the pendency of any case, proceeding, dissolution, liquidation or other winding-up, assignment for the benefit of creditors or other marshalling of assets and liabilities of the
Company referred to in Section 1302 or under the conditions described in Section 1303, from making payments at any time of principal of, premium, if any, or interest on the Securities. 
  
 Section 1305. Turnover of Payment. 
  
 In the event that, the Trustee or the Holder of any Security shall have received any payment or distribution of assets of
the Company or any Guarantor of any kind or character, whether in cash, property or securities (excluding Permitted Junior Securities or payments from the trust described under Section 402 or 403 of this Indenture), in respect of the Indenture
Obligations when such payment or distribution is prohibited by the subordination provisions of this Article Thirteen, then the Trustee or the Holders, as the case may be, shall deliver the amounts in trusts to the holders of the Senior Indebtedness
of the Company or their proper representative. Upon the proper written request of the holders of the Senior Indebtedness of the Company, the Trustee or the Holders, as the case may be, shall deliver the amounts in trust to the holders of Senior
Indebtedness of the Company or their proper representative. 
  
 Section 1306. Subrogation to Rights of Holders of Senior Indebtedness. 
  
 After the payment in full in cash or Cash Equivalents of all Senior Indebtedness, the Holders of the Securities shall be subrogated to the rights of the holders of such Senior Indebtedness to receive payments and
distributions of cash, property and securities applicable to the Senior Indebtedness until the principal of, premium, if any, and interest on, the Securities shall be paid in full. For purposes of such subrogation, no payments or distributions to
the holders of Senior Indebtedness of any cash, property or securities to which the Holders of the Securities or the Trustee would be entitled except for the provisions of this Article, and no payments over pursuant to the provisions of this Article
to the holders of Senior Indebtedness by Holders of the Securities or the Trustee, shall, as among the Company, its creditors other than holders of Senior Indebtedness, and the Holders of the Securities, be deemed to be a payment or distribution by
the Company to or on account of the Senior Indebtedness. 
  
 Section 1307. Provisions Solely to Define Relative Rights. 
  
 The provisions of this Article are intended solely for the purpose of defining the relative rights of the Holders of the Securities on the one hand and the holders of Senior Indebtedness on the other hand. Nothing
contained in this Article or elsewhere in this Indenture or in the Securities is intended to or shall (a) impair, as among the Company, its creditors other than holders of Senior Indebtedness and the Holders of the Securities, the obligation of the
Company, which is absolute and unconditional, to pay to the Holders of the Securities the principal of, premium, if any, and interest on, the Securities as and when the same shall become due and payable in accordance with their terms; or (b) affect
the relative rights against the Company or the Holders of the Securities and creditors of the Company other than the holders of Senior Indebtedness; or (c) prevent the Trustee or the Holder of any Security from exercising all remedies otherwise
permitted by applicable law upon default under this Indenture, subject to the rights, if any, under this Article of the holders of Senior Indebtedness (1) in 

  

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any case, proceeding, dissolution, liquidation or other winding up, assignment for the benefit of creditors or other marshaling of assets and liabilities of
the Company referred to in Section 1302, to receive, pursuant to and in accordance with such Section, cash, property and securities otherwise payable or deliverable to the Trustee or such Holder, or (2) under the conditions specified in Section
1303, to prevent any payment prohibited by such section. 
  
 Section 1308. Trustee to Effectuate Subordination. 
  
 Each Holder of a Security by such Holder’s acceptance thereof authorizes and directs the Trustee on such Holder’s behalf to take such action as may be necessary or appropriate to effectuate the subordination
provided in this Article and appoints the Trustee such Holder’s attorney-in-fact for any and all such purposes, including, in the event of any dissolution, winding-up, liquidation or reorganization of the Company whether in bankruptcy,
insolvency, receivership proceedings, or otherwise, the timely filing of a claim for the unpaid balance of the indebtedness of the Company owing to such Holder in the form required in such proceedings and the causing of such claim to be approved.

  
 Section 1309. No Waiver of Subordination
Provisions. 
  
 (a) No right of any present or future holder
of any Senior Indebtedness to enforce subordination as herein provided shall at any time in any way be prejudiced or impaired by any act or failure to act on the part of the Company or by any act or failure to act, in good faith, by any such holder,
or by any non-compliance by the Company with the terms, provisions and covenants of this Indenture, regardless of any knowledge thereof any such holder may have or be otherwise charged with. 
  
 (b) Without limiting the generality of subsection (a) of this Section, the
holders of Senior Indebtedness may, at any time and from time to time, without the consent of or notice to the Trustee or the Holders of the Securities, without incurring responsibility to the Holders of the Securities and without impairing or
releasing the subordination provided in this Article or the obligations hereunder of the Holders of the Securities to the holders of Senior Indebtedness, do any one or more of the following: (1) change the manner, place or terms of payment or extend
the time of payment of, or renew or alter, Senior Indebtedness or any instrument evidencing the same or any agreement under which Senior Indebtedness is outstanding; (2) sell, exchange, release or otherwise deal with any property pledged, mortgaged
or otherwise securing Senior Indebtedness; (3) release any Person liable in any manner for the collection or payment of Senior Indebtedness; and (4) exercise or refrain from exercising any rights against the Company and any other Person; provided,
however, that in no event shall any such actions limit the right of the Holders of the Securities to take any action to accelerate the maturity of the Securities pursuant to Article Five of this Indenture or to pursue any rights or remedies
hereunder or under applicable laws if the taking of such action does not otherwise violate the terms of this Article. 
  
 Section 1310. Notice to Trustee. 
  
 (a) The Company shall give prompt written notice to the Trustee of any fact known to the Company which would prohibit the making of any payment to or by
the Trustee in respect of the Securities. Notwithstanding the provisions of this Article or any other provision of this Indenture, the Trustee shall not be charged with knowledge of the existence of any facts which would prohibit the making of any
payment to or by the Trustee in respect of the Securities, unless and until the Trustee 

  

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shall have received written notice thereof from the Company or a holder of Senior Indebtedness, an applicable Agent Bank or from a Senior Representative or
any trustee, fiduciary or agent therefor; and, prior to the receipt of any such written notice, the Trustee shall be entitled in all respects to assume that no such facts exist; provided, however, that if the Trustee shall not have received the
notice provided for in this Section by Noon, Eastern Time, on the Business Day prior to the date upon which by the terms hereof any money may become payable for any purpose (including, without limitation, the payment of the principal of, premium, if
any, or interest on any Security), then, anything herein contained to the contrary notwithstanding but without limiting the rights and remedies of the holders of Senior Indebtedness, an applicable Agent Bank, a Senior Representative or any trustee,
fiduciary or agent thereof, the Trustee shall have full power and authority to receive such money and to apply the same to the purpose for which such money was received and shall not be affected by any notice to the contrary which may be received by
it after such date; nor shall the Trustee be charged with knowledge of the curing of any such default or the elimination of the act or condition preventing any such payment unless and until the Trustee shall have received an Officers’
Certificate to such effect. 
  
 (b) The Trustee shall be entitled
to rely on the delivery to it of a written notice to the Trustee and the Company by a Person which represents itself as an applicable Agent Bank, a Senior Representative or a holder of Senior Indebtedness (or a trustee, fiduciary or agent therefor)
to establish that such notice has been given by an applicable Agent Bank, a Senior Representative or a holder of Senior Indebtedness (or a trustee, fiduciary or agent therefor); provided, however, that failure to give such notice to the Company
shall not affect in any way the ability of the Trustee to rely on such notice. In the event that the Trustee determines in good faith that further evidence is required with respect to the right of any Person as a holder of Senior Indebtedness to
participate in any payment or distribution pursuant to this Article, the Trustee may request such Person to furnish evidence to the reasonable satisfaction of the Trustee as to the amount of Senior Indebtedness held by such Person, the extent to
which such Person is entitled to participate in such payment or distribution and any other facts pertinent to the rights of such Person under this Article, and if such evidence is not furnished, the Trustee may defer any payment to such Person
pending judicial determination as to the right of such Person to receive such payment. 
  
 Section 1311. Reliance on Judicial Orders or Certificates. 
  
 Upon any payment or distribution of assets of the Company referred to in this Article, the Trustee and the Holders of the Securities shall be entitled to
rely upon any order or decree entered by any court of competent jurisdiction in which such insolvency, bankruptcy, receivership, liquidation, reorganization, dissolution, winding up or similar case or proceeding is pending, or a certificate of the
trustee in bankruptcy, receiver, liquidating trustee, custodian, assignee for the benefit of creditors, agent or other person making such payment or distribution, or a certificate of an applicable Agent Bank or a Senior Representative, delivered to
the Trustee or to the Holders of Securities for the purpose of ascertaining the Persons entitled to participate in such payment or distribution, the holders of 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, provided that the foregoing shall apply only if such court has been fully apprised of the provisions of this Article. 
  

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 Section 1312. Rights of Trustee as a Holder of Senior Indebtedness; Preservation of
Trustee’s Rights. 
  
 The Trustee in its individual
capacity shall be entitled to all the rights set forth in this Article with respect to any Senior Indebtedness which may at any time be held by it, to the same extent as any other holder of Senior Indebtedness, and nothing in this Indenture shall
deprive the Trustee of any of its rights as such holder. Nothing in this Article shall apply to claims of, or payments to, the Trustee under or pursuant to Section 607. 
  
 Section 1313. Article Applicable to Paying Agents. 
  
 In case at any time any Paying Agent other than the Trustee shall have been
appointed by the Company and be then acting under this Indenture, the term “Trustee” as used in this Article shall in such case (unless the context otherwise requires) be construed as extending to and including such Paying Agent within its
meaning as fully for all intents and purposes as if such Paying Agent were named in this Article in addition to or in place of the Trustee; provided, however, that Section 1311 shall not apply to the Company or any Affiliate of the Company if it or
such Affiliate acts as Paying Agent. 
  
 Section 1314.
No Suspension of Remedies. 
  
 Nothing contained in
this Article shall limit the right of the Trustee or the Holders of Securities to take any action to accelerate the maturity of the Securities pursuant to Article Five of this Indenture or to pursue any rights or remedies hereunder or under
applicable law, subject to the rights, if any, under this Article of the holders, from time to time, of Senior Indebtedness to receive the cash, property or securities receivable upon the exercise of such rights or remedies. 
  
 Section 1315. Trustee’s Relation to Senior Indebtedness.

  
 With respect to the holders of Senior Indebtedness, the
Trustee undertakes to perform or to observe only such of its covenants and obligations as are specifically set forth in this Article, and no implied covenants or obligations with respect to the holders of Senior Indebtedness shall be read into this
Article against the Trustee. The Trustee shall not be deemed to owe any fiduciary duty to the holders of Senior Indebtedness and the Trustee shall not be liable to any holder of Senior Indebtedness if it shall in good faith mistakenly (absent
willful misconduct) pay over or deliver to Holders, the Company or any other Person moneys or assets to which any holder of Senior Indebtedness shall be entitled by virtue of this Article or otherwise. 
  
 ARTICLE FOURTEEN 
  
 GUARANTEES 
  
 Section 1401. Guarantors’ Guarantee. 
  
 For value received, each of the Guarantors, in accordance with this Article
Fourteen, hereby absolutely, fully, unconditionally and irrevocably guarantees, jointly and severally with each other and with each other Person which may become a Guarantor hereunder, to the Trustee and the Holders, the punctual payment and
performance when due of all Indenture Obligations (which for purposes of this Guarantee shall also be deemed to include all commissions, fees, charges, costs and 

  

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other expenses (including reasonable legal fees and disbursements of counsel) arising out of or incurred by the Trustee or the Holders in connection with the
enforcement of this Guarantee). 
  
 Section 1402.
Continuing Guarantee; No Right of Set-Off; Independent Obligation. 
  
 (a) This Guarantee shall be a continuing guarantee of the payment and performance of all Indenture Obligations and shall remain in full force and effect until the payment in full of all of the Indenture Obligations
and shall apply to and secure any ultimate balance due or remaining unpaid to the Trustee or the Holders; and this Guarantee shall not be considered as wholly or partially satisfied by the payment or liquidation at any time or from time to time of
any sum of money for the time being due or remaining unpaid to the Trustee or the Holders. Each Guarantor, jointly and severally, covenants and agrees to comply with all obligations, covenants, agreements and provisions applicable to it in this
Indenture including those set forth in Article Eight. Without limiting the generality of the foregoing, each Guarantor’s liability shall extend to all amounts which constitute part of the Indenture Obligations and would be owed by the Company
under this Indenture and the Securities but for the fact that they are unenforceable, reduced, limited, impaired, suspended or not allowable due to the existence of a bankruptcy, reorganization or similar proceeding involving the Company.

  
 (b) Each Guarantor, jointly and severally, hereby guarantees
that the Indenture Obligations will be paid to the Trustee without set-off or counterclaim or other reduction whatsoever (whether for taxes, withholding or otherwise) in lawful currency of the United States of America. 
  
 (c) Each Guarantor, jointly and severally, guarantees that the Indenture
Obligations shall be paid strictly in accordance with their terms regardless of any law, regulation or order now or hereafter in effect in any jurisdiction affecting any of such terms or the rights of the Holders of the Securities. 
  
 (d) Each Guarantor’s liability to pay or perform or cause the
performance of the Indenture Obligations under this Guarantee shall arise forthwith after demand for payment or performance by the Trustee has been given to the Guarantors in the manner prescribed in Section 106 hereof. 
  
 (e) Except as provided herein, the provisions of this Article Fourteen cover
all agreements between the parties hereto relative to this Guarantee and none of the parties shall be bound by any representation, warranty or promise made by any Person relative thereto which is not embodied herein; and it is specifically
acknowledged and agreed that this Guarantee has been delivered by each Guarantor free of any conditions whatsoever and that no representations, warranties or promises have been made to any Guarantor affecting its liabilities hereunder, and that the
Trustee shall not be bound by any representations, warranties or promises now or at any time hereafter made by the Company to any Guarantor. 
  
 (f) This Guarantee is a guarantee of payment, performance and compliance and not of collectibility and is in no way conditioned or contingent upon any
attempt to collect from or enforce performance or compliance by the Company or upon any event or condition whatsoever. 
  
 (g) The obligations of the Guarantors set forth herein constitute the full recourse obligations of the Guarantors enforceable against them to the full
extent of all their assets and properties. 
  

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 Section 1403. Guarantee Absolute. 
  
 The obligations of the Guarantors hereunder are independent of the
obligations of the Company under the Securities and this Indenture and a separate action or actions may be brought and prosecuted against any Guarantor whether or not an action or proceeding is brought against the Company and whether or not the
Company is joined in any such action or proceeding. The liability of the Guarantors hereunder is irrevocable, absolute and unconditional and (to the extent permitted by law) the liability and obligations of the Guarantors hereunder shall not be
released, discharged, mitigated, waived, impaired or affected in whole or in part by: 
  
 (a) any defect or lack of validity or enforceability in respect of any Indebtedness or other obligation of the Company or any other Person under this Indenture or the Securities, or any agreement or instrument
relating to any of the foregoing; 
  
 (b) any grants of time,
renewals, extensions, indulgences, releases, discharges or modifications which the Trustee or the Holders may extend to, or make with, the Company, any Guarantor or any other Person, or any change in the time, manner or place of payment of, or in
any other term of, all or any of the Indenture Obligations, or any other amendment or waiver of, or any consent to or departure from, this Indenture or the Securities, including any increase or decrease in the Indenture Obligations; 
  
 (c) the taking of security from the Company, any Guarantor or any other
Person, and the release, discharge or alteration of, or other dealing with, such security; 
  
 (d) the occurrence of any change in the laws, rules, regulations or ordinances of any jurisdiction by any present or future action of any governmental authority or court amending, varying, reducing or otherwise
affecting, or purporting to amend, vary, reduce or otherwise affect, any of the Indenture Obligations and the obligations of any Guarantor hereunder; 
  
 (e) the abstention from taking security from the Company, any Guarantor or any other Person or from perfecting, continuing to keep perfected or taking
advantage of any security; 
  
 (f) any loss, diminution of value
or lack of enforceability of any security received from the Company, any Guarantor or any other Person, and including any other guarantees received by the Trustee; 
  
 (g) any other dealings with the Company, any Guarantor or any other Person, or with any security; 
  
 (h) the Trustee’s or the Holders’ acceptance of compositions from
the Company or any Guarantor; 
  
 (i) the application by the
Holders or the Trustee of all monies at any time and from time to time received from the Company, any Guarantor or any other Person on account of any indebtedness and liabilities owing by the Company or any Guarantor to the Trustee or the Holders,
in such manner as the Trustee or the Holders deems best and the changing of such application in whole or in part and at any time or from time to time, or any manner of application of collateral, or proceeds thereof, to all or any of the Indenture
Obligations, or the manner of sale of any collateral; 
  

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 (j) the release or discharge of the Company or any Guarantor of the Securities or of any Person liable
directly as surety or otherwise by operation of law or otherwise for the Securities, other than an express release in writing given by the Trustee, on behalf of the Holders, of the liability and obligations of any Guarantor hereunder; 
  
 (k) any change in the name, business, capital structure or governing
instrument of the Company or any Guarantor or any refinancing or restructuring of any of the Indenture Obligations; 
  
 (l) subject to Section 1414, the sale of the Company’s or any Guarantor’s business or any part thereof; 
  
 (m) subject to Section 1414, any merger or consolidation, arrangement or
reorganization of the Company, any Guarantor, any Person resulting from the merger or consolidation of the Company or any Guarantor with any other Person or any other successor to such Person or merged or consolidated Person or any other change in
the corporate existence, structure or ownership of the Company or any Guarantor or any change in the corporate relationship between the Company and any Guarantor, or any termination of such relationship; 
  
 (n) the insolvency, bankruptcy, liquidation, winding-up, dissolution,
receivership, arrangement, readjustment, assignment for the benefit of creditors or distribution of the assets of the Company or its assets or any resulting discharge of any obligations of the Company (whether voluntary or involuntary) or of any
Guarantor (whether voluntary or involuntary) or the loss of corporate existence; 
  
 (o) subject to Section 1414, any arrangement or plan of reorganization affecting the Company or any Guarantor; 
  
 (p) any failure, omission or delay on the part of the Company to conform or comply with any term of this Indenture; 
  
 (q) any limitation on the liability or obligations of the Company or any
other Person under this Indenture, or any discharge, termination, cancellation, distribution, irregularity, invalidity or unenforceability in whole or in part of this Indenture; 
  
 (r) any other circumstance (including any statute of limitations) that might otherwise constitute a defense available to, or
discharge of, the Company or any Guarantor; or 
  
 (s) any
modification, compromise, settlement or release by the Trustee, or by operation of law or otherwise, of the Indenture Obligations or the liability of the Company or any other obligor under the Securities, in whole or in part, and any refusal of
payment by the Trustee, in whole or in part, from any other obligor or other guarantor in connection with any of the Indenture Obligations, whether or not with notice to, or further assent by, or any reservation of rights against, each of the
Guarantors. 
  
 Section 1404. Right to Demand Full
Performance. 
  
 In the event of any demand for payment or
performance by the Trustee from any Guarantor hereunder, the Trustee or the Holders shall have the right to demand its full claim and to receive all dividends or other payments in respect thereof until the Indenture Obligations have been paid in
full, and the Guarantors shall continue to be jointly and severally liable hereunder for any 

  

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balance which may be owing to the Trustee or the Holders by the Company under this Indenture and the Securities. The retention by the Trustee or the Holders
of any security, prior to the realization by the Trustee or the Holders of its rights to such security upon foreclosure thereon, shall not, as between the Trustee and any Guarantor, be considered as a purchase of such security, or as payment,
satisfaction or reduction of the Indenture Obligations due to the Trustee or the Holders by the Company or any part thereof. Each Guarantor, promptly after demand, will reimburse the Trustee and the Holders for all costs and expenses of collecting
such amount under, or enforcing this Guarantee, including, without limitation, the reasonable fees and expenses of counsel. 
  
 Section 1405. Waivers. 
  
 (a) Each Guarantor hereby expressly waives (to the extent permitted by law) notice of the acceptance of this Guarantee and notice of the existence,
renewal, extension or the non-performance, non-payment, or non-observance on the part of the Company of any of the terms, covenants, conditions and provisions of this Indenture or the Securities or any other notice whatsoever to or upon the Company
or such Guarantor with respect to the Indenture Obligations, whether by statute, rule of law or otherwise. Each Guarantor hereby acknowledges communication to it of the terms of this Indenture and the Securities and all of the provisions therein
contained and consents to and approves the same. Each Guarantor hereby expressly waives (to the extent permitted by law) diligence, presentment, protest and demand for payment with respect to (i) any notice of sale, transfer or other disposition of
any right, title to or interest in the Securities by the Holders or in this Indenture, (ii) any release of any Guarantor from its obligations hereunder resulting from any loss by it of its rights of subrogation hereunder and (iii) any other
circumstances whatsoever that might otherwise constitute a legal or equitable discharge, release or defense of a guarantor or surety or that might otherwise limit recourse against such Guarantor. 
  
 (b) Without prejudice to any of the rights or recourses which the Trustee or
the Holders may have against the Company, each Guarantor hereby expressly waives (to the extent permitted by law) any right to require the Trustee or the Holders to: 
  
 (i) enforce, assert, exercise, initiate or exhaust any rights, remedies or recourse against the Company, any
Guarantor or any other Person under this Indenture or otherwise; 
  
 (ii) value, realize upon, or dispose of any security of the Company or any other Person held by the Trustee or the Holders; 
  
 (iii) initiate or exhaust any other remedy which the Trustee or the Holders may have in law or equity; or 
  
 (iv) mitigate the damages resulting from any Default under
this Indenture; before requiring or becoming entitled to demand payment from such Guarantor under this Guarantee. 
  
 Section 1406. The Guarantors Remain Obligated in Event the Company Is No Longer Obligated to Discharge Indenture Obligations. 
  
 It is the express intention of the Trustee and the Guarantors that if for any
reason the Company has no legal existence, is or becomes under no legal obligation to discharge the Indenture Obligations owing to the Trustee or the Holders by the Company or if any of the Indenture Obligations 

  

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owing by the Company to the Trustee or the Holders becomes irrecoverable from the Company by operation of law or for any reason whatsoever, this Guarantee
and the covenants, agreements and obligations of the Guarantors contained in this Article Fourteen shall nevertheless be binding upon the Guarantors, as principal debtor, until such time as all such Indenture Obligations have been paid in full to
the Trustee and all Indenture Obligations owing to the Trustee or the Holders by the Company have been discharged, or such earlier time as Section 402 shall apply to the Securities and the Guarantors shall be responsible for the payment thereof to
the Trustee or the Holders upon demand. 
  
 Section 1407.
Fraudulent Conveyance; Contribution; Subrogation. 
  
 (a) Each Guarantor that is a Subsidiary of the Company and, by its acceptance hereof, each Holder hereby confirm that it is the intention of all such parties that the Guarantee by such Guarantor pursuant to its Guarantee not constitute a
fraudulent transfer or conveyance for purposes of the Bankruptcy Law, the Uniform Fraudulent Conveyance Act, the Uniform Fraudulent Transfer Act or any similar federal or state law. To effectuate the foregoing intention, the Holders and such
Guarantor hereby irrevocably agree that the obligations of such Guarantor under its Guarantee shall be limited to the maximum amount which, after giving effect to all other contingent and fixed liabilities of such Guarantor and after giving effect
to any collections from or payments made by or on behalf of any other Guarantor in respect of the obligations of such other Guarantor under its Guarantee or pursuant to its contribution obligations under this Indenture, will result in the
obligations of such Guarantor under its Guarantee not constituting such fraudulent transfer or conveyance. 
  
 (b) Each Guarantor that makes a payment or distribution under its Guarantee shall be entitled to a contribution from each other Guarantor, if any, in a
pro rata amount based on the net assets of each Guarantor, determined in accordance with GAAP. 
  
 (c) Until the Securities are paid in full, each Guarantor hereby waives all rights of subrogation or contribution, whether arising by contract or
operation of law (including, without limitation, any such right arising under federal bankruptcy law) or otherwise by reason of any payment by it pursuant to the provisions of this Article Fourteen. 
  
 Section 1408. Guarantee Is in Addition to Other Security.

  
 This Guarantee shall be in addition to and not in substitution
for any other guarantees or other security which the Trustee may now or hereafter hold in respect of the Indenture Obligations owing to the Trustee or the Holders by the Company and (except as may be required by law) the Trustee shall be under no
obligation to marshal in favor of each of the Guarantors any other guarantees or other security or any moneys or other assets which the Trustee may be entitled to receive or upon which the Trustee or the Holders may have a claim. 
  
 Section 1409. Release of Security Interests. 
  
 Without limiting the generality of the foregoing and except as otherwise
provided in this Indenture, each Guarantor hereby consents and agrees, to the fullest extent permitted by applicable law, that the rights of the Trustee hereunder, and the liability of the Guarantors hereunder, shall not be affected by any and all
releases for any purpose of any collateral, if any, from the Liens and security interests created by any collateral document and that this Guarantee shall continue to be effective or be reinstated, as the case may be, if at any time any payment of
any of the Indenture Obligations is 

  

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rescinded or must otherwise be returned by the Trustee upon the insolvency, bankruptcy or reorganization of the Company or otherwise, all as though such
payment had not been made. 
  
 Section 1410. No Bar to
Further Actions. 
  
 Except as provided by law, no action or
proceeding brought or instituted under this Article Fourteen and this Guarantee and no recovery or judgment in pursuance thereof shall be a bar or defense to any further action or proceeding which may be brought under this Article Fourteen and this
Guarantee by reason of any further default or defaults under this Article Fourteen and this Guarantee or in the payment of any of the Indenture Obligations owing by the Company. 
  
 Section 1411. Failure to Exercise Rights Shall Not Operate as a Waiver; No Suspension of Remedies. 

 
 (a) No failure to exercise and no delay in exercising, on the part of the
Trustee or the Holders, any right, power, privilege or remedy under this Article Fourteen and this Guarantee shall operate as a waiver thereof, nor shall any single or partial exercise of any rights, power, privilege or remedy preclude any other or
further exercise thereof, or the exercise of any other rights, powers, privileges or remedies. The rights and remedies herein provided for are cumulative and not exclusive of any rights or remedies provided in law or equity. 
  
 (b) Nothing contained in this Article Fourteen shall limit the right of the
Trustee or the Holders to take any action to accelerate the maturity of the Securities pursuant to Article Five or to pursue any rights or remedies hereunder or under applicable law. 
  
 Section 1412. Trustee’s Duties; Notice to Trustee. 
  
 (a) Any provision in this Article Fourteen or elsewhere in this Indenture
allowing the Trustee to request any information or to take any action authorized by, or on behalf of any Holder, shall be permissive and shall not be obligatory on the Trustee except as the Holders may direct in accordance with the provisions of
this Indenture or where the failure of the Trustee to request any such information or to take any such action arises from the Trustee’s gross negligence, bad faith or willful misconduct. 
  
 (b) The Trustee shall not be required to inquire into the existence, powers
or capacities of the Company, any Guarantor or the officers, directors or agents acting or purporting to act on their respective behalf. 
  
 Section 1413. Successors and Assigns. 
  
 Subject to Section 1414, all terms, agreements and conditions of this Article Fourteen shall extend to and be binding upon each Guarantor and its
successors and permitted assigns and shall inure to the benefit of and may be enforced by the Trustee and its successors and assigns; provided, however, that the Guarantors may not assign any of their rights or obligations hereunder other
than in accordance with Article Eight. 
  
 Section 1414.
Release of Guarantee. 
  
 Concurrently with the payment
in full of all of the Indenture Obligations, the Guarantors shall be released from and relieved of their obligations under this Article Fourteen. Upon 

  

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the delivery by the Company to the Trustee of an Officers’ Certificate and, if requested by the Trustee, an Opinion of Counsel to the effect that the
transaction giving rise to the release of this Guarantee was made by the Company in accordance with the provisions of this Indenture and the Securities, the Trustee shall execute any documents reasonably required in order to evidence the release of
the Guarantors from their obligations under this Guarantee. If any of the Indenture Obligations are revived and reinstated after the termination of this Guarantee, then all of the obligations of the Guarantors under this Guarantee shall be revived
and reinstated as if this Guarantee had not been terminated until such time as the Indenture Obligations are paid in full, and each Guarantor shall enter into an amendment to this Guarantee, reasonably satisfactory to the Trustee, evidencing such
revival and reinstatement. 
  
 This Guarantee shall terminate with
respect to each Guarantor and shall be automatically and unconditionally released and discharged as provided in Section 1013(b). 
  
 Section 1415. Execution of Guarantee. 
  
 (a) To evidence the Guarantee, each Guarantor hereby agrees to execute the guarantee substantially in the form set forth in Section 204, to be endorsed on
each Security authenticated and delivered by the Trustee and that this Indenture shall be executed on behalf of each Guarantor by its Chairman of the Board, its President, its Chief Executive Officer, Chief Operating Officer or one of its Vice
Presidents. The signature of any of these officers on the Securities may be manual or facsimile. 
  
 (b) Any person that was not a Guarantor on the date of this Indenture may become a Guarantor by executing and delivering to the Trustee (i) a supplemental
indenture in form and substance satisfactory to the Trustee, which subjects such person to the provisions (including the representations and warranties) of this Indenture as a Guarantor, (ii) in the event that as of the date of such supplemental
indenture any registrable Securities are Outstanding, an instrument in form and substance satisfactory to the Trustee which subjects such person to the provisions of the Registration Rights Agreement with respect to such Outstanding registrable
Securities, and (iii) an Opinion of Counsel to the effect that such supplemental indenture has been duly authorized and executed by such person and constitutes the legal, valid and binding obligation of such person (subject to such customary
assumptions and exceptions as may be acceptable to the Trustee in its reasonable discretion). 
  
 (c) If an officer whose signature is on this Indenture no longer holds that office at the time the Trustee authenticates a Security on which this Guarantee is endorsed, such Guarantee shall be valid nevertheless.

  
 Section 1416. Guarantee Subordinate to Senior
Guarantor Indebtedness. 
  
 Each Guarantor covenants and
agrees, and each Holder of a Guarantee, by his acceptance thereof, likewise covenants and agrees, that, to the extent and in the manner hereinafter set forth in this Article, the Indebtedness represented by the Guarantees is hereby expressly made
subordinate and subject in right of payment as provided in this Article to the prior payment in full in cash or Cash Equivalents of all Senior Guarantor Indebtedness. 
  
 This Article Fourteen shall constitute a continuing offer to all Persons who, in reliance upon such provisions, become
holders of, or continue to hold Senior Guarantor Indebtedness; and such 

  

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provisions are made for the benefit of the holders of Senior Guarantor Indebtedness; and such holders are made obligees hereunder and they or each of them
may enforce such provisions. 
  
 Section 1417. Payment
Over of Proceeds Upon Dissolution of the Guarantor, etc. 
  
 (a) The holders of Senior Guarantor Indebtedness shall be entitled to receive payment in full in cash or Cash Equivalents of all obligations due in respect of all Senior Guarantor Indebtedness (including interest after the commencement of
any bankruptcy, reorganization, insolvency, receivership or similar proceeding whether or not allowed or allowable as a claim in any such preceding at the rate specified in the applicable Senior Guarantor Indebtedness) before the Holders of the
Securities will be entitled to receive any direct or indirect payment on account of the Guarantee of such Guarantor, in the event of any distribution to creditors of such Guarantor: 
  
 (1) in a liquidation or dissolution of a Guarantor: 
  
 (2) in a bankruptcy, reorganization, insolvency,
receivership or similar proceeding relating to a Guarantor or its property; 
  
 (3) in an assignment for the benefit of creditors; or 
  
 (4) in any marshalling of a Guarantor’s assets and liabilities. 
  
 (b) Any payment or distribution of any kind or character, whether in cash, property or securities, which may be payable or
deliverable on account of the Guarantee of a Guarantor in any case, proceeding, dissolution, liquidation or other winding up or event of the type referred to in clauses (1) through (4) in paragraph (a) of this Section 1417, including any such
payment or distribution which may be payable or deliverable by reason of the payment of any other indebtedness of a Guarantor which is subordinated to the payment on account of the Guarantee of such Guarantor, shall be paid by such Guarantor, or by
the trustee in bankruptcy, debtor-in-possession, receiver, liquidating trustee, custodian, assignee, agent or other Person making payment or distribution of assets of such Guarantor directly to the holders of the Senior Guarantor Indebtedness or
their representative or representatives or to the trustee or trustees under any indenture under which any instruments evidencing any of the Senior Guarantor Indebtedness may have been issued, ratably according to the aggregate amounts remaining
unpaid, for application to the payment of all Senior Guarantor Indebtedness remaining unpaid to the extent necessary to pay all Senior Guarantor Indebtedness in full in cash or Cash Equivalents after giving effect to any concurrent payment or
distribution to or for the benefit of the holders of the Senior Guarantor Indebtedness, except that (1) in a bankruptcy, reorganization, insolvency, receivership or similar proceeding relating to a Guarantor or its property, holders of the
Securities may receive any payment or distribution authorized by an unstayed, final, nonappealable order or decree stating that effect is being given to the subordination of the payment on account of the Guarantee of such Guarantor to the Senior
Guarantor Indebtedness and made by a court of competent jurisdiction in a reorganization proceeding under any applicable bankruptcy law of securities (“Permitted Guarantor Junior Securities”) which, if debt securities, are subordinated to
at least the same extent as the payment on account of the Guarantee of such Guarantor are to (x) the Senior Guarantor Indebtedness or (y) any securities issued in exchange for the Senior Guarantor Indebtedness; and (2) holders of the Securities may
recover payments made from the trust described under the provisions of Section 402 or 403 of this Indenture. 
  

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 (c) The consolidation of a Guarantor with, or the merger of a Guarantor with or into, another Person or
the liquidation or dissolution of a Guarantor following the sale, assignment, conveyance, transfer, lease or other disposal of its properties and assets substantially as an entirety to another Person upon the terms and conditions set forth in
Article Eight shall not be deemed a dissolution, winding up, liquidation, reorganization, assignment for the benefit of creditors or marshaling of assets and liabilities of a Guarantor for the purposes of this Section 1417 if the Person formed by
such consolidation or the surviving entity of such merger or the Person which acquires by sale, assignment, conveyance, transfer, lease or other disposal of such properties and assets substantially as an entirety, as the case may be, shall, as a
part of such consolidation, merger, sale, assignment, conveyance, transfer, lease or other disposal, comply with the conditions set forth in Article Eight. 
  
 Section 1418. Default on Senior Guarantor Indebtedness. 
  
 (a) Upon the maturity of any Senior Guarantor Indebtedness by lapse of time, acceleration or otherwise, all principal
thereof and interest thereon and other amounts due in connection therewith shall first be paid in full in cash or Cash Equivalents or such payment duly provided for before any payment is made by any of the Guarantors or any Person acting on behalf
of any of the Guarantors in respect of the Guarantee of such Guarantor. 
  
 (b) No payment (excluding payments in the form of Permitted Guarantor Junior Securities) shall be made by any Guarantor in respect of its Guarantee during the period in which Section 1417 shall be applicable, during
any suspension of payments in effect under Section 1303(a) of this Indenture or during any Payment Blockage Period in effect under Section 1303(c) of this Indenture. 
  
 (c) In the event that, notwithstanding the foregoing, any Guarantor shall make any payment to the Trustee or the Holder of
its Guarantee prohibited by the foregoing provisions of this Section, then and in such event such payment shall be paid over and delivered forthwith to the representatives of the holders of the Senior Guarantor Indebtedness or as a court of
competent jurisdiction shall direct. 
  
 Section 1419.
Turnover of Payment. 
  
 In the event that, the Trustee
or the Holder of any Security shall have received any payment or distribution of assets of a Guarantor of any kind or character, whether in cash, property or securities (excluding Permitted Guarantor Junior Securities or payments from the trust
described under Section 402 or 403 of this Indenture), in respect of the payment on account of the Guarantee of such Guarantor when such payment or distribution is prohibited by the subordination provisions of this Article Fourteen, then the Trustee
or the Holders, as the case may be, shall deliver the amounts in trusts to the holders of the Senior Guarantor Indebtedness of the Guarantor or their proper representative. Upon the proper written request of the holders of the Senior Guarantor
Indebtedness of the Guarantor, the Trustee or the Holders, as the case may be, shall deliver the amounts in trust to the holders of Senior Guarantor Indebtedness of the Guarantor or their proper representative. 
  

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 Section 1420. Payment Permitted by Each of the Guarantors if No Default. 
  
 Nothing contained in this Article, elsewhere in this Indenture or in any of
the Securities shall prevent any Guarantor, at any time except during the pendency of any case, proceeding, dissolution, liquidation or other winding-up, assignment for the benefit of creditors or other marshaling of assets and liabilities of such
Guarantor referred to in Section 1417 or under the conditions described in Section 1418, from making payments at any time of principal of, premium, if any, or interest on the Securities. 
  
 Section 1421. Subrogation to Rights of Holders of Senior Guarantor Indebtedness. 
  
 After the payment in full in cash or Cash Equivalents of all Senior Guarantor
Indebtedness, the Holders of the Securities shall be subrogated to the rights of the holders of such Senior Guarantor Indebtedness to receive payments and distributions of cash, property and securities applicable to the Senior Guarantor Indebtedness
until the principal of, premium, if any, and interest on, the Securities shall be paid in full. For purposes of such subrogation, no payments or distributions to the holders of Senior Guarantor Indebtedness of any cash, property or securities to
which the Holders of the Securities or the Trustee would be entitled except for the provisions of this Article, and no payments over pursuant to the provisions of this Article to the holders of Senior Guarantor Indebtedness by Holders of the
Securities or the Trustee, shall, as among any Guarantor, its creditors other than holders of Senior Guarantor Indebtedness, and the Holders of the Securities, be deemed to be a payment or distribution by such Guarantor to or on account of the
Senior Guarantor Indebtedness. 
  
 Section 1422.
Provisions Solely to Define Relative Rights. 
  
 The
provisions of Sections 1416 through 1430 of this Indenture are intended solely for the purpose of defining the relative rights of the Holders of the Securities on the one hand and the holders of Senior Guarantor Indebtedness on the other hand.
Nothing contained in this Article or elsewhere in this Indenture or in the Securities is intended to or shall (a) impair, as among any Guarantor, its creditors other than holders of Senior Guarantor Indebtedness and the Holders of the Securities,
the obligation such Guarantor, which is absolute and unconditional, to pay to the Holders of the Securities the principal of, premium, if any, and interest on, the Securities as and when the same shall become due and payable in accordance with their
terms; or (b) affect the relative rights against each of the Guarantors of the Holders of the Securities and creditors of each of the Guarantors other than the holders of Senior Guarantor Indebtedness; or (c) prevent the Trustee or the Holder of any
Security from exercising all remedies otherwise permitted by applicable law upon default under this Indenture, subject to the rights, if any, under this Article of the holders of Senior Guarantor Indebtedness (1) in any case, proceeding,
dissolution, liquidation or other winding up, assignment for the benefit of creditors or other marshaling of assets and liabilities of the Guarantors referred to in Section 1417, to receive, pursuant to and in accordance with such Section, cash,
property and securities otherwise payable or deliverable to the Trustee or such Holder, or (2) under the conditions specified in Section 1418, to prevent any payment prohibited by such Section or enforce their rights pursuant to Section 1418(c).

  
 Section 1423. Trustee to Effectuate
Subordination. 
  
 Each Holder of a Security by such
Holder’s acceptance thereof authorizes and directs the Trustee on such Holder’s behalf to take such action as may be necessary or appropriate to effectuate the subordination provided in this Article and appoints the Trustee such
Holder’s attorney-in-fact for any 

  

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and all such purposes, including, in the event of any dissolution, winding-up, liquidation or reorganization of any Guarantor whether in bankruptcy,
insolvency, receivership proceedings, or otherwise, the timely filing of a claim for the unpaid balance of the indebtedness of any Guarantor owing to such Holder in the form required in such proceedings and the causing of such claim to be approved.

  
 Section 1424. No Waiver of Subordination
Provisions. 
  
 (a) No right of any present or future holder
of any Senior Guarantor Indebtedness to enforce subordination as herein provided shall at any time in any way be prejudiced or impaired by any act or failure to act on the part of any Guarantor or by any act or failure to act, in good faith, by any
such holder, or by any non-compliance by any Guarantor with the terms, provisions and covenants of this Indenture, regardless of any knowledge thereof any such holder may have or be otherwise charged with. 
  
 (b) Without limiting the generality of subsection (a) of this Section, the
holders of Senior Guarantor Indebtedness may, at any time and from time to time, without the consent of or notice to the Trustee or the Holders of the Securities, without incurring responsibility to the Holders of the Securities and without
impairing or releasing the subordination provided in this Article or the obligations hereunder of the Holders of the Securities to the holders of Senior Guarantor Indebtedness, do any one or more of the following: (1) change the manner, place or
terms of payment or extend the time of payment of, or renew or alter, Senior Guarantor Indebtedness or any instrument evidencing the same or any agreement under which Senior Guarantor Indebtedness is outstanding; (2) sell, exchange, release or
otherwise deal with any property pledged, mortgaged or otherwise securing Senior Guarantor Indebtedness; (3) release any Person liable in any manner for the collection or payment of Senior Guarantor Indebtedness; and (4) exercise or refrain from
exercising any rights against any of the Guarantors and any other Person; provided, however, that in no event shall any such actions limit the right of the Holders of the Securities to take any action to accelerate the maturity of the Securities
pursuant to Article Five of this Indenture or to pursue any rights or remedies hereunder or under applicable laws if the taking of such action does not otherwise violate the terms of this Article. 
  
 Section 1425. Notice to Trustee by Each of the Guarantors.

  
 (a) Each Guarantor shall give prompt written notice to the
Trustee of any fact known to such Guarantor which would prohibit the making of any payment to or by the Trustee in respect of the Guarantee. Notwithstanding the provisions of this Article or any other provision of this Indenture, the Trustee shall
not be charged with knowledge of the existence of any facts which would prohibit the making of any payment to or by the Trustee in respect of the Securities, unless and until the Trustee shall have received written notice thereof from any Guarantor
or a holder of Senior Guarantor Indebtedness or any trustee, fiduciary or agent therefor; and, prior to the receipt of any such written notice, the Trustee shall be entitled in all respects to assume that no such facts exist; provided, however, that
if the Trustee shall not have received the notice provided for in this Section by Noon, Eastern Time, on the Business Day prior to the date upon which by the terms hereof any money may become payable for any purpose (including, without limitation,
the payment of the principal of, premium, if any, or interest on any Security), then, anything herein contained to the contrary notwithstanding but without limiting the rights and remedies of the holders of Senior Guarantor Indebtedness or any
trustee, fiduciary or agent thereof, the Trustee shall have full power and authority to receive such money and to apply the same to the purpose for which such money was received and shall not be affected by any notice to the contrary which may be
received by it after such date; nor shall the Trustee be charged with knowledge of the curing of any such default or the elimination of the 

  

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act or condition preventing any such payment unless and until the Trustee shall have received an Officers’ Certificate to such effect. 
  
 (b) The Trustee shall be entitled to rely on the delivery to it of a written
notice to the Trustee and each Guarantor by a Person which represents itself as a representative of one or more holders of Guarantor Senior or a holder of Senior Guarantor Indebtedness (or a trustee, fiduciary or agent therefor) to establish that
such notice has been given by a representative of or a holder of Senior Guarantor Indebtedness (or a trustee, fiduciary or agent therefor); provided, however, that failure to give such notice to the Company or any Guarantor shall not affect in any
way the ability of the Trustee to rely on such notice. In the event that the Trustee determines in good faith that further evidence is required with respect to the right of any Person as a holder of Senior Guarantor Indebtedness to participate in
any payment or distribution pursuant to this Article, the Trustee may request such Person to furnish evidence to the reasonable satisfaction of the Trustee as to the amount of Senior Guarantor Indebtedness held by such Person, the extent to which
such Person is entitled to participate in such payment or distribution and any other facts pertinent to the rights of such Person under this Article, and if such evidence is not furnished, the Trustee may defer any payment to such Person pending
judicial determination as to the right of such Person to receive such payment. 
  
 Section 1426. Reliance on Judicial Orders or Certificates. 
  
 Upon any payment or distribution of assets of any Guarantor referred to in this Article, the Trustee and the Holders of the Securities shall be entitled
to rely upon any order or decree entered by any court of competent jurisdiction in which such insolvency, bankruptcy, receivership, liquidation, reorganization, dissolution, winding up or similar case or proceeding is pending, or a certificate of
the trustee in bankruptcy, receiver, liquidating trustee, custodian, assignee for the benefit of creditors, agent or other person making such payment or distribution, delivered to the Trustee or to the Holders of Securities for the purpose of
ascertaining the Persons entitled to participate in such payment or distribution, the holders of Senior Guarantor Indebtedness and other indebtedness of such Guarantor, the amount thereof or payable thereon, the amount or amounts paid or distributed
thereon and all other facts pertinent thereto or to this Article, provided that the foregoing shall apply only if such court has been fully apprised of the provisions of this Article. 
  
 Section 1427. Rights of Trustee as a Holder of Senior Guarantor Indebtedness; Preservation of Trustee’s
Rights. 
  
 The Trustee in its individual capacity shall be
entitled to all the rights set forth in this Article with respect to any Senior Guarantor Indebtedness which may at any time be held by it, to the same extent as any other holder of Senior Guarantor Indebtedness, and nothing in this Indenture shall
deprive the Trustee of any of its rights as such holder. Nothing in this Article shall apply to claims of, or payments to, the Trustee under or pursuant to Section 607. 
  
 Section 1428. Article Applicable to Paying Agents. 
  
 In case at any time any Paying Agent other than the Trustee shall have been
appointed by the Company and be then acting under this Indenture, the term “Trustee” as used in this Article shall in such case (unless the context otherwise requires) be construed as extending to and including such Paying Agent within its
meaning as fully for all intents and purposes as if such Paying Agent were named in this Article in addition to or in place of the Trustee; provided, however, that Section 

  

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1426 shall not apply to the Company or any Affiliate of the Company if it or such Affiliate acts as Paying Agent. 
  
 Section 1429. No Suspension of Remedies. 
  
 Nothing contained in this Article shall limit the right of the Trustee or
the Holders of Securities to take any action to accelerate the maturity of the Securities pursuant to Article Five of this Indenture or to pursue any rights or remedies hereunder or under applicable law, subject to the rights, if any, under this
Article of the holders, from time to time, of Senior Guarantor Indebtedness to receive the cash, property or securities receivable upon the exercise of such rights or remedies. 
  
 Section 1430. Trustee’s Relation to Senior Guarantor Indebtedness. 
  
 With respect to the holders of Senior Guarantor Indebtedness, the Trustee
undertakes to perform or to observe only such of its covenants and obligations as are specifically set forth in this Article, and no implied covenants or obligations with respect to the holders of Senior Guarantor Indebtedness shall be read into
this Article against the Trustee. The Trustee shall not be deemed to owe any fiduciary duty to the holders of Senior Guarantor Indebtedness and the Trustee shall not be liable to any holder of Senior Guarantor Indebtedness if it shall in good faith
mistakenly (absent willful misconduct) pay over or deliver to Holders, the Company or any other Person moneys or assets to which any holder of Senior Guarantor Indebtedness shall be entitled by virtue of this Article or otherwise. 
  

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

			
	KINGPIN MERGER SUB, INC.
		
	By:	 	 /s/ Christopher F. Caesar

	 	 	

	 	 	 Name: Christopher F. Caesar

	 	 	 Title:   Chief Financial Officer and Assistant Secretary



  

			
	AMF BOWLING WORLDWIDE, INC. (as successor by merger to Kingpin Merger Sub, Inc.)
		
	By:	 	 /s/ Christopher F. Caesar

	 	 	

	 Name:
	 	 Christopher F. Caesar

	 Title:
	 	 Vice President, Chief Financial Officer,
 Treasurer, and Assistant Secretary



  

			
	 AMF BOWLING PRODUCTS, INC.

	 AMF BOWLING CENTERS HOLDINGS INC.

	 AMF WORLDWIDE BOWLING CENTERS HOLDINGS INC.

	 AMERICAN RECREATION CENTERS, INC.

	 AMF BOWLING CENTERS, INC.

	 AMF BEVERAGE COMPANY OF OREGON

	 AMF BEVERAGE COMPANY OF W. VA., INC.

	 KING LOUIE LENEXA, INC.

	 BUSH RIVER CORPORATION

	 AMF BOWLING CENTERS (AUST) INTERNATIONAL INC.

	 AMF BOWLING CENTERS INTERNATIONAL INC.

	 AMF BOWLING MEXICO HOLDING, INC.

	 BOLICHES AMF, INC.

		
	By:	 	 /s/ Christopher F. Caesar

	 	 	

	 	 	 Name: Christopher F. Caesar

	 	 	 Title:  Acting in the capacities identified on Appendix I hereto with respect to each of the
Guarantors



  










			
	300, INC.
		
	By:	 	 /s/ William C. Dufour

	 	 	

	 Name:
	 	 William C. Dufour

	 Title:
	 	 President



  










			
	WILMINGTON TRUST COMPANY, as Trustee
		
	By:	 	 /s/ James J. McGinley

	 	 	

	 	 	 Name: James J. McGinley

	 	 	 Title: Authorized Signer



  









 APPENDIX I 
  

			
	 Guarantor

	  	 Position of Christopher F. Caesar


		
	 AMF Bowling Products, Inc.
	  	Vice President, Chief Financial Officer, Treasurer, and Assistant Secretary
		
	 AMF Bowling Centers Holdings Inc.
	  	Vice President, Chief Financial Officer, Treasurer, and Assistant Secretary
		
	 AMF Worldwide Bowling Centers Holdings Inc.
	  	Vice President, Chief Financial Officer, Treasurer, and Assistant Secretary
		
	 American Recreation Centers, Inc.
	  	Vice President, Chief Financial Officer, Treasurer, and Assistant Secretary
		
	 AMF Bowling Centers, Inc.
	  	Vice President, Chief Financial Officer, Treasurer, and Assistant Secretary
		
	 AMF Beverage Company of Oregon, Inc.
	  	Vice President, Chief Financial Officer, Treasurer, and Assistant Secretary
		
	 AMF Beverage Company of W. Va., Inc.
	  	Vice President, Chief Financial Officer, Treasurer, and Assistant Secretary
		
	 King Louie Lenexa, Inc.
	  	Vice President, Chief Financial Officer, Treasurer, and Assistant Secretary
		
	 Bush River Corporation
	  	Vice President, Chief Financial Officer, Treasurer, and Assistant Secretary
		
	 AMF Bowling Centers (Aust) International Inc.
	  	Vice President, Chief Financial Officer, Treasurer, and Assistant Secretary
		
	 AMF Bowling Centers International Inc.
	  	Vice President, Chief Financial Officer, Treasurer, and Assistant Secretary
		
	 AMF Bowling Mexico Holding, Inc.
	  	Vice President, Chief Financial Officer, Treasurer, and Assistant Secretary
		
	 Boliches AMF, Inc.
	  	Vice President, Chief Financial Officer, Treasurer, and Assistant Secretary

  









 EXHIBIT A 
  
 REGULATION S CERTIFICATE 
  
 (For transfers pursuant to § 307(a)(i) and § 307(a)(v) of the Indenture) 
  
 Wilmington Trust Company 
 Rodney Square North,

 1100 N. Market Street, 
 Wilmington, Delaware 19890 

Attention: Corporate Trust Administration 
  

	 	Re: 	10% Senior Subordinated Notes due 2010 of AMF Bowling Worldwide, Inc. (the “Securities”) 

  
 Reference is made to the Indenture, dated as of February 27, 2004 (the “Indenture”), among Kingpin Merger Sub,
Inc., a Delaware corporation, to be merged with and into AMF Bowling Worldwide, Inc., a Delaware corporation (herein called the “Company,” which term includes any successor person to the merger of Kingpin Merger Sub, Inc. and AMF Bowling
Worldwide, Inc.), AMF Bowling Products, Inc., a Virginia corporation, AMF Bowling Centers Holdings Inc., a Delaware corporation, AMF Worldwide Bowling Centers Holdings Inc., a Delaware corporation, American Recreation Centers, Inc., a Virginia
corporation, AMF Bowling Centers, Inc., a Virginia corporation, AMF Beverage Company of Oregon, Inc., an Oregon corporation, AMF Beverage Company of W. Va., Inc., a West Virginia corporation, King Louie Lenaxa, Inc., a Kansas corporation, 300, Inc.,
a Texas corporation, Bush River corporation, a South Carolina corporation, AMF Bowling Centers (Aust) International Inc., a Virginia corporation, AMF Bowling Centers International Inc., a Virginia corporation, AMF Bowling Mexico Holding, Inc., a
Delaware corporation, Boliches, AMF, Inc., a Virginia corporation. (collectively, the “Guarantors”), and Wilmington Trust Company, as Trustee. Terms used herein and defined in the Indenture or in Regulation S or Rule 144 under the U.S.
Securities Act of 1933 (the “Securities Act”) are used herein as so defined. 
  
 This certificate relates to US$                     principal amount of Securities, which are evidenced by the
following certificate(s) (the “Specified Securities”): 
  
 CUSIP No(s).
                                        
     
  
 CERTIFICATE No(s).
                               
  
 The person in whose name this certificate is executed below (the “Undersigned”) hereby certifies that either (i)
it is the sole beneficial owner of the Specified Securities or (ii) it is acting on behalf of all the beneficial owners of the Specified Securities and is duly authorized by them to do so. Such beneficial owner or owners are referred to herein
collectively as the “Owner.” The Specified Securities are represented by a Global Security and are held through the Depositary or an Agent Member in the name of the Undersigned, as or on behalf of the Owner. 
  
 The Owner has requested that the Specified Securities be transferred to a
person (the “Transferee”) who will take delivery in the form of a Regulation S Global Security. In connection 

  









 
with such transfer, the Owner hereby certifies that, unless such transfer is being effected pursuant to an effective registration statement under the
Securities Act, it is being effected in accordance with Rule 904 or Rule 144 under the Securities Act and with all applicable securities laws of the states of the United States and other jurisdictions. Accordingly, the Owner hereby further certifies
as follows: 
  
 (1) Rule 904 Transfers. If
the transfer is being effected in accordance with Rule 904: 
  
 (A) the Owner is not a distributor of the Securities, an affiliate of the Company or any such distributor or a person acting on behalf of any of the foregoing; 
  
 (B) the offer of the Specified Securities was not made to a
person in the United States; 
  
 (C) either:

  
 (i) at the time the buy order was
originated, the Transferee was outside the United States or the Owner and any person acting on its behalf reasonably believed that the Transferee was outside the United States, or 
  
 (ii) the transaction is being executed in, on or through the facilities of the Eurobond market, as
regulated by the Association of International Bond Dealers, or another designated offshore securities market and neither the Owner nor any person acting on its behalf knows that the transaction has been prearranged with a buyer in the United States;

  
 (D) no directed selling efforts have been
made in the United States by or on behalf of the Owner or any affiliate thereof; 
  
 (E) if the Owner is a dealer in securities or has received a selling concession, fee or other remuneration in respect of the Specified
Securities, and the transfer is to occur during the Restricted Period, then the requirements of Rule 904(c)(1) have been satisfied; and 
  
 (F) the transaction is not part of a plan or scheme to evade the registration requirements of the Securities Act. 
  
 (2) Rule 144 Transfers. If the transfer is being
effected pursuant to Rule 144: 
  
 (A) the
transfer is occurring after a holding period of at least one year (computed in accordance with paragraph (d) of Rule 144) has elapsed since the Specified Securities were last acquired from the Company or from an affiliate of the Company, whichever
is later, and is being effected in accordance with the applicable amount, manner of sale and notice requirements of Rule 144; or 
  
 (B) the transfer is occurring after a holding period of at least two years has elapsed since the Specified Securities were last acquired
from the Company or from an affiliate of the Company, whichever is later, and the Owner is not, and during the preceding three months has not been, an affiliate of the Company. 
  

 A-2 








 This certificate and the statements contained herein are made for your benefit and the benefit of the
Company and the Initial Purchasers. 
  
 Dated: 
  

									
	 	 	 	 	(Print the name of the Undersigned, as such term is defined in the second paragraph of this certificate.)
					
	 	 	 	 	 	 	By:	 	 
	 	 	 	 	 	 	 	 	

	 	 	 	 	 	 	 	 	 Name:

	 	 	 	 	 	 	 	 	 Title:

				
	 	 	 	 	 	 	(If the Undersigned is a corporation, partnership or fiduciary, the title of the person signing on behalf of the Undersigned must be stated.)

  

 A-3 








 EXHIBIT B 
  
 RESTRICTED SECURITIES CERTIFICATE 
  
 (For transfers pursuant to § 307(a)(iii) and § 307(a)(viii) of the Indenture) 
  
 Wilmington Trust Company 
 Rodney Square North,

 1100 N. Market Street, 
 Wilmington, Delaware 19890 

Attention: Corporate Trust Administration 
  

	 	Re:	10% Senior Subordinated Notes due 2010 of AMF Bowling Worldwide, Inc. (the “Securities”) 

  
 Reference is made to the Indenture, dated as of February 27, 2004 (the “Indenture”), among Kingpin Merger Sub,
Inc., a Delaware corporation, to be merged with and into AMF Bowling Worldwide, Inc., a Delaware corporation (herein called the “Company,” which term includes any successor person to the merger of Kingpin Merger Sub, Inc. and AMF Bowling
Worldwide, Inc.), AMF Bowling Products, Inc., a Virginia corporation, AMF Bowling Centers Holdings Inc., a Delaware corporation, AMF Worldwide Bowling Centers Holdings Inc., a Delaware corporation, American Recreation Centers, Inc., a Virginia
corporation, AMF Bowling Centers, Inc., a Virginia corporation, AMF Beverage Company of Oregon, Inc., an Oregon corporation, AMF Beverage Company of W. Va., Inc., a West Virginia corporation, King Louie Lenaxa, Inc., a Kansas corporation, 300, Inc.,
a Texas corporation, Bush River corporation, a South Carolina corporation, AMF Bowling Centers (Aust) International Inc., a Virginia corporation, AMF Bowling Centers International Inc., a Virginia corporation, AMF Bowling Mexico Holding, Inc., a
Delaware corporation, Boliches, AMF, Inc., a Virginia corporation. (collectively, the “Guarantors”), and Wilmington Trust Company, as Trustee. Terms used herein and defined in the Indenture or in Rule 144A or Rule 144 under the U.S.
Securities Act of 1933 (the “Securities Act”) are used herein as so defined. 
  
 This certificate relates to US$                     principal amount of Securities, which are evidenced by the
following certificate(s) (the “Specified Securities”): 
  
 CUSIP No(s).
                                        
         
  
 ISIN No(s). If any.
                                        

  
 CERTIFICATE No(s).
                                   
  
 The person in whose name this certificate is executed below (the
“Undersigned”) hereby certifies that either (i) it is the sole beneficial owner of the Specified Securities or (ii) it is acting on behalf of all the beneficial owners of the Specified Securities and is duly authorized by them to do so.
Such beneficial owner or owners are referred to herein collectively as the “Owner.” The Specified Securities are represented by a Global Security and are held through the Depositary or an Agent Member in the name of the Undersigned, as or
on behalf of the Owner. 
  
 The Owner has requested that the
Specified Securities be transferred to a person (the “Transferee”) who will take delivery in the form of a Restricted Security. In connection with such transfer, the Owner hereby certifies that, unless such transfer is being effected
pursuant to an effective 

  









 
registration statement under the Securities Act, it is being effected in accordance with Rule 144A or Rule 144 under the Securities Act and all applicable
securities laws of the states of the United States and other jurisdictions. Accordingly, the Owner hereby further certifies as follows: 
  
 (1) Rule 144A Transfers. If the transfer is being effected in accordance with Rule 144A: 
  
 (A) the Specified Securities are being transferred to a
person that the Owner and any person acting on its behalf reasonably believe is a “qualified institutional buyer” within the meaning of Rule 144A, acquiring for its own account or for the account of a qualified institutional buyer; and

  
 (B) the Owner and any person acting on its
behalf have taken reasonable steps to ensure that the Transferee is aware that the Owner may be relying on Rule 144A in connection with the transfer; and 
  
 (2) Rule 144 Transfers. If the transfer is being effected pursuant to Rule 144: 
  
 (A) the transfer is occurring after a holding period of at
least one year (computed in accordance with paragraph (d) of Rule 144) has elapsed since the Specified Securities were last acquired from the Company or from an affiliate of the Company, whichever is later, and is being effected in accordance with
the applicable amount, manner of sale and notice requirements of Rule 144; or 
  
 (B) the transfer is occurring after a holding period of at least two years has elapsed since the Specified Securities were last acquired from the Company or from an affiliate of the Company, whichever is later, and
the Owner is not, and during the preceding three months has not been, an affiliate of the Company. 
  

 B-2 








 This certificate and the statements contained herein are made for your benefit and the benefit of the
Company and the Initial Purchasers. 
  
 Dated: 
  

			
	(Print the name of the Undersigned, as such term is defined in the second paragraph of this certificate.)
		
	By:	 	 
	 	 	

	 	 	Name:
	 	 	Title:
	
	(If the Undersigned is a corporation, partnership or fiduciary, the title of the person signing on behalf of the Undersigned must be stated.)


  

 B-3 








 EXHIBIT C 
  
 INSTITUTIONAL ACCREDITED INVESTOR CERTIFICATE 
  
 (For transfers pursuant to § 307(a)(ii) and § 307(a)(iv) of the Indenture) 
  
 Wilmington Trust Company 
 Rodney Square North,

 1100 N. Market Street, 
 Wilmington, Delaware 19890 

Attention: Corporate Trust Administration 
  

	 	Re:	10% Senior Subordinated Notes due 2010 of AMF Bowling Worldwide, Inc. (the “Securities”) 

  
 Reference is made to the Indenture, dated as of February 27, 2004 (the “Indenture”), among Kingpin Merger Sub,
Inc., a Delaware corporation, to be merged with and into AMF Bowling Worldwide, Inc., a Delaware corporation (herein called the “Company,” which term includes any successor person to the merger of Kingpin Merger Sub, Inc. and AMF Bowling
Worldwide, Inc.), AMF Bowling Products, Inc., a Virginia corporation, AMF Bowling Centers Holdings Inc., a Delaware corporation, AMF Worldwide Bowling Centers Holdings Inc., a Delaware corporation, American Recreation Centers, Inc., a Virginia
corporation, AMF Bowling Centers, Inc., a Virginia corporation, AMF Beverage Company of Oregon, Inc., an Oregon corporation, AMF Beverage Company of W. Va., Inc., a West Virginia corporation, King Louie Lenaxa, Inc., a Kansas corporation, 300, Inc.,
a Texas corporation, Bush River corporation, a South Carolina corporation, AMF Bowling Centers (Aust) International Inc., a Virginia corporation, AMF Bowling Centers International Inc., a Virginia corporation, AMF Bowling Mexico Holding, Inc., a
Delaware corporation, Boliches, AMF, Inc., a Virginia corporation (collectively, the “Guarantors”), and Wilmington Trust Company, as Trustee. Terms used herein and defined in the Indenture are used herein as so defined. 
  
 We are delivering this letter in connection with the proposed transfer of
$                     principal amount of Securities. 
  

We, the undersigned, hereby confirm that: 
  
 (i) we are an “accredited investor” within the meaning of Rule 501(a)(1), (2) or (3) under the Securities Act of 1933, as amended (the
“Securities Act”), or an entity in which all of the equity owners are accredited investors within the meaning of Rule 501(a)(1), (2) or (3) under the Securities Act (an “Institutional Accredited Investor”); 
  
 (ii) the purchase of the Securities by us is for our own account or for the
account of one or more other Institutional Accredited Investors or as fiduciary for the account of one or more trusts, each of which is an “accredited investor” within the meaning of Rule 501(a)(7) under the Securities Act and for each of
which we exercise sole investment discretion or (B) we are a “bank,” within the meaning of Section 3(a)(2) of the Securities Act, or a “savings and loan association” or other institution described in Section 3(a)(5)(A) of the
Securities Act that is acquiring the Securities as fiduciary for the account of one or more institutions for which we exercise sole investment discretion; 
  









 (iii) we have such knowledge and experience in financial and business matters that we are capable of
evaluating the merits and risks of purchasing the Securities; and 
  
 (iv) we are not acquiring the Securities with a view to distribution thereof or with any present intention of offering or selling the Securities, except as permitted below; provided that the disposition of our property and property of any
accounts for which we are acting as fiduciary shall remain at all times within our control. 
  
 We understand that the Securities were originally offered and sold in a transaction not involving any public offering within the United States within the meaning of the Securities Act and that the Securities have not
been registered under the Securities Act, and we agree, on our own behalf and on behalf of each account for which we acquire any Securities, that if in the future we decide to resell or otherwise transfer such Securities prior to the date (the
“Resale Restriction Termination Date”) which is two years after the later of the original issuance of the Securities and the last date on which the Company or an affiliate of the Company was the owner of the Security, such Securities may
be resold or otherwise transferred only (i) to the Company or any subsidiary thereof, or (ii) for as long as the Securities are eligible for resale pursuant to Rule 144A, to a person it reasonably believes is a “qualified institutional
buyer” (as defined in Rule 144A under the Securities Act) that purchases for its own account or for the account of a qualified institutional buyer to which notice is given that the transfer is being made in reliance on Rule 144A, or (iii) to an
Institutional Accredited Investor that is acquiring the Security for its own account, or for the account of such Institutional Accredited Investor for investment purposes and not with a view to, or for offer or sale in connection with, any
distribution in violation of the Securities Act, or (iv) outside the United States in accordance with Rule 904 of Regulation S under the Securities Act, or (v) pursuant to another available exemption from registration under the Securities Act (if
applicable), or (vi) pursuant to a registration statement which has been declared effective under the Securities Act and, in each case, in accordance with any applicable securities laws of any State of the United States or any other applicable
jurisdiction and in accordance with the legends set forth on the Securities. We further agree to provide any person purchasing any of the Securities other than pursuant to clause (vi) above from us a notice advising such purchaser that resales of
such securities are restricted as stated herein. We understand that the trustee or the transfer agent, as the case may be, for the Securities will not be required to accept for registration of transfer any Securities pursuant to (iii), (iv) or (v)
above except upon presentation of evidence satisfactory to the Company that the foregoing restrictions on transfer have been complied with. We further understand that any Securities are represented by a Global Security and are held through the
Depositary or an Agent Member in the name of the undersigned, as or on behalf of the owner and that such Global Security will bear a legend reflecting the substance of this paragraph other than certificates representing Securities transferred
pursuant to clause (vi) above. 
  

 C-2 








 This certificate and the statements contained herein are made for your benefit and the benefit of the
Company and the Initial Purchasers. 
  
 Dated: 
  

			
	(Print the name of the Institutional Accredited Investor)
		
	By:	 	 
	 	 	

	 	 	Name:
	 	 	Title:


  

 C-3 








 EXHIBIT D 
  
 UNRESTRICTED SECURITIES CERTIFICATE 
  
 (For removal of Securities Act Legends pursuant to § 307(b) of the Indenture) 
  
 Wilmington Trust Company 
 Rodney Square North,

 1100 N. Market Street, 
 Wilmington, Delaware 19890 

Attention: Corporate Trust Administration 
  

	 	Re:	10% Senior Subordinated Notes due 2010 of AMF Bowling Worldwide, Inc. (the “Securities”) 

  
 Reference is made to the Indenture, dated as of February 27, 2004 (the “Indenture”), among Kingpin Merger Sub,
Inc., a Delaware corporation, to be merged with and into AMF Bowling Worldwide, Inc., a Delaware corporation (herein called the “Company,” which term includes any successor person to the merger of Kingpin Merger Sub, Inc. and AMF Bowling
Worldwide, Inc.), AMF Bowling Products, Inc., a Virginia corporation, AMF Bowling Centers Holdings Inc., a Delaware corporation, AMF Worldwide Bowling Centers Holdings Inc., a Delaware corporation, American Recreation Centers, Inc., a Virginia
corporation, AMF Bowling Centers, Inc., a Virginia corporation, AMF Beverage Company of Oregon, Inc., an Oregon corporation, AMF Beverage Company of W. Va., Inc., a West Virginia corporation, King Louie Lenaxa, Inc., a Kansas corporation, 300, Inc.,
a Texas corporation, Bush River corporation, a South Carolina corporation, AMF Bowling Centers (Aust) International Inc., a Virginia corporation, AMF Bowling Centers International Inc., a Virginia corporation, AMF Bowling Mexico Holding, Inc., a
Delaware corporation, Boliches, AMF, Inc., a Virginia corporation (collectively, the “Guarantors”), and Wilmington Trust Company, as Trustee. Terms used herein and defined in the Indenture or in Rule 144A or Rule 144 under the U.S.
Securities Act of 1933 (the “Securities Act”) are used herein as so defined. 
  
 This certificate relates to US$                     principal amount of Securities, which are evidenced by the
following certificate(s) (the “Specified Securities”): 
  

					
	 	 	CUSIP No(s).
                                	 	 
			
	 	 	CERTIFICATE No(s).                     	 	 

  
 The person in whose
name this certificate is executed below (the “Undersigned”) hereby certifies that either (i) it is the sole beneficial owner of the Specified Securities or (ii) it is acting on behalf of all the beneficial owners of the Specified
Securities and is duly authorized by them to do so. Such beneficial owner or owners are referred to herein collectively as the “Owner.” If the Specified Securities are represented by a Global Security, they are held through the Depositary
or an Agent Member in the name of the Undersigned, as or on behalf of the Owner. If the Specified Securities are not represented by a Global Security, they are registered in the name of the Undersigned, as or on behalf of the Owner. 
  
 The Owner has requested that the Specified Securities be exchanged for
Securities bearing no Private Placement Legend pursuant to Section 307(b) of the Indenture. In connection with such 

  









 
exchange, the Owner hereby certifies that the exchange is occurring after a holding period of at least two years (computed in accordance with paragraph (d)
of Rule 144) has elapsed since the Specified Securities were last acquired from the Company or from an affiliate of the Company, whichever is later, and the Owner is not, and during the preceding three months has not been, an affiliate of the
Company. The Owner also acknowledges that any future transfers of the Specified Securities must comply with all applicable securities laws of the states of the United States and other jurisdictions. 
  

 C-3 








 This certificate and the statements contained herein are made for your benefit and the benefit of the
Company and the Initial Purchasers. 
  
 Dated: 
  

			
	(Print the name of the Undersigned, as such term is defined in the second paragraph of this certificate.)
		
	By:	 	 
	 	 	

	 	 	 Name:

	 	 	 Title:

	
	(If the Undersigned is a corporation, partnership or fiduciary, the title of the person signing on behalf of the Undersigned must be stated.)


  

 C-4 








 EXHIBIT E 
  
 SUPPLEMENTAL INDENTURE 
  
 Supplemental Indenture (this “Supplemental Indenture”), dated as of [        ], 2004, by and
among AMF Bowling Worldwide, Inc., a Delaware corporation (the “Company”), the Company’s subsidiaries listed on Schedule A hereto (collectively, the “New Guarantors”), the Company’s subsidiaries listed on
Schedule B hereto (collectively the “Existing Guarantors”) and Wilmington Trust Company, a Delaware banking corporation, as trustee under the Indenture referred to below (the “Trustee”). 
  
 W I T N E S S E T H 
  
 WHEREAS, the Company, the Existing Guarantors and the Trustee are parties to
an indenture (the “Indenture”), dated as of February 27, 2004 providing for the issuance of 10% Senior Subordinated Securities due 2010 (the “Securities”); 
  
 WHEREAS, the Indenture provides that, without the consent of any Holders, the
Company and the Exiting Guarantors, when authorized by a Board Resolution, and the Trustee, at any time and from time to time, may enter into indentures supplemental thereto or agreements or other instruments with respect to any Guarantee, in form
and substance satisfactory to the Trustee, for the purpose of adding a Guarantor; 
  
 WHEREAS, each New Guarantor wishes to guarantee the Securities pursuant to the Indenture; 
  
 WHEREAS, pursuant to the Indenture the Company, the Existing Guarantors, the New Guarantors and the Trustee have agreed to enter into this Supplemental
Indenture for the purposes stated herein; and 
  
 WHEREAS, all
things necessary have been done to make this Supplemental Indenture, when executed and delivered by the Company, the Existing Guarantors, and each New Guarantor, the legal, valid and binding agreement of the Company, the Existing Guarantors, and
each New Guarantor, in accordance with its terms. 
  
 NOW
THEREFORE, in consideration of the foregoing and for other good and valuable consideration, the receipt of which is hereby acknowledged, the Company, each New Guarantor, the Existing Guarantors and the Trustee mutually covenant and agree for the
equal and ratable benefit of the Holders of the Securities as follows: 
  
 1. Capitalized Terms. Capitalized terms used herein without definition shall have the meanings assigned to them in the Indenture. 
  
 2. Guarantee. Each New Guarantor hereby agrees to guarantee the Indenture and the Securities related thereto pursuant to the terms and conditions
of Article Fourteen of the Indenture, such Article Fourteen being incorporated by reference herein as if set forth at length 

  









 
herein (each such guarantee, a “Guarantee”) and such New Guarantor agrees to be bound as a Guarantor under the Indenture as if it had been
an initial signatory thereto. 
  
 3. No Personal Liability of
Directors, Officers, Employees or Stockholders. No director, officer, employee, member or stockholder of any New Guarantor, as such, will have any liability for any obligations of the Company, the New Guarantors or the Existing Guarantors under
the Securities, the Indenture, the Guarantees, or for any claim based on, in respect of, or by reason of, such obligations or their creation. Each Holder of Securities by accepting a Security waives and releases the Company and each New Guarantor
from all such liability. The waiver and release are part of the consideration for issuance of the Securities. 
  
 4. GOVERNING LAW. THIS SUPPLEMENTAL INDENTURE SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK, WITHOUT
GIVING EFFECT TO THE CONFLICTS OF LAWS PRINCIPLES THEREOF. 
  
 5.
Counterparts. The parties may sign any number of copies of this Supplemental Indenture. Each signed copy shall be an original, but all of them together represent the same agreement. 
  
 6. Effect of Headings. The section headings herein are for convenience
only and shall not affect the construction hereof. 
  
 7. The
Trustee. The Trustee shall not be responsible in any manner whatsoever for or in respect of the validity or sufficiency of this Supplemental Indenture or for or in respect of the recitals contained herein, all of which recitals are made solely
by the Company, the New Guarantors and the Existing Guarantors. 
  

 E-2 








 IN WITNESS WHEREOF, the parties hereto have caused this Supplemental Indenture to be duly executed, all as of the date
first above written. 
  
 Dated:
                    , 2004 
  

			
	 AMF BOWLING WORLDWIDE, INC.

		
	 By:
	 	 
	 	 	

	 Name:
	 	 
	 Title:
	 	 


  

			
	EACH GUARANTOR LISTED ON SCHEDULE A HERETO
		
	 By:
	 	 
	 	 	

	 Name:
	 	 
	 Title:
	 	 


  

			
	EACH GUARANTOR LISTED ON SCHEDULE B HERETO
		
	 By:
	 	 
	 	 	

	 Name:
	 	 
	 Title:
	 	 


  

			
	 WILMINGTON TRUST COMPANY, as Trustee

		
	 By:
	 	 
	 	 	

	 Name:
	 	 
	 Title:
	 	 


  

 E-3 








 Schedule A 
  
 [New Guarantors] 
  

 Sch A-1 








 Schedule B 
  

	1.	AMF BOWLING PRODUCTS, INC. 


	2.	AMF BOWLING CENTERS HOLDINGS INC. 


	3.	AMF WORLDWIDE BOWLING CENTERS HOLDINGS INC. 


	4.	AMERICAN RECREATION CENTERS, INC. 


	5.	AMF BOWLING CENTERS, INC. 


	6.	AMF BEVERAGE COMPANY OF OREGON, INC. 


	7.	AMF BEVERAGE COMPANY OF W. VA., INC. 


	8.	KING LOUIE LENEXA, INC. 


	9.	300, INC. 


	10.	BUSH RIVER CORPORATION 


	11.	AMF BOWLING CENTERS (AUST) INTERNATIONAL INC. 


	12.	AMF BOWLING CENTERS INTERNATIONAL INC. 


	13.	AMF BOWLING MEXICO HOLDING, INC. 


	14.	BOLICHES AMF, INC. 

  

 Sch B-1