Indenture dated August 6, 2003



 Exhibit 4.1 
  

  
 NATIONAL BEEF PACKING COMPANY, L.P. 
  
 and

  
 NB FINANCE CORP., 
  
 as Issuers 
  
 10 1/2% Senior Notes due 2011 
  

  
 INDENTURE 
  
 Dated as of August 6, 2003 
  

  
 U.S. BANK NATIONAL ASSOCIATION, 
 as Trustee 
  








 CROSS-REFERENCE TABLE* 
  

	 Trust Indenture Act Section

	  	Indenture Section


	 310(a)(1)
	  	7.10
	       (a)(2)
	  	7.10
	       (a)(3)
	  	N.A.
	       (a)(4)
	  	N.A.
	       (a)(5)
	  	7.10
	       (b)
	  	7.3, 7.8, 7.10
	       (c)
	  	N.A.
	 311(a)
	  	7.11
	       (b)
	  	7.11
	       (c)
	  	N.A.
	 312(a)
	  	2.5
	       (b)
	  	12.3
	       (c)
	  	12.3
	 313(a)
	  	7.6
	       (b)(1)
	  	N.A.
	       (b)(2)
	  	7.6
	       (c)
	  	7.6, 12.2
	       (d)
	  	7.6
	 314(a)
	  	4.3, 4.4
	       (b)
	  	N.A.
	       (c)(1)
	  	12.4
	       (c)(2)
	  	12.4
	       (c)(3)
	  	12.4
	       (d)
	  	N.A.
	       (e)
	  	13.5
	       (f)
	  	N.A.
	 315(a)
	  	7.2
	       (b)
	  	7.5, 12.2
	       (c)
	  	7.1
	       (d)
	  	7.1
	       (e)
	  	6.12
	 316(a)(last sentence)
	  	2.9
	       (a)(1)(A)
	  	6.5
	       (a)(1)(B)
	  	6.4
	       (a)(2)
	  	N.A.
	       (b)
	  	6.7
	       (c)
	  	N.A.
	 317(a)(1)
	  	6.8
	       (a)(2)
	  	6.10
	       (b)
	  	2.4
	 318(a)
	  	12.1
	       (b)
	  	N.A.
	       (c)
	  	12.1

  
 N.A. means not applicable.



	*	 	This Cross-Reference Table shall not, for any purpose, be deemed a part of the Indenture. 








 TABLE OF CONTENTS 
  

	 	  	 	  	Page


	 ARTICLE I.

	
	 DEFINITIONS AND INCORPORATION BY REFERENCE

			
	 Section 1.1.
	  	 Definitions.
	  	1
	 Section 1.2.
	  	 Other Definitions.
	  	28
	 Section 1.3.
	  	 Incorporation by Reference of Trust Indenture Act.
	  	29
	 Section 1.4.
	  	 Rules of Construction.
	  	29
	 Section 1.5.
	  	 Acts of Holders.
	  	30
	
	 ARTICLE II.

	
	 THE NOTES

			
	 Section 2.1.
	  	 Form and Dating.
	  	31
	 Section 2.2.
	  	 Execution and Authentication.
	  	32
	 Section 2.3.
	  	 Registrar and Paying Agent.
	  	33
	 Section 2.4.
	  	 Paying Agents To Hold Money in Trust.
	  	33
	 Section 2.5.
	  	 Holder Lists.
	  	34
	 Section 2.6.
	  	 Transfer and Exchange.
	  	34
	 Section 2.7.
	  	 Replacement Notes.
	  	43
	 Section 2.8.
	  	 Outstanding Notes.
	  	44
	 Section 2.9.
	  	 Treasury Notes.
	  	44
	 Section 2.10.
	  	 Temporary Notes.
	  	44
	 Section 2.11.
	  	 Cancellation.
	  	45
	 Section 2.12.
	  	 Defaulted Interest.
	  	45
	 Section 2.13.
	  	 Persons Deemed Owners.
	  	45
	 Section 2.14.
	  	 CUSIP Numbers.
	  	46
	
	 ARTICLE III.

	
	 REDEMPTION AND REPURCHASE

			
	 Section 3.1.
	  	 Notices to Trustee.
	  	46
	 Section 3.2.
	  	 Selection of Notes.
	  	47
	 Section 3.3.
	  	 Notice of Optional or Special Redemption.
	  	47
	 Section 3.4.
	  	 Effect of Notice of Redemption.
	  	49
	 Section 3.5.
	  	 Deposit of Redemption Price or Purchase Price.
	  	49
	 Section 3.6.
	  	 Notes Redeemed or Repurchased in Part.
	  	49
	 Section 3.7.
	  	 Optional Redemption.
	  	49
	 Section 3.8.
	  	 Optional Redemption Upon Equity Offerings or a Change of Control.
	  	50









	 	  	 	  	Page


	 Section 3.9.
	  	 Repurchase upon Change of Control Offer.
	  	50
	 Section 3.10.
	  	 Repurchase upon Application of Excess Proceeds.
	  	52
	
	 ARTICLE IV.

	
	 COVENANTS

			
	 Section 4.1.
	  	 Payment of Principal and Interest.
	  	54
	 Section 4.2.
	  	 Maintenance of Office or Agency.
	  	54
	 Section 4.3.
	  	 Reports.
	  	55
	 Section 4.4.
	  	 Compliance Certificate.
	  	56
	 Section 4.5.
	  	 Taxes.
	  	57
	 Section 4.6.
	  	 Stay, Extension and Usury Laws.
	  	57
	 Section 4.7.
	  	 Limitation on Restricted Payments.
	  	57
	 Section 4.8.
	  	 Limitation on Dividend and Other Payment Restrictions Affecting Restricted Subsidiaries
	  	60
	 Section 4.9.
	  	 Limitation on Incurrence of Additional Indebtedness.
	  	62
	 Section 4.10.
	  	 Limitation on Asset Sales.
	  	63
	 Section 4.11.
	  	 Limitations on Transactions with Affiliates.
	  	65
	 Section 4.12.
	  	 Limitation on Liens.
	  	66
	 Section 4.13.
	  	 Continued Existence.
	  	67
	 Section 4.14.
	  	 Insurance Matters.
	  	67
	 Section 4.15.
	  	 Offer to Repurchase upon Change of Control.
	  	68
	 Section 4.16.
	  	 Additional Subsidiary Guarantees.
	  	68
	 Section 4.17.
	  	 Limitation on Activities of the Company.
	  	69
	 Section 4.18.
	  	 Limitation on Activities of the Co-Issuer.
	  	69
	 Section 4.19.
	  	 Payments for Consent.
	  	69
	 Section 4.20.
	  	 Limitation on Preferred Stock of Restricted Subsidiaries.
	  	69
	
	 ARTICLE V.

	
	 SUCCESSORS

			
	 Section 5.1.
	  	 Merger, Consolidation and Sale of Assets.
	  	69
	 Section 5.2.
	  	 Successor Corporation Substituted.
	  	72
	
	 ARTICLE VI.

	
	 DEFAULTS AND REMEDIES

			
	 Section 6.1.
	  	 Events of Default.
	  	72
	 Section 6.2.
	  	 Acceleration.
	  	74
	 Section 6.3.
	  	 Other Remedies.
	  	75

  

 ii 









	 	  	 	  	Page


	 Section 6.4.
	  	 Waiver of Past Defaults.
	  	75
	 Section 6.5.
	  	 Control by Majority.
	  	76
	 Section 6.6.
	  	 Limitation on Suits.
	  	76
	 Section 6.7.
	  	 Rights of Holders of Notes To Receive Payment.
	  	76
	 Section 6.8.
	  	 Collection Suit by Trustee.
	  	77
	 Section 6.9.
	  	 Notice.
	  	77
	 Section 6.10.
	  	 Trustee May File Proofs of Claim.
	  	77
	 Section 6.11.
	  	 Priorities.
	  	78
	 Section 6.12.
	  	 Undertaking for Costs.
	  	78
	
	 ARTICLE VII.

	
	 TRUSTEE

			
	 Section 7.1.
	  	 Duties of Trustee.
	  	78
	 Section 7.2.
	  	 Rights of Trustee.
	  	80
	 Section 7.3.
	  	 Individual Rights of Trustee.
	  	81
	 Section 7.4.
	  	 Trustee’s Disclaimer.
	  	81
	 Section 7.5.
	  	 Notice of Defaults.
	  	81
	 Section 7.6.
	  	 Reports by Trustee to Holder of the Notes.
	  	81
	 Section 7.7.
	  	 Compensation, Reimbursement and Indemnity.
	  	82
	 Section 7.8.
	  	 Replacement of Trustee.
	  	83
	 Section 7.9.
	  	 Successor Trustee by Merger, Etc.
	  	84
	 Section 7.10.
	  	 Eligibility; Disqualification.
	  	84
	 Section 7.11.
	  	 Preferential Collection of Claims Against Company.
	  	84
	
	 ARTICLE VIII.

	
	 LEGAL DEFEASANCE AND COVENANT DEFEASANCE

			
	 Section 8.1.
	  	 Option to Effect Legal Defeasance or Covenant Defeasance.
	  	85
	 Section 8.2.
	  	 Legal Defeasance and Discharge.
	  	85
	 Section 8.3.
	  	 Covenant Defeasance.
	  	86
	 Section 8.4.
	  	 Conditions to Legal or Covenant Defeasance.
	  	86
	 Section 8.5.
	  	 Deposited Money and U.S. Government Obligations To Be Held in Trust; Other Miscellaneous Provisions.
	  	88
	 Section 8.6.
	  	 Repayment to the Issuers.
	  	88
	 Section 8.7.
	  	 Reinstatement.
	  	89

  

 iii 









	 	  	 	  	Page


	 ARTICLE IX.

	
	 AMENDMENT, SUPPLEMENT AND WAIVER

			
	 Section 9.1.
	  	 Without Consent of Holders of Notes.
	  	89
	 Section 9.2.
	  	 With Consent of Holders of Notes.
	  	90
	 Section 9.3.
	  	 Compliance with Trust Indenture Act.
	  	92
	 Section 9.4.
	  	 Revocation and Effect of Consents.
	  	92
	 Section 9.5.
	  	 Notation on or Exchange of Notes.
	  	92
	 Section 9.6.
	  	 Trustee To Sign Amendment, Etc.
	  	92
	
	 ARTICLE X.

	
	 GUARANTEE

			
	 Section 10.1.
	  	 Unconditional Guarantee.
	  	93
	 Section 10.2.
	  	 Severability.
	  	94
	 Section 10.3.
	  	 Limitation of Guarantor’s Liability.
	  	94
	 Section 10.4.
	  	 Release of Guarantor.
	  	94
	 Section 10.5.
	  	 Immediate Payment.
	  	95
	 Section 10.6.
	  	 Waiver of Subrogation.
	  	95
	 Section 10.7.
	  	 Execution of Guarantee.
	  	95
	 Section 10.8.
	  	 Waiver of Stay, Extension or Usury Laws.
	  	96
	
	 ARTICLE XI.

	
	 SATISFACTION AND DISCHARGE

			
	 Section 11.1.
	  	 Satisfaction and Discharge.
	  	96
	 Section 11.2.
	  	 Application of Trust.
	  	97
	
	 ARTICLE XII.

	
	 MISCELLANEOUS

			
	 Section 12.1.
	  	 Trust Indenture Act Controls.
	  	97
	 Section 12.2.
	  	 Notices.
	  	98
	 Section 12.3.
	  	 Communication by Holders of Notes with Other Holders of Notes.
	  	99
	 Section 12.4.
	  	 Certificate and Opinion as to Conditions Precedent.
	  	99
	 Section 12.5.
	  	 Statements Required in Certificate or Opinion.
	  	99
	 Section 12.6.
	  	 Rules by Trustee and Agents.
	  	100
	 Section 12.7.
	  	 No Personal Liability of Directors, Officers, Employees and Stockholders.
	  	100

  

 iv 









	 	  	 	  	Page


	 Section 12.8.
	  	 Governing Law; Submission to Jurisdiction; Waiver of Jury Trial.
	  	100
	 Section 12.9.
	  	 No Adverse Interpretation of Other Agreements.
	  	101
	 Section 12.10.
	  	 Successors.
	  	101
	 Section 12.11.
	  	 Severability.
	  	101
	 Section 12.12.
	  	 Counterpart Originals.
	  	101
	 Section 12.13.
	  	 Table of Contents, Headings, Etc.
	  	101
	 Section 12.14.
	  	 Qualification of Indenture.
	  	102

  
 EXHIBITS

  

	 Exhibit A
	  	 Form of Series A Note

		
	 Exhibit B
	  	 Form of Series B Note

		
	 Exhibit C
	  	 Form of Guarantee

		
	 Exhibit D(1)
	  	 Form of Regulation S Certification

		
	 Exhibit D(2)
	  	 Form of Certificate to Be Delivered upon Exchange or Registration of Transfer of Notes

		
	 Exhibit E
	  	 Form of Certificate to Be Delivered in Connection with Transfers to Non-QIB Accredited Investors

		
	 Exhibit F
	  	 Form of Certificate to Be Delivered in Connection with Transfers Pursuant to Regulation S


  
  

 v 








 INDENTURE 
  

INDENTURE dated as of August 6, 2003 among National Beef Packing Company, L.P., a Delaware limited partnership (the “Company”), NB
Finance Corp. (the “Co-Issuer”), as joint and several obligors (each an “Issuer” and together, the “Issuers”), and U.S. Bank National Association, as trustee (the “Trustee”).

  
 Each party agrees as follows for the benefit of the other
parties and for the equal and ratable benefit of the Holders (as defined below) of the Issuers’ 10  1/2%
Senior Notes due 2011: 
  
 ARTICLE I. 
  
 DEFINITIONS AND INCORPORATION BY REFERENCE 
  
 Section 1.1. Definitions. 
  
 “Acquired Indebtedness” means Indebtedness of a Person or any of its Subsidiaries existing at the time such
Person becomes a Restricted Subsidiary of the Company or at the time it merges or consolidates with or into the Company or any of its Subsidiaries or assumed in connection with the acquisition of assets from such Person and in each case not incurred
by such Person in connection with, or in anticipation or contemplation of, such Person becoming a Restricted Subsidiary of the Company or such acquisition, merger or consolidation. 
  
 “Acquisition” means the acquisition by U.S. Premium Beef, Ltd., a Kansas cooperative corporation, and
certain of its Affiliates and designees of all of the partnership interests in the Company held by Farmland Industries, Inc. pursuant to the Purchase Agreement. 
  

“Additional Interest” means all additional interest then owing pursuant to Section 4 of the Registration Rights Agreement. 

 
 “Additional Notes” means Notes, in addition to, and
having identical terms as, the $160,000,000 aggregate principal amount of Series A Notes issued on the Issue Date (or the Series B Notes issued in exchange for the Series A Notes issued on the Issue Date), issued pursuant to Article II and in
compliance with Section 4.9. 
  
 “Affiliate”
means, with respect to any specified Person, any other Person who directly or indirectly through one or more intermediaries controls, or is controlled by, or is under common control with, such specified Person. The term “control”
means the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of a Person, whether through the ownership of voting securities, by contract or oth- 








 
erwise; and the terms “controlling” and “controlled” have meanings correlative of the foregoing. 
  
 “Agent” means any Registrar, Paying Agent or co-registrar.

  
 “Applicable Premium” means, with respect to
any Notes on any Redemption Date, the greater of (i) 1.0% of the principal amount of such Note being redeemed and (ii) the excess of (A) the present value at such Redemption Date of (1) the redemption price of such Note at August 1, 2007, plus (2)
all required interest payments due on such Note through August 1, 2007 (excluding accrued but unpaid interest), computed using a discount rate equal to the Treasury Rate at such Redemption Date plus 50 basis points over (B) the principal amount of
such Note. 
  
 “Asset Acquisition” means (1) an
Investment by the Company or any Restricted Subsidiary of the Company in any other Person pursuant to which such Person shall become a Restricted Subsidiary of the Company, or shall be merged with or into the Company or any Restricted Subsidiary of
the Company, or (2) the acquisition by the Company or any Restricted Subsidiary of the Company of the assets of any Person (other than a Restricted Subsidiary of the Company) which constitute all or substantially all of the assets of such Person or
comprise any division or line of business of such Person or any other properties or assets of such Person other than in the ordinary course of business. 
  
 “Asset Sale” means any direct or indirect sale, issuance, conveyance, transfer, lease (other than operating leases entered into in the
ordinary course of business), assignment or other transfer for value by the Company or any of its Restricted Subsidiaries (including any Sale and Leaseback Transaction) to any Person other than the Company or a Restricted Subsidiary of the Company
of: (1) any Capital Stock of any Restricted Subsidiary of the Company (other than directors’ qualifying shares and shares issued to foreign nationals as required by applicable law); or (2) any other property or assets of the Company or any
Restricted Subsidiary of the Company other than in the ordinary course of business; provided, however, that asset sales or other dispositions shall not include (a) a transaction or series of related transactions for which the Company
or its Restricted Subsidiaries receive aggregate consideration of less than $2.0 million; (b) the sale, lease, conveyance, disposition or other transfer of all or substantially all of the assets of the Company as permitted under Article V; (c) any
Restricted Payment permitted by Section 4.7 or any Permitted Investment; (d) the sale or discount, in each case without recourse, of accounts receivable arising in the ordinary course of business, but only in connection with the compromise or
collection thereof; (e) disposals or replacements of obsolete or worn out equipment; (f) exchanges of real property in exchange for water rights and the disposal of real property and water rights, each in connection with the Water Rights Acquisition
or the Water Services Agreement; and (g) the transfer of an approximately 49% interest in Farmland National Beef, LLC to Farmland Industries, Inc. on the Issue Date. 
  

 2 








 “Bankruptcy Law” means Title 11, U.S. Code or any similar Federal or state law for the
relief of debtors. 
  
 “Board of Directors”
means, as to any Person, the board of directors (or similar governing body) of such Person or any duly authorized committee thereof. 
  
 “Board Resolution” means, with respect to any Person, a copy of a resolution certified by the Secretary or an Assistant Secretary of such
Person to have been duly adopted by the Board of Directors of such Person and to be in full force and effect on the date of such certification, and delivered to the Trustee. 
  
 “Borrowing Base” means, as of any date, an amount equal to the sum of 
  
 (1) 85% of the aggregate book value of all accounts
receivable of the Company and its Domestic Restricted Subsidiaries; plus 
  
 (2) 70% of the aggregate book value of all inventory owned by the Company and its Domestic Restricted Subsidiaries, 
  
 all calculated on a consolidated basis and in accordance with GAAP. 
  
 To the extent that information is not available as to the amount of accounts receivable or inventory as of a specific date, the Company shall use the most
recent available information for purposes of calculating the Borrowing Base. 
  
 “Business Day” means any day other than a Saturday, a Sunday or a day on which banking institutions in the City of New York, in the city where the Corporate Trust Office is located or at a place of
payment are authorized by law, regulation or executive order to remain closed. If a payment date is not a Business Day at a place of payment, payment may be made at that place on the next succeeding day that is a Business Day, and no interest shall
accrue for the intervening period. 
  
 “Capital
Stock” means: 
  
 (1) with respect to
any Person that is a corporation, any and all shares, interests, participations or other equivalents (however designated and whether or not voting) of corporate stock, including each class of Common Stock and Preferred Stock of such Person, and all
options, warrants or other rights to purchase or acquire any of the foregoing; and 
  
 (2) with respect to any Person that is not a corporation, any and all partnership, membership or other equity interests of such Person,
and all options, warrants or other rights to purchase or acquire any of the foregoing. 
  

 3 








 “Capitalized Lease Obligation” means, as to any Person, the obligations of such Person
under a lease that are required to be classified and accounted for as capital lease obligations under GAAP and, for purposes of this definition, the amount of such obligations at any date shall be the capitalized amount of such obligations at such
date, determined in accordance with GAAP. 
  
 “Cash
Equivalents” means: 
  
 (1) direct
obligations issued by, or unconditionally guaranteed by, the United States Government or issued by any agency thereof and backed by the full faith and credit of the United States, in each case maturing within one year from the date of acquisition
thereof; 
  
 (2) direct obligations issued by any
state of the United States of America or any political subdivision of any such state or any public instrumentality thereof maturing within one year from the date of acquisition thereof and, at the time of acquisition, having one of the two highest
ratings obtainable from either Standard & Poor’s, a division of the McGraw-Hill Companies (“S&P”) or Moody’s Investors Service, Inc. (“Moody’s”); 
  
 (3) commercial paper maturing no more than one year from the
date of creation thereof and, at the time of acquisition, having a rating of at least A-1 from S&P or at least P-1 from Moody’s; 
  
 (4) certificates of deposit or bankers’ acceptances maturing within one year from the date of acquisition thereof issued by any bank
organized under the laws of the United States of America or any state thereof or the District of Columbia or any U.S. branch of a foreign bank having at the date of acquisition thereof combined capital and surplus of not less than $250.0 million;

  
 (5) repurchase obligations with a term of not
more than seven days for underlying securities of the types described in clause (1) and (4) above entered into with any bank meeting the qualifications specified in clause (4) above; and 
  
 (6) investments in money market funds which invest substantially all their assets in securities of the types
described in clauses (1) through (5) above. 
  
 Any of the
foregoing Cash Equivalents may be acquired from or invested with or through the Trustee or any of its Affiliates; provided that the applicable requirements set forth in the foregoing definition are otherwise satisfied. 
  

 4 








 “Change of Control” means the occurrence of one or more of the following events:

  
 (1) any sale, lease, exchange or other
transfer (in one transaction or a series of related transactions) of all or substantially all of the assets of the Company and its Restricted Subsidiaries taken as a whole to any Person or group of related Persons for purposes of Section 13(d) of
the Exchange Act (a “Group”), together with any Affiliates thereof (whether or not otherwise in compliance with the provisions of this Indenture) other than to a Permitted Holder; 
  
 (2) the approval by the holders of Capital Stock of the
Company of any plan or proposal for the liquidation or dissolution of the Company (whether or not otherwise in compliance with the provisions of this Indenture); 
  
 (3) any Person or Group (other than the Permitted Holders and any entity formed for the purpose of owning
Capital Stock of the Company) shall become the owner, directly or indirectly, beneficially or of record, of shares representing more than 50% of the aggregate ordinary voting power represented by the issued and outstanding Capital Stock of the
Company; or 
  
 (4) the replacement of a majority
of the Board of Directors of the Company over a two-year period from the directors who constituted the Board of Directors of the Company at the beginning of such period, and such replacement shall not have been approved by a vote of either (i) one
or more Permitted Holders or (ii) a majority of the Board of Directors of the Company then still in office who either were members of such Board of Directors at the beginning of such period or whose election as a member of such Board of Directors
was previously so approved pursuant to clause (i) above or this clause (ii). 
  
 “Clearstream” shall mean Clearstream Banking, Société Anonyme, Luxembourg. 
  
 “Commission” means the Securities and Exchange Commission. 
  
 “Commodities Agreements” means commodity agreements, hedging agreements and other similar agreements or
arrangements designed to protect the Company or any Restricted Subsidiary of the Company against price fluctuations of commodities used in their respective businesses. 
  
 “Common Stock” of any Person means any and all shares, interests or other participations in, and other
equivalents (however designated and whether voting or non-voting) of such Person’s common stock, whether outstanding on the Issue Date or issued after the Issue Date, and includes, without limitation, all series and classes of such common
stock. 
  

 5 








 “Consolidated EBITDA” means, with respect to any Person, for any period, the sum
(without duplication) of: 
  
 (1) Consolidated
Net Income; and 
  
 (2) to the extent
Consolidated Net Income has been reduced thereby: 
  
 (a) all income taxes of such Person and its Restricted Subsidiaries or Permitted Tax Distributions made by such Person, paid or accrued in accordance with GAAP for such period (other than income taxes attributable to extraordinary, unusual
or nonrecurring gains or losses or taxes attributable to sales or dispositions outside the ordinary course of business); 
  
 (b) Consolidated Interest Expense; 
  
 (c) Consolidated Non-cash Charges less any non-cash items increasing Consolidated Net Income for such period (other than the
accrual of revenue or reversal of reserves in the ordinary course of business); and 
  
 (d) transaction expenses in connection with the Acquisition, the merger of NB Acquisition, LLC with and into the Company, the related
financings and the transactions contemplated thereby that have been deducted in computing Consolidated Net Income, 
  
 all as determined on a consolidated basis for such Person and its Restricted Subsidiaries in accordance with GAAP. 
  
 “Consolidated Fixed Charge Coverage Ratio” means, with
respect to any Person, the ratio of Consolidated EBITDA of such Person during the four full fiscal quarters (the “Four Quarter Period”) ending prior to the date of the transaction giving rise to the need to calculate the
Consolidated Fixed Charge Coverage Ratio for which financial statements are available (the “Transaction Date”) to Consolidated Fixed Charges of such Person for the Four Quarter Period. In addition to and without limitation of the
foregoing, for purposes of this definition, “Consolidated EBITDA” and “Consolidated Fixed Charges” shall be calculated after giving effect on a pro forma basis for the period of such calculation to:

  
 (1) the incurrence or repayment of any
Indebtedness of such Person or any of its Restricted Subsidiaries (and the application of the proceeds thereof) giving rise to the need to make such calculation and any incurrence or repayment of other Indebtedness (and the application of the
proceeds thereof), other than the incurrence or repayment of Indebtedness in the ordinary course of business for working capital purposes pursuant to working capital facilities, occurring during the Four Quarter Period or at any time subsequent to
the last day of the Four Quarter Period and on or prior to 

  

 6 








 
the Transaction Date, as if such incurrence or repayment, as the case may be (and the application of the proceeds thereof), occurred on the first day of the
Four Quarter Period; and 
  
 (2) any Asset Sales
or Asset Acquisitions (including, without limitation, any Asset Acquisition giving rise to the need to make such calculation as a result of such Person or one of its Restricted Subsidiaries (including any Person who becomes a Restricted Subsidiary
as a result of the Asset Acquisition) incurring, assuming or otherwise being liable for Acquired Indebtedness and also including any Consolidated EBITDA (including any pro forma expense and cost reductions calculated on a basis
consistent with Regulation S-X under the Exchange Act or that are supportable and quantifiable by the underlying accounting records of the Company) attributable to the assets which are the subject of the Asset Acquisition or Asset Sale during the
Four Quarter Period) occurring during the Four Quarter Period or at any time subsequent to the last day of the Four Quarter Period and on or prior to the Transaction Date, as if such Asset Sale or Asset Acquisition (including the incurrence,
assumption or liability for any such Acquired Indebtedness) occurred on the first day of the Four Quarter Period. 
  
 If such Person or any of its Restricted Subsidiaries directly or indirectly guarantees Indebtedness of a third Person, the preceding sentence shall give
effect to the incurrence of such guaranteed Indebtedness as if such Person or any Restricted Subsidiary of such Person had directly incurred or otherwise assumed such guaranteed Indebtedness. 
  
 Furthermore, in calculating “Consolidated Fixed Charges” for
purposes of determining the denominator (but not the numerator) of this “Consolidated Fixed Charge Coverage Ratio”: 
  
 (1) interest on outstanding Indebtedness determined on a fluctuating basis as of the Transaction Date and which will continue to be so
determined thereafter shall be deemed to have accrued at a fixed rate per annum equal to the rate of interest on such Indebtedness in effect on the Transaction Date; and 
  
 (2) notwithstanding clause (1) above, interest on Indebtedness determined on a fluctuating basis, to the
extent such interest is covered by agreements relating to Interest Swap Obligations, shall be deemed to accrue at the rate per annum resulting after giving effect to the operation of such agreements. 
  
 “Consolidated Fixed Charges” means, with respect to any
Person for any period, the sum, without duplication, of: 
  
 (1) Consolidated Interest Expense (excluding any amortization of debt discount and amortization or write-off of deferred financing costs); plus 
  

 7 








 (2) the product of (x) the amount of all dividend payments on any series of Preferred
Stock of such Person and, to the extent permitted under this Indenture, its Restricted Subsidiaries (other than dividends paid in Qualified Capital Stock and dividends paid to the Company or any Restricted Subsidiary of the Company) paid, accrued or
scheduled to be paid or accrued during such period times (y) a fraction, the numerator of which is one and the denominator of which is one minus the then current effective consolidated federal, state and local income tax rate of such Person,
expressed as a decimal. 
  
 Notwithstanding the foregoing,
Consolidated Interest Expense, if any, with respect to the obligations of the Company or any of its Restricted Subsidiaries under, or with respect to, the Water Services Agreement shall be excluded from Consolidated Fixed Charges. 
  
 “Consolidated Interest Expense” means, with respect to any
Person for any period, the sum of, without duplication: 
  
 (1) the aggregate of the interest expense of such Person and its Restricted Subsidiaries for such period determined on a consolidated basis in accordance with GAAP, including without limitation (a) any amortization of
debt discount and amortization or write-off of deferred financing costs; (b) all capitalized interest; and (c) the interest portion of any deferred payment obligation, and net of the effect of all payments made or received under Interest Swap
Obligations; and 
  
 (2) the interest component
of Capitalized Lease Obligations paid, accrued and/or scheduled to be paid or accrued by such Person and its Restricted Subsidiaries during such period as determined on a consolidated basis in accordance with GAAP. 
  
 “Consolidated Net Income” means, with respect to any Person,
for any period, the aggregate net income (or loss) of such Person and its Restricted Subsidiaries for such period on a consolidated basis, determined in accordance with GAAP; provided that there shall be excluded therefrom: 
  
 (1) after-tax gains and losses from Asset Sales (without
regard to the $2.0 million limitation set forth in the definition thereof and without regard to clause (f) of the definition of “Asset Sales”) or abandonments or reserves relating thereto; 
  
 (2) after-tax items classified as extraordinary, unusual or
nonrecurring gains or losses; 
  
 (3) the net
income (but not loss) of any Restricted Subsidiary (other than a Guarantor) of the referent Person to the extent that the declaration of dividends or 

  

 8 








 
similar distributions by that Restricted Subsidiary of that income is restricted by a contract, operation of law or otherwise; 
  
 (4) the net income of any Person, other than a Restricted
Subsidiary of the referent Person, except to the extent of cash dividends or distributions paid to the referent Person or to a Restricted Subsidiary of the referent Person by such Person; 
  
 (5) any restoration to income of any contingency reserve,
except to the extent that provision for such reserve was made out of Consolidated Net Income accrued at any time following the Issue Date and except for any such restoration to income in the ordinary course of business not exceeding $2.5 million for
any individual account or category of accounts; 
  
 (6) income or loss attributable to discontinued operations (including, without limitation, operations disposed of during such period whether or not such operations were classified as discontinued); and 
  
 (7) in the case of a successor to the referent Person by
consolidation or merger or as a transferee of the referent Person’s assets, any earnings of the successor corporation prior to such consolidation, merger or transfer of assets. 
  
 In addition, Consolidated Net Income shall be reduced by the amount of any Permitted Tax Distributions. 
  
 “Consolidated Non-cash Charges” means, with respect to any
Person, for any period, the aggregate depreciation, amortization, non-cash write-offs of goodwill, intangibles and long-lived assets and other non-cash expenses of such Person and its Restricted Subsidiaries reducing Consolidated Net Income of such
Person and its Restricted Subsidiaries for such period, determined on a consolidated basis in accordance with GAAP (excluding any such charges constituting an extraordinary item or loss or any such charge which requires an accrual of or a reserve
for cash charges for any future period). 
  
 “Corporate
Trust Office of the Trustee” means the corporate trust office of the Trustee at which at any time this Indenture shall be administered, which office at the date hereto is located at 225 Asylum Street, Hartford, Connecticut 06103, Attention:
Corporate Trust Services, Elizabeth C. Hammer, Vice President, or such other address as the Trustee may designate from time to time by notice to the Holders and the Company, or the principal corporate trust office of any successor Trustee (or such
other address as such successor Trustee may designate from time to time by notice to the Holders and the Company). 
  
 “Credit Agreement” means the Third Amended and Restated Credit Agreement dated as of the Issue Date, among Farmland National Beef Packing
Company, L.P., the lenders party thereto in their capacities as lenders and U.S. Bank National Association, as agent, 

  

 9 








 
together with the related documents thereto (including, without limitation, any guarantee agreements and security documents), in each case as such agreements
may be amended (including any amendment and restatement thereof), supplemented or otherwise modified from time to time, including one or more credit agreements, loan agreements, indentures or similar agreements extending the maturity of,
refinancing, replacing, renewing or otherwise restructuring (including increasing the amount of available borrowings thereunder or adding Restricted Subsidiaries of the Company as additional borrowers or guarantors thereunder) all or any portion of
the Indebtedness under such agreement or agreements or any successor or replacement agreement or agreements and whether by the same or any other agent, lender or group of lenders. 
  
 “Credit Facilities” means one or more debt facilities (including, without limitation, the Credit Agreement)
providing for revolving credit loans, term loans or letters of credit and, in each case, as such agreements may be amended, amended and restated, supplemented, modified, refinanced, replaced or otherwise restructured, in whole or in part from time
to time (including increasing the amount of available borrowings thereunder or adding Restricted Subsidiaries of the Company as additional borrowers or guarantors thereunder) with respect to all or any portion of the Indebtedness under such
agreement or agreements or any successor or replacement agreement or agreements and whether by the same or any other agent, lender or group of lenders. 
  
 “Currency Agreement” means any foreign exchange contract, currency swap agreement or other similar agreement or arrangement designed to
protect the Company or any Restricted Subsidiary of the Company against fluctuations in currency values. 
  
 “Default” means an event or condition the occurrence of which is, or with the lapse of time or the giving of notice or both would be, an
Event of Default. 
  
 “Depositary” means, with
respect to the Notes issuable in whole or in part in global form, the Person specified in Section 2.6 hereof as the Depositary with respect to the Notes, until a successor shall have been appointed and become such pursuant to the applicable
provisions of this Indenture, and, thereafter, “Depositary” shall mean or include such successor. 
  
 “Disqualified Capital Stock” means that portion of any Capital Stock which, by its terms (or by the terms of any security into which it
is convertible or for which it is exchangeable at the option of the holder thereof), or upon the happening of any event (other than an event which would constitute (i) a Change of Control or (ii) an Asset Sale if the terms of such Capital Stock
provide that the Company may not purchase or redeem such Capital Stock except in compliance with Section 4.7), matures or is mandatorily redeemable, pursuant to a sinking fund obligation or otherwise, or is redeemable at the sole option of the
holder thereof (except, in each case, upon the occurrence of (i) a Change of Control or (ii) an Asset Sale if the terms of such Capital Stock provide that the Company may not purchase or redeem such 

  

 10 








 
Capital Stock except in compliance with Section 4.7) on or prior to the final maturity date of the Notes; provided, that limited liability company
interests in the Company that provide for the redemption of such limited liability company interests at the option of the holder thereof or that require the Company to commence a sale process for the Company shall not be deemed to be Disqualified
Capital Stock. 
  
 “Domestic Restricted
Subsidiary” means a Restricted Subsidiary incorporated or otherwise organized or existing under the laws of the United States, any state thereof or any territory or possession of the United States. 
  
 “Equity Offering” means a public or private offering of
Qualified Capital Stock of the Company or a direct or indirect parent company of the Company; provided that, in the event of an Equity Offering by a direct or indirect parent company of the Company, such entity contributes to the capital of
the Company the portion of the net cash proceeds of such Equity Offering necessary to pay the aggregate redemption price (plus accrued interest to the redemption date) of the Notes to be redeemed pursuant to Section 3.8. 
  
 “Euroclear” means Euroclear Bank S.A./N.V., as operator of
the Euroclear System. 
  
 “Exchange Act” means
the Securities Exchange Act of 1934, as amended, or any successor statute or statutes thereto. 
  
 “Exchange Notes” means Series B Notes issued in exchange for an equal principal amount of Series A Notes issued on the Issue Date pursuant to the Exchange Offer. 
  
 “Exchange Offer” means the offer that shall be made by the
Company pursuant to the Registration Rights Agreement to exchange Series A Notes for Series B Notes. 
  
 “fair market value” means, with respect to any asset or property, the price which could be negotiated in an arm’s-length, free
market transaction, for cash, between a willing seller and a willing and able buyer, neither of whom is under undue pressure or compulsion to complete the transaction. Fair market value shall be determined by the Board of Directors of the Company
acting reasonably and in good faith and shall be evidenced by a Board Resolution of the Board of Directors of the Company delivered to the Trustee. 
  
 “Final Memorandum” shall mean the Issuers’ final offering memorandum dated July 31, 2003, whereby the Issuers offered $160,000,000
Series A Notes. 
  
 “Foreign Restricted
Subsidiary” means any Restricted Subsidiary that is not a Domestic Restricted Subsidiary. 
  

 11 








 “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 may be
approved by a significant segment of the accounting profession of the United States, which are in effect as of the Issue Date. 
  
 “Guarantee” means a guarantee of the Notes by a Guarantor. 
  
 “Guarantor” means each of the Company’s Restricted Subsidiaries that in the future executes a
supplemental indenture in which such Restricted Subsidiary agrees to be bound by the terms of this Indenture as a Guarantor; provided that any Person constituting a Guarantor as described above shall cease to constitute a Guarantor when its
respective Guarantee is released in accordance with the terms of this Indenture. 
  
 “Holder” means a Person in whose name a Note is registered. 
  
 “Indebtedness” means with respect to any Person, without duplication, 
  
 (1) all Obligations of such Person for borrowed money; 
  
 (2) all Obligations of such Person evidenced by bonds,
debentures, notes or other similar instruments; 
  
 (3) all Capitalized Lease Obligations of such Person; 
  
 (4) all Obligations of such Person issued or assumed as the deferred purchase price of property, all conditional sale obligations and all Obligations under any title retention agreement (but excluding trade accounts
payable and other accrued liabilities arising in the ordinary course of business that are not overdue by 120 days or more or are being contested in good faith by appropriate proceedings promptly instituted and diligently conducted); 
  
 (5) all Obligations for the reimbursement of any obligor on
any letter of credit, banker’s acceptance or similar credit transaction; 
  
 (6) guarantees and other contingent obligations in respect of Indebtedness referred to in clauses (1) through (5) above and clause (8) below; 
  
 (7) all Obligations of any other Person of the type referred to in clauses (1) through (6) which are secured
by any Lien on any property or asset of such Person, the amount of such Obligation being deemed to be the lesser of the fair market value of such property or asset and the amount of the Obligation so secured; 
  

 12 








 (8) all Obligations under currency agreements and interest swap agreements of such
Person; and 
  
 (9) all Disqualified Capital
Stock issued by such Person with the amount of Indebtedness represented by such Disqualified Capital Stock being equal to the greater of its voluntary or involuntary liquidation preference and its maximum fixed repurchase price, but excluding
accrued dividends, if any. 
  
 For purposes hereof, the
“maximum fixed repurchase price” of any Disqualified Capital Stock which does not have a fixed repurchase price shall be calculated in accordance with the terms of such Disqualified Capital Stock as if such Disqualified Capital Stock were
purchased on any date on which Indebtedness shall be required to be determined pursuant to this Indenture, and if such price is based upon, or measured by, the fair market value of such Disqualified Capital Stock, such fair market value shall be
determined reasonably and in good faith by the Board of Directors of the issuer of such Disqualified Capital Stock. Notwithstanding the foregoing, the obligations of the Company or any of its Restricted Subsidiaries under, or with respect to, the
Water Services Agreement shall be deemed not to constitute Indebtedness for purposes of this Indenture. 
  
 “Indenture” means this Indenture, as amended or supplemented from time to time. 
  
 “Independent Financial Advisor” means a firm: (1) which does
not, and whose directors, officers and employees or Affiliates do not, have a direct or indirect financial interest in the Issuers; and (2) which, in the judgment of the Board of Directors of the Company, is otherwise independent and qualified to
perform the task for which it is to be engaged. 
  
 “Initial Purchasers” means Deutsche Bank Securities Inc., U.S. Bank National Association Piper Jaffray Inc. and Rabo Securities USA, Inc. 
  
 “Interest Swap Obligations” means the obligations of any Person pursuant to any arrangement with any other
Person, whereby, directly or indirectly, such Person is entitled to receive from time to time periodic payments calculated by applying either a floating or a fixed rate of interest on a stated notional amount in exchange for periodic payments made
by such Person calculated by applying a fixed or a floating rate of interest on the same notional amount and shall include, without limitation, interest rate swaps, caps, floors, collars and similar agreements. 
  
 “Investment” means, with respect to any Person, any direct
or indirect loan or other extension of credit (including, without limitation, a guarantee) or capital contribution to (by means of any transfer of cash or other property to others or any payment for property or services for the account or use of
others), or any purchase or acquisition by such Person of any Capital Stock, bonds, notes, debentures or other securities or evidences of Indebtedness 

  

 13 








 
issued by, any other Person. “Investment” shall exclude extensions of trade credit by the Company and its Restricted Subsidiaries on commercially
reasonable terms in accordance with normal trade practices of the Company or such Restricted Subsidiary, as the case may be. If the Company or any Restricted Subsidiary of the Company sells or otherwise disposes of any Common Stock of any direct or
indirect Restricted Subsidiary of the Company such that, after giving effect to any such sale or disposition, the Company no longer owns, directly or indirectly, 100% of the outstanding Common Stock of such Restricted Subsidiary, the Company shall
be deemed to have made an Investment on the date of any such sale or disposition equal to the fair market value of the Common Stock of such Restricted Subsidiary not sold or disposed of. 
  
 “Issue Date” means August 6, 2003, the date of original issuance of the Notes. 
  
 “Lien” means any lien, mortgage, deed of trust, pledge,
security interest, charge or encumbrance of any kind (including any conditional sale or other title retention agreement, any lease in the nature thereof and any agreement to give any security interest). 
  
 “Net Cash Proceeds” means, with respect to any Asset Sale,
the proceeds in the form of cash or Cash Equivalents including payments in respect of deferred payment obligations when received in the form of cash or Cash Equivalents (other than the portion of any such deferred payment constituting interest)
received by the Company or any of its Restricted Subsidiaries from such Asset Sale net of: 
  
 (1) reasonable out-of-pocket expenses and fees relating to such Asset Sale (including, without limitation, legal, accounting and
investment banking fees and sales commissions); 
  
 (2) taxes paid or payable (whether allocated to the Company or its members) after taking into account any reduction in consolidated tax liability due to available tax credits or deductions and any tax sharing arrangements; 
  
 (3) repayment of Indebtedness that is secured by the
property or assets that are the subject of such Asset Sale; and 
  
 (4) appropriate amounts to be provided by the Company or any Restricted Subsidiary, as the case may be, as a reserve, in accordance with GAAP, against any adjustment in the sale price of such asset or assets or
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. 
  

 14 








 “Note Custodian” means the Trustee, as custodian with respect to the Notes in global
form, or any successor entity thereto. 
  
 “Notes” means the Series A Notes and the Series B Notes, if any, that are issued under this Indenture, as amended or supplemented from time to time. 
  
 “Obligations” means all obligations for principal, premium, interest, penalties, fees, indemnifications,
reimbursements, damages and other liabilities payable under the documentation governing any Indebtedness. 
  
 “Officer” means the Chairman of the Board, the Chief Executive Officer, the Chief Financial Officer, the President, any Vice President,
the Treasurer or the Secretary of the Issuers. 
  
 “Officers’ Certificate” means a certificate signed by two officers of each of the Issuers, at least one of whom shall be the principal executive officer or principal financial officer of the Issuers, and delivered to
the Trustee. 
  
 “Opinion of Counsel” means an
opinion from legal counsel who is reasonably acceptable to the Trustee that meets the requirements of Sections 12.4 and 12.5 hereof. The counsel may be an employee of or counsel to the Issuers, any Subsidiary of the Issuers or the Trustee.

  
 “Pari Passu Indebtedness” means any
Indebtedness of either Issuer or any Guarantor that ranks pari passu in right of payment with the Notes or the Guarantee of such Guarantor, as applicable. 
  
 “Permitted Holder(s)” means U.S. Premium Beef, Ltd. and then current and former members of management of
the Company and their respective Affiliates. 
  
 “Permitted Indebtedness” means, without duplication, each of the following: 
  
 (1) Indebtedness under the Notes issued on the Issue Date or the Exchange Notes in an aggregate principal amount not to exceed $160.0
million and the Guarantees thereof; 
  
 (2)
Indebtedness incurred pursuant to one or more Credit Facilities in an aggregate principal amount at any time outstanding not to exceed the greater of (a) $265.0 million and (b) the sum of (i) $125.0 million and (ii) the Borrowing Base, less in the
case of clause (a) and (b)(i) only the amount of all required permanent repayments (which are accompanied by a corresponding permanent commitment reduction) thereunder with the Net Cash Proceeds from Asset Sales; 
  

 15 








 (3) other Indebtedness of the Company and its Restricted Subsidiaries outstanding on the
Issue Date reduced by the amount of any scheduled amortization payments or mandatory prepayments when actually paid or permanent reductions thereon; 
  
 (4) Interest Swap Obligations of the Company or any Restricted Subsidiary of the Company covering Indebtedness of the Company or any of
its Restricted Subsidiaries; provided, however, that the notional principal amount of such Interest Swap Obligation does not, at the time of the incurrence thereof, exceed the principal amount of the Indebtedness to which such Interest
Swap Obligation relates; 
  
 (5) (A) Indebtedness
under Currency Agreements; provided that in the case of Currency Agreements which relate to Indebtedness, such Currency Agreements do not increase the Indebtedness of the Company and its Restricted Subsidiaries outstanding other than as a
result of fluctuations in foreign currency exchange rates or by reason of fees, indemnities and compensation payable thereunder and (B) Indebtedness under Commodities Agreements; 
  
 (6) Indebtedness of a Restricted Subsidiary of the Company to the Company or to a Restricted Subsidiary of
the Company for so long as such Indebtedness is held by the Company or a Restricted Subsidiary of the Company or the holder of a Lien permitted under this Indenture, in each case subject to no Lien held by a Person other than the Company or a
Restricted Subsidiary of the Company or the holder of a Lien permitted under this Indenture; provided that if as of any date any Person other than the Company or a Restricted Subsidiary of the Company or the holder of a Lien permitted under
this Indenture owns or holds any such Indebtedness or holds a Lien in respect of such Indebtedness, such date shall be deemed the incurrence of Indebtedness not constituting Permitted Indebtedness under this clause (6) by the issuer of such
Indebtedness; 
  
 (7) Indebtedness of the Company
to a Restricted Subsidiary of the Company for so long as such Indebtedness is held by a Restricted Subsidiary of the Company or the holder of a Lien permitted under this Indenture, in each case subject to no Lien other than a Lien permitted under
this Indenture; provided that (a) any Indebtedness of the Company to any Restricted Subsidiary of the Company that is not a Guarantor is unsecured and subordinated, pursuant to a written agreement, to the Company’s obligations under this
Indenture and the Notes and (b) if as of any date any Person other than a Restricted Subsidiary of the Company or the holder of a Lien permitted under this Indenture owns or holds any such Indebtedness or holds a Lien in respect of such
Indebtedness, such date shall be deemed the incurrence of Indebtedness not constituting Permitted Indebtedness under this clause (7) by the Company; 
  
 (8) Indebtedness arising from the honoring by a bank or other financial institution of a check, draft or similar instrument inadvertently
(except in the case of 

  

 16 








 
daylight overdrafts) drawn against insufficient funds in the ordinary course of business; provided, however, that such Indebtedness is
extinguished within two business days of incurrence; 
  
 (9) Indebtedness of the Company or any of its Restricted Subsidiaries in respect of performance bonds, bankers’ acceptances, workers’ compensation claims, surety or appeal bonds, payment obligations in connection with
self-insurance or similar obligations and bank overdrafts (and letters of credit in respect thereof) in the ordinary course of business; 
  
 (10) Indebtedness represented by Capitalized Lease Obligations and Purchase Money Indebtedness of the Company and its Restricted
Subsidiaries not to exceed $10.0 million at any one time outstanding; 
  
 (11) Refinancing Indebtedness; 
  
 (12) Indebtedness represented by guarantees by the Company or its Restricted Subsidiaries of Indebtedness otherwise permitted to be incurred under this Indenture; 
  
 (13) Indebtedness of the Company or any Restricted
Subsidiary consisting of guarantees, indemnities or obligations in respect of purchase price adjustments in connection with the acquisition or disposition of assets; 
  
 (14) Indebtedness of Foreign Restricted Subsidiaries in an aggregate principal amount not to exceed $2.0
million at any one time outstanding; and 
  
 (15)
additional Indebtedness of the Company and its Restricted Subsidiaries in an aggregate principal amount not to exceed $15.0 million at any one time outstanding (which amount may, but need not, be incurred in whole or in part under any Credit
Facility). 
  
 For purposes of determining compliance with Section
4.9, in the event that an item of Indebtedness meets the criteria of more than one of the categories of Permitted Indebtedness described in clauses (1) through (15) above or is entitled to be incurred pursuant to the Consolidated Fixed Charge
Coverage Ratio provisions of Section 4.9 hereof, the Issuers shall, in their sole discretion, classify (or later reclassify) such item of Indebtedness in any manner that complies with Section 4.9 and such item of Indebtedness will be treated as
having been incurred pursuant to only one of such categories. Accrual of interest, accretion or amortization of original issue discount, the payment of interest on any Indebtedness in the form of additional Indebtedness with the same terms, and the
payment of dividends on Disqualified Capital Stock in the form of additional shares of the same class of Disqualified Capital Stock 

  

 17 








 
will not be deemed to be an incurrence of Indebtedness or an issuance of Disqualified Capital Stock for purposes of Section 4.9 hereof. 
  
 “Permitted Investments” means: 
  
 (1) Investments by the Company or any Restricted Subsidiary
of the Company in any Person that is or will become immediately after any such Investment a Restricted Subsidiary of the Company or that will merge or consolidate into the Company or a Restricted Subsidiary of the Company; 
  
 (2) Investments in the Company by any Restricted Subsidiary
of the Company; provided that any Indebtedness evidencing such Investment and held by a Restricted Subsidiary that is not a Guarantor is unsecured and subordinated, pursuant to a written agreement, to the Company’s obligations under the
Notes and this Indenture; 
  
 (3) Investments in
cash and Cash Equivalents; 
  
 (4) loans and
advances to employees, directors and officers of the Company and its Restricted Subsidiaries in the ordinary course of business for bona fide business purposes not in excess of $2.0 million at any one time outstanding; 
  
 (5) Obligations under Currency Agreements, Interest Swap
Obligations and Commodities Agreements entered into in the ordinary course of the Company’s or its Restricted Subsidiaries’ businesses and for risk management purposes and otherwise in compliance with this Indenture; 
  
 (6) additional Investments not to exceed $15.0 million at
any one time outstanding; 
  
 (7) Investments in
securities of trade creditors or customers received pursuant to any plan of reorganization or similar arrangement upon the bankruptcy or insolvency of such trade creditors or customers or in good faith settlement of delinquent obligations of such
trade creditors or customers; 
  
 (8) Investments
made by the Company or its Restricted Subsidiaries as a result of consideration received in connection with an Asset Sale made in compliance with Section 4.10; 
  

(9) Investments represented by guarantees that are otherwise permitted under this Indenture; 
  
 (10) Investments the payment for which is Qualified Capital
Stock of the Company; 
  

 18 








 (11) Investments existing on the Issue Date (including the loan by the Company of
proceeds of the issuance of the Notes to NB Acquisition, LLC on the Issue Date); and 
  
 (12) Investments in connection with the Water Services Agreement. 
  
 “Permitted Liens” means the following types of Liens: 
  
 (1) Liens existing as of the Issue Date to the extent and in
the manner such Liens are in effect on the Issue Date; 
  
 (2) Liens securing the Notes and the Guarantees; 
  
 (3) Liens securing Indebtedness permitted to be incurred under any Credit Facility pursuant to clause (2) of the definition of “Permitted Indebtedness”; 
  
 (4) Liens of the Company or a Restricted Subsidiary of the
Company on assets of any Restricted Subsidiary of the Company; 
  
 (5) Liens securing Refinancing Indebtedness which is incurred to Refinance any Indebtedness which has been secured by a Lien permitted under this Indenture and which has been incurred in accordance with the provisions
of this Indenture; provided, however, that such Liens: (i) are no less favorable to the Holders in any material respect when taken as a whole and are not more favorable to the lienholders in any material respect when taken as a whole
with respect to such Liens than the Liens in respect of the Indebtedness being Refinanced; and (ii) do not extend to or cover any property or assets of the Company or any of its Restricted Subsidiaries not securing the Indebtedness so Refinanced;

  
 (6) Liens for taxes, assessments or
governmental charges or claims either (a) not delinquent or (b) contested in good faith by appropriate proceedings and as to which the Company or its Restricted Subsidiaries shall have set aside on its books such reserves as may be required pursuant
to GAAP; 
  
 (7) statutory Liens of landlords and
Liens of carriers, warehousemen, mechanics, suppliers, materialmen, repairmen and other Liens imposed by law incurred in the ordinary course of business for sums not yet delinquent or being contested in good faith, if such reserve or other
appropriate provision, if any, as shall be required by GAAP shall have been made in respect thereof; 
  
 (8) Liens incurred or deposits made in the ordinary course of business in connection with the Packers and Stockyards Act of 1921,
workers’ compensation, unemployment insurance and other types of social security, including any Lien securing 

  

 19 








 
letters of credit issued in the ordinary course of business consistent with past practice in connection therewith, or to secure the performance of tenders,
statutory obligations, surety and appeal bonds, bids, leases, government contracts, performance and return-of-money bonds and other similar obligations (exclusive of obligations for the payment of borrowed money); 
  
 (9) judgment Liens not giving rise to an Event of Default;

  
 (10) easements, rights-of-way, zoning
restrictions and other similar charges or encumbrances in respect of real property not interfering in any material respect with the ordinary conduct of the business of the Company or any of its Restricted Subsidiaries; 
  
 (11) any interest or title of a lessor under any Capitalized
Lease Obligation; provided that such Liens do not extend to any property or asset which is not leased property subject to such Capitalized Lease Obligation; 
  
 (12) Liens securing Purchase Money Indebtedness incurred in the ordinary course of business;
provided, however, that (a) such Purchase Money Indebtedness shall not exceed the purchase price or other cost of such property or equipment and shall not be secured by any property or equipment of the Company or any Restricted
Subsidiary of the Company other than the property and equipment so acquired and (b) the Lien securing such Purchase Money Indebtedness shall be created within 180 days of such acquisition; 
  
 (13) Liens upon specific items of inventory or other goods
and proceeds of any Person securing such Person’s obligations in respect of bankers’ acceptances issued or created for the account of such Person to facilitate the purchase, shipment or storage of such inventory or other goods; 

 
 (14) Liens securing reimbursement obligations with
respect to commercial letters of credit which encumber documents and other property relating to such letters of credit and products and proceeds thereof; 
  
 (15) Liens encumbering deposits made to secure obligations arising from statutory, regulatory, contractual or warranty requirements of the
Company or any of its Restricted Subsidiaries, including rights of offset and set-off; 
  
 (16) Liens securing Interest Swap Obligations which Interest Swap Obligations relate to Indebtedness that is otherwise permitted under
this Indenture; 
  

 20 








 (17) Liens securing Indebtedness under Currency Agreements and Commodities Agreements
permitted to be incurred pursuant to clause (5) of the definition of “Permitted Indebtedness”; 
  
 (18) Liens securing Acquired Indebtedness incurred in accordance with Section 4.9 hereof; provided that: 
  
 (a) such Liens secured such Acquired Indebtedness at the
time of and prior to the incurrence of such Acquired Indebtedness by the Company or a Restricted Subsidiary of the Company and were not granted in connection with, or in anticipation of, the incurrence of such Acquired Indebtedness by the Company or
a Restricted Subsidiary of the Company; and 
  
 (b) such Liens do not extend to or cover any property or assets of the Company or of any of its Restricted Subsidiaries other than the property or assets that secured the Acquired Indebtedness prior to the time such Indebtedness became
Acquired Indebtedness of the Company or a Restricted Subsidiary of the Company and are no more favorable to the lienholders than those securing the Acquired Indebtedness prior to the incurrence of such Acquired Indebtedness by the Company or a
Restricted Subsidiary of the Company; 
  
 (19)
Liens on assets of a Restricted Subsidiary of the Company that is not a Guarantor to secure Indebtedness of such Restricted Subsidiary that is otherwise permitted under this Indenture; 
  
 (20) leases, subleases, licenses and sublicenses granted to others that do not materially interfere with the
ordinary course of business of the Company and its Restricted Subsidiaries; 
  
 (21) bankers’ Liens, rights of setoff and similar Liens with respect to cash and Cash Equivalents on deposit in one or more bank accounts in the ordinary course of business; 
  
 (22) Liens arising from filing Uniform Commercial Code
financing statements regarding leases; 
  
 (23)
Liens in favor of customs and revenue authorities arising as a matter of law to secure payments of custom duties in connection with the importation of goods; 
  

(24) Liens securing Indebtedness of Foreign Restricted Subsidiaries incurred pursuant to clause (14) of the definition of
“Permitted Indebtedness”; 
  

 21 








 (25) Liens securing obligations under, or with respect to, the Water Services Agreement;
and 
  
 (26) Liens securing Indebtedness
permitted to be incurred pursuant to clause (15) of the definition of “Permitted Indebtedness.” 
  
 “Permitted Tax Distributions” means any payments, dividends or distributions pursuant to Section 7.6 of the Purchase Agreement and any
payments, dividends or distributions to the then current or former direct or indirect beneficial owners of Capital Stock of the Company (including any predecessor) in an amount equal to (a) with respect to any taxable year of the Company (or portion
thereof) beginning after the Issue Date, (i) the taxable income of the Company for such taxable year of the Company (or portion thereof) that is allocated to such beneficial owners, multiplied by (ii) 48%; and (b) with respect to any taxable year of
the Company (or portion thereof) ending on or before the Issue Date, (i) the net income of the Company determined under GAAP, multiplied by (ii) 48%. 
  
 “Person” means an individual, partnership, corporation, limited liability company, unincorporated organization, trust or joint venture,
or a governmental agency or political subdivision thereof. 
  
 “PORTAL Market” means the Portal Market operated by the National Association of Securities Dealers, Inc. or any successor thereto. 
  
 “Preferred Stock” of any Person means any Capital Stock of such Person that has preferential rights to any other Capital Stock of such
Person with respect to dividends or redemptions or upon liquidation. 
  
 “Purchase Agreement” means the Asset Sale and Purchase Agreement dated as of June 12, 2003 among U.S. Premium Beef, Ltd., USPBCo., LLC, U.S. Premium Products, LLC, Farmland Industries, Inc., Farmland Foods, Inc. and NBPCo.,
LLC. 
  
 “Purchase Date” means, with respect to
any Note to be repurchased, the date fixed for such repurchase by or pursuant to this Indenture. 
  
 “Purchase Money Indebtedness” means Indebtedness of the Company and its Restricted Subsidiaries incurred in the normal course of business
for the purpose of financing all or any part of the purchase price, or the cost of installation, construction or improvement, of property or equipment. 
  
 “Purchase Price” means the amount payable for the repurchase of any Note on a Purchase Date, exclusive of accrued and unpaid interest and
Additional Interest (if any) thereon to the Purchase Date, unless otherwise specifically provided. 
  

 22 








 “QIB” means a qualified institutional buyer as defined in Rule 144A under the Securities
Act. 
  
 “Qualified Capital Stock” means any
Capital Stock that is not Disqualified Capital Stock. 
  
 “Redemption Date” means, with respect to any Note to be redeemed, the date fixed for such redemption by or pursuant to this Indenture. 
  

“Redemption Price” means the amount payable for the redemption of any Note on a Redemption Date, exclusive of accrued and unpaid
interest and Additional Interest (if any) thereon to the Redemption Date, unless otherwise specifically provided. 
  
 “Refinance” means, in respect of any security or Indebtedness, to refinance, extend, renew, refund, repay, prepay, redeem, defease or
retire, or to issue a security or Indebtedness in exchange or replacement for, such security or Indebtedness in whole or in part. “Refinanced” and “Refinancing” shall have correlative meanings. 
  
 “Refinancing Indebtedness” means any Refinancing by the
Company or any Restricted Subsidiary of the Company of Indebtedness incurred in accordance with Section 4.9 (other than pursuant to clause (2), (4), (5), (6), (7), (8), (9), (10), (12), (13), (14) or (15) of the definition of “Permitted
Indebtedness”), in each case that does not: 
  
 (1) result in an increase in the aggregate principal amount of Indebtedness of such Person as of the date of such proposed Refinancing (plus the amount of any premium required to be paid under the terms of the instrument governing such
Indebtedness and plus the amount of reasonable expenses incurred by the Company in connection with such Refinancing); or 
  
 (2) create Indebtedness with (a) a Weighted Average Life to Maturity that is less than the Weighted Average Life to Maturity of the
Indebtedness being Refinanced; or (b) a final maturity earlier than the final maturity of the Indebtedness being Refinanced; provided that (x) if such Indebtedness being Refinanced is Indebtedness of the Company (and is not otherwise
guaranteed by a Restricted Subsidiary of the Company), then such Refinancing Indebtedness shall be Indebtedness solely of the Company and (y) if such Indebtedness being Refinanced is subordinate or junior to the Notes, then such Refinancing
Indebtedness shall be subordinate to the Notes at least to the same extent and in the same manner as the Indebtedness being Refinanced. 
  
 “Registration Rights Agreement” means the registration rights agreement dated as of the Issue Date among the Issuers and the Initial
Purchasers. 
  
 “Regulation S” means Regulation S
as promulgated under the Securities Act. 
  

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 “Responsible Officer” shall mean, when used with respect to the Trustee, any officer
within the corporate trust department of the Trustee, including any vice president, assistant vice president, assistant secretary, assistant treasurer, trust officer or any other officer of the Trustee who customarily performs functions similar to
those performed by the Persons who at the time shall be such officers, respectively, or to whom any corporate trust matter is referred because of such person’s knowledge of and familiarity with the particular subject and who shall have direct
responsibility for the administration of this Indenture. 
  
 “Restricted Subsidiary” of any Person means any Subsidiary of such Person which at the time of determination is not an Unrestricted Subsidiary. 
  
 “Rule 144A” means Rule 144A promulgated under the Securities Act. 
  
 “Sale and Leaseback Transaction” means any direct or
indirect arrangement with any Person or to which any such Person is a party, providing for the leasing to the Company or a Restricted Subsidiary of any property, whether owned by the Company or any Restricted Subsidiary at the Issue Date or later
acquired, which has been or is to be sold or transferred by the Company or such Restricted Subsidiary to such Person or to any other Person from whom funds have been or are to be advanced by such Person on the security of such property. 

 
 “Securities Act” means the Securities Act of 1933, as
amended, or any successor statute or statutes thereto. 
  
 “Series A Notes” means the Issuers’ 10 1/2% Senior Notes due 2011. 
  
 “Series B Notes” means notes issued by the Issuers hereunder containing terms identical to the Series A Notes (except that (i) interest
thereon shall accrue from the last date on which interest was paid on the Series A Notes or, if no such interest has been paid, from the date of original issuance, (ii) the legend or legends relating to transferability and other related matters set
forth on the Series A Notes, including the text referred to in footnote 2 of Exhibit A hereto, shall be removed or appropriately altered, and (iii) as otherwise set forth herein), to be offered to Holders of Series A Notes in exchange for Series B
Notes pursuant to the Exchange Offer or any exchange offer specified in any registration rights agreement relating to the Additional Notes or to be offered in connection with any issuance of Additional Notes pursuant to a registration statement
filed pursuant to the Securities Act. 
  
 “Significant
Subsidiary”, with respect to any Person, means any Restricted Subsidiary of such Person that satisfies the criteria for a “significant subsidiary” set forth in Rule 1.02(w) of Regulation S-X under the Exchange Act as such Rule is
in effect as of the Issue Date. 
  

 24 








 “Subordinated Indebtedness” means Indebtedness of the Issuers or any Guarantor that is
subordinated or junior in right of payment to the Notes or the Guarantee of such Guarantor, as the case may be. 
  
 “Subsidiary”, with respect to any Person, means: 
  
 (1) any corporation of which the outstanding Capital Stock having at least a majority of the votes entitled
to be cast in the election of directors under ordinary circumstances shall at the time be owned, directly or indirectly, by such Person; or 
  
 (2) any other Person of which at least a majority of the voting interest under ordinary circumstances is at the time, directly or
indirectly, owned by such Person. 
  
 “TIA” means
the Trust Indenture Act of 1939 (15 U.S.C. §§ 77aaa-77bbbb) as in effect on the date on which this Indenture is qualified under the TIA; provided that in the event the Trust Indenture Act of 1939 is amended after such date,
“TIA” means, to the extent required by any such amendment, the Trust Indenture Act of 1939 as so amended. 
  
 “Transfer Restricted Security” means a Note that is a restricted security as defined in Rule 144(a)(3) under the Securities Act.

  
 “Treasury Rate” means, with respect to a
Redemption Date, the yield to maturity at the time of computation of United States Treasury securities with a constant maturity (as compiled and published in the most recent Federal Reserve Statistical Release H.15(519) that has become publicly
available at least two business days prior to such Redemption Date (or, if such Statistical Release is no longer published, any publicly available source of similar market data)) most nearly equal to the period from such Redemption Date to August 1,
2007; provided, however, that if the period from such Redemption Date to August 1, 2007 is not equal to the constant maturity of the United States Treasury security for which a weekly average yield is given, the Treasury Rate shall be
obtained by linear interpolation (calculated to the nearest one-twelfth of a year) from the weekly average yields of United States Treasury securities for which such yields are given, except that if the period from such Redemption Date to August 1,
2007 is less than one year, the weekly average yield on actually traded United States Treasury securities adjusted to a constant maturity of one year shall be used. 
  
 “Trustee” means the party named as such above until a successor replaces it in accordance with the
applicable provisions of this Indenture, and thereafter means the successor serving hereunder. 
  

 25 








 “Unrestricted Subsidiary” of any Person means: 
  
 (1) any Subsidiary of such Person that at the time of
determination shall be or continue to be designated an Unrestricted Subsidiary by the Board of Directors of such Person in the manner provided below; and 
  
 (2) any Subsidiary of an Unrestricted Subsidiary. 
  

The Board of Directors may designate any Subsidiary (including any newly acquired or newly formed Subsidiary) to be an Unrestricted Subsidiary unless
such Subsidiary owns any Capital Stock of, or owns or holds any Lien on any property of, the Company or any other Subsidiary of the Company that is not a Subsidiary of the Subsidiary to be so designated; provided that 
  
 (1) the Company certifies to the Trustee that such
designation complies with Section 4.7 hereof or the definition of “Permitted Investments”; and 
  
 (2) each Subsidiary to be so designated and each of its Subsidiaries has not at the time of designation, and does not thereafter, create,
incur, issue, assume, guarantee or otherwise become directly or indirectly liable with respect to any Indebtedness pursuant to which the lender has recourse to any of the assets of the Company or any of its Restricted Subsidiaries. 
  
 For purposes of making the determination of whether any such designation of a
Subsidiary as an Unrestricted Subsidiary complies with Section 4.7 hereof, the portion of the fair market value of the net assets of such Subsidiary of the Company at the time that such Subsidiary is designated as an Unrestricted Subsidiary that is
represented by the interest of the Company and its Restricted Subsidiaries in such Subsidiary, in each case as determined in good faith by the Board of Directors of the Company, shall be deemed to be an Investment. Such designation will be permitted
only if such Investment would be permitted at such time under Section 4.7 hereof or the definition of “Permitted Investments”. 
  
 The Board of Directors may designate any Unrestricted Subsidiary to be a Restricted Subsidiary only if: 
  
 (1) immediately after giving effect to such designation, the
Company is able to incur at least $1.00 of additional Indebtedness (other than Permitted Indebtedness) in compliance with Section 4.9(a) hereof; and 
  
 (2) immediately before and immediately after giving effect to such designation, no Default or Event of Default shall have occurred and be
continuing. 
  

 26 








 Any such designation by the Board of Directors shall be evidenced to the Trustee by promptly filing with
the Trustee a copy of the Board Resolution giving effect to such designation and an Officers’ Certificate certifying that such designation complied with the foregoing provisions. 
  
 The Company may not designate the Co-Issuer as an Unrestricted Subsidiary. 
  
 “U.S. Government Obligations” shall mean securities which
are (i) direct obligations of the United States of America for the 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 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 or trust company as custodian with respect to any such U.S. Government Obligations or a specific payment of interest on or principal of any such U.S. Government Obligations held by such custodian for the account
of the holder of a 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 Obligations or the specific payment of interest on or principal of the U.S. Government Obligations evidenced by such depository receipt. 
  
 “U.S. Person” means any U.S. person as defined in Regulation S. 
  
 “Water Rights Acquisition” means a series of transactions
whereby, among other things, (i) the Company has acquired or would acquire certain water rights for use at its Dodge City, Kansas facilities, all or a substantial portion of which water rights are or will be or become subject to a long term lease in
favor of the City; (ii) the Company has acquired or would acquire land associated with said water rights that the Company may sell, trade or lease out; and (iii) the Company would enter into and perform the Water Services Agreement. 
  
 “Water Services Agreement” means one or more agreements with
Dodge City, Kansas whereby, among other things, (i) the Company would sublease certain water rights from the City; (ii) the Company would facilitate the issuance of bonds of the City (the “City Bonds”) and proceeds thereof would be
used to construct improvements to the City’s fresh water distribution and wastewater treatment systems, including the construction of a pipeline to bring the acquired water to a location capable of serving the Company’s Dodge City
facilities; (iii) the Company would purchase certain water and wastewater services from the City on terms intended, in part, to provide approximately one-half of the funds necessary to repay the City Bonds; (iv) the Company’s performance would
be secured by a first priority lien and security interest in the water rights acquired as part of the Water Rights Acquisition and (v) the Company would convey certain water rights to the City. 
  

 27 








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

  
 “Wholly Owned Restricted Subsidiary” of any
Person means any Wholly Owned Subsidiary of such Person which at the time of determination is a Restricted Subsidiary of such Person. 
  
 “Wholly Owned Subsidiary” of any Person means any Subsidiary of such Person of which all the outstanding voting securities (other than in
the case of a foreign Subsidiary, directors’ qualifying shares or an immaterial amount of shares required to be owned by other Persons pursuant to applicable law) are owned by such Person or any Wholly Owned Subsidiary of such Person.

  
 Section 1.2. Other Definitions. 
  

	 Term

	  	Defined in Section


	 “Acceleration Notice”
	  	6.2
	 “Affiliate Transaction”
	  	4.11
	 “Agent Members”
	  	2.6
	 “Certificated Notes”
	  	2.1
	 “Change of Control Offer”
	  	4.15
	 “Change of Control Offer Period”
	  	3.9
	 “Covenant Defeasance”
	  	8.3
	 “Event of Default”
	  	6.1
	 “Foreign Person”
	  	2.6
	 “Global Notes”
	  	2.1
	 “incur”
	  	4.9
	 “Institutional Accredited Investors”
	  	2.1
	 “Legal Defeasance”
	  	8.2
	 “Net Proceeds Offer”
	  	4.10
	 “Net Proceeds Offer Amount”
	  	4.10
	 “Net Proceeds Offer Payment Date
	  	4.10
	 “Net Proceeds Offer Trigger Date”
	  	4.10
	 “Offshore Certificated Notes”
	  	2.1
	 “Optional Redemption”
	  	3.7
	 “Paying Agent”
	  	2.3
	 “Permanent Regulation S Global Note”
	  	2.1

  

 28 









	 Term

	  	Defined in Section


	 “Private Placement Legend”
	  	2.6
	 “Reference Date
	  	4.7
	 “Registrar”
	  	2.3
	 “Regulation S Global Note”
	  	2.1
	 “Replacement Assets
	  	4.10
	 “Restricted Payment”
	  	4.7
	 “Rule 144A Global Note”
	  	2.1
	 “Special Redemption”
	  	3.8
	 “Surviving Entity”
	  	5.1
	 “Temporary Regulation S Global Note”
	  	2.1
	 “U.S. Certificated Notes”
	  	2.1

  
 Section 1.3. Incorporation by
Reference of Trust Indenture Act. 
  
 Whenever this Indenture
refers to a provision of the TIA, the provision is incorporated by reference in and made a part of this Indenture. 
  
 The following TIA terms used in this Indenture have the following meanings: 
  
 “indenture securities” means the Notes; 
  
 “indenture security holder” means a Holder; 
  
 “indenture to be qualified” means this Indenture; 
  
 “indenture trustee” or “institutional trustee” means the Trustee; 
  
 “obligor” on the Notes means the Issuers and any successor obligor
upon the Notes. 
  
 All other terms used in this Indenture that
are defined by the TIA, defined by TIA reference to another statute or defined by Commission rule under the TIA have the meanings so assigned to them. 
  
 Section 1.4. Rules of Construction. 
  
 Unless the context otherwise requires: 
  
 (a) a term has the meaning assigned to it; 
  
 (b) an accounting term not otherwise defined has the meaning assigned to it in accordance with GAAP; 
  

 29 








 (c) “or” is not exclusive; 
  
 (d) words in the singular include the plural, and in the
plural include the singular; 
  
 (e) provisions
apply to successive events and transactions; and 
  
 (f) references to sections of or rules under the Securities Act, the Exchange Act and the TIA shall be deemed to include substitute, replacement and successor sections or rules adopted by the Commission from time to time. 
  
 Section 1.5. 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 Issuers. Such instrument or instruments (and the
action embodied therein and evidenced thereby) are herein sometimes referred to as the “Act” of 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 (subject to Section 7.1) conclusive in favor of the Trustee and the Issuers, if made in the manner provided in this Section. 
  
 (b) 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 the certificate of any 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 or her the execution
thereof. Where such execution is by an officer of a corporation or a member of a partnership, on behalf of such corporation or partnership, such certificate or affidavit shall also constitute sufficient proof of his or her authority. 
  
 (c) The ownership of Notes shall be proved by the register maintained by the
Registrar. 
  
 (d) Any request, demand, authorization, direction,
notice, consent, waiver or other Act of the Holder of any Note shall bind every future Holder of the same Note and the Holder of every Note issued upon the registration of transfer thereof or in exchange therefor or in lieu thereof in respect of
anything done or suffered to be done by the Trustee or the Issuers in reliance thereon, whether or not notation of such action is made upon such Note. 
  

 30 








 ARTICLE II. 
  
 THE NOTES 
  
 Section 2.1. Form and Dating. 
  
 The Series A Notes and the Trustee’s certificate of authentication relating thereto shall be substantially in the form of Exhibit A hereto. The Series B Notes and the Trustee’s certificate of authentication relating thereto shall
be substantially in the form of Exhibit B hereto. The Notes may have notations, legends or endorsements required by law, stock exchange rule or usage in addition to those set forth in Exhibit A or Exhibit B hereto, as the case may be. The notation
on each Note relating to the Guarantees shall be substantially in the form set forth on Exhibit C hereto. Each Note shall be dated the date of its authentication. The Notes shall be in denominations of $1,000 and integral multiples thereof.

  
 The terms and provisions contained in the Notes and Guarantees
shall constitute, and are hereby expressly made, a part of this Indenture and the Issuers and the Trustee, by their execution and delivery of this Indenture, expressly agree to such terms and provisions and to be bound thereby. 
  
 Notes offered and sold in reliance on Rule 144A shall be issued initially in
the form of a single permanent global Note in registered form, substantially in the form set forth in Exhibit A (the “Rule 144A Global Note”), deposited with the Trustee, as custodian for the Depositary, duly executed by the Issuers
and authenticated by the Trustee as hereinafter provided and shall bear the legend set forth in Section 2.6(h). The aggregate principal amount of the Rule 144A Global Note 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. 
  
 Notes offered and sold in offshore transactions in reliance on Regulation S shall be issued initially in the form of a single temporary global Note in
registered form, substantially in the form set forth in Exhibit A (the “Temporary Regulation S Global Note”), deposited with the Trustee, as custodian for the Depositary, duly executed by the Issuers and authenticated by the Trustee
as hereinafter provided and shall bear the legend set forth in Section 2.6(h). At any time following 40 days after the later of the commencement of the offering of the Notes and the Issue Date, upon receipt by the Trustee and the Issuers of a duly
executed certificate substantially in the form of Exhibit D(1) hereto, a single permanent Global Note in registered form substantially in the form set forth in Exhibit A (the “Permanent Regulation S Global Note,” and together with
the Temporary Regulation S Global Note, the “Regulation S Global Note”) duly executed by the Issuers and authenticated by the Trustee as hereinafter provided shall be deposited with the Trustee, as custodian for the Depositary, and
the Registrar shall reflect on its books and records the date and a decrease in the principal 

  

 31 








 
amount of the Regulation S Global Note in an amount equal to the principal amount of the beneficial interest in the Regulation S Global Note transferred.

  
 Notes offered and sold to institutional accredited investors
(as defined in Rule 501(a)(1), (2), (3) or (7) under the Securities Act) (“Institutional Accredited Investors”) shall be issued in the form of permanent U.S. Certificated Notes in registered form in substantially the form set forth
in Exhibit A (the “U.S. Certificated Notes”). Notes issued pursuant to Section 2.6 in exchange for interests in the Rule 144A Global Note or the Regulation S Global Note shall be in the form of permanent Certificated Notes in
registered form substantially in the form set forth in Exhibit A (the “Offshore Certificated Notes”). 
  
 The Offshore Certificated Notes and U.S. Certificated Notes are sometimes collectively herein referred to as the “Certificated Notes.”
The Rule 144A Global Note and the Regulation S Global Note are sometimes referred to herein as the “Global Notes.” 
  
 Section 2.2. Execution and Authentication. 
  
 Two Officers of each of the Issuers shall sign the Notes for the Issuers by manual or facsimile signature. 
  
 If an Officer whose signature is on a Note was an Officer at the time of such
execution but no longer holds that office or position at the time a Note is authenticated, the Note shall nevertheless be valid. Each Guarantor shall execute a Guarantee in the manner set forth in Section 10.7. 
  
 A Note shall not be valid until authenticated by the manual signature of the
Trustee. The signature shall be conclusive evidence that the Note has been authenticated under this Indenture. 
  
 The Trustee, upon a written order of the Issuers signed by two Officers of each of the Issuers, shall authenticate (i) Series A Notes for original issue
on the Issue Date in the aggregate principal amount not to exceed $160,000,000 and (ii) subject to Section 4.9, Additional Notes. The Trustee, upon written order of the Issuers signed by two Officers of each of the Issuers, shall authenticate Series
B Notes; provided that such Series B Notes shall be issuable only upon the valid surrender for cancellation of Series A Notes of a like aggregate principal amount in accordance with the Exchange Offer or an exchange offer specified in any
registration rights agreement relating to the Additional Notes or to be offered in connection with any issuance of Additional Notes pursuant to a registration statement filed pursuant to the Securities Act. Such written order of the Issuers shall
specify the amount of Notes to be authenticated and the date on which the original issue of Notes is to be authenticated. Any Additional Notes shall be part of the same issue as the Notes being issued on the Issue Date and will vote on all matters
as one class with the Notes being issued on the Issue Date, including, without limitation, waivers, amendments, redemptions, Change of Control Offers and Net 

  

 32 








 
Proceeds Offers. For the purposes of this Indenture, except for Section 4.9 hereof, references to the Notes include Additional Notes, if any. 
  
 The Trustee may appoint an authenticating agent acceptable to the Issuers to
authenticate Notes. Unless otherwise provided in the appointment, an authenticating agent may authenticate Notes whenever the Trustee may do so. Each reference in this Indenture to authentication by the Trustee includes authentication by such agent.
An authenticating agent has the same rights as an Agent to deal with the Issuers or with any Affiliate of the Issuers. 
  
 Section 2.3. Registrar and Paying Agent. 
  
 The Issuers shall maintain an office or agency where Notes may be presented or surrendered for registration of transfer or for exchange
(“Registrar”) and an office or agency where Notes may be presented for payment (“Paying Agent”). The Registrar shall keep a register of the Notes and of their transfer and exchange. At the option of the Issuers,
payment of interest and Additional Interest may be made by check mailed to the Holders at their addresses set forth in the register of Holders, provided that payment by wire transfer of immediately available funds will be required with
respect to principal, Redemption Price and Purchase Price of, and interest and Additional Interest (if any) on, all Global Notes and all other Notes the Holders of which shall have provided wire transfer instructions to the Trustee or the Paying
Agent. The Issuers may appoint one or more co-registrars and one or more additional paying agents. The term “Registrar” includes any co-registrar and the term “Paying Agent” includes any additional paying agent. The Issuers may
change any Paying Agent or Registrar without notice to any Holder. The Issuers shall notify the Trustee in writing of the name and address of any Paying Agent not a party to this Indenture. If the Issuer fails to appoint or maintain another entity
as Registrar or Paying Agent, the Trustee shall act as such. The Issuers may act as Paying Agent or Registrar. The Depositary shall, by acceptance of a Global Note, agree that transfers of beneficial interests in such Global Note may be effected
only through a book-entry system maintained by the Depositary (or its agent), and that ownership of a beneficial interest in the Note shall be required to be reflected in a book entry. 
  
 The Issuers initially appoint the Trustee to act as the Registrar and Paying Agent and to act as Note Custodian with respect
to the Global Notes, until such time as the Trustee has resigned or a successor has been appointed. 
  
 Section 2.4. Paying Agents To Hold Money in Trust. 
  
 The Issuers shall require each Paying Agent other than the Trustee to agree in writing that such the Paying Agent shall hold in trust for the benefit of Holders or the Trustee all money held by the Paying Agent for
the payment of principal and of any premium, if any, interest and Additional Interest, if any, on the Notes, and shall notify the Trustee of any default by the Issuers in making any such payment. While any such default continues, the Trustee may
require a Paying Agent to pay all money held by it to the Trustee. The Issuers at any 

  

 33 








 
time may require a Paying Agent to pay all money held by it to the Trustee and account for any money disbursed. Upon payment over to the Trustee, the Paying
Agent (if other than an Issuer) shall have no further liability for the money. If an Issuer acts as Paying Agent, it shall segregate and hold in a separate trust fund for the benefit of the Holders all money held by it as Paying Agent. Upon any
bankruptcy or reorganization proceedings relating to an Issuer, the Trustee shall serve as Paying Agent for the Notes. 
  
 Section 2.5. Holder Lists. 
  
 The Registrar shall preserve in as current a form as is reasonably practicable the most recent list available to it of the names and addresses of all
Holders and shall otherwise comply with TIA § 312(a). If the Trustee is not the Registrar, the Issuers shall furnish or cause the Registrar to furnish to the Trustee at least five Business Days before each interest payment date and at such
other times as the Trustee may request in writing, a list in such form and as of such date as the Trustee may reasonably require of the names and addresses of the Holders of Notes, and the Issuers shall otherwise comply with TIA § 312(a).

  
 Section 2.6. Transfer and Exchange. 
  
 (a) Transfer and Exchange Generally; Book Entry Provisions. Upon
surrender for registration of transfer of any Note to the Registrar, and satisfaction of the requirements for such transfer set forth in this Section 2.6, the Issuers shall execute, and the Trustee shall authenticate and deliver, in the name of the
designated transferee or transferees, one or more new Notes of any authorized denominations and of a like aggregate principal amount and bearing such restrictive legends as may be required by this Indenture. 
  
 Notes may be exchanged for other Notes of any authorized denominations and of
a like aggregate principal amount, upon surrender of the Notes to be exchanged at any such office or agency maintained by the Issuers pursuant to Section 4.2 hereof. Whenever any Notes are so surrendered for exchange, the Issuers shall execute, and
the Trustee shall authenticate and deliver, the Notes which the Holder making the exchange is entitled to receive bearing registration numbers not contemporaneously outstanding. 
  
 All Notes presented or surrendered for registration of transfer or exchange shall be duly endorsed, or be accompanied by a
written instrument or instruments of transfer in form satisfactory to the Issuers and the Registrar, and the Notes shall be duly executed by the Holder thereof or his attorney duly authorized in writing. Except as otherwise provided in this
Indenture, and in addition to the other requirements set forth in the legend referred to in Section 2.6(h)(i) below, in connection with any transfer of Transfer Restricted Securities any request for transfer shall be accompanied by a certification
to the Trustee relating to the manner of such transfer substantially in the form of Exhibit D(2) hereto. 
  

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 (b) Book-Entry Provisions for the Global Notes. The Rule 144A Global Note and Regulation S Global
Note initially shall (i) be registered in the name of the Depositary or the nominee of such Depositary, (ii) be delivered to the Trustee as custodian for the Depositary and (iii) bear legends as set forth in Section 2.6(h). 
  
 Members of, or participants in, the Depositary (“Agent
Members”) shall have no rights under this Indenture with respect to any Rule 144A Global Note or Regulation S Global Note, as the case may be, held on their behalf by the Depositary, or the Trustee as its custodian, or under the Rule 144A
Global Note or Regulation S Global Note, as the case may be, and the Depositary may be treated by the Issuers, the Trustee and any agent of the Issuers or the Trustee as the absolute owner of the Rule 144A Global Note or Regulation S Global Note, as
the case may be, for all purposes whatsoever. Notwithstanding the foregoing, nothing herein shall prevent the Issuers, the Trustee or any agent of the Issuers or the Trustee, from giving effect to any written certification, proxy or other
authorization furnished by the Depositary or 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 Note. 
  
 Transfers of the Rule 144A Global Note and the Regulation S Global Note shall
be limited to transfers of such Rule 144A Global Note or Regulation S Global Note in whole, but not in part, to the Depositary, its successors or their respective nominees. Beneficial interests in the Rule 144A Global Note and the Regulation S
Global Note may be transferred in accordance with the applicable rules and procedures of the Depositary and the provisions of this Section 2.6. The registration of transfer and exchange of beneficial interests in the Global Note, which does not
involve the issuance of a Certificated Note, shall be effected through the Depositary, in accordance with this Indenture (including the restrictions on transfer set forth herein) and the procedures of the Depositary therefor. The Trustee shall have
no responsibility or liability for the accuracy of the books and records of the Depositary or any act or omission of the Depositary. 
  
 At any time at the request of the beneficial holder of an interest in the Rule 144A Global Note or Permanent Regulation S Global Note to obtain a
Certificated Note, such beneficial holder shall be entitled to obtain a Certificated Note upon written request to the Trustee and the Note Custodian in accordance with the standing instructions and procedures existing between the Note Custodian and
Depositary for the issuance thereof. Upon receipt of any such request, the Trustee, or the Note Custodian at the direction of the Trustee, will cause, in accordance with the standing instructions and procedures existing between the Depositary and
the Note Custodian, the aggregate principal amount of the Rule 144A Global Note or Permanent Regulation S Global Note, as appropriate, to be reduced by the principal amount of the Certificated Note issued upon such request to such beneficial holder
and, following such reduction, the Issuers will execute and the Trustee will authenticate and deliver to such beneficial holder (or its nominee) a Certificated Note or Certificated Notes in the appropriate ag- 

  

 35 








 
gregate principal amount in the name of such beneficial holder (or its nominee) and bearing such restrictive legends as may be required by this Indenture.

  
 (c) Transfers to Non-QIB Institutional Accredited
Investors. The following provisions shall apply with respect to the registration of any proposed transfer of a Transfer Restricted Security to any Institutional Accredited Investor that is not a QIB (other than any Person that is not a U.S.
Person as defined under Regulation S, a “Foreign Person”): 
  
 (i) the Registrar shall register the transfer of any Note, whether or not such Note bears the Private Placement Legend, if (x) (A) the requested transfer is at least two years after the Issue Date of the Notes and (B)
the proposed transferee has certified to the Registrar that the requested transfer is at least two years after the last date on which such Note was held by an Affiliate of the Issuers, or (y) the proposed transferee has delivered to the Registrar
(A) a certificate substantially in the form of Exhibit E hereto and (B) such certifications, legal opinions and other information as the Issuers (or the Trustee at the direction of the Issuers) may reasonably request to confirm that such transaction
is in compliance with the Securities Act; and 
  
 (ii) if the proposed transferor is an Agent Member holding a beneficial interest in the Global Note, upon receipt by the Registrar of (x) the documents, if any, required by clause (i) and (y) instructions given in accordance with the
Depositary’s and the Registrar’s procedures, the Registrar shall reflect on its books and records the date and a decrease in the principal amount of the Global Note in an amount equal to the principal amount of the beneficial interest in
the Global Note to be transferred, and the Issuers shall execute, and the Trustee shall authenticate and deliver, one or more Certificated Notes of like tenor and amount. 
  
 (d) Transfers to QIBs. The following provisions shall apply with respect to the registration of any proposed transfer
of a Transfer Restricted Security to a QIB (other than Foreign Persons): 
  
 (i) if the Note to be transferred consists of Certificated Notes or an interest in the Regulation S Global Note, the Registrar shall register the transfer if such transfer is being made by a proposed transferor who
has checked the box provided for on a certificate substantially in the form of Exhibit D(2) stating, or has otherwise advised the Issuers and the Registrar in writing, that the sale has been made in compliance with the provisions of Rule 144A to a
transferee who is a QIB within the meaning of Rule 144A and is aware that the sale to it is being made in reliance on Rule 144A; and 
  
 (ii) if the proposed transferee is an Agent Member, and the Note to be transferred consists of Certificated Notes or an interest in the
Regulation S Global Note, upon receipt by the Registrar of the documents referred to in clause (i) and instructions given in accordance with the Depositary’s and the Registrar’s procedures, 

  

 36 








 
the Registrar shall reflect on its books and records the date and an increase in the principal amount of the Rule 144A Global Note in an amount equal to the
principal amount of the Certificated Notes or the interest in the Regulation S Global Note, as the case may be, to be transferred, and the Trustee shall cancel the Certificated Notes or decrease the amount of the Regulation S Global Note so
transferred. 
  
 (e) Transfers of Interests in the Temporary
Regulation S Global Note. The following provisions shall apply with respect to the registration of any proposed transfer of interests in the Temporary Regulation S Global Note: 
  
 (i) the Registrar shall register the transfer of an interest in the Temporary Regulation S Global Note if
(x) the proposed transferor has delivered to the Registrar a certificate substantially in the form of Exhibit F hereto stating, among other things, that the proposed transferee is a Foreign Person or (y) the proposed transferee is a QIB and the
proposed transferor has checked the box provided for on a certificate substantially in the form of Exhibit D(2) stating, or has otherwise advised the Issuers and the Registrar in writing, that the sale has been made in compliance with the provisions
of Rule 144A to a transferee who is a QIB within the meaning of Rule 144A, and is aware that the sale to it is being made in reliance on Rule 144A; and 
  
 (ii) if the proposed transferee is an Agent Member, upon receipt by the Registrar of the documents referred to in clause (i)(y) above and
instructions given in accordance with the Depositary’s and the Registrar’s procedures, the Registrar shall reflect on its books and records the date and an increase in the principal amount of the Rule 144A Global Note in an amount equal to
the principal amount of the Temporary Regulation S Global Note to be transferred, and the Trustee, as Note Custodian, shall decrease the amount of the Temporary Regulation S Global Note. 
  
 (f) Transfers to Foreign Persons. The following provisions shall apply with respect to any transfer of a Transfer
Restricted Security to a Foreign Person: 
  
 (i)
the Registrar shall register any proposed transfer of a Note to a Foreign Person upon receipt of a certificate substantially in the form of Exhibit F hereto from the proposed transferor and such certifications, legal opinions and other information
as the Issuers (or the Trustee, at the instruction of the Issuers) may reasonably request; and 
  
 (ii) (a) if the proposed transferor is an Agent Member holding a beneficial interest in the Rule 144A Global Note or the Note to be
transferred consists of Certificated Notes, upon receipt by the Registrar of (x) the documents, if any, required by paragraph (i) and (y) instructions in accordance with the Depositary’s and the Registrar’s procedures, the Registrar shall
reflect on its books and records the date and a decrease in the principal amount of the Rule 144A Global Note in an amount equal to the 

  

 37 








 
principal amount of the beneficial interest in the Rule 144A Global Note or cancel the Certificated Notes, as the case may be, to be transferred, and (b) if
the proposed transferee is an Agent Member, upon receipt by the Registrar of instructions given in accordance with the Depositary’s and the Registrar’s procedures, the Registrar shall reflect on its books and records the date and an
increase in the principal amount of the Regulation S Global Note in an amount equal to the principal amount of the Certificated Notes to be transferred, and the Trustee shall decrease the amount of the Rule 144A Global Note. 
  
 (g) The Depositary. The Depositary shall be a clearing agency
registered under the Exchange Act. The Issuers initially appoint The Depository Trust Company to act as Depositary with respect to the Global Note. Initially, the Rule 144A Global Note and the Regulation S Global Note shall be issued to the
Depositary, registered in the name of Cede & Co., as the nominee of the Depositary, and deposited with the Note Custodian for Cede & Co. 
  
 Notes in Certificated form issued in exchange for all or a part of a Global Note pursuant to this Section 2.6 shall be registered in such names and in
such authorized denominations as the Depositary, pursuant to instructions from its direct or indirect participants or otherwise, shall instruct the Trustee. Upon execution and authentication, the Trustee shall deliver such Certificated Notes in
Certificated form to the persons in whose names such Notes in Certificated form are so registered. 
  
 Certificated Notes shall be transferred to such beneficial owners in exchange for their beneficial interests in the Rule 144A Global Note or the Permanent
Regulation S Global Note, as the case may be, if at any time: 
  
 (i) the Depositary for the Notes notifies the Issuers that the Depositary is unwilling or unable to continue as Depositary for the Rule 144A Global Note or the Permanent Regulation S Global Note, as the case may be,
and a successor Depositary is not appointed by the Issuers within 90 days after delivery of such notice; or 
  
 (ii) the Issuers, in their sole discretion, notify the Trustee in writing that they elect to cause the issuance of Certificated Notes
under this Indenture, 
  
 and the Issuers shall execute, and the Trustee shall,
upon receipt of an authentication order in accordance with Section 2.2 hereof, authenticate and deliver Certificated Notes in an aggregate principal amount equal to the principal amount of the Rule 144A Global Note or the Permanent Regulation S
Global Note, as the case may be, in exchange for such Global Notes. 
  
 (h) Legends. 
  
 (i) Except as
permitted by the following paragraphs (ii) and (iii), each Series A Note certificate evidencing Global Notes and Certificated Notes (and all Notes 
  

 38 








 
issued in exchange therefor or substitution thereof) shall (x) be subject to the restrictions on transfer set forth in this Section 2.6 (including those set
forth in the legend below) unless such restrictions on transfer shall be waived by written consent of the Issuers, and the Holder of each Transfer Restricted Security, by such Holder’s acceptance thereof, agrees to be bound by all such
restrictions on transfer and (y) bear the legend set forth below (the “Private Placement Legend”): 
  
 THIS NOTE HAS NOT BEEN REGISTERED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED THE (“SECURITIES ACT”), AND, ACCORDINGLY, MAY NOT BE OFFERED
OR SOLD WITHIN THE UNITED STATES OR TO, OR FOR THE ACCOUNT OR BENEFIT OF, U.S. PERSONS EXCEPT 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), (B) IT IS NOT A U.S. PERSON AND IS ACQUIRING THIS SECURITY IN AN OFFSHORE TRANSACTION IN COMPLIANCE WITH RULE 904 UNDER THE SECURITIES ACT OR (C) IT IS AN ACCREDITED INVESTOR (AS DEFINED IN RULE 501(a)(1),(2),(3), OR
(7) UNDER THE SECURITIES ACT (AN “ACCREDITED INVESTOR”), (2) AGREES THAT IT WILL NOT WITHIN TWO YEARS AFTER THE ORIGINAL ISSUANCE OF THIS NOTE RESELL OR OTHERWISE TRANSFER THIS NOTE EXCEPT (A) TO THE COMPANY OR ANY SUBSIDIARY THEREOF, (B)
INSIDE THE UNITED STATE TO A QUALIFIED INSTITUTIONAL BUYER IN COMPLIANCE WITH RULE 144A UNDER THE SECURITIES ACT, (C) INSIDE THE UNITED STATES TO AN ACCREDITED INVESTOR THAT, PRIOR TO SUCH TRANSFER, FURNISHES (OR HAS FURNISHED ON ITS BEHALF BY A
U.S. BROKER-DEALER) TO THE TRUSTEE A SIGNED LETTER CONTAINING CERTAIN REPRESENTATIONS AND AGREEMENTS, DESCRIBED IN THE INDENTURE, RELATING TO THE RESTRICTIONS ON TRANSFER OF THIS NOTE (THE FORM OF WHICH LETTER CAN BE OBTAINED FROM THE TRUSTEE FOR
THIS NOTE), (D) OUTSIDE THE UNITED STATES IN AN OFFSHORE TRANSACTION IN COMPLIANCE WITH RULE 904 UNDER THE SECURITIES ACT (IF AVAILABLE), (E) PURSUANT TO THE EXEMPTION FROM REGISTRATION PROVIDED BY RULE 144 UNDER THE SECURITIES ACT (IF AVAILABLE),
(F) IN ACCORDANCE WITH ANOTHER EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT (AND BASED UPON AN OPINION OF COUNSEL IF THE COMPANY SO REQUESTS), OR (G) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT AND
(3) AGREES THAT IT WILL GIVE TO EACH PERSON TO WHOM THIS NOTE IS TRANSFERRED A NO- 
  

 39 








 
TICE SUBSTANTIALLY TO THE EFFECT OF THIS LEGEND. IN CONNECTION WITH ANY TRANSFER OF THIS NOTE WITHIN TWO YEARS AFTER THE ORIGINAL ISSUANCE OF THIS NOTE, IF
THE PROPOSED TRANSFEREE IS AN ACCREDITED INVESTOR, THE HOLDER MUST, PRIOR TO SUCH TRANSFER, FURNISH TO THE TRUSTEE AND THE COMPANY SUCH CERTIFICATIONS, LEGAL OPINIONS OR OTHER INFORMATION AS THE ISSUERS (OR THE TRUSTEE AT THEIR INSTRUCTION) MAY
REASONABLY REQUIRE TO CONFIRM THAT SUCH TRANSFER IS BEING MADE PURSUANT TO AN EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT. AS USED HEREIN, THE TERMS “OFFSHORE TRANSACTION,”
“UNITED STATES” AND “U.S. PERSON” HAVE THE MEANING GIVEN TO THEM BY REGULATION S UNDER THE SECURITIES ACT. 
  
 (ii) Upon any sale or transfer of a Transfer Restricted Security (including any Transfer Restricted Security represented by a Global Note)
pursuant to Rule 144 under the Securities Act or pursuant to an effective registration statement under the Securities Act: 
  
 (a) in the case of any Transfer Restricted Security that is a Certificated Note, the Registrar shall permit the Holder thereof to exchange
such Transfer Restricted Security for a Certificated Note that does not bear the legend set forth in (i) above and rescind any restriction on the transfer of such Transfer Restricted Security; and 
  
 (b) in the case of any Transfer Restricted Security
represented by a Global Note, such Transfer Restricted Security shall not be required to bear the legend set forth in (i) above, but shall continue to be subject to the provisions of Section 2.6(b) hereof; provided, however, that with
respect to any request for an exchange of a Transfer Restricted Security that is represented by a Global Note for a Certificated Note that does not bear the legend set forth in (i) above, which request is made in reliance upon Rule 144, the Holder
thereof shall certify in writing to the Registrar that such request is being made pursuant to Rule 144 (such certifications to be substantially in the form of Exhibit D(2) hereto). 
  
 (iii) Notwithstanding the foregoing, upon consummation of the Exchange Offer, the Issuers shall issue and,
upon receipt of an authentication order in accordance with Section 2.2 hereof, the Trustee shall authenticate Series B Notes in exchange for Series A Notes accepted for exchange in the Exchange Offer, which Series B Notes shall not bear the legend
set forth in (i) above, and the Registrar shall rescind any re- 

  

 40 








 
striction on the transfer of such Series A Notes, in each case unless the Issuers have notified the Registrar in writing that the Holder of such Series A
Notes is either (A) a broker-dealer, (B) a Person participating in the distribution of the Series A Notes or (C) a Person who is an affiliate (as defined in Rule 144A) of the Issuers. 
  
 (iv) Each Global Note, whether or not a Transfer Restricted Security, shall also bear the following legend
on the fact thereof: 
  
 THIS NOTE IS A GLOBAL NOTE 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. THIS NOTE IS NOT EXCHANGEABLE FOR NOTES REGISTERED IN THE NAME OF A PERSON OTHER THAN THE
DEPOSITARY OR ITS NOMINEE EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE, AND NO TRANSFER OF THIS SECURITY (OTHER THAN A TRANSFER OF THIS SECURITY AS A WHOLE BY THE DEPOSITARY TO A NOMINEE OF THE DEPOSITARY OR BY A NOMINEE OF THE
DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY) MAY BE REGISTERED EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE. 
  
 UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE
ISSUERS OR THEIR AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE
TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE &
CO., HAS AN INTEREST HEREIN. 
  
 (v) Any Global
Note may be endorsed with or have incorporated in the text thereof such legends or recitals or changes not inconsistent with the provisions of this Indenture as may be required by the Note Custodian, the Depositary or by the National Association of
Securities Dealers, Inc. in order for the Notes to be tradable on the PORTAL Market or tradable on Euroclear or Clearstream or as may be required for the Notes to be tradable on any other market developed for trading of securities pursu- 

  

 41 








 
ant to Rule 144A or Regulation S under the Securities Act or required to comply with any applicable law or any regulation thereunder or with the rules and
regulations of any securities exchange or automated quotation system upon which the Notes may be listed or traded or to conform with any usage with respect thereto, or to indicate any special limitations or restrictions to which any particular Notes
are subject. 
  
 (i) Cancellation and/or Adjustment of Global
Notes. At such time as all beneficial interests in Global Notes have been exchanged for Certificated Notes, redeemed, repurchased or canceled, all Global Notes shall be returned to or retained and canceled by the Trustee in accordance with
Section 2.11 hereof. At any time prior to such cancellation, if any beneficial interest in a Global Note is exchanged for Certificated Notes, redeemed, repurchased or canceled, the principal amount of Notes represented by such Global Notes shall be
reduced accordingly and an endorsement shall be made on such Global Note by the Trustee or the Note Custodian, at the direction of the Trustee, to reflect such reduction. In the event of any transfer of any beneficial interest between the Rule 144A
Global Note and the Regulation S Global Note in accordance with the standing procedures and instructions between the Depositary and the Note Custodian and the transfer restrictions set forth herein, the aggregate principal amount of each of the Rule
144A Global Note and the Regulation S Global Note shall be appropriately increased or decreased, as the case may be, and an endorsement shall be made on each of the Rule 144A Global Note and the Regulation S Global Note by the Trustee or the Note
Custodian, at the direction of the Trustee, to reflect such reduction or increase. 
  
 (j) General Provisions Relating to Transfers and Exchanges. 
  
 (i) To permit registrations of transfers and exchanges, the Issuers shall execute and the Trustee shall authenticate Certificated Notes and Global Notes
at the Registrar’s request. 
  
 (ii) No service charge shall
be made to a Holder for any registration of transfer, fee or exchange, but the Issuers may require payment of a sum sufficient to cover any transfer tax or similar governmental charge payable in connection therewith (other than any such transfer
taxes or similar governmental charge payable upon exchange or transfer pursuant to Sections 3.6 and 9.5 hereof). 
  
 (iii) The Registrar shall not be required to register the transfer of or exchange any Note selected for redemption in whole or in part, except the
unredeemed portion of any Note being redeemed in part. 
  
 (iv)
All Certificated Notes and Global Notes issued upon any registration of transfer or exchange of Certificated Notes or Global Notes shall be the valid obligations of the Issuers, evidencing the same debt, and entitled to the same benefits under this
Indenture, as the Certificated Notes or Global Notes surrendered upon such registration of transfer or exchange. 
  

 42 








 (v) The Issuers shall not be required: 
  
 (a) to issue, to register the transfer of or to exchange Notes during a period beginning at the opening of
business 15 days before the day of any selection of Notes for redemption under Section 3.2 hereof and ending at the close of business on the day of selection; or 
  
 (b) to register the transfer of or to exchange any Note so selected for redemption in whole or in part,
except the unredeemed portion of any Note being redeemed in part; or 
  
 (c) to register the transfer of or to exchange a Note between a record date and the next succeeding interest payment date. 
  
 (vi) Prior to due presentment of the registration of a transfer of any Note, the Trustee, any Agent and the Issuers may deem and treat the Person in whose
name any Note is registered as the absolute owner of such Note for the purpose of all payments with respect to such Notes, and neither the Trustee, any Agent nor the Issuers shall be affected by notice to the contrary. 
  
 (vii) The Trustee shall authenticate Certificated Notes and Global Notes in
accordance with the provisions of Section 2.2 hereof. 
  
 (viii)
Notwithstanding anything contained herein to the contrary, neither the Trustee nor the Registrar shall be responsible for ascertaining whether any purchase or transfer complies with the registration provisions of or exemptions from the Securities
Act or any other state or federal securities laws that may be applicable; provided, however, that if a certificate or opinion is specifically required by the express terms of this Section 2.6 to be delivered to the Trustee or the
Registrar by a purchaser, transferor or transferee of a Note, the Trustee or the Registrar, as the case may be, shall be under a duty to receive and examine the same to determine whether it conforms on its face to the applicable requirements of this
Section 2.6 and shall promptly notify the party delivering the same if such transfer does not comply with such terms. 
  
 Section 2.7. Replacement Notes. 
  
 If any mutilated Note is surrendered to the Trustee or either the Issuers or the Trustee receives evidence to its satisfaction of the destruction, loss or
theft of any Note, the Issuers shall issue and the Trustee, upon receipt of an authentication order in accordance with Section 2.2 hereof, shall authenticate a replacement Note if the Trustee’s requirements for replacement of Notes are met. If
required by the Trustee or the Issuers, an indemnity bond must be supplied by the Holder that is sufficient in the judgment of the Trustee and the Issuers to protect the Issuers, the Trustee, any Agent and any authenticating agent from any loss that
any 

  

 43 








 
of them may suffer if a Note is replaced. The Trustee and the Issuers each may charge such Holder for their expenses in replacing such Note. 
  
 Every replacement Note is an additional obligation of the Issuers and shall
be entitled to all of the benefits of this Indenture equally and proportionately with all other Notes duly issued hereunder. 
  
 Section 2.8. Outstanding Notes. 
  
 The Notes outstanding at any time are all the Notes that have been authenticated by the Trustee except for those canceled by it, those delivered to it for
cancellation, those reductions in the interest in a Global Note effected by the Trustee or the Note Custodian in accordance with the provisions hereof, and those described in this Section as not outstanding. Except as set forth in Section 2.9
hereof, a Note does not cease to be outstanding because an Issuer or any of its Affiliates holds the Note. 
  
 If a Note is replaced pursuant to Section 2.7 hereof, it shall cease to be outstanding unless the Trustee receives proof satisfactory to it that the
replaced Note is held by a bona fide purchaser for value. 
  
 If
the principal amount of any Note is considered paid under Section 4.1 hereof, it ceases to be outstanding and interest on it ceases to accrue. 
  
 If the Paying Agent (other than an Issuer, a Subsidiary or an Affiliate of any thereof) holds, on a redemption date or maturity date, money sufficient to
pay Notes payable on that date, then on and after that date such Notes shall be deemed to be no longer outstanding and shall cease to accrue interest. 
  
 Section 2.9. Treasury Notes. 
  
 In determining whether the Holders of the required principal amount of Notes have concurred in any direction, waiver or consent, Notes owned by the
Issuers, the Guarantors or by any Affiliate thereof shall be considered as though not outstanding, except that for the purposes of determining whether the Trustee shall be protected in relying on any such direction, waiver of consent, only Notes
that a Responsible Officer of the Trustee knows are so owned shall be so disregarded. The Issuers agree to notify the Trustee of the existence of any such treasury Notes or Notes owned by an Issuer, any Guarantor or an Affiliate thereof. 

 
 Section 2.10. Temporary Notes. 
  
 Until Certificated Notes are ready for delivery, the Issuers may prepare and
the Trustee, upon receipt of an authentication order in accordance with Section 2.2 hereof, shall authenticate temporary Notes. Temporary Notes shall be substantially in the form of 

  

 44 








 
Certificated Notes, but may have such variations as the Issuers consider appropriate for temporary Notes and as shall be reasonably acceptable to the
Trustee. Without unreasonable delay, the Issuers shall prepare and the Trustee shall authenticate Certificated Notes in exchange for temporary Notes. 
  
 Holders of temporary Notes shall be entitled to all of the benefits of this Indenture. 
  
 Section 2.11. Cancellation. 
  
 The Issuers at any time may deliver Notes to the Trustee for cancellation. The Registrar and Paying Agent shall forward to the Trustee any Notes
surrendered to them for registration of transfer, exchange or payment. The Trustee, or at the direction of the Trustee, the Registrar or Paying Agent, and no one else shall cancel all Notes surrendered for registration of transfer, exchange,
payment, replacement or cancellation and shall dispose of all canceled Notes in accordance with the Trustee’s usual procedures. The Trustee shall maintain a record of all canceled Notes. All cancelled Notes shall be delivered to the Issuers.
Subject to Section 2.7 hereof, the Issuers may not issue new Notes to replace Notes that have been paid or that have been delivered to the Trustee for cancellation. 
  
 Section 2.12. Defaulted Interest. 
  
 If the Issuers default in a payment of interest on the Notes, the Issuers shall pay the defaulted interest in any lawful manner plus, to the extent
lawful, interest payable on the defaulted interest, to the Persons who are Holders on a subsequent special record date, in each case at the rate provided in the Notes and in Section 4.1 hereof. The Issuers shall notify the Trustee in writing of the
amount of defaulted interest proposed to be paid on each Note and the date of the proposed payment. The Issuers shall fix or cause to be fixed each such special record date and payment date, provided that no such special record date shall be
less than 10 days prior to the related payment date for such defaulted interest. At least 15 days before the special record date, the Issuers (or, upon the written request of the Issuers, the Trustee in the name and at the expense of the Issuers)
shall mail or cause to be mailed to Holders a notice that states the special record date, the related payment date and the amount of such interest to be paid. 
  

Section 2.13. Persons Deemed Owners. 
  
 Prior to due presentment of a Note for registration of transfer and subject to Section 2.12 hereof, the Issuers, the Trustee, any Paying Agent, any
co-registrar and any Registrar may deem and treat the person in whose name any Note shall be registered upon the register of Notes kept by the Registrar as the absolute owner of such Note (whether or not such Note shall be overdue and
notwithstanding any notation of the ownership or other writing thereon made by anyone other than the Issuers, any co-registrar or any Registrar) for the purpose of receiving all payments with respect to such Note and for all other purposes, 

  

 45 








 
pose of receiving all payments with respect to such Note and for all other purposes, and none of the Issuers, the Trustee, any Paying Agent, any co-registrar
or any Registrar shall be affected by any notice to the contrary. 
  
 Section
2.14. CUSIP Numbers. 
  
 The Issuers in issuing the Notes
may use a “CUSIP” number, and if so, the Trustee shall use the CUSIP number in notices of redemption or exchange as a convenience to Holders; provided that any such notice may state that no representation is made as to the
correctness or accuracy of the CUSIP number printed in the notice or on the Notes, and that reliance may be placed only on the other identification numbers printed on the Notes. The Issuers shall notify the Trustee of any change to the CUSIP
numbers. 
  
 ARTICLE III. 
  
 REDEMPTION AND REPURCHASE 
  
 Section 3.1. Notices to Trustee. 
  
 If the Issuers elect to redeem Notes pursuant to the provisions of Section
3.7 or 3.8 hereof, they shall furnish to the Trustee, at least 30 days but not more than 60 days before the Redemption Date (unless a shorter notice period shall be satisfactory to the Trustee), an Officers’ Certificate setting forth the
Section of this Indenture pursuant to which the redemption shall occur, the Redemption Date, the principal amount of Notes to be redeemed and the Redemption Price (provided, however, that in the case of a partial redemption, or if the
Trustee is requested to give notice to Holders of Notes on behalf of the Issuers pursuant to Section 3.3, the Officers’ Certificate required hereunder shall be given to the Trustee not less than 40 days before the Redemption Date, unless a
shorter period is satisfactory to the Trustee). 
  
 If the Issuers
are required to offer to repurchase Notes pursuant to the provisions of Section 4.10 or 4.15 hereof, they shall notify the Trustee in writing, at least 45 days but not more than 60 days before the Purchase Date (unless a shorter period shall be
satisfactory to the Trustee), of the Section of this Indenture pursuant to which the repurchase shall occur, the Purchase Date, the principal amount of Notes required to be repurchased and the Purchase Price and shall furnish to the Trustee an
Officers’ Certificate to the effect that (a) the Issuers are required to make or have made a Net Proceeds Offer or a Change of Control Offer, as the case may be, and (b) the conditions set forth in Section 4.10 or 4.15 hereof, as the case may
be, have been satisfied. 
  
 If the Registrar is not the Trustee,
the Issuers shall, concurrently with each notice of redemption or repurchase, cause the Registrar to deliver to the Trustee a certificate (upon which the Trustee may rely) setting forth the principal amounts of Notes held by each Holder. 

 

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 Section 3.2. Selection of Notes. 
  
 Except as set forth below, if less than all of the Notes are to be redeemed, the Trustee shall select the Notes or portions
thereof to be redeemed either (1) in compliance with the requirements of the principal national securities exchange, if any, on which the Notes are listed, or (2) on a pro rata basis, by lot or by such method as the Trustee
shall deem fair and appropriate. In the event of partial redemption by lot, the particular Notes or portions thereof to be redeemed shall be selected, unless otherwise provided herein, not less than 30 nor more than 60 days prior to the Redemption
Date by the Trustee from the outstanding Notes not previously called for redemption. 
  
 If less than all of the Notes tendered are to be repurchased pursuant to the provisions of Section 4.10 hereof, the Trustee shall select the Notes or portions thereof to be repurchased in compliance with Section 4.10.
In the event of partial repurchase by lot, the particular Notes or portions thereof to be repurchased shall be selected at the close of business of the last Business Day prior to the Purchase Date. If less than all of the Notes tendered are to be
repurchased pursuant to the provisions of Section 3.8 (a) hereof, the Trustee shall select the Notes only on a pro rata basis or on as nearly a pro rata basis as is practicable (subject to DTC procedures).

  
 The Trustee shall promptly notify the Issuers in writing of
the Notes or portions thereof selected for redemption or repurchase and, in the case of any Note selected for partial redemption or repurchase, the principal amount thereof to be redeemed or repurchased. Notes and portions thereof selected shall be
in amounts of $1,000 or integral multiples of $1,000; except that if all of the Notes of a Holder are to be redeemed, the entire outstanding amount of Notes held by such Holder, even if not a multiple of $1,000, shall be redeemed. No Notes of a
principal amount of $1,000 or less shall be redeemed in part. 
  
 Section 3.3.
Notice of Optional or Special Redemption. 
  
 In the event
Notes are to be redeemed pursuant to Section 3.7 or 3.8 hereof, at least 30 days but not more than 60 days before the Redemption Date, the Issuers shall mail a notice of redemption to each Holder whose Notes are to be redeemed in whole or in part,
with a copy to the Trustee; provided that redemption notices may be mailed more than 60 days prior to a Redemption Date if such notice is issued in connection with a Legal Defeasance or Covenant Defeasance pursuant to Article VIII hereof or a
satisfaction and discharge of this Indenture pursuant to Article XI hereof. 
  
 The notice shall identify the Notes or portions thereof to be redeemed (including the CUSIP number, if any) and shall state: 
  
 (a) the Redemption Date; 
  

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 (b) the Redemption Price; 
  
 (c) if any Note is being redeemed in part, the portion of the principal amount of such Note to be redeemed
and that, after the Redemption Date, upon surrender of such Note, a new Note or Notes in principal amount equal to the unredeemed portion will be issued; 
  
 (d) the name and address of the Paying Agent; 
  
 (e) that Notes called for redemption must be surrendered to the Paying Agent to collect the Redemption Price, Additional Interest, if any,
and, unless the Redemption Date is after a record date and or before the succeeding interest payment date, accrued interest thereon to the Redemption Date; 
  
 (f) that, unless the Issuers default in making the redemption payment, interest and any Additional Interest on Notes called for redemption
will cease to accrue on and after the Redemption Date, and the only remaining right of the Holders of such Notes is to receive payment of the Redemption Price, any Additional Interest and, unless the Redemption Date is after a record date and on or
before the succeeding interest payment date, accrued interest thereon to the Redemption Date upon surrender to the Paying Agent of the Notes redeemed; 
  
 (g) if fewer than all the Notes are to be redeemed, the identification of the particular Notes (or portions thereof) to be redeemed, as
well as the aggregate principal amount of the Notes to be redeemed and the aggregate principal amount of Notes to be outstanding after such partial redemption; 
  

(h) the paragraph of the Notes pursuant to which the Notes called for redemption are being redeemed; and 
  
 (i) that no representation is made as to the correctness or
accuracy of the CUSIP number, if any, listed in such notice or printed on the Notes and that reliance may be placed only on the other identification numbers printed on the Notes. 
  
 At the Issuers’ request, the Trustee shall give the notice of redemption in the Issuers’ names and at their
expense; provided that the Issuers shall deliver to the Trustee, at least 40 days prior to the Redemption Date, the Officer’s Certificate required by Section 3.1 and an Officers’ Certificate requesting that the Trustee give such
notice and setting forth the information to be stated in such notice as provided in the preceding paragraph (unless a shorter period is acceptable to the Trustee). 
  

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 Section 3.4. Effect of Notice of Redemption. 
  
 Once notice of redemption is mailed, Notes or portions thereof called for redemption become due and payable on the
Redemption Date at the Redemption Price. Upon surrender to any Paying Agent, such Notes or portions thereof shall be paid at the Redemption Price, plus Additional Interest, if any, and accrued interest to the Redemption Date; provided,
however, that installments of interest which are due and payable on or prior to the Redemption Date shall be payable to the Holders of such Notes, registered as such, at the close of business on the relevant record date for the payment of
such installment of interest. 
  
 Section 3.5. Deposit of Redemption Price or
Purchase Price. 
  
 On or before 10:00 a.m. Eastern Time on
each Redemption Date or Purchase Date, the Issuers shall irrevocably deposit with the Trustee or with the Paying Agent money sufficient to pay the aggregate amount due on all Notes to be redeemed or repurchased on that date, including without
limitation any accrued and unpaid interest and Additional Interest, if any, to the Redemption Date or Repurchase Date. Upon written request by the Issuers, the Trustee or the Paying Agent shall promptly return to the Issuers any money not required
for that purpose. 
  
 Unless the Issuers default in making such
payment, interest and any Additional Interest on the Notes to be redeemed or repurchased will cease to accrue on the applicable Redemption Date or Purchase Date, whether or not such Notes are presented for payment. If any Note called for redemption
shall not be so paid upon surrender because of the failure of the Issuers to comply with the preceding paragraph, interest will be paid on the unpaid principal, from the applicable Redemption Date or Purchase Date until such principal is paid, and
on any interest not paid on such unpaid principal, in each case at the rate provided in the Notes and in Section 4.1 hereof. 
  
 Section 3.6. Notes Redeemed or Repurchased in Part. 
  
 Upon surrender of a Note that is redeemed or repurchased in part, the Issuers shall issue and the Trustee shall authenticate for the Holder at the expense
of the Issuers a new Note equal in principal amount to the portion of the Note surrendered that is not to be redeemed or repurchased. 
  
 Section 3.7. Optional Redemption. 
  
 The Issuers may redeem any or all of the Notes at any time on or after August 1, 2007 at the Redemption Prices set forth in the Notes (an
“Optional Redemption”). 
  
 Any redemption
pursuant to this Section 3.7 shall be made pursuant to the provisions of Sections 3.1 through 3.6 hereof. 
  

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 Section 3.8. Optional Redemption Upon Equity Offerings or a Change of Control. 
  
 (a) In the event the Company completes one or more Equity Offerings on or
before August 1, 2006, the Issuers may, at their option, use the net cash proceeds from any such Equity Offering to redeem up to 35% of the principal amount of the Notes (a “Special Redemption”) at a Redemption Price of 110.50% of
the principal amount thereof, together with accrued and unpaid interest and Additional Interest, if any, to the date of redemption; provided, however, that at least 65% of the principal amount of the Notes will remain outstanding
immediately after each such Special Redemption; and provided, further, that such Special Redemption shall occur within 90 days after the date of the closing of the applicable Equity Offering. 
  
 (b) Upon the occurrence of a Change of Control before August 1, 2007, the
Issuers may redeem the Notes, as a whole but not in part upon not less than 30 nor more than 60 days’ prior notice (but in no event more than 90 days after the occurrence of such Change of Control), at a redemption price equal to 100% of the
principal amount thereof plus the Applicable Premium as of, and accrued and unpaid interest thereon, if any, to the date of redemption. 
  
 Any redemption pursuant to this Section 3.8 shall be made pursuant to the provisions of Sections 3.1 through 3.6 hereof. 
  
 Section 3.9. Repurchase upon Change of Control Offer. 
  
 In the event that, pursuant to Section 4.15 hereof, the Issuers shall be
required to commence a Change of Control Offer, they shall follow the procedures specified below. 
  
 The Change of Control Offer shall remain open for a period from the date of the mailing of the notice of the Change of Control Offer described in the next
paragraph until a date determined by the Issuers which is at least 30 but no more than 60 days from the date of mailing of such notice and no longer, except to the extent that a longer period is required by applicable law (the “Change of
Control Offer Period”). On the Purchase Date, which shall be no later than the last day of the Change of Control Offer Period, the Issuers shall purchase the principal amount of Notes properly tendered in response to the Change of Control
Offer. Payment for any Notes so purchased shall be made in the same manner as interest payments are made. 
  
 Within 30 days following any Change of Control, the Issuers shall send, by first class mail, a notice to the Trustee and each of the Holders. The notice
shall contain all instructions and materials necessary to enable such Holders to tender Notes pursuant to the 

  

 50 








 
Change of Control Offer. The Change of Control shall be made to all Holders. The notice, which shall govern the terms of the Change of Control Offer, shall
state: 
  
 (a) the transaction or transactions
that constitute the Change of Control, providing information, to the extent publicly available, regarding the Person or Persons acquiring control, and stating that the Change of Control Offer is being made pursuant to this Section 3.9 and Section
4.15 hereof and that, to the extent lawful, all Notes tendered will be accepted for payment; 
  
 (b) the Purchase Price, the last day of the Change of Control Offer Period, and the Purchase Date; 
  
 (c) that any Note not properly tendered or otherwise not
accepted for repurchase will continue to accrue interest and Additional Interest, if any; 
  
 (d) that, unless the Issuers default in the payment of the amount due on the Purchase Date, all Notes or portions thereof accepted for
repurchase pursuant to the Change of Control Offer shall cease to accrue interest and Additional Interest, if any, after the Purchase Date; 
  
 (e) that Holders electing to have any Notes purchased pursuant to the Change of Control Offer will be required to tender the Notes, with
the form entitled Option of Holder To Elect Purchase on the reverse of the Notes completed, or transfer the Notes by book-entry transfer, to the Issuers, a Depositary, if appointed by the Issuers, or a Paying Agent at the address specified in the
notice not later than the third Business Day preceding the Purchase Date; 
  
 (f) that Holders will be entitled to withdraw their election if the Issuers, the Depositary or the Paying Agent, as the case may be, receives, not later than the expiration of the Change of Control Offer Period, a
telegram, facsimile transmission or letter setting forth the name of the Holder, the principal amount of Notes delivered for repurchase, and a statement that such Holder is withdrawing his election to have the Notes redeemed in whole or in part; and

  
 (g) that Holders whose Notes are being
repurchased only in part will be issued new Notes equal in principal amount to the portion of the Notes tendered (or transferred by book-entry transfer) that is not to be repurchased, which portion must be equal to $1,000 in principal amount or an
integral multiple thereof. 
  
 On or before the Purchase Date, the
Issuers shall to the extent lawful, (i) accept for payment all Notes or portions thereof properly tendered pursuant to the Change of Control Offer, (ii) deposit with the Paying Agent an amount equal to the Purchase Price, together with accrued and
unpaid interest and Additional Interest, if any, thereon to the Purchase Date in 
  

 51 








 
respect of all Notes or portions thereof so tendered and accepted for repurchase and (iii) deliver or cause to be delivered to the Trustee the Notes so
accepted together with an Officers’ Certificate stating the aggregate principal amount of Notes or portions thereof being repurchased by the Issuers. The Paying Agent shall promptly (but in any case not later than five days after the Purchase
Date) mail to each Holder of Notes so repurchased the amount due in connection with such Notes, and the Issuers shall promptly issue a new Note, and the Trustee, upon written request from the Issuers in the form of an Officers’ Certificate
shall authenticate and mail or deliver (or cause to transfer by book entry) to each relevant Holder a new Note, in a principal amount equal to any unpurchased portion of the Notes surrendered to the Holder thereof; provided, that each such
new Note shall be in a principal amount of $l,000 or and integral multiple thereof. The Issuers shall publicly announce the results of the Change of Control Offer on or as soon as practicable after the Purchase Date. 
  
 If the Purchase Date is on or after an interest record date and on or before
the related interest payment date, any accrued and unpaid interest and Additional Interest, if any, in each case to the Purchase Date, shall be paid to the Person in whose name a Note is registered at the close of business on such record date, and
no additional interest shall be payable to Holders pursuant to the Change of Control Offer. 
  
 Section 3.10. Repurchase upon Application of Excess Proceeds. 
  
 In the event that, pursuant to Section 4.10 hereof, the Issuers shall be required to commence a Net Proceeds Offer, it shall follow the procedures
specified below. 
  
 The notice shall contain all instructions and
materials necessary to enable such Holders to tender Notes pursuant to the Net Proceeds Offer. The Net Proceeds Offer shall be made to all Holders. Each Net Proceeds Offer will be mailed to the record Holders as shown on the register of Holders
within 25 days following the Net Proceeds Offer Trigger Date, with a copy to the Trustee, and shall comply with the procedures set forth in this Indenture. Upon receiving notice of the Net Proceeds Offer, Holders may elect to tender their Notes in
whole or in part in integral multiples of $1,000 in exchange for cash. A Net Proceeds Offer shall remain open for a period of 20 Business Days or such longer period as may be required by law. The notice, which shall govern the terms of the Net
Proceeds Offer, shall state: 
  
 (a) that the Net
Proceeds Offer is being made pursuant to this Section 3.10 and Section 4.10 hereof; 
  
 (b) the Net Proceeds Offer Amount, the Purchase Price and the Purchase Date; 
  
 (c) that any Note not properly tendered or otherwise not
accepted for repurchase shall continue to accrue interest and Additional Interest, if any; 
  

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 (d) that, unless the Issuers default in the payment of the amount due on the Purchase
Date, all Notes or portions thereof accepted for repurchase pursuant to the Net Proceeds Offer shall cease to accrue interest and Additional Interest, if any, after the Purchase Date; 
  
 (e) that Holders electing to have any Notes repurchased pursuant to any Net Proceeds Offer shall be required
to tender the Notes, with the form entitled Option of Holder To Elect Purchase on the reverse of the Notes completed, or transfer the Notes by book-entry transfer, to the Issuers, a Depositary, if appointed by the Issuers, or a Paying Agent at the
address specified in the notice prior to the close of business on the third Business Day preceding the Purchase Date; 
  
 (f) that Holders will be entitled to withdraw their election if the Company, the Depositary or the Paying Agent, as the case may be,
receives, not later than the Purchase Date, a telegram, facsimile transmission or letter setting forth the name of the Holder, the principal amount of the Notes delivered for repurchase and a statement that such Holder is withdrawing his election to
have such Notes repurchased in whole or in part; 
  
 (g) that, to the extent Holders properly tender Notes and holders of Pari Passu Indebtedness properly tender such Indebtedness in an amount exceeding the Net Proceeds Offer Amount, the tendered Notes and Pari Passu Indebtedness will be
purchased on a pro rata basis based on the aggregate amounts of Notes and Pari Passu Indebtedness tendered (and the Trustee shall select the tendered Notes of tendering Holders on a pro rata basis based on the amount of
Notes tendered); and 
  
 (h) that Holders whose
Notes are being repurchased only in part will be issued new Notes equal in principal amount to the portion of the Notes tendered (or transferred by book-entry transfer) that is not to be repurchased, which portion must be equal to $1,000 in
principal amount or an integral multiple thereof. 
  
 On or before
the Purchase Date, the Issuers shall to the extent lawful, (i) accept for payment, on a pro rata basis in accordance with this Indenture to the extent necessary, the Net Proceeds Offer Amount of (A) Notes or portions thereof properly
tendered pursuant to the Net Proceeds Offer and (B) properly tendered Pari Passu Indebtedness, or if less than the Net Proceeds Offer Amount has been tendered, all Notes and Pari Passu Indebtedness properly tendered, (ii) deposit with the Paying
Agent an amount equal to the Purchase Price, plus accrued and unpaid interest and Additional Interest, if any, thereon to the Purchase Date in respect of all Notes or portions thereof so tendered and accepted for repurchase and (iii) deliver
or cause to be delivered to the Trustee the Notes so accepted together with an Officers’ Certificate stating the aggregate principal amount of Notes or portions thereof being repurchased by the Issuers. The Paying Agent shall promptly (but in
any case not later than five days after the Purchase Date) mail to each Holder of Notes so repurchased the amount 
  

 53 








 
due in connection with such Notes, and the Issuers shall promptly issue a new Note, and the Trustee, upon written request from the Issuers in the form of an
Officers’ Certificate shall authenticate and mail or deliver such new Note to such Holder, in a principal amount equal to any unpurchased portion to the Holder thereof; provided, that each such new Note shall be in a principal amount of
$1,000 or an integral multiple thereof. The Issuers shall publicly announce the results of the Net Proceeds Offer on or as soon as practicable after the Purchase Date. 
  
 If the Purchase Date is on or after an interest record date and on or before the related interest payment date, any accrued
and unpaid interest and Additional Interest, if any, in each case to the Purchase Date, shall be paid to the Person in whose name a Note is registered at the close of business on such record date, and no additional interest shall be payable to
Holders pursuant to the Net Proceeds Offer. 
  
 ARTICLE IV.

  
 COVENANTS 
  
 Section 4.1. Payment of Principal and Interest. 
  
 The Issuers shall pay or cause to be paid the principal, Redemption Price
and Purchase Price of, and interest on the Notes on the dates, in the amounts and in the manner provided herein and in the Notes. Principal, Redemption Price, Purchase Price and interest shall be considered paid on the date due if the Paying Agent,
if other than an Issuer, holds as of 10:00 a.m. Eastern Time on the due date money deposited by the Issuers in immediately available funds and designated for and sufficient to pay the aggregate amount then due. The Issuers shall pay all Additional
Interest, if any, on the dates, in the amounts and in the manner set forth in the Registration Rights Agreement. 
  
 The Issuers shall pay interest (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue principal, Redemption Price and
Purchase Price at the rate equal to 1% per annum in excess of the then applicable interest rate on the Notes to the extent lawful; it shall pay interest (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue
installments of interest and Additional Interest (without regard to any applicable grace period) at the same rate to the extent lawful. 
  
 Section 4.2. Maintenance of Office or Agency. 
  
 The Issuers shall maintain in the Borough of Manhattan, the City of New York, an office or agency (which may be an office of the Trustee or an affiliate
of the Trustee, Registrar or co-registrar) where Notes may be surrendered for registration of transfer or for exchange and where notices and demands to or upon the Issuers in respect of the Notes and this Indenture may be served. The Issuers shall
give prompt written notice to the Trustee of the 
  

 54 








 
location, and any change in the location, of such office or agency. If at any time the Issuers shall fail to maintain any such required office or agency or
shall fail to furnish the Trustee with the address thereof, such presentations, surrenders, notices and demands may be made or served at the Corporate Office of the Trustee. 
  
 The Issuers may also from time to time designate one or more other offices or agencies where the Notes may be presented or
surrendered for any or all such purposes and may from time to time rescind such designations provided, however, that no such designation or rescission shall in any manner relieve the Issuers of their obligations to maintain an office
or agency in the Borough of Manhattan, the City of New York, for such purposes. The Issuers shall give prompt written notice to the Trustee of any such designation or rescission and of any change in the location of any such other office or agency.

  
 The Issuers hereby designate U.S. Bank Trust N.A., Suite 1600,
100 Wall Street, New York, New York 10005, as one such office or agency of the Issuers in accordance with Section 2.3. The Trustee may resign such agency at any time by giving written notice to the Issuers no later than 30 days prior to the
effective date of such resignation. 
  
 Section 4.3. Reports. 

 
 Whether or not required by the rules and regulations of the Commission,
so long as any Notes are outstanding, the Issuers will deliver to each Holder (if not filed with the Commission) or file with the Commission, within the time periods specified in the Commission’s rule and regulations: 
  
 (1) all quarterly and annual financial information that
would be required to be contained in a filing with the Commission on Forms 10-Q and 10-K if the Company were required to file such Forms, including a “Management’s Discussion and Analysis of Financial Condition and Results of
Operations” that describes the financial condition and results of operations of the Issuers and their consolidated Subsidiaries (showing in reasonable detail to the extent permitted by applicable law, either on the face of the financial
statements or in the footnotes thereto and in Management’s Discussion and Analysis of Financial Condition and Results of Operations, the financial condition and results of operations of the Issuers and their Restricted Subsidiaries separate
from the financial condition and results of operations of the Unrestricted Subsidiaries of the Issuers, if any) and, with respect to the annual information only, a report thereon by the Issuers’ certified independent accounts; and 

 
 (2) all current reports that would be required to be
filed with the Commission on Form 8-K if the Issuers were required to file such reports, in each case within the time periods specified in the Commission’s rules and regulations. 
  

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 Following the consummation of the Exchange Offer, whether or not required by the rules and regulations of
the Commission, the Issuers will file a copy of all such information and reports with the Commission for public availability within the time periods specified in the Commission’s rules and regulations (unless the Commission will not accept such
a filing) and make such information available to securities analysts and prospective investors upon request. In addition, the Issuers have agreed that, for so long as any Notes remain outstanding, they will furnish to the Holders and to securities
analysts and prospective investors, upon their request, the information required to be delivered pursuant to Rule 144A(d)(4) under the Securities Act. 
  
 Section 4.4. Compliance Certificate. 
  
 The Issuers and each Guarantor shall deliver to the Trustee, within 120 days after the end of each fiscal year, an Officers’ Certificate further
stating that a review of the activities of the Issuers and their Subsidiaries during the preceding fiscal year has been made under the supervision of the signing Officers with a view to determining whether the Issuers and their Subsidiaries have
kept, observed, performed and fulfilled their respective obligations under this Indenture in all material respects, and further stating, as to each such Officer signing such certificate, that to the best of his or her knowledge the Issuers and their
Subsidiaries have kept, observed, performed and fulfilled each and every covenant contained in this Indenture in all material respects and are not in Default in the performance or observance of any of the terms, provisions and conditions of this
Indenture (and, if a Default or Event of Default shall have occurred, describing all such Defaults or Events of Default, and the actions being taken by the Issuers to address the matter) of which he or she may have knowledge, and that to the best of
his or her knowledge no event has occurred and remains in existence by reason of which, payments on account of the principal of or interest, if any, on the Notes is prohibited or if such event has occurred, a description of the event. 
  
 So long as not contrary to the then current recommendations of the American
Institute of Certified Public Accountants, the year-end financial statements delivered pursuant to Section 4.3 above shall be accompanied by a written statement of the Issuers’ independent public accountants (who shall be a firm of established
national reputation) that in making the examination necessary for certification of such financial statements, nothing has come to their attention that would lead them to believe that the Issuers have violated any provisions of Article IV or Article
V hereof or, if any such violation has occurred, specifying the nature and period of existence thereof, it being understood that such accountants shall not be liable directly or indirectly to any Person for any failure to obtain knowledge of any
such violation. 
  
 The Issuers shall, so long as any of the Notes
are outstanding, deliver to the Trustee, forthwith (and in any event within five Business Days) upon any Officer of the Issuers becoming aware of any Default or Event of Default an Officers’ Certificate specifying such Default or Event of
Default. 
  

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 Section 4.5. Taxes. 
  
 The Issuers shall pay or discharge, and shall cause each of their respective Subsidiaries to pay or discharge, prior to delinquency, all material taxes,
assessments, and governmental levies except such as are contested in good faith and by appropriate proceedings or where the failure to effect such payment is not adverse in any material respect to the Holders of the Notes. 
  
 Section 4.6. Stay, Extension and Usury Laws. 
  
 Each of the Issuers covenants (to the extent that it may lawfully do so)
that it shall not at any time insist upon, plead, or in any manner whatsoever claim or take the benefit or advantage of, any stay, extension or usury law wherever enacted, now or at any time hereafter in force, that may affect the covenants or the
performance of this Indenture; and each of the Issuers (to the extent that it may lawfully do so) hereby expressly waives all benefit or advantage of any such law, and covenants it shall not, by resort to any such law, hinder, delay or impede the
execution of any power herein granted to the Trustee, but shall suffer and permit the execution of every such power as though such law has not been enacted. 
  
 Section 4.7. Limitation on Restricted Payments. 
  
 The Company will not, and will not cause or permit any of its Restricted Subsidiaries to, directly or indirectly: 
  
 (1) declare or pay any dividend or make any distribution
(other than dividends or distributions payable in Qualified Capital Stock of the Company) on or in respect of shares of the Company’s Capital Stock to holders of such Capital Stock; 
  
 (2) purchase, redeem or otherwise acquire or retire for value any Capital Stock of the Company or any
warrants, rights or options to purchase or acquire shares of any class of such Capital Stock; 
  
 (3) make any principal payment on, purchase, defease, redeem, prepay, decrease or otherwise acquire or retire for value, prior to any
scheduled final maturity, scheduled repayment or scheduled sinking fund payment, any Subordinated Indebtedness; or 
  
 (4) make any Investment (other than Permitted Investments) 
  
 (each of the foregoing actions set forth in clauses (1), (2), (3) and (4) being referred to as a “Restricted Payment”), if
at the time of such Restricted Payment or immediately after giving effect thereto, 
  

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 (i) a Default or an Event of Default shall have occurred and be continuing; or

  
 (ii) the Company is not able to incur at
least $1.00 of additional Indebtedness (other than Permitted Indebtedness) in compliance with paragraph (a) of Section 4.9 hereof; or 
  
 (iii) the aggregate amount of Restricted Payments (including such proposed Restricted Payment) made subsequent to the Issue Date (the
amount expended for such purposes, if other than in cash, being the fair market value of such property as determined in good faith by the Board of Directors of the Company) shall exceed the sum of: 
  
 (v) 50% of the cumulative Consolidated Net Income (or if
cumulative Consolidated Net Income shall be a loss, minus 100% of such loss) of the Company earned subsequent to the Issue Date and on or prior to the date the Restricted Payment occurs (the “Reference Date”) (treating such
period as a single accounting period); plus 
  
 (w) 100% of the aggregate net cash proceeds, plus the fair market value of other property used or useful in a business that the Company is permitted to engage in by this Indenture, received by the Company from any Person (other than a
Subsidiary of the Company) from the issuance and sale subsequent to the Issue Date and on or prior to the Reference Date of Qualified Capital Stock of the Company or warrants, options or other rights to acquire Qualified Capital Stock of the Company
(but excluding any debt security that is convertible into, or exchangeable for, Qualified Capital Stock except to the extent such debt security is converted into or exchanged for Qualified Capital Stock); plus 
  
 (x) without duplication of any amounts included in clause
(iii)(w) above, 100% of the aggregate net cash proceeds of any equity contribution, plus the fair market value of other property used or useful in a business that the Company is permitted to engage in by this Indenture, received by the Company from
a holder of the Company’s Capital Stock subsequent to the Issue Date and on or prior to the Reference Date (excluding, in the case of clauses (iii)(w) and (x), any net cash proceeds from an Equity Offering to the extent used to redeem the Notes
in compliance with the provisions set forth under Section 3.8(a) hereof; plus 
  
 (y) without duplication, the sum of: 
  
 (1) the aggregate amount returned in cash on or with respect to Investments (other than Permitted Investments) made subsequent to the Issue Date whether through interest payments, principal payments, dividends or
other distributions or payments; 
  

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 (2) the net cash proceeds received by the Company or any of its Restricted Subsidiaries
from the disposition of all or any portion of such Investments (other than to a Subsidiary of the Company); and 
  
 (3) upon redesignation of an Unrestricted Subsidiary as a Restricted Subsidiary, the fair market value of such Subsidiary;

  
 provided, however, that the sum of clauses
(1), (2) and (3) above shall not exceed the aggregate amount of all such Investments made subsequent to the Issue Date; plus 
  
 (z) $10.0 million. 
  
 Notwithstanding the foregoing, the provisions set forth in the immediately preceding paragraphs do not prohibit: 
  
 (1) the payment of any dividend or distribution within 60
days after the date of declaration of such dividend or distribution if the dividend or distribution would have been permitted on the date of declaration; 
  
 (2) the acquisition of any shares of Capital Stock of the Company, either (i) solely in exchange for shares of Qualified Capital Stock of
the Company or (ii) through the application of net proceeds of a substantially concurrent sale for cash (other than to a Subsidiary of the Company) of shares of Qualified Capital Stock of the Company; 
  
 (3) the acquisition of any Subordinated Indebtedness either
(i) solely in exchange for shares of Qualified Capital Stock of the Company, or (ii) through the application of net proceeds of a substantially concurrent sale for cash (other than to a Subsidiary of the Company) of (a) shares of Qualified Capital
Stock of the Company or (b) Refinancing Indebtedness; 
  
 (4) so long as no Default or Event of Default shall have occurred and be continuing, dividends or distributions to any direct or indirect parent company of the Company to permit repurchases by such parent company of Capital Stock of such
parent company, or repurchases by the Company of Capital Stock of the Company, from officers, directors and employees of any direct or indirect parent company of the Company, the Company or any of the Company’s Subsidiaries or their authorized
representatives upon the death, disability or termination of employment of such employees or termination of their seat on the Board of Directors of such direct or indirect parent company or the Company in an aggregate amount not to exceed $1.0
million in any calendar year (the aggregate amount available for such purposes after the Issue Date shall be increased (A) by the amount of any net cash proceeds received from the sale 
  

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since the date of the Indenture of Qualified Capital Stock to directors or members of the management of the Company or any Restricted Subsidiary that have
not otherwise been applied to the payment of Restricted Payments pursuant to the terms of clauses (iii)(w) or (iii)(x) of the preceding paragraph and (B) by the cash proceeds of any “key-man” life insurance policies that are used to make
such repurchases); and, provided, further, that the cancellation of Indebtedness owing to the Company from members of management of the Company or any of its Restricted Subsidiaries in connection with the repurchase of Capital Stock
will not be deemed to constitute a Restricted Payment under this Indenture; 
  
 (5) Permitted Tax Distributions; 
  
 (6) cash distributions to any direct or indirect parent company of the Company equal to: 
  
 (a) the amounts required for such direct or indirect parent to pay franchise taxes and other fees required to maintain its legal
existence; 
  
 (b) reasonable and customary costs
and expenses incident to a public offering of the common stock of a direct or indirect parent company of the Company to the extent the net cash proceeds therefrom are intended to be contributed to the Company; and 
  
 (c) an amount not to exceed $100,000 in any fiscal year to
permit such direct or indirect parent company of the Company to pay corporate overhead and other expenses incurred in the ordinary course of business; and 
  
 (7) repurchases of Capital Stock deemed to occur upon the exercise of stock options if such Capital Stock is surrendered in lieu of the
exercise price thereof. 
  
 In determining the aggregate amount of
Restricted Payments made subsequent to the Issue Date in accordance with clause (iii) of the second preceding paragraph, amounts expended pursuant to clauses (1), (2)(ii), (3)(ii)(a) and (4) of the immediately preceding paragraph shall be included
in such calculation. 
  
 Section 4.8. Limitation on Dividend and Other Payment
Restrictions Affecting Restricted Subsidiaries 
  
 The
Company will not, and will not cause or permit any of its Restricted Subsidiaries to, directly or indirectly, create or otherwise cause or permit to exist or become effective any encumbrance or restriction on the ability of any Restricted Subsidiary
of the Company to: 
  

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 (1) pay dividends or make any other distributions on or in respect of its Capital Stock;

  
 (2) make loans or advances to the Company or
any other Restricted Subsidiary or to pay any Indebtedness or other obligation owed to the Company or any other Restricted Subsidiary of the Company; or 
  
 (3) transfer any of its property or assets to the Company or any other Restricted Subsidiary of the Company, 
  
 except in each case for such encumbrances or restrictions existing under or by reason of:

  
 (a) applicable law; 
  
 (b) this Indenture, the Notes and any Guarantees;

  
 (c) any Credit Facility; 
  
 (d) customary non-assignment provisions of any contract,
license or lease, including any lease governing a leasehold interest of any Restricted Subsidiary of the Company; 
  
 (e) any instrument governing Acquired Indebtedness, which encumbrance or restriction is not applicable to any Person, or the properties or
assets of any Person, other than the Person or the properties or assets of the Person so acquired; 
  
 (f) agreements existing on the Issue Date to the extent and in the manner such agreements are in effect on the Issue Date; 
  
 (g) restrictions on the transfer of assets subject to any
Lien permitted under this Indenture imposed by the holder of such Lien; 
  
 (h) restrictions imposed by any agreement to sell assets or Capital Stock permitted under this Indenture to any Person pending the closing of such sale; 
  
 (i) customary provisions in joint venture agreements and other similar agreements (in each case relating
solely to the respective joint venture or similar entity or the equity interests therein) entered into in the ordinary course of business; 
  
 (j) purchase money obligations (including any Capitalized Lease Obligations) relating to property acquired in the ordinary course of
business; 
  
 (k) an agreement governing
Indebtedness incurred to Refinance the Indebtedness issued, assumed or incurred pursuant to an agreement referred to in clauses (b), 
  

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 (d) through (g) and (j) above; provided, however, that the provisions relating to such
encumbrance or restriction contained in any such Indebtedness are no less favorable to the Company in any material respect when taken as a whole as determined by the Board of Directors of the Company in their reasonable and good faith judgment than
the provisions relating to such encumbrance or restriction contained in agreements referred to in such clauses (b), (d) through (g) and (j); 
  
 (l) restrictions on cash or other deposits or net worth imposed by customers under contracts entered into in the ordinary course of
business; 
  
 (m) covenants in agreements
relating to the Indebtedness of Foreign Restricted Subsidiaries; and 
  
 (n) any amendments to any of the foregoing that, when taken as a whole, are not materially more restrictive than those contained in the instrument or agreement being amended. 
  
 Section 4.9. Limitation on Incurrence of Additional Indebtedness. 
  
 (a) The Company will not, and will not permit any of its Restricted
Subsidiaries to, directly or indirectly, create, incur, assume, guarantee, acquire, become liable, contingently or otherwise, with respect to, or otherwise become responsible for payment of (collectively, “incur”) any Indebtedness
(other than Permitted Indebtedness); provided, however, that the Issuers or any of the Company’s Restricted Subsidiaries that is or, upon such incurrence, becomes a Guarantor may incur Indebtedness (including, without limitation,
Acquired Indebtedness) and any Restricted Subsidiary of the Company that is not or will not, upon such incurrence, become a Guarantor may incur Acquired Indebtedness, in each case, if on the date of the incurrence of such Indebtedness, after giving
effect to the incurrence thereof, the Consolidated Fixed Charge Coverage Ratio of the Company is greater than 2.0 to 1.0 if such Indebtedness is incurred on or prior to August 6, 2005 or 2.25 to 1.0 if such Indebtedness is incurred thereafter.

  
 (b) Notwithstanding the preceding paragraph, the Issuers will
not, and will not permit any Guarantor to, directly or indirectly, incur any Indebtedness which by its terms (or by the terms of any agreement governing such Indebtedness) is expressly subordinated in right of payment to any other Indebtedness of
the Issuers or such Guarantor, as the case may be, unless such Indebtedness is also by its terms (or by the terms of any agreement governing such Indebtedness) made expressly subordinate in right of payment to the Notes or the applicable Guarantee,
as the case may be, to the same extent and in the same manner as such Indebtedness is subordinated to other Indebtedness of the Issuers or such Guarantor, as the case may be. For purposes of the foregoing, no Indebtedness will be deemed to be
subordinated in right of payment to any other Indebtedness of any of the Issuers or any Guarantor solely by virtue of such Indebtedness being unsecured or by virtue of the fact that the holders of such Indebted- 
  

 62 








 
ness have entered into intercreditor agreements giving one or more of such holders priority over the other holders in the collateral held by them.

  
 Section 4.10. Limitation on Asset Sales. 
  
 (A) The Company will not, and will not permit any of its Restricted
Subsidiaries to, consummate an Asset Sale unless: 
  
 (1) the Company or the applicable Restricted Subsidiary, as the case may be, receives consideration at the time of such Asset Sale at least equal to the fair market value of the assets sold or otherwise disposed of (as determined in good
faith by the Company’s Board of Directors); 
  
 (2) at least 75% of the consideration received by the Company or the Restricted Subsidiary, as the case may be, from such Asset Sale shall be in the form of cash, Cash Equivalents and/or Replacement Assets (as defined below) and is received
at the time of such disposition; provided that (a) the amount of any Indebtedness or other liabilities of the Company or any such Restricted Subsidiary (other than liabilities that are by their terms subordinated to the Notes or any Guarantee
thereof) that are assumed by the transferee of any such assets and (b) the fair market value of any marketable securities, currencies, notes or other obligations received by the Company or any such Restricted Subsidiary in exchange for any such
assets that are converted into cash or Cash Equivalents within 180 days after the consummation of such Asset Sale shall be deemed to be cash for purposes of this provision; and 
  
 (3) upon the consummation of an Asset Sale, the Company shall apply, or cause such Restricted Subsidiary to
apply, the Net Cash Proceeds relating to such Asset Sale within 365 days of receipt thereof either: 
  
 (a) to permanently reduce Indebtedness under any Credit Facility and, in the case of any such Indebtedness under any revolving credit
facility, effect a permanent reduction in the availability under such revolving credit facility; 
  
 (b) to make an investment in properties and assets that replace the properties and assets that were the subject of such Asset Sale or in
properties and assets (including Capital Stock) that will be used in the business of the Company and its Restricted Subsidiaries as existing on the Issue Date or in businesses not otherwise prohibited by this Indenture (“Replacement
Assets”); and/or 
  
 (c) a combination
of prepayment and investment permitted by the foregoing clauses (3)(a) and (3)(b). 
  

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 (B) Pending the final application of such Net Cash Proceeds, the Company may temporarily reduce
borrowings under any Credit Facility or any other revolving credit facility, if any. On the 366th day after an Asset Sale or such earlier date, if any, as the Board of Directors of the Company or of such Restricted Subsidiary determines not to apply
the Net Cash Proceeds relating to such Asset Sale as set forth in clauses (3)(a), (3)(b) and (3)(c) of paragraph (A) above (each, a “Net Proceeds Offer Trigger Date”), such aggregate amount of Net Cash Proceeds which have not been
applied on or before such Net Proceeds Offer Trigger Date as permitted in clauses (3)(a), (3)(b) and (3)(c) of paragraph (A) above (each, a “Net Proceeds Offer Amount”) shall be applied by the Issuers or such Restricted
Subsidiary to make an offer to purchase (the “Net Proceeds Offer”) to all Holders and, to the extent required by the terms of any Pari Passu Indebtedness, an offer to purchase to all holders of such Pari Passu Indebtedness, on a
date (the “Net Proceeds Offer Payment Date”) not less than 30 nor more than 45 days following the applicable Net Proceeds Offer Trigger Date, from all Holders (and holders of any such Pari Passu Indebtedness) on a pro rata
basis, that amount of Notes (and Pari Passu Indebtedness) equal to the Net Proceeds Offer Amount at a price equal to 100% of the principal amount of the Notes (and Pari Passu Indebtedness) to be purchased, plus accrued and unpaid interest
thereon, if any, to the date of purchase; provided, however, that if at any time any non-cash consideration received by the Issuers or any Restricted Subsidiary of the Issuers, as the case may be, in connection with any Asset Sale is
converted into or sold or otherwise disposed of for cash (other than interest received with respect to any such non-cash consideration), then such conversion or disposition shall be deemed to constitute an Asset Sale hereunder and the Net Cash
Proceeds thereof shall be applied in accordance with this Section 4.10. 
  
 (C) The Issuers may defer the Net Proceeds Offer until there is an aggregate unutilized Net Proceeds Offer Amount equal to or in excess of $10.0 million resulting from one or more Asset Sales (at which time, the entire unutilized Net
Proceeds Offer Amount, and not just the amount in excess of $10.0 million, shall be applied as required pursuant to this Section 4.10). 
  
 (D) In the event of the transfer of substantially all (but not all) of the property and assets of the Company and its Restricted Subsidiaries as an
entirety to a Person in a transaction permitted under Section 5.1 hereof, which transaction does not constitute a Change of Control, the successor corporation shall be deemed to have sold the properties and assets of the Company and its Restricted
Subsidiaries not so transferred for purposes of this covenant, and shall comply with the provisions of this covenant with respect to such deemed sale as if it were an Asset Sale. In addition, the fair market value of such properties and assets of
the Company or its Restricted Subsidiaries deemed to be sold shall be deemed to be Net Cash Proceeds for purposes of this Section 4.10. 
  
 (E) If any Net Cash Proceeds remain after the consummation of any Net Proceeds Offer, the Company may use such Net Cash Proceeds for any purpose not
otherwise prohib- 
  

 64 








 
ited by this Indenture. Upon completion of each Net Proceeds Offer, the amount of Net Cash Proceeds will be reset to zero. 
  
 (F) The Issuers will comply with the requirements of Rule 14e-1 under the
Exchange Act and any other securities laws and regulations thereunder to the extent such laws and regulations are applicable in connection with the repurchase of Notes pursuant to a Net Proceeds Offer. To the extent that the provisions of any
securities laws or regulations conflict with this Section 4.10, the Company shall comply with the applicable securities laws and regulations and shall not be deemed to have breached its obligations under this Section 4.10. 
  
 Section 4.11. Limitations on Transactions with Affiliates. 
  
 The Company will not, and will not permit any of its Restricted Subsidiaries
to, directly or indirectly, enter into any transaction or series of related transactions (including, without limitation, the purchase, sale, lease or exchange of any property or the rendering of any service) with, or for the benefit of, any of its
Affiliates (each an “Affiliate Transaction”), other than (x) Affiliate Transactions permitted under the third paragraph below and (y) Affiliate Transactions on terms that are no less favorable than those that would reasonably have
been obtained in a comparable transaction at such time on an arm’s-length basis from a Person that is not an Affiliate of the Company or such Restricted Subsidiary. 
  
 All Affiliate Transactions (and each series of related Affiliate Transactions which are part of a common plan) involving
aggregate payments or other property with a fair market value in excess of $5.0 million shall be approved by the Board of Directors of the Company or such Restricted Subsidiary, as the case may be, such approval to be evidenced by a Board Resolution
stating that such Board of Directors has determined that such transaction complies with the foregoing provisions. If the Company or any Restricted Subsidiary of the Company enters into an Affiliate Transaction (or a series of related Affiliate
Transactions related to a common plan) that involves an aggregate fair market value of more than $15.0 million, the Company or such Restricted Subsidiary, as the case may be, shall, prior to the consummation thereof, obtain a favorable opinion as to
the fairness of such transaction or series of related transactions to the Company or the relevant Restricted Subsidiary, as the case may be, from a financial point of view, from an Independent Financial Advisor and file the same with the Trustee.

  
 The restrictions set forth in this Section 4.11 shall not
apply to: 
  
 (1) reasonable fees, compensation
and reimbursement of fees and expenses paid to, and indemnity provided on behalf of, officers, directors, employees or consultants of the Company or any Restricted Subsidiary of the Company as determined in good faith by the Company’s Board of
Directors or senior management; 
  

 65 








 (2) transactions between or among the Company and any of its Restricted Subsidiaries or
between or among such Restricted Subsidiaries, provided such transactions are not otherwise prohibited by this Indenture; 
  
 (3) any agreement as in effect as of the Issue Date or any amendment thereto or any transaction contemplated thereby (including pursuant
to any amendment thereto) or in any replacement agreement thereto so long as any such amendment or replacement agreement is not more disadvantageous to the Holders in any material respect when taken as a whole than the original agreement as in
effect on the Issue Date; 
  
 (4) Restricted
Payments and Investments permitted by this Indenture; 
  
 (5) any payments or other transactions pursuant to any tax-sharing agreement between any direct or indirect parent company of the Company and the Company with which the Company files a consolidated tax return or with which the Company is
part of a consolidated group for tax purposes; 
  
 (6) sales of Qualified Capital Stock to Affiliates of the Company not otherwise prohibited by this Indenture and the granting of registration and other customary rights in connection therewith; 
  
 (7) loans or advances to employees or consultants that are
approved in good faith by the Board of Directors of the Company; 
  
 (8) transactions with customers, clients, suppliers, joint venture partners or purchasers or sellers of goods and services, in each case, in the ordinary course of business and otherwise not prohibited by this
Indenture; and 
  
 (9) the existence of, and the
performance by the Company or any of its Restricted Subsidiaries of its obligations under the terms of any, limited liability company, limited partnership or other organizational document or stockholders agreement (including any registration rights
agreement or purchase agreement related thereto) to which it is a party at the date of this Indenture and similar agreements that it may enter into thereafter; provided, however, that the existence of, or the performance by the Company
or any of its Restricted Subsidiaries of obligations under, any future amendment to any such existing agreement or under any similar agreement entered into after the date of the Indenture shall only be permitted by this clause (9) to the extent not
more disadvantageous to the Holders in any material respect when taken as a whole. 
  
 Section 4.12. Limitation on Liens. 
  
 The
Company will not, and will not cause or permit any of its Restricted Subsidiaries to, directly or indirectly, create, incur, assume or permit or suffer to exist any Liens 
  

 66 








 
(other than Permitted Liens) of any kind against or upon any property or assets of the Company or any of its Restricted Subsidiaries whether owned on the
Issue Date or acquired after the Issue Date, or any proceeds therefrom, or assign or otherwise convey any right to receive income or profits therefrom unless: 
  

(1) in the case of Liens securing Subordinated Indebtedness, the Notes or the Guarantee of such Guarantor, as the case may be, are
secured by a Lien on such property, assets or proceeds that is senior in priority to such Liens until such time as such Subordinated Indebtedness is no longer secured by a Lien; and 
  
 (2) in all other cases, the Notes or the Guarantee of such Guarantor, as the case may be, are equally and
ratably secured by a Lien on such property, assets, proceeds, income or profits until such time as such property, assets, proceeds, income and profits are no longer subject to such Lien. 
  
 Section 4.13. Continued Existence. 
  
 Subject to Article V hereof, each of the Issuers and the Guarantors shall do or cause to be done all things necessary to preserve and keep in full force
and effect (i) its corporate or other existence in accordance with the organizational documents (as the same may be amended from time to time) of the Issuers or such Guarantor and (ii) the material rights (charter and statutory), licenses and
franchises of the Issuers or such Guarantor, except to the extent that the applicable Board of Directors determines in good faith that the preservation of such right, license or franchise is no longer necessary or desirable in the conduct of the
business of the Issuers or such Guarantor and that the loss thereof is not disadvantageous in any material respect to the Holders. Notwithstanding the foregoing, the conversion of the Company into a limited liabilited company on the Issue Date shall
be permitted. 
  
 Section 4.14. Insurance Matters. 
  
 Each of the Issuers shall provide or cause to be provided, for itself and
each of its Subsidiaries, insurance (including appropriate self-insurance) against loss or damage of the kinds that, in the reasonable, good faith opinion of the Company, are adequate and appropriate for the conduct of the business of each Issuer
and its Subsidiaries in a prudent manner, with reputable insurers or with the government of the United States of America or an agency or instrumentality thereof, in such amounts, with such deductibles, and by such methods as shall be either (i)
consistent with past practices of the Issuers or the applicable Subsidiary or (ii) customary, in the reasonable, good faith opinion of the Issuers, for corporations similarly situated in the industry, unless the failure to provide such insurance
(together with all other such failures) would not have a material adverse effect on the financial condition or results of operations of the Issuers and their Subsidiaries, taken as a whole. 
  

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 Section 4.15. Offer to Repurchase upon Change of Control. 
  
 Upon the occurrence of a Change of Control, each Holder of Notes shall have
the right to require the Issuers to repurchase all or any part (equal to $1,000 or an integral multiple thereof) of such Holder’s Notes (a “Change of Control Offer”) at a Purchase Price in cash equal to 101% of the aggregate
principal amount thereof, together with accrued and unpaid interest and Additional Interest, if any, thereon to the Purchase Date. The Change of Control Offer shall be made in compliance with the applicable procedures set forth in Article III hereof
and shall include all instructions and materials necessary to enable Holders to tender their Notes. 
  
 The Issuers 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 Issuers and purchases all Notes validly tendered and not withdrawn under such Change of Control
Offer. 
  
 The Issuers will comply with the requirements of Rule
14e-1 under the Exchange Act and any other securities laws and regulations to the extent such laws and regulations are applicable in connection with the repurchase of Notes pursuant to a Change of Control Offer. To the extent that the provisions of
any securities laws or regulations conflict with this Section 4.15, the Issuers shall comply with the applicable securities laws and regulations and shall not be deemed to have breached its obligations under this Section 4.15 by virtue thereof.

  
 Section 4.16. Additional Subsidiary Guarantees. 
  
 If any Restricted Subsidiary existing on the Issue Date or organized
thereafter guarantees Indebtedness under the Credit Agreement or any other Indebtedness of the Company or any Domestic Restricted Subsidiary in excess of $5.0 million in principal amount, then, in each case, such Restricted Subsidiary shall:

  
 (1) execute and deliver to the Trustee a
supplemental indenture in form reasonably satisfactory to the Trustee pursuant to which such Restricted Subsidiary shall unconditionally guarantee on a senior unsecured basis all of the Issuers’ obligations under the Notes and this Indenture on
the terms set forth in this Indenture; and 
  
 (2) deliver to the Trustee an opinion of counsel that such supplemental indenture has been duly authorized, executed and delivered by such Restricted Subsidiary and constitutes a legal, valid, binding and enforceable obligation of such
Restricted Subsidiary. 
  
 Thereafter, such Restricted Subsidiary shall be a
Guarantor for all purposes of this Indenture. 
  

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 Section 4.17. Limitation on Activities of the Company. 
  
 The Company and its Restricted Subsidiaries will not engage in any
businesses which are not the same, similar, ancillary, complementary or reasonably related to the businesses in which the Company and its Restricted Subsidiaries are engaged on the Issue Date. 
  
 Section 4.18. Limitation on Activities of the Co-Issuer. 
  
 The Co-Issuer may not hold any material assets, become liable for any
material obligations, engage in any trade or business, or conduct any business activity other than the issuance of Capital Stock to the Company or any Wholly Owned Restricted Subsidiary of the Company, the incurrence of Indebtedness as a co-obligor
of the Notes, the Exchange Notes, if any, and any other Indebtedness that is permitted to be incurred by the Company under Section 4.9 hereof; provided that the net proceeds of such Indebtedness are retained by the Company or loaned to
or contributed as capital to one or more of the Restricted Subsidiaries other than the Co-Issuer, and activities incidental thereto. 
  
 Section 4.19. Payments for Consent. 
  
 The Issuers will not, and will not permit any of the Company’s Restricted Subsidiaries to, directly or indirectly, pay or cause to be paid any
consideration to or for the benefit of any Holder of Notes for or as an inducement to any consent, waiver or amendment of any of the terms or provisions of this Indenture or the Notes unless such consideration is offered to be paid and is paid to
all Holders of the Notes that consent, waive or agree to amend in the time frame set forth in the solicitation documents relating to such consent, waiver or agreement. 
  
 Section 4.20. Limitation on Preferred Stock of Restricted Subsidiaries. 
  
 The Company will not permit any of its Restricted Subsidiaries to issue any
Preferred Stock (other than to the Company or to a Wholly Owned Restricted Subsidiary of the Company) or permit any Person (other than the Company or a Wholly Owned Restricted Subsidiary of the Company) to own any Preferred Stock of any Restricted
Subsidiary of the Company that is not a Guarantor. 
  
 ARTICLE V.

  
 SUCCESSORS 
  
 Section 5.1. Merger, Consolidation and Sale of Assets. 
  
 The Company will not, in a single transaction or series of related
transactions, consolidate or merge with or into any Person, or sell, assign, transfer, lease, convey or otherwise 
  

 69 








 
dispose of (or cause or permit any Restricted Subsidiary of the Company to sell, assign, transfer, lease, convey or otherwise dispose of) all or
substantially all of the Company’s assets (determined on a consolidated basis for the Company and the Company’s Restricted Subsidiaries) whether as an entirety or substantially as an entirety to any Person unless: 
  
 (1) either: 
  
 (a) the Company shall be the surviving or continuing
corporation; or 
  
 (b) the Person (if other than
the Company) formed by such consolidation or into which the Company is merged or the Person which acquires by sale, assignment, transfer, lease, conveyance or other disposition the properties and assets of the Company and of the Company’s
Restricted Subsidiaries substantially as an entirety (the “Surviving Entity”): 
  
 (x) shall be a corporation or a partnership or a limited liability company, in each case, organized and validly existing under the laws of
the United States or any State thereof or the District of Columbia; and 
  
 (y) shall expressly assume, by supplemental indenture (in form and substance satisfactory to the Trustee), executed and delivered to the Trustee, the due and punctual payment of the principal of, and premium, if any,
and interest on all of the Notes and the performance of every covenant of the Notes, this Indenture and the Registration Rights Agreement on the part of the Company to be performed or observed; provided that at any time the Company or
its successor is a partnership or a limited liability company, there shall be a co-issuer of the Notes that is a corporation; 
  
 (2) immediately after giving effect to such transaction and the assumption contemplated by clause (1)(b)(y) above (including giving effect
to any Indebtedness and Acquired Indebtedness incurred or anticipated to be incurred in connection with or in respect of such transaction), the Company or such Surviving Entity, as the case may be, either (a) shall be able to incur at least $1.00 of
additional Indebtedness (other than Permitted Indebtedness) pursuant to paragraph (a) of Section 4.9 hereof or (b) shall have a Consolidated Fixed Charge Coverage Ratio not less than the Consolidated Fixed Charge Coverage Ratio of the Company
immediately prior to such transaction and assumption; 
  
 (3) immediately before and immediately after giving effect to such transaction and the assumption contemplated by clause (1)(b)(y) above (including, without limitation, giving effect to any Indebtedness and Acquired Indebtedness incurred or
antici- 
  

 70 








 
pated to be incurred and any Lien granted in connection with or in respect of the transaction), no Default or Event of Default shall have occurred or be
continuing; and 
  
 (4) the Company or the
Surviving Entity shall have delivered to the Trustee an officers’ certificate and an opinion of counsel, each stating that such consolidation, merger, sale, assignment, transfer, lease, conveyance or other disposition and, if a supplemental
indenture is required in connection with such transaction, such supplemental indenture comply with the applicable provisions of this Indenture and that all conditions precedent in this Indenture relating to such transaction have been satisfied.

  
 For purposes of the foregoing, the transfer (by lease,
assignment, sale or otherwise, in a single transaction or series of transactions) of all or substantially all of the properties or assets of one or more Restricted Subsidiaries of the Company, the Capital Stock of which constitutes all or
substantially all of the properties and assets of the Company, shall be deemed to be the transfer of all or substantially all of the properties and assets of the Company. 
  
 Notwithstanding clauses (1), (2) and (3) of the first paragraph of this Section 5.1, the Company may merge with an Affiliate
that is a Person that has no material assets or liabilities and which was organized solely for the purpose of reorganizing the Company in another jurisdiction. Notwithstanding the foregoing, this Section 5.1 will not apply to a sale, lease,
assignment, transfer, conveyance or other disposition of assets (including by way of merger or consolidation) of another Restricted Subsidiary to or into the Company or a Restricted Subsidiary. 
  
 Notwithstanding the foregoing, the merger of NB Acquisition, LLC into the
Company on the Issue Date shall be permitted. Notwithstanding anything to the contrary in this Indenture, the conversion of the Company into a limited liability company on the Issue Date shall be permitted. 
  
 Each Guarantor (other than any Guarantor whose Guarantee is to be released in
accordance with the terms of the Guarantee and this Indenture in connection with any transaction complying with clauses (1) and (2) of paragraph (A) of Section 4.10 hereof) will not, and the Company will not cause or permit any Guarantor to,
consolidate with or merge with or into any Person other than the Company or any other Guarantor unless: 
  
 (1) the entity formed by or surviving any such consolidation or merger (if other than the Guarantor) or to which such sale, lease,
conveyance or other disposition shall have been made is a corporation or a partnership or a limited liability company, in each case, organized and existing under the laws of the United States or any State thereof or the District of Columbia;

  
 (2) such entity (if other than the Guarantor)
assumes by supplemental indenture all of the obligations of the Guarantor under its Guarantee, the Indenture and the Registration Rights Agreement; 
  

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 (3) immediately after giving effect to such transaction, no Default or Event of Default
shall have occurred and be continuing; and 
  
 (4) immediately after giving effect to such transaction and the use of any net proceeds therefrom on a pro forma basis, the Company could satisfy the provisions of clause (2) of the first paragraph of this Section 5.1.

  
 Any merger or consolidation of a Guarantor with and into the
Company (with the Company being the Surviving Entity) or another Guarantor that is a Wholly Owned Restricted Subsidiary of the Company need only comply with clause (4) of the first paragraph of this Section 5.1. 
  
 Section 5.2. Successor Corporation Substituted. 
  
 Upon any consolidation or merger, or any sale, lease, conveyance or other
disposition of all or substantially all of the assets of the Company in accordance with Section 5.1 hereof, the Surviving Entity shall succeed to and be substituted for, and may exercise every right and power of, the Company under this Indenture
with the same effect as if such Surviving Entity had been named as the Company herein; provided, however, that the predecessor Company shall not be relieved from the obligation to pay the principal, Purchase Price or Redemption Price
of or interest or Additional Interest, if any, on the Notes except in the case of a sale of all of the Company’s assets that meets the requirements of Section 5.1 hereof. 
  
 ARTICLE VI. 
  
 DEFAULTS AND REMEDIES 
  
 Section 6.1. Events of Default. 
  
 Each of the following constitutes an “Event of Default”: 
  
 (1) the failure to pay interest on any Notes when the same becomes due and payable and the default continues
for a period of 30 days; 
  
 (2) the failure to
pay the principal on any Notes, when such principal becomes due and payable, at maturity, upon redemption or otherwise (including the failure to make a payment to purchase Notes tendered pursuant to a Change of Control Offer or a Net Proceeds
Offer); 
  
 (3) a default in the observance or
performance of any other covenant or agreement contained in this Indenture which default continues for a period of 30 days after the Company receives written notice specifying the default (and demanding that such default be remedied) from the
Trustee or the Holders of at least 25% of the out- 
  

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standing principal amount of the Notes (except in the case of a default with respect to Section 5.1 hereof, which will constitute an Event of Default with
such notice requirement but without such passage of time requirement); 
  
 (4) the failure to pay at final maturity (giving effect to any applicable grace periods and any extensions thereof) the stated principal amount of any Indebtedness of the Company or any Restricted Subsidiary of the
Company, or the acceleration of the final stated maturity of any such Indebtedness (which acceleration is not rescinded, annulled or otherwise cured within 20 days of receipt by the Company or such Restricted Subsidiary of notice of any such
acceleration) if the aggregate principal amount of such Indebtedness, together with the principal amount of any other such Indebtedness in default for failure to pay principal at final stated maturity or which has been accelerated (in each case with
respect to which the 20-day period described above has elapsed), aggregates $10.0 million or more at any time; 
  
 (5) one or more judgments in an aggregate amount in excess of $10.0 million shall have been rendered against the Company or any of its
Significant Subsidiaries or any group of Restricted Subsidiaries that, taken together, would constitute a Significant Subsidiary and such judgments remain undischarged, unpaid or unstayed for a period of 60 days after such judgment or judgments
become final and non-appealable; 
  
 (6) the
Company or any Significant Subsidiary of the Company: 
  
 (i) commences a voluntary case under any Bankruptcy Law, 
  
 (ii) consents to the entry of an order for relief against it in an involuntary case, 
  
 (iii) consents to the appointment of a custodian or receiver of it or for all or substantially all of its property, 
  
 (iv) makes a general assignment for the benefit of its
creditors, or 
  
 (v) generally is not paying its
debts as they become due; 
  
 (7) a court of
competent jurisdiction enters an order or decree under any Bankruptcy Law that: 
  
 (i) is for relief in an involuntary case against the Company or any Significant Subsidiary of the Company; 
  

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 (ii) appoints a custodian or receiver of the Company or any Significant Subsidiary or for
all or substantially all of the property of any of the foregoing; 
  
 (iii) orders the liquidation of the Company or any of its Significant Subsidiaries; 
  
 and the order or decree remains unstayed and in effect for 60 days; or 
  
 (8) any Guarantee of a Significant Subsidiary ceases to be in full force and effect or is declared in a
judicial proceeding to be null and void and unenforceable or is found in a judicial proceeding to be invalid or any Guarantor that is a Significant Subsidiary denies its liability under its Guarantee (other than by reason of release of a Guarantor
in accordance with the terms of this Indenture). 
  
 Section 6.2.
Acceleration. 
  
 If any Event of Default (other than an
Event of Default specified in clause (6) or (7) of Section 6.1 hereof with respect to the Company) shall occur and be continuing, the Trustee or the Holders of at least 25% in principal amount of outstanding Notes by written notice to the Company
(and the Trustee, if such notice is given by such Holders) may declare the principal of and accrued and unpaid interest on all the Notes to be due and payable immediately, which notice shall specify the respective Events of Default and that it is a
“notice of acceleration” (the “Acceleration Notice”). Upon any such declaration, the entire principal amount of, and accrued and unpaid interest and Additional Interest, if any, on the Notes shall become immediately due
and payable. 
  
 Notwithstanding the foregoing, if an Event of
Default specified in clause (6) or (7) of Section 6.1 hereof with respect to the Company occurs and is continuing, then all unpaid principal of, and premium, if any, and accrued and unpaid interest on all of the outstanding Notes shall ipso
facto become and be immediately due and payable without any declaration or other act on the part of the Trustee or any Holder. 
  
 At any time after a declaration of acceleration with respect to the Notes as described in the preceding paragraphs, the Holders of not less than a
majority in aggregate principal amount of the then outstanding Notes by written notice to the Company and the Trustee may, on behalf of the Holders of all of the Notes, rescind and cancel an acceleration and its consequences: 
  
 (1) if the rescission would not conflict with any judgment
or decree; 
  

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 (2) if all existing Events of Default have been cured or waived except nonpayment of
principal or interest that has become due solely because of the acceleration; 
  
 (3) if, to the extent the payment of such interest is lawful, interest on overdue installments of interest and overdue principal, which has become due otherwise than by such declaration of acceleration, has been paid;

  
 (4) if the Company has paid the Trustee its
reasonable compensation and reimbursed the Trustee for its expenses, disbursements and advances; and 
  
 (5) in the event of the cure or waiver of an Event of Default of the type described in clause (6) or (7) of Section 6.1 hereof, if the
Trustee shall have received an Officers’ Certificate and an Opinion of Counsel that such Event of Default has been cured or waived. 
  
 No such rescission shall affect any subsequent Default or impair any right consequent thereto. 
  
 Section 6.3. Other Remedies. 
  
 If an Event of Default occurs and is continuing, the Trustee may pursue any available remedy to collect the payment of principal, premium, if any,
interest or Additional Interest, if any, on the Notes or to enforce the performance of any provision of the Notes or this Indenture. 
  
 The Trustee may maintain a proceeding even if it does not possess any of the Notes or does not produce any of them in the proceeding, and any recovery or
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 Notes. A delay or omission by the Trustee
or any Holder in exercising any right or remedy accruing upon an Event of Default shall not impair the right or remedy or constitute a waiver of or acquiescence in the Event of Default. All remedies are cumulative to the extent permitted by law.

  
 Section 6.4. Waiver of Past Defaults. 
  
 The Holders of a majority in principal amount of the Notes may waive any
existing Default or Event of Default under this Indenture, and its consequences, except a default in the payment of the principal of or interest on any Notes. 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. 
  

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 Section 6.5. Control by Majority. 
  
 Holders of a majority in principal amount of the then outstanding Notes may direct the time, method and place of conducting
any proceeding for exercising any remedy available to the Trustee or exercising any trust or power conferred on it. However, the Trustee may refuse to follow any direction that conflicts with applicable law or this Indenture that the Trustee
reasonably determines may be unduly prejudicial to the rights of other Holders of Notes or that may subject the Trustee to personal liability and shall be entitled to the benefit of Sections 7.1(c)(iii) and (e) hereof. 
  
 Section 6.6. Limitation on Suits. 
  
 A Holder of a Note may pursue a remedy with respect to this Indenture or the
Notes only if: 
  
 (a) the Holder of a Note gives
to the Trustee written notice of a continuing Event of Default; 
  
 (b) the Holders of at least 25% in principal amount of the then outstanding Notes make a written request to the Trustee to pursue the remedy; 
  
 (c) such Holder or Holders of Notes offer and, if requested, provide to the Trustee indemnity satisfactory
to the Trustee against any loss, liability or expense; 
  
 (d) the Trustee does not comply with the request within 60 days after receipt of the request and the offer and, if requested, the provision of indemnity; and 
  
 (e) during such 60-day period the Holders of a majority in principal amount of the then outstanding Notes do
not give the Trustee a direction inconsistent with the request. 
  
 A Holder of a
Note may not use this Indenture to prejudice the rights of another Holder of a Note or to obtain a preference or priority over another Holder of a Note. 
  
 Section 6.7. Rights of Holders of Notes To Receive Payment. 
  
 Notwithstanding any other provision of this Indenture, the right of any Holder of a Note to receive payment of principal of or premium, if any, interest
or Additional Interest, if any, on the Note, on or after the respective due dates thereon (including in connection with an offer to repurchase), or to bring suit for the enforcement of any such payment on or after such respective dates, shall not be
impaired or affected without the written consent of such Holder. 
  

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 Section 6.8. Collection Suit by Trustee. 
  
 If an Event of Default specified in Section 6.l(1) or (2) occurs and is continuing, the Trustee is authorized to recover
judgment in its own name and as trustee of an express trust against the Issuers for the whole amount of principal of, premium and Additional Interest, if any, and interest remaining unpaid on the Notes and interest on overdue principal and, to the
extent lawful, interest and Additional Interest, if any, and such further amounts as shall be sufficient to cover the costs and expenses of collection, including the reasonable compensation, expense, disbursements and advances of the Trustee, its
agents and counsel. 
  
 Section 6.9. Notice. 
  
 The Issuers shall provide an Officers’ Certificate to the Trustee
promptly upon any such Officer obtaining knowledge of any Default or Event of Default (provided that such Officers shall provide such certification at least annually whether or not such Officers know of any Default or Event of Default) that
has occurred and, if applicable, describe such Default or Event of Default and the status thereof. 
  
 Section 6.10. Trustee May File Proofs of Claim. 
  
 The Trustee is authorized to file such proofs of claim and other papers or documents as may be necessary or advisable in order to have the claims of the Trustee (including any claim for the reasonable compensation,
expenses, disbursements and advances of the Trustee, its agents (including accountants, experts or such other processionals as the Trustee deems necessary, advisable or appropriate) and counsel and the Holders of the Notes allowed in any judicial
proceedings relative to the Issuers (or any other obligor upon the Notes), their creditors or their property and shall be entitled and empowered to collect, receive and distribute any money or other property payable or deliverable on any such
claims, and any custodian in any such judicial proceeding is hereby authorized by each Holder to make such payments to the Trustee, and in the event that the Trustee shall consent to the making of such payments directly to the Holders, to pay to the
Trustee any amount due to it for the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel, and any other amounts due the Trustee under Section 7.7 hereof. 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 7.7 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 Notes or the rights of any Holder, or to authorize the Trustee to vote in respect of the claim of any Holder in any such proceeding. 
  

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 Section 6.11. Priorities. 
  
 If the Trustee collects any money pursuant to this Article, it shall pay out the money in the following order: 

 
 First: to the Trustee, its agents and attorneys
for amounts due under Section 7.7 hereof, including payment of all compensation, expense and liabilities incurred, and all advances made, by the Trustee and the costs and expenses of collection; 
  
 Second: to Holders of Notes for amounts due and
unpaid on the Notes for principal, Purchase Price, Redemption Price and Additional Interest, if any, and interest, ratably, without preference or priority of any kind, according to the amounts due and payable on the Notes for principal, Purchase
Price, Redemption Price and Additional Interest, if any, and interest, respectively; and 
  
 Third: to the Issuers, the Guarantors or to such party as a court of competent jurisdiction shall direct. 
  
 The Trustee may fix a special record date and payment date for any payment to Holders of
Notes pursuant to this Section 6.11. 
  
 Section 6.12. Undertaking for
Costs. 
  
 In any suit for the enforcement of any right or
remedy under this Indenture or in any suit against the Trustee for any action taken or omitted by it as a Trustee, a court in its discretion may require the filing by any party litigant in the suit of an undertaking to pay the costs of the suit, and
the court in its discretion may assess reasonable costs, including reasonable attorneys’ fees, against any party litigant in the suit, having due regard to the merits and good faith of the claims or defenses made by the party litigant. This
Section does not apply to a suit by the Trustee, a suit by a Holder pursuant to Section 6.7 hereof, or a suit by Holders of more than 10% in principal amount of the then outstanding Notes. 
  
 ARTICLE VII. 
  
 TRUSTEE 
  
 Section 7.1. Duties of Trustee. 
  
 (a) If an Event of Default has occurred and is continuing and is known to the Trustee, 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 such person’s own affairs. 
  

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 (b) Except during the continuance of an Event of Default: 
  
 (i) the duties of the Trustee shall be determined solely by
the express provisions of this Indenture and the TIA and the Trustee need perform only those duties that are specifically set forth in this Indenture and no others, and no implied covenants or obligations shall be read into this Indenture or the TIA
against the Trustee; and 
  
 (ii) in the absence
of bad faith on its part, the Trustee may conclusively rely, without investigation, as to the truth of the statements and the correctness of the opinions expressed therein, upon statements, 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 on their face to the requirements of this Indenture. 
  
 (c) The Trustee may not be relieved from liabilities for its own negligent action, its own negligent failure to act, or its own willful misconduct, except
that: 
  
 (i) this paragraph does not limit the
effect of paragraph (b) of this Section; 
  
 (ii)
the Trustee shall not be liable for any error of judgment made in good faith by a Responsible Officer, unless it is proved that the Trustee was negligent in ascertaining the pertinent facts; and 
  
 (iii) the Trustee shall not be liable with respect to any
action it takes or omits to take in good faith in accordance with a direction received by it pursuant to Section 6.5 hereof. 
  
 (d) Whether or not therein expressly so provided, every provision of this Indenture that in any way relates to the Trustee is subject to this Section 7.1.

  
 (e) No provision of this Indenture shall require the Trustee
to expend or risk its own funds or incur any liability. The Trustee shall be under no obligation to exercise any of its rights and powers under this Indenture at the request of any Holders, pursuant to the provisions of this Indenture, including,
without limitation, Section 6.5 hereof, unless such Holder shall have offered to the Trustee security and indemnity satisfactory to it against any loss, liability or expense which might be incurred by it in compliance with such request or direction.

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

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 Section 7.2. Rights of Trustee. 
  
 (a) The Trustee may conclusively rely and shall be protected in acting or refraining from acting upon any document believed
by it to be genuine and to have been signed or presented by the proper Person. The Trustee need not investigate any fact or matter stated in the document. 
  
 (b) Before the Trustee acts or refrain from acting, it shall 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 Officers’ Certificate or Opinion of Counsel. The Trustee may consult with counsel of its own selection and the written advice of such counsel and Opinions of
Counsel shall be full and complete authorization and protection from liability in respect of any action taken, suffered or omitted by it hereunder in good faith and in reliance thereon. 
  
 (c) The Trustee may act through its attorneys, accountants, experts and such other professionals as the Trustee deems
necessary, advisable or appropriate and shall not be responsible for the misconduct or negligence of any attorney, accountant, expert or other such professional appointed with due care. 
  
 (d) The Trustee shall not be liable for any action it takes or omits to take in good faith that it believes to be authorized
or within the rights or powers conferred upon it by this Indenture. A permissive right or power granted to the Trustee hereunder shall not be assumed to be a duty. 
  
 (e) Unless otherwise specifically provided in this Indenture, any demand, request, direction or notice from the Issuers
shall be sufficiently evidenced by a written order signed by two Officers of an Issuer. 
  
 (f) The Trustee shall not be charged with knowledge of any Default or Event of Default under Section 6.1 hereof (other than under Section 6.1(1) (subject to the following sentence) or Section 6.1(2) hereof) unless
either (i) a Responsible Officer shall have actual knowledge thereof, or (ii) the Trustee shall have received notice thereof in accordance with Section 12.2 hereof from the Issuers or any Holder of the Notes. The Trustee shall not be charged with
knowledge of the Issuers’ obligation to pay Additional Interest, or the cessation of such obligation, unless the Trustee receives written notice thereof from the Company or any Holder. 
  
 (g) The rights, privileges, protections, immunities and benefits given to the
Trustee, including, without limitation, its right to be indemnified, are extended to, and shall be enforceable by, the Trustee in each of its capacities hereunder, and each agent, custodian and other Person employed to act hereunder. 
  

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 The Trustee may request that an Issuer deliver an Officers’ Certificate setting forth the names of
individuals and/or titles of officers authorized at such time to take specified actions pursuant to this Indenture, which Officers’ Certificate may be signed by any person specified as so authorized in any such certificate previously delivered
and not superseded. 
  
 Section 7.3. Individual Rights of Trustee.

  
 The Trustee in its individual or any other capacity may
become the owner or pledgee of Notes and may otherwise deal with the Issuers or any Affiliate of the Issuers with the same rights it would have if it were not Trustee. However, in the event that the Trustee acquires any conflicting interest within
the meaning of the TIA it must eliminate such conflict within 90 days, apply (subject to the consent of the Issuers) to the Commission for permission to continue as trustee or resign. Any Agent may do the same with like rights and duties. The
Trustee is also subject to Sections 7.10 and 7.11 hereof. 
  
 Section 7.4.
Trustee’s Disclaimer. 
  
 The Trustee shall not be
responsible for and makes no representation as to the validity or adequacy of this Indenture, or the Notes, it shall not be accountable for the Company’s use of the proceeds from the Notes or any money paid to the Issuers or upon the
Issuers’ direction under any provision of this Indenture, it shall not be responsible for the use or application of any money received by any Paying Agent other than the Trustee, and it shall not be responsible for any statement or recital
herein or any statement in the Notes or any other document in connection with the sale of the Notes or pursuant to this Indenture other than its certificate of authentication. 
  
 Section 7.5. Notice of Defaults. 
  
 If a Default or Event of Default known to the Trustee occurs and is continuing, the Trustee shall mail to Holders of Notes a notice of the Default or
Event of Default within 90 days after it occurs. Except in the case of a Default in payment on any Note (including the failure to make a mandatory repurchase pursuant hereto), the Trustee may withhold the notice if and so long as a committee of its
Responsible Officers in good faith determines that withholding the notice is in the interests of the Holders of the Notes. 
  
 Section 7.6. Reports by Trustee to Holder of the Notes. 
  
 Within 60 days after each May 15 beginning with the May 15 following the date of this Indenture, and for so long as Notes remain outstanding, the Trustee
shall mail to the Holders of the Notes a brief report dated as of such reporting date that complies with TIA § 313(a) (but if no event described in TIA § 313(a) has occurred within the twelve months preceding the reporting date, no report
need be transmitted). The Trustee also shall comply 
  

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with TIA § 313(b). The Trustee shall also transmit by mail all reports as required by TIA § 313(c). 
  
 A copy of each report at the time of its mailing to the Holders of Notes
shall be mailed to the Issuers and filed with the Commission and each stock exchange on which the Notes are listed in accordance with TIA § 313(d). The Issuers shall promptly notify the Trustee when the Notes are listed on any stock exchange.

  
 Section 7.7. Compensation, Reimbursement and Indemnity. 
  
 The Issuers shall pay to the Trustee from time to time such compensation for
its acceptance of this Indenture and the rendering by it of the services required hereunder as shall be agreed upon in writing by the Issuers and the Trustee. The Trustee’s compensation shall not be limited by any law on compensation of a
trustee of an express trust. The Issuers shall reimburse the Trustee promptly upon request for all reasonable disbursements, advances and expenses incurred or made by or on behalf of it in addition to the compensation for its services. Such expenses
shall include the reasonable compensation, disbursements and expenses of the Trustee’s attorneys, accountants, experts and such other professionals as the Trustee deems necessary, advisable or appropriate. 
  
 The Issuers shall indemnify the Trustee and any predecessor Trustee against
any and all losses, liabilities, claims, damages or expenses (including reasonable attorney’s fees and expenses), including taxes (other than taxes based upon, measured by or determined by the income of the Trustee), incurred by it arising out
of or in connection with the acceptance or administration of its duties under this Indenture (including its duties under Section 9.6 hereof), including the costs and expenses of enforcing this Indenture or any Guarantee against the Issuers or a
Guarantor (including this Section 7.7) and defending itself against or investigating any claim (whether asserted by the Issuers, any Guarantor, any Holder or any other Person) or liability in connection with the exercise or performance of any of its
powers or duties hereunder, except to the extent any such loss, liability or expense may be attributable to its negligence or willful misconduct. The Trustee shall notify the Issuers promptly of any claim for which it may seek indemnity. Failure by
the Trustee to so notify the Issuers shall not relieve the Issuers of their obligations hereunder. The Issuers shall defend any claim or threatened claim asserted against the Trustee, and the Trustee shall cooperate in the defense. The Trustee may
have separate counsel and the Issuers shall pay the reasonable fees and expenses of such counsel. The Issuers need not pay for any settlement made without their consent, which consent shall not be unreasonably withheld. 
  
 The obligations of the Issuers under this Section 7.7 shall survive the
resignation or removal of the Trustee, the satisfaction and discharge of this Indenture and the termination of this Indenture. 
  

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 To secure the Issuers’ payment obligations in this Section 7.7, the Trustee shall have a Lien prior
to the Notes on all money or property held or collected by the Trustee, except that held in trust to pay principal, Redemption Price or Purchase Price of or Additional Interest, if any, or interest on, particular Notes. Such Lien shall survive the
resignation or removal of the Trustee, the satisfaction and discharge of this Indenture and the termination of this Indenture. 
  
 When the Trustee incurs expenses or renders services after an Event of Default specified in Section 6.1(6) or (7) 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 7.8. Replacement of Trustee. 
  
 A resignation or removal of the Trustee and appointment of a successor Trustee shall become effective only upon the successor Trustee’s acceptance of
appointment as provided in this Section. 
  
 The Trustee may
resign in writing at any time and be discharged from the trust hereby created by so notifying the Issuers. The Holders of Notes of a majority in principal amount of the then outstanding Notes may remove the Trustee by so notifying the Trustee and
the Issuers in writing. The Issuers may remove the Trustee if: 
  
 (a) the Trustee fails to comply with Section 7.10 hereof; 
  
 (b) the Trustee is adjudged a bankrupt or an insolvent or an order for relief is entered with respect to the Trustee under any Bankruptcy
Law; 
  
 (c) a custodian, receiver or public
officer takes charge of the Trustee or its property for the purpose of rehabilitation, conversion or liquidation; or 
  
 (d) the Trustee becomes incapable of acting. 
  
 If the Trustee resigns or is removed or if a vacancy exists in the office of Trustee for any reason, the Issuers shall promptly appoint a successor
Trustee. Within one year after the date on which the successor Trustee takes office, the Holders of a majority in principal amount of the then outstanding Notes may appoint a successor Trustee to replace the successor Trustee appointed by the
Issuers. 
  
 If a successor Trustee does not take office within 30
days after the retiring trustee resigns or is removed, the retiring Trustee, the Issuers, or the Holders of Notes of at least 10% in principal amount of the then outstanding Notes may petition any court of competent 
  

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jurisdiction, in the case of the Trustee, at the expense of the Issuers, for the appointment of a successor Trustee. 
  
 If the Trustee, after written request by any Holder of a Note who has been a
bona fide holder of a Note or Notes for at least six months, fails to comply with Section 7.10, such Holder of a Note may petition any court of competent jurisdiction for the removal of the Trustee and the appointment of a successor Trustee.

  
 A successor Trustee shall deliver a written acceptance of its
appointment to the retiring Trustee and to the Issuers. Thereupon, the resignation or removal of the retiring Trustee shall become effective, and the successor Trustee shall have all the rights, powers and duties of the Trustee under this Indenture.
The Issuers shall mail a notice of its succession to Holder of the Notes. The retiring Trustee shall promptly transfer all property held by it as Trustee to the successor Trustee, provided all sums owing to the Trustee hereunder have been
paid and subject to the Lien provided for in Section 7.7 hereof. Notwithstanding replacement of the Trustee pursuant to this Section 7.8, the Company’s obligations under Section 7.7 hereof shall continue for the benefit of the retiring Trustee.

  
 Section 7.9. Successor Trustee by Merger, Etc. 
  
 If the Trustee consolidates, merges or converts into, or transfers all or
substantially all of its corporate trust business to, another corporation that is eligible under Section 7.10 hereof, the successor corporation without any further act shall be the successor Trustee. 
  
 Section 7.10. Eligibility; Disqualification. 
  
 There shall at all times be a Trustee hereunder that is a corporation
organized and doing business under the laws of the United States of America or of any state thereof (including the District of Columbia) that is authorized under such laws to exercise corporate trust power, that is subject to supervision or
examination by federal or state authorities and that has a combined capital and surplus of at least $100 million as set forth in its most recent published annual report of condition. 
  
 This Indenture shall always have a Trustee who satisfies the requirements of TIA § 310(a)(1), (2) and (5). The Trustee
is subject to TIA § 310(b). 
  
 Section 7.11. Preferential Collection of
Claims Against Company. 
  
 The Trustee is subject to TIA
§ 311(a), excluding any creditor relationship listed in TIA § 311(b). A Trustee who has resigned or been removed shall be subject to TIA § 311(a) to the extent indicated therein. 
  

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 ARTICLE VIII. 
  
 LEGAL DEFEASANCE AND COVENANT DEFEASANCE 
  
 Section 8.1. Option to Effect Legal Defeasance or Covenant Defeasance. 
  
 The Issuers may, at the option of their Boards of Directors evidenced by a resolution set forth in an Officers’ Certificate, at any time, elect to
have either Section 8.2 or 8.3 hereof be applied to all outstanding Notes upon compliance with the conditions set forth below in this Article VIII. 
  
 Section 8.2. Legal Defeasance and Discharge. 
  
 Upon the Issuers’ exercise under Section 8.1 hereof of the option applicable to this Section 8.2, the Issuers shall, subject to the satisfaction of
the conditions set forth in Section 8.4 hereof, be deemed to have been discharged from its obligations with respect to all outstanding Notes on the date the conditions set forth below are satisfied (hereinafter, “Legal Defeasance”).
For this purpose, Legal Defeasance means that the Issuers shall be deemed to have paid and discharged the entire Indebtedness represented by the outstanding Notes, which shall thereafter be deemed to the “outstanding” only for the purposes
of Section 8.5 hereof and the other Sections of this Indenture referred to in clauses (a) through (d) below, and to have satisfied all their other obligations under such Notes and this Indenture (and the Trustee, on demand of and at the expense of
the Issuers, shall execute proper instruments acknowledging the same), except for the following provisions which shall survive until otherwise terminated or discharged hereunder: 
  
 (a) the rights of Holders to receive payments in respect of the principal of, premium, if any, and interest
on the Notes when such payments are due; 
  
 (b)
the Issuers’ obligations with respect to the Notes concerning issuing temporary Notes, registration of Notes, mutilated, destroyed, lost or stolen Notes and the maintenance of an office or agency for payments; 
  
 (c) the rights, powers, trust, duties and immunities of the
Trustee and the Issuers’ obligations in connection therewith; and 
  
 (d) the Legal Defeasance provisions of this Article VIII. 
  
 Subject to compliance with this Article VIII, the Issuers may exercise its option under this Section 8.2, notwithstanding the prior exercise of its option under Section 8.3 hereof. 
  

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 Section 8.3. Covenant Defeasance. 
  
 Upon the Issuers’ exercise under Section 8.1 hereof of the option applicable to this Section 8.3, the Issuers shall,
subject to the satisfaction of the conditions set forth in Section 8.4 hereof, be released from its obligations under the covenants contained in Sections 3.9, 3.10, 4.5, 4.7 through 4.12 and 4.14 through 4.20 hereof, both inclusive, and Section
5.1(2) with respect to the outstanding Notes on and after the date the conditions set forth below are satisfied (hereinafter, “Covenant Defeasance”), and the Notes shall thereafter be deemed not “outstanding” for the
purposes of any direction, waiver, consent or declaration or act of Holders (and the consequences of any thereof) in connection with such covenants, but shall continue to be deemed “outstanding” for all other purposes hereunder (it being
understood that such Notes shall not be deemed outstanding for accounting purposes). For this purpose, Covenant Defeasance means that, with respect to the outstanding Notes, the Issuers may omit to comply with and shall have no liability in respect
of any term, condition or limitation set forth in any such covenant, whether directly or indirectly, by reason of any reference elsewhere herein to any such covenant or by reason of any reference in any such covenant to any other provision herein or
in any other document, and such omission to comply shall not constitute a Default or an Event of Default under Section 6.1 hereof, but, except as specified above the remainder of this Indenture and such Notes shall be unaffected thereby. In
addition, upon the Issuers’ exercise under Section 8.1 hereof of the option applicable to this Section 8.3, subject to the satisfaction of the conditions set forth in Section 8.4 hereof, Sections 6.1(3) through 6.1(5) and 6.1 (8) hereof shall
not constitute Events of Default. 
  
 Section 8.4. Conditions to Legal or
Covenant Defeasance. 
  
 The following are the conditions
precedent to the application of either Section 8.2 or 8.3 hereof to the outstanding Notes: 
  
 In order to exercise either Legal Defeasance or Covenant Defeasance: 
  
 (1) the Issuers must irrevocably deposit with the Trustee, in trust, for the benefit of the Holders cash in U.S. dollars, non-callable
U.S. Government Obligations, or a combination thereof, in such amounts as will be sufficient, in the opinion of a nationally recognized firm of independent public accountants, to pay the principal of, premium, if any, and interest on the Notes on
the stated date for payment thereof or on the applicable redemption date, as the case may be; 
  
 (2) in the case of Legal Defeasance, the Issuers shall have delivered to the Trustee an opinion of counsel in the United States reasonably
acceptable to the Trustee confirming that: 
  
 (a) the Issuers have received from, or there has been published by, the Internal Revenue Service a ruling or 
  

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 (b) since the date of this Indenture, there has been a change in the applicable federal
income tax law, 
  
 in either case to the effect that, and based
thereon such Opinion of Counsel shall confirm that, the Holders will not recognize income, gain or loss for federal income tax purposes as a result of such Legal 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 Legal Defeasance had not occurred; 
  
 (3) in the case of Covenant Defeasance, the Issuers shall have delivered to the Trustee an opinion of counsel in the United States
reasonably acceptable to the Trustee confirming that the Holders 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 (other than a Default or an Event of
Default resulting from the borrowing of funds to fund to such deposit and the grant of any Lien securing such borrowings); 
  
 (5) such Legal Defeasance or Covenant Defeasance shall not result in a breach or violation of, or constitute a default under this
Indenture (other than a Default or an Event of Default resulting from the borrowing of funds to fund such deposit and the grant of any Lien securing such borrowings) or any other material agreement or instrument to which the Company or any of its
Subsidiaries is a party or by which the Company or any of its Subsidiaries is bound; 
  
 (6) the Issuers shall have delivered to the Trustee an Officers’ Certificate stating that the deposit was not made by the Issuers
with the intent of defeating, hindering, delaying or defrauding any other creditors of the Issuers or others; 
  
 (7) the Issuers shall have delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel, each stating that all
conditions precedent provided for or relating to the Legal Defeasance or the Covenant Defeasance have been complied with; and 
  
 (8) the Issuers shall have delivered to the Trustee an opinion of counsel to the effect that assuming no intervening bankruptcy of the
Issuers between the date of deposit and the 91st day following the date of deposit and that no Holder is an insider of either of the Issuers, after the 91st day following the date of deposit, in the case of Legal Defeasance, the trust funds will not
be subject to the effect of any applicable bankruptcy, insolvency, reorganization or similar laws affecting creditors’ rights generally and in 
  

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the case of Covenant Defeasance, the trust funds will be subject to a valid first priority Lien to secure the Notes which is not subject to avoidance under
Section 547 of the Bankruptcy Code. 
  
 Notwithstanding the
foregoing, the Opinion of Counsel required by clause (2) above with respect to a Legal Defeasance need not be delivered if all Notes not theretofore delivered to the Trustee for cancellation (1) have become due and payable or (2) will become due and
payable on the maturity date within one year, under arrangements satisfactory to the Trustee for the giving of notice of redemption by the Trustee in the name, and at the expense, of the Issuers. 
  
 Section 8.5. Deposited Money and U.S. Government Obligations To Be Held in Trust; Other
Miscellaneous Provisions. 
  
 Subject to Section 8.6 hereof,
all money and U.S. Government Obligations (including the proceeds thereof) deposited with the Trustee (or other qualifying trustee, collectively for purposes of this Section 8.5 only, the “Trustee”) pursuant to Section 8.4 hereof in
respect of the outstanding Notes shall be held in trust and applied by the Trustee, in accordance with the provisions of such Notes and this Indenture, to the payment, either directly or through any Paying Agent (other than the Issuers) as the
Trustee may determine, to the Holders of such Notes of all sums due and to become due thereon in respect of principal or Redemption Price of, and Additional Interest, if any, and interest on, the Notes, provided that such money need not be
segregated from other funds except to the extent required by law. 
  
 The Issuers shall pay and indemnify the Trustee against any tax, fee or other charge imposed on or assessed against the cash or U.S. Government Obligations deposited pursuant to Section 8.4 hereof or the principal and interest received in
respect thereof other than any such tax, fee or other charge which by law is for the account of the Holders of the outstanding Notes. 
  
 Anything in this Article VIII to the contrary notwithstanding, the Trustee shall deliver or pay to the Issuers from time to time upon the request of the
Issuers any money or U.S. Government Obligations held by it as provided in Section 8.4 hereof which, in the opinion of a nationally recognized firm of independent public accountants expressed in a written certification thereof delivered to the
Trustee (which may be the opinion delivered under Section 8.4 hereof), are in excess of the amount thereof that would then be required to be deposited to effect an equivalent Legal Defeasance or Covenant Defeasance. 
  
 Section 8.6. Repayment to the Issuers. 
  
 Any money deposited with the Trustee or any Paying Agent, or then held by
the Issuers, in trust for the payment of the principal, Redemption Price or Purchase Price of, or Additional Interest, if any, or interest on any Note and remaining unclaimed for two years 
  

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after such amount has become due and payable shall be paid to the Issuers on its request or (if then held by the Issuers) shall be discharged from such
trust; and the Holder of such Note shall thereafter look only to the Issuers for payment thereof as a general creditor, and all liability of the Trustee or such Paying Agent with respect to such trust money, and all liability of the Issuers as
trustee thereof, shall thereupon cease; provided, however, that the Trustee or such Paying Agent, before being required to make any such repayment, at the expense of the Issuers, may cause to be published once, in The New York
Times and The Wall Street Journal (national editions), notice that such money remains unclaimed and that, after a date specified therein, which shall not be less than 30 days after the date of such notification or publication, any
unclaimed balance of such money then remaining will be repaid to the Issuers. 
  
 Section 8.7. Reinstatement. 
  
 If the Trustee or
Paying Agent is unable to apply any United States dollars or U.S. Government Obligations in accordance with Section 8.2 or 8.3 hereof, as the case may be, by reason of any order of judgment of any court or governmental authority enjoining,
restraining or otherwise prohibiting such application, then the obligations of the Issuers and the Guarantors under this Indenture, and the Notes and the Guarantees shall be revived and reinstated as though no deposit had occurred pursuant to
Section 8.2 or 8.3 hereof until such time as the Trustee or Paying Agent is permitted to apply all such money in accordance with Section 8.2 or 8.3 hereof, as the case may be; provided, however, that, if the Issuers makes any payment
with respect to any Note following the reinstatement of its obligations, the Issuers shall be subrogated to the rights of the Holders of such Notes to receive such payment from the money held by the Trustee or Paying Agent. 
  
 ARTICLE IX. 
  
 AMENDMENT, SUPPLEMENT AND WAIVER 
  
 Section 9.1. Without Consent of Holders of Notes. 
  
 Notwithstanding Section 9.2 of this Indenture, the Company, the Guarantors and the Trustee may amend or supplement this Indenture or the Notes without the
consent of any Holder of a Note: 
  
 (a) to
provide for the issuance of Additional Notes in accordance with this Indenture and to cure any ambiguity, defect or inconsistency; 
  
 (b) to provide for uncertificated Notes in addition to or in place of Certificated Notes; 
  

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 (c) to provide for the assumption of the Issuers’ obligations to the Holders of the
Notes in the case of a merger or consolidation or sale of all or substantially all of the Issuers’ assets pursuant to Article V hereof; 
  
 (d) to comply with the requirements of the Commission in order to effect or maintain the qualification of this Indenture under the TIA;

  
 (e) to add or release the Guarantees of
Guarantors in compliance with this Indenture; or 
  
 (f) to make any change that would provide any additional rights or benefits to the Holders of the Notes or that does not adversely affect the legal rights hereunder of any Holder of the Notes in any material respect. 
  
 Upon the request of the Issuers, accompanied by a resolution of the Board of
Directors (evidenced by an Officers’ Certificate) authorizing the execution of any such amended or supplemental indenture, and upon receipt by the Trustee of the documents described in Section 7.2 hereof, the Trustee shall join with the Issuers
in the execution of any amended or supplemental Indenture authorized or permitted by the terms of this Indenture and to make any further appropriate agreements and stipulations that may be therein contained, but the Trustee shall not be obligated to
enter into such amended or supplemental indenture that affects its own rights, duties or immunities under this Indenture or otherwise. In formulating its opinion on such matters, the Trustee shall be entitled to rely on such evidence as it deems
appropriate, including, without limitation, solely on an Opinion of Counsel. 
  
 Section 9.2. With Consent of Holders of Notes. 
  
 Except as provided below in this Section 9.2, the Issuers and the Trustee may amend or supplement this Indenture and the Notes may be amended or supplemented with the consent of the Holders of at least a majority in principal amount of the
Notes then outstanding (including, without limitation, consents obtained in connection with a tender offer or exchange offer for the Notes), and, subject to Sections 6.2, 6.4 and 6.7 hereof, any existing Default or Event of Default or compliance
with any provision of this Indenture or the Notes may be waived with the consent of the Holders of a majority in principal amount of the then outstanding Notes (including consents obtained in connection with a tender offer or exchange offer for the
Notes). 
  
 Without the consent of each Holder affected, an
amendment or waiver may not (with respect to any Notes held by a non-consenting Holder): 
  
 (1) reduce the amount of Notes whose Holders must consent to an amendment; 
  

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 (2) reduce the rate of or change or have the effect of changing the time for payment of
interest, including defaulted interest, on any Notes; 
  
 (3) reduce the principal of or change or have the effect of changing the fixed maturity of any Notes, or change the date on which any Notes may be subject to redemption or reduce the redemption price therefor, other than provisions relating
to the Company’s obligation to make and consummate a Change of Control Offer in the event of a Change of Control or to make and consummate a Net Proceeds Offer with respect to any Asset Sale; 
  
 (4) make any Notes payable in money other than that stated
in the Notes; 
  
 (5) make any change in
provisions of this Indenture protecting the right of each Holder to receive payment of principal of and interest on such Note on or after the due date thereof or to bring suit to enforce such payment, or permitting Holders of a majority in principal
amount of Notes to waive Defaults or Events of Default; 
  
 (6) after the Issuers’ obligation to purchase Notes arises hereunder and until such obligation is satisfied, amend, change, or modify in any material respect the obligation of the Issuers to make and consummate a
Change of Control Offer in the event of a Change of Control or make and consummate a Net Proceeds Offer with respect to any Asset Sale that has been consummated or, after such Change of Control has occurred or such Asset Sale has been consummated,
modify any of the provisions or definitions with respect thereto; 
  
 (7) modify or change any provision of this Indenture or the related definitions affecting the ranking of the Notes or any Guarantee in a manner which adversely affects the Holders; or 
  
 (8) release any Guarantor that is a Significant Subsidiary
from any of its obligations under its Guarantee or this Indenture otherwise than in accordance with the terms of this Indenture. 
  
 Upon the written request of the Issuers accompanied by a resolution of the Board of Directors (evidenced by an Officers’ Certificate) authorizing the
execution of any such amended or supplemental indenture, and upon the filing with the Trustee of evidence satisfactory to the Trustee of the consent of the Holders of Notes as aforesaid, and upon receipt by the Trustee of an Officers’
Certificate and an Opinion of Counsel, the Trustee shall join with the Issuers in the execution of such amended or supplemental indenture unless such amended or supplemental indenture affects the Trustee’s own rights, duties or immunities under
this Indenture or otherwise, in which case the Trustee may in its discretion, but shall not be obligated to, enter into such amended or supplemental indenture. 
  

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 It shall not be necessary for the consent of the Holders of Notes under this Section 9.2 to approve the
particular form of any proposed amendment or waiver, but it shall be sufficient if such consent approves the substance thereof. 
  
 After an amendment, supplement or waiver under this Section 9.2 becomes effective, the Issuers shall mail to the Holders of Notes affected thereby a
notice briefly describing the amendment, supplement or waiver. Any failure of the Issuers to mail such notice, or any defect therein, shall not, however, in any way impair or affect the validity of any such amended or supplemental Indenture or
waiver. 
  
 Section 9.3. Compliance with Trust Indenture Act. 

 
 Every amendment or supplement to this Indenture or the Notes shall be set
forth in a amended or supplemental indenture that complies with the TIA as then in effect. 
  
 Section 9.4. Revocation and Effect of Consents. 
  
 Until an amendment, supplement or waiver becomes effective, a consent to it by a Holder of a Note is a continuing consent by the Holder of a Note and every subsequent Holder of a Note or portion of a Note that
evidences the same debt as the consenting Holder’s Note, even if notation of the consent is not made on any Note. However, any such Holder of a Note or subsequent Holder of a Note may revoke the consent as to its Note if the Trustee receives
written notice of revocation before the date the waiver, supplement or amendment becomes effective. An amendment, supplement or waiver becomes effective in accordance with its terms and therefore binds every Holder. 
  
 Section 9.5. Notation on or Exchange of Notes. 
  
 The Trustee may place an appropriate notation about an amendment, supplement
or waiver on any Note thereafter authenticated. The Issuers in exchange for all Notes may issue and the Trustee shall authenticate new Notes that reflect the amendment, supplement or waiver. 
  
 Failure to make the appropriate notation or issue a new Note shall not affect
the validity and effect of such amendment, supplement or waiver. 
  
 Section 9.6.
Trustee To Sign Amendment, Etc. 
  
 The Trustee shall sign
any amended or supplemental indenture authorized pursuant to this Article IX if the amendment or supplement does not adversely affect the rights, duties, liabilities or immunities of the Trustee. The Issuers may not sign an amendment or supplemental
Indenture until the Board of Directors approves such amendment or supplemental indenture. In executing any amended or supplemental indenture, the Trustee shall be enti- 
  

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tled to receive, in addition to the documents required by Sections 12.4 and 12.5 hereof, and, subject to Section 7.1, shall be fully protected in relying
upon, an Officers’ Certificate and an Opinion of Counsel stating that (i) the execution of such amended or supplemental indenture is authorized or permitted by this Indenture, (ii) no Event of Default shall occur as a result of the execution of
such Officers’ Certificate or the delivery of such Opinion of Counsel and (iii) the amended or supplemental indenture complies with the terms of this Indenture. 
  
 ARTICLE X. 
  
 GUARANTEE 
  
 Section 10.1. Unconditional Guarantee. 
  
 Each Guarantor, if any, hereby, jointly and severally, unconditionally guarantees, on a senior basis, to each Holder of a Note authenticated and delivered by the Trustee and to the Trustee and its successors and
assigns, the Notes or the obligations of the Issuers hereunder or thereunder, that: (i) the principal of and interest on the Notes will be promptly paid in full when due, subject to any applicable grace period, whether at maturity, by acceleration
or otherwise and interest on the overdue principal, if any, and interest on any interest, to the extent lawful, of the Notes and all other obligations of the Issuers to the Holders or the Trustee hereunder or thereunder will be promptly paid in full
or performed, all in accordance with the terms hereof and thereof; and (ii) in case of any extension of time of payment or renewal of any Notes or of any such other obligations, the same will be promptly paid in full when due or performed in
accordance with the terms of the extension or renewal, subject to any applicable grace period, whether at stated maturity, by acceleration or otherwise, subject, however, in the case of clauses (i) and (ii) above, to the limitations set forth in
Section 10.3. Each Guarantor hereby agrees that its obligations hereunder shall be unconditional, irrespective of the validity, regularity or enforceability of the Notes or this Indenture, the absence of any action to enforce the same, any waiver or
consent by any Holder of the Notes with respect to any provisions hereof or thereof, the recovery of any judgment against the Issuers, and action to enforce the same or any other circumstance which might otherwise constitute a legal or equitable
discharge or defense of a guarantor. Each Guarantor hereby waives diligence, presentment, demand of payment, filing of claims with a court in the event of insolvency or bankruptcy of the Issuers, any right to require a proceeding first against the
Issuers, protest, notice and all demands whatsoever and covenants that this Guarantee will not be discharged except by complete performance of the obligations contained in the Notes, this Indenture and in this Guarantee. If any Holder or the Trustee
is required by any court or otherwise to return to the Issuers, any Guarantor, or any custodian, trustee, liquidator or other similar official acting in relation to the Issuers or any Guarantor, any amount paid by the Issuers or any Guarantor to the
Trustee or such Holder, this Guarantee, to the extent theretofore discharged, shall be reinstated in full force and effect. Each Guarantor further agrees that, as between each Guarantor, on the one hand, and the Holders and the Trustee, on the other
hand, (x) the maturity of 
  

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the obligations guaranteed hereby may be accelerated as provided in Article VI for the purposes of this Guarantee, notwithstanding any stay, injunction or
other prohibition preventing such acceleration in respect of the obligations guaranteed hereby, and (y) in the event of any acceleration of such obligations as provided in Article VI, such obligations (whether or not due and payable) shall forthwith
become due and payable by each Guarantor for the purpose of this Guarantee. 
  
 Section 10.2. Severability. 
  
 In case any
provision of this Guarantee 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 10.3. Limitation of Guarantor’s Liability. 
  
 Each Guarantor and by its acceptance hereof each Holder hereby confirms that
it is the intention of all such parties that the guarantee by such Guarantor pursuant to its Guarantee not constitute a fraudulent transfer or conveyance for purposes of any Bankruptcy 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 the Guarantee shall be limited to the maximum
amount as will, 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, result in the obligations of such Guarantor under the Guarantee not constituting such fraudulent transfer or conveyance. 
  
 Section 10.4. Release of Guarantor. 
  
 (a) The Guarantee of a Guarantor will be automatically and unconditionally released without any action on the part of the Trustee or the Holders of the
Notes: (1) in connection with any sale or other disposition of all or substantially all of the assets of that Guarantor (including, by way of merger or consolidation) to a Person that is not (either before or after giving effect to such transaction)
a Restricted Subsidiary of the Company, if such transaction complies with clauses (1) and (2) of Section 4.10(A) hereof; (2) in the event all of the Capital Stock of a Guarantor is sold by the Company in compliance with clauses (1) and (2) of
Section 4.10(A) hereof; (3) if the Issuers designate a Restricted Subsidiary that is a Guarantor as an Unrestricted Subsidiary in accordance with the applicable provisions of this Indenture; or (4) upon the payment in full of the Notes. 

 
 In addition, concurrently with any Legal Defeasance or Covenant
Defeasance, the Guarantors shall be released from all of their Obligations under their respective applicable Guarantees. 
  

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 (b) The Trustee shall deliver an appropriate instrument evidencing such release upon receipt of a request
by the Issuers accompanied by an Officers’ Certificate and Opinion of Counsel certifying as to the compliance with this Section 10.4. 
  
 Section 10.5. Immediate Payment. 
  
 Each Guarantor agrees to make immediate payment to the Trustee on behalf of the Holders of all Obligations due and owing or payable to the respective
Holders upon receipt of a demand for payment therefor by the Trustee to such Guarantor in writing. 
  
 Section 10.6. Waiver of Subrogation. 
  
 Until all Obligations are paid in full, each Guarantor hereby irrevocably waives any claims or other rights which it may now or hereafter acquire against the Company that arise from the existence, payment, performance
or enforcement of such Guarantor’s obligations under the Guarantee and this Indenture, including, without limitation, any right of subrogation, reimbursement, exoneration, indemnification, and any right to participate in any claim or remedy of
any Holder against the Issuers, whether or not such claim, remedy or right arises in equity, or under contract, statute or common law, including, without limitation, the right to take or receive from the Issuers, directly or indirectly, in cash or
other property or by set-off or in any other manner, payment or security on account of such claim or other rights. If any amount shall be paid to any Guarantor in violation of the preceding sentence and the Notes shall not have been paid in full,
such amount shall have been deemed to have been paid to such Guarantor for the benefit of, and held in trust for the benefit of, the Holders, and shall, forthwith be paid to the Trustee for the benefit of such Holders to be credited and applied upon
the Notes, whether matured or unmatured, in accordance with the terms of this Indenture. Each Guarantor acknowledges that it will receive direct and indirect benefits from the financing arrangements contemplated by this Indenture and that the waiver
set forth in this Section 10.6 is knowingly made in contemplation of such benefits. 
  
 Section 10.7. Execution of Guarantee. 
  
 To
evidence their guarantee to the Holders set forth in this Article X, the Guarantors hereby agree to execute the Guarantee in substantially the form attached hereto as Exhibit C, which shall be endorsed on each Note ordered to be authenticated and
delivered by the Trustee. Each Guarantor hereby agrees that its Guarantee set forth in this Article X shall remain in full force and effect notwithstanding any failure to endorse on each Note a notation of such Guarantee. Each such Guarantee shall
be signed on behalf of each Guarantor by one of its authorized Officers, and the delivery of such Note by the Trustee, after the authentication thereof hereunder, shall constitute due delivery of such Guarantee on behalf of such Guarantor. Such
signatures upon the Guarantee may be by manual or facsimile signature of such officers and may be imprinted or otherwise reproduced on the Guarantee, and in case any such officer who shall have signed the Guarantee shall cease to be such officer
before the 
  

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Note on which such Guarantee is endorsed shall have been authenticated and delivered by the Trustee or disposed of by the Issuers, such Note nevertheless may
be authenticated and delivered or disposed of as though the Person who signed the Guarantee had not ceased to be such officer of the Guarantor. 
  
 Section 10.8. Waiver of Stay, Extension or Usury Laws. 
  
 Each Guarantor covenants (to the extent that it may lawfully do so) that it will not at any time insist upon, plead, or in any manner whatsoever claim or
take the benefit or advantage of, any stay or extension law or any usury law or other law that would prohibit or forgive each such Guarantor from performing its Guarantee as contemplated herein, wherever enacted, now or at any time hereafter in
force, or which may affect the covenants or the performance of this Indenture; and (to the extent that it may lawfully do so) each such Guarantor 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. 
  
 ARTICLE XI. 
  
 SATISFACTION AND DISCHARGE 
  
 Section 11.1. Satisfaction and Discharge. 
  
 This Indenture will be discharged and will cease to be of further effect (except as set forth below) and the Trustee, at the expense of the Company, shall
execute proper instruments acknowledging satisfaction and discharge of this Indenture when: 
  
 (1) either: 
  
 (a) all the Notes theretofore authenticated and delivered (except lost, stolen or destroyed Notes which have been replaced or paid as
provided in Section 2.7 and Notes for whose payment money has theretofore been deposited in trust or segregated and held in trust by the Issuers and thereafter repaid to the Issuers or discharged from such trust) have been delivered to the Trustee
for cancellation; or 
  
 (b) all Notes not
theretofore delivered to the Trustee for cancellation (1) have become due and payable or (2) will become due and payable within one year, or 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 Issuers, and the Issuers have irrevocably deposited or caused to be deposited with the Trustee cash in U.S. dollars, non-callable U.S. Government Obligations or a
combination thereof in an amount 
  

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sufficient to pay and discharge the entire Indebtedness on the Notes not theretofore delivered to the Trustee for cancellation, for principal of, premium, if
any, and interest on the Notes to the date of deposit together with irrevocable instructions from the Issuers directing the Trustee to apply such funds to the payment thereof at maturity or redemption, as the case may be; 
  
 (2) the Issuers have paid all other sums payable under this
Indenture by the Company; and 
  
 (3) the Issuers
have delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel stating that all conditions precedent under this Indenture relating to the satisfaction and discharge of this Indenture have been complied with. 
  
 Notwithstanding the satisfaction and discharge of this Indenture, the
Issuers’ obligations in Sections 2.3, 2.4, 2.6, 2.7, 2.11, 7.7, 7.8, 12.2, 12.3 and 12.4, and the Trustee’s and Paying Agent’s obligations in Section 11.2 shall survive until the Notes are no longer outstanding. Thereafter, only the
Issuers’ obligations in Section 7.7 shall survive. 
  
 Section 11.2.
Application of Trust. 
  
 All money deposited with the
Trustee pursuant to Section 11.1 shall be held in trust and, at the written direction of the Issuers, be invested prior to maturity in U.S. Government Obligations, and applied by the Trustee in accordance with the provisions of the Notes and this
Indenture, to the payment, either directly or through any Paying Agent as the Trustee may determine, to the Persons entitled thereto, of the principal (and premium, if any) and interest for the payment of which money has been deposited with the
Trustee; but such money need not be segregated from other funds except to the extent required by law. 
  
 ARTICLE XII. 
  
 MISCELLANEOUS 
  
 Section 12.1. Trust Indenture Act Controls.

  
 If any provision hereof limits, qualifies or conflicts with a
provision of the TIA or another provision that would be required or deemed under such Act to be part of and govern this Indenture if this Indenture were subject thereto, the latter provision shall control. If any provision of this Indenture modifies
or excludes any provision of the TIA 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. 
  

 97 








 Section 12.2. Notices. 
  

Any notice or communication by the Issuers or the Trustee to others is duly given if in writing and delivered in Person or mailed by first class mail
(registered or certified, return receipt requested), telex, telecopier or overnight air courier guaranteeing next day delivery, to the others’ address: 
  
 If to the Issuers: 
  
 National Beef Packing Company, L.P. 
 12200 North Ambassador Drive 
 Kansas City, MO 64163 
 Attention: General Counsel 
 Fax: (816) 713-8856 
  
 With a copy to: 
  
 Ropes & Gray LLP

 One International Place 
 Boston, MA 02110 
 Attention: Joel Freedman, Esq. 
 Fax: (617) 951-7050 
  
 If to the Trustee: 
  
 U.S. Bank National Association 
 Corporate Trust Services 
 225 Asylum Street, 23rd Floor 
 Hartford, CT 06103 
 Attention: Elizabeth C. Hammer, Vice President 
 Fax: 860-241-6897 
  
 The Issuers or the Trustee, by notice to the others may designate additional
or different addresses for subsequent notices or communications. 
  
 All notices and communications (other than those sent to Holders) shall be deemed to have been duly given: at the time delivered by hand, if personally delivered; five Business Days after being deposited in the mail, postage prepaid, if
mailed; when answered back, if telexed; when receipt acknowledged, if telecopied; and the next Business Day after timely delivery to the courier, if sent by overnight air courier guaranteeing next day delivery. 
  
 Any notice or communication to a Holder shall be mailed by first class mail,
certified or registered, return receipt requested, or by overnight air courier guaranteeing next 
  

 98 








 
day delivery to its address shown on the register kept by the Registrar. Any notice or communication shall also be so mailed to any Person described in TIA
§ 313(c), to the extent required by the TIA. Failure to mail a notice or communication to a Holder or any defect in it shall not affect its sufficiency with respect to other Holders. 
  
 If a notice or communication is mailed in the manner provided above within the time prescribed, it is duly given, whether or
not the addressee receives it. 
  
 If the Issuers mail a notice or
communication to Holders, it shall mail a copy to the Trustee and each Agent at the same time. 
  
 Section 12.3. Communication by Holders of Notes with Other Holders of Notes. 
  
 Holders may communicate pursuant to TIA § 312(b) with other Holders with respect to their rights under this Indenture or the Notes. The Issuers, the
Trustee, the Registrar and anyone else shall have the protection of TIA § 312(c). 
  
 Section 12.4. Certificate and Opinion as to Conditions Precedent. 
  
 Upon any request or application by the Issuers and/or any Guarantor to the Trustee to take any action under this Indenture, the Issuers and/or any Guarantor shall furnish to the Trustee: 
  
 (a) an Officers’ Certificate in form and substance
reasonably satisfactory to the Trustee stating that, in the opinion of the signers, all conditions precedent and covenants, if any, provided for in this Indenture relating to the proposed action have been satisfied; and 
  
 (b) an Opinion of Counsel in form and substance reasonably
satisfactory to the Trustee stating that, in the opinion of such counsel, all such conditions precedent and covenants have been satisfied. 
  
 Section 12.5. Statements Required in Certificate or Opinion. 
  
 Each certificate or opinion with respect to compliance with a condition or covenant provided for in this Indenture (other than a certificate provided
pursuant to TIA § 314(a)(4)) shall comply with the provisions of TIA § 314(e) and shall include: 
  
 (a) a statement that the Person making such certificate or opinion has read such covenant or condition; 
  
 (b) a brief statement as to the nature and scope of the
examination or investigation upon which the statements or opinions contained in such certificate or opinion are based; 
  

 99 








 (c) a statement that, in the opinion of such Person, he or she has made such examination
or investigation as is necessary to enable him to express an informed opinion as to whether or not such covenant or condition has been satisfied; and 
  
 (d) a statement as to whether or not, in the opinion of such Person, such condition or covenant has been satisfied. 
  
 Section 12.6. Rules by Trustee and Agents. 
  
 The Trustee may make reasonable rules for action by or at a meeting of
Holders. The Registrar or Paying Agent may make reasonable rules and set reasonable requirements for its functions. 
  
 Section 12.7. No Personal Liability of Directors, Officers, Employees and Stockholders. 
  
 No past, present or future director, officer, employee, incorporator, agent, member, manager, partner or stockholder or
Affiliate of the Issuers, as such, shall have any liability for any obligations of the Issuers under the Notes or this Indenture or for any claim based on, in respect of, or by reason of, such obligations or their creation. No past, present or
future director, officer, employee, incorporator, agent, member, manager, partner or stockholder or Affiliate of any of the Guarantors, as such, shall have any liability for any obligations of the Guarantors under the Guarantees or this Indenture or
for any claim based on, in respect of, or by reason of, such obligations or their creation. Each Holder of Notes and Guarantees by accepting a Note and a Guarantee waives and releases all such liabilities. The waiver and release are part of the
consideration for issuance of the Notes and the Guarantees. Such waiver may not be effective to waive liabilities under the federal securities law and it is the view of the Commission that such a waiver is against public policy. 
  
 Section 12.8. Governing Law; Submission to Jurisdiction; Waiver of Jury Trial.

  
 THIS INDENTURE, THE GUARANTEES AND THE NOTES SHALL BE
GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, BUT WITHOUT GIVING EFFECT TO APPLICABLE PRINCIPLES OF CONFLICTS OF LAW TO THE EXTENT THAT THE APPLICATION OF THE LAW OF ANOTHER JURISDICTION WOULD BE REQUIRED THEREBY.
EACH OF THE ISSUERS AND EACH GUARANTOR HEREBY IRREVOCABLY SUBMITS TO THE JURISDICTION OF ANY NEW YORK STATE COURT SITTING IN THE BOROUGH OF MANHATTAN IN THE CITY OF NEW YORK OR ANY FEDERAL COURT SITTING IN THE BOROUGH OF MANHATTAN IN THE CITY OF NEW
YORK IN RESPECT OF ANY SUIT, ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS INDENTURE, THE GUARANTEES AND THE NOTES, AND IRREVOCABLY ACCEPTS FOR ITSELF AND IN RESPECT OF ITS PROPERTY, GENERALLY AND UNCONDITIONALLY, JURISDICTION OF THE
AFORESAID COURTS. EACH OF 
  

 100 








 
THE ISSUERS AND EACH GUARANTOR IRREVOCABLY WAIVES, TO THE FULLEST EXTENT THAT IT MAY EFFECTIVELY DO SO UNDER APPLICABLE LAW, TRIAL BY JURY AND ANY OBJECTION
WHICH IT MAY NOW OR HEREAFTER HAVE TO THE LAYING OF THE VENUE OF ANY SUCH SUIT, ACTION OR PROCEEDING BROUGHT IN ANY SUCH COURT AND ANY CLAIM THAT ANY SUCH SUIT, ACTION OR PROCEEDING BROUGHT IN ANY SUCH COURT HAS BEEN BROUGHT IN AN INCONVENIENT
FORUM. NOTHING HEREIN SHALL AFFECT THE RIGHT OF THE TRUSTEE OR ANY HOLDER OF THE NOTES TO SERVE PROCESS IN ANY OTHER MANNER PERMITTED BY LAW OR TO COMMENCE LEGAL PROCEEDINGS OR OTHERWISE PROCEED AGAINST THE COMPANY OR ANY GUARANTOR IN ANY OTHER
JURISDICTION. 
  
 Section 12.9. No Adverse Interpretation of Other
Agreements. 
  
 This Indenture may not be used to interpret
any other indenture, loan or debt agreement of the Issuers or its Subsidiaries or of any other Person. Any such indenture, loan or debt agreement may not be used to interpret this Indenture. 
  
 Section 12.10. Successors. 
  
 All agreements of the Issuers in this Indenture and the Notes shall bind its
successors. All agreements of the Trustee in this Indenture shall bind its successors. 
  
 Section 12.11. Severability. 
  
 In case any
provision in this Indenture or in the Notes shall be invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby. 
  
 Section 12.12. Counterpart Originals. 
  
 The parties may sign any number of copies of this Indenture. Each signed
copy shall be an original, but all of them together represent the same agreement. 
  
 Section 12.13. Table of Contents, Headings, Etc. 
  
 The Table of Contents, Cross-Reference Table and Headings of the Articles and Sections of this Indenture, which have been inserted for convenience of reference only, are not to be considered a part of this Indenture and shall in no way
modify or restrict any of the terms or provisions hereof. 
  

 101 








 Section 12.14. Qualification of Indenture. 
  
 The Issuers shall qualify this Indenture under the TIA in accordance with the terms and conditions of the Registration
Rights Agreement and shall pay all reasonable costs and expenses (including attorneys’ fees for the Issuers, the Trustee and the Holders of the Notes) incurred in connection therewith, including, but not limited to, costs and expenses of
qualification of this Indenture and the Notes and printing this Indenture and the Notes. The Trustee shall be entitled to receive from the Issuers any such Officers’ Certificates, Opinions of Counsel or other documentation as it may reasonably
request in connection with any such qualification of this Indenture under the TIA. 
  
 [Signatures on following page] 
  
  

 102 








 SIGNATURES 
  

	 National Beef Packing Company, L.P.

		
	 By:
	 	 /s/    Timothy M. Klein


	 	 	 Name: Timothy M. Klein

	 	 	 Title:    President

		
	 By:
	 	 /s/    Jay D. Nielsen


	 	 	 Name: Jay D. Nielsen

	 	 	 Title:  Chief Financial Officer

	
	 NB Finance Corp.

		
	 By:
	 	 /s/    Timothy M. Klein


	 	 	 Name: Timothy M. Klein

	 	 	 Title:    President

		
	 By:
	 	 /s/    Jay D. Nielsen


	 	 	 Name: Jay D. Nielsen

	 	 	 Title:  Chief Financial Officer

	
	 U.S. Bank National Association,

	 As Trustee

		
	 By:
	 	 /s/    Elizabeth C. Hammer


	 	 	 Name: Elizabeth C. Hammer

	 	 	 Title:  Vice President










 EXHIBIT A 
  
 FORM OF SERIES A NOTE 
  
 (Face of Note) 
 NATIONAL BEEF PACKING COMPANY,
L.P. 
 NB FINANCE CORP. 
  
 10 1/2% SENIOR NOTE DUE 2011 
  
 [THIS NOTE IS A GLOBAL NOTE 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. THIS NOTE IS NOT EXCHANGEABLE FOR NOTES REGISTERED IN THE NAME OF A PERSON OTHER THAN THE DEPOSITARY OR ITS NOMINEE EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE, AND NO TRANSFER OF THIS SECURITY (OTHER THAN A
TRANSFER OF THIS SECURITY AS A WHOLE BY THE DEPOSITARY TO A NOMINEE OF THE DEPOSITARY OR BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY) MAY BE REGISTERED EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE
INDENTURE. 
  
 UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED
REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN
SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR
OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.]1 
  
 [THIS NOTE HAS NOT BEEN REGISTERED UNDER THE U.S. SECURITIES
ACT OF 1933, AS AMENDED THE (“SECURITIES ACT”), AND, ACCORDINGLY, MAY NOT BE OFFERED OR SOLD WITHIN THE UNITED STATES OR TO, OR FOR THE AC- 


	1	 	To be included only if the Note is issued in global form. 

  

 A-1 








 COUNT OR BENEFIT OF, U.S. PERSONS EXCEPT 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), (B) IT IS NOT A U.S. PERSON AND IS ACQUIRING THIS SECURITY IN AN OFFSHORE TRANSACTION IN COMPLIANCE WITH RULE 904 UNDER THE SECURITIES ACT OR
(C) IT IS AN ACCREDITED INVESTOR (AS DEFINED IN RULE 501(a)(1),(2),(3), OR (7) UNDER THE SECURITIES ACT (AN “ACCREDITED INVESTOR”), (2) AGREES THAT IT WILL NOT WITHIN TWO YEARS AFTER THE ORIGINAL ISSUANCE OF THIS NOTE RESELL OR OTHERWISE
TRANSFER THIS NOTE EXCEPT (A) TO THE COMPANY OR ANY SUBSIDIARY THEREOF, (B) INSIDE THE UNITED STATES TO A QUALIFIED INSTITUTIONAL BUYER IN COMPLIANCE WITH RULE 144A UNDER THE SECURITIES ACT, (C) INSIDE THE UNITED STATES TO AN ACCREDITED INVESTOR
THAT, PRIOR TO SUCH TRANSFER, FURNISHES (OR HAS FURNISHED ON ITS BEHALF BY A U.S. BROKER-DEALER) TO THE TRUSTEE A SIGNED LETTER CONTAINING CERTAIN REPRESENTATIONS AND AGREEMENTS, DESCRIBED IN THE INDENTURE, RELATING TO THE RESTRICTIONS ON TRANSFER
OF THIS NOTE (THE FORM OF WHICH LETTER CAN BE OBTAINED FROM THE TRUSTEE FOR THIS NOTE), (D) OUTSIDE THE UNITED STATES IN AN OFFSHORE TRANSACTION IN COMPLIANCE WITH RULE 904 UNDER THE SECURITIES ACT (IF AVAILABLE), (E) PURSUANT TO THE EXEMPTION FROM
REGISTRATION PROVIDED BY RULE 144 UNDER THE SECURITIES ACT (IF AVAILABLE), (F) IN ACCORDANCE WITH ANOTHER EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT (AND BASED UPON AN OPINION OF COUNSEL IF THE COMPANY SO REQUESTS), OR (G)
PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT AND (3) AGREES THAT IT WILL GIVE TO EACH PERSON TO WHOM THIS NOTE IS TRANSFERRED A NOTICE SUBSTANTIALLY TO THE EFFECT OF THIS LEGEND. IN CONNECTION WITH ANY TRANSFER OF THIS
NOTE WITHIN TWO YEARS AFTER THE ORIGINAL ISSUANCE OF THIS NOTE, IF THE PROPOSED TRANSFEREE IS AN ACCREDITED INVESTOR, THE HOLDER MUST, PRIOR TO SUCH TRANSFER, FURNISH TO THE TRUSTEE AND THE COMPANY SUCH CERTIFICATIONS, LEGAL OPINIONS OR OTHER
INFORMATION AS THE ISSUERS (OR THE TRUSTEE AT THEIR INSTRUCTION) MAY REASONABLY REQUIRE TO CONFIRM THAT SUCH TRANSFER IS BEING MADE PURSUANT TO AN EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES
ACT. AS USED HEREIN, THE TERMS “OFFSHORE TRANSACTION,” “UNITED STATES” AND “U.S. PERSON” HAVE THE MEANING GIVEN TO THEM BY REGULATION S UNDER THE SECURITIES ACT.]2 


	2	 	To be included only if the Note is a Transfer Restricted Security 

  

 A-2 








 NATIONAL BEEF PACKING COMPANY, L.P. 
 NB FINANCE CORP. 
  
 10 1/2% SENIOR NOTE DUE 2011 
  
 CUSIP No.
                    
  

		
	 No.                 
	  	 $                                   
 


  
 Interest Payment Dates: August 1 and
February 1 
 Record Dates: July 15 and January 15 
  
 NATIONAL BEEF PACKING COMPANY, L.P., a Delaware limited partnership (the “Company”), and NB FINANCE CORP., a Delaware corporation (each
an “Issuer” and together the “Issuers,” which term includes any successor entity under the Indenture hereafter referred to), as joint and several obligors, for value received, promise to pay to
                     or registered assigns, the principal sum of
             Dollars on August 1, 2011. 
  
 Reference is hereby made to the further provisions of this Note set forth on the reverse hereof, which further provisions shall for all purposes have the
same effect as set forth at this place. 
  
 Unless the certificate
of authentication hereon has been executed by the Trustee referred to on the reverse hereof by manual signature, this Note shall not be entitled to any benefits under the Indenture referred to on the reverse hereof or be valid or obligatory for any
purpose. 
  

 A-3 








 IN WITNESS WHEREOF, the Issuers have caused this Note to be duly executed under its seal. 
  

	 [SEAL]
	 	                   Dated:

  

	 NATIONAL BEEF PACKING COMPANY, L.P.

		
	By :	 	  


	 	 	Name:
	 	 	Title:
		
	By:	 	  


	 	 	Name:
	 	 	Title:
	
	NB FINANCE CORP.
		
	By:	 	  


	 	 	Name:
	 	 	Title:
		
	By:	 	  


	 	 	Name:
	 	 	Title:


  

 A-4 









	This is one of the Notes referred to
in the within-mentioned Indenture:
	
	U.S. BANK NATIONAL ASSOCIATION,
	 as Trustee

		
	 By:
	 	  


	 	 	 Name:

	 	 	 Title:


  

 A-5 








 (Back of Note) 
  

10 1/2% Senior Notes due 2011 
  
 Capitalized terms used herein shall have the meanings assigned to them in the Indenture referred to below unless otherwise indicated. 
  
 1. Interest. The Issuers promise to pay interest on the principal
amount of this Note at the rate of 10 1/2% per annum from the date of original issuance until maturity and shall pay the Additional Interest pursuant to Section 4 of the Registration Rights Agreement referred to below. The Issuers will pay interest
and Additional Interest semi-annually on August 1 and February 1 of each year, or if any such day is not a Business Day, on the next succeeding Business Day (each an “Interest Payment Date”). Interest on the Note will accrue from
the most recent date to which interest has been paid or, if no interest has been paid, from the date of issuance; provided that if there is no existing Default in the payment of interest, and if this Note is authenticated between a record
date referred to on the face hereof and the next succeeding Interest Payment Date, interest shall accrue from such next succeeding Interest Payment Date; provided, further, that the first Interest Payment Date with respect to a Note
issued on the Issue Date shall be February 1, 2004. The Issuers shall pay interest (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue payments of the principal, Purchase Price and Redemption Price of this Note
from time to time on demand at a rate that is 1% per annum in excess of the rate then in effect; it shall pay interest (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue installments of interest and Additional
Interest, if any, (without regard to any applicable grace periods) hereon from time to time on demand at the same rate to the extent lawful. Interest will be computed on the basis of a 360-day year of twelve 30-day months. 
  
 2. Method of Payment. The Issuers will pay interest on the Notes
(except defaulted interest) and Additional Interest, if any, to the Persons who are registered Holders of Notes at the close of business on the July 15 and January 15 next preceding the Interest Payment Date, even if such Notes are canceled after
such record date and on or before such Interest Payment Date, except as provided in Section 2.12 of the Indenture with respect to defaulted interest. Any such installment of interest or Additional Interest, if any, not punctually paid or duly
provided for shall forthwith cease to be payable to the registered Holders on such Interest Payment Date, and may be paid to the registered Holders at the close of business on a special interest payment date to be fixed by the Trustee for the
payment of such defaulted interest, notice whereof shall be given to the registered Holders not less than 10 days prior to such special interest payment date, or may be paid at any time in any other lawful manner not inconsistent with the
requirements of any securities exchange on which the Notes may be listed, and upon such notice as may be required by such exchange, all as more fully provided in the Indenture. The Notes will be payable as to principal, Redemption Price, Purchase
Price, interest and Additional Interest, if any, at the office or agency of the Issuers maintained for such purpose within or without the City and State of New York, or, at the option of the 
  

 A-6 








 
Issuers, payment of interest and Additional Interest may be made by check mailed to the Holders at their addresses set forth in the register of Holders,
provided that payment by wire transfer of immediately available funds will be required with respect to principal, Redemption Price and Purchase Price of, and interest and Additional Interest (if any) on, all Global Notes and all other Notes
the Holders of which shall have provided wire transfer instructions to the Trustee or the Paying Agent. Such payment shall be in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public
and private debts. 
  
 3. Paying Agent and Registrar.
Initially, U.S. Bank National Association, the Trustee under the Indenture, will act as Paying Agent and Registrar. The Issuers may change any Paying Agent or Registrar without notice to any Holder. The Issuers may act in any such capacity.

  
 4. Indenture. The Company issued $160 million in
aggregate principal amount of the Notes under an Indenture dated as of August 6, 2003 (the “Indenture”) between the Issuers and the Trustee. The terms of the Notes include those stated in the Indenture and those made part of the
Indenture by reference to the Trust Indenture Act of 1939, as amended (15 U.S.C. Code §§ 77aaa-77bbbb). The Notes are subject to all such terms, and Holders are referred to the Indenture and such Act for a statement of such terms. The
Notes are general obligations of the Issuers. 
  
 5. Optional
Redemption. The Issuers may redeem any or all of the Notes at any time on or after August 1, 2007, upon not less than 30 nor more than 60 days’ prior notice in amounts of $1,000 or an integral multiple thereof at the Redemption Prices
(expressed as a percentage of the principal amount) set forth below, if redeemed during the 12-month period beginning August 1 of the years indicated below: 
  

	 Year

	  	Redemption
Price

	 
	 2007
	  	105.250	%
	 2008
	  	102.625	%
	 2009 and thereafter
	  	100.000	%

  
 in each case together with accrued and
unpaid interest and Additional Interest, if any, to the Redemption Date. 
  
 If less than all the Notes are to be redeemed, the Trustee will select the particular Notes or portions thereof to be redeemed by lot, pro rata or by any other method the Trustee shall deem fair and
reasonable. 
  
 6. Optional Redemption Upon Equity Offerings or
a Change of Control. (a) In the event the Company completes one or more Equity Offerings on or before August 1, 

  

 A-7 








 
2006, the Company, at its option, may use the net cash proceeds from any such Equity Offering to redeem up to 35% of the principal amount of the Notes (a
“Special Redemption”) at a Redemption Price of 110.50% of the principal amount, together with accrued and unpaid interest and Additional Interest (if any), to the date of redemption, provided, however, that at least
65% of the principal amount of the Notes will remain outstanding immediately after each such redemption; and provided, further, that each such redemption shall occur within 90 days after the date of the closing of the applicable Equity
Offering. If less than all the Notes are to be redeemed, the Trustee will select the particular Notes or portions thereof to be redeemed only on a pro rata basis or on as nearly a pro rata basis as is practicable (subject
to DTC procedures). 
  
 (b) Before August 1, 2007, the Issuers may
also redeem the Notes, as a whole but not in part, upon the occurrence of a Change of Control, upon not less than 30 nor more than 60 days’ prior notice (but in no event more than 90 days after the occurrence of such Change of Control), at a
redemption price equal to 100% of the principal amount thereof plus the Applicable Premium as of, and accrued and unpaid interest thereon, if any, to the date of redemption. 
  
 7. Mandatory Redemption. Except as set forth in Paragraph 9 below with respect to repurchases of Notes in certain
events, the Company shall not be required to make mandatory redemption payments with respect to the Notes. 
  
 8. Notice of Redemption. Subject to the provisions of the Indenture, a notice of redemption will be mailed at least 30 days but not more than 60
days before the Redemption Date to each Holder whose Notes are to be redeemed at its registered address. Notes in denominations larger than $1,000 may be redeemed in part but only in whole multiples of $1,000, unless all of the Notes held by a
Holder are to be redeemed. On and after the redemption date interest ceases to accrue on Notes or portions thereof called for redemption. 
  
 9. (a) Repurchase at Option of Holder. If there is a Change of Control, the Issuers shall be required to make an offer (a “Change of
Control Offer”) to repurchase all or any part (equal to $1,000 or an integral multiple thereof) of each Holder’s Notes at a Purchase Price equal to 101% of the principal amount thereof plus accrued and unpaid interest and
Additional Interest, if any, to the date of repurchase, in accordance with the procedures set forth in the Indenture. Within 30 days following any Change of Control, the Issuers shall mail a notice to each Holder setting forth the procedures
governing the Change of Control Offer as required by the Indenture. 
  
 (b) Pending the final application of such Net Cash Proceeds, the Issuers may temporarily reduce borrowings under any Credit Facility or any other revolving credit facility, if any. On the 366th day after an Asset Sale or such earlier date,
if any, as the Board of Directors of the Company or of such Restricted Subsidiary determines not to apply the Net Cash Proceeds relating to such Asset Sale as set forth in clauses (3)(a), (3)(b) and (3)(c) of 

  

 A-8 








 
paragraph (A) of Section 4.10 of the Indenture (each, a “Net Proceeds Offer Trigger Date”), such aggregate amount of Net Cash Proceeds which
have not been applied on or before such Net Proceeds Offer Trigger Date as permitted in clauses (3)(a), (3)(b) and (3)(c) of paragraph (A) of Section 4.10 of the Indenture (each, a “Net Proceeds Offer Amount”) shall be applied by
the Issuers or such Restricted Subsidiary to make an offer to purchase (the “Net Proceeds Offer”) to all Holders and, to the extent required by the terms of any Pari Passu Indebtedness, an offer to purchase to all holders of such
Pari Passu Indebtedness, on a date (the “Net Proceeds Offer Payment Date”) not less the 30 nor more then 45 days following the applicable Net Proceeds Offer Trigger Date, from all Holders (and holders of any such Pari Passu
Indebtedness) on a pro rata basis, that amount of Notes (and Pari Passu Indebtedness) equal to the Net Proceeds Offer Amount at a price equal to 100% of the principal amount of the Notes (and Pari Passu Indebtedness) to be purchased,
plus accrued and unpaid interest thereon, if any, to the date of purchase; provided, however, that if at any time any non-cash consideration received by the Issuers or any Restricted Subsidiary of the Issuers, as the case may be, in
connection with any Asset Sale is converted into or sold or otherwise disposed of for cash (other than interest received with respect to any such non-cash consideration), then such conversion or disposition shall be deemed to constitute an Asset
Sale hereunder as of the date of such conversion or disposition and the Net Cash Proceeds thereof shall be applied in accordance with this covenant. Each Net Proceeds Offer will be mailed to the record Holders as shown on the register of Holders
within 25 days following the Net Proceeds Offer Trigger Date, with a copy to the Trustee, and shall comply with the procedures set forth in the Indenture. Upon receiving notice of the Net Proceeds Offer, Holders may elect to tender their Notes in
whole or in part in integral multiples of $1,000 in exchange for cash. To the extent Holders properly tender Notes and holders of Pari Passu Indebtedness properly tender such Indebtedness in an amount exceeding the Net Proceeds Offer Amount, the
tendered Notes and Pari Passu Indebtedness will be purchased on a pro rata basis based on aggregate amounts of Notes and Pari Passu Indebtedness tendered (and the Trustee shall select the tendered Notes of tendering Holders on a pro
rata basis based on the amount of Notes tendered). A Net Proceeds Offer shall remain open for a period of 20 business days or such longer period as may be required by law. If any Net Cash Proceeds remain after the consummation of any Net
Proceeds Offer, the Company may use those Net Cash Proceeds for any purpose not otherwise prohibited by the Indenture. Upon completion of each Net Proceeds Offer, the amount of Net Cash Proceeds will be reset at zero. 
  
 10. Denominations, Transfer, Exchange. The Notes are in registered
form without coupons in denominations of $1,000 and integral multiples of $1,000. The transfer of Notes may be registered and Notes may be exchanged as provided in the Indenture. The Registrar and the Trustee may require a Holder, among other
things, to furnish appropriate endorsements and transfer documents and the Company may require a Holder to pay any taxes and fees required by law or permitted by the Indenture. The Company need not exchange or register the transfer of any Note or
portion of a Note selected for redemption, except for the unredeemed portion of any Note being redeemed in part. Also, it need not exchange or register the transfer of any Notes for a period of 15 days before a selection of Notes to be re- 

  

 A-9 








 
deemed or during the period between a record date and the corresponding Interest Payment Date. 
  
 11. Persons Deemed Owners. The registered Holder of a Note may be treated as its owner for all purposes. 

 
 12. Amendment, Supplement and Waiver. Subject to certain
exceptions, the Indenture and the Notes may be amended or supplemented with the consent of the Holders of at least a majority in principal amount of the then outstanding Notes, and any existing default or compliance with any provision of the
Indenture or the Notes may be waived with the consent of the Holders of a majority in principal amount of the then outstanding Notes. Without the consent of any Holder of a Note, the Indenture and the Notes may be amended or supplemented to provide
for the issuance of Additional Notes in accordance with the terms of the Indenture and to cure any ambiguity, defect or inconsistency, to provide for uncertificated Notes in addition to or in place of certificated Notes, to provide for the
assumption of the Issuers’ obligations to Holders of the Notes in case of a merger or consolidation, to add or release the Guarantees of Guarantors in compliance with the Indenture, to make any change that would provide any additional rights or
benefits to the Holders of the Notes or that does not adversely affect the legal rights under the Indenture of any such Holder in any material respect, or to comply with the requirements of the Commission in order to effect or maintain the
qualification of the Indenture under the Trust Indenture Act. 
  
 13. Defaults and Remedies. Events of Default include: (1) the failure to pay interest on any Notes when the same becomes due and payable and the default continues for a period of 30 days; (2) the failure to pay the principal of any
Notes when such principal becomes due and payable, at maturity, upon redemption or otherwise (including the failure to make a payment to purchase Notes tendered pursuant to a Change of Control Offer or a Net Proceeds Offer); (3) a default in the
observance or performance of any other covenant or agreement contained in the Indenture which default continues for a period of 30 days after the Company receives written notice specifying the default (and demanding that such default be remedied)
from the Trustee or the Holders of at least 25% of the outstanding principal amount of the Notes (except in the case of a default with respect to Section 5.1 of the Indenture, which will constitute an Event of Default with such notice requirement
but without such passage of time requirement); (4) the failure to pay at final maturity (giving effect to any applicable grace periods and any extensions thereof) the stated principal amount of any Indebtedness of the Company or any Restricted
Subsidiary of the Company, or the acceleration of the final stated maturity of any such Indebtedness (which acceleration is not rescinded, annulled or otherwise cured within 20 days of receipt by the Company or such Restricted Subsidiary of notice
of any such acceleration) if the aggregate principal amount of such Indebtedness, together with the principal amount of any other such Indebtedness in default for failure to pay principal at final stated maturity or which has been accelerated (in
each case with respect to which the 20-day period described above has elapsed), aggregated $10.0 million or more at any time; (5) one or more judgments in an aggregate amount in excess of $10.0 million shall 

  

 A-10 








 
have been rendered against the Company or any of its Significant Subsidiaries or any group of Restricted Subsidiaries that, taken together, would constitute
a Significant Subsidiary and such judgments remain undischarged, unpaid or unstayed for a period of 60 days after such judgment or judgments become final and non-appealable; (6) certain events of bankruptcy affecting the Company or any of its
Significant Subsidiaries; or (7) any Guarantee of a Significant Subsidiary ceases to be in full force and effect or is declared in a judicial proceeding to be null and void and unenforceable or is found in a judicial proceeding to be invalid or any
Guarantor that is a Significant Subsidiary denies its liability under its Guarantee (other than by reason of release of such Guarantor in accordance with the terms of the Indenture). If any Event of Default occurs and is continuing, the Trustee or
the Holders of at least 25% in principal amount of the then outstanding Notes may declare all the Notes to be due and payable immediately. Upon any such declaration, the entire principal amount of, and accrued and unpaid interest and Additional
Interest, if any, on the Notes shall become immediately due and payable. Notwithstanding the foregoing, in the case of an Event of Default arising from certain events of bankruptcy or insolvency, all outstanding Notes will become due and payable
without further action or notice. Holders may not enforce the Indenture or the Notes except as provided in the Indenture. Subject to certain limitations, Holders of a majority in principal amount of the then outstanding Notes may direct the Trustee
in its exercise of any trust or power. The Trustee may withhold from Holders of the Notes notice of any continuing Default or Event of Default (except a Default or Event of Default relating to payment on any Note) if it determines that withholding
notice is in their interest. The Holders of a majority in principal amount of the Notes may waive any existing or past Default or Event of Default under the Indenture, and its consequences, except a default in the payment of the principal of, or
interest on any Notes. The Issuers are required to deliver to the Trustee annually a statement regarding compliance with the Indenture, and the Issuers are required upon becoming aware of any Default or Event of Default, to deliver to the Trustee a
statement specifying such Default or Event of Default. 
  
 14.
Trustee Dealings with Company. Subject to certain limitations, the Trustee under the Indenture, in its individual or any other capacity, may become owner or pledgee of Notes and may otherwise deal with the Company or its Affiliates as if it
were not Trustee. 
  
 15. No Recourse Against Others. No
past, present or future director, officer, employee, incorporator, agent, member, manager, partner or stockholder of the Issuers, as such, shall have any liability for any obligations of the Issuers under the Notes or the Indenture or for any claim
based on, in respect of, or by reason of, such obligations or their creation. Each Holder by accepting a Note waives and releases all such liability. The waiver and release are part of the consideration for the issuance of the Notes. 
  
 16. Authentication. This Note shall not be valid until authenticated
by the manual signature of the Trustee or an authenticating agent. 
  

 A-11 








 17. Abbreviations. Customary abbreviations may be used in the name of a Holder or an assignee,
such as: TEN COM (= tenants in common), TEN ENT (= tenants by the entireties), JT TEN (= joint tenants with right of survivorship and not as tenants in common), CUST (= Custodian), and U/G/M/A (= Uniform Gifts to Minors Act). 
  
 18. Discharge Prior to Maturity. If the Issuers deposit with the
Trustee or Paying Agent cash or U.S. Government Obligations sufficient to pay the principal or Redemption Price of, and interest and Additional Interest, if any, on, the Notes to maturity or a specified Redemption Date and satisfies certain
conditions specified in the Indenture, the Issuers will be discharged from the Indenture, except for certain Sections thereof. 
  
 19. Governing Law. The Indenture and Guarantees and this Note shall be governed by and construed in accordance with the laws of the State of New
York but without giving effect to applicable principles of conflicts of law to the extent that the application of the law of another jurisdiction would be required thereby. Each of the Issuers and each Guarantor hereby irrevocably submits to the
jurisdiction of any New York state court sitting in the Borough of Manhattan in the City of New York or any Federal court sitting in the Borough of Manhattan in the City of New York in respect of any suit, action or proceeding arising out of or
relating to the Indenture and the Notes, and irrevocably accepts for itself and in respect of its property, generally and unconditionally, jurisdiction of the aforesaid courts. Each of the Issuers and each Guarantor irrevocably waives, to the
fullest extent that it may effectively do so under applicable law, trial by jury and any objection which it may now or hereafter have to the laying of the venue of any such suit, action or proceeding brought in any such court and any claim that any
such suit, action or proceeding brought in any such court has been brought in an inconvenient forum. Nothing herein shall affect the right of the Trustee or any Holder of the Notes to serve process in any other manner permitted by law or to commence
legal proceedings or otherwise proceed against the Issuers or any Guarantor in any other jurisdiction. 
  
 20. CUSIP Numbers. Pursuant to a recommendation promulgated by the Committee on Uniform Security Identification Procedures, the Company has caused
CUSIP numbers to be printed on the Notes and the Trustee may use CUSIP numbers in notices of redemption as a convenience to Holders. No representation is made as to the correctness or accuracy of such numbers either as printed on the Notes or as
contained in any notice of redemption or repurchase and reliance may be placed only on the other identification numbers placed thereon. 
  
 21. Registration Rights. Pursuant to the Registration Rights Agreement, the Company will be obligated upon the occurrence of certain events to
consummate an exchange offer pursuant to which the Holder of this Note shall have the right to exchange this Series A Note for the Issuer’s 10 1/2% Senior Notes due 2011, Series B, which have been registered under the Securities Act, in like
principal amount and having terms identical in all material respects as the Series A Notes. The Holders shall be entitled to receive certain additional interest payments in the event such exchange offer is not consummated and upon cer- 

  

 A-12 








 
tain other conditions, all pursuant to and in accordance with the terms of the Registration Rights Agreement. 
  
 The Issuers will furnish to any Holder upon written request and without
charge a copy of the Indenture. Request may be made to: 
  
 National Beef Packing Company, L.P. 
 12200 North Ambassador Drive 
 Kansas City, MO 64163 
 Attention: General Counsel 
  

 A-13 








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

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

  

  

  

  

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

	and irrevocably appoint	 	  



 agent to transfer this Note on the books of the Issuers. The agent may substitute another to act for him.

  

	 	 	 Date:
	 	  

	 	 	 	 	 	 	 	 
							
	 	 	 	 	 	 	 	 	 	 	 Your Signature:
	 	  


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

				
	 	 	 	 	 Signature Guarantee:
  
	 	  


	 	 	 	 	 	 	(Participant in recognized signature guarantee medallion program)

  

 A-14 








 OPTION OF HOLDER TO ELECT PURCHASE 
  
 If you wish to elect to have all or any portion of this Note purchased by the Company pursuant to Section 4.10 (“Net
Proceeds Offer”) or Section 4.15 (“Change of Control Offer”) of the Indenture, check the applicable boxes 
  

	  ̈  Net Proceeds
Offer:
	    	 	 	  ̈  Change of
Control Offer:

			
	       in whole              ̈
	    	 	 	       in whole
             ̈

			
	       in part
                 ̈
	    	 	 	       in part
                 ̈

			
	       Amount to be
	    	 	 	       Amount to be

	       purchased: $                             
                                   
	    	 	 	       purchased: $                             
                                   

			
	 Dated:

	    	 Signature:
	 	  


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


	 (Participant in recognized signature guarantee medallion program)

	
	 Social Security Number or
 Taxpayer Identification Number:



  

 A-15 








 EXHIBIT B 
  
 FORM OF SERIES B NOTE 
  
 (Face of Note) 
  
 NATIONAL BEEF PACKING COMPANY, L.P. 
 NB FINANCE CORP. 
  
 10 1/2% SENIOR NOTE DUE 2011 
  
 [THIS NOTE IS A GLOBAL NOTE 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. THIS NOTE IS NOT EXCHANGEABLE FOR NOTES REGISTERED IN THE NAME OF A PERSON OTHER THAN THE DEPOSITARY OR ITS NOMINEE EXCEPT IN THE LIMITED CIRCUMSTANCES
DESCRIBED IN THE INDENTURE, AND NO TRANSFER OF THIS SECURITY (OTHER THAN A TRANSFER OF THIS SECURITY AS A WHOLE BY THE DEPOSITARY TO A NOMINEE OF THE DEPOSITARY OR BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE
DEPOSITARY) MAY BE REGISTERED EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE. 
  
 UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE, OR
PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN
AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.]1 


	1	 	To be included only if the Note is issued in global form. 

  

 B-1 








 NATIONAL BEEF PACKING COMPANY, L.P. 
 NB FINANCE CORP. 
  
 10 1/2% SENIOR NOTE DUE 2011 
  

	 	  	 	  	 	  	 	  	 CUSIP
No.                         

	 No.
                                
	  	 	  	 	  	 	  	 $                                      
      


  
 Interest Payment Dates: August 1 and February 1 
 Record Dates: July 15 and January 15 
  
 NATIONAL BEEF PACKING COMPANY, L.P., a Delaware limited partnership (the
“Company”), and NB FINANCE CORP., a Delaware corporation (each an “Issuer” and together, the “Issuers,” which term includes any successor entity under the indenture hereinafter referred to), as
joint and several obligors for value received, promises to pay to                          or registered assigns, the
principal sum of                              Dollars on August 1, 2011. 
  
 Reference is hereby made to the further provisions of this Note set forth on
the reverse hereof, which further provisions shall for all purposes have the same effect as set forth at this place. 
  
 Unless the certificate of authentication hereon has been executed by the Trustee referred to on the reverse hereof by manual signature, this Note shall
not be entitled to any benefits under the Indenture referred to on the reverse hereof or be valid or obligatory for any purpose. 
  

 B-2 








 IN WITNESS WHEREOF, the Issuers have caused this Note to be duly executed under its seal. 
  

	 [SEAL]
	 	                   Dated:

  

	
	 NATIONAL BEEF PACKING COMPANY, L.P.

		
	 By:
	 	  


	 	 	 Name:

	 	 	 Title:

		
	 By:
	 	  


	 	 	 Name:

	 	 	 Title:

	
	 NB FINANCE CORP.

		
	 By:
	 	  


	 	 	 Name:

	 	 	 Title:

		
	 By:
	 	  


	 	 	 Name:

	 	 	 Title:



  

 B-3 









	 This is one of the Notes referred to
 in the within-mentioned Indenture:

	
	U.S. BANK NATIONAL ASSOCIATION,
	 as Trustee

		
	 By:
	 	  


	 	 	 Name:

	 	 	 Title:


  

 B-4 








 (Back of Note) 
  

10 1/2% Senior Notes due 2011 
  
 Capitalized terms used herein shall have the meanings assigned to them in the Indenture referred to below unless otherwise indicated. 
  
 1. Interest. The Issuers promise to pay interest on the principal
amount of this Note at the rate of 10  1/2% per annum from the date of original issuance until maturity. The
Issuers will pay interest and Additional Interest semi-annually on August 1 and February 1 of each year, or if any such day is not a Business Day, on the next succeeding Business Day (each an “Interest Payment Date”). Interest on
the Note will accrue from the most recent date to which interest has been paid or, if no interest has been paid, from the date of issuance; provided that if there is no existing Default in the payment of interest, and if this Note is
authenticated between a record date referred to on the face hereof and the next succeeding Interest Payment Date, interest shall accrue from such next succeeding Interest Payment Date; provided, further, that the first Interest Payment
Date with respect to a Note issued on the Issue Date shall be February 1, 2004. The Issuers shall pay interest (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue payments of the principal, Purchase Price and
Redemption Price of this Note from time to time on demand at a rate that is 1% per annum in excess of the rate then in effect; it shall pay interest (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue
installments of interest and Additional Interest, if any, (without regard to any applicable grace periods) hereon from time to time on demand at the same rate to the extent lawful. Interest will be computed on the basis of a 360-day year of twelve
30-day months. 
  
 2. Method of Payment. The Issuers
will pay interest on the Notes (except defaulted interest) and Additional Interest, if any, to the Persons who are registered Holders of Notes at the close of business on the July 15 and January 15 next preceding the Interest Payment Date, even if
such Notes are canceled after such record date and on or before such Interest Payment Date, except as provided in Section 2.12 of the Indenture with respect to defaulted interest. Any such installment of interest or Additional Interest, if any, not
punctually paid or duly provided for shall forthwith cease to be payable to the registered Holders on such Interest Payment Date, and may be paid to the registered Holders at the close of business on a special interest payment date to be fixed by
the Trustee for the payment of such defaulted interest, notice whereof shall be given to the registered Holders not less than 10 days prior to such special interest payment date, or may be paid at any time in any other lawful manner not inconsistent
with the requirements of any securities exchange on which the Notes may be listed, and upon such notice as may be required by such exchange, all as more fully provided in the Indenture. The Notes will be payable as to principal, Redemption Price,
Purchase Price, interest and Additional Interest, if any, at the office or agency of the Issuers maintained for such purpose within or without the City and State of New York, or, at the option of the Issuers, payment of interest and Additional
Interest may be made by check mailed to the 
  

 B-5 








 Holders at their addresses set forth in the register of Holders, provided that payment by wire transfer of
immediately available funds will be required with respect to principal, Redemption Price and Purchase Price of, and interest and Additional Interest (if any) on, all Global Notes and all other Notes the Holders of which shall have provided wire
transfer instructions to the Trustee or the Paying Agent. Such payment shall be in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and private debts. 
  
 3. Paying Agent and Registrar. Initially, U.S. Bank National
Association, the Trustee under the Indenture, will act as Paying Agent and Registrar. The Issuers may change any Paying Agent or Registrar without notice to any Holder. The Issuers may act in any such capacity. 
  
 4. Indenture. The Issuers issued $160 million in aggregate principal
amount of the Notes under an Indenture dated as of August 6, 2003 (the “Indenture”) between the Issuers and the Trustee. The terms of the Notes include those stated in the Indenture and those made part of the Indenture by reference
to the Trust Indenture Act of 1939, as amended (15 U.S.C. Code §§ 77aaa-77bbbb). The Notes are subject to all such terms, and Holders are referred to the Indenture and such Act for a statement of such terms. The Notes are general
obligations of the Issuers. 
  
 5. Optional Redemption. The
Issuers may redeem any or all of the Notes at any time on or after August 1, 2007, upon not less than 30 nor more than 60 days’ prior notice in amounts of $1,000 or an integral multiple thereof at the Redemption Prices (expressed as a
percentage of the principal amount) set forth below, if redeemed during the 12-month period beginning August 1 of the years indicated below: 
  

	 Year

	  	Redemption
Price

	 
	 2007
	  	105.250	%
	 2008
	  	102.625	%
	 2009 and thereafter
	  	100.000	%

  
 in each case together with accrued and
unpaid interest and Additional Interest, if any, to the Redemption Date. 
  
 If less than all the Notes are to be redeemed, the Trustee will select the particular Notes or portions thereof to be redeemed by lot, pro rata or by any other method the Trustee shall deem fair and
reasonable. 
  
 6. Optional Redemption Upon Equity Offerings or
a Change of Control. (a) In the event the Company completes one or more Equity Offerings on or before January 1, 2005, the Company, at its option, may use the net cash proceeds from any such Equity 
  

 B-6 








 
Offering to redeem up to 35% of the principal amount of the Notes (a “Special Redemption”) at a Redemption Price of 110.50% of the principal
amount, together with accrued and unpaid interest and Additional Interest (if any), to the date of redemption, provided, however, that at least 65% of the principal amount of the Notes will remain outstanding immediately after each
such redemption; and provided, further, that each such redemption shall occur within 90 days after the date of the closing of the applicable Equity Offering. If less than all the Notes are to be redeemed, the Trustee will select the
particular Notes or portions thereof to be redeemed only on a pro rata basis or on as nearly a pro rata basis as is practicable (subject to DTC procedures). 
  
 (b) Before August 1, 2007, the Issuers may also redeem the Notes, as a whole but not in part, upon the occurrence of a
Change of Control, upon not less than 30 nor more than 60 days’ prior notice (but in no event more than 90 days after the occurrence of such Change of Control), at a redemption price equal to 100% of the principal amount thereof plus the
Applicable Premium as of, and accrued and unpaid interest thereon, if any, to the date of redemption. 
  
 7. Mandatory Redemption. Except as set forth in Paragraph 9 below with respect to repurchases of Notes in certain events, the Company shall not be
required to make mandatory redemption payments with respect to the Notes. 
  
 8. Notice of Redemption. Subject to the provisions of the Indenture, a notice of redemption will be mailed at least 30 days but not more than 60 days before the Redemption Date to each Holder whose Notes are to
be redeemed at its registered address. Notes in denominations larger than $1,000 may be redeemed in part but only in whole multiples of $1,000, unless all of the Notes held by a Holder are to be redeemed. On and after the redemption date interest
ceases to accrue on Notes or portions thereof called for redemption. 
  
 9. Repurchase at Option of Holder. (a) If there is a Change of Control, the Issuers shall be required to make an offer (a “Change of Control Offer”) to repurchase all or any part (equal to $1,000 or an integral
multiple thereof) of each Holder’s Notes at a Purchase Price equal to 101% of the principal amount thereof plus accrued and unpaid interest and Additional Interest, if any, to the date of repurchase, in accordance with the procedures set
forth in the Indenture. Within 30 days following any Change of Control, the Company shall mail a notice to each Holder setting forth the procedures governing the Change of Control Offer as required by the Indenture. 
  
 (b) Pending the final application of such Net Cash Proceeds, the Company may
temporarily reduce borrowings under any Credit Facility or any other revolving credit facility, if any. On the 366th day after an Asset Sale or such earlier date, if any, as the Board of Directors of the Company or of such Restricted Subsidiary
determines not to apply the Net Cash Proceeds relating to such Asset Sale as set forth in clauses (3)(a), (3)(b) and (3)(c) of paragraph (A) of Section 4.10 of the Indenture (each, a “Net Proceeds Offer Trigger Date”), 

 

 B-7 








 
such aggregate amount of Net Cash Proceeds which have not been applied on or before such Net Proceeds Offer Trigger Date as permitted in clauses (3)(a),
(3)(b) and (3)(c) of paragraph (A) of Section 4.10 of the Indenture (each, a “Net Proceeds Offer Amount”) shall be applied by the Issuers or such Restricted Subsidiary to make an offer to purchase (the “Net Proceeds
Offer”) to all Holders and, to the extent required by the terms of any Pari Passu Indebtedness, an offer to purchase to all holders of such Pari Passu Indebtedness, on a date (the “Net Proceeds Offer Payment Date”) not less
the 30 nor more than 45 days following the applicable Net Proceeds Offer Trigger Date, from all Holders (and holders of any such Pari Passu Indebtedness) on a pro rata basis, that amount of Notes (and Pari Passu Indebtedness) equal to
the Net Proceeds Offer Amount at a price equal to 100% of the principal amount of the Notes (and Pari Passu Indebtedness) to be purchased, plus accrued and unpaid interest thereon, if any, to the date of purchase; provided, however,
that if at any time any non-cash consideration received by the Issuers or any Restricted Subsidiary of the Issuers, as the case may be, in connection with any Asset Sale is converted into or sold or otherwise disposed of for cash (other than
interest received with respect to any such non-cash consideration), then such conversion or disposition shall be deemed to constitute an Asset Sale hereunder as of the date of such conversion or disposition and the Net Cash Proceeds thereof shall be
applied in accordance with this covenant. Each Net Proceeds Offer will be mailed to the record Holders as shown on the register of Holders within 25 days following the Net Proceeds Offer Trigger Date, with a copy to the Trustee, and shall comply
with the procedures set forth in the Indenture. Upon receiving notice of the Net Proceeds Offer, Holders may elect to tender their Notes in whole or in part in integral multiples of $1,000 in exchange for cash. To the extent Holders properly tender
Notes and holders of Pari Passu Indebtedness properly tender such Indebtedness in an amount exceeding the Net Proceeds Offer Amount, the tendered Notes and Pari Passu Indebtedness will be purchased on a pro rata basis based on
aggregate amounts of Notes and Pari Passu Indebtedness tendered (and the Trustee shall select the tendered Notes of tendering Holders on a pro rata basis based on the amount of Notes tendered). A Net Proceeds Offer shall remain open
for a period of 20 business days or such longer period as may be required by law. If any Net Cash Proceeds remain after the consummation of any Net Proceeds Offer, the Company may use those Net Cash Proceeds for any purpose not otherwise prohibited
by the Indenture. Upon completion of each Net Proceeds Offer, the amount Net Cash Proceeds will be reset at zero. 
  
 10. Denominations, Transfer, Exchange. The Notes are in registered form without coupons in denominations of $1,000 and integral multiples of
$1,000. The transfer of Notes may be registered and Notes may be exchanged as provided in the Indenture. The Registrar and the Trustee may require a Holder, among other things, to furnish appropriate endorsements and transfer documents and the
Company may require a Holder to pay any taxes and fees required by law or permitted by the Indenture. The Company need not exchange or register the transfer of any Note or portion of a Note selected for redemption, except for the unredeemed portion
of any Note being redeemed in part. Also, it need not exchange or register the transfer of any Notes for a period of 15 days before a selection of Notes to be re- 
  

 B-8 








 
deemed or during the period between a record date and the corresponding Interest Payment Date. 
  
 11. Persons Deemed Owners. The registered Holder of a Note may be treated as its owner for all purposes. 

 
 12. Amendment, Supplement and Waiver. Subject to certain
exceptions, the Indenture and the Notes may be amended or supplemented with the consent of the Holders of at least a majority in principal amount of the then outstanding Notes, and any existing default or compliance with any provision of the
Indenture or the Notes may be waived with the consent of the Holders of a majority in principal amount of the then outstanding Notes. Without the consent of any Holder of a Note, the Indenture and the Notes may be amended or supplemented to provide
for the issuance of Additional Notes in accordance with the terms of the Indenture and to cure any ambiguity, defect or inconsistency, to provide for uncertificated Notes in addition to or in place of certificated Notes, to provide for the
assumption of the Issuers’ obligations to Holders of the Notes in case of a merger or consolidation, to add or release the Guarantees of Guarantors in compliance with the Indenture, to make any change that would provide any additional rights or
benefits to the Holders of the Notes or that does not adversely affect the legal rights under the Indenture of any such Holder in any material respect, or to comply with the requirements of the Commission in order to effect or maintain the
qualification of the Indenture under the Trust Indenture Act. 
  
 13. Defaults and Remedies. Events of Default include: (1) the failure to pay interest on any Notes when the same becomes due and payable and the default continues for a period of 30 days; (2) the failure to pay the principal of any
Notes when such principal becomes due and payable, at maturity, upon redemption or otherwise (including the failure to make a payment to purchase Notes tendered pursuant to a Change of Control Offer or a Net Proceeds Offer); (3) a default in the
observance or performance of any other covenant or agreement contained in the Indenture which default continues for a period of 30 days after the Company receives written notice specifying the default (and demanding that such default be remedied)
from the Trustee or the Holders of at least 25% of the outstanding principal amount of the Notes (except in the case of a default with respect to Section 5.1 of the Indenture, which will constitute an Event of Default with such notice requirement
but without such passage of time requirement); (4) the failure to pay at final maturity (giving effect to any applicable grace periods and any extensions thereof) the stated principal amount of any Indebtedness of the Company or any Restricted
Subsidiary of the Company, or the acceleration of the final stated maturity of any such Indebtedness (which acceleration is not rescinded, annulled or otherwise cured within 20 days of receipt by the Company or such Restricted Subsidiary of notice
of any such acceleration) if the aggregate principal amount of such Indebtedness, together with the principal amount of any other such Indebtedness in default for failure to pay principal at final stated maturity or which has been accelerated (in
each case with respect to which the 20-day period described above has elapsed), aggregated $10.0 million or more at any time; (5) one or more judgments in an aggregate amount in excess of $10.0 million shall 
  

 B-9 








 
have been rendered against the Company or any of its Significant Subsidiaries or any group of Restricted Subsidiaries that, taken as a whole, would
constitute a Significant Subsidiary and such judgments remain undischarged, unpaid or unstayed for a period of 60 days after such judgment or judgments become final and non-appealable; (6) certain events of bankruptcy affecting the Company or any of
its Significant Subsidiaries; or (7) any Guarantee of a Significant Subsidiary ceases to be in full force and effect or any Guarantee of a Significant Subsidiary is declared in a judicial proceeding to be null and void and unenforceable or any
Guarantee of a Significant Subsidiary is found in a judicial proceeding to be invalid or any Guarantor that is a Significant Subsidiary denies its liability under its Guarantee (other than by reason of release of such Guarantor in accordance with
the terms of the Indenture). If any Event of Default occurs and is continuing, the Trustee or the Holders of at least 25% in principal amount of the then outstanding Notes may declare all the Notes to be due and payable immediately. Upon any such
declaration, the entire principal amount of, and accrued and unpaid interest and Additional Interest, if any, on the Notes shall become immediately due and payable. Notwithstanding the foregoing, in the case of an Event of Default arising from
certain events of bankruptcy or insolvency, all outstanding Notes will become due and payable without further action or notice. Holders may not enforce the Indenture or the Notes except as provided in the Indenture. Subject to certain limitations,
Holders of a majority in principal amount of the then outstanding Notes may direct the Trustee in its exercise of any trust or power. The Trustee may withhold from Holders of the Notes notice of any continuing Default or Event of Default (except a
Default or Event of Default relating to payment on any Note) if it determines that withholding notice is in their interest. The Holders of a majority in principal amount of the Notes may waive any existing or past Default or Event of Default under
the Indenture, and its consequences, except a default in the payment of the principal of, or interest on any Notes. The Company is required to deliver to the Trustee annually a statement regarding compliance with the Indenture, and the Issuers are
required upon becoming aware of any Default or Event of Default, to deliver to the Trustee a statement specifying such Default or Event of Default. 
  
 14. Trustee Dealings with Company. Subject to certain limitations, the Trustee under the Indenture, in its individual or any other capacity, may
become owner or pledgee of Notes and may otherwise deal with the Company or its Affiliates as if it were not Trustee. 
  
 15. No Recourse Against Others. No past, present or future director, officer, employee, incorporator, agent, member, manager, partner or
stockholder of the Issuers, as such, shall have any liability for any obligations of the Issuers under the Notes or the Indenture or for any claim based on, in respect of, or by reason of, such obligations or their creation. Each Holder by accepting
a Note waives and releases all such liability. The waiver and release are part of the consideration for the issuance of the Notes. 
  
 16. Authentication. This Note shall not be valid until authenticated by the manual signature of the Trustee or an authenticating agent. 

 

 B-10 








 17. Abbreviations. Customary abbreviations may be used in the name of a Holder or an assignee,
such as: TEN COM (= tenants in common), TEN ENT (= tenants by the entireties), JT TEN (= joint tenants with right of survivorship and not as tenants in common), CUST (= Custodian), and U/G/M/A (= Uniform Gifts to Minors Act). 
  
 18. Discharge Prior to Maturity. If the Issuers deposit with the
Trustee or Paying Agent cash or U.S. Government Obligations sufficient to pay the principal or Redemption Price of, and interest and Additional Interest, if any, on, the Notes to maturity or a specified Redemption Date and satisfies certain
conditions specified in the Indenture, the Issuers will be discharged from the Indenture, except for certain Sections thereof. 
  
 19. Governing Law. The Indenture and Guarantees and this Note shall be governed by and construed in accordance with the laws of the State of New
York but without giving effect to applicable principles of conflicts of law to the extent that the application of the law of another jurisdiction would be required thereby. Each of the Issuers and each Guarantor hereby irrevocably submits to the
jurisdiction of any New York state court sitting in the Borough of Manhattan in the City of New York or any Federal court sitting in the Borough of Manhattan in the City of New York in respect of any suit, action or proceeding arising out of or
relating to the Indenture and the Notes, and irrevocably accepts for itself and in respect of its property, generally and unconditionally, jurisdiction of the aforesaid courts. Each of the Issuers and each Guarantor irrevocably waives, to the
fullest extent that it may effectively do so under applicable law, trial by jury and any objection which it may now or hereafter have to the laying of the venue of any such suit, action or proceeding brought in any such court and any claim that any
such suit, action or proceeding brought in any such court has been brought in an inconvenient forum. Nothing herein shall affect the right of the Trustee or any Holder of the Notes to serve process in any other manner permitted by law or to commence
legal proceedings or otherwise proceed against the Issuers or any Guarantor in any other jurisdiction. 
  
 20. CUSIP Numbers. Pursuant to a recommendation promulgated by the Committee on Uniform Security Identification Procedures, the Company has caused
CUSIP numbers to be printed on the Notes and the Trustee may use CUSIP numbers in notices of redemption as a convenience to Holders. No representation is made as to the correctness or accuracy of such numbers either as printed on the Notes or as
contained in any notice of redemption or repurchase and reliance may be placed only on the other identification numbers placed thereon. 
  
 The Issuers will furnish to any Holder upon written request and without charge a copy of the Indenture. Request may be made to: 
  
 National Beef Packing Company, L.P. 
 1220 North Ambassador Drive 
 Kansas City, MO 64163 
 Attention: General Counsel 
  

 B-11 








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

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

  

  

  

  

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

	 and irrevocably appoint
	  	  



 agent to transfer this Note on the books of the Issuers. The agent may substitute another to act for him.

  

	 Date:
	 	  



  

	 Your Signature:
	 	  


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


  

	 Signature Guarantee:
	 	  


	 	 	(Participant in recognized signature guarantee medallion program)

  

 B-12 








 OPTION OF HOLDER TO ELECT PURCHASE 
  
 If you wish to elect to have all or any portion of this Note purchased by the Company pursuant to Section 4.10 (“Net
Proceeds Offer”) or Section 4.15 (“Change of Control Offer”) of the Indenture, check the applicable boxes 
  

	  ̈  Net Proceeds
Offer:
	    	 	 	  ̈  Change of
Control Offer:

			
	       in whole              ̈
	    	 	 	       in whole
             ̈

			
	       in part
                 ̈
	    	 	 	       in part
                 ̈

			
	       Amount to be
	    	 	 	       Amount to be

	       purchased: $                             
                                   
	    	 	 	       purchased: $                             
                                   

			
	 Dated:

	    	 Signature:
	 	  


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


	 (Participant in recognized signature guarantee medallion program)

	
	 Social Security Number or
 Taxpayer Identification Number:



  

 B-13 








 EXHIBIT C 
  

GUARANTEE 
  
 For value received, the undersigned hereby unconditionally guarantees, as principal obligor and not only as a surety, to the Holder of this Note the cash
payments in United States dollars of principal of, premium, if any, and interest on this Note (and including Additional Interest payable thereon) in the amounts and at the times when due and interest on the overdue principal, premium, if any, and
interest, if any, of this Note, if lawful, and the payment or performance of all other Obligations of the Issuers under the Indenture (as defined below) or the Note, to the Holder of this Note and the Trustee, all in accordance with and subject to
the terms and limitations of this Note, Article X of the Indenture and this Guarantee. This Guarantee will become effective in accordance with Article X of the Indenture and its terms shall be evidenced therein. The validity and enforceability of
this Guarantee shall not be affected by the fact that it is not affixed to any particular Note. Capitalized terms used but not defined herein shall have the meanings ascribed to them in the Indenture dated as of August 6, 2003, among National Beef
Packing Company, L.P. (the “Company”) and NB Finance Corp. as joint and several obligors (each an “Issuer” and together the “Issuers”) and U.S. Bank National Association, as trustee (the
“Trustee”) (as amended or supplemented, the “Indenture”). 
  
 THIS GUARANTEE SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK BUT WITHOUT GIVING EFFECT TO APPLICABLE PRINCIPLES OF CONFLICTS OF LAW TO THE EXTENT THAT THE APPLICATION OF
THE LAW OF ANOTHER JURISDICTION WOULD BE REQUIRED THEREBY. Each Guarantor hereby agrees to submit to the jurisdiction of the courts of the State of New York in any action or proceeding arising out of or relating to this Guarantee. 
  
 This Guarantee is subject to release upon the terms set forth in the
Indenture. 
  

	 [GUARANTOR]

		
	 By:
	 	  


	 	 	 Name:
 Title:



  

 C-1 








 EXHIBIT D(1) 
  
 FORM OF REGULATION S CERTIFICATE 
  
                         ,              

  
 [                    ] 
 [                    ] 
 [                    ] 
  
 Attention: [                    ] 
  

	 	Re:	 	National Beef Packing Company, L.P. and NB Finance Corp. (the “Issuers”) 10 1/2% Senior Notes due 2011 (the “Notes”) 

  
 Dear Sirs: 
  
 This letter relates to U.S. $              principal
amount at maturity of Notes represented by a certificate (the “Legended Certificate”) which bears a legend outlining restrictions upon transfer of such Legended Certificate. Pursuant to Section 2.1 of the Indenture (the
“Indenture”) dated as of August 6, 2003 relating to the Notes, we hereby certify that we are (or we will hold such securities on behalf of) a person outside the United States to whom the Notes could be transferred in accordance with
Rule 904 of Regulation S promulgated under the U.S. Securities Act of 1933, as amended. 
  
 You and the Issuers are entitled to rely upon this letter and are irrevocably authorized to produce this letter or a copy hereof to any interested party in any administrative or legal proceedings or official inquiry
with respect to the matters covered hereby. Terms used in this letter have the meanings set forth in Regulation S. 
  

	 Very truly yours,

	
	 [Name of Holder]

		
	 By:
	 	  


	 	 	Authorized Signature


  

 D(1)-1 








 EXHIBIT D(2) 
  
 CERTIFICATE TO BE DELIVERED 
 UPON
EXCHANGE OR REGISTRATION OF TRANSFER OF NOTES 
  
                         ,              

  
 [                    ] 
 [                    ] 
 [                    ] 
  
 Attention: [                    ] 
  

	 	Re:	 	National Beef Packing Company, L.P. and NB Finance Corp. (the “Issuers”) 10 1/2% Senior Notes due 2011 (the “Notes”) 

  
 Dear Sirs: 
  
 This Certificate relates to $              principal
amount of Notes held in *             book-entry or *              certificated form by
            (the “Transferor”). 
  
 The Transferor:* 
  
  ̈ has requested the Trustee by written order to
deliver in exchange for its beneficial interest in the Global Note held by the Depositary a Note or Notes in certificated, registered form of authorized denominations in an aggregate principal amount equal to its beneficial interest in such Global
Note (or the portion thereof indicated above); or 
  
  ̈ has requested the Trustee by written order to exchange or register the transfer of a Note or Notes. 
  
 In connection with such request and in respect of each such Note, the
Transferor does hereby certify that Transferor is familiar with the Indenture relating to the above captioned Notes and as provided in Section 2.6 of such Indenture, the transfer of this Note does not require registration under the Securities Act
(as defined below) because:* 


	*	 	Check applicable box 

  

 D(2)-1 








  ̈ Such Note is being acquired for the Transferor’s own account, without transfer. 
  
  ̈ Such Note is being transferred to a “qualified institutional buyer” (as defined in Rule 144A under
the Securities Act of 1933, as amended (the “Securities Act”)) in reliance on Rule 144A. 
  
  ̈ Such Note is being transferred to an
“Accredited Investor” (as defined in Rule 501(a)(1), (2), (3) or (7) under the Securities Act) in accordance with Regulation D under the Securities Act. 
  
  ̈ Such Note is
being transferred pursuant to an exemption from registration in accordance with Regulation S under the Securities Act. 
  
  ̈ Such Note is being transferred in accordance
with Rule 144 under the Securities Act, or pursuant to an effective registration statement under the Securities Act. 
  
  ̈ Such Note is being transferred in reliance on
and in compliance with an exemption from the registration requirements of the Securities Act, other than Rule 144A, 144 or Rule 904 under the Securities Act. An Opinion of Counsel to the effect that such transfer does not require registration under
the Securities Act accompanies this Certificate. 
  

	 Very truly yours,

	
	

	 [INSERT NAME OF TRANSFEROR]



  

		
	 By:
	 	  


	 	 	 Name:
 Title



  
 Date:
             
  
  

 D(2)-2 








 EXHIBIT E 
  
 FORM OF CERTIFICATE TO BE 
 DELIVERED
IN CONNECTION WITH 
 TRANSFERS TO NON-QIB ACCREDITED INVESTORS 
  
                         ,             

  
 [                    ] 
 [                    ] 
 [                    ] 
  
 Attention: [                    ] 
  

	 	Re:	 	National Beef Packing Company, L.P. and NB Finance Corp. (the “Issuers”) 10 1/2% Senior Notes due 2011 (the “Notes”) 

  
 Dear Sirs: 
  
 In connection with our proposed purchase of Notes of the Issuers, we confirm that: 
  
 1. We understand that any subsequent transfer of the Notes is subject to
certain restrictions and conditions set forth in the Indenture dated as of August 6, 2003 relating to the Notes (the “Indenture”) and the undersigned agrees to be bound by, and not to resell, pledge or otherwise transfer the Notes
except in compliance with, such restrictions and conditions and the Securities Act of 1933, as amended (the “Securities Act”). 
  
 2. We understand that the Notes have not been registered under the Securities Act or any other applicable securities law, and that the Notes may not be
offered, sold or otherwise transferred except as permitted in the following sentence. We agree, on our own behalf and on behalf of any accounts for which we are acting as hereinafter stated, that if we should offer, sell, transfer, pledge,
hypothecate or otherwise dispose of any Notes within two years after the original issuance of the Notes, we will do so only (A) to the Issuers or any Subsidiary thereof, (B) inside the United States to a “qualified institutional buyer” in
compliance with Rule 144A under the Securities Act, (C) inside the United States to an institutional “accredited investor” (as defined below) that, prior to such transfer, furnishes to you a signed letter substantially in the form of this
letter, (D) outside the United States to a foreign person in compliance with Rule 904 of Regulation S under the Securities Act, (E) pursuant to the exemption from registration provided by Rule 144 under the Securities Act (if available), (F) in
accordance with another exemption from the registration requirements of the Securities Act, 
  

 E-1 








 or (G) pursuant to an effective registration statement under the Securities Act, and we further agree to provide to any
person purchasing any of the Notes from us a notice advising such purchaser that resales of the Notes are restricted as stated herein and in the Indenture. 
  
 3. We understand that, on any proposed transfer of any Notes prior to the later of the original issue date of the Notes and the last date the Notes were
held by an affiliate of the Issuers pursuant to paragraphs 2(C), 2(D) and 2(E) above, we will be required to furnish to you and the Issuers such certifications, legal opinions and other information as you and the Company may reasonably require to
confirm that the proposed transfer complies with the foregoing restrictions. We further understand that the Notes purchased by us will bear a legend to the foregoing effect. 
  
 4. We are an institutional “accredited investor” (as defined in Rule 501(a)(1), (2), (3) or (7) under the
Securities Act) and have such knowledge and experience in financial and business matters as to be capable of evaluating the merits and risks of our investment in the Notes, and we and any accounts for which we are acting are acquiring the Notes for
investment purposes and not with a view to, or offer or sale in connection with, any distribution in violation of the Securities Act, and we are each able to bear the economic risk of our or its investment. 
  
 5. We are acquiring the Notes purchased by us for our own account or for one
or more accounts (each of which is an institutional “accredited investor”) as to each of which we exercise sole investment discretion. 
  
 You and the Issuers are entitled to rely upon this letter and are irrevocably authorized to produce this letter or a copy hereof to any interested party
in any administrative or legal proceedings or official inquiry with respect to the matters covered hereby. 
  

	 Very truly yours,

	
	 (Name of Transferee)

		
	 By:
	 	  


	 	 	Authorized Signature


  

 E-2 








 EXHIBIT F 
  
 FORM OF CERTIFICATE TO BE DELIVERED 
 IN CONNECTION WITH TRANSFERS 
 PURSUANT TO REGULATION S 
  
                         ,              

  
 [                    ] 
 Attention:
[                    ] 
 [                    ] 
 [                    ] 
  

	 	Re:	 	National Beef Packing Company, L.P. and NB Finance Corp. (the “Issuers”) 10 1/2% Senior Notes due 2011 (the “Notes”) 

  
 Dear Sirs: 
  
 In connection with our proposed sale of $            
aggregate principal amount at maturity of the Notes, we confirm that such sale has been effected pursuant to and in accordance with Regulation S under the Securities Act of 1933, as amended, and, accordingly, we represent that: 
  
 (1) the offer of the Notes was not made to a person in the
United States; 
  
 (2) at the time the buy order
was originated, the transferee was outside the United States or we and any person acting on our behalf reasonably believed that the transferee was outside the United States; 
  
 (3) no directed selling efforts have been made by us in the United States in contravention of the
requirements of Rule 903(b) or Rule 904(b) of Regulation S, as applicable; and 
  
 (4) the transaction is not part of a plan or scheme to evade the registration requirements of the U.S. Securities Act of 1933. 

 
 You and the Issuers are entitled to rely upon this letter and are
irrevocably authorized to produce this letter or a copy hereof to any interested party in any administrative 
  

 F-1 








 or legal proceedings or official inquiry with respect to the matters covered hereby. Terms used in this letter have the
meanings set forth in Regulation S. 
  

	 Very truly yours,

	
	 [Name of Transferor]

		
	 By:
	 	  


	 	 	Authorized Signature


  

 F-2