Document:

EXECUTION
      VERSION

    SERIES
      B
      PREFERRED STOCK PURCHASE AGREEMENT

     

    dated
      as
      of March 20, 2008

     

    by
      and
      between

     

    WOLVERINE
      TUBE, INC.

     

    and

     

    THE
      ALPINE GROUP, INC.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    TABLE
      OF CONTENTS

     

    
      
        	 	 	 	
                Page

              
	
                ARTICLE I

              	 	
                DEFINITIONS

              	
                2

              
	
                1.1  

              	 	
                Definitions

              	
                2

              
	
                ARTICLE II

              	 	
                PURCHASE
                  AND SALE

              	
                2

              
	
                2.1  

              	 	
                Closing

              	
                2

              
	
                2.2  

              	   	
                Closing
                  Deliveries.

              	
                2

              
	
                ARTICLE III

              	 	
                REPRESENTATIONS
                  AND WARRANTIES

              	
                4

              
	
                3.1  

              	 	
                Representations
                  and Warranties of the Company

              	
                4

              
	
                3.2  

              	 	
                Disclaimer
                  of Other Representations and Warranties.

              	
                5

              
	
                3.3  

              	 	
                Representations
                  and Warranties of the Purchaser

              	
                5

              
	
                ARTICLE IV

              	 	
                OTHER
                  AGREEMENTS OF THE PARTIES

              	
                7

              
	
                4.1  

              	 	
                Transfer
                  Restrictions.

              	
                7

              
	
                4.2  

              	 	
                Furnishing
                  of Information

              	
                8

              
	
                4.3  

              	 	
                Integration

              	
                8

              
	
                4.4  

              	 	
                Indemnification

              	
                8

              
	
                ARTICLE V

              	 	
                CONDITIONS

              	
                9

              
	
                5.1  

              	 	
                [Omitted].

              	
                9

              
	
                ARTICLE VI

              	 	
                MISCELLANEOUS

              	
                9

              
	
                6.1  

              	 	
                [Omitted].

              	
                9

              
	
                6.2  

              	 	
                [Omitted].

              	
                9

              
	
                6.3  

              	 	
                Fees
                  and Expenses

              	
                9

              
	
                6.4  

              	 	
                [Omitted].

              	
                9

              
	
                6.5  

              	 	
                Entire
                  Agreement

              	
                9

              
	
                6.6  

              	 	
                Notices

              	
                9

              
	
                6.7  

              	 	
                Amendments;
                  Waivers

              	
                10

              
	
                6.8  

              	   	
                Construction

              	
                10

              
	
                6.9  

              	 	
                Successors
                  and Assigns

              	
                10

              
	
                6.10

              	 	
                No
                  Third-Party Beneficiaries

              	
                10

              
	
                6.11

              	 	
                Governing
                  Law; Venue; Waiver of Jury Trial

              	
                11

              
	
                6.12

              	 	
                Survival

              	
                11

              
	
                6.13

              	 	
                Execution

              	
                11

              
	
                6.14

              	 	
                Severability

              	
                11

              
	
                6.15

              	 	
                Adjustments
                  in Share Numbers and Prices

              	
                11

              

      

    

     

    
      
        i

      

      
        
        

        
          

        

      

      
        
        

      

    

    SERIES
      B
      PREFERRED STOCK PURCHASE AGREEMENT

     

    This
      Series B Preferred Stock Purchase Agreement (this “Agreement”)
      is
      entered into and dated as of March 20, 2008 (the “Closing Date”), by and
      between WOLVERINE TUBE, INC., a corporation incorporated under the laws of
      the
      state of Delaware (the “Company”),
      and
      THE ALPINE GROUP, INC., a corporation incorporated under the laws of the State
      of Delaware (the “Purchaser,”
and
      together with the Company, the “Parties”
and
      each, individually, a “Party”).

     

    WHEREAS,
      subject to the terms and conditions set forth in this Agreement and pursuant
      to
      Section 4(2) of the Securities Act, as amended, and Rule 506 promulgated
      thereunder, the Company desires to issue and sell to the Purchaser, and the
      Purchaser desires to purchase from the Company, certain securities of the
      Company pursuant to the terms set forth herein.

     

    WHEREAS,
      the Company has authorized a new series of convertible preferred stock
      designated as the Series B Convertible Preferred Stock of the Company (the
      “Series
      B Preferred Stock”),
      having the rights, preferences, privileges and restrictions set forth in the
      Series B Preferred Stock Certificate of Designations (the “Series
      B Certificate of Designations”),
      attached hereto as Exhibit
      A,
      which
      Series B Preferred Stock shall be convertible into the Common Stock, par
      value $0.01 per share, of the Company (the “Common
      Stock”)
      in
      accordance with the terms of the Series B Certificate of
      Designations.

     

    NOW,
      THEREFORE, in consideration of the mutual covenants contained in this Agreement,
      and for other good and valuable consideration, the receipt and adequacy of
      which
      are hereby acknowledged, the Company and the Purchaser, agree as
      follows:

     

    ARTICLE
      I

    DEFINITIONS

     

    1.1 Definitions.
      In
      addition to the terms defined elsewhere in this Agreement, capitalized terms
      used herein shall have the meanings set forth in Annex A hereto:

     

    ARTICLE
      II

    PURCHASE
      AND SALE

     

    2.1 Closing.
      Subject
      to the terms and conditions set forth in this Agreement, at the Closing, the
      Company shall issue and sell to the Purchaser, and the Purchaser shall purchase
      from the Company, 10,000 Shares for a purchase price of $1,000 per Share
      and an aggregate purchase price of $10,000,000 (the “Aggregate
      Purchase Price”).
      The
      Closing shall take place at the New York offices of Purchaser Counsel at 10:00
      a.m. local time, on the Closing Date.

     

    2.2 Closing
      Deliveries.

     

    (a) At
      the
      Closing, the Company shall deliver or cause to be delivered to the Purchaser
      the
      following:

     

    (i) a
      certificate representing 10,000 Shares registered in the name of the
      Purchaser;

     

    (ii) evidence
      that the Series B Certificate of Designations has been filed with the Secretary
      of State of the State of Delaware and become effective on or prior to the
      Closing Date;

     

    
      
        
        

      

      
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    (iii) the
      Series B Preferred Stock Registration Rights Agreement, duly executed by the
      Company;

     

    (iv) the
      Series A Holders Consent, duly executed by Plainfield, Alkest and the
      Company;

     

    (v) the
      Stockholders’ Agreement Supplement, duly executed by PSSMF and Alkest;

     

    (vi) the
      Voting Agreement Amendment, duly executed by the Company, PSSMF and Alkest;
      

     

    (vii) the
      legal
      opinion of Company Counsel, in the form of Exhibit F-1,
      executed by such counsel and the legal opinion of in-house counsel of the
      Company in the form of Exhibit F-2,
      executed by such counsel;

     

    (viii) a
      certificate dated as of the Closing Date and signed by the Chief Executive
      Officer of the Company certifying that no Bankruptcy Event (as such term is
      defined in the Series B Certificate of Designations) has occurred;

     

    (ix) a
      certificate of the Secretary of the Company, dated as of the Closing Date,
      certifying as to: (A) the signatures and titles of the officers of the Company
      executing each of the Transaction Documents to which the Company is a party;
      and
      (B) resolutions of the Board authorizing and approving all matters in connection
      with the Transaction Documents to which the Company is a party and the
      Transactions; 

     

    (x) a
      cash
      fee in the amount of $100,000; 

     

    (xi) the
      Company shall have delivered evidence reasonably satisfactory to the Purchaser
      that the Company has obtained amendments (collectively, the “Facilities
      Amendments”) to certain provisions of the Amended and Restated Credit Agreement
      among the Company and its U.S. subsidiaries, the lenders named therein and
      Wachovia Bank, National Association (“Wachovia”),
      as
      administrative agent, as amended (the “Revolving
      Credit Facility”),
      and
      the Amended and Restated Receivables Purchase Agreement and the Receivables
      Sales Agreement among the Company, Wachovia and the other parties thereto,
      each
      as amended (collectively, the “Receivables
      Credit Facility”),
      in
      each case on terms reasonably satisfactory to the Purchaser; 

     

    (xii) the
      Company shall have delivered to the Purchaser a letter confirming its intention
      to seek approval of the Series A Amendment (as such term is defined in the
      Series A Holders Consent) as soon as it may practically do so; and 

     

    (xiii) any
      other
      documents reasonably requested by the Purchaser or Purchaser
      Counsel.

     

    (b) At
      the
      Closing, the Purchaser or an authorized officer thereof shall deliver or cause
      to be delivered to the Company the following: (i) the Aggregate Purchase Price,
      in U.S. Dollars and in immediately available funds, by wire transfer to an
      account designated in writing by the Company for such purpose; and (ii) each
      Transaction Document (including the Series B Preferred Stock Registration Rights
      Agreement, the Series A Holders Consent, the Stockholders’ Agreement Supplement
      and the Voting Agreement Amendment) to which the Purchaser is a signatory,
      duly
      executed by the Purchaser.

     

    
      
        
        

      

      
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    ARTICLE
      III

    REPRESENTATIONS
      AND WARRANTIES

     

    3.1 Representations
      and Warranties of the Company.
      The
      Company hereby represents and warrants to the Purchaser, as of the Closing
      as
      follows:

     

    (a) Authorization;
      Enforcement.
      The
      Company has the requisite power and authority to enter into and to consummate
      the Transactions and otherwise to carry out its obligations under the
      Transaction Documents to which the Company is a party. The execution and
      delivery of each of the Transaction Documents to which the Company is a party
      by
      the Company and the consummation by the Company of the Transactions have been
      duly authorized by all necessary action on the part of the Company and no
      further consent or action is required by the Company, its Board or, subject
      to
      approval of the Transactions by the Series A Holders, its stockholders.
      Each Transaction Document to which the Company is a party has been (or upon
      delivery will have been) duly executed by the Company and, when delivered in
      accordance with the terms hereof, will constitute the valid and binding
      obligation of the Company enforceable against the Company in accordance with
      its
      terms.

     

    (b) No
      Conflicts.
      The
      execution, delivery and performance of the Transaction Documents to which the
      Company is a party by the Company and the consummation of the Transactions
      do
      not and will not (i) conflict with or violate any provision of the
      Company’s or any Subsidiary’s certificate or articles of incorporation, bylaws
      or other organizational or charter documents, or (ii) conflict with, or
      constitute a default (or an event that with notice or lapse of time or both
      would become a default) under, or give to others any rights of termination,
      amendment, acceleration or cancellation (with or without notice, lapse of time
      or both) of, any agreement, credit facility, debt or other instrument
      (evidencing a Company or Subsidiary debt or otherwise) or other understanding
      to
      which the Company or any Subsidiary is a party or by which any property or
      asset
      of the Company or any Subsidiary is bound or affected after giving effect to
      the
      Series A Holders Consent and the Facilities Amendments (except for such
      conflicts, defaults, rights or violations as would not have a Material Adverse
      Effect), or (iii) result in a violation of any Law.

     

    (c) Filings,
      Consents and Approvals.
      Neither
      the Company nor any Subsidiary is required to obtain any consent, waiver,
      authorization or order of, give any notice to, or make any filing or
      registration with, any Governmental Authority or other Person in connection
      with
      the execution or delivery by the Company of the Transaction Documents or the
      consummation of the Transactions, other than (i) approval of the
      Transactions by the Series A Holders; (ii) the filing of the Series B
      Certificate of Designations pursuant to Section
      2.2(a)(ii);
      (iii) the filing with the Commission and the effectiveness of the
      registration statement pursuant to the Series B Preferred Stock Registration
      Rights Agreement; (iv) applicable Blue Sky filings; and (v) the consents,
      amendments and acknowledgements contemplated by Sections
      2.2(a)(iv)
      and
2.2(a)(xi).

     

    (d) Issuance
      of the Securities.
      The
      Securities are duly authorized and, when issued and paid for in accordance
      with
      the Transaction Documents, will be duly and validly issued, fully paid and
      nonassessable, free and clear of all Liens and not subject to preemptive rights
      or similar rights of stockholders. The Company has authorized and has reserved,
      and covenants to continue to reserve, a number of shares of Common Stock equal
      to at least the number of shares of Common Shares issuable upon conversion
      of
      the Shares and in satisfaction of any other obligation or right of the Company
      to issue Common Shares pursuant to the Transaction Documents, and in each case,
      any securities issued or issuable in exchange for or in respect of such
      securities (the “Underlying
      Shares”).
      The
      issuance of the Securities to the Purchaser will not subject the Purchaser
      to
      any liability or obligation of any kind in respect of or relating to the
      operation of the business of the Company.

     

    
      
        
        

      

      
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    (e) Certain
      Fees.
      Except
      as provided in Section 6.3
      and as
      set forth in Schedule 3.1(e),
      no
      brokerage or finder’s fees or commissions are or will be payable by the Company
      based on arrangements made by the Company or any of its Affiliates or any Person
      on behalf of any of them to any broker, financial advisor or consultant, finder,
      placement agent, investment banker, bank or other Person with respect to the
      Transactions.
      The
      Purchaser shall not have any obligation based
      on
      any arrangements made by the Company or any of its Affiliates or any Person
      on
      behalf of any of them
      for fees
      or claimed fees of a type contemplated in this Section
      3.1(e)
      that may
      be due in connection with the Transactions. The Company shall indemnify and
      hold
      harmless the Purchaser, its respective employees, officers, directors, agents,
      and partners, and their respective Affiliates, from and against all claims,
      Losses, damages, costs (including the costs of preparation and attorney’s fees)
      and expenses suffered in respect of any claimed or existing fees that are based
      on arrangements made
      by
      the Company or any of its Affiliates or any Person on behalf of any of
      them,
      as such
      fees and expenses are incurred.

     

    (f) Private
      Placement.
      Neither
      the Company nor any Person acting on the Company’s behalf has sold or offered to
      sell or solicited any offer to buy the Securities by means of any form of
      general solicitation or advertising. Neither the Company nor any of its
      Affiliates nor any Person acting on the Company’s behalf has, directly or
      indirectly, at any time within the past six (6) months, made any offer or sale
      of any security or solicitation of any offer to buy any security under
      circumstances that would (i) eliminate the availability of the exemption from
      registration under Regulation D under the Securities Act in connection with
      the
      offer and sale of the Securities as contemplated hereby, or (ii) cause the
      offering of the Securities pursuant to the Transaction Documents to be
      integrated with prior offerings by the Company for purposes of any applicable
      Law or stockholder approval provisions, including, without limitation, under
      the
      rules and regulations of the Trading Market.

     

    (g) Disclosure.
      The
      Company has provided all information requested by the Purchaser or its
      representatives and has not knowingly omitted to provide any materials relating
      to any such request.

     

    3.2 Disclaimer
      of Other Representations and Warranties.

     

    THE
      COMPANY HAS NOT MADE ANY REPRESENTATIONS OR WARRANTIES, EXPRESS OR IMPLIED,
      OF
      ANY NATURE WHATSOEVER RELATING TO THE COMPANY OR ANY OF ITS SUBSIDIARIES OR
      THE
      BUSINESS OF THE COMPANY OR ANY OF ITS SUBSIDIARIES OR OTHERWISE IN CONNECTION
      WITH THE TRANSACTIONS CONTEMPLATED HEREBY, OTHER THAN THOSE REPRESENTATIONS
      AND
      WARRANTIES EXPRESSLY SET FORTH IN THIS AGREEMENT AND THE OTHER TRANSACTION
      DOCUMENTS.

     

    3.3 Representations
      and Warranties of the Purchaser.
      The
      Purchaser hereby represents and warrants to the Company as of the Closing as
      follows:

     

    (a) Organization;
      Authority.
      The
      Purchaser is a corporation duly organized, validly existing and in good standing
      under the laws of the jurisdiction of its organization with the requisite power
      and authority to enter into and to consummate the Transactions and otherwise
      to
      carry out its obligations thereunder. The execution, delivery and performance
      by
      the Purchaser of the Transaction Documents to which it is a party have been
      duly
      authorized by all necessary action on the part of the Purchaser and no further
      consent or action is required by the Purchaser in connection with the execution
      and delivery. Each of the Transaction Documents to which the Purchaser is a
      party has been duly executed by the Purchaser and, when delivered by the
      Purchaser in accordance with terms hereof will constitute the valid and legally
      binding obligation of the Purchaser, enforceable against it in accordance with
      its terms.

     

    
      
        
        

      

      
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    (b) No
      Conflicts.
      The
      execution, delivery and performance of the Transaction Documents by the
      Purchaser and the consummation of the Transactions do not and will not conflict
      with or violate any provision of the Purchaser’s certificate of incorporation or
      bylaws.

     

    (c) Filings,
      Consents and Approvals.
      The
      Purchaser is not required to obtain any consent, waiver, authorization or order
      of, give any notice to, or make any filing or registration with, any
      Governmental Authority or other Person in connection with the execution or
      delivery by the Purchaser of the Transaction Documents to which it is a party
      or
      the consummation of the Transactions.

     

    (d) Investment
      Intent.
      The
      Purchaser is acquiring the Securities as principal for its own account for
      investment purposes and not with a view to distributing or reselling such
      Securities or any part thereof in violation of applicable securities laws,
      without prejudice, however, to the Purchaser’s right at all times to sell or
      otherwise dispose of all or any part of such Securities in compliance with
      applicable federal and state securities laws. Nothing
      contained herein shall be deemed a representation or warranty by the
      Purchaser to hold the Securities for any period of time. The
      Purchaser understands that the Securities have not been registered under the
      Securities Act, and therefore the Securities may not be sold, assigned or
      transferred in the U.S. other than pursuant to (i) an effective registration
      statement under the Securities Act or (ii) an exemption from such registration
      requirements. The Purchaser acknowledges that it is able to bear the financial
      risks associated with an investment in the Shares and that it has received
      such
      information as it has deemed necessary or appropriate to conduct its due
      diligence investigation and has sufficient knowledge and experience in investing
      in companies similar to the Company so as to be able to evaluate the risks
      and
      merits of its investment in the Company.

     

    (e) Certain
      Fees.
      Except
      as provided in Section 6.3,
      no
      brokerage or finder’s fees or commissions are or will be payable by the
      Purchaser based on any arrangements made by the Purchaser or any of its
      Affiliates or any Person on behalf of any of them to any broker, financial
      advisor or consultant, finder, placement agent, investment banker, bank or
      other
      Person with respect to the Transactions. The Company shall not have any
      obligation based on any arrangements made by the Purchaser or any of its
      Affiliates or any Person on behalf of any of them for fees or claimed fees
      of a
      type contemplated in this Section 3.3(e)
      that may
      be due in connection with the Transactions. The Purchaser
      shall
      indemnify and hold harmless the Company, its employees, officers, directors,
      agents, and partners, and their respective Affiliates, from and against all
      claims, Losses, damages, costs (including the costs of preparation and
      attorney’s fees) and expenses suffered in respect of any claimed or existing
      fees based
      on
      any arrangement made by such Purchaser or any of its Affiliates or any Person
      on
      behalf of any of them,
      as such
      fees and expenses are incurred.

     

    (f) Purchaser
      Status.
      The
      Purchaser is an “accredited investor” within the meaning of Rule 501(a) of
      Regulation D under the Securities Act.

     

    (g) General
      Solicitation.
      The
      Purchaser is not purchasing the Securities as a result of any advertisement,
      article, notice or other communication regarding the Securities published in
      any
      newspaper, magazine or similar media or broadcast over television or radio
      or
      presented at any seminar or any other general solicitation or general
      advertisement.

     

    (h) Reliance
      on Exemptions.
      The
      Purchaser understands that the Securities are being offered and sold to it
      in
      reliance on specific exemptions from the registration requirements of U.S.
      federal and state securities Laws and that the Company is relying in part upon
      the truth and accuracy of, and the Purchaser’s representations and warranties
      set forth herein in order to determine the availability of such exemptions
      and
      the eligibility of such Purchaser to acquire the Securities.

     

    
      
        
        

      

      
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    ARTICLE
      IV

    OTHER
      AGREEMENTS OF THE PARTIES

     

    4.1 Transfer
      Restrictions.

     

    (a) Securities
      may only be disposed of pursuant to an effective registration statement under
      the Securities Act or pursuant to an available exemption from the registration
      requirements of the Securities Act, and in compliance with any applicable state
      securities laws. In connection with any transfer of Securities other than
      pursuant to an effective registration statement or to the Company or pursuant
      to
      Rule 144, except as otherwise set forth herein, the Company may require the
      transferor to provide to the Company an opinion of counsel selected by the
      transferor, the form and substance of which opinion shall be reasonably
      satisfactory to the Company, to the effect that such transfer does not require
      registration under the Securities Act. Notwithstanding the foregoing, the
      Company hereby consents to and agrees to register on the books of the Company
      and with its transfer agent, without any such legal opinion, any transfer of
      Securities by the Purchaser to an Affiliate of the Purchaser.

     

    (b) The
      Purchaser agrees to the imprinting on any certificate evidencing Securities,
      except as otherwise permitted by Section
      4.1(c),
      of a
      restrictive legend in substantially the form as follows, together with any
      additional legend required by (i) any applicable state securities laws and
      (ii) any Trading Market upon which such Securities may be
      listed:

     

    “THESE
      SECURITIES AND THE SECURITIES INTO WHICH THESE SECURITIES ARE CONVERTIBLE HAVE
      NOT BEEN REGISTERED WITH THE SECURITIES AND EXCHANGE COMMISSION OR THE
      SECURITIES COMMISSION OF ANY STATE IN RELIANCE UPON AN EXEMPTION FROM
      REGISTRATION UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
      ACT”), AND, ACCORDINGLY, MAY NOT BE OFFERED OR SOLD EXCEPT PURSUANT TO AN
      EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT OR PURSUANT TO
      AN
      AVAILABLE EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION
      REQUIREMENTS OF THE SECURITIES ACT AND IN COMPLIANCE WITH APPLICABLE STATE
      SECURITIES LAWS OR BLUE SKY LAWS. NOTWITHSTANDING THE FOREGOING, THESE
      SECURITIES AND THE SECURITIES ISSUABLE UPON CONVERSION OF THESE SECURITIES
      MAY
      BE PLEDGED TO AN “ACCREDITED INVESTOR” WITHIN THE MEANING OF RULE 501(A) UNDER
      THE SECURITIES ACT IN CONNECTION WITH A BONA FIDE MARGIN ACCOUNT SECURED BY
      SUCH
      SECURITIES.”

     

    (c)
      Certificates
      evidencing Securities shall not be required to contain such legend or any other
      legend (i) while a registration statement covering the resale of such
      Securities is effective under the Securities Act, and (ii) following any
      sale of such Securities pursuant to Rule 144, or (iii) if such legend is
      not required under applicable requirements of the Securities Act (including
      judicial interpretations and pronouncements issued by the staff of the
      Commission). Following the Effectiveness Date (as such term is defined in the
      Series B Preferred Stock Registration Rights Agreement) or at such earlier
      time
      as a legend is no longer required for certain Securities, the Company will,
      no
      later than three (3) Trading Days following the delivery by the Purchaser to
      the
      Company or the Company’s transfer agent of a legended certificate representing
      such Securities, deliver or cause to be delivered to the Purchaser a certificate
      representing such Securities that is free from all restrictive and other
      legends. Except as may be required to comply with a change in law, the Company
      may not make any notation on its records or give instructions to any transfer
      agent of the Company that enlarge the restrictions on transfer set forth in
      this
Section 4.1(c).

     

    
      
        
        

      

      
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    (d)
      The
      Company acknowledges and agrees that the Purchaser may from time to time pledge
      or grant a security interest in some or all of the Securities in connection
      with
      a bona fide margin agreement or other loan or financing arrangement secured
      by
      the Securities and, if required under the terms of such agreement, loan or
      arrangement, the Purchaser may transfer pledged or secured Securities to the
      pledgees or secured parties. Such a pledge or transfer would not be subject
      to
      approval of the Company and no legal opinion of the pledgee, secured party
      or
      pledgor shall be required in connection therewith. Further, no notice shall
      be
      required of such pledge. From and after the Effectiveness Date, at the
      Purchaser’s expense, the Company will execute and deliver such reasonable
      documentation as a pledgee or secured party of Securities may reasonably request
      in connection with a pledge or transfer of the Securities, including the
      preparation and filing of any required prospectus supplement under Rule
      424(b)(3) of the Securities Act or other applicable provision of the Securities
      Act to appropriately amend the list of “Selling Stockholders”
thereunder.

     

    4.2 Furnishing
      of Information.
      The
      Company covenants that it will take such action as any holder of Securities
      may
      reasonably request, all to the extent required from time to time to enable
      such
      Person to sell such Securities without registration under the Securities Act,
      within the limitations of the exemptions provided by Rule 144.

     

    4.3 Integration.
      The
      Company shall not, and shall use its best efforts to ensure that no Affiliate
      of
      the Company shall, sell, offer for sale or solicit offers to buy or otherwise
      negotiate in respect of any security (as defined in Section 2 of the Securities
      Act) that would be integrated with the offer or sale of the Securities in a
      manner that would require the registration under the Securities Act of the
      sale
      of the Securities to the Purchasers, or that would be integrated with the offer
      or sale of the Securities for purposes of the rules and regulations of the
      Trading Market.

     

    4.4 Indemnification.(a)
      To the fullest extent lawful, subject to the limitations in Section 4.4(b),
      the
      Company shall indemnify and hold harmless the Purchaser and Related Persons
      from
      and against any and all Losses, as incurred, directly or indirectly arising
      out
      of, based upon or relating to (i) any breach by the Company of any of the
      representations, warranties, covenants or other agreements made by the Company
      in any of the Transaction Documents, or any allegation by a third party that,
      if
      true, would constitute such a breach, or (ii) any Proceeding brought by or
      against any Person, directly or indirectly, in connection with or as a result
      of
      any of the Transactions. The indemnification and expense reimbursement
      obligations of the Company under this paragraph shall be in addition to any
      liability that the Company may otherwise have and shall be binding upon and
      inure to the benefit of any of the respective successors, assigns, heirs and
      personal representatives of the Purchaser and any such Related Persons. If
      the
      Company breaches its obligations under any Transaction Document, then, in
      addition to any other liabilities the Company may have under any Transaction
      Document or applicable Law, the Company shall pay or reimburse the Purchaser
      on
      demand for all costs of collection and enforcement incurred by the Purchaser
      (including reasonable attorneys fees and expenses). Without limiting the
      generality of the foregoing, the Company specifically agrees to reimburse the
      Purchaser on demand for all costs of the Purchaser incurred (i) in enforcing
      the
      indemnification obligations in this Section
      4.4,
      and
      (ii) in connection with the amendment, modification or supplementation of
      any Transaction Document.

     

    (b) The
      Company shall not be required to indemnify any Purchaser or any Related Persons
      for any Persons pursuant to Section
      4.4(a)(i)
      for
      Losses arising from breaches of representations, warranties, covenants or other
      agreements made by the Company (i) unless the aggregate of all Losses for which
      the Company would, but for this Section 4.4(b)(i), be liable exceeds $100,000
      on
      a cumulative basis (and then from the first dollar); and (ii) to the extent
      such
      Losses are in excess of the aggregate proceeds to the Company paid by the
      Purchaser under all of the provisions of this Agreement. The amount of any
      Losses incurred by the Purchaser or any Related Person shall be reduced by
      the
      net amount the Purchaser or Related Party receives (after deducting all
      reasonable attorneys' fees, expenses and other costs of recovery) from any
      insurer of the Company pursuant to a policy held by the Company or other party
      liable for such Losses.

     

    
      
        
        

      

      
        8

        
          

        

      

      
        
        

      

    

     

    ARTICLE
      V

    CONDITIONS

     

    5.1 [Omitted].

     

    ARTICLE
      VI

    MISCELLANEOUS

     

    6.1 [Omitted].

     

    6.2 [Omitted].

     

    6.3 Fees
      and Expenses.
      The
      Company shall pay to the Purchaser upon the Closing the legal, accounting,
      consulting, travel and all other out-of-pocket expenses incurred by the
      Purchaser and Purchaser Counsel in connection with the preparation and
      negotiation of the Transaction Documents and otherwise in connection with the
      Transactions (the “Fees
      and Expenses”).
      The
      Company shall pay all transfer agent fees, stamp taxes and other taxes and
      duties levied in connection with the issuance of any Securities.

     

    6.4 [Omitted].

     

    6.5 Entire
      Agreement.
      The
      Transaction Documents, together with the exhibits and schedules thereto and
      the
      other agreements referenced herein or therein, contain the entire understanding
      of the parties with respect to the subject matter hereof and supersede all
      prior
      agreements and understandings, oral or written, with respect to such matters,
      which the parties acknowledge have been merged into such documents, exhibits
      and
      schedules. At or after the Closing, and without further consideration, each
      Party will execute and deliver to the other Party such further documents as
      may
      be reasonably requested in order to give practical effect to the intention
      of
      the parties under the Transaction Documents. Each Party acknowledges that the
      other Party has made any representations, warranties, promises or commitments
      other than as set forth in the Transaction Documents, including any promises
      or
      commitments for any additional investment by such Party.

     

    6.6 Notices.
      Any and
      all notices or other communications or deliveries required or permitted to
      be
      provided hereunder shall be in writing and shall be deemed given and effective
      on the earliest of (i) the date of transmission, if such notice or
      communication is delivered via facsimile at the facsimile number specified
      in
      this Section
      6.6
      prior to
      5:00 p.m. (New York City time) on a Trading Day, (ii) the Trading Day after
      the date of transmission, if such notice or communication is delivered via
      facsimile at the facsimile number specified in this Agreement later than 5:00
      p.m. (New York City time) on any date and earlier than 11:59 p.m. (New York
      City
      time) on such date, (iii) the Trading Day following the date of sending, if
      sent
      by nationally recognized overnight courier service, specifying next business
      day
      delivery, or (iv) upon actual receipt by the party to whom such notice is
      required to be given if delivered by hand. The address for such notices and
      communications shall be as follows:

     

    
      	
              If
                to the Company:

            	
              WOLVERINE
                TUBE, INC.

            
	 	
              200
                Clinton Avenue West, Suite 1000

              Huntsville,
                Alabama 35801 

            
	 	
              Attn: David
                Owen

            
	 	
              Phone:
                (256) 580-3500

              Fax:
                (256) 580-3996

            

    

     

    
      
        
        

      

      
        9

        
          

        

      

      
        
        

      

    

     

    
      	
              If
                to a Purchaser:

            	
              To
                the address set forth under the Purchaser’s name on the signature pages
                attached hereto.

            
	 	 
	
              In
                each case, with a copy (which shall not 

              constitute
                notice)
                to:

            	
              Proskauer
                Rose LLP

              1585
                Broadway

              New
                York, NY 10036-8299

            
	 	
              Facsimile
                No.: (212) 969-2900

            
	 	
              Attn:
                Ronald R. Papa, Esq. and

               
                Adam J. Kansler, Esq.

            

    

     

    or
      such
      other address as may be designated in writing hereafter, in the same manner,
      by
      such Person by two (2) Trading Days’ prior notice to the other party in
      accordance with this Section
      6.6.

     

    6.7 Amendments;
      Waivers.
      No
      provision of this Agreement may be waived or amended except in a written
      instrument signed, in the case of an amendment, by the Company and the
      Purchaser, or, in the case of a waiver, by the Purchaser. Any waiver executed
      by
      the Purchaser shall be binding on the Company and all holders of Securities.
      No
      waiver of any default with respect to any provision, condition or requirement
      of
      this Agreement shall be deemed to be a continuing waiver in the future or a
      waiver of any subsequent default or a waiver of any other provision, condition
      or requirement hereof, nor shall any delay or omission of either party to
      exercise any right hereunder in any manner impair the exercise of any such
      right.

     

    6.8 Construction.
      The
      headings herein are for convenience only, do not constitute a part of this
      Agreement and shall not be deemed to limit or affect any of the provisions
      hereof. The language used in this Agreement will be deemed to be the language
      chosen by the Parties to express their mutual intent, and no rules of strict
      construction will be applied against either Party. The representations and
      warranties in this Agreement are the product of negotiations among the Parties
      and are for the sole benefit of the Parties. Any inaccuracies in such
      representations and warranties are subject to waiver by the Parties in
      accordance with this Agreement without notice or liability to any other Person.
      In some instances, the representations and warranties in this Agreement may
      represent an allocation among the Parties of risks associated with particular
      matters regardless of the knowledge of any of the Parties. Consequently, except
      as expressly provided in Section
      4.4,
      Persons
      other than the Parties may not rely upon the representations and warranties
      in
      this Agreement as characterizations of actual facts or circumstances as of
      the
      date of this Agreement or as of any other date.

     

    6.9 Successors
      and Assigns.
      This
      Agreement shall be binding upon and inure to the benefit of the parties and
      their successors and permitted assigns. The Company may not assign this
      Agreement or any rights or obligations hereunder without the prior written
      consent of the Purchaser. The Purchaser may from time to time assign its rights
      under this Agreement to any Person or Persons to whom such Purchaser assigns
      or
      transfers any Securities; provided
      such
      transferee agrees in writing to be bound, with respect to the transferred
      Securities, by the provisions hereof and of the applicable Transaction Documents
      that apply to the “Purchaser.”

     

    6.10 No
      Third-Party Beneficiaries.
      This
      Agreement is intended for the benefit of the parties hereto and their respective
      successors and permitted assigns and is not for the benefit of, nor may any
      provision hereof be enforced by, any other Person, except that each Related
      Person is an intended third party beneficiary of Section
      4.4
      and (in
      each case) may enforce the provisions thereof directly against the parties
      with
      obligations thereunder.

     

    
      
        
        

      

      
        10

        
          

        

      

      
        
        

      

    

    6.11 Governing
      Law; Venue; Waiver of Jury Trial.
      All
      questions concerning the construction, validity, enforcement and interpretation
      of the Transaction Documents shall be governed by and construed and enforced
      in
      accordance with the internal laws of the State of New York. Each party agrees
      that all Proceedings concerning the interpretations, enforcement and defense
      of
      the Transactions (whether brought against a party hereto or its respective
      affiliates, directors, officers, stockholders, employees or agents) shall be
      commenced exclusively in the state and U.S. federal courts sitting in the City
      of New York, Borough of Manhattan. Each party hereto hereby irrevocably submits
      to the exclusive jurisdiction of the state and U.S. federal courts sitting
      in
      the City of New York, Borough of Manhattan for the adjudication of any dispute
      hereunder or in connection herewith or with any of the Transactions (including
      with respect to the enforcement of any of the Transaction Documents), and hereby
      irrevocably waives, and agrees not to assert in any Proceeding, any claim that
      it is not personally subject to the jurisdiction of any such court, or that
      such
      Proceeding is improper. Each party hereto hereby irrevocably waives personal
      service of process and consents to process being served in any such Proceeding
      by mailing a copy thereof via registered or certified mail or overnight delivery
      (with evidence of delivery) to such party at the address in effect for notices
      to it under this Agreement and agrees that such service shall constitute good
      and sufficient service of process and notice thereof. Nothing contained herein
      shall be deemed to limit in any way any right to serve process in any manner
      permitted by applicable Law. Each party hereto hereby irrevocably waives, to
      the
      fullest extent permitted by applicable Law, any and all right to trial by jury
      in any Proceeding arising out of or relating to any of the Transaction Documents
      or the Transactions. If any party shall commence a Proceeding to enforce any
      provisions of any Transaction Document, then the prevailing party in such
      Proceeding shall be reimbursed by the other party for its reasonable attorneys
      fees and other reasonable costs and expenses incurred with the investigation,
      preparation and prosecution of such Proceeding.

     

    6.12 Survival.
      The
      representations, warranties, agreements and covenants contained herein shall
      survive the Closing and the delivery, exercise and/or conversion of the
      Securities, as applicable.

     

    6.13 Execution.
      This
      Agreement may be executed in two (2) or more counterparts, all of which when
      taken together shall be considered one (1) and the same agreement and shall
      become effective when counterparts have been signed by each party and delivered
      to the other party, it being understood that both parties need not sign the
      same
      counterpart. In the event that any signature is delivered by facsimile
      transmission, such signature shall create a valid and binding obligation of
      the
      party executing (or on whose behalf such signature is executed) the same with
      the same force and effect as if such facsimile signature page were an original
      thereof.

     

    6.14 Severability.
      If any
      provision of this Agreement is held to be invalid or unenforceable in any
      respect, the validity and enforceability of the remaining terms and provisions
      of this Agreement shall not in any way be affected or impaired thereby and
      the
      parties will attempt in good faith to agree upon a valid and enforceable
      provision that is a reasonable substitute therefor, and upon so agreeing, shall
      incorporate such substitute provision in this Agreement.

     

    6.15 Adjustments
      in Share Numbers and Prices.
      In the
      event of any stock split, subdivision, dividend or distribution payable in
      Common Shares or Common Share Equivalents, combination or other similar
      recapitalization or event occurring after the date hereof, each reference in
      this Agreement to a number of shares or a price per share shall be amended
      to
      appropriately account for such event.

     

    
      
        
        

      

      
        11

        
          

        

      

      
        
        

      

    

     

    IN
      WITNESS WHEREOF, the parties hereto have caused this Series  B Preferred
      Stock Purchase Agreement to be duly executed and delivered by their respective
      authorized signatories as of the date first indicated above.

     

    
      	
              WOLVERINE
                TUBE, INC.

            
	 	 
	
              By:

            	 
	 	
              Name:

            
	 	
              Title:

            

    

     

    [REMAINDER
      OF PAGE INTENTIONALLY LEFT BLANK

    SIGNATURE
      PAGE OF PURCHASER FOLLOWS.]

     

    
      
        
        

      

      
        12

        
          

        

      

      
        
        

      

    

     

    
      	PURCHASER:
	 	 
	THE
              ALPINE GROUP, INC.
	 	 
	
              By: 

            	 
	 	
              Name:
                

            
	 	
              Title:
                

            
	 	 
	Address
              for Notice:
	 	 
	
              One
                Meadowlands Plaza

              East
                Rutherford, New Jersey

              Phone:
                (201) 549-4400

              Fax:
                (201) 549-4428

              Attn:
                Steven S. Elbaum

            

    

     

    
      
        
        

      

      
        13

        
          

        

      

      
        
        

      

    

    ANNEX
      A

    to

    Series
      B
      Preferred Stock Purchase Agreement

     

    “Affiliate”
of
      a
      Person means any other Person that, directly or indirectly through one or more
      intermediaries, controls or is controlled by or is under common control with
      the
      first Person.

     

    “Aggregate
      Purchase Price”
has
      the
      meaning set forth in Section
      2.1.

     

    “Alkest”
means
      Alkest, LLC, a Delaware limited liability company.

     

    “Board”
means
      the board of directors of the Company.

     

    “Business
      Day”
means
      any day except Saturday, Sunday and any day on which banking institutions in
      New
      York City are authorized or required by law or other governmental action to
      close.

     

    “Closing”
means
      the closing of the purchase and sale of the Shares pursuant to Section 2.1.

     

    “Closing
      Date”
has
      the
      meaning set forth in the Preamble.

     

    “Commission” means
      the
      U.S. Securities and Exchange Commission.

     

    “Common
      Share Equivalents”
has
      the
      meaning ascribed thereto in the Series B Certificate of
      Designations.

     

    “Common
      Shares”
means
      the shares of Common Stock of the Company and any securities into which such
      shares may hereafter be reclassified.

     

    “Common
      Stock”
has
      the
      meaning set forth in the recitals to this Agreement.

     

    “Company
      Counsel”
means,
      collectively, (i) Jennifer Brinkley, Esq., the Company’s General Counsel, and
      Balch & Bingham LLP, counsel to the Company.

     

    “Exchange
      Act”
means
      the Securities Exchange Act of 1934, as amended.

     

    “Facilities
      Amendments”
has
      the
      meaning set forth in Section 2.2(a)(xi).

     

    “Fees
      and Expenses”
has
      the
      meaning set forth in Section
      6.3.

     

    “Governmental
      Authority”
means
      any government or quasi-governmental or political subdivision or any agency,
      authority, bureau, central bank, commission, department or instrumentality,
      self-regulatory entity or any court, tribunal, grand jury or arbitrator, in
      each
      case whether foreign or domestic.

     

    “Laws”
means
      any federal, state, local, municipal or other law, common law, rule, regulation,
      order, judgment, injunction, decree, code, ordinance, ruling, policy, guideline
      or common, decision, arbitral or administrative law or principle of law or
      equity or other restriction of any Governmental Authority to which the Company
      or a Subsidiary is subject (including federal and state securities laws and
      regulations), or by which any property or asset of the Company or a Subsidiary
      is bound or affected.

     

    
      
        
        

      

      
        A-1

        
          

        

      

      
        
        

      

    

     

    “Lien”
means
      any lien, charge, claim, security interest, encumbrance, right of first refusal
      or other restriction.

     

    “Losses”
means
      any and all damages, fines, penalties, deficiencies, liabilities, claims, losses
      (including loss of value), judgments, awards, settlements, taxes, actions,
      obligations and costs and expenses in connection therewith (including, without
      limitation, interest, court costs and fees and expenses of attorneys,
      accountants and other experts, and any other expenses of litigation or other
      Proceedings (including costs of investigation, preparation and travel) or of
      any
      default or assessment), but not including punitive damages unless such punitive
      damages are awarded to a Person in a Third Party Claim.

     

    “Material
      Adverse Effect”
means
      any event, occurrence, fact, circumstance, violation, development or change,
      that, individually or in the aggregate with any other event, occurrence, fact,
      circumstance, violation, development or change, has had or could reasonably
      be
      expected to have: (i) a material adverse effect on the legality, validity
      or enforceability of any Transaction Document, or (ii) a material adverse
      effect on the results of operations, assets, business, prospects or condition
      (financial or otherwise) of the Company and the Subsidiaries, taken as a whole,
      or (iii) a material impairment of the Company’s or any Subsidiary’s ability to
      perform fully on a timely basis its obligations under any Transaction
      Document;
      provided,
      however,
      that
“Material Adverse Effect” shall exclude any such effect arising out of or in
      connection with: (A) general economic or business conditions or changes therein,
      including changes in interest or currency rates or commodity prices, or any
      act
      of terrorism, similar calamity or war or any escalation or worsening of the
      same; provided that in each case no such condition, change or act
      disproportionately affects the Company; or (B) the negotiation, execution,
      announcement or existence or terms of this Agreement or the performance of
      this
      Agreement or the consummation of the transactions contemplated hereby (including
      any occurrence or condition arising out of the identity of or facts relating
      to
      the Purchaser).

     

    “Person”
means
      an individual or corporation, partnership, trust, incorporated or unincorporated
      association, joint venture, limited liability company, joint stock company,
      Governmental Authority (or an agency or subdivision thereof) or other entity
      of
      any kind.

     

    “Plainfield”
means
      Plainfield Asset Management LLC and any permitted successor or assignee
      thereof.

     

    “Proceeding”
means
      an action, claim, suit, grievance, arbitration, complaint, inquiry, notice
      of
      violation, investigation or proceeding (including, without limitation, an
      investigation or partial proceeding, such as a deposition).

     

    “PSSMF”
means
      Plainfield Special Situations Master Fund Limited, a Cayman Island
      entity.

     

    “Purchaser
      Counsel”
means
      Proskauer Rose LLP, counsel to the Purchaser.

     

    “Related
      Person” means
      any
      Affiliate of the Purchaser and any officer, director, partner, advisor,
      controlling person, employee or agent of the Purchaser or any of their
      respective Affiliates.

     

    “Rule
      144”
and
      “Rule
      424”
means
      Rule 144 and Rule 424, respectively, promulgated by the Commission pursuant
      to the Securities Act, as such Rules may be amended from time to time, or any
      similar rule or regulation hereafter adopted by the Commission having
      substantially the same effect as such Rule.

     

    
      
        
        

      

      
        A-2

        
          

        

      

      
        
        

      

    

     

    “Securities”
means
      the Shares and the Underlying Shares issued or issuable (as applicable) to
      the
      Purchaser pursuant to the Transaction Documents.

     

    “Securities
      Act”
means
      the Securities Act of 1933, as amended.

     

    “Series
      A Certificate of Designations”
means
      the Certificate of Designations of Series A Preferred Stock of the
      Company.

     

    “Series
      A Holders”
means
      holders of the Series A Preferred Stock.

     

    “Series
      A Holders Consent”
means
      that certain Series A Holders Consent and Agreement, dated as of the Closing
      Date, by and among the Series A Holders, the Company and the Purchaser,
      substantially in the form of Exhibit
      C,
      as the
      same may be amended, modified or supplemented from time to time.

     

    “Series
      A Preferred Stock”
means
      the series of convertible preferred stock of the Company designated as the
      Series A Preferred Stock in the Series A Certificate of
      Designations.

     

    “Series
      B Certificate of Designations”
has
      the
      meaning set forth in the recitals to this Agreement.

     

    “Series
      B Preferred Stock”
has
      the
      meaning set forth in the recitals to this Agreement.

     

    “Series
      B Preferred Stock Registration Rights Agreement”
means
      that certain Registration Rights Agreement dated as of the Closing Date, by
      and
      between the Company and the Purchaser, substantially in the form of Exhibit B,
      as the
      same may be amended, modified or supplemented from time to time.

     

    “Shares”
means
      the shares of Series B Preferred Stock which are being purchased by the
      Purchaser pursuant to this Agreement.

     

    “Stockholders’
      Agreement Supplement”
means
      that certain Stockholders’ Agreement Supplement, dated as of the Closing Date,
      by and among Purchaser, PSSMF and Alkest, substantially in the form of
Exhibit
      D,
      as the
      same may be amended, modified or supplemented from time to time.

     

    “Subsidiary”
means
      any corporation (or other legal entity) of which at least a majority of the
      outstanding capital stock having voting power under ordinary circumstances
      to
      elect directors of such corporation shall at the time be held, directly or
      indirectly, by the Company, by the Company and one or more Subsidiaries or
      by
      one or more Subsidiaries.

     

    “Third
      Party Claim”
      means
      the assertion of any claim or demand made by, or any action, proceeding or
      investigation instituted by, any Person not a party to this
      Agreement.

     

    “Trading
      Day”
means
      (a) any day on which the Common Shares are listed or quoted and traded on a
      Trading Market, or (b) if the Common Shares are not then listed or quoted
      and traded on a Trading Market, then any Business Day.

     

    “Trading
      Market”
means
      the New York Stock Exchange or, at any time the Common Shares are not listed
      for
      trading on the New York Stock Exchange, any other national securities exchange,
      other trading market or quotation system, if the Common Shares are then listed
      or quoted on such exchange, market or system.

     

    
      
        
        

      

      
        A-3

        
          

        

      

      
        
        

      

    

     

    “Transaction
      Documents”
means
      this Agreement, the Series B Certificate of Designations, the Securities, the
      Series B Preferred Stock Registration Rights Agreement, the Voting Agreement
      Amendment, the Stockholders’ Agreement Supplement, the Series A Holders Consent
      and any other documents or agreements executed in connection with the
      transactions contemplated by this Agreement.

     

    “Transactions”
means
      the transactions contemplated by the Transaction Documents.

     

    “Underlying
      Shares”
has
      the
      meaning set forth in Section
      3.1(d).

     

    “U.S.”
means
      the United States of America.

     

    “Voting
      Agreement Amendment”
means
      that certain Voting Agreement Amendment, dated as of the Closing Date, by and
      among the Company, the Purchaser, PSSMF and Alkest, substantially in the form
      of
Exhibit
      E,
      as the
      same may be amended, modified or supplemented from time to time.

     

    
      
        
        

      

      
        A-4EXECUTION
      VERSION

     

    
      
        

      

WOLVERINE
      TUBE, INC.

    

    THE
      GUARANTORS NAMED HEREIN

    

    and

    

    PLAINFIELD
      SPECIAL SITUATIONS MASTER FUND LIMITED,

    as
      Initial Purchaser

     

    
      
        

      

       

    

    Note
      Exchange and Debenture Agreement

    

    Dated
      as of March 20, 2008

     

    
      
 

    Up
      to $38,300,000

    

    10-1/2%
      Senior Exchange Notes Due 2009

     

    
      

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    TABLE
      OF CONTENTS

    
      

        
          	 	 	
                  Page

                
	
                  ARTICLE
                    1            
                    DEFINITIONS
                    AND INCORPORATION BY REFERENCE

                	
                  1

                
	 	 
	
                  SECTION
                    1.1

                	
                  DEFINITIONS.

                	
                  1

                
	
                  SECTION
                    1.2

                	
                  RULES
                    OF CONSTRUCTION.

                	
                  7

                
	 	 	 
	
                  ARTICLE
                    2           
                    THE
                    NOTES; CLOSING

                	
                  7

                
	 	 
	
                  SECTION
                    2.1

                	
                  NOTES;
                    EXCHANGE OF THE NOTES.

                	
                  7

                
	
                  SECTION
                    2.2

                	
                  CLOSING.

                	
                  7

                
	
                  SECTION
                    2.3

                	
                  CONDITIONS
                    TO CLOSING.

                	
                  8

                
	
                  SECTION
                    2.4

                	
                  REPLACEMENT
                    NOTES.

                	
                  10

                
	
                  SECTION
                    2.5

                	
                  OUTSTANDING
                    NOTES.

                	
                  10

                
	
                  SECTION
                    2.6

                	
                  TRANSFER
                    AND EXCHANGE OF NOTES.

                	
                  10

                
	
                  SECTION
                    2.7

                	
                  TREASURY
                    NOTES

                	
                  11

                
	
                  SECTION
                    2.8

                	
                  DEFAULTED
                    INTEREST.

                	
                  11

                
	 	 	 
	
                  ARTICLE
                    3            PREPAYMENT

                	
                  11

                
	 	 
	
                  SECTION
                    3.1

                	
                  PREPAYMENT.

                	
                  11

                
	
                  SECTION
                    3.2

                	
                  SELECTION
                    OF NOTES TO BE PREPAID.

                	
                  11

                
	
                  SECTION
                    3.3

                	
                  NOTICE
                    OF PREPAYMENT.

                	
                  12

                
	
                  SECTION
                    3.4

                	
                  EFFECT
                    OF NOTICE OF PREPAYMENT.

                	
                  12

                
	
                  SECTION
                    3.5

                	
                  NOTES
                    PREPAID IN PART.

                	
                  13

                
	 	 	 
	
                  ARTICLE
                    4

                	
                  REPRESENTATIONS,
                    WARRANTIES AND COVENANTS

                	
                  13

                
	 	 	 
	
                  SECTION
                    4.1

                	
                  REPRESENTATIONS
                    OF THE COMPANY

                	
                  13

                
	
                  SECTION
                    4.2

                	
                  REPRESENTATIONS
                    AND WARRANTIES OF THE PURCHASERS

                	
                  16

                
	
                  SECTION
                    4.3

                	
                  PAYMENT
                    OF NOTES.

                	
                  17

                
	
                  SECTION
                    4.4

                	
                  SEC
                    REPORTS; 144A INFORMATION.

                	
                  17

                
	
                  SECTION
                    4.5

                	
                  LIMITATION
                    ON LIENS.

                	
                  18

                
	
                  SECTION
                    4.6

                	
                  LIMITATION
                    ON SALE/LEASEBACK TRANSACTIONS.

                	
                  19

                
	
                  SECTION
                    4.7

                	
                  COMPLIANCE
                    CERTIFICATES.

                	
                  20

                
	
                  SECTION
                    4.8

                	
                  NOTICE
                    OF DEFAULTS.

                	
                  20

                
	
                  SECTION
                    4.9

                	
                  PAYMENT
                    OF TAXES AND OTHER CLAIMS.

                	
                  20

                

        

         

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

         

        
          	
                  SECTION
                    4.10

                	
                  CORPORATE
                    EXISTENCE.

                	
                  20

                
	
                  SECTION
                    4.11

                	
                  MAINTENANCE
                    OF PROPERTIES.

                	
                  21

                
	
                  SECTION
                    4.12

                	
                  PAYMENT
                    OF EXPENSES; INDEMNIFICATION.

                	
                  21

                
	
                  SECTION
                    4.13

                	
                  FURTHER
                    INSTRUMENTS AND ACTS.

                	
                  21

                
	 	 	 
	
                  ARTICLE
                    5           
                    SUCCESSOR
                    CORPORATION

                	
                  22

                
	 	 
	
                  SECTION
                    5.1

                	
                  LIMITATION
                    ON CONSOLIDATION, MERGER AND SALE OF ASSETS.

                	
                  22

                
	
                  SECTION
                    5.2

                	
                  SUCCESSOR
                    CORPORATION SUBSTITUTED.

                	
                  23

                
	 	 	 
	
                  ARTICLE
                    6

                	
                  DEFAULT
                    AND REMEDIES

                	
                  23

                
	 	 	 
	
                  SECTION
                    6.1

                	
                  EVENTS
                    OF DEFAULT.

                	
                  23

                
	
                  SECTION
                    6.2

                	
                  ACCELERATION.

                	
                  24

                
	
                  SECTION
                    6.3

                	
                  OTHER
                    REMEDIES.

                	
                  25

                
	
                  SECTION
                    6.4

                	
                  WAIVER
                    OF DEFAULTS AND EVENTS OF DEFAULT.

                	
                  25

                
	
                  SECTION
                    6.5

                	
                  CONTROL
                    BY MAJORITY.

                	
                  26

                
	
                  SECTION
                    6.6

                	
                  RIGHTS
                    OF HOLDERS TO RECEIVE PAYMENT.

                	
                  26

                
	
                  SECTION
                    6.7

                	
                  RESTORATION
                    OF RIGHTS AND REMEDIES.

                	
                  26

                
	
                  SECTION
                    6.8

                	
                  RIGHTS
                    AND REMEDIES CUMULATIVE.

                	
                  26

                
	
                  SECTION
                    6.9

                	
                  DELAY
                    OR OMISSION NOT WAIVER.

                	
                  26

                
	 	 	 
	
                  ARTICLE
                    7           
                    AMENDMENTS,
                    SUPPLEMENTS AND WAIVERS

                	
                      27

                
	 	 
	
                  SECTION
                    7.1

                	
                  CONSENT
                    OF HOLDERS.

                	
                  27

                
	
                  SECTION
                    7.2

                	
                  REVOCATION
                    AND EFFECT OF CONSENTS.

                	
                  27

                
	
                  SECTION
                    7.3

                	
                  NOTATION
                    ON OR EXCHANGE OF NOTES.

                	
                  28

                
	
                  SECTION
                    7.4

                	
                  RECORD
                    DATE FOR VOTE OR CONSENT OF NOTEHOLDERS.

                	
                  28

                
	 	 	 
	
                  ARTICLE
                    8            GUARANTEE
                    OF NOTES

                	
                  28

                
	 	 
	
                  SECTION
                    8.1

                	
                  UNCONDITIONAL
                    GUARANTEE.

                	
                  28

                
	
                  SECTION
                    8.2

                	
                  SEVERABILITY.

                	
                  29

                
	
                  SECTION
                    8.3

                	
                  LIMITATION
                    OF GUARANTOR’S LIABILITY.

                	
                  29

                
	
                  SECTION
                    8.4

                	
                  CONTRIBUTION.

                	
                  29

                
	
                  SECTION
                    8.5

                	
                  EXECUTION
                    OF GUARANTEE.

                	
                  30

                

        

         

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

             

        
          	
                  SECTION
                    8.6

                	
                  OBLIGATIONS
                    OF EACH GUARANTOR UNCONDITIONAL.

                	
                  30

                
	
                  SECTION
                    8.7

                	
                  NOTICE
                    TO PURCHASERS.

                	
                  30

                
	
                  SECTION
                    8.8

                	
                  RELIANCE
                    ON JUDICIAL ORDER OR CERTIFICATE OF LIQUIDATING AGENT.

                	
                  31

                
	
                  SECTION
                    8.9

                	
                  SUCCESSORS
                    AND ASSIGNS.

                	
                  31

                
	
                  SECTION
                    8.10

                	
                  NO
                    WAIVER.

                	
                  31

                
	
                  SECTION
                    8.11

                	
                      

                	
                  31

                
	
                  SECTION
                    8.12

                	
                  ADDITIONAL
                    SUBSIDIARY GUARANTORS.

                	
                  32

                
	
                  SECTION
                    8.13

                	
                  MODIFICATION.

                	
                  32

                
	
                  SECTION
                    8.14

                	
                  RELEASE
                    OF GUARANTOR.

                	
                  32

                
	
                  SECTION
                    8.15

                	
                  THIS
                    ARTICLE 8 NOT TO PREVENT EVENTS OF DEFAULT.

                	
                  33

                
	 	 	 
	
                  ARTICLE
                    9            MISCELLANEOUS

                	
                  33

                
	 	 
	
                  SECTION
                    9.1

                	
                  NOTICES.

                	
                  33

                
	
                  SECTION
                    9.2

                	
                  LEGAL
                    HOLIDAYS.

                	
                  34

                
	
                  SECTION
                    9.3

                	
                  GOVERNING
                    LAW.

                	
                  34

                
	
                  SECTION
                    9.4

                	
                  NO
                    ADVERSE INTERPRETATION OF OTHER AGREEMENTS.

                	
                  34

                
	
                  SECTION
                    9.5

                	
                  NO
                    RECOURSE AGAINST OTHERS.

                	
                  34

                
	
                  SECTION
                    9.6

                	
                  SUCCESSORS.

                	
                  34

                
	
                  SECTION
                    9.7

                	
                  MULTIPLE
                    COUNTERPARTS.

                	
                  34

                
	
                  SECTION
                    9.8

                	
                  SEPARABILITY.

                	
                  34

                
	
                  SECTION
                    9.9

                	
                  TABLE
                    OF CONTENTS, HEADINGS, ETC.

                	
                  34

                
	 	 	 
	
                  EXHIBIT
                    A           
                    —   FORM
                    OF NOTE

                	
                  A-1

                
	
                  EXHIBIT
                    B            
                    —   FORM
                    OF GUARANTEE

                	
                  B-1

                
	
                  EXHIBIT
                    C            
                    —   FORM
                    OF GUARANTOR SUPPLEMENT

                	
                  C-1

                

        

      

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    NOTE
      EXCHANGE AND DEBENTURE AGREEMENT dated as of March 20, 2008 among WOLVERINE
      TUBE, INC., a Delaware corporation (the “Company”), the GUARANTORS (as
      hereinafter defined) and PLAINFIELD SPECIAL SITUATIONS MASTER FUND LIMITED,
      a
      Cayman Islands Company, as Initial Purchaser (together with its successors
      and
      assigns, collectively, the “Purchasers” and each a “Purchaser”).

     

    Each
      party agrees as follows for the benefit of the other parties and for the equal
      and ratable benefit of the Purchasers:

     

    ARTICLE
      1

     

    DEFINITIONS
      AND INCORPORATION BY REFERENCE

     

    SECTION
      1.1   DEFINITIONS.

     

    The
      terms
      defined in this Section 1.1 (except as herein otherwise expressly provided
      or
      unless the context otherwise requires) for all purposes of this Exchange
      Agreement and of any indenture supplemental hereto shall have the respective
      meanings specified in this Section 1.1.

     

    “Adjusted
      Net Assets” of a Guarantor at any date means the lesser of (x) the amount by
      which the fair value of the property of such Guarantor at such date exceeds
      the
      total amount of liabilities, including, without limitation, the probable amount
      of contingent liabilities (after giving effect to all other fixed and contingent
      liabilities incurred or assumed on such date) of such Guarantor at such date,
      but excluding liabilities under the Guarantee of such Guarantor, and (y) the
      amount by which the present fair saleable value of the assets of such Guarantor
      at such date exceeds the amount that will be required to pay the probable
      liability of such Guarantor on its debts (after giving effect to all other
      fixed
      and contingent liabilities incurred or assumed on such date and after giving
      effect to any collection from any Subsidiary of such Guarantor in respect of
      any
      obligations of such Subsidiary under the Guarantee of such Guarantor), excluding
      debt in respect of the Guarantee of such Guarantor, as they become absolute
      and
      matured.

     

    “Affiliate”
      of any specified Person means any other Person directly or indirectly
      controlling or controlled by or under direct or indirect common control with
      such specified Person. For the purposes of this definition, “control”, when used
      with respect to any Person, means the power to direct the management or policies
      of such Person, directly or indirectly, whether through the ownership of voting
      securities, by contract or otherwise; and the terms “controlling” and
“controlled” have meanings correlative to the foregoing. For purposes of this
      Exchange Agreement, the Initial Purchaser shall not be deemed to be an Affiliate
      of the Company or any Guarantor.

     

    “Attributable
      Indebtedness”, when used with respect to any Sale/Leaseback Transaction, means,
      as at the time of determination, the present value (discounted at the rate
      set
      forth or implicit in the terms of the lease included in such transaction) of
      the
      total obligations of the lessee for rental payments (other than amounts required
      to be paid on account of property taxes, maintenance, repairs, insurance,
      assessments, utilities, operating and labor costs and other items which do
      not
      constitute payments for property rights) during the remaining term of the lease
      included in such Sale/Leaseback Transaction (including any period for which
      such
      lease has been extended).

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    “Bank
      Credit Facility” means the Amended and Restated Credit Agreement dated as of
      April 28, 2005 among the Company, its U.S. subsidiaries, the lenders named
      therein and Wachovia Bank, National Association, as administrative agent, as
      amended, modified or supplemented.

     

    “Board
      of
      Directors” means, with respect to any Person, the Board of Directors of such
      Person or any committee of the Board of Directors authorized to act
      therefor.

     

    “Business
      Day” means a day that is not a Legal Holiday (as such terms is defined in
      Section 9.2).

     

    “Capitalized
      Lease Obligation” of any Person means any obligation of such Person to pay rent
      or other amounts under a lease of property, real or personal, that is required
      to be capitalized for financial reporting purposes in accordance with GAAP;
      and
      the amount of such obligation shall be the capitalized amount thereof determined
      in accordance with GAAP.

     

    “Cash”
or
      “cash” means such coin or currency of the United States as at any time of
      payment is legal tender for the payment of public and private
      debts.

     

    “Closing”
      means the closing of the exchange and issuance of the Notes in accordance with
      Section 2.2.

     

    “Company”
      means the party named as such in this Exchange Agreement until a successor
      replaces it pursuant to this Exchange Agreement and thereafter means the
      successor.

     

    “Comparable
      Treasury Issue” means the United States Treasury security selected by an
      Independent Investment Banker as having a maturity comparable to the remaining
      term of the Notes to be prepaid that would be utilized, at the time of selection
      and in accordance with customary financial practice, in pricing new issues
      of
      corporate debt securities of comparable maturity to the remaining term of such
      Notes.

     

    “Comparable
      Treasury Price” means with respect to any prepayment date for the Notes (i) the
      average of four Reference Treasury Dealer Quotations for such prepayment date,
      after excluding the highest and lowest such Reference Treasury Dealer
      Quotations, or (ii) if the Company obtains fewer than four such Reference
      Treasury Dealer Quotations, the average of all such quotations.

     

    “Consolidated
      Net Tangible Assets” means as of any particular time the aggregate amount of
      assets (less depreciation and valuation reserves and other reserves and items
      deductible from gross book value of specific asset accounts under GAAP) after
      deducting therefrom:

     

    (a)
        all
      current liabilities except for (i) notes and loans payable, (ii) current
      maturities of long-term debt, and (iii) current maturities of obligations under
      capital leases; and

     

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

     

    (b)
        all
      deferred debt issuance costs, goodwill, patents, and other like
      intangibles,

     

    all
      as
      set forth on the most recent consolidated balance sheet of the Company and
      its
      consolidated Subsidiaries and computed in accordance with GAAP.

     

    “Default”
      or “default” means any event which is, or after the giving of notice or the
      passage of time, or both, would be, an Event of Default.

     

    “Exchange
      Act” means the Securities Exchange Act of 1934, as amended, and the rules and
      regulations promulgated thereunder.

     

    “Exchange
      Agreement” means this Note Exchange and Debenture Agreement among the Company,
      the Guarantors and the Initial Purchaser, as amended, restated or supplemented
      from time to time.

     

    “Existing
      Notes” means the 7-3/8% Senior Notes Due 2008 in the original principal amount
      of $38,300,000 which are owned by the Initial Purchaser and issued pursuant
      to
      that certain Indenture dated as of August 4, 1998, among the Company, the
      Guarantors party thereto and the Existing Note Trustee. 

     

    “Existing
      Note Trustee” means U.S. Bank Corporate Trust Services (successor to First Union
      National Bank), as Trustee, under that certain Indenture dated as of August
      4,
      1998, by and among the Company, the Guarantors party thereto and the Existing
      Note Trustee. 

     

    “Facilities
      Amendments” means, collectively, amendments to certain provisions of the Amended
      and Restated Credit Agreement among the Company and its U.S. subsidiaries,
      the
      lenders named therein and Wachovia, as administrative agent, as amended, and
      the
      Amended and Restated Receivables Purchase Agreement and the Receivables Sales
      Agreement among the Company, Wachovia and the other parties thereto, each as
      in
      the form previously delivered by the Company to the Initial Purchaser.

     

    “Fairness
      Opinion” means that certain opinion of Jefferies & Company, Inc., dated as
      March 14, 2008 in the form previously delivered by the Company to the Initial
      Purchaser. 

     

    “Funded
      Indebtedness” means all Indebtedness (including Indebtedness incurred under any
      revolving credit, letter of credit or working capital facility) that matures
      by
      its terms, or that is renewable at the option of any obligor thereon to a date,
      more than one year after the date on which such Indebtedness is originally
      incurred.

     

    “GAAP”
      means generally accepted accounting principles consistently applied as in effect
      in the United States from time to time.

     

    “Guarantee”
      means, as the context may require, individually, a guarantee, or collectively,
      any and all guarantees, of the Obligations of the Company with respect to the
      Notes made by each Guarantor pursuant to the terms of Article 9 hereof,
      substantially in the form set forth in Exhibit B.

     

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

     

    “Guarantor”
      shall initially mean each of TF Investor, Inc., Tube Forming L.P. Wolverine
      Finance, LLC, Wolverine China Investments, LLC, Wolverine Joining Technologies,
      LLC, Tube Forming Holdings, Inc. and WT Holding Company, Inc. and “Guarantors”
shall initially mean such entities, collectively. 

     

    “Hedging
      Obligations” of any Person means the net obligation (not the notional amount) of
      such Person pursuant to any interest rate swap agreement, foreign currency
      exchange agreement, interest rate collar agreement, option or future contract
      or
      other similar agreement or arrangement relating to interest rates or foreign
      exchange rates.

     

    “Holder”
      or “Noteholder” means the person in which name a Note is registered on the
      Company’s books.

     

    “Indebtedness”
      of any Person at any date means, without duplication, (i) all indebtedness
      of
      such Person for borrowed money (whether or not the recourse of the lender is
      to
      the whole of the assets of such Person or only to a portion thereof), (ii)
      all
      obligations of such Person evidenced by bonds, debentures, notes or other
      similar instruments, (iii) all obligations of such Person in respect of letters
      of credit or other similar instruments (or reimbursement obligations with
      respect thereto), other than standby letters of credit and performance bonds
      issued by such Person in the ordinary course of business, to the extent not
      drawn or, to the extent drawn, if such drawing is reimbursed not later than
      the
      third Business Day following demand for reimbursement, (iv) all obligations
      of
      such Person to pay the deferred and unpaid purchase price of property or
      services, except trade payables and accrued expenses incurred in the ordinary
      course of business, (v) all Capitalized Lease Obligations of such Person, (vi)
      all Indebtedness of others secured by a Lien on any asset of such Person,
      whether or not such Indebtedness is assumed by such Person, (vii) all
      Indebtedness of others guaranteed by such Person to the extent of such guarantee
      and (viii) all Hedging Obligations of such Person.

     

    “Independent
      Investment Banker” means one of the Reference Treasury Dealers appointed by the
      Holders after consultation with the Company.

     

    “Initial
      Purchaser” means Plainfield Special Situations Master Fund Limited, a Cayman
      Islands Company.

     

    “Instrument”
      means any agreement, indenture, instrument or other document under which any
      obligation is evidenced, assumed, guaranteed or secured.

     

    “Investment”
      means, with respect to any Person, directly or indirectly, any advance, loan
      or
      other extension of credit or capital contribution to, or any purchase,
      acquisition or ownership by such Person of any capital stock, bonds, notes,
      debentures, partnership or joint venture interests or other securities of,
      the
      acquisition, by purchase or otherwise, of all or substantially all of the
      business or assets or stock or other evidence of beneficial ownership of, any
      Person or the making of any investment in, any Person or transfers of property
      or assets to any Affiliate other than sales of assets or payment for services
      rendered in the ordinary course of business consistent with past
      practice.

     

    “Lien”
      means, with respect to any asset, any mortgage, lien, pledge, charge, security
      interest or encumbrance of any kind in respect of such asset, whether or not
      filed, recorded or otherwise perfected under applicable law. For the purposes
      of
      this Exchange Agreement, the Company or any Subsidiary of the Company shall
      be
      deemed to own subject to a Lien any asset which it has acquired or holds subject
      to the interest of a vendor or lessor under any conditional sale agreement,
      Capitalized Lease Obligation or other title retention agreement relating to
      such
      asset.

     

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

     

    “Maturity
      Date” means March 28, 2009.

     

    “Notes”
      means the 10-1/2% Senior Exchange Notes Due 2009 or any of them (each, a
“Note”), as amended or supplemented from time to time, that are issued pursuant
      to this Exchange Agreement.

     

    “Obligations”
      means, with respect to any Indebtedness, any principal, premium, interest,
      penalties, fees, indemnifications, reimbursements, damages and other expenses
      payable under the documentation governing such Indebtedness.

     

    “Officer”
      means the Chairman of the Board, Chief Executive Officer, the President, any
      Vice President, the Chief Financial Officer, the Treasurer or the Secretary
      of
      the Company or a Guarantor, as appropriate.

     

    “Officer’s
      Certificate” means, with respect to any Person, a certificate signed by an
      Officer of such Person that shall comply with applicable provisions of this
      Exchange Agreement.

     

    “Opinion
      of Counsel” means a written opinion from legal counsel acceptable to the
      Purchasers. The counsel may be an employee of or counsel to the
      Company.

     

    “Pari
      Passu Indebtedness” means any Indebtedness of the Company, whether outstanding
      on the date on which the Notes are originally issued or thereafter created,
      incurred or assumed, unless, in the case of any particular Indebtedness, the
      instrument creating or evidencing the same or pursuant to which the same is
      outstanding expressly provides that such Indebtedness shall be subordinated
      in
      right of payment to the Notes.

     

    “Payment
      in full” or “paid in full” means payment in full in cash.

     

    “Person”
      or “person” means any individual, corporation, partnership, limited liability
      company, joint venture, association, joint-stock company, trust, unincorporated
      organization or government (including any agency or political subdivision
      thereof).

     

    “Principal”
      or “principal” of a debt security, including the Notes, means the principal of
      the security plus, when appropriate, the premium, if any, on the
      security.

     

    “Purchaser”
      or “Purchasers” has the meaning set forth in the Recitals.

     

    “Reference
      Treasury Dealer” means each of Credit Suisse, Morgan Stanley & Co.
      Incorporated and two other primary United States Government securities dealers
      in New York City (each, a “Primary Treasury Dealer”) appointed by the Purchasers
      in consultation with the Company; provided, however, that if any of the
      foregoing shall cease to be a Primary Treasury Dealer, the Company shall
      substitute therefor another Primary Treasury Dealer.

     

    
      
        
        

      

      
        5

        
          

        

      

      
        
        

      

    

     

    “Reference
      Treasury Dealer Quotations” means, with respect to each Reference Treasury
      Dealer and any prepayment date, the average, as determined by the Purchasers,
      of
      the bid and asked prices for the Comparable Treasury Issue (expressed in each
      case as a percentage of its principal amount) quoted in writing to the
      Purchasers by such Reference Treasury Dealer at 5:00 p.m. (New York City time)
      on the third Business Day preceding such prepayment date.

     

    “Restricted
      Security” has the same meaning as “Restricted Security” set forth in Rule
      144(a)(3) promulgated under the Securities Act.

     

    “Rule
      144” means Rule 144 as promulgated under the Securities Act.

     

    “Rule
      144A” means Rule 144A as promulgated under the Securities Act.

     

    “Sale/Leaseback
      Transaction” means any arrangement with any Person providing for the leasing by
      the Company or any Subsidiary of the Company, for a period of more than three
      years, of any real or tangible personal property, which property has been or
      is
      to be sold or transferred by the Company or such Subsidiary to such Person
      in
      contemplation of such leasing.

     

    “SEC”
or
      “Commission” means the United States Securities and Exchange
      Commission.

     

    “Securities
      Act” means the Securities Act of 1933, as amended, and the rules and regulations
      promulgated thereunder.

     

    “Series
      A
      Holders Consent” means that certain Series A Holders Consent and Agreement,
      dated as of March 20, 2008, by and among Alkest, LLC, The Alpine Group, Inc.
      and
      the Initial Purchaser in the form previously delivered by the Company to the
      Initial Purchaser. 

     

    “Significant
      Subsidiary” means any Subsidiary of the Company which is a “significant
      subsidiary” as defined in Rule 1-02(w) of Regulation S-X under the Securities
      Act and the Exchange Act (as such Regulation is in effect on the date
      hereof).

     

    “Subsidiary”
      means any corporation of which at least a majority of the outstanding capital
      stock having voting power under ordinary circumstances to elect directors of
      such corporation shall at the time be held, directly or indirectly, by the
      Company, by the Company and one or more Subsidiaries or by one or more
      Subsidiaries.

     

    “Treasury
      Rate” means, with respect to any prepayment date for the Notes, (i) the yield,
      under the heading which represents the average for the immediately preceding
      week, appearing in the most recently published statistical release designated
      “H.15(519)” or any successor publication which is published weekly by the Board
      of Governors of the Federal Reserve System and which establishes yields on
      actively traded United States Treasury securities adjusted to constant maturity
      under the caption “Treasury Constant Maturities,” for the maturity corresponding
      to the Comparable Treasury Issue (if no maturity is within three months before
      or after the Maturity Date, yields for the two published maturities most closely
      corresponding to the Comparable Treasury Issue shall be determined and the
      Treasury Rate shall be interpolated or extrapolated from such yields on a
      straight line basis, rounding to the nearest month) or (ii) if such release
      (or
      any successor release) is not published during the week preceding the
      calculation date or does not contain such yields, the rate per annum equal
      to
      the semi-annual equivalent yield to maturity of the Comparable Treasury Issue,
      calculated using a price for the Comparable Treasury Issue (expressed as a
      percentage of its principal amount) equal to the Comparable Treasury Price
      for
      such prepayment date. The Treasury Rate shall be calculated on the third
      Business Day preceding the prepayment date.

     

    
      
        
        

      

      
        6

        
          

        

      

      
        
        

      

    

     

    “Wachovia”
      means Wachovia Bank, National Association.

     

    SECTION
      1.2   RULES
      OF
      CONSTRUCTION.

     

    Unless
      the context otherwise requires:

     

    (1)
        a
      term
      has the meaning assigned to it herein;

     

    (2)
        an
      accounting term not otherwise defined has the meaning assigned to it in
      accordance with GAAP;

     

    (3)
        “or”
is
      not exclusive;

     

    (4)
        words
      in
      the singular include the plural, and words in the plural include the
      singular;

     

    (5)
        provisions
      apply to successive events and transactions; and

     

    (6)
        “herein,”
      “hereof” and other words of similar import refer to this Exchange Agreement as a
      whole and not to any particular Article, Section or other
      subdivision.

     

    ARTICLE
      2

     

    THE
      NOTES; CLOSING

     

    SECTION
      2.1   NOTES;
      EXCHANGE OF THE NOTES.

     

    The
      Company has duly authorized the issue and exchange of $38,300,000 aggregate
      principal amount of its Notes, such Notes to be in the form set out in Exhibit
      A. 

     

    Subject
      to the terms and conditions of this Agreement, the Company hereby agrees to
      deliver to the Initial Purchaser $38,300,000 aggregate principal amount of
      its
      Notes, upon surrender by the Initial Purchaser in exchange therefor of
      $38,300,000 of aggregate principal amount of Existing Notes. 

     

    SECTION
      2.2   CLOSING. 

     

    .
      At
      the
      Closing, the Company will (i) deliver to Initial Purchaser the Notes to be
      purchased by it in the form of a single Note (or such greater number of Notes
      in
      denominations of at least $500,000 as Initial Purchaser may request prior to
      the
      Closing), dated the date of the Closing and registered in Initial Purchaser’s
      name (but not in the name of a nominee), against surrender of the Existing
      Notes
      of the same aggregate principal amount to be exchanged by such Noteholder and
      (ii) pay to the Initial Purchaser all accrued interest on the Existing Notes
      through the date of the Closing by wire transfer in accordance with the Initial
      Purchaser’s wire transfer instructions previously provided to the Company by the
      Initial Purchaser. Immediately following the Closing, the Company shall deliver
      the Existing Notes marked “Cancelled” to the Note Trustee.

     

    
      
        
        

      

      
        7

        
          

        

      

      
        
        

      

       

    

    If
      at the
      Closing the Company shall fail to tender such Notes as provided above in this
      Section 2.2, or any of the conditions specified in Section 2.3 shall not
      have been fulfilled to Initial Purchaser’s satisfaction, Initial Purchaser
      shall, at its election, be relieved of all further obligations under this
      Exchange Agreement, without thereby waiving any rights it may have by reason
      of
      such failure or such nonfulfillment.

     

    SECTION
      2.3   CONDITIONS
      TO CLOSING.

     

    (a)
        Initial
      Purchaser’s obligation to surrender the Existing Notes in exchange for the Notes
      to be issued at the Closing is subject to the fulfillment, prior to or at the
      Closing, of the following conditions:

     

    (i)  Performance;
      No Default.

     

    The
      Company and each Guarantor shall have performed and complied with all agreements
      and conditions contained in this Exchange Agreement, the Notes and the Guarantee
      required to be performed or complied with by it prior to or at the
      Closing
      and,
      after giving effect to the issue and sale of the Notes, no Default or Event
      of
      Default shall have occurred and be continuing.

     

    (ii)  Compliance
      Certificates.

     

    (1)
        Officer’s
      Certificate.
      The
      Company shall have delivered to Initial Purchaser an Officer’s Certificate,
      executed by the President of the Company and dated the date of the Closing,
      certifying (i) that the conditions specified in Sections 2.3(a)(i) have
      been fulfilled and (ii) no event described in Sections 6.1(6) or (7) has
      occurred or is continuing in respect of the Company or any
      Guarantor.

     

    (2)
        Authorized
      Officer’s Certificate.
      The
      Company and each Guarantor shall have delivered to Initial Purchaser a
      certificate of its Secretary or an Assistant Secretary or other appropriate
      person, dated the date of the Closing, certifying as to the resolutions attached
      thereto and other corporate proceedings relating to the authorization, execution
      and delivery of this Exchange Agreement and the Notes.

     

    (iii)  Opinions
      of Counsel.

     

    Initial
      Purchaser shall have received an opinion in form and substance satisfactory
      to
      Initial Purchaser, dated the date of the Closing from counsel for the
      Company and the Guarantors covering such other matters incident to such
      transactions as Initial Purchaser may reasonably request.

     

    
      
        
        

      

      
        8

        
          

        

      

      
        
        

      

    

     

    (iv)  Guarantees.

     

    A
      Guarantee, dated on or before the date of the Closing, shall have been executed
      and delivered by each Guarantor in the form of Exhibit B and shall be in full
      force and effect. 

     

    (v)  Purchase
      Permitted by Applicable Law, etc.

     

    On
      the
      date of the Closing the purchase of the Notes shall (a) be permitted by the
      laws and regulations of each jurisdiction to which the parties to this Exchange
      Agreement are subject, (b) not violate any applicable law or regulation
      (including without limitation Regulation T, U or X of the Board of Governors
      of
      the Federal Reserve System) and (c) not subject Initial Purchaser to any
      tax, penalty or liability under or pursuant to any applicable law or regulation.
      

     

    (vi)  Related
      Documents. 

     

    The
      Company shall have delivered to the Initial Purchaser true, complete and
      executed copies of (1) the Series A Holder Consent, (2) the Facilities
      Amendments and (3) the Fairness Opinion.

     

    (vii)  Proceedings
      and Documents.

     

    All
      corporate and other proceedings in connection with the transactions contemplated
      by this Exchange Agreement, the Guarantees and all documents and instruments
      incident to such transactions shall be reasonably satisfactory to Initial
      Purchaser, and Initial Purchaser shall have received all such counterpart
      originals or certified or other copies of such documents as it may reasonably
      request.

     

    (viii)  Fees

     

    On
      or
      prior to Closing, the Company shall, in the aggregate, have paid the Initial
      Purchaser a commitment fee equal to $383,000 (representing the final one-third
      installment of the commitment fee not previously paid to the Initial Purchaser)
      via wire transfer in accordance with wire transfer instructions previously
      provided to the Company by the Initial Purchaser. 

     

    (b)
        
      The
      Company’s obligation to issue and exchange the Notes in exchange for Existing
      Notes at the Closing is subject to the fulfillment, prior to or at the Closing,
      of the following conditions:

     

    (i
      )  Performance;
      No Default.

     

    The
      Initial Purchaser shall have performed and complied with all agreements and
      conditions contained in this Exchange Agreement required to be performed or
      complied with by it prior to the Closing. 

     

    (ii)  Related
      Documents. 

     

    
      
        
        

      

      
        9

        
          

        

      

      
        
        

      

       

    

    The
      Company shall have obtained (1) the Series A Holders Consent, (2) the Facilities
      Amendments and (3) the Fairness Opinion.

     

    SECTION
      2.4   REPLACEMENT
      NOTES.

     

    If
      any
      mutilated Note is surrendered to the Company, or the Company receives evidence
      to its satisfaction of the destruction, loss or theft of any Note, and there
      is
      delivered to the Company such Note or indemnity as may be required by it to
      save
      it harmless, then, in the absence of notice to the Company that such Note has
      been acquired by a bona fide purchaser, the Company shall execute and deliver,
      in exchange for any such mutilated Note or in lieu of any such destroyed, lost
      or stolen Note, a new Note of like tenor and principal amount.

     

    In
      case
      any such mutilated, destroyed, lost or stolen Note has become or is about to
      become due and payable, or is about to be prepaid by the Company pursuant to
      Article 3, the Company, in its discretion, may, instead of issuing a new Note,
      pay or prepay such Note, as the case may be.

     

    Upon
      the
      issuance of any new Notes under this Section 2.4, the Company may require the
      payment by the Purchaser of a sum sufficient to cover any tax or other
      governmental charge that may be imposed in relation thereto and any other
      expenses in connection therewith.

     

    Every
      new
      Note issued pursuant to this Section 2.4 in lieu of any destroyed, lost or
      stolen Note shall constitute an original additional contractual obligation
      of
      the Company, whether or not the destroyed, lost or stolen Note shall be at
      any
      time enforceable by anyone, and shall be entitled to all benefits of this
      Exchange Agreement equally and proportionately with any and all other Notes
      duly
      issued hereunder.

     

    The
      provisions of this Section 2.4 are exclusive and shall preclude (to the extent
      lawful) all other rights and remedies with respect to the replacement or payment
      of mutilated, destroyed, lost or stolen Notes.

     

    SECTION
      2.5   OUTSTANDING
      NOTES.

     

    If
      a Note
      is replaced pursuant to Section 2.4, it ceases to be outstanding unless the
      Company receives proof satisfactory to it that the replaced Note is held by
      a
      bona fide purchaser. Subject to the restrictions contained in Section 2.6,
      a
      Note does not cease to be outstanding because the Company or an Affiliate of
      the
      Company holds the Note. 

     

    SECTION
      2.6   TRANSFER
      AND EXCHANGE OF NOTES.

     

    Upon
      surrender of any Note at the principal executive office of the Company for
      registration of transfer or exchange (and in the case of a surrender for
      registration of transfer accompanied by a written instrument of transfer duly
      executed by the registered Holder of such Note or such Holder’s attorney duly
      authorized in writing and accompanied by the address for notices of each
      transferee of such Note or part thereof), within ten Business Days thereafter
      the Company shall execute and deliver, at the Company’s expense (except as
      provided below), one or more new Notes (as requested by the Holder thereof)
      in
      exchange therefor, in an aggregate principal amount equal to the unpaid
      principal amount of the surrendered Note. Each such new Note shall be payable
      to
      such Person as such Holder may request. Each such new Note shall be dated and
      bear interest from the date to which interest shall have been paid on the
      surrendered Note or dated the date of the surrendered Note if no interest shall
      have been paid thereon. The Company may require payment of a sum sufficient
      to
      cover any stamp tax or governmental charge imposed in respect of any such
      transfer of Notes. Notes shall not be transferred or registered in denominations
      of less than $500,000 or any integral multiple of $10,000 in excess thereof,
      provided that if necessary to enable the registration of transfer by a holder
      of
      its entire holding of Notes, one Note may be in a denomination of less than
      $500,000 or such integral multiple. In order to effectuate any transfer pursuant
      to this Section 2.6, the transferor and transferee shall have completed the
      Transfer Notice attached to the form of Note attached as Exhibit A
      hereto.

     

    
      
        
        

      

      
        10

        
          

        

      

      
        
        

      

    

     

    SECTION
      2.7   TREASURY
      NOTES

     

    In
      determining whether the Purchasers of the required principal amount of Notes
      have concurred in any notice, direction, waiver or consent, Notes owned by
      the
      Company or any other obligor on the Notes or by any Affiliate of the Company
      or
      of such other obligor shall be disregarded. 

     

    SECTION
      2.8   DEFAULTED
      INTEREST.

     

    If
      the
      Company defaults in a payment of interest on the Notes, the Company shall pay
      defaulted interest (plus interest on such defaulted interest to the extent
      lawful) at the rate specified therefor in the Notes in any lawful manner. The
      Company may pay the defaulted interest to the Persons who are Purchasers on
      a
      subsequent special payment date. The Company shall promptly mail to each
      Purchaser a notice that states the special payment date and the amount of
      defaulted interest to be paid. 

     

    ARTICLE
      3

     

    PREPAYMENT

     

    SECTION
      3.1   PREPAYMENT.

     

    The
      Company may, at its option, from time to time prepay all or any part of the
      Notes (in a minimum principal amount of $1,000,000 and otherwise in multiples
      of
      $500,000) on any date prior to maturity, upon notice as set forth below, and
      at
      the prepayment prices set forth in paragraph 5 of the form of Note attached
      hereto as Exhibit A, together with accrued and unpaid interest thereon to the
      date of prepayment. Such notice shall be accompanied by an Officer’s Certificate
      of the Company to the effect that such prepayment will comply with the
      conditions herein. 

     

    SECTION
      3.2   SELECTION
      OF NOTES TO BE PREPAID.

     

    If
      less
      than all of the Notes are to be prepaid, the Company shall, not more than 30
      days prior to the prepayment date, select the Notes to be prepaid by lot, pro
      rata or by another method the Company considers fair and appropriate. The
      Company shall make the selection from the Notes outstanding and not previously
      called for prepayment. The Company may select for prepayment portions of the
      principal of Notes that have denominations larger than $1,000. Provisions of
      this Exchange Agreement that apply to Notes called for prepayment also apply
      to
      portions of Notes called for prepayment. 

     

    
      
        
        

      

      
        11

        
          

        

      

      
        
        

      

    

     

    SECTION
      3.3   NOTICE
      OF
      PREPAYMENT.

     

    At
      least
      15 days but not more than 30 days before a prepayment date, the Company shall
      mail or cause to be mailed a notice of prepayment by first-class mail to each
      Purchaser of Notes to be prepaid at such Purchaser’s address as it appears on
      the Company’s books.

     

    The
      notice shall identify the Notes to be prepaid and shall state:

     

    (1)
        the
      prepayment date;

     

    (2)
        the
      prepayment price, or method by which it is to be calculated;

     

    (3)
        that
      Notes called for prepayment must be presented and surrendered to the Company
      to
      collect the prepayment price plus accrued and unpaid interest, if any;

     

    (4)
        that,
      unless the Company defaults in making the prepayment, interest on Notes called
      for prepayment ceases to accrue on and after the prepayment date and the only
      remaining right of the Purchaser is to receive payment of the prepayment price
      upon presentation and surrender to the Company of the Notes; and

     

    (5)
        if
      any
      Note is being prepaid in part, the portion of the principal amount of such
      Note
      to be prepaid and that, after the prepayment date, upon presentation and
      surrender of such Note, a new Note or Notes in principal amount equal to the
      unpaid portion thereof will be issued.

     

    SECTION
      3.4   EFFECT
      OF
      NOTICE OF PREPAYMENT.

     

    Once
      the
      notice of prepayment described in Section 3.3 is mailed, Notes called for
      prepayment become due and payable on the prepayment date and at the prepayment
      price stated in the notice. Upon presentation and surrender to the Company,
      such
      Notes shall be paid at the prepayment price, plus accrued and unpaid interest,
      if any, to the prepayment date; provided, that if the prepayment date is on
      an
      interest payment date, any accrued and unpaid interest shall be payable to
      the
      Purchaser of the prepaid Notes registered on the relevant record date; provided,
      further, that if the prepayment date is a Legal Holiday, payment shall be made
      on the next succeeding Business Day and no interest shall accrue for the period
      from such prepayment date to such succeeding Business Day. The notice, if mailed
      in the manner herein provided, shall be conclusively presumed to have been
      duly
      given, whether or not the Purchaser receives such notice. In any case, failure
      to give such notice by mail or any defect in the notice to the Purchaser of
      any
      Note designated for prepayment as a whole or in part shall not affect the
      validity of the proceedings for the prepayment of any other Note.

     

    
      
        
        

      

      
        12

        
          

        

      

      
        
        

      

    

     

    SECTION
      3.5   NOTES
      PREPAID IN PART.

     

    Upon
      surrender of a Note that is prepaid in part, the Company shall execute for
      the
      Purchaser (at the Company’s expense) a new Note equal in principal amount to the
      unpaid portion of the Note surrendered.

     

    ARTICLE
      4

     

    REPRESENTATIONS,
      WARRANTIES AND COVENANTS

     

    SECTION
      4.1   REPRESENTATIONS
      OF THE COMPANY

     

    The
      Company represents and warrants to Initial Purchaser that:

     

    (a)
        Organization;
      Power and Authority.

     

    The
      Company is a corporation duly organized and validly existing under the laws
      of
      its jurisdiction of incorporation, and is duly qualified as a foreign
      corporation in each jurisdiction in which such qualification is required by
      law.
      The Company and each Guarantor has the requisite corporate power and authority
      to own or hold under lease the properties it purports to own or hold under
      lease, to transact the business it transacts and proposes to transact, to
      execute and deliver this Exchange Agreement and the Notes and to perform the
      provisions hereof and thereof.

     

    (b)
        Authorization.

     

    This
      Exchange Agreement and the Notes have been duly authorized by all necessary
      corporate action on the part of the Company and each Guarantor, and this
      Exchange Agreement constitutes, and upon execution and delivery thereof each
      Note will constitute, a legal, valid and binding obligation of the Company
      and
      each Guarantor enforceable against each of them in accordance with its terms,
      except as such enforceability may be limited by (i) applicable bankruptcy,
      insolvency, reorganization, moratorium or other similar laws affecting the
      enforcement of creditors’ rights generally and (ii) general principles of
      equity (regardless of whether such enforceability is considered in a proceeding
      in equity or at law).

     

    (c)
        Organization
      and Ownership of Shares of Subsidiaries; Affiliates.

     

    (1)
        The
      Company does not directly or indirectly control or own any interest in any
      Subsidiary, except as set forth in the Company’s Form 10-K for the fiscal year
      ended December 31, 2006, as amended. The Company owns, directly or indirectly,
      all of the capital stock of each Subsidiary free and clear of any Lien, other
      than Liens arising under the Bank Credit Facility, and all the issued and
      outstanding shares of capital stock of each Subsidiary are validly issued and
      are fully paid, non-assessable (or its equivalent under applicable law) and
      free
      of preemptive and similar rights.

     

    (2)
        Each
      Subsidiary is a corporation or other legal entity duly organized, validly
      existing and, where legally applicable, in good standing under the laws of
      its
      jurisdiction of organization, and is duly qualified as a foreign corporation
      or
      other legal entity and, where legally applicable, is in good standing in each
      jurisdiction in which such qualification is required by law. Each such
      Subsidiary has the requisite corporate or other power and authority to own
      or
      hold under lease the properties it purports to own or hold under lease and
      to
      transact the business it transacts and proposes to transact.

     

    
      
        
        

      

      
        13

        
          

        

      

      
        
        

      

    

     

    (3)
        Other
      than the Bank Credit Facility, no Subsidiary is a party to, or otherwise subject
      to any legal restriction or any agreement restricting the ability of such
      Subsidiary to pay dividends out of profits or make any other similar
      distributions of profits to the Company or any of its Subsidiaries that owns
      outstanding shares of capital stock or similar equity interests of such
      Subsidiary.

     

    (d)
        Compliance
      with Laws, Other Instruments, etc.

     

    The
      execution, delivery and performance by the Company or any Guarantor of this
      Exchange Agreement and the Notes will not (i) contravene, result in any
      breach of, or constitute a default under, or result in the creation of any
      Lien
      in respect of any property of the Company or any Guarantor under, any indenture,
      mortgage, deed of trust, loan, purchase or credit agreement, lease, corporate
      charter, memorandum and articles of association, regulations or by-laws, or
      any
      other material agreement or instrument to which the Company or any Guarantor
      is
      bound or by which the Company or any Guarantor or any of their respective
      properties may be bound or affected, (ii) conflict with or result in a
      breach of any of the terms, conditions or provisions of any order, judgment,
      decree, or ruling of any court, arbitrator or governmental authority applicable
      to the Company or any Guarantor or (iii) violate any provision of any
      statute or other rule or regulation of any governmental authority applicable
      to
      the Company or any Guarantor.

     

    (e)
        Governmental
      Authorizations.

     

    No
      consent, approval or authorization of, or registration, filing or declaration
      with, any governmental authority is required in connection with the execution,
      delivery or performance by the Company or any Guarantor of this Exchange
      Agreement or the Notes (other than a filing by the Company of a Form D with
      respect to the Notes).

     

    (f)
        Litigation;
      Observance of Agreements, Statutes and Orders.

     

    There
      are
      no material actions, suits or proceedings pending or, to the knowledge of the
      Company, threatened against or affecting the Company or any Subsidiary or any
      property of the Company or any Subsidiary in any court or before any arbitrator
      of any kind or before or by any governmental authority.

     

    Neither
      the Company nor any Subsidiary is in default under any term of any material
      agreement or instrument to which it is a party or by which it is bound or any
      order, judgment, decree or ruling of any court, arbitrator or governmental
      authority or is in violation of any applicable law, ordinance, rule or
      regulation of any governmental authority.

     

    (g)
        Taxes.

     

    The
      Company and its Subsidiaries have filed all income and other material tax
      returns that are required to have been filed in any jurisdiction, and the
      Company and its Subsidiaries have paid all taxes and assessments shown to be
      due
      and payable on such returns and all other material taxes and assessments levied
      upon them or their properties, assets, income or franchises, to the extent
      such
      taxes and assessments have become due and payable and before they have become
      delinquent, except for any taxes and assessments the amount, applicability
      or
      validity of which is currently being contested in good faith by appropriate
      proceedings and with respect to which the Company has established adequate
      reserves in accordance with GAAP. The charges, accruals and reserves on the
      books of the Company and its Subsidiaries in respect of taxes for all financial
      periods are adequate in accordance with GAAP.

     

    
      
        
        

      

      
        14

        
          

        

      

      
        
        

      

    

     

    (h)
        Private
      Offering.

     

    Neither
      the Company nor anyone acting on its behalf has offered the Notes or any similar
      securities for sale to, or solicited any offer to buy any of the same from,
      or
      otherwise approached or negotiated in respect thereof with, any Person other
      than the Initial Purchaser, which has been offered the Notes at a private sale
      for investment. Neither the Company nor anyone acting on its behalf has taken,
      or will take, any action that would subject the issuance or sale of the Notes
      to
      the registration requirements of Section 5 of the Securities Act. The
      representation by the Company in this Section 4.1(h) is made in reliance upon
      and is subject to the accuracy of the Initial Purchaser’s representations in
      Section 4.2. 

     

    (i)
        Brokers.

     

    No
      brokerage or finder’s fees or commissions are or will be payable by the Company
      to any broker, financial advisor or consultant, finder, placement agent,
      investment banker, bank or other Person with respect to the transactions
      contemplated by this Exchange Agreement.

     

    (j)
        Foreign
      Assets Control Regulations, etc.

     

    Neither
      the sale of the Notes by the Company hereunder nor its use of the proceeds
      thereof will violate the Trading with the Enemy Act, as amended, or any of
      the
      foreign assets control regulations of the United States Treasury Department
      (31
      CFR, Subtitle B, Chapter V, as amended) or any enabling legislation or executive
      order relating thereto. Without limiting the foregoing, neither the Company
      nor
      any Subsidiary (i) is a blocked person described in Section 1 of Executive
      Order
      13224 of September 23, 2001 Blocking Property and Prohibiting Transactions
      With
      Persons Who Commit, Threaten to Commit, or Support Terrorism (66 Fed. Reg.
      49049
      (2001)) or (ii) knowingly engages or will knowingly engage in any dealings
      or
      transactions, or be otherwise associated, with any such person.  The
      Company and its Subsidiaries are in compliance, in all material respects, with
      the Uniting And Strengthening America By Providing Appropriate Tools Required
      To
      Intercept And Obstruct Terrorism Act (USA Patriot Act of 2001).

     

    No
      part
      of the proceeds from the sale of the Notes hereunder will be used, directly
      or
      indirectly, for any payments to any governmental official or employee, political
      party, official of a political party, candidate for political office, or anyone
      else acting in an official capacity, in order to obtain, retain or direct
      business or obtain any improper advantage, in violation of the Foreign Corrupt
      Practices Act of 1977, as amended, assuming in all cases that such Act applies
      to the Company and its Subsidiaries.

     

    (k)
        Ranking.

     

    The
      obligations of the Company under this Agreement and the Notes will, upon
      issuance of the Notes, rank at least pari passu,
      without
      preference or priority, with all other unsecured and unsubordinated Indebtedness
      of the Company.

     

    
      
        
        

      

      
        15

        
          

        

      

      
        
        

      

    

     

    SECTION
      4.2   REPRESENTATIONS
      AND WARRANTIES OF THE PURCHASERS

     

    Initial
      Purchaser hereby, represents and warrants to the Company as
      follows:

     

    (a)
        Organization;
      Authority. The Purchaser is an entity duly organized, validly existing and
      in
      good standing under the laws of the jurisdiction of its organization with the
      requisite corporate, limited liability company or partnership power and
      authority to enter into and to consummate the transactions contemplated by
      this
      Exchange Agreement and otherwise to carry out its obligations hereunder and
      thereunder. The execution, delivery and performance by the Purchaser of this
      Exchange Agreement have been duly authorized by all necessary corporate, limited
      liability company or partnership action on the part of the Purchaser. This
      Exchange Agreement has been duly executed by the Purchaser and, when delivered
      by such Purchaser in accordance with terms hereof, will constitute the valid
      and
      legally binding obligation of the Purchaser, enforceable against it in
      accordance with its terms.

     

    (b)
        Purchaser
      Status. At the time the Purchaser was offered the Notes, it was, and at the
      date
      hereof it is, an “accredited investor” as defined in Rule 501(a) under the
      Securities Act. The Purchaser is not a registered broker-dealer under Section
      15
      of the Exchange Act.

     

    (c)
        Experience
      of the Purchaser. The Purchaser, either alone or together with its
      representatives, has such knowledge, sophistication and experience in business
      and financial matters so as to be capable of evaluating the merits and risks
      of
      the prospective investment in the Notes, and has so evaluated the merits and
      risks of such investment. The Purchaser is able to bear the economic risk of
      an
      investment in the Notes and, at the present time, is able to afford a complete
      loss of such investment.

     

    (d)
        General
      Solicitation. The Purchaser is not purchasing the Notes as a result of any
      advertisement, article, notice or other communication regarding the Notes
      published in any newspaper, magazine or similar media or broadcast over
      television or radio or presented at any seminar or any other general
      solicitation or general advertisement.

     

    (e)
        Investment
      Intent. The Purchaser is acquiring the Notes as principal for its own account
      for investment purposes and not with a view to distributing or reselling such
      Notes or any part thereof in violation of applicable securities laws, without
      prejudice, however, to the Purchaser’s right at all times to sell or otherwise
      dispose of all or any part of such Notes in compliance with applicable federal
      and state securities laws. Nothing
      contained herein shall be deemed a representation or warranty by the
      Purchaser to hold the Notes for any period of time. The
      Purchaser understands that the Notes have not been registered under the
      Securities Act, and therefore the Notes may not be sold, assigned or transferred
      in the U.S. other than pursuant to (i) an effective registration statement
      under
      the Securities Act or (ii) an exemption from such registration requirements.
      The
      Purchaser acknowledges that it is able to bear the financial risks associated
      with an investment in the Notes and that it has received such information as
      it
      has deemed necessary or appropriate to conduct its due diligence investigation
      and has sufficient knowledge and experience in investing in companies similar
      to
      the Company so as to be able to evaluate the risks and merits of its investment
      in the Company.

     

    
      
        
        

      

      
        16

        
          

        

      

      
        
        

      

    

     

    (f)
        Reliance
      on Exemptions.
      The
      Purchaser understands that the Notes are being offered and sold to it in
      reliance on specific exemptions from the registration requirements of U.S.
      federal and state securities laws and that the Company is relying in part upon
      the truth and accuracy of, and the Purchaser’s representations and warranties
      set forth herein in order to determine the availability of such exemptions
      and
      the eligibility of such Purchaser to acquire the Notes.

     

    (g)
        Brokers.
      No brokerage or finder’s fees or commissions are or will be payable by the
      Purchasers to any broker, financial advisor or consultant, finder, placement
      agent, investment banker, bank or other Person with respect to the transactions
      contemplated by this Exchange Agreement, and no Purchaser has taken any action
      that would cause the Company to be liable for any such fees or
      commissions.

     

    SECTION
      4.3   PAYMENT
      OF NOTES.

     

    The
      Company covenants and agrees that it will duly and punctually pay or cause
      to be
      paid the principal amount at maturity, and interest, in respect of each of
      the
      Notes at the places, at the respective times and in the manner provided herein
      and in the Notes. Each installment of interest on the Notes may be paid by
      mailing checks for the interest payable to or upon the written order of the
      Purchaser of Notes entitled thereto as they shall appear on the registry books
      of the Company.

     

    The
      Company shall pay interest on overdue principal at the rate specified therefor
      in the Notes, and it shall pay interest on overdue installments of interest
      at
      the same rate to the extent lawful as provided in Section 2.8.

     

    SECTION
      4.4   SEC
      REPORTS; 144A INFORMATION.

     

    The
      Company shall file all reports and other information and documents which it
      is
      required to file with the SEC pursuant to Section 13 or 15(d) of the Exchange
      Act. The Company will cause any quarterly and annual reports which it mails
      to
      its stockholders to be mailed to the Purchasers.

     

    Unless
      otherwise consented to by the Purchasers, in the event the Company is at any
      time no longer subject to the reporting requirements of Section 13 or 15(d)
      of
      the Exchange Act, the Company will prepare, for the first three quarters of
      each
      fiscal year, quarterly financial statements substantially equivalent to the
      financial statements required to be included in a report on Form 10-Q under
      the
      Exchange Act. In such event, the Company will also prepare, on an annual basis,
      complete audited consolidated financial statements including, but not limited
      to, a balance sheet, a statement of income and retained earnings, a statement
      of
      cash flows and all appropriate notes. All such financial statements will be
      prepared in accordance with GAAP, except for changes with which the Company’s
      independent accountants concur, and except that quarterly statements may be
      subject to year-end adjustments. The Company will cause a copy of such financial
      statements to be mailed to the Purchasers within 50 days after the close for
      each of the first three quarters of each fiscal year and within 95 days after
      the close of each fiscal year.

     

    
      
        
        

      

      
        17

        
          

        

      

      
        
        

      

    

     

    At
      any
      time when the Company is not subject to Section 13 or 15(d) of the Exchange
      Act,
      upon the request of a Purchaser or beneficial owner of a Note, the Company
      will
      promptly furnish or cause to be furnished Rule 144A Information (as defined
      below) to such holder, to such beneficial owner or to a prospective purchaser
      designated by such Purchaser or beneficial owner, as the case may be, in order
      to permit compliance by such Purchaser or beneficial owner with Rule 144A under
      the Securities Act in connection with the resale of such Note by such Purchaser
      or beneficial owner; provided, however, the Company shall not be required to
      furnish such information in connection with any request made on or after the
      date which is two years from the later of (i) the date such Note (or any
      predecessor Note) was acquired from the Company or (ii) the date such Note
      (or
      any predecessor Note) was last acquired from an “affiliate” of the Company
      within the meaning of Rule 144 under the Securities Act. “Rule 144A Information”
shall be such information as is specified pursuant to Rule 144A(d)(4) under
      the
      Securities Act (or any successor provision thereto).

     

    SECTION
      4.5   LIMITATION
      ON LIENS.

     

    The
      Company shall not, and shall not permit any Subsidiary of the Company to, issue,
      assume or guarantee any Indebtedness for borrowed money secured by any Lien
      on
      any property or asset now owned or hereafter acquired by the Company or such
      Subsidiary without making effective provision whereby any and all Notes then
      or
      thereafter outstanding will be secured by a Lien equally and ratably with any
      and all other obligations thereby secured for so long as any such obligations
      shall be so secured. Notwithstanding the foregoing, the Company or any
      Subsidiary of the Company may, without so securing the Notes, issue, assume
      or
      guarantee Indebtedness for borrowed money secured by the following
      Liens:

     

    (a)
        Liens
      existing on the date on which the Notes are originally issued or provided for
      under the terms of agreements existing on such date;

     

    (b)
        Liens
      on
      property securing (i) all or any portion of the cost of acquiring, constructing,
      altering, improving or repairing any property or assets, real or personal,
      or
      improvements used or to be used in connection with such property or (ii)
      Indebtedness incurred by the Company or any Subsidiary of the Company prior
      to
      or within one year after the later of the acquisition, the completion of
      construction, alteration, improvement or repair or the commencement of
      commercial operation of such property, which Indebtedness is incurred for the
      purpose of financing all or any part of the purchase price thereof or
      construction or improvements thereon;

     

    (c)
        Liens
      securing Indebtedness owed by a Subsidiary of the Company to the Company or
      to
      any other Subsidiary of the Company;

     

    (d)
        Liens
      on
      the property of any Person existing at the time such Person becomes a Subsidiary
      of the Company and not incurred as result of (or in connection with or in
      anticipation of) such Person becoming a Subsidiary of the Company, provided
      that
      such Liens do not extend to or cover any property or assets of the Company
      or
      any of its Subsidiaries other than the property encumbered at the time such
      Person becomes a Subsidiary of the Company and do not secure Indebtedness with
      a
      principal amount in excess of the principal amount outstanding at such
      time;

     

    
      
        
        

      

      
        18

        
          

        

      

      
        
        

      

    

     

    (e)
        Liens
      on
      any property securing (i) Indebtedness incurred in connection with the
      construction, installation or financing of pollution control or abatement
      facilities or other forms of industrial revenue bond financing or (ii)
      Indebtedness issued or guaranteed by the United States or any State thereof
      or
      any department, agency or instrumentality of either;

     

    (f)
        Liens
      on
      any property of the Company or any Subsidiary in favor of governmental
      bodies;

     

    (g)
        Liens
      to
      secure taxes not yet due or which are being contested in good faith by the
      Company or a Subsidiary;

     

    (h)
        Liens
      extending, renewing, refinancing or replacing (or successive extensions,
      renewals, refinancings or replacements of) any Lien, in whole or in part, of
      any
      type permitted under the foregoing clauses (a) through (g) above, provided
      that
      such Lien extends to or covers only the property that is subject to the Lien
      being extended, renewed, refinanced or replaced and that the principal amount
      of
      the Indebtedness secured thereby shall not exceed the principal amount of
      Indebtedness so secured at the time of such extension, renewal, refinancing
      or
      replacement; or

     

    (i)
        Liens
      (exclusive of any Lien of any type otherwise permitted under clauses (a) through
      (h) above) securing Indebtedness for borrowed money of the Company or any
      Subsidiary of the Company in an aggregate principal amount which, together
      with
      the aggregate amount of Attributable Indebtedness deemed to be outstanding
      in
      respect of all Sale/Leaseback Transactions entered into pursuant to clause
      (a)
      of Section 4.6 hereof (exclusive of any such Sale/Leaseback Transactions
      otherwise permitted under clauses (a) through (h) above), does not at the time
      such Indebtedness is incurred exceed the greater of $50 million and 10% of
      Consolidated Net Tangible Assets, as determined on the consolidated balance
      sheet of the Company as of the end of the most recent fiscal quarter ending
      at
      least 45 days prior thereto.

     

    SECTION
      4.6   LIMITATION
      ON SALE/LEASEBACK TRANSACTIONS.

     

    The
      Company shall not, and shall not permit any Subsidiary of the Company to, enter
      into any Sale/Leaseback Transaction with any Person (other than the Company
      or a
      Subsidiary of the Company) unless:

     

    (a)
        the
      Company or such Subsidiary would be entitled to incur Indebtedness, in a
      principal amount equal to the Attributable Indebtedness with respect to such
      Sale/Leaseback Transaction, secured by a Lien on the property subject to such
      Sale/Leaseback Transaction pursuant to Section 4.5 without equally and ratably
      securing the Notes pursuant hereto;

     

    (b)
        after
      the
      date on which the Notes are originally issued and within a period commencing
      six
      months prior to the consummation of such Sale/Leaseback Transaction and ending
      six months after the consummation thereof, the Company or such Subsidiary shall
      have expended for property used or to be used in the ordinary course of business
      of the Company and its Subsidiaries an amount equal to all or a portion of
      the
      net proceeds of such Sale/Leaseback Transaction and the Company shall have
      elected to designate such amount as a credit against such Sale/Leaseback
      Transaction (with any such amount not being so designated to be applied as
      set
      forth in clause (c) below); or

     

    
      
        
        

      

      
        19

        
          

        

      

      
        
        

      

    

     

    (c)
        the
      Company, during the 12-month period after the effective date of such
      Sale/Leaseback Transaction, shall have applied to the voluntary prepayment
      or
      retirement of Notes or any Pari Passu Indebtedness an amount equal to the
      greater of the net proceeds of the sale or transfer of the property leased
      in
      such Sale/Leaseback Transaction and the fair value, as determined by the Board
      of Directors of the Company, of such property at the time of entering into
      such
      Sale/Leaseback Transaction (in either case adjusted to reflect the remaining
      term of the lease and any amount expended by the Company as set forth in clause
      (b) above), less an amount equal to the principal amount of Notes and Pari
      Passu
      Indebtedness voluntarily prepaid or retired by the Company within such 12-month
      period and not designated as a credit against any other Sale/Leaseback
      Transaction entered into by the Company or any Subsidiary during such
      period.

     

    SECTION
      4.7   COMPLIANCE
      CERTIFICATES.

     

    The
      Company and the Guarantors shall deliver to the Purchasers within 120 days
      after
      the end of each fiscal year of the Company, an Officers’ Certificate as to the
      signer’s knowledge of the Company’s and the Guarantors’ compliance with all
      conditions and covenants on their part contained in this Exchange Agreement
      and
      stating whether or not the signer knows of any default or Event of Default.
      If
      such signer knows of such a default or Event of Default, the Officers’
Certificate shall describe the default or Event of Default and the efforts
      to
      remedy the same. For the purposes of this Section 4.7, compliance shall be
      determined without regard to any grace period or requirement of notice provided
      pursuant to the terms of this Exchange Agreement.

     

    SECTION
      4.8   NOTICE
      OF
      DEFAULTS.

     

    The
      Company and the Guarantors will give notice to the Purchasers, promptly upon
      becoming aware thereof, of the existence of any Event of Default
      hereunder.

     

    SECTION
      4.9   PAYMENT
      OF TAXES AND OTHER CLAIMS.

     

    The
      Company and the Guarantors will, and will cause each of their Subsidiaries
      to,
      pay or discharge or cause to be paid or discharged, before the same shall become
      delinquent, (1) all material taxes, assessments and governmental charges levied
      or imposed upon the Company, directly or by reason of its ownership of any
      Subsidiary, the Guarantors or their Subsidiaries or upon the income, profits
      or
      property of the Company, the Guarantors or their Subsidiaries; and (2) all
      material lawful claims for labor, materials and supplies, which, if unpaid,
      might by law become a lien upon the property of the Company, the Guarantors
      or
      their Subsidiaries; provided, however, that none of the Company, the Guarantors
      or their Subsidiaries shall be required to pay or discharge or cause to be
      paid
      or discharged any such tax, assessment, charge or claim whose amount,
      applicability or validity is being contested in good faith by appropriate
      proceedings and for which adequate provision has been made.

     

    SECTION
      4.10   CORPORATE
      EXISTENCE.

     

    Subject
      to Article 5, the Company will do or cause to be done all things necessary
      to
      preserve and keep in full force and effect its corporate existence and rights
      (charter and statutory) and the corporate, partnership or other existence of
      each Subsidiary, in accordance with the respective organizational documents
      (as
      the same may be amended from time to time) of each Subsidiary and the rights
      (charter and statutory), licenses and franchises of the Company and its
      Subsidiaries; provided, however, that the Company shall not be required to
      preserve any such right, license or franchise, or the corporate, partnership
      or
      other existence of any of its Subsidiaries if the Company shall determine that
      the preservation thereof is no longer desirable in the conduct of the business
      of the Company and its Subsidiaries and that the loss thereof is not, and will
      not be, adverse in any material respect to the Purchasers.

     

    
      
        
        

      

      
        20

        
          

        

      

      
        
        

      

    

     

    SECTION
      4.11   MAINTENANCE
      OF PROPERTIES.

     

    The
      Company will, and will cause each of its Subsidiaries to, cause all material
      properties owned, leased or licensed in the conduct of their business to be
      maintained and kept in good condition, repair and working order and supplied
      with all necessary equipment and will cause to be made all necessary repairs,
      renewals, replacements, betterments and improvements thereof and thereto, all
      as
      in the judgment of the Company may be necessary so that the business carried
      on
      in connection therewith may be properly and advantageously conducted at all
      times while any Notes are outstanding; provided, however, that nothing in this
      Section 4.11 shall prevent the Company from doing otherwise if, in the judgment
      of the Company, the same is desirable in the conduct of the Company’s business
      and is not, and will not be, adverse in any material respect to the
      Purchasers.

     

    SECTION
      4.12   PAYMENT
      OF EXPENSES; INDEMNIFICATION.

     

    The
      Company agrees to (a) pay all reasonable out-of-pocket costs and expenses of
      (i)
      the Initial Purchaser in connection with the negotiation, preparation, execution
      and delivery of this Agreement, the Note and the other documents and instruments
      referred to herein or therein and any amendment, waiver or consent relating
      hereto and thereto including, but not limited to, any such amendments, waivers
      or consents resulting from or related to any work-out, renegotiation or
      restructure relating to the performance by the Company or Guarantors under
      this
      Agreement or the Notes and (ii) the Noteholders in connection with enforcement
      of this Agreement, the Notes and the documents and instruments referred to
      herein or therein (including, without limitation, in connection with any such
      enforcement, the reasonable fees and disbursements of counsel for each of the
      Noteholders), and (b) indemnify each Noteholder, its officers, directors,
      employees, representatives and agents from and hold each of them harmless
      against any and all losses, liabilities, claims, damages or expenses incurred
      by
      any of them as result of, or arising out of, or in any way related to, or by
      reason of, any investigation, litigation or other proceeding (whether or not
      any
      Noteholder is a party thereto) related to the entering into and/or performance
      of this Agreement, the Notes or the consummation of any other transactions
      contemplated in this Agreement or the Notes, including, without limitation,
      the
      reasonable fees and disbursements of counsel incurred in connection with any
      such investigation, litigation or other proceeding (but excluding any such
      losses, liabilities, claims, damages or expenses to the extent they are incurred
      by reason of gross negligence or willful misconduct on the part of the Persons
      to be indemnified).

     

    SECTION
      4.13   FURTHER
      INSTRUMENTS AND ACTS.

     

    Upon
      request of the Holders of a majority of the principal amount of the Notes then
      outstanding, the Company will execute and deliver such further instruments
      and
      do such further acts as may be reasonably necessary or proper to carry out
      more
      effectively the purposes of this Exchange Agreement.

     

    
      
        
        

      

      
        21

        
          

        

      

      
        
        

      

    

     

    ARTICLE
      5

     

    SUCCESSOR
      CORPORATION

     

    SECTION
      5.1   LIMITATION
      ON CONSOLIDATION, MERGER AND SALE OF ASSETS.

     

    The
      Company shall not, and shall not permit any Guarantor (unless such Guarantor
      shall have been released from its Guarantee pursuant to Section 8.14 hereof)
      to,
      consolidate with or merge into any Person, or sell, lease, convey, transfer
      or
      otherwise dispose of all or substantially all of its assets to any Person,
      unless:

     

    (a)
        the
      Person formed by or surviving such consolidation (if other than the Company
      or
      such Guarantor, as the case may be), or to which such sale, lease, conveyance,
      transfer or other disposition shall be made, shall be a Subsidiary of the
      Company or a corporation organized and validly existing under the laws of the
      United States of America, any State thereof or the District of Columbia (or,
      alternatively, in the case of a Guarantor organized under the laws of a
      jurisdiction outside the United States, a corporation organized and existing
      under the laws of such foreign jurisdiction), and shall expressly assume, by
      a
      joinder hereto, executed and delivered to the Holders, in form satisfactory
      to
      the Holders of a majority of the principal amount of the Notes then outstanding,
      the due and punctual payment of the principal of (and premium, if any) and
      interest on all the Notes and the performance or observance of every covenant
      of
      this Exchange Agreement or the Guarantees on the part of the Company or such
      Guarantor, as the case may be, to be performed or observed;

     

    (b)
        immediately
      after giving effect to such transaction and treating any indebtedness which
      becomes an obligation of the Company or a Subsidiary as a result of such
      transaction as having been incurred by the Company or such Subsidiary at the
      time of such transaction, no Event of Default, and no event which, after notice
      or lapse of time or both, would become an Event of Default, shall have occurred
      and be continuing;

     

    (c)
        if,
      as a
      result of the transaction, property of the Company or any Subsidiary would
      become subject to a Lien that would not be permitted under Section 4.5 hereof,
      the Company or such Subsidiary takes such steps as shall be necessary to secure
      the Notes equally and ratably with (or prior to) the Indebtedness secured by
      such Lien; and

     

    (d)
        the
      Company has delivered to the Purchaser an Officers’ Certificate and an Opinion
      of Counsel, each stating that such consolidation, merger, sale, lease,
      conveyance, transfer or disposition and, if a joinder is required in connection
      with such transaction, such joinder comply with this Article and that all
      conditions precedent herein provided for relating to such transaction have
      been
      complied with.

     

    
      
        
        

      

      
        22

        
          

        

      

      
        
        

      

    

     

    SECTION
      5.2   SUCCESSOR
      CORPORATION SUBSTITUTED.

     

    Upon
      any
      consolidation of the Company or any Guarantor with, or merger of the Company
      or
      any Guarantor into, any other Person or any sale, lease, conveyance, transfer
      or
      disposition of the properties and assets of the Company or any Guarantor
      substantially as an entirety in accordance with Section 5.1, the successor
      corporation formed by such consolidation or into which the Company or such
      Guarantor is merged or to which such sale, lease, conveyance, transfer or
      disposition is made shall succeed to, and be substituted for, and may exercise
      every right and power of, the Company or such Guarantor under this Exchange
      Agreement with the same effect as if such successor corporation had been named
      as the Company or such Guarantor herein, and thereafter, except in the case
      of a
      lease, the predecessor corporation shall be relieved of all obligations and
      covenants under this Exchange Agreement and the Notes.

     

    ARTICLE
      6

     

    DEFAULT
      AND REMEDIES

     

    SECTION
      6.1   EVENTS
      OF
      DEFAULT.

     

    An
“Event
      of Default” occurs if:

     

    (1)
        the
      Company or any Guarantor defaults in the payment of any interest on the Notes
      when the same becomes due and payable and the default continues for a period
      of
      30 days;

     

    (2)
        the
      Company or any Guarantor defaults in the payment of the principal of or premium,
      if any, on any Note when the same becomes due and payable at maturity, upon
      prepayment or otherwise;

     

    (3)
        the
      Company or any Guarantor fails to comply with any of its other covenants or
      agreements contained in, or provisions of, the Notes, the Guarantees or this
      Exchange Agreement and such failure continues for the period and after the
      notice specified below;

     

    (4)
        any
      default shall occur which results in the acceleration of the maturity of any
      Indebtedness of the Company or any Subsidiary of the Company having an
      outstanding principal amount of $10 million or more individually or, taken
      together with all other such Indebtedness that has been so accelerated, in
      the
      aggregate; or any default shall occur in the payment of any principal or
      interest in respect of any Indebtedness of the Company or any Subsidiary of
      the
      Company having an outstanding principal amount of $10 million or more
      individually or, taken together with all other such indebtedness with respect
      to
      which any such payment has not been made, in the aggregate and such default
      shall be continuing for a period of 30 days without the Company or such
      Subsidiary, as the case may be, effecting a cure of such default;

     

    (5)
        a
      judgment or order is rendered against the Company, a Guarantor or any
      Significant Subsidiary which requires the payment in money by the Company,
      a
      Guarantor or any Significant Subsidiary, either individually or in the
      aggregate, of an amount (to the extent not covered by insurance) in excess
      of
      $10,000,000, and such judgment or order remains unsatisfied, undischarged,
      unvacated, unbonded and unstayed for 30 days;

     

    
      
        
        

      

      
        23

        
          

        

      

      
        
        

      

    

    (6)
        the
      Company, a Guarantor or any Significant Subsidiary pursuant to or within the
      meaning of any Bankruptcy Law (as hereinafter defined):

     

    (A)
      commences
      a voluntary case or proceeding;

     

    (B)
      consents
      to the entry of an order for relief against it in an involuntary case or
      proceeding;

     

    (C)
      consents
      to the appointment of a Custodian (as hereinafter defined) of it or for all
      or
      substantially all of its property; or

     

    (D)
      makes
      a
      general assignment for the benefit of its creditors; or

     

    (7)
        a
      court
      of competent jurisdiction enters an order or decree under any Bankruptcy Law
      that:

     

    (A) is
      for
      relief against the Company, a Guarantor or any Significant Subsidiary in an
      involuntary case or proceeding;

     

    (B) appoints
      a Custodian of the Company, a Guarantor or any Significant Subsidiary or for
      all
      or substantially all of the property of any of them; or

     

    (C) orders
      the liquidation of the Company, a Guarantor or any Significant Subsidiary;
      and
      in each case the order or decree remains unstayed and in effect for 60
      days.

     

    The
      term
“Bankruptcy Law” means Title 11, U.S. Code or any similar Federal or state law
      for the relief of debtors. The term “Custodian” means any receiver, trustee,
      assignee, liquidator, sequestrator or similar official under any Bankruptcy
      Law.

     

    A
      default
      under clause (3) is not an Event of Default until the Holders of at least 25%
      in
      principal amount of the Notes then outstanding notify the Company of the
      default, and the Company does not cure the default within 60 days after receipt
      of such notice. The notice given pursuant to this Section 6.1 must specify
      the
      default, demand that it be remedied and state that the notice is a “Notice of
      Default.” When a default is cured, it ceases.

     

    SECTION
      6.2   ACCELERATION.

     

    If
      an
      Event of Default (other than an Event of Default specified in Section 6.1(6)
      or
      (7)) occurs and is continuing, the Holders of not less than 25% in principal
      amount of the Notes then outstanding may, by notice to the Company, declare
      all
      unpaid principal of and premium, if any, and accrued interest to the date of
      acceleration on the Notes then outstanding (if not then due and payable) to
      be
      due and payable upon any such declaration, and the same shall become and be
      immediately due and payable. If an Event of Default specified in Section 6.1(6)
      or (7) occurs, all unpaid principal of and premium, if any, and accrued interest
      on the Notes then outstanding shall ipso facto become and be immediately due
      and
      payable without any declaration or other act on the part of any
      Holder.

     

    
      
        
        

      

      
        24

        
          

        

      

      
        
        

      

    

     

    The
      Purchasers of a majority in principal amount of the Notes then outstanding
      by
      notice to the Company may rescind an acceleration and its consequences if (i)
      all existing Events of Default, other than the nonpayment of the principal
      of
      and accrued interest on the Notes which has become due solely by such
      declaration of acceleration, have been cured or waived; (ii) the Company has
      paid or deposited with an escrow agent reasonably acceptable to the Holders
      of a
      majority in principal amount of the Notes then outstanding a sum sufficient
      to
      pay (a) all overdue interest on the Notes, (b) the principal of any Note which
      has become due otherwise then by such declaration of acceleration, and (c)
      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; and (iii) the rescission would not
      conflict with any judgment or decree of a court of competent jurisdiction.
      No
      such rescission shall affect any subsequent default or impair any right
      consequent thereon. Anything herein contained to the contrary notwithstanding,
      in the event of any acceleration pursuant to this Section 6.2, the Company shall
      not be obligated to pay any premium which it would have had to pay if it had
      then elected to prepay the Notes pursuant to paragraph 5 of the Notes, except
      in
      the case of any Event of Default occurring by reason of any willful action
      (or
      inaction) taken (or not taken) by or on behalf of the Company or a Guarantor
      with the intention of avoiding payment of the premium which it would have had
      to
      pay if it had then elected to prepay the Notes pursuant to paragraph 5 of the
      Notes, in which case an equivalent premium shall also become and be immediately
      due and payable to the extent permitted by law.

     

    SECTION
      6.3   OTHER
      REMEDIES.

     

    In
      case
      of an Event of Default hereunder, each Purchaser may in its discretion proceed
      to protect and enforce the rights vested in it by this Exchange Agreement by
      such appropriate judicial proceedings as such Purchaser shall deem most
      effectual to protect and enforce any of such rights, either by suit in equity
      or
      by action at law or by proceeding in bankruptcy or otherwise, whether for the
      specific enforcement of any covenant or agreement contained in this Exchange
      Agreement or in aid of the exercise of any power granted in this Exchange
      Agreement, or to enforce any other legal or equitable right vested in the
      Purchasers by this Exchange Agreement or by law.

     

    A
      delay
      or omission by any Purchaser in exercising any right or remedy accruing upon
      an
      Event of Default shall not impair the right or remedy or constitute a waiver
      of
      or acquiescence in the Event of Default. No remedy is exclusive of any other
      remedy. All available remedies are cumulative to the extent permitted by
      law.

     

    SECTION
      6.4   WAIVER
      OF
      DEFAULTS AND EVENTS OF DEFAULT.

     

    Subject
      to Section 6.6, the Holders of a majority in principal amount of the Notes
      then
      outstanding by notice to the Company may waive any past default or Event of
      Default and its consequences, except a default in the payment of the principal
      of (or premium, if any) or interest on any Note as specified in clauses (1)
      and
      (2) of Section 6.1, or a default in respect of a covenant or provision hereof
      which cannot be modified or amended pursuant to Section 7.1 without the consent
      of the Holder of each Note affected thereby. When a default or Event of Default
      is waived, it is cured and ceases, but no such waiver shall extend to any
      subsequent or other default or impair any consequent right.

     

    
      
        
        

      

      
        25

        
          

        

      

      
        
        

      

    

     

    SECTION
      6.5   CONTROL
      BY MAJORITY.

     

    Except
      as
      set forth in Section 6.3, the Purchasers of a majority in principal amount
      of
      the Notes then outstanding may direct the time, method and place of conducting
      any proceeding for any remedy available to the Purchasers. 

     

    SECTION
      6.6   RIGHTS
      OF
      HOLDERS TO RECEIVE PAYMENT.

     

    Notwithstanding
      any other provision of this Exchange Agreement, the right of any Purchaser
      of a
      Note to receive payment of principal of (and premium, if any) and interest
      on
      the Note, on or after the respective dates on which such payments are due as
      expressed in the Note, or to bring suit for the enforcement of any such payment
      on or after such respective dates, is absolute and unconditional and shall
      not
      be impaired or affected without the consent of such Purchaser.

     

    SECTION
      6.7   RESTORATION
      OF RIGHTS AND REMEDIES.

     

    If
      any
      Purchaser has instituted any proceeding to enforce any right or remedy under
      this Exchange Agreement and such proceeding has been discontinued or abandoned
      for any reason, or has been determined adversely to such Purchaser, then and
      in
      every such case, subject to any determination in such proceeding, the Company,
      the Guarantors and the Purchasers shall be restored severally and respectively
      to their former positions hereunder and thereafter all rights and remedies
      of
      the Purchasers shall continue as though no such proceeding had been
      instituted.

     

    SECTION
      6.8   RIGHTS
      AND REMEDIES CUMULATIVE.

     

    Except
      as
      otherwise provided with respect to the replacement or payment of mutilated,
      destroyed, lost or stolen Notes in the last paragraph of Section 2.4, no right
      or remedy herein conferred upon or reserved to the Purchasers is intended to
      be
      exclusive of any other right or remedy, and every right and remedy shall, to
      the
      extent permitted by law, be cumulative and in addition to every other right
      and
      remedy given hereunder or now or hereafter existing at law or in equity or
      otherwise. The assertion or employment of any right or remedy hereunder, or
      otherwise, shall not prevent the concurrent assertion or employment of any
      other
      appropriate right or remedy.

     

    SECTION
      6.9   DELAY
      OR
      OMISSION NOT WAIVER.

     

    No
      delay
      or omission of any Purchaser to exercise any right or remedy accruing upon
      any
      Event of Default shall impair any such right or remedy or constitute a waiver
      of
      any such Event of Default or an acquiescence therein. Every right and remedy
      given by this Article 6 or by law to the Purchasers may be exercised from time
      to time, and as often as may be deemed expedient, by the Purchasers, as the
      case
      may be.

     

    
      
        
        

      

      
        26

        
          

        

      

      
        
        

      

    

     

    ARTICLE
      7

     

    AMENDMENTS,
      SUPPLEMENTS AND WAIVERS

     

    SECTION
      7.1   CONSENT
      OF HOLDERS.

     

    The
      Company and the Guarantors with the written consent of the Holders of a majority
      in aggregate principal amount of the Notes then outstanding may amend,
      supplement or waive this Exchange Agreement or the Notes without notice to
      any
      individual Holder. The Holders of a majority in aggregate principal amount
      of
      the Notes then outstanding may waive compliance in a particular instance by
      the
      Company with any provision of this Exchange Agreement or the Notes without
      notice to any Holder. Subject to Section 7.2, without the written consent of
      each Holder affected, however, an amendment, supplement or waiver, including
      a
      waiver pursuant to Section 6.4, may not:

     

    (1)
        reduce
      the amount of Notes whose holders must consent to an amendment, supplement
      or
      waiver;

     

    (2)
        reduce
      the rate of or change the time for payment of interest, including default
      interest, on any Note;

     

    (3)
        reduce
      the principal amount of or change the fixed maturity of any Note or alter the
      premium or other provisions with respect to prepayment under Article 3 or
      specified in the Notes;

     

    (4)
        make
      any
      Note payable in money other than that stated in the Note;

     

    (5)
        impair
      the right to institute suit for the enforcement of any payment of principal
      of
      or premium, if any, or interest on any Note pursuant to Section
      6.3;

     

    (6)
        make
      any
      change in the percentage of principal amount of Notes necessary to waive
      compliance with certain provisions of this Exchange Agreement pursuant to
      Section 6.4 or 6.6 hereof or this clause of this Section 7.1; or

     

    (7)
        waive
      a
      continuing default or Event of Default in the payment of principal of, or
      premium, if any, or interest on the Notes.

     

    After
      an
      amendment, supplement or waiver under this Section becomes effective, the
      Company shall mail to the Purchasers affected thereby a notice briefly
      describing the amendment, supplement or waiver. Any failure of the Company
      to
      mail such notice, or any defect therein, shall not, however, in any way impair
      or affect the validity of any such amendment, supplement or waiver.

     

    
      
        
        

      

      
        27

        
          

        

      

      
        
        

      

    

     

    SECTION
      7.2   REVOCATION
      AND EFFECT OF CONSENTS.

     

    Until
      an
      amendment, supplement or waiver becomes effective, a consent to it by a Holder
      is a continuing consent by the Holder and every subsequent Holder of a Note
      or
      portion of a Note that evidences the same debt as the consenting Holder’s Note,
      even if notation of the consent is not made on any Note. However, any such
      Holder or subsequent Holder may revoke the consent as to his Note or portion
      of
      a Note if the Company receives the notice of revocation before the date the
      amendment, supplement or waiver becomes effective.

     

    After
      an
      amendment, supplement or waiver becomes effective, it shall bind every
      Purchaser, unless it makes a change described in any of clauses (1) through
      (7)
      of Section 7.1. In that case the amendment, supplement or waiver shall bind
      each
      Holder of a Note who has consented to it and every subsequent Holder of a Note
      or portion of a Note that evidences the same debt as the consenting Holder’s
      Note.

     

    SECTION
      7.3   NOTATION
      ON OR EXCHANGE OF NOTES.

     

    If
      an
      amendment, supplement or waiver changes the terms of a Note, the Company may
      require the Holder of the Note to deliver it to the Company. The Company may
      place an appropriate notation on the Note about the changed terms and return
      it
      to the Holder. Alternatively, if the Company so determines, the Company in
      exchange for the Note shall issue a new Note that reflects the changed
      terms.

     

    SECTION
      7.4   RECORD
      DATE FOR VOTE OR CONSENT OF NOTEHOLDERS.

     

    The
      Company may set a record date for purposes of determining the identity of
      Noteholders entitled to vote or consent to any action by vote or consent
      authorized or permitted under this Agreement, which record date shall be not
      less than 10 days prior to the first solicitation of such vote or consent.
      If a
      record date is fixed, those persons who were Holders of Notes at such record
      date (or their duly designated proxies), and only those persons, shall be
      entitled to take such action by vote or consent or to revoke any vote or consent
      previously given, whether or not such persons continue to be holders after
      such
      record date.

     

    ARTICLE
      8

     

    GUARANTEE
      OF NOTES

     

    SECTION
      8.1   UNCONDITIONAL
      GUARANTEE.

     

    Each
      Guarantor hereby unconditionally, jointly and severally, guarantees to each
      Purchaser of a Note and its successors and assigns, the Note or the obligations
      of the Company 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 Company to the Purchasers
      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
      8.3. Each Guarantor hereby agrees that its Obligations hereunder shall be
      unconditional, irrespective of the validity, regularity or enforceability of
      the
      Notes or this Exchange Agreement, the absence of any action to enforce the
      same,
      any waiver or consent by any Purchaser with respect to any provisions hereof
      or
      thereof, the recovery of any judgment against the Company, any action to enforce
      the same or any other circumstances which might otherwise constitute a legal
      or
      equitable discharge or defense of a Guarantor. Each Guarantor hereby waives
      diligence, presentment, demand of payment, filing of claims with a court in
      the
      event of insolvency or bankruptcy of the Company, any right to require a
      proceeding first against the Company, protest, notice and all demands whatsoever
      and covenants that this Guarantee will not be discharged except by complete
      performance of the obligations contained in the Notes, this Exchange Agreement
      and in this Guarantee. If any Purchaser is required by any court or otherwise
      to
      return to the Company, any Guarantor, or any custodian, trustee, liquidator
      or
      other similar official acting in relation to the Company or any Guarantor,
      any
      amount paid by the Company or any Guarantor to such Purchaser, this Guarantee,
      to the extent theretofore discharged, shall be reinstated in full force and
      effect as to such amount only. Each Guarantor further agrees that, as between
      each Guarantor, on the one hand, and the Purchasers, on the other hand, (x)
      the
      maturity of the Obligations guaranteed hereby may be accelerated as provided
      in
      Article 6 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 6, such Obligations (whether or not due
      and
      payable) shall forthwith become due and payable by each Guarantor for the
      purpose of this Guarantee.

     

    
      
        
        

      

      
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    SECTION
      8.2   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
      8.3   LIMITATION
      OF GUARANTOR’S LIABILITY.

     

    Each
      Guarantor, and by its acceptance hereof each Purchaser, 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 Purchasers and such Guarantor hereby
      irrevocably agree that the Obligations of such Guarantor under its 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 or
      pursuant to Section 8.5, result in the obligations of such Guarantor under
      its
      Guarantee not constituting such fraudulent transfer or conveyance.

     

    SECTION
      8.4   CONTRIBUTION.

     

    In
      order
      to provide for just and equitable contribution among the Guarantors, the
      Guarantors agree, inter se, that in the event any payment or distribution is
      made by any Guarantor (a “Funding Guarantor”) under this Guarantee, such Funding
      Guarantor shall be entitled to a contribution from all other Guarantors in
      a pro
      rata amount based on the Adjusted Net Assets of each Guarantor (including the
      Funding Guarantor) for all payments, damages and expenses incurred by that
      Funding Guarantor in discharging the Company’s obligations with respect to the
      Notes or any other Guarantor’s Obligations with respect to this
      Guarantee.

     

    
      
        
        

      

      
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    SECTION
      8.5   EXECUTION
      OF GUARANTEE.

     

    To
      evidence their guarantee to the Purchasers specified in Section 8.1, the
      Guarantors hereby agree to execute the Guarantee in substantially the form
      of
      Exhibit B to be endorsed on each Note. Each Guarantor hereby agrees that its
      Guarantee set forth in Section 8.1 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
      two Officers, or an Officer and an Assistant Secretary or one Officer shall
      sign
      and one Officer or an Assistant Secretary (each of whom shall, in each case,
      have been duly authorized by all requisite corporate actions) shall attest
      to
      such Guarantee prior to the authentication of the Note on which it is endorsed,
      and the delivery of such Note by the Company, 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 Note on which such Guarantee is
      endorsed shall have been disposed of by the Company, such Note nevertheless
      may
      be disposed of as though the person who signed the Guarantee had not ceased
      to
      be such Officer of the Guarantor.

     

    SECTION
      8.6   OBLIGATIONS
      OF EACH GUARANTOR UNCONDITIONAL.

     

    Nothing
      contained in this Article 8 or elsewhere in this Exchange Agreement or in the
      Notes or the Guarantees is intended to or shall impair, as among any Guarantor,
      its creditors, and the Purchasers, the obligation of such Guarantor, which
      is
      absolute and unconditional, to pay to the Purchasers the principal of and any
      interest on the Notes as and when the same shall become due and payable in
      accordance with the terms of the Guarantees, or is intended to or shall affect
      the relative rights of the Purchasers and creditors of any Guarantor, nor shall
      anything herein or therein prevent the Purchaser of any Note from exercising
      all
      remedies otherwise permitted by applicable law upon default under this Exchange
      Agreement, subject to the rights, if any, in respect of cash, property or
      securities of any Guarantor received upon the exercise of any such
      remedy.

     

    SECTION
      8.7   NOTICE
      TO
      PURCHASERS.

     

    The
      Company or any Guarantor shall give prompt written notice to the Purchasers
      of
      any fact known to the Company or any such Guarantor which would prohibit the
      making of any payment to or by the Purchasers in respect of the Guarantees
      pursuant to the provisions of this Article 8. Regardless of anything to the
      contrary contained in this Article 8 or elsewhere in this Exchange Agreement,
      the Purchasers shall not be charged with knowledge of any facts which would
      prohibit the making of any payment to or by the Purchasers unless and until
      the
      Purchasers shall have received notice in writing from the Company or a Guarantor
      and, prior to the receipt of any such written notice, the Purchasers shall
      be
      entitled to assume (in the absence of actual knowledge to the contrary) that
      no
      such facts exist.

     

    
      
        
        

      

      
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    SECTION
      8.8   RELIANCE
      ON JUDICIAL ORDER OR CERTIFICATE OF LIQUIDATING AGENT.

     

    Upon
      any
      payment or distribution of assets of any Guarantor referred to in this Article
      8, the Purchasers shall be entitled to rely upon any order or decree made by
      any
      court of competent jurisdiction in which bankruptcy, dissolution, winding-up,
      liquidation or reorganization proceedings are pending, or upon certificate
      of
      the receiver, trustee in bankruptcy, liquidating trustee, agent or other person
      making such payment or distribution, delivered to the Purchasers, for the
      purpose of ascertaining the persons entitled to participate in such
      distribution, the amount thereof or payable thereon, the amount or amounts
      paid
      or distributed thereon and all other facts pertinent thereto or to this Article
      8.

     

    SECTION
      8.9   SUCCESSORS
      AND ASSIGNS.

     

    This
      Article 8 shall inure to the benefit of the successors and assigns of the
      Purchasers and, in the event of any transfer or assignment of rights by any
      Purchaser, the rights and privileges conferred upon that party in this Exchange
      Agreement and in the Notes shall automatically extend to and be vested in such
      transferee or assignee, all subject to the terms and conditions of this Exchange
      Agreement.

     

    SECTION
      8.10   NO
      WAIVER.

     

    Neither
      a
      failure nor a delay on the part of the Purchasers in exercising any right,
      power
      or privilege under this Article 8 shall operate as a waiver thereof, nor shall
      a
      single or partial exercise thereof preclude any other or further exercise of
      any
      right, power or privilege. The rights, remedies and benefits of the Purchasers
      herein expressly specified are cumulative and not exclusive of any rights,
      remedies or benefits which either may have under this Article 8 at law, in
      equity, by statute or otherwise.

     

    SECTION
      8.11   NO
      SUBROGATION.

     

    Notwithstanding
      any payment or payments made by any of the Guarantors hereunder, no Guarantor
      shall be entitled to be subrogated to any of the rights of any Purchaser against
      the Company or any other Guarantor or any collateral security or guarantee
      or
      right of offset held by any Purchaser for the payment of the Obligations, nor
      shall any Guarantor seek or be entitled to seek any contribution or
      reimbursement from the Company or any other Guarantor in respect of payments
      made by such Guarantor hereunder, until all amounts owing the Purchasers by
      the
      Company on account of the Obligations are paid in full. If any amount shall
      be
      paid to any Guarantor on account of such subrogation rights at any time when
      all
      of the Obligations shall not have been paid in full, such amount shall be held
      by such Guarantor in trust for the Purchasers, segregated from other funds
      of
      such Guarantor, and shall, forthwith upon receipt by such Guarantor, be turned
      over to the Purchasers in the exact from received by such Guarantor (duly
      indorsed by such Guarantor to the Purchasers, if required), to be applied
      against the Obligations.

     

    
      
        
        

      

      
        31

        
          

        

      

      
        
        

      

    

     

    SECTION
      8.12   ADDITIONAL
      SUBSIDIARY GUARANTORS.

     

    Until
      such time as all Guarantees by the Guarantors under this Exchange Agreement
      shall have been released in accordance with Section 8.14, the Company shall
      cause each Subsidiary that guarantees or becomes a co-obligor on the Company’s
      obligations under the Bank Credit Facility to execute and deliver a supplement
      to this Exchange Agreement providing that such Subsidiary will be a Guarantor
      hereunder. In addition, if any Subsidiary of the Company guarantees or becomes
      a
      co-obligor on any Funded Indebtedness of the Company other than the Notes at
      any
      time subsequent to the date on which the Notes are originally issued (including,
      without limitation, following any release of such Subsidiary from its Guarantee
      pursuant to Section 8.14), the Company shall cause the Notes to be equally
      and
      ratably guaranteed by such Subsidiary, which Subsidiary shall execute and
      deliver a supplement to this Exchange Agreement providing that such Subsidiary
      will be a Guarantor hereunder. Each such supplement shall be substantially
      in
      the form of Exhibit C attached hereto. Subsidiaries that are Guarantors on
      the
      date any such supplement is executed by an additional Subsidiary shall not
      be
      required to become parties to such supplement and hereby agree to the execution
      and delivery by any additional Subsidiary of any such supplement.

     

    SECTION
      8.13   MODIFICATION.

     

    No
      modification, amendment or waiver of any provisions of this Article 8, nor
      the
      consent to any departure by the Guarantors therefrom, shall in any event be
      effective unless the same shall be in writing and signed by the Holders of
      a
      majority of the aggregate principal amount of the Notes then outstanding, and
      then such waiver or consent shall be effective only in the specific instance
      and
      for the purpose for which given; it being understood that the release of the
      Guarantees of Guarantors pursuant to Section 8.14 shall not be an amendment
      or
      waiver of any provision of this Article 8 and shall not require any action
      on
      the part of the Holders. No notice to or demand on the Guarantors in any case
      shall entitle the Guarantors to any other or further notice or demand in the
      same, similar or other circumstances.

     

    SECTION
      8.14   RELEASE
      OF GUARANTOR.

     

    (a)
        Except
      as
      set forth in subsection (c) below, upon the sale or other disposition of all
      of
      the assets of any Guarantor, by way of merger, consolidation or otherwise,
      or a
      sale or other disposition of all of the capital stock of such Guarantor, in
      each
      case in accordance with the terms of Section 5.1, such Guarantor (in the event
      of a sale or other disposition, by way of such a merger, consolidation or
      otherwise of all the capital stock of such Guarantor) shall be automatically
      released from all its obligations under this Exchange Agreement and the
      Guarantee without any action on the part of the Purchasers. The Purchasers
      shall
      receive written notice of the release of any Guarantor if such release is
      effected other than under Section 5.1.

     

    (b)
        Except
      as
      set forth in subsection (c) below, upon the release of a Subsidiary as a
      guarantor or co-obligor on the Company’s obligations under the Bank Credit
      Facility, the Guarantee of such Subsidiary under this Exchange Agreement will
      be
      released and discharged at such time and will not be reinstated or renewed
      in
      the event any such Subsidiary thereafter guarantees or becomes a co-obligor
      on
      obligations of the Company under the Bank Credit Facility, so long as the
      obligations of such Subsidiary under the Bank Credit Facility remain released
      (i) until the next succeeding refinancing, restatement, renewal, extension
      or
      replacement of the Bank Credit Facility or amendment to increase the available
      principal amount thereunder, or (ii) for a period of 90 consecutive days,
      whichever is later.

     

    
      
        
        

      

      
        32

        
          

        

      

      
        
        

      

    

     

    (c)
        Notwithstanding
      the foregoing, a Guarantor may be released from its Guarantee only if such
      Guarantor is not a guarantor of (or co-obligor on) any Funded Indebtedness
      of
      the Company other than the Notes and other than Funded Indebtedness of the
      Company (i) that is subject to a release provision similar to the release
      provision described herein, and (ii) the related guarantee (or obligation)
      of
      which shall be released concurrently with the release of the Guarantee of such
      Guarantor pursuant to such release provision; provided that no default or Event
      of Default hereunder has occurred and is continuing.

     

    SECTION
      8.15   THIS
      ARTICLE 8 NOT TO PREVENT EVENTS OF DEFAULT.

     

    The
      failure to make a payment on account of principal of or interest on the Notes
      by
      reason of any provision of this Article 8 will not be construed as preventing
      the occurrence of an Event of Default.

     

    ARTICLE
      9

     

    MISCELLANEOUS

     

    SECTION
      9.1   NOTICES.

     

    Any
      notice or communication shall be given in writing and delivered in person or
      mailed by first class mail, postage prepaid, addressed as follows:

     

    If
      to the Company or the Guarantors:

     

    Wolverine
      Tube, Inc.

    200
      Clinton Avenue West, 

    Suite
      1000

    Huntsville,
      AL 35801

     

    Attention:
      Harold M. Karp, President

     

    If
      to the Initial Purchaser:

     

    Plainfield
      Special Situations Master Fund Limited

    c/o
      Plainfield Asset Management LLC

    55
      Railroad Avenue

    Greenwich,
      Connecticut 06830

    Attention:
      Thomas X. Fritsch, General Counsel

     

    Such
      notices or communications shall be effective when received.

     

    The
      Company, the Guarantors or the Purchaser by notice to the others may designate
      additional or different addresses for subsequent notices or
      communications.

     

    Any
      notice or communication mailed to a Purchaser shall be mailed by first class
      mail to such Purchaser at his or her address shown on the register kept by
      the
      Company.

     

    Failure
      to mail a notice or communication to a Purchaser or any defect in it shall
      not
      affect its sufficiency with respect to other Purchasers. If a notice or
      communication to a Purchaser is mailed in the manner provided above, it is
      duly
      given, whether or not the addressee receives it.

     

    
      
        
        

      

      
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    SECTION
      9.2   LEGAL
      HOLIDAYS.

     

    A
“Legal
      Holiday” is a Saturday, or a Sunday or a day on which state or Federally
      chartered banking institutions in New York are not required to be open. If
      a
      payment date is a Legal Holiday at a place of payment, payment may be made
      at
      that place on the next succeeding day that is not a Legal Holiday, and no
      interest shall accrue for the intervening period.

     

    SECTION
      9.3   GOVERNING
      LAW.

     

    This
      Exchange Agreement and the Notes shall be governed by and construed in
      accordance with the laws of the State of New York.

     

    SECTION
      9.4   NO
      ADVERSE INTERPRETATION OF OTHER AGREEMENTS.

     

    This
      Exchange Agreement may not be used to interpret another indenture, loan or
      debt
      agreement of the Company or any Subsidiary thereof. Any such indenture, loan
      or
      debt agreement may not be used to interpret this Exchange
      Agreement.

     

    SECTION
      9.5   NO
      RECOURSE AGAINST OTHERS.

     

    All
      liability described in paragraph 15 of the Notes of any director, officer,
      employee or stockholder, as such, of the Company or any Guarantor is waived
      and
      released.

     

    SECTION
      9.6   SUCCESSORS.

     

    All
      agreements of the Company or the Guarantors in this Exchange Agreement and
      the
      Notes shall bind their respective successors in accordance with the terms hereof
      and thereof. 

     

    SECTION
      9.7   MULTIPLE
      COUNTERPARTS.

     

    The
      parties may sign multiple counterparts of this Exchange Agreement. Each signed
      counterpart shall be deemed an original, but all of them together represent
      the
      same agreement.

     

    SECTION
      9.8   SEPARABILITY.

     

    In
      case
      any provision in this Exchange Agreement 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
      9.9   TABLE
      OF
      CONTENTS, HEADINGS, ETC.

     

    The
      table
      of contents and headings of the Articles and Sections of this Exchange Agreement
      have been inserted for convenience of reference only, are not to be considered
      a
      part hereof, and shall in no way modify or restrict any of the terms or
      provisions hereof.

    

    
      
        
        

      

      
        34

        
          

        

      

      
        
        

      

    

    IN
      WITNESS WHEREOF, the parties hereto have hereunto set their hands as of the
      20th
      day of March, 2008.

    

      
        	
                COMPANY:

              
	
                WOLVERINE
                  TUBE, INC.

              
	
              	 
	
                By:

              	 
	 	
                Name:
                  

              
	 	
                Title:
                  

              
	 	 
	
                GUARANTORS:

              
	
                TF
                  INVESTOR, INC.

              
	
                as
                  Guarantor

              
	
                By:

              	 
	 	
                Name:
                  

              
	 	
                Title:
                  

              
	 	 
	
                TUBE
                  FORMING L.P.

                as
                  Guarantor

              
	 	 
	
                By:

              	 
	 	
                Name:
                  

              
	 	
                Title:
                  

              
	 	 
	
                WOLVERINE
                  FINANCE LLC,

                as
                  Guarantor

              
	 	 
	
                By:

              	 
	 	
                Name:
                  

              
	 	
                Title:
                  

              

      

       

      
        
          
          

        

        
          35

          
            

          

        

        
          
          

        

      

       

      
        	
                WOLVERINE
                  CHINA INVESTMENT, LLC

              
	
                as
                  Guarantor

              
	 	 
	
                By:

              	 
	 	
                Name:
                  

              
	 	
                Title:
                  

              
	 	 
	
                WOLVERINE
                  JOINING TECHNOLOGIES, LLC

              
	
                as
                  Guarantor

              
	 	 
	
                By:

              	 
	 	
                Name:
                  

              
	 	
                Title:
                  

              
	 	 
	
                TUBE
                  FORMING HOLDINGS, INC

              
	 	 
	
                By:

              	 
	 	
                Name:
                  

              
	 	
                Title:
                  

              

      

       

      
        	
                WT
                  HOLDING COMPANY, INC.

              
	 	 
	
                By:

              	 
	 	
                Name:
                  

              
	 	
                Title:
                  

              
	 	 
	
                INITIAL
                  PURCHASER:

              
	
                PLAINFIELD
                  SPECIAL SITUATIONS MASTER FUND LIMITED,

                as
                  Initial Purchaser

              
	 	 
	
                By:

              	 
	 	
                Name:
                  

              
	 	
                Title:
                  

              

      

    

     

    
      
        
        

      

      
        36

        
          

        

      

      
        
        

      

    

     

    EXHIBIT
      A

     

    FORM
      OF NOTE

     

    

    THIS
      NOTE
      (OR ITS PREDECESSOR) WAS ORIGINALLY ISSUED IN A TRANSACTION EXEMPT FROM
      REGISTRATION UNDER THE UNITED STATES SECURITIES ACT OF 1933 (THE “SECURITIES
      ACT”), AND THIS NOTE MAY NOT BE OFFERED, SOLD OR OTHERWISE TRANSFERRED IN THE
      ABSENCE OF SUCH REGISTRATION OR AN APPLICABLE EXEMPTION THEREFROM. EACH
      PURCHASER OF THIS NOTE IS HEREBY NOTIFIED THAT THE SELLER OF THIS NOTE MAY
      BE
      RELYING ON THE EXEMPTION FROM THE PROVISIONS OF SECTION 5 OF THE SECURITIES
      ACT
      PROVIDED BY RULE 144A THEREUNDER.

     

    THE
      HOLDER OF THIS NOTE AGREES FOR THE BENEFIT OF THE COMPANY THAT (A) THIS NOTE
      MAY
      BE OFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED, ONLY (I) INSIDE THE UNITED
      STATES TO A PERSON WHOM THE SELLER REASONABLY BELIEVES IS A QUALIFIED
      INSTITUTIONAL BUYER (AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT) IN A
      TRANSACTION MEETING THE REQUIREMENTS OF RULE 144A, (II) OUTSIDE THE UNITED
      STATES IN AN OFFSHORE TRANSACTION IN ACCORDANCE WITH RULE 904 UNDER THE
      SECURITIES ACT, (III) PURSUANT TO AN EXEMPTION FROM REGISTRATION UNDER THE
      SECURITIES ACT PROVIDED BY RULE 144 THEREUNDER (IF AVAILABLE) OR (IV) PURSUANT
      TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT, IN EACH OF
      CASES (I) THROUGH (IV) IN ACCORDANCE WITH ANY APPLICABLE SECURITIES LAWS OF
      ANY
      STATE OF THE UNITED STATES, AND (B) THE HOLDER WILL, AND EACH SUBSEQUENT HOLDER
      IS REQUIRED TO, NOTIFY ANY PURCHASER OF THIS NOTE FROM IT OF THE RESALE
      RESTRICTIONS REFERRED TO IN (A) ABOVE.

     

    
      
        
        

      

      
        A-1

        
          

        

      

      
        
        

      

    

    WOLVERINE
      TUBE, INC.

    10-1/2%
      Senior Notes Due 2009

     

    Wolverine
      Tube, Inc., a Delaware corporation (the “Company”), promises to pay to
      _________________ or registered assigns, the principal sum of
      ___________________ Dollars ($__________) on March 28, 2009 and to pay interest
      on the principal amount of this Note beginning April 1, 2008 at the rate of
      10-1/2% per annum.

     

    Interest
      Payment Dates: October 1 and April 1

     

    Additional
      provisions of this Note are set forth below.

     

    1.  Interest.

     

    The
      Company, promises to pay interest on the principal amount of this Note at the
      rate per annum shown above. The Company shall pay interest semi-annually on
      September 1 and March 1 of each year, commencing September 1, 2008. Interest
      on
      the Notes will accrue from the most recent date to which interest has been
      paid
      or, if no interest has been paid, from March 20, 2008. Interest will be computed
      on the basis of a 360-day year consisting of twelve 30-day months.

     

    2.  Method
      of
      Payment.

     

    The
      Company will pay interest on this Note (except defaulted interest) to the person
      who is the registered Purchaser of this Note at the close of business on the
      February 15 and August 15 next preceding the interest payment date. Interest
      not
      punctually paid will be paid to the persons who are registered Purchasers as
      of
      the close of business on a record date so designated by the Company. The
      Purchaser must surrender this Note to the Company to collect payment of
      principal. The Company will pay principal and interest in money of the United
      States that at the time of payment is legal tender for payment of public and
      private debts. The Company, however, may pay principal and interest by its
      check
      payable in such money and mailed to the Purchaser’s registered
      address.

     

    3.  [Intentionally
      Omitted.].

     

    4.  Exchange
      Agreement.

     

    This
      Note
      is one of a duly authorized issue of Notes of the Company designated as its
      10-1/2% Senior Notes Due 2009 (the “Notes”), issued under a Note Exchange and
      Debenture Agreement dated as of March 20, 2008 (the “Exchange Agreement”), among
      the Company, the Guarantors named therein and the Initial Purchaser. This Note
      is subject to all such terms, and the Purchaser of this Note is referred to
      the
      Exchange Agreement. Capitalized terms and certain other terms used herein and
      not otherwise defined have the meanings set forth in the Exchange
      Agreement.

     

    
      
        
        

      

      
        A-2

        
          

        

      

      
        
        

      

       

    

    The
      Notes
      are senior unsecured obligations of the Company limited to $38,300,000 aggregate
      principal amount. The Exchange Agreement imposes certain restrictions on the
      ability of the Company to create liens, enter into sale and leaseback
      transactions and enter into mergers and consolidations.

     

    To
      guarantee the due and punctual payment of the principal and interest, if any,
      on
      the Notes and all other amounts payable by the Company under the Exchange
      Agreement and the Notes when and as the same shall be due and payable, whether
      at maturity, by acceleration or otherwise, according to the terms of the Notes
      and the Exchange Agreement, the Guarantors, as primary obligors and not merely
      as surety, have unconditionally and irrevocably guaranteed, on a joint and
      several basis, such obligations on a senior basis pursuant to the terms of
      Article 8 of the Exchange Agreement.

     

    5.  Prepayment.

     

    The
      Notes
      may be prepaid at the Company’s option, in whole or in part, at any time and
      from time to time upon any date. The prepayment prices for Notes shall be equal
      to the greater of (i) 100% of the principal amount of the Notes to be prepaid
      or
      (ii) the sum of the present value of the remaining scheduled payments of
      principal and interest thereon from the prepayment date to the Maturity Date,
      discounted to the prepayment date on a semiannual basis (assuming a 360-day
      year
      consisting of twelve 30-day months) at the Treasury Rate plus 25 basis points,
      plus accrued interest thereon to the date of prepayment. Any interest payment
      that is due and payable on or prior to such date of prepayment will be payable
      to the Purchasers of such Notes, or one or more predecessor Notes, of record
      at
      the close of business on the relevant record dates referred to on the face
      hereof, all as provided in the Exchange Agreement.

     

    6.  Notice
      of
      Prepayment.

     

    Notice
      of
      prepayment will be mailed by first class mail at least 15 days but not more
      than
      30 days before the prepayment date to each Purchaser of Notes to be prepaid
      at
      such Purchaser’s registered address. On and after the prepayment date, interest
      ceases to accrue on Notes or portions of the Notes called for
      prepayment.

     

    7.  Transfer,
      Exchange.

     

    A
      Purchaser may register the transfer of or exchange Notes in accordance with
      the
      Exchange Agreement. The Company may require a Purchaser, among other things,
      to
      furnish appropriate endorsements and transfer documents and to pay any taxes
      or
      other governmental charges that may be imposed by law or permitted by the
      Exchange Agreement.

     

    8.  Persons
      Deemed Owners.

     

    The
      registered Purchaser of a Note may be treated as the owner of such Note for
      all
      purposes.

     

    9.  Unclaimed
      Money.

     

    If
      money
      for the payment of principal or interest remains unclaimed for two years, the
      Purchasers entitled to money must look to the Company for payment as general
      creditors unless an abandoned property law designates another
      person.

     

    
      
        
        

      

      
        A-3

        
          

        

      

      
        
        

      

    

     

    10.  [Intentionally
      Omitted].

     

    11.  Amendment,
      Supplement, Waiver.

     

    Subject
      to certain exceptions, the Exchange Agreement or the Notes may be amended or
      supplemented with the consent of the Holders of a majority in principal amount
      of the Notes then outstanding and any past default or compliance with any
      provision may be waived in a particular instance with the consent of the Holders
      of a majority in principal amount of the Notes then outstanding. 

     

    12.  Successor
      Corporation.

     

    When
      a
      successor corporation assumes all the obligations of its predecessor under
      the
      Notes and the Exchange Agreement and the transaction complies with the terms
      of
      Article 5 of the Exchange Agreement, the predecessor corporation will, except
      as
      provided in Article 5 of the Exchange Agreement, be released from those
      obligations.

     

    13.  Defaults
      and Remedies.

     

    Events
      of
      Default are set forth in the Exchange Agreement. Subject to certain limitations
      in the Exchange Agreement, if an Event of Default (other than an Event of
      Default specified in Section 6.1(6) or (7) of the Exchange Agreement) occurs
      and
      is continuing, the Holders of not less than 25% in aggregate principal amount
      of
      the outstanding Notes may, by written notice to the Company, declare all
      principal of and accrued interest on all Notes to be immediately due and payable
      and such amounts shall become immediately due and payable. If an Event of
      Default specified in Section 6.1(6) or (7) of the Exchange Agreement occurs,
      the
      principal amount of and interest on, all Notes shall ipso facto become and
      be
      immediately due and payable without any declaration or other act on the part
      of
      any Purchaser. Purchasers may not enforce the Exchange Agreement or the Notes
      except as provided in the Exchange Agreement.

     

    14.  [Intentionally
      Omitted].

     

    15.  No
      Recourse Against Others.

     

    A
      director, officer, employee or stockholder, as such, of the Company or the
      Guarantors shall not have any liability for any obligations of the Company
      or
      the Guarantors under the Notes or the Exchange Agreement or for any claim based
      on, in respect or by reason of, such obligations or their creation. The
      Purchaser of this Note, by accepting this Note, waives and releases all such
      liability. The waiver and release are part of the consideration for the issue
      of
      this Note.

     

    
      
        
        

      

      
        A-4

        
          

        

      

      
        
        

      

    

     

    16.  [Intentionally
      Omitted].

     

    17.  [Intentionally
      Omitted].

     

    18.  Definitions.

     

    All
      capitalized terms used in this Note and not specifically defined herein are
      defined in the Exchange Agreement and are used herein as so
      defined.

     

    19.  Exchange
      Agreement to Control.

     

    In
      the
      case of any conflict between the provisions of this Note and the Exchange
      Agreement, the provisions of the Exchange Agreement shall control.

     

    The
      Company will furnish to any Purchaser, upon written request and without charge,
      a copy of the Exchange Agreement. Requests may be made to: Wolverine Tube,
      Inc.,
      200 Clinton Avenue West, Suite 1000, Huntsville, Alabama 35801, Attention:
      Chief
      Financial Officer.

     

    20.  Governing
      Law.

     

    The
      Notes
      shall be governed by and construed in accordance with the laws of the State
      of
      New York.

     

    

     

    
      	 	
              WOLVERINE
                TUBE, INC.

            
	 	 	 
	 	By:	
               

            
	 	 	
              Name:
                

            
	 	 	
              Title:
                

            
	 	 	 
	
              [SEAL]

            	 	 
	
              Attest:

            	 	 
	
              By:_______________________

            	 	 
	
              Name:

            	 	 

    

    

    
      
        
        

      

      
        A-5

        
          

        

      

      
        
        

      

    

    TRANSFER
      NOTICE

     

    This
      Transfer Notice relates to $__________ principal amount of the 10-1/2% Senior
      Notes Due 2009 of Wolverine Tube, Inc., a Delaware corporation, held by
      ______________________________ (the “Transferor”).

     

    (I)
      or
      (we) assign and transfer this Note to

     

     

      
        

      

    

     

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

     

    
      
        	 

      

    

    (Insert
      assignee’s social security or tax I.D. no.)

     

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

     

    Your
      Signature:

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

     

    Date:

     

      
        

      

    

    Signature
      Guarantee1 :

     

    In
      connection with any transfer of any of the Notes evidenced by this certificate
      occurring prior to the date that is two years after the later of the date of
      original issuance of such Notes and the last date, if any, on which such Notes
      were owned by the Company or any Affiliate of the Company, the undersigned
      confirms that such Notes are being transferred:

     

    CHECK
      ONE BOX BELOW

     

    
      	
            	(1)	
              [
                ]
                to Wolverine Tube, Inc.; or

            

    

     

    
      	
            	(2)	
              [
                ]
                pursuant to and in compliance with Rule 144A under the Securities
                Act of
                1933, as amended; or

            

    

     

    
      	
            	(3)	
              [
                ]
                pursuant to and in compliance with Regulation S under the Securities
                Act
                of 1933, as amended; or

            

    

     

    
      	
            	(4)	
              [
                ]
                to an institutional “accredited investor” (as defined in Rule 501(a)(1),
                (2), (3) or (7) under the Securities Act of 1933, as amended, that
                has
                furnished to the Company a signed letter containing certain
                representations and agreements (the form of which letter can be obtained
                from the Company)); or

            

    

    

      1
        (1) Signature
        must be guaranteed by a commercial bank, trust company or member firm of
        the New
        York Stock Exchange.

    

     

    
      
        
        

      

      
        A-6

        
          

        

      

      
        
        

      

    

     

    
      	
            	 	
              (5) [
                ]
                pursuant to another available exemption from the registration requirements
                of the Securities Act of 1933; or

            

    

     

    
      	
            	(6)	
              [
                ]
                pursuant to an effective registration statement under the Securities
                Act
                of 1933. 

            

      	 	 	 

      	 	 	Unless
              one of the boxes is checked, the Company will refuse to register any
              of
              the Notes evidenced by this certificate in the name of any person other
              than the registered holder thereof; provided, however, that if box
              (2),
              (3), (4) or (5) is checked, the Company may require, prior to registering
              any such transfer of the Notes such legal opinions, certifications
              and
              other information as the Company has reasonably requested to confirm
              that
              such transfer is being made pursuant to an exemption from, or in a
              transaction not subject to, the registration requirements of the
              Securities Act of 1933, such as the exemption provided by Rule 144
              under
              such Act. 

      	 	 	 

      	 	 	Unless
              the box below is checked, the undersigned confirms that such Note is
              not
              being transferred to an “affiliate” of the Company as defined in Rule 144
              under the Securities Act of 1933, as amended (an
              “Affiliate”):  

    

     

    
      	
            	(7)	
              [
                ]
                The transferee is an Affiliate of the
                Company.

            

    

     

    
      
        	 	 
	Signature 	 
	 	 
	 	 
	Date 	 
	 	 
	Signature
                Guarantee2 	 

      

    

     

      
        

      

    

    
      	2	
              (1)

            	
              Signature
                must be guaranteed by a commercial bank, trust company or member
                firm of
                the New York Stock
                Exchange.

            

    

     

    
      
        
        

      

      
        A-7

        
          

        

      

      
        
        

      

    

    TO
      BE COMPLETED BY PURCHASER IF (2) ABOVE IS CHECKED.

     

    The
      undersigned represents and warrants that it is purchasing this Note for its
      own
      account or an account with respect to which it exercises sole investment
      discretion and that it and any such account is a “qualified institutional buyer”
within the meaning of Rule 144A under the Securities Act of 1933, and is aware
      that the sale to it is being made in reliance on Rule 144A and acknowledges
      that
      it has received such information regarding the Company as the undersigned has
      requested pursuant to Rule 144A or has determined not to request such
      information and that it is aware that the transferor is relying upon the
      undersigned’s foregoing representations in order to claim the exemption from
      registration provided by Rule 144A.

     

    
      	
              Date:_____________________________

            	 	
              _______________________________________________________________________________

            
	 	 	
              [Signature
                of executive officer of purchaser]

            
	 	 	 
	 	 	
              Name:___________________________________________________________________________

            
	 	 	 
	 	 	
              Title:___________________________________________________________________________

            

    

     

    
      
        
        

      

      
        A-8

        
          

        

      

      
        
        

      

    

     

    EXHIBIT
      B

     

    FORM
      OF GUARANTEE

     

    Each
      of
      the undersigned (the “Guarantors”) hereby jointly and severally unconditionally
      guarantees, to the extent set forth in the Note Exchange and Debenture Agreement
      dated as of March 20, 2008 by and among WOLVERINE TUBE, INC., as issuer, the
      GUARANTORS, as guarantors, and PLAINFIELD SPECIAL SITUATIONS MASTER FUND
      LIMITED, as Initial Purchaser (as amended, restated or supplemented from time
      to
      time, the “Exchange Agreement”), and subject to the provisions of the Exchange
      Agreement, (a) the due and punctual payment of the principal of, and premium,
      if
      any, and interest on the Notes, when and as the same shall become due and
      payable, whether at maturity, by acceleration or otherwise, the due and punctual
      payment of interest on overdue principal of, and premium and, to the extent
      permitted by law, interest, and the due and punctual performance of all other
      obligations of the Company to the Purchasers, all in accordance with the terms
      set forth in Article 8 of the Exchange Agreement, and (b) in case of any
      extension of time of payment or renewal of any Notes or any of such other
      obligations, that the same will be promptly paid in full when due or performed
      in accordance with the terms of the extension or renewal, whether at stated
      maturity, by acceleration or otherwise.

     

    The
      obligations of the Guarantors to the Purchasers pursuant to this Guarantee
      and
      the Exchange Agreement are expressly set forth in Article 8 of the Exchange
      Agreement and reference is hereby made to the Exchange Agreement for the precise
      terms and limitations of this Guarantee.

     

    [SIGNED
      ON THE FOLLOWING PAGE]

     

    
      
        
        

      

      
        B-1

        
          

        

      

      
        
        

      

    

     

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

     

    
      	
              
                TF
                  INVESTOR, INC.

                as
                  Guarantor

              

            
	
            	 
	
              By:

            	 
	 	
              Name:
                

            
	 	
              Title:
                

            
	 	 
	
              TUBE
                FORMING L.P.

              as
                Guarantor

            
	 	 
	
              By:

            	 
	 	
              Name:
                

            
	 	
              Title:
                

            
	 	 
	
              WOLVERINE
                FINANCE LLC,

              as
                Guarantor

            
	 	 
	
              By:

            	 
	 	
              Name:
                

            
	 	
              Title:
                

            
	 	 

    

    
      	
              WOLVERINE
                CHINA INVESTMENTS, LLC

            
	
              as
                Guarantor

            
	 	 
	
              By:

            	 
	 	
              Name:
                

            
	 	
              Title:
                

            
	 	 
	
              WOLVERINE
                JOINING TECHNOLOGIES, LLC

            
	
              as
                Guarantor

            
	 	 
	
              By:

            	 
	 	
              Name:
                

            
	 	
              Title:
                

            

    

     

    
      
        
        

      

      
        B-2

        
          

        

      

      
        
        

      

       

    

    
      	
              TUBE
                FORMING HOLDINGS, INC.

              
                as
                  Guarantor

              

            
	 	 
	
              By:

            	 
	 	
              Name:
                

            
	 	
              Title:
                

            
	 	 

    

    
      	
              WT
                HOLDING COMPANY, INC.

              
                as
                  Guarantor

              

            
	 	 
	
              By:

            	 
	 	
              Name:
                

            
	 	
              Title:
                

            

    

     

    
      
        
        

      

      
        B-3

        
          

        

      

      
        
        

      

    

     

    EXHIBIT
      C

     

    FORM
      OF GUARANTOR SUPPLEMENT

     

    GUARANTOR
      SUPPLEMENT, dated as of ___________, _____, by [NEW GUARANTOR], a
      _______________ corporation (the “New Guarantor”) to the Note Exchange and
      Debenture Agreement dated as of March 20, 2008 (as amended to the date hereof,
      the “Exchange Agreement”) among the Wolverine Tube, Inc., the Guarantors named
      therein and the Purchasers from time to time party thereto.

     

    W
      I T N E S S E T H:

     

    WHEREAS,
      Section 8.12 of the Exchange Agreement provides that until such time as all
      Guarantees by the Guarantors under the Exchange Agreement shall have been
      released in accordance with Section 8.14 of the Exchange Agreement, the Company
      shall cause each Subsidiary that guarantees or becomes a co-obligor on the
      Company’s obligations under the Bank Credit Facility to execute and deliver this
      Guarantor Supplement pursuant to which such Subsidiary shall agree to be bound
      by the provisions of Article 8 of the Exchange Agreement; and

     

    WHEREAS,
      the New Guarantor shall execute and deliver to the Purchasers this Guarantor
      Supplement.

     

    NOW,
      THEREFORE, the New Guarantor shall execute and deliver to the Purchasers this
      Guarantor Supplement.

     

    1.
      Defined Terms. Capitalized terms used and not defined herein shall have the
      meaning specified in or pursuant to the Exchange Agreement.

     

    2.
      Guarantee. The New Guarantor hereby agrees to unconditionally assume all the
      obligations of a Guarantor under the Exchange Agreement as described
      therein.

     

    4.
      Effect
      on Exchange Agreement. As supplemented by this Guarantor Supplement, the
      Exchange Agreement is hereby ratified and confirmed in all aspects.

     

    5.
      Counterparts. This Guarantor Supplement may be executed in counterparts, each
      of
      which when so executed shall be deemed to be an original, but all such
      counterparts shall together constitute but one and the same
      instrument.

     

    6.
      Governing Law. This Guarantor Supplement 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 laws of another jurisdiction would be required thereby.

     

    
      
        
        

      

      
        C-1

        
          

        

      

      
        
        

      

    

    IN
      WITNESS WHEREOF, the parties hereto have caused this Guarantor Supplement to
      be
      duly executed as of the date and year first above written.

     

    
      	 	[New
              Guarantor] 
	 	By:	 
	 	Name:	 
	 	Title:	 

    

     

    
      
        
        

      

      
        C-2

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00139-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00139-of-00352.parquet"}]]