Document:

Exhibit
10.2

 

EXHIBIT A

 

SEVERANCE AGREEMENT

 

 

EXECUTION
COPY

 

SEVERANCE AGREEMENT

 

THIS SEVERANCE AGREEMENT (this “Agreement”), made
and entered into as of April 27, 2010 (the “Effective Date”), by and
between Griffon Corporation, a Delaware corporation, with its principal
executive office located at 712 Fifth Avenue, 18th Floor, New
York, New York, 10019 (hereinafter, together with its subsidiaries,
collectively referred to as the “Corporation”) and Seth L. Kaplan (hereinafter
referred to as the “Executive”).

 

WITNESSETH:

 

WHEREAS, the Corporation has determined that it is in the
best interests of the Corporation to employ the Executive as Senior
Vice-President, General Counsel and Secretary; and

 

WHEREAS, the Corporation wishes to ensure the attention of
Executive to his assigned duties without distraction by providing severance
entitlements upon certain terminations of employment, on the terms and
conditions provided in this Agreement;

 

NOW, THEREFORE, in consideration of the mutual covenants
and agreements hereinafter set forth, and for other good and valuable
consideration, the receipt and sufficiency of which is mutually acknowledged,
the parties hereto agree as follows:

 

1.                                       DEFINITIONS.

 

(a)                                  “Board”
shall mean the Board of Directors of the Corporation.

 

(b)                                 “Cause”
shall mean:

 

(i)                                     the Executive’s
failure substantially to perform his material duties as defined under the Offer
Letter (other than as a result of total or partial incapacity due to physical
or mental illness) for a period of 10 days following written notice by the
Corporation of such failure,

 

(ii)                                  theft or
embezzlement by the Executive of the Corporation’s property or dishonesty in
the performance of the Executive’s duties,

 

(iii)                               the Executive’s
conviction of, or plea of guilty or nolo contendere to (x) a felony under
the laws of the United States or any state thereof or (y) a crime
involving moral turpitude, and/or

 

(iv)                              the Executive’s
willful malfeasance or willful misconduct in connection with the Executive’s
duties or any act or omission which is materially injurious to the financial
condition or business reputation of the Corporation or any of its subsidiaries
or affiliates.  For purposes of this Section 1(b)(iv),
no act or failure to act on the part of the Executive shall be 

 

 

considered “willful” unless it is committed, or
omitted to be done, by him in bad faith or without reasonable belief that the
action or omission was in the best interests of the Corporation; and/or

 

(v)                                 a material
breach of the Agreement or Offer Letter by the Executive.

 

Notwithstanding
the foregoing, no act or failure to act (to the extent curable) shall
constitute Cause unless the Corporation gives the Executive written notice
after becoming aware of the occurrence of the act or failure to act which the
Corporation believes constitutes the basis for Cause, specifying the particular
act or failure to act which the Corporation believes constitutes the basis for
Cause.  If the Executive fails to cure
such act or failure to act within thirty (30) days after receipt of such
notice, the Executive’s employment shall be deemed terminated for Cause.

 

(c)                                  “Change in
Control” shall mean the occurrence of any of the following events during
the Term:

 

(i)                                     any person, or
more than one person acting as a group within the meaning of Code Section 409A
and the regulations issued thereunder, acquires ownership of stock of the
Corporation that, together with stock held by such person or group, constitutes
more than fifty percent (50%) of the total fair market value or total voting
power of the stock of the Corporation; provided, however, that
for purposes of this subsection (i), the following acquisitions shall
not be deemed to result in a Change in Control: (A) any acquisition
directly from the Corporation, (B) any acquisition by the Corporation or
any affiliate, or (C) any acquisition by (x) any employee benefit
plan (or related trust) intended to be qualified under Code Section 401(a) or
(y) any trust established in connection with any broad-based employee
benefit plan sponsored or maintained, in each case, by the Corporation or any
corporation controlled by the Corporation;

 

(ii)                                  any person, or
more than one person acting as a group within the meaning of Code Section 409A
and the regulations issued thereunder, acquires (or has acquired during the
twelve (12) month period ending on the date of the most recent acquisition)
ownership of stock of the Corporation possessing thirty percent (30%) or more
of the total voting power of the Corporation’s stock; provided, however,
that for purposes of this subsection (ii), the following acquisitions
shall not be deemed to result in a Change in Control: (A) any acquisition
directly from the Corporation, (B) any acquisition by the Corporation or
any affiliate, or (C) any acquisition by (x) any employee benefit
plan (or related trust) intended to be qualified under Code Section 401(a) or
(y) any trust established in connection with any broad-based employee
benefit plan sponsored or maintained, in each case, by the Corporation or any
corporation controlled by the Corporation;

 

(iii)                               a majority of
the members of the Board is replaced during any twelve (12) month period by
directors whose appointment or election is not endorsed by a majority of the
members of the Board before the date of the appointment or election, but
excluding any new director whose initial assumption of office occurs as a
result of an actual or threatened election contest with respect to the election
or removal of directors or other actual or threatened solicitation of proxies or
consents by or on behalf of any individual, entity or group (within the 

 

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meaning of Section 13(d)(3) or 14(d)(2) of
the Securities Exchange Act of 1934 as amended) other than the Board; or

 

(iv)                              a person, or
more than one person acting as a group within the meaning of Code Section 409A
and the regulations issued thereunder (other than a subsidiary or an affiliate
of the Corporation), acquires (or has acquired during the twelve (12) month
period ending on the date of the most recent acquisition) all or substantially
all of the assets of the Corporation.

 

Notwithstanding the foregoing, a Change in Control
shall not include any event, circumstance or transaction that results from an
action of any person, entity or group which includes, is affiliated with or is
wholly or partly controlled by one or more executive officers of the
Corporation and in which the Executive participates directly or actively.

 

(d)                                 “Code”
shall mean the Internal Revenue Code of 1986, as amended from time to time.

 

(e)                                  “Committee”
shall mean the Compensation Committee of the Board.

 

(f)                                    “Disability”
shall mean the Executive is unable to engage in any substantial gainful
activity by reason of any medically determinable physical or mental impairment
that can be expected to result in death or can be expected to last for a
continuous period of not less than twelve (12) months or is, by reason of any
medically determinable physical or mental impairment that can be expected to
result in death or can be expected to last for a continuous period of not less
than twelve (12) months, receiving income replacement benefits for a period of
not less than three (3) months under an accident and health plan covering
employees of the Corporation.

 

(g)                                 “Fiscal Year”
shall mean the twelve (12) month period beginning on October 1 and ending
on the next subsequent September 30, or such other twelve (12) month
period as may constitute the Corporation’s fiscal year at any time hereafter.

 

(h)                                 “Good Reason”
shall mean the occurrence of any of the following events without the Executive’s
consent:

 

(i)                                     the failure of
the Corporation to pay the Executive’s base salary or annual bonus when due and
if earned, other than an inadvertent administrative error or failure,

 

(ii)                                  a reduction by
the Corporation in the Executive’s base salary or target bonus opportunity,
other than a percentage reduction applied equally to all senior executives,

 

(iii)                               a material
diminution in the Executive’s authority or responsibilities from those
described herein, including the appointment of another person to the position
of General Counsel,

 

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(iv)                              failure of the
Corporation to maintain its principal headquarters within thirty-five (35)
miles of New York City,

 

(v)                                 a material
breach of the Offer Letter or this Agreement by the Corporation; or

 

(vi)                              a failure of
the Corporation to have any successor assume in writing the obligations under
the Agreement, unless such obligations are otherwise assumed by the successor
by operation of law.

 

Notwithstanding
the foregoing, none of these events shall constitute Good Reason unless the
Executive gives the Corporation written notice within ninety (90) days after
the occurrence of the event which the Executive believes constitutes the basis
for Good Reason, specifying the particular act or failure to act which the
Executive believes constitutes the basis for Good Reason.  If the Corporation fails to cure such act or
failure to act within thirty (30) days after receipt of such notice, the
Executive may terminate his employment for Good Reason.

 

(i)                                     “Offer
Letter” shall mean the employment offer letter from the Corporation to the
Executive, dated April 27, 2010.

 

(j)                                     “Initial
Restricted Stock Award” shall mean the initial award of 40,000 restricted
shares of the Corporation’s common stock granted to the Executive upon his
commencement of employment, subject to the terms of the Corporation’s 2006
Equity Incentive Plan and to Committee approval of such award.

 

(k)                                  “Salary”
shall mean the annual base salary provided to Executive by the Corporation, as
adjusted from time to time.

 

(l)                                     “Target
Bonus” shall mean a target bonus opportunity equal to fifty percent (50%)
of the Executive’s base salary payable based upon the achievement of target
performance objectives, as set forth in the Offer Letter.

 

2.                                       TERM OF
AGREEMENT.  Unless
earlier terminated by reason of the Executive’s termination of employment with
the Corporation, the term of the Agreement shall commence as of May 27,
2010 (the “Commencement Date”), and shall continue until the fourth anniversary
of the Commencement Date (the “Initial Term”) and shall automatically renew for
one year periods commencing on the fourth anniversary of the Commencement Date
(each such one-year period, a “Renewal Term”), unless either party provides
written notice of non-renewal at least ninety (90) days prior to the end of the
Initial Term or any Renewal Term (the Initial Term and any Renewal Term shall
hereinafter be referred to as the “Term”).

 

3.                                       EMPLOYMENT.  During the Term, the
Executive agrees to remain in the employ of the Corporation and to continue to
perform the Executive’s regular duties as an executive of the Corporation.

 

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4.                                       SEVERANCE
BENEFITS ON TERMINATION.

 

(a)                                  Termination Due
to Disability. If, during the Term, the Executive’s employment is
terminated by the Corporation due to Disability, he shall be entitled to
receive:

 

(i)                                     accrued but
unpaid Salary through the date of the Executive’s termination of employment,
any accrued but unused vacation, any annual bonus earned for the Fiscal Year
completed prior to the year of termination but not yet paid to him and
reimbursement of expenses incurred by him through the date of termination but
not yet paid to him, payable as soon as administratively feasible following the
termination date, but in any event within fifteen (15) days thereafter; and,
additionally, the Executive shall receive any other compensation or benefits,
including, without limitation, benefits under any outstanding equity grants and
awards granted to the Executive and employee benefits under plans in which the
Executive participates, that have vested through the date of termination or to
which the Executive may then be entitled in accordance with the applicable
terms and conditions of each grant, award or plan (collectively, the “Accrued
Benefits”);

 

(ii)                                  a pro-rata
bonus for the year of termination equal to the Target Bonus multiplied by a
fraction, the numerator of which is the number of completed days in the Fiscal
Year of the Executive’s termination of employment during which the Executive
was employed by the Corporation and the denominator of which is 365, as soon as
administratively feasible following the termination date, but in any event
within fifteen (15) days thereafter (the “Pro-Rata Target Bonus”);

 

(iii)                               severance equal
to six months’ Salary payable in six (6) equal monthly installments and
commencing on the first payroll period following such termination; and

 

(iv)                              if the
Executive (or his beneficiaries) elects continued medical coverage under COBRA,
the Corporation shall pay for coverage under COBRA for six (6) months
following such termination.

 

(b)                                 Voluntary
Termination, Termination by the Corporation for Cause, and Termination due to
Death.  If, during the Term, the
Executive terminates his employment voluntarily (other than for Good Reason),
or the Corporation terminates the Executive’s employment for Cause, then the
Executive shall be entitled to receive only the Accrued Benefits.  If, during the Term, the Executive’s
employment is terminated due to his death, he shall be entitled to receive the
Accrued Benefits and the Pro-Rata Target Bonus.

 

(c)                                  Termination by
the Corporation Without Cause or by the Executive for Good Reason Other Than
Within Two Years Following a Change in Control.  If, during the Term, the Corporation
terminates the Executive’s employment without Cause or the Executive terminates

 

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his employment for Good Reason, in either such case,
other than within two years after a Change in Control, he shall be entitled to
receive, in addition to the Accrued Benefits, subject to the timely execution
and non-revocation of a release substantially in the form attached hereto as Exhibit A
within sixty (60) days following the termination date and to Executive’s
continued compliance with the restrictive covenants contained in Section 6:

 

(i)                                     continued
Salary (disregarding any reduction in Salary that would constitute Good Reason)
for eighteen (18) months payable in eighteen (18) equal monthly installments
commencing as soon as administratively feasible following the sixtieth (60th)
day after such termination;

 

(ii)                                  a performance
bonus payment (at no less than the Target Bonus for terminations occurring
during the Fiscal Years ending in 2010, 2011 and 2012, as applicable) which
would have otherwise been paid for the year of termination had the Executive’s
employment not been terminated (not pro-rated for less than a twelve (12) month
period), to be paid at such time as such bonus would otherwise have been paid;
and

 

(iii)                               if the
Executive or his beneficiaries elect continued medical coverage under COBRA,
the Corporation will pay for coverage under COBRA for eighteen (18) months
following such termination.

 

(d)                                 Termination by
the Corporation Without Cause or by the Executive for Good Reason Within Two
Years After a Change in Control.  If, during the Term, the Corporation
terminates the Executive’s employment without Cause or the Executive terminates
his employment for Good Reason, in either such case, within two years after a
Change in Control, he shall be entitled to receive, in addition to the Accrued
Benefits, subject to the timely execution and non-revocation of a release
substantially in the form attached hereto as Exhibit A within sixty
(60) days following the termination date and to the Executive’s continued
compliance with the restrictive covenants contained in Section 6:

 

(i)                                     a lump sum
payment on the sixtieth (60th) day after such termination, equal to two and
one-half (2.5) times the sum of (A) the Salary (disregarding any reduction
in Salary that would constitute Good Reason) plus (B) the average of the
annual bonuses hereof paid to the Executive in the three-year period
immediately prior to such termination; provided that, until the Executive has
received an annual bonus, his Target Bonus shall be used for purposes of this
subsection; and provided further that any annual bonus for less than a twelve
(12) month period shall be annualized for purposes of this subsection;

 

(ii)                                  a pro-rata
portion of the higher of (A) the actual bonus the Executive received for
the most recently completed Fiscal Year; or (B) the Target Bonus, to be
paid on the sixtieth (60th) day after such termination; and

 

(iii)                               continued
medical coverage under the Corporation’s medical and health plans until December 31
of the second calendar year following the year of termination of the Executive’s
employment.

 

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(e)                                  Vesting of
Initial Restricted Stock Award Upon Certain Terminations.

 

(i)                                     If, during the
Term, the Corporation terminates the Executive’s employment without Cause or
the Executive terminates his employment for Good Reason (in either case whether
or not following a Change in Control), in either such case, the Initial
Restricted Stock Award shall vest in full as of the date of termination.

 

(ii)                                  If, during the
Term, the Corporation terminates the Executive’s employment due to his
Disability, a portion of the Initial Restricted Stock Award shall vest in a
percentage equal to the number of days worked by the Executive from the grant
date of such award until the date of termination over 1,460.

 

(f)                                    Specified
Employee.  Notwithstanding
any other provision of this Agreement, if (i) the Executive is to receive
payments or benefits under Section 4 by reason of his separation
from service (as such term is defined in Code Section 409A) other than as
a result of his death, (ii) the Executive is a “specified employee” within
the meaning of Code Section 409A for the period in which the payment or
benefits would otherwise commence, and/or (iii) such payment or benefit
would otherwise subject the Executive to any tax, interest or penalty imposed
under Code Section 409A (or any regulation promulgated thereunder) if the
payment or benefit would commence within six months of a termination of the
Executive’s employment, then such payment or benefit required under Section 4
shall not commence until the first day which is at least six months and one day
after the termination of the Executive’s employment.  Each severance installment contemplated under
this Section 4 shall be treated as a separate payment in a series
of separate payments under Treasury Regulation Section 1.409A-2(b)(2)(iii).  Payments and benefits subject to this Section 4(f),
together with simple interest calculated at LIBOR as of the date of such
separation from service, shall be paid to the Executive in one lump sum payment
or otherwise provided to the Executive as soon as administratively feasible
after the first day which is at least six months after the termination of the
Executive’s employment.  Thereafter, such
payments and benefits shall continue, if applicable, for the relevant period
set forth above.  For purposes of this
Agreement, all references to “termination of employment” and other similar
language shall mean a “separation from service,” as defined in Treasury
Regulation Section 1.409A-1(h).

 

(g)                                 Reimbursements
or In-Kind Benefits.  To the
extent any right to reimbursements or in-kind benefits hereunder constitutes “non-qualified
deferred compensation” for purposes of Code Section 409A, (i) all
such reimbursements shall be made as soon as practicable, but no later than the
last day of the taxable year following the taxable year in which the related
expenses were incurred, (ii) no such right shall be subject to liquidation
or exchange for another benefit, and (iii) no such reimbursement, expenses
eligible for reimbursement, or in-kind benefits provided in any taxable year
shall in any way affect the expenses eligible for reimbursement, or in-kind
benefits to be provided, in any other taxable year.

 

(h)                                 Miscellaneous.  For the avoidance of doubt, the Executive
shall only receive, if entitled, the payments and benefits provided under Section 4(c) or
4(d), whichever is applicable, but not under both such sections.

 

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5.                                       NO DUTY
TO MITIGATE.  The Executive
shall not be required to mitigate or offset the amount of any payments or other
benefits provided under this Agreement by seeking employment or otherwise, nor
shall the amount of any payment provided under this Agreement be reduced by any
compensation earned by the Executive as the result of employment by another
employer after the date of termination from the Corporation.

 

6.                                       RESTRICTIVE
COVENANTS.

 

(a)                                  Confidentiality.  The Executive agrees that at all times during
his term of employment with the Corporation and at all times thereafter (except
as otherwise required by applicable law, regulation or legal process) he shall
hold in strictest confidence and not use for his own benefit or the benefit of
any other person, and not disclose to any person without authorization from the
Corporation, any Confidential Information. 
“Confidential Information” means any and all confidential or proprietary
business information of the Corporation or its affiliates, including, without
limitation, information relating to the Corporation’s or its affiliates’ trade
secrets, software and technology architecture, networks, business
methodologies, facilities, financial and operational information, contracts,
customer lists, marketing or sales prospect lists, “know how,” and all copies,
reproductions, notes, analyses, compilations, studies, interpretations,
summaries and other documents in connection with the foregoing.  Confidential Information does not include any
information which (i) is or becomes publicly known or available other than
as a result of wrongful disclosure by the Executive (ii) becomes available
to the Executive on a non-confidential basis from a source which, to the
Executive’s knowledge, is not prohibited from disclosing such Confidential
Information to him, or (iii) is generally known in the industry in which
the Corporation or its affiliates operate and pertains to activities or
business not specific to the Corporation or its affiliates.  Additionally, the Executive will deliver
promptly to the Corporation upon any termination of employment, all agreements,
memoranda, notes, records, reports and other documents (and all copies thereof)
relating to the Corporation’s business and all other property of the
Corporation, which the Executive may then possess or have under his control
other than publicly available documents.

 

(b)                                 Non-Solicitation
of Employees.  During the
Executive’s term of employment with the Corporation and for the eighteen (18)
month period following any termination of employment (the “Non-Solicit Period”),
the Executive will not, for any reason, solicit, assist or encourage the
solicitation of, employ or engage the services of any person who was a
full-time employee (“Employee”) of, or independent contractor (“Independent
Contractor”) to, the Corporation at the date of such termination or within six (6) months
prior thereto to work for the Executive or for any entity with which he is
affiliated.  For this purpose, the term “solicit”
will mean contacting, or providing information to others who may reasonably be
expected to contact, any Employee or Independent Contractor regarding such
Employee’s or Independent Contractor’s interest in seeking employment with an
entity other than (i) the Corporation or (ii) an entity affiliated
with the Corporation.

 

(c)                                  Non-Solicitation
of Customers/Non-Interference with Vendors.  During the Executive’s
term of employment with the Corporation and the Non-Solicit Period, the
Executive 

 

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will not, for any reason, solicit or encourage any
vendor, Customer or Prospective Customer to cease any relationship with the
Corporation or any of its affiliates, or service in any way any Customer or
Prospective Customer.  For this purpose,
the term “solicit” will mean contacting, or providing information to others who
may reasonably be expected to contact, any such vendor, Customer or Prospective
Customer regarding such Customer or Prospective Customer’s interest in
receiving the Executive’s services or the services of any entity with which the
Executive is affiliated or the cessation of any such relationship.  The term “Customer” will mean all persons for
whom the Corporation maintains an active account or file in the active records
of the Corporation, or for whom the Corporation has otherwise performed or
performs any services or provided products within the twelve (12) month period
preceding the Executive’s termination of employment.  The term “Prospective Customer” means those
persons and entities who have been approached by or on behalf of the
Corporation to become a customer or who have been entered into the internal
records of the Corporation as a prospective or potential customer.

 

(d)                                 Non-Compete.  The Executive expressly covenants and agrees
that during his term of employment with the Corporation and the Non-Solicit
Period, the Executive will not directly or indirectly, own, manage, operate,
join, control, receive compensation or benefits from, or participate in the
ownership, management, operation, or control of, or be employed or be otherwise
connected in any manner with, any business which directly or indirectly
competes in any material respect with any of the businesses of the Corporation
or any of its affiliates, as conducted or planned by the Corporation or any
affiliate during the Executive’s employment.

 

(e)                                  Non-Disparagement.  The Executive agrees that, during his period
of employment and thereafter, he will not defame, disparage or publicly
criticize the Corporation and/or its affiliates and/or management to any person
or entity.  In addition, the Executive
will not speak in a negative or disparaging manner about the Corporation and/or
its affiliates and/or management or its business, to the media, whether
electronic, print or otherwise, without the prior written approval of the
Corporation.  Nothing herein, however,
will prohibit the Executive from making truthful statements to the extent
legally compelled or otherwise required by applicable laws or governmental
regulations or judicial or regulatory proceedings.

 

(f)                                    Remedy for Breach.  The Executive acknowledges and agrees that
the restrictions set forth in this Section 6, including the
protection of the Corporation’s Confidential Information and the prohibitions
against competition and solicitation, are critical and necessary to protect the
Corporation’s legitimate business interests; are reasonably drawn to this end
with respect to duration, scope, and otherwise; are not unduly burdensome; are
not injurious to the public interest; and are supported by adequate
consideration.  The Executive also acknowledges
and agrees that, in the event that the Executive breaches any of these
restrictions, the Corporation could suffer immediate, irreparable injury and
will, therefore, be entitled to seek injunctive relief, in addition to any
other damages to which it may be entitled. 
In the event of any dispute, claim or cause of action arising out of
this Agreement or the Offer Letter, the losing party shall reimburse the
prevailing party for the costs and reasonable attorneys’ fees incurred by the
prevailing party in connection with such dispute, claim or cause of action.

 

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(g)                                 Severability;
Modification.  The
Executive acknowledges that the restrictive covenants contained in this
Agreement are reasonable and valid in geographical and temporal scope and in
all other respects.  If any arbitrator or
court of competent jurisdiction determines that any such restrictive covenants,
or any part of any of them, is invalid or unenforceable, the remainder of such
covenants and parts thereof shall not thereby be affected and shall be given
full effect, without regard to the invalid portion.  If any arbitrator or court determines that
any of such covenants, or any part thereof, is invalid or unenforceable because
of the geographic or temporal scope of such provision, such arbitrator or court
shall reduce such scope to the extent necessary to make such covenants valid
and enforceable.

 

7.                                       CERTAIN
EXCISE TAXES.  In the event
of a change of ownership or control of the Corporation during the Executive’s
term of employment, anything in this Agreement to the contrary notwithstanding,
in the event it shall be determined that any payment, benefit or distribution
by, to or for the benefit of the Executive, whether made under this Agreement,
the Offer Letter or otherwise (a “Payment”) would be subject to the excise tax
imposed by Code Section 4999 or any like or successor section thereto (the
“Excise Tax”) and if the net-after tax amount (taking into account all
applicable taxes payable by the Executive, including any Excise Tax) that the
Executive would receive with respect to such Payments does not exceed the
net-after tax amount the Executive would receive if the amount of such Payments
was reduced to the maximum amount which could otherwise be payable to the
Executive without the imposition of the Excise Tax, then, to the extent
necessary to eliminate the imposition of the Excise Tax, such Payments shall be
reduced in the following order, (i) first, any future cash Payments (if
any) shall be reduced (if necessary, to zero); (ii) second, any current
cash Payments shall be reduced (if necessary, to zero); (ii) third, all
non-cash Payments (other than equity or equity derivative related payments)
shall be reduced (if necessary, to zero); and (iv) fourth, all equity or
equity derivative payments shall be reduced.

 

8.                                       INDEMNIFICATION.  During the Term, (i) the Corporation
will provide the Executive with indemnification rights and protections to the
same extent as is provided from time to time to the other senior executive
officers of the Corporation, including, without limitation, the advancement of
expenses, all on the same terms and conditions applicable to such senior
executive officers, and (ii) the Executive will be covered at all times by
such directors’ and officers’ liability insurance as the Corporation will from
time to time obtain, if any, and such coverage will be substantially similar to
that provided to the other senior executive officers of the Corporation.

 

9.                                       REPRESENTATIONS.  The Executive represents and warrants to the
Corporation that his execution of this Agreement and the performance of his
obligations hereunder and under the Offer Letter will not breach or be in
conflict with any other agreement to which the Executive is a party or by which
he is otherwise bound.  The Executive
further represents and warrants that he is not currently subject to any
covenants against competition or similar covenants or any court order that
could preclude or otherwise affect the performance of his duties and
obligations hereunder and under the Offer Letter.

 

10

 

10.                                 SUCCESSORS; ASSIGNABILITY;
BINDING AGREEMENT.  The
Corporation shall require any successor (whether direct or indirect by
purchase, merger, consolidation or otherwise) to all or substantially all of
the business, equity and/or assets of the Corporation to expressly assume and
agree to perform this Agreement in the same manner and to the same extent that
the Corporation would be required to perform if no such succession had taken
place.  As referred to in this Agreement,
“Corporation” shall mean the Corporation as herein defined and any successor to
its business, equity and/or assets which becomes bound by the terms and
conditions of this Agreement by operation of law.  This Agreement shall be binding upon and
inure to the benefit of the parties and their respective successors, heirs (if
applicable) and assigns. No rights or obligations of the parties under this
Agreement may be assigned without the consent of both parties, except by will
or the laws of descent and distribution.

 

11.                                 NOTICES.  Any notice given to either party hereto shall
be in writing and shall be deemed to have been given when delivered either
personally, by fax, by overnight delivery service (such as Federal Express) or
sent by certified mail postage prepaid, return receipt requested, duly
addressed to the party concerned at the address indicated below or to such
changed address as the party may subsequently give notice of.

 

If
to the Corporation or the Board:

 

Griffon
Corporation

712
Fifth Avenue, 18th Floor

New
York, New York, 10019

Attention:
Chief Executive Officer

 

With
a copy to:

 

Stephen
W. Skonieczny, Esq.

Dechert
LLP

1095
Avenue of the Americas 

New
York, NY 10036

FAX:
(212) 698-3599

 

If
to the Executive:

 

Mr. Seth L. Kaplan

c/o
Griffon Corporation

712
Fifth Avenue, 18th Floor

New
York, New York, 10019

 

12.                                 WITHHOLDING TAXES.  The Executive will be solely
responsible for any applicable federal, state, local or other taxes, resulting
from any taxable income paid to him hereunder or otherwise by the Corporation,
including without limitation any taxes imposed under Code Section 409A or
Code Section 4999.  Notwithstanding
the foregoing, the Corporation will be 

 

11

 

entitled to withhold from any payments made to the
Executive hereunder or otherwise, and to report to appropriate federal, state
and local taxing authorities, all amounts required to be withheld or reported.

 

13.                                 MODIFICATIONS AND WAIVERS; ENTIRE
AGREEMENT.  No
agreements or representations, express or implied, with respect to the subject
matter hereof have been made by either party which are not expressly set forth
in this Agreement or the Offer Letter. 
No provisions of this Agreement may be modified, waived or discharged
unless such modification, waiver or discharge is agreed to in writing signed by
the Executive and the Chief Executive Officer of the Corporation.  No waiver by either party hereto at any time
of any breach by the other party hereto of any condition or provision of this
Agreement to be performed by such other party shall be deemed a waiver of
similar or dissimilar provisions or conditions at the same or any prior or
subsequent time.  This Agreement shall
not supersede or in any way limit the rights, duties or obligations the
Executive may have under any other written agreement with the Corporation
including, without limitation, any employment agreement now in effect or
subsequently entered into by and between the Executive and the Corporation.

 

14.                                 SURVIVAL.  The respective rights and obligations of the
parties hereunder and under the Offer Letter shall survive the termination of
this Agreement and the termination of the Executive’s employment with the
Corporation for any reason, to the extent necessary to enforce the rights and
obligations of the parties following any such termination as set forth in this
Agreement..

 

15.                                 GOVERNING LAW.  This Agreement shall be governed by and
construed and interpreted in accordance with the laws of the State of New York
without reference to principles of conflict of laws thereof.

 

16.                                 DISPUTES.  If any contest or dispute arising with
respect to the terms and conditions of the Executive’s employment with the
Corporation, under this Agreement, the Offer Letter or otherwise, such contest
or dispute shall be submitted to binding arbitration for resolution in New
York, New York, in accordance with the Employment Dispute Resolution Rules of
the American Arbitration Association then in effect; provided, however, that
the Corporation may bring an action to specifically enforce any
confidentiality, non-compete, non-interference, non-disparagement or
non-solicitation covenant.  Judgment upon
any award rendered by the arbitrators may be entered in any court having
jurisdiction.  The fees charged by the
American Arbitration Association in connection with commencing such arbitration
will be borne equally by the Executive and the Corporation.

 

17.                                 HEADINGS.  The headings of the sections contained in
this Agreement are for convenience only and shall not be deemed to control or
affect the meaning or construction of any provision of this Agreement.

 

18.                                 COUNTERPARTS.  This Agreement may be executed in one or more
counterparts each of which shall be deemed to be an original, but all of which
together shall constitute one and the same instrument.

 

12

 

IN WITNESS WHEREOF, the parties hereto have
executed this Agreement as the day and year first written above.

 

	
   

  	
  GRIFFON
  CORPORATION:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  Ronald J. Kramer

  
	
   

  	
   

  	
  Ronald
  J. Kramer

  
	
   

  	
   

  	
  Chief
  Executive Officer

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  EXECUTIVE:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Signature:
  

  	
  /s/
  Seth L. Kaplan

  
	
   

  	
   

  
	
   

  	
  Name:
  Seth L. Kaplan

  
				

 

13

 

EXHIBIT A

 

General Release

 

IN
CONSIDERATION OF good and valuable consideration, the receipt of which is
hereby acknowledged, and in consideration of the terms and conditions contained
in the Severance Agreement, dated as of April 27, 2010, (the “Agreement”)
by and between Seth L. Kaplan (the “Executive”) and Griffon Corporation (the “Company”),
the Executive on behalf of himself and his heirs, executors, administrators,
and assigns, releases and discharges the Company and its past present and
future subsidiaries, divisions, affiliates and parents, and their respective
current and former officers, directors, shareholders, employees, agents, and/or
owners, and their respective successors and assigns, and any other person or
entity claimed to be jointly or severally liable with the Company or any of the
aforementioned persons or entities (the “Released Parties”) from any and all
manner of actions and causes of action, suits, debts, dues, accounts, bonds,
covenants, contracts, agreements, judgments, charges, claims, and demands
whatsoever (“Losses”) which the Executive and his heirs, executors,
administrators, and assigns have, had, or may hereafter have, against the
Released Parties or any of them arising at any time from the beginning of the
world to the date hereof, including but not limited to, any and all Losses
arising under any federal, state, or local statute, rule, or regulation, or
principle of contract law or common law relating to the Executive’s employment
by the Company and the cessation thereof, including but not limited to, the
Family and Medical Leave Act of 1993, as  amended, 29 U.S.C. §§
2601 et  seq., Title VII of the Civil Rights Act of 1964, as
amended, 42 U.S.C. §§ 2000e et  seq., the Age
Discrimination in Employment Act of 1967, as  amended, 29 U.S.C.
§§ 621 et  seq. (the “ADEA”), the Americans with Disabilities Act
of 1990, as  amended, 42 U.S.C. §§ 12101 et  seq.,
the Worker Adjustment and Retraining Notification Act of 1988, as  amended,
29 U.S.C. §§2101 et  seq., the Employee Retirement Income Security
Act of 1974, as  amended, 29 U.S.C. §§ 1001 et  seq.,
the New York State and New York City Human Rights Laws, the New York Labor
Laws, and any other equivalent or similar federal, state, or local statute;
provided, however, that the Executive does not release or discharge the
Released Parties from (i) any rights to any payments, benefits or
reimbursements due to the Executive under the Agreement or the Offer Letter (as
defined in the Agreement); or (ii) any rights to any vested benefits due
to the Executive under any employee benefit plans sponsored or maintained by
the Company.  It is understood that
nothing in this general release is to be construed as an admission on behalf of
the Released Parties of any wrongdoing with respect to the Executive, any such
wrongdoing being expressly denied.

 

The
Executive represents and warrants that he fully understands the terms of this
General Release, that he has been and hereby is encouraged to seek, and has
sought, the benefit of advice of legal counsel, and that he knowingly and
voluntarily, of his own free will, without any duress, being fully informed,
and after due deliberation, accepts its terms and signs below as his own free
act. Except as otherwise provided herein, the Executive understands that as a
result of executing this General Release, he will not have the right to assert
that the Company or any other of the Released Parties unlawfully terminated his
employment or violated any of his rights in connection with his employment or
otherwise.

 

 

The
Executive further represents and warrants that he has not filed, and will not
initiate, or cause to be initiated on his behalf any complaint, charge, claim,
or proceeding against any of the Released Parties before any federal, state, or
local agency, court, or other body relating to any claims barred or released in
this General Release thereof, and will not voluntarily participate in such a
proceeding.  However, nothing in this
General Release shall preclude or prevent the Executive from filing a claim
which challenges the validity of this General Release solely with respect to
the Executive’s waiver of any Losses arising under the ADEA, nor shall this
General Release preclude or prevent Executive from filing a charge of
discrimination with the U.S. Equal Employment Opportunity Commission or similar
state or local agency. The Executive shall not accept any relief obtained on
his behalf by any government agency, private party, class, or otherwise with
respect to any claims covered by this General Release.

 

The
Executive may take twenty-one (21) days, or, if required under the ADEA,
forty-five (45) days, to consider whether to execute this General Release.  Upon the Executive’s execution of this
General Release, the Executive will have seven (7) days after such execution
in which he may revoke such execution. In the event of revocation, the
Executive must present written notice of such revocation to the office of the
Company.  If seven (7) days pass
without receipt of such notice of revocation, this General Release shall become
binding and effective on the eighth (8th) day after the execution hereof (the “Effective
Date”).

 

INTENDING
TO BE LEGALLY BOUND, I hereby set my hand below:

 

 

	
   

  	
   

  
	
   

  	
  Seth
  L. Kaplan

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Dated:

  	
   

  

 

2Exhibit 4.1

 

Execution Version

 

 

 

INDENTURE

 

Dated as of July 29, 2010

 

Among

 

ACCURIDE CORPORATION,

 

THE GUARANTORS NAMED ON THE SIGNATURE PAGES HERETO,

 

WILMINGTON TRUST FSB,

as Trustee

 

and

 

DEUTSCHE BANK TRUST COMPANY AMERICAS,

as Notes Priority Collateral Agent, Registrar, Paying Agent and Transfer Agent

 

9.5% FIRST PRIORITY SENIOR SECURED NOTES DUE 2018

 

 

 

 

CROSS-REFERENCE TABLE*

 

	
  Trust
  Indenture Act Section

  	
   

  	
  Indenture Section

  
	
   

  	
   

  	
   

  
	
  310
  (a)(1)

  	
   

  	
  7.10

  
	
  (a)(2)

  	
   

  	
  7.10

  
	
  (a)(3)

  	
   

  	
  N.A.

  
	
  (a)(4)

  	
   

  	
  N.A.

  
	
  (a)(5)

  	
   

  	
  7.10

  
	
  (b)

  	
   

  	
  7.10

  
	
  (c)

  	
   

  	
  N.A.

  
	
  311 (a)

  	
   

  	
  7.11

  
	
  (b)

  	
   

  	
  7.11

  
	
  (c)

  	
   

  	
  N.A.

  
	
  312 (a)

  	
   

  	
  2.05

  
	
  (b)

  	
   

  	
  14.03

  
	
  (c)

  	
   

  	
  14.03

  
	
  313 (a)

  	
   

  	
  7.06

  
	
  (b)(1)

  	
   

  	
  12.02

  
	
  (b)(2)

  	
   

  	
  7.06;7.07

  
	
  (c)

  	
   

  	
  7.06;14.02

  
	
  (d)

  	
   

  	
  7.06

  
	
  314 (a)

  	
   

  	
  4.03, 4.04; 14.02; 14.05

  
	
  (b)

  	
   

  	
  12.02

  
	
  (c)(1)

  	
   

  	
  14.04

  
	
  (c)(2)

  	
   

  	
  14.04

  
	
  (c)(3)

  	
   

  	
  N.A.

  
	
  (d)

  	
   

  	
  12.02; 12.03; 12.04

  
	
  (e)

  	
   

  	
  14.05

  
	
  (f)

  	
   

  	
  N.A.

  
	
  315 (a)

  	
   

  	
  7.01

  
	
  (b)

  	
   

  	
  7.05; 14.02.

  
	
  (c)

  	
   

  	
  7.01

  
	
  (d)

  	
   

  	
  7.04.

  
	
  (e)

  	
   

  	
  6.14.

  
	
  316 (a)(last sentence)

  	
   

  	
  2.09.

  
	
  (a)(1)(A)

  	
   

  	
  6.05.

  
	
  (a)(1)(B)

  	
   

  	
  6.04.

  
	
  (a)(2)

  	
   

  	
  N.A.

  
	
  (b)

  	
   

  	
  6.07.

  
	
  (c)

  	
   

  	
  2.12, 9.04.

  
	
  317 (a)(1)

  	
   

  	
  6.08

  
	
  (a)(2)

  	
   

  	
  6.12.

  
	
  (b)

  	
   

  	
  2.04.

  
	
  318 (a)

  	
   

  	
  14.01.

  
	
  (b)

  	
   

  	
  N.A.

  
	
  (c)

  	
   

  	
  14.01

  

 

N.A.
means not applicable.

*  This Cross-Reference Table is not part of
this Indenture.

 

 

TABLE OF CONTENTS

 

	
   

  	
  Page

  
	
   

  	
   

  
	
  ARTICLE I

  	
   

  
	
   

  	
   

  
	
  DEFINITIONS AND INCORPORATION BY REFERENCE

  	
   

  
	
   

  	
   

  
	
  Section 1.01

  	
  Definitions

  	
  1

  
	
  Section 1.02

  	
  Other Definitions

  	
  32

  
	
  Section 1.03

  	
  Incorporation by Reference of Trust Indenture Act

  	
  32

  
	
  Section 1.04

  	
  Rules of Construction

  	
  33

  
	
  Section 1.05

  	
  Acts of Holders

  	
  33

  
	
   

  	
   

  	
   

  
	
  ARTICLE II

  	
   

  
	
   

  	
   

  
	
  THE NOTES

  	
   

  
	
   

  	
   

  
	
  Section 2.01

  	
  Form and Dating; Terms

  	
  35

  
	
  Section 2.02

  	
  Execution and Authentication

  	
  36

  
	
  Section 2.03

  	
  Registrar and Paying Agent

  	
  37

  
	
  Section 2.04

  	
  Paying Agent to Hold Money in Trust

  	
  37

  
	
  Section 2.05

  	
  Holder Lists

  	
  37

  
	
  Section 2.06

  	
  Transfer and Exchange

  	
  38

  
	
  Section 2.07

  	
  Replacement Notes

  	
  51

  
	
  Section 2.08

  	
  Outstanding Notes

  	
  51

  
	
  Section 2.09

  	
  Treasury Notes

  	
  51

  
	
  Section 2.10

  	
  Temporary Notes

  	
  52

  
	
  Section 2.11

  	
  Cancellation

  	
  52

  
	
  Section 2.12

  	
  Defaulted Interest

  	
  52

  
	
  Section 2.13

  	
  CUSIP and ISIN Numbers

  	
  53

  
	
   

  	
   

  	
   

  
	
  ARTICLE III

  	
   

  
	
   

  	
   

  
	
  REDEMPTION

  	
   

  
	
   

  	
   

  
	
  Section 3.01

  	
  Notices to Trustee

  	
  53

  
	
  Section 3.02

  	
  Selection of Notes to Be Redeemed or Purchased

  	
  53

  
	
  Section 3.03

  	
  Notice of Redemption

  	
  53

  
	
  Section 3.04

  	
  Effect of Notice of Redemption

  	
  54

  
	
  Section 3.05

  	
  Deposit of Redemption or Purchase Price

  	
  55

  
	
  Section 3.06

  	
  Notes Redeemed or Purchased in Part

  	
  55

  
	
  Section 3.07

  	
  Optional Redemption

  	
  55

  
	
  Section 3.08

  	
  Mandatory Redemption

  	
  56

  
	
  Section 3.09

  	
  Offers to Repurchase by Application of Excess Proceeds

  	
  56

  

 

i

 

	
   

  	
  Page

  
	
   

  	
   

  	
   

  
	
  ARTICLE IV

  	
   

  
	
   

  	
   

  
	
  COVENANTS

  	
   

  
	
   

  	
   

  
	
  Section 4.01

  	
  Payment of Notes

  	
  58

  
	
  Section 4.02

  	
  Maintenance of Office or Agency

  	
  59

  
	
  Section 4.03

  	
  Reports and Other Information

  	
  59

  
	
  Section 4.04

  	
  Compliance Certificate

  	
  60

  
	
  Section 4.05

  	
  Taxes

  	
  60

  
	
  Section 4.06

  	
  Stay, Extension and Usury Laws

  	
  61

  
	
  Section 4.07

  	
  Limitation on Restricted Payments

  	
  61

  
	
  Section 4.08

  	
  Dividend and Other Payment Restrictions Affecting
  Restricted Subsidiaries

  	
  65

  
	
  Section 4.09

  	
  Limitation on Incurrence of Indebtedness and Issuance of
  Disqualified Stock and Preferred Stock

  	
  66

  
	
  Section 4.10

  	
  Limitation on Sales of Assets

  	
  71

  
	
  Section 4.11

  	
  Transactions with Affiliates

  	
  74

  
	
  Section 4.12

  	
  Liens

  	
  75

  
	
  Section 4.13

  	
  Corporate Existence

  	
  75

  
	
  Section 4.14

  	
  Offer to Repurchase Upon Change of Control

  	
  76

  
	
  Section 4.15

  	
  Limitation on Guarantees of Indebtedness by Restricted
  Subsidiaries

  	
  77

  
	
  Section 4.16

  	
  Further Assurances and After-Acquired Property

  	
  78

  
	
  Section 4.17

  	
  Information Regarding Collateral

  	
  78

  
	
  Section 4.18

  	
  [INTENTIONALLY OMITTED]

  	
  79

  
	
  Section 4.19

  	
  Covenant Suspension

  	
  79

  
	
   

  	
   

  	
   

  
	
  ARTICLE V

  	
   

  
	
   

  	
   

  
	
  SUCCESSORS

  	
   

  
	
   

  	
   

  
	
  Section 5.01

  	
  Merger, Consolidation or Sale of All or Substantially All
  Assets

  	
  79

  
	
  Section 5.02

  	
  Successor Corporation Substituted

  	
  82

  
	
   

  	
   

  	
   

  
	
  ARTICLE VI

  	
   

  
	
   

  	
   

  
	
  DEFAULTS AND REMEDIES

  	
   

  
	
   

  	
   

  
	
  Section 6.01

  	
  Events of Default

  	
  82

  
	
  Section 6.02

  	
  Acceleration

  	
  84

  
	
  Section 6.03

  	
  Other Remedies

  	
  85

  
	
  Section 6.04

  	
  Waiver of Past Defaults

  	
  85

  
	
  Section 6.05

  	
  Control by Majority

  	
  85

  
	
  Section 6.06

  	
  Limitation on Suits

  	
  85

  
	
  Section 6.07

  	
  Rights of Holders of Notes to Receive Payment

  	
  86

  
	
  Section 6.08

  	
  Collection Suit by Trustee

  	
  86

  
	
  Section 6.09

  	
  Restoration of Rights and Remedies

  	
  86

  
	
  Section 6.10

  	
  Rights and Remedies Cumulative

  	
  86

  
	
  Section 6.11

  	
  Delay or Omission Not Waiver

  	
  87

  
	
  Section 6.12

  	
  Trustee May File Proofs of Claim

  	
  87

  
	
  Section 6.13

  	
  Priorities

  	
  87

  

 

ii

 

	
   

  	
  Page

  
	
   

  	
   

  
	
  Section 6.14

  	
  Undertaking for Costs

  	
  88

  
	
   

  	
   

  	
   

  
	
  ARTICLE VII

  	
   

  
	
   

  	
   

  
	
  TRUSTEE

  	
   

  
	
   

  	
   

  
	
  Section 7.01

  	
  Duties of Trustee

  	
  88

  
	
  Section 7.02

  	
  Rights of Trustee

  	
  89

  
	
  Section 7.03

  	
  Individual Rights of Trustee

  	
  90

  
	
  Section 7.04

  	
  Trustee’s, Paying Agent’s and Notes Priority Collateral
  Agent’s Disclaimer

  	
  90

  
	
  Section 7.05

  	
  Notice of Defaults

  	
  90

  
	
  Section 7.06

  	
  Reports by Trustee to Holders of the Notes

  	
  91

  
	
  Section 7.07

  	
  Compensation and Indemnity

  	
  91

  
	
  Section 7.08

  	
  Replacement of Trustee

  	
  92

  
	
  Section 7.09

  	
  Successor Trustee by Merger, etc.

  	
  93

  
	
  Section 7.10

  	
  Eligibility; Disqualification

  	
  93

  
	
  Section 7.11

  	
  Preferential Collection of Claims Against Issuer

  	
  93

  
	
   

  	
   

  	
   

  
	
  ARTICLE VIII

  	
   

  
	
   

  	
   

  
	
  LEGAL DEFEASANCE AND COVENANT DEFEASANCE

  	
   

  
	
   

  	
   

  
	
  Section 8.01

  	
  Option to Effect Legal Defeasance or Covenant Defeasance

  	
  93

  
	
  Section 8.02

  	
  Legal Defeasance and Discharge

  	
  93

  
	
  Section 8.03

  	
  Covenant Defeasance

  	
  94

  
	
  Section 8.04

  	
  Conditions to Legal or Covenant Defeasance

  	
  94

  
	
  Section 8.05

  	
  Deposited Money and Government Securities to Be Held in Trust;
  Other Miscellaneous Provisions

  	
  96

  
	
  Section 8.06

  	
  Repayment to Issuer

  	
  96

  
	
  Section 8.07

  	
  Reinstatement

  	
  96

  
	
   

  	
   

  	
   

  
	
  ARTICLE IX

  	
   

  
	
   

  	
   

  
	
  AMENDMENT, SUPPLEMENT AND WAIVER

  	
   

  
	
   

  	
   

  
	
  Section 9.01

  	
  Without Consent of Holders of Notes

  	
  97

  
	
  Section 9.02

  	
  With Consent of Holders of Notes

  	
  98

  
	
  Section 9.03

  	
  Compliance with Trust Indenture Act

  	
  100

  
	
  Section 9.04

  	
  Revocation and Effect of Consents

  	
  100

  
	
  Section 9.05

  	
  Notation on or Exchange of Notes

  	
  100

  
	
  Section 9.06

  	
  Trustee and the Notes Priority Collateral Agent to Sign
  Amendments, etc.

  	
  101

  
	
  Section 9.07

  	
  Payment for Consent

  	
  101

  
	
   

  	
   

  	
   

  
	
  ARTICLE X

  	
   

  
	
   

  	
   

  
	
  GUARANTEES

  	
   

  
	
   

  	
   

  
	
  Section 10.01

  	
  Guarantee

  	
  101

  
	
  Section 10.02

  	
  Limitation on Guarantor Liability

  	
  103

  

 

iii

 

	
   

  	
  Page

  
	
   

  	
   

  
	
  Section 10.03

  	
  Execution and Delivery

  	
  103

  
	
  Section 10.04

  	
  Benefits Acknowledged

  	
  104

  
	
  Section 10.05

  	
  Release of Guarantees

  	
  104

  
	
   

  	
   

  	
   

  
	
  ARTICLE XI

  	
   

  
	
   

  	
   

  
	
  SATISFACTION AND DISCHARGE

  	
   

  
	
   

  	
   

  
	
  Section 11.01

  	
  Satisfaction and Discharge

  	
  104

  
	
  Section 11.02

  	
  Application of Trust Money

  	
  105

  
	
   

  	
   

  	
   

  
	
  ARTICLE XII

  	
   

  
	
   

  	
   

  
	
  SECURITY

  	
   

  
	
   

  	
   

  
	
  Section 12.01

  	
  Notes Priority Collateral and Security Documents

  	
  106

  
	
  Section 12.02

  	
  Recordings and Opinions

  	
  106

  
	
  Section 12.03

  	
  Release of Collateral

  	
  107

  
	
  Section 12.04

  	
  Certificates of the Trustee

  	
  108

  
	
  Section 12.05

  	
  Suits to Protect the Collateral

  	
  108

  
	
  Section 12.06

  	
  Authorization of Receipt of Funds by the Trustee Under the
  Security Documents

  	
  109

  
	
  Section 12.07

  	
  Purchaser Protected

  	
  109

  
	
  Section 12.08

  	
  Powers Exercisable by Receiver
  or Trustee

  	
  109

  
	
  Section 12.09

  	
  Release Upon Termination of the
  Issuer’s Obligations

  	
  109

  
	
  Section 12.10

  	
  Notes Priority Collateral Agent

  	
  110

  
	
  Section 12.11

  	
  Designations

  	
  114

  
	
  Section 12.12

  	
  Compensation and Indemnification

  	
  114

  
	
  Section 12.13

  	
  Environmental Indemnity

  	
  114

  
	
  Section 12.14

  	
  Intercreditor Agreement and Other Security Documents

  	
  116

  
	
   

  	
   

  	
   

  
	
  ARTICLE XIII

  	
   

  
	
   

  	
   

  
	
  RANKING OF NOTE LIENS

  	
   

  
	
   

  	
   

  
	
  Section 13.01

  	
  Relative Rights

  	
  116

  
	
   

  	
   

  	
   

  
	
  ARTICLE XIV

  	
   

  
	
   

  	
   

  
	
  MISCELLANEOUS

  	
   

  
	
   

  	
   

  
	
  Section 14.01

  	
  Trust Indenture Act Controls

  	
  118

  
	
  Section 14.02

  	
  Notices

  	
  118

  
	
  Section 14.03

  	
  Communication by Holders of Notes with Other Holders of
  Notes

  	
  119

  
	
  Section 14.04

  	
  Certificate and Opinion as to Conditions Precedent

  	
  119

  
	
  Section 14.05

  	
  Statements Required in Certificate or Opinion

  	
  120

  
	
  Section 14.06

  	
  Rules by Trustee and Agents

  	
  120

  
	
  Section 14.07

  	
  No Personal Liability of Directors, Officers, Employees and
  Stockholders

  	
  120

  
	
  Section 14.08

  	
  Governing Law

  	
  120

  

 

iv

 

	
   

  	
  Page

  
	
   

  	
   

  
	
  Section 14.09

  	
  Waiver of Jury Trial

  	
  120

  
	
  Section 14.10

  	
  Force Majeure

  	
  120

  
	
  Section 14.11

  	
  No Adverse Interpretation of Other Agreements

  	
  121

  
	
  Section 14.12

  	
  Successors

  	
  121

  
	
  Section 14.13

  	
  Severability

  	
  121

  
	
  Section 14.14

  	
  Counterpart Originals

  	
  121

  
	
  Section 14.15

  	
  Table of Contents, Headings, etc.

  	
  121

  
	
  Section 14.16

  	
  Qualification of Indenture

  	
  121

  
	
  Section 14.17

  	
  Patriot Act

  	
  121

  

 

EXHIBITS

 

	
  Exhibit A

  	
  Form of
  Note

  	
   

  
	
  Exhibit B

  	
  Form of
  Certificate of Transfer

  	
   

  
	
  Exhibit C

  	
  Form of
  Certificate of Exchange

  	
   

  
	
  Exhibit D

  	
  Form of
  Certificate From Acquiring Institutional Accredited Investor

  	
   

  
	
  Exhibit E

  	
  Form of
  Supplemental Indenture to Be Delivered by Subsequent Guarantors

  	
   

  

 

v

 

INDENTURE,
dated as of July [29], 2010, among Accuride Corporation, a Delaware
corporation (the “Issuer”), the Guarantors (as defined herein) listed on
the signature pages hereto, Wilmington Trust FSB, a federal savings bank,
as Trustee (the “Trustee”) and Deutsche Bank Trust Company Americas, a
New York banking corporation, as Notes Priority Collateral Agent (the “Notes
Priority Collateral Agent”), Registrar, Paying Agent and Transfer Agent
(each as defined below).

 

W I T N E S S E T H

 

WHEREAS,
the Issuer has duly authorized the creation of an issue of $310,000,000
aggregate principal amount of 9.5% First Priority Senior Secured Notes due 2018
(the “Initial Notes”);

 

WHEREAS,
the Issuer and each of the Guarantors has duly authorized the execution and
delivery of this Indenture.

 

NOW,
THEREFORE, the parties hereto agree as follows for the benefit of each other
and for the equal and ratable benefit of the Holders of the Notes.

 

ARTICLE I

 

DEFINITIONS AND
INCORPORATION BY REFERENCE

 

Section 1.01                                          Definitions.

 

“144A
Global Note” means a Global Note substantially in the form of Exhibit A
hereto, bearing the Global Note Legend and the Private Placement Legend and
deposited with or on behalf of, and registered in the name of, the Depositary
or its nominee that will be issued in a denomination equal to the outstanding
principal amount of the Notes sold in reliance on Rule 144A.

 

“ABL
Facility” means the credit facility under the Credit Agreement to be
entered into as of the Issue Date by and among the Issuer, the Guarantors, the
lenders party thereto in their capacities as lenders thereunder, Deutsche Bank
Trust Company Americas, SunTrust Bank and Wells Fargo Capital Finance, LLC, as
co-collateral agents, SunTrust Bank and Wells Fargo Capital Finance, LLC, as
co-documentation agents, and Deutsche Bank Trust Company Americas, as
Administrative Agent and as Security Agent, including any notes, mortgages,
guarantees, collateral documents, instruments and agreements executed in
connection therewith, and any amendments, supplements, modifications,
extensions, renewals, restatements, refundings, replacements or refinancings
thereof and any indentures or credit facilities or commercial paper facilities
with banks or other institutional lenders or investors that replace, refund or
refinance any part of the loans, notes, other credit facilities or commitments
thereunder, including any such replacement, refunding or refinancing facility or
indenture that increases the amount borrowable thereunder or alters the
maturity thereof (provided that such increase in borrowings is permitted under
Section 4.09 hereof).

 

“ABL
Facility Security Agent” means Deutsche Bank Trust Company Americas, in its
capacity as Security Agent under the ABL Facility, and any successor or other
agent under the ABL Facility from time to time.

 

“ABL
Facility Debt” means any (i) Indebtedness outstanding from time to
time under the ABL Facility, (ii) any Indebtedness which has a
first-priority security interest in the ABL Priority Collateral (subject to
Permitted Liens), and (iii) all cash management Obligations and all
Hedging Obligations (and guarantees thereof) owing to a Lender (as defined in
the ABL Facility) or any Affiliate of such Lender (or any Person that was a
Lender or an Affiliate of such Lender at the time the applicable 

 

 

agreement
giving rise to such Hedging Obligation was entered into), provided that such
Hedging Obligations are permitted to be incurred under the terms of this
Indenture.

 

“ABL
Facility Lenders” means the lenders or holders of Indebtedness incurred
under the ABL Facility.

 

“ABL
Priority Collateral” means the portion of the Collateral as to which the
Notes and Guarantees have a second-priority security interest, subject to
Permitted Liens, as described in the ABL Facility.

 

“ABL
Secured Parties” means the ABL Facility Security Agent and holders of ABL
Facility Debt secured by ABL Priority Collateral.

 

“Acquired
Indebtedness” means, with respect to any specified Person,

 

(1)                                  Indebtedness of
any other Person existing at the time such other Person is merged with or into
or became a Restricted Subsidiary of such specified Person, including
Indebtedness incurred in connection with, or in contemplation of, such other
Person merging with or into or becoming a Restricted Subsidiary of such
specified Person, and

 

(2)                                  Indebtedness
secured by a Lien encumbering any asset acquired by such specified Person.

 

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

 

“Additional
Notes” means additional Notes (other than the Initial Notes and other than
Exchange Notes for such Initial Notes) issued from time to time under this
Indenture in accordance with Sections 2.01 and 4.09 hereof.

 

“Affiliate”
of any specified Person means any other Person directly or indirectly
controlling or controlled by or under direct or indirect common control with
such specified Person.  For purposes of
this definition, “control” (including, with correlative meanings, the terms
“controlling,” “controlled by” and “under common control with”), as used with
respect to any Person, shall mean the possession, directly or indirectly, of
the power to direct or cause the direction of the management or policies of
such Person, whether through the ownership of voting securities, by agreement
or otherwise.

 

“Agent”
means any Registrar, Paying Agent or Transfer Agent.

 

“After-Acquired
Property” means any property of the Issuer or any Guarantor acquired after
the Issue Date that is intended to secure the Obligations under this Indenture
and the Notes pursuant to this Indenture and the Security Documents.

 

“Applicable Premium” means, with
respect to any Note on any Redemption Date, the greater of:

 

(1)                                  1.0% of the
principal amount of such Note; and

 

(2)                                  the excess, if
any, of (a) the present value at such Redemption Date of (i) the
redemption price of such Note at August 1, 2014 (each such redemption
price being set forth in 

 

2

 

Section 3.07
hereof), plus (ii) all required interest
payments due on such Note through August 1, 2014 (excluding accrued but
unpaid interest to the Redemption Date), computed using a discount rate equal
to the Treasury Rate as of such Redemption Date plus 50 basis points; over
(b) the principal amount of such Note.

 

“Applicable
Procedures” means, with respect to any transfer or exchange of or for
beneficial interests in any Global Note, the rules and procedures of the
Depositary, Euroclear and/or Clearstream that apply to such transfer or
exchange.

 

“Asset
Sale” means:

 

(1)                                  the sale,
conveyance, transfer or other disposition, whether in a single transaction or a
series of related transactions, of property or assets (including by way of a
Sale and Lease-Back Transaction) of the Issuer or any of its Restricted
Subsidiaries (each referred to in this definition as a “disposition”);
or

 

(2)                                  the issuance or
sale of Equity Interests of any Restricted Subsidiary, whether in a single transaction
or a series of related transactions;

 

in
each case, other than:

 

(a)                                  any disposition
of Cash Equivalents, Investment Grade Securities or obsolete, surplus,
damaged or worn out assets (including facilities) in the ordinary course of
business or any disposition of inventory or goods (or other assets) held for
sale in the ordinary course of business;

 

(b)                                 the disposition
of all or substantially all of the assets of the Issuer in a manner permitted
pursuant to the provisions described under Section 5.01 hereof or any
disposition that constitutes a Change of Control pursuant to this Indenture;

 

(c)                                  the making of
any Restricted Payment or Permitted Investment that is permitted to be made,
and is made, under Section 4.07 hereof;

 

(d)                                 any disposition
of assets or issuance or sale of Equity Interests of any Restricted Subsidiary
in any transaction or series of related transactions with an aggregate fair
market value of less than $12.5 million;

 

(e)                                  any disposition
of property or assets or issuance of securities by a Restricted Subsidiary of
the Issuer to the Issuer or by the Issuer or a Restricted Subsidiary of the
Issuer to another Restricted Subsidiary of the Issuer;

 

(f)                                    to the extent
allowable under Section 1031 of the Internal Revenue Code of 1986, any exchange
of like property (excluding any boot thereon) for use in a Similar Business;

 

(g)                                 the lease,
assignment of a lease or sub-lease of any real or personal property in the
ordinary course of business;

 

(h)                                 any issuance or
sale of Equity Interests in, or Indebtedness or other securities of, an
Unrestricted Subsidiary;

 

3

 

(i)                                     any financing
transaction with respect to property built or acquired by the Issuer or any
Restricted Subsidiary after the Issuance Date, including, without limitation,
sale-leasebacks and asset securitizations permitted by this Indenture.

 

(j)                                     the cancellation
or abandonment or other disposition of intellectual property that is no longer
useful in any material respect in the conduct of the business of the Issuer and
its Subsidiaries taken as a whole or the licensing or sublicensing of
intellectual property or other general intangibles and license, sublicenses,
leases or subleases of other property in the ordinary course of business;

 

(k)                                  any disposition
of assets or issuance or sale of Equity Interests of the Issuer’s wholly-owned
subsidiary primarily focused on the manufacture and sale of transfer cases and
axles as of the date hereof that is excluded from the definition of “asset
sale” of this Indenture governing the Senior Convertible Notes pursuant to
clause (1) of the definition hereof for not less than $20.0 million in
proceeds; and

 

(l)                                     foreclosures on
assets.

 

“Asset
Sale Proceeds Account” means one or more deposit accounts or securities
accounts holding the proceeds of any sale or disposition of Notes Priority
Collateral.

 

“Bankruptcy
Law” means Title 11, U.S. Code or any similar federal or state law for the
relief of debtors.

 

“beneficial
ownership” has the meaning assigned to such term in Rule 13d-3 and
Rule 13d-5 under the Exchange Act, except that in calculating the
beneficial ownership of any particular “person” (as such term is used in
Section 13(d)(3) of the Exchange Act), such “person” shall be deemed
to have beneficial ownership of all securities that such “person” has the right
to acquire, whether such right is currently exercisable or is exercisable only
upon the occurrence of a subsequent condition.

 

“Borrowing
Base” means, as of any date, an amount equal to the sum of (x) 85% of
the book value of the accounts receivable and (y) 65% of the book value of
the inventory, in each case of the Issuer and its Restricted Subsidiaries on a
consolidated basis as of the end of the most recently completed fiscal quarter
preceding such date for which internal financial statements are available.

 

“Broker-Dealer”
has the meaning set forth in the Registration Rights Agreement.

 

“Business
Day” means each day which is not a Legal Holiday.

 

“Capital
Stock” means:

 

(1)                                  in the case of
a corporation, corporate stock;

 

(2)                                  in the case of
an association or business entity, any and all shares, interests, participations,
rights or other equivalents (however designated) of corporate stock;

 

(3)                                  in the case of
a partnership or limited liability company, partnership or membership interests
(whether general or limited); and

 

4

 

(4)                                  any other
interest or participation that confers on a Person the right to receive a share
of the profits and losses of, or distributions of assets of, the issuing
Person.

 

“Capitalized Lease Obligation”
means, at the time any determination thereof is to be made, the amount of the
liability in respect of a capital lease that would at such time be required to
be capitalized and reflected as a liability on a balance sheet (excluding the
footnotes thereto) in accordance with GAAP.

 

“Cash
Equivalents” means:

 

(1)                                  United States
dollars;

 

(2)                                 (a)                                  euro, or any
national currency of any participating member state of the EMU; or

 

(b)                                 in the case of
any Foreign Subsidiary that is a Restricted Subsidiary, such local currencies
held by them from time to time in the ordinary course of business;

 

(3)                                  pounds
sterling;

 

(4)                                  securities
issued or directly and fully and unconditionally guaranteed or insured by the
U.S. government or any agency or instrumentality thereof the securities of
which are unconditionally guaranteed as a full faith and credit obligation of
such government;

 

(5)                                  certificates of
deposit, time deposits and eurodollar time deposits with maturities of one year
or less from the date of acquisition, bankers’ acceptances with maturities not
exceeding one year and overnight bank deposits, in each case with any
commercial bank having capital and surplus of not less than $500.0 million
in the case of U.S. banks and $100.0 million (or the U.S. dollar equivalent as
of the date of determination) in the case of non-U.S. banks;

 

(6)                                  repurchase
obligations for underlying securities of the types described in clauses (4) and
(5) entered into with any financial institution meeting the qualifications
specified in clause (5) above;

 

(7)                                  commercial
paper rated at least P-1 by Moody’s or at least A-1 by S&P and in each case
maturing within 24 months after the date of creation thereof;

 

(8)                                  marketable
short-term money market and similar securities having a rating of at least P-2
or A-2 from either Moody’s or S&P, respectively (or, if at any time neither
Moody’s nor S&P shall be rating such obligations, an equivalent rating from
another Rating Agency) and in each case maturing within 24 months after
the date of creation thereof;

 

(9)                                  investment
funds investing 95% of their assets in securities of the types described in
clauses (1) through (8) above;

 

(10)                            readily
marketable direct obligations issued by any state, commonwealth or territory of
the United States or any political subdivision or taxing authority thereof
having an Investment Grade Rating from either Moody’s or S&P with
maturities of 24 months or less from the date of acquisition;

 

5

 

(11)                            Indebtedness or
Preferred Stock issued by Persons with a rating of “A” or higher from S&P
or “A2” or higher from Moody’s with maturities of 24 months or less from
the date of acquisition; and

 

(12)                            Investments
with average maturities of 12 months or less from the date of acquisition in
money market funds rated AAA- (or the equivalent thereof) or better by S&P
or Aaa3 (or the equivalent thereof) or better by Moody’s.

 

Notwithstanding
the foregoing, Cash Equivalents shall include amounts denominated in currencies
other than those set forth in clauses (1), (2) and (3) above, provided that such amounts are
converted into any currency listed in clauses (1), (2) and (3) as
promptly as practicable and in any event within ten Business Days following the
receipt of such amounts.

 

“Cash
Management Agreement” means any agreement to provide (i) cash
management services, including treasury, depository, overdraft, credit or debt
card, electronic funds transfer and other cash management arrangements, (ii) commercial
credit card and merchant card services, or (iii) other banking products or
services as may be requested by the Issuer or any Guarantor, other than letters
of credit.

 

“Cash
Management Obligations” means all obligations and liabilities (other than
Indebtedness) owing by the Issuer or the Guarantors pursuant to any Cash
Management Agreement, whether now in existence or hereinafter arising.

 

“Change
of Control” means the occurrence of any of the following:

 

(1)                                  the sale, lease
or transfer, in one or a series of related transactions, of all or
substantially all of the assets of the Issuer and its Subsidiaries, taken as a
whole, to any Person;

 

(2)                                  the acquisition
by any Person or group (within the meaning of Section 13(d)(3) or
Section 14(d)(2) of the Exchange Act, or any successor provision),
including any group acting for the purpose of acquiring, holding or disposing
of securities (within the meaning of Rule 13d-5(b)(1) under the
Exchange Act), in a single transaction or in a related series of transactions,
by way of merger, consolidation or other business combination or purchase of
beneficial ownership of 50% or more of the total voting power of the Voting
Stock of the Issuer;

 

(3)                                  the Issuer
consolidates with, or merges with or into, another person or any person
consolidates with, or merges with or into, the Issuer, unless the persons that
“beneficially owned,” directly or indirectly, the shares of the Issuer’s Voting
Stock immediately prior to such consolidation or merger “beneficially own,”
directly or indirectly, immediately after such consolidation or merger, shares
of the surviving or continuing corporation’s Voting Stock representing at least
a majority of the total outstanding voting power of all outstanding classes of
Voting Stock of the surviving or continuing corporation in substantially the
same proportion as such ownership immediately prior to such consolidation or
merger; or

 

(4) the Issuer is liquidated or dissolved or holders of the
Issuer’s Capital Stock approve any plan or proposal for the Issuer’s
liquidation or dissolution.

 

“Clearstream”
means Clearstream Banking, Société Anonyme.

 

6

 

“Collateral”
means all the assets and properties subject to the Liens created by the
Security Documents.

 

“Consolidated Depreciation and Amortization
Expense” means with respect to any Person for any period, the total
amount of depreciation and amortization expense, including the amortization of
deferred financing fees of such Person and its Restricted Subsidiaries for such
period on a consolidated basis and otherwise determined in accordance with GAAP.

 

“Consolidated Interest Expense”
means, with respect to any Person for any period, without duplication, the sum
of:

 

(1)                                  consolidated
interest expense of such Person and its Restricted Subsidiaries for such
period, to the extent such expense was deducted (and not added back) in
computing Consolidated Net Income (including (a) amortization of original
issue discount resulting from the issuance of Indebtedness at less than par,
(b) all commissions, discounts and other fees and charges owed with
respect to letters of credit or bankers’ acceptances, (c) non-cash
interest payments (but excluding any non-cash interest expense attributable to
the movement in the mark to market valuation of Hedging Obligations or other
derivative instruments, including the Senior Convertible Notes, pursuant to
GAAP), (d) the interest component of Capitalized Lease Obligations, and
(e) net payments, if any, pursuant to interest rate Hedging Obligations
with respect to Indebtedness, and excluding (w) any Additional Interest,
and (x) amortization of deferred financing fees, debt issuance costs,
commissions, fees and expenses; plus

 

(2)                                  consolidated
capitalized interest of such Person and its Restricted Subsidiaries for such
period, whether paid or accrued; less

 

(3)                                  interest income
for such period.

 

For
purposes of this definition, interest on a Capitalized Lease Obligation shall
be deemed to accrue at an interest rate reasonably determined by such Person to
be the rate of interest implicit in such Capitalized Lease Obligation in accordance
with GAAP.

 

“Consolidated
Net Income” means, with respect to any Person for any period, the aggregate
of the Net Income, of such Person and its Restricted Subsidiaries for such
period, on a consolidated basis, and otherwise determined in accordance with
GAAP; provided, however, that, without
duplication,

 

(1)                                  any after-tax
effect of extraordinary, non-recurring or unusual gains or losses (less all
fees and expenses relating thereto) or expenses, severance, relocation costs,
executive recruiting costs and curtailments or modifications to pension and
post-retirement employee benefit plans shall be excluded,

 

(2)                                  the Net Income
for such period shall not include the cumulative effect of a change in
accounting principles during such period,

 

(3)                                  any after-tax
effect of income (loss) from disposed or discontinued operations and any net
after-tax gains or losses on disposal of disposed, abandoned or discontinued
operations shall be excluded,

 

7

 

(4)                                  any after-tax
effect of gains or losses (less all fees and expenses relating thereto)
attributable to asset dispositions other than in the ordinary course of
business, as determined in good faith by the Issuer, shall be excluded,

 

(5)                                  the Net Income
for such period of any Person that is not a Subsidiary, or is an Unrestricted
Subsidiary, or that is accounted for by the equity method of accounting, shall
be excluded; provided
that Consolidated Net Income of the Issuer shall be increased by the amount of
dividends or distributions or other payments that are actually paid in cash (or
to the extent converted into cash) to the referent Person or a Restricted
Subsidiary thereof in respect of such period,

 

(6)                                  solely for the
purpose of determining the amount available for Restricted Payments under
clause (3)(a) of Section 4.07(a) hereof, the Net Income for
such period of any Restricted Subsidiary (other than any Guarantor) shall be
excluded if the declaration or payment of dividends or similar distributions by
that Restricted Subsidiary of its Net Income is not at the date of
determination wholly permitted without any prior governmental approval (which
has not been obtained) or, directly or indirectly, by the operation of the
terms of its charter or any agreement, instrument, judgment, decree, order,
statute, rule, or governmental regulation applicable to that Restricted
Subsidiary or its stockholders, unless such restriction with respect to the
payment of dividends or similar distributions has been legally waived, provided that Consolidated Net
Income of the Issuer will be increased by the amount of dividends or other
distributions or other payments actually paid in cash (or to the extent
converted into cash) to the Issuer or a Restricted Subsidiary thereof in
respect of such period, to the extent not already included therein,

 

(7)                                  any impairment
charge or asset write-off pursuant to Financial Accounting Standards Board
Statement No. 142 and No. 144 and the amortization of intangibles
arising pursuant to No. 141 shall be excluded,

 

(8)                                  effects of
adjustments in any line item in such Person’s consolidated financial statements
required or permitted by the Financial Accounting Standards Board Statement
Nos. 141 and 142 resulting from the application of purchase accounting in
relation to any acquisition that is consummated after the Issue Date, net of
taxes, shall be excluded,

 

(9)                                  any after-tax
effect of income (loss) from the early extinguishment of Indebtedness or
Hedging Obligations or other derivative instruments shall be excluded,

 

(10)                            any non-cash
compensation expense recorded from grants of stock appreciation or similar
rights, stock options, restricted stock or other rights shall be excluded, and

 

(11) any non-cash expense attributable to the movement in the mark to
market valuation of the Senior Convertible Notes shall be excluded.

 

Notwithstanding
the foregoing, for the purpose of Section 4.07 hereof only (other than
clause (3)(d) of Section 4.07(a) hereof), there shall be
excluded from Consolidated Net Income any income arising from any sale or other
disposition of Restricted Investments made by the Issuer and its Restricted
Subsidiaries, any repurchases and redemptions of Restricted Investments from
the Issuer and its Restricted Subsidiaries, any repayments of loans and advances
which constitute Restricted Investments by the Issuer or any of its Restricted
Subsidiaries, any sale of the stock of an Unrestricted Subsidiary or 

 

8

 

any
distribution or dividend from an Unrestricted Subsidiary, in each case only to
the extent such amounts increase the amount of Restricted Payments permitted
under clause (3)(d) of Section 4.07(a) hereof.

 

“Contingent Obligations” means,
with respect to any Person, any obligation of such Person guaranteeing any
leases, dividends or other obligations that do not constitute Indebtedness (“primary obligations”) of any
other Person (the “primary obligor”)
in any manner, whether directly or indirectly, including, without limitation,
any obligation of such Person, whether or not contingent,

 

(1)                                  to purchase any
such primary obligation or any property constituting direct or indirect
security therefor,

 

(2)                                  to advance or
supply funds

 

(a)                                  for the
purchase or payment of any such primary obligation, or

 

(b)                                 to maintain
working capital or equity capital of the primary obligor or otherwise to
maintain the net worth or solvency of the primary obligor, or

 

(3)                                  to purchase
property, securities or services primarily for the purpose of assuring the
owner of any such primary obligation of the ability of the primary obligor to
make payment of such primary obligation against loss in respect thereof.

 

“Corporate
Trust Office of the Trustee” shall be at the address of the Trustee
specified in Section 14.02 hereof or such other address as to which the
Trustee may give notice to the Holders and the Issuer.

 

“Custodian”
means Deutsche Bank Trust Company Americas, as custodian with respect to the
Notes in global form, or any successor entity thereto.

 

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

 

“Definitive
Note” means a certificated Note registered in the name of the Holder
thereof and issued in accordance with Section 2.06(c) hereof,
substantially in the form of Exhibit A hereto, except that such
Note shall not bear the Global Note Legend and shall not have the “Schedule of
Exchanges of Interests in the Global Note” attached thereto.

 

“Depositary”
means, with respect to the Notes issuable or issued in whole or in part in
global form, the Person specified in Section 2.03 hereof as the Depositary
with respect to the Notes, and any and all successors thereto appointed as
Depositary hereunder and having become such pursuant to the applicable
provision of this Indenture.

 

“Discharge
of ABL Facility Debt” means the date on which the ABL Facility Debt has
paid in full, in cash, all commitments to extend credit thereunder shall have
been terminated and the ABL Facility Debt is no longer secured by such ABL
Priority Collateral; provided that the Discharge of ABL Facility Debt
shall not be deemed to have occurred in connection with a refinancing of such
ABL Facility Debt with Indebtedness secured by such ABL Priority Collateral on
a first-priority basis under an agreement that has been designated in writing
by the agent under the ABL Facility so refinancing such ABL Facility Debt in
accordance with the terms of the Intercreditor Agreement.

 

9

 

“Disqualified
Stock” means, with respect to any Person, any Capital Stock of such Person
which, by its terms, or by the terms of any security into which it is
convertible or for which it is putable or exchangeable, or upon the happening
of any event, matures or is mandatorily redeemable (other than solely as a
result of a change of control or asset sale) pursuant to a sinking fund
obligation or otherwise, or is redeemable at the option of the holder thereof
(other than solely as a result of a change of control or asset sale), in whole
or in part, in each case prior to the date 91 days after the earlier of the
maturity date of the Notes or the date the Notes are no longer outstanding; provided, however, that if such Capital Stock is issued to any
plan for the benefit of employees of the Issuer or its Subsidiaries or by any
such plan to such employees, such Capital Stock shall not constitute
Disqualified Stock solely because it may be required to be repurchased by the
Issuer or its Subsidiaries in order to satisfy applicable statutory or regulatory
obligations.

 

“Domestic
Subsidiary” means, with respect to any Person, any Restricted Subsidiary of
such Person other than a Foreign Subsidiary.

 

“EBITDA” means, with respect to
any Person for any period, the Consolidated Net Income of such Person for such
period

 

(1)                                  increased
(without duplication) by:

 

(a)                                  provision for
taxes based on income or profits or capital, including, without limitation,
state, franchise and similar taxes (such as the Pennsylvania capital tax) and
foreign withholding taxes of such Person paid or accrued during such period
deducted (and not added back) in computing Consolidated Net Income; plus

 

(b)                                 Fixed Charges
of such Person for such period (including (x) net losses from Hedging
Obligations or other derivative instruments entered into for the purpose of
hedging interest rate risk and (y) costs of surety bonds in connection
with financing activities, in each case, to the extent included in Fixed
Charges) to the extent the same was deducted (and not added back) in calculating
such Consolidated Net Income; plus

 

(c)                                  Consolidated
Depreciation and Amortization Expense of such Person for such period to the
extent the same were deducted (and not added back) in computing Consolidated
Net Income; plus

 

(d)                                 any expenses or
charges (other than depreciation or amortization expense) related to any Equity
Offering, Permitted Investment, acquisition, disposition, recapitalization or
the incurrence of Indebtedness permitted to be incurred by this Indenture
(including a refinancing thereof) (whether or not successful), including (i) such
fees, expenses or charges related to the offering of the Notes and the ABL
Facility and (ii) any amendment or other modification of the Notes, and,
in each case, deducted (and not added back) in computing Consolidated Net
Income; plus

 

(e)                                  the amount of
any restructuring charge or reserve or other plant closure cost deducted (and
not added back) in such period in computing Consolidated Net Income, including
any one-time costs incurred in connection with acquisitions after the Issue
Date and costs related to the closure and/or consolidation of facilities; plus

 

(f)                                    any other
non-cash charges, including any write offs or write downs, reducing
Consolidated Net Income for such period (provided that if any such non-cash 

 

10

 

charges
represent an accrual or reserve for potential cash items in any future period,
the cash payment in respect thereof in such future period shall be subtracted
from EBITDA to such extent, and excluding amortization of a prepaid cash item
that was paid in a prior period); plus

 

(g)                                 the amount of
any minority interest expense consisting of Subsidiary income attributable to
minority equity interests of third parties in any non-Wholly Owned Subsidiary
deducted (and not added back) in such period in calculating Consolidated Net
Income; plus

 

(h)                                 any fees or
expenses incurred or paid by the Issuer or its Subsidiaries related to the
financial restructuring of the Issuer and its Subsidiaries consummated on
February 26, 2010, whether incurred as part of the Issuer and the
Subsidiaries’ Chapter 11 proceedings or otherwise; plus

 

(i)                                     any costs or expense incurred by the Issuer or a Restricted Subsidiary
pursuant to any management equity plan or stock option plan or any other
management or employee benefit plan or agreement or any stock subscription or
shareholder agreement, to the extent that such cost or expenses are funded with
cash proceeds contributed to the capital of the Issuer or net cash proceeds of
an issuance of Equity Interest of the Issuer (other than Disqualified Stock)
solely to the extent that such net cash proceeds are excluded from the
calculation set forth in clause (3) of Section 4.07(a) hereof;

 

(2)                                  decreased by
(without duplication) non-cash gains increasing Consolidated Net Income of such
Person for such period, excluding any non-cash gains to the extent they
represent the reversal of an accrual or reserve for a potential cash item that
reduced EBITDA in any prior period, and

 

(3)                                  increased or
decreased by (without duplication):

 

(a)                                  any net gain or
loss resulting in such period from Hedging Obligations and the application of
Statement of Financial Accounting Standards No. 133 (including with
respect to the Senior Convertible Notes); plus
or minus, as applicable, and

 

(b)                                 any net gain or
loss resulting in such period from currency translation gains or losses related
to non-operating currency transactions (including any net loss or gain
resulting from hedge agreements for currency exchange risk), plus or minus, as applicable.

 

“EMU” means economic and monetary
union as contemplated in the Treaty on European Union.

 

“Equity
Interests” means Capital Stock and all warrants, options or other rights to
acquire Capital Stock, but excluding any debt security that is convertible
into, or exchangeable for, Capital Stock.

 

“Equity
Offering” means any public or private sale of common stock or Preferred
Stock of the Issuer (excluding Disqualified Stock), other than:

 

(1)                                  public
offerings with respect to the Issuer’s common stock registered on Form S-8;

 

11

 

(2)                                  issuances to
any Subsidiary of the Issuer; and

 

(3)                                  any such public
or private sale that constitutes an Excluded Contribution.

 

“euro”
means the single currency of participating member states of the EMU.

 

“Euroclear”
means Euroclear S.A./N.V., as operator of the Euroclear system.

 

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

 

“Exchange
Notes” means the Notes (including any related Guarantees) issued in the
Exchange Offer pursuant to Section 2.06(f) hereof.

 

“Exchange
Offer” has the meaning set forth in the Registration Rights Agreement.

 

“Exchange
Offer Registration Statement” has the meaning set forth in the Registration
Rights Agreement.

 

“Excluded
Assets” means the collective reference to (i) any interest in real
property (x) leased by the Issuer or any Guarantor or (y) owned by
the Issuer or any Guarantor, if the greater of the cost and the book value of
such interest is less than $2.0 million; (ii) any property or asset only
to the extent and for so long as the grant of a security interest in such
property or asset is prohibited by any applicable law or requires a consent not
obtained of any governmental authority pursuant to applicable law; (iii) any
right, title or interest in any permit, license or contract held by the Issuer
or any Guarantor or to which the Issuer or any Guarantor is a party or any of
its right, title or interest thereunder, in each case only to the extent and
for so long as the terms of such permit, license or contract validly prohibits
the creation by the Issuer or a Guarantor, as applicable, of a security
interest in such permit, license or contract in favor of the Notes Priority
Collateral Agent (after giving effect to Section 9-406, 9-407, 9-408 or
9-409 of the Uniform Commercial Code (or any successor provisions) of any
relevant jurisdiction or any other applicable law (including Title 11 of the
United States Code) or principles of equity); (iv) Capital Stock of a
Person that constitutes a Subsidiary (other than a Wholly-Owned Subsidiary) the
pledge of which would violate a contractual obligation to the owners of the
other Capital Stock of such Person that is binding on or relating to such
Capital Stock; (v) any equipment or real property (and proceeds thereof)
of the Issuer or any Guarantor that is subject to a purchase money Lien or
Capitalized Lease Obligation permitted under this Indenture to the extent the
documents relating to such purchase money Lien or Capitalized Lease Obligation
would not permit such equipment or real property (and proceeds thereof) to be
subject to the Liens created under the Security Documents; provided,
that immediately upon the ineffectiveness, lapse or termination of any such
restriction, such equipment or real property shall cease to be an “Excluded
Asset”; (vi) assets of the Issuer or any Guarantor located outside of the
United States to the extent a Lien on such assets cannot be created and
perfected under United States federal or state law; (vii) any Equity
Interests and other securities of a Subsidiary to the extent that the pledge of
such Equity Interests and other securities results in the Issuer being required
to file separate financial statements of such Subsidiary with the SEC pursuant
to Rule 3-16 of Regulation S-X under the Securities Act, but only to the
extent necessary to not be subject to such requirement, (viii) any voting
Equity Interests in excess of 66% of the issued and outstanding voting Equity
Interests in any Foreign Subsidiary; (ix) any collateral account of the
Issuer or any Guarantor maintained with the ABL Facility Security Agent solely
for purposes of avoiding breakage costs in connection with mandatory
prepayments of loans under the ABL Facility; and (x) After-Acquired
Property subject to Permitted Liens described in clause (8) or (9) of
the definition of Permitted Liens so long as the documents governing such
Permitted Liens do not permit any other Liens on such After-Acquired Property; provided,

 

12

 

however, that Excluded
Assets will not include (a) any proceeds, substitutions or replacements of
any Excluded Assets referred to above (unless such proceeds, substitutions or
replacements would constitute Excluded Assets) or (b) any asset which
secures ABL Facility Debt.

 

“Excluded Contribution” means net
cash proceeds, marketable securities or Qualified Proceeds received by the
Issuer from contributions to its common equity capital designated as Excluded
Contributions pursuant to an officer’s certificate executed by the principal
financial officer of the Issuer on the date such capital contributions are made
or the date such Equity Interests are sold, as the case may be, which are
excluded from the calculation set forth in clause (3) of Section 4.07(a) hereof.

 

“Fixed
Charge Coverage Ratio” means, with respect to any Person for any period,
the ratio of EBITDA of such Person for such period to the Fixed Charges of such
Person for such period.  In the event
that the Issuer or any Restricted Subsidiary incurs, assumes, guarantees,
redeems, retires or extinguishes any Indebtedness (other than Indebtedness incurred
under any revolving credit facilities unless such Indebtedness has been
permanently repaid and has not been replaced) or issues or redeems Disqualified
Stock or Preferred Stock subsequent to the commencement of the period for which
the Fixed Charge Coverage Ratio is being calculated but prior to or
simultaneously with the event for which the calculation of the Fixed Charge
Coverage Ratio is made (the “Fixed
Charge Coverage Ratio Calculation Date”), then the Fixed Charge
Coverage Ratio shall be calculated giving pro
forma effect to such incurrence, assumption, guarantee, redemption,
retirement or extinguishment of Indebtedness, or such issuance or redemption of
Disqualified Stock or Preferred Stock, as if the same had occurred at the
beginning of the applicable four-quarter period.

 

For
purposes of making the computation referred to above, Investments,
acquisitions, dispositions, mergers, consolidations and disposed operations (as
determined in accordance with GAAP) that have been made by the Issuer or any of
its Restricted Subsidiaries during the four-quarter reference period or
subsequent to such reference period and on or prior to or simultaneously with
the Fixed Charge Coverage Ratio Calculation Date shall be calculated on a pro forma basis assuming that all such
Investments, acquisitions, dispositions, mergers, consolidations and disposed
operations (and the change in any associated fixed charge obligations and the
change in EBITDA resulting therefrom) had occurred on the first day of the
four-quarter reference period.  If since
the beginning of such period any Person that subsequently became a Restricted
Subsidiary or was merged with or into the Issuer or any of its Restricted
Subsidiaries since the beginning of such period shall have made any Investment,
acquisition, disposition, merger, consolidation or disposed operation that
would have required adjustment pursuant to this definition, then the Fixed
Charge Coverage Ratio shall be calculated giving pro forma effect thereto for such period as if such
Investment, acquisition, disposition, merger, consolidation or disposed
operation had occurred at the beginning of the applicable four-quarter period.

 

For
purposes of this definition, whenever pro
forma effect is to be given to a transaction, the pro forma calculations shall be made in
good faith by the chief financial officer of the Issuer.  If any Indebtedness bears a floating rate of
interest and is being given pro forma
effect, the interest on such Indebtedness shall be calculated as if the rate in
effect on the Fixed Charge Coverage Ratio Calculation Date had been the
applicable rate for the entire period (taking into account any Hedging
Obligations applicable to such Indebtedness). 
Interest on a Capitalized Lease Obligation shall be deemed to accrue at
an interest rate reasonably determined by a responsible financial or accounting
officer of the Issuer to be the rate of interest implicit in such Capitalized
Lease Obligation in accordance with GAAP. 
For purposes of making the computation referred to above, interest on
any Indebtedness under revolving credit facilities computed on a pro forma basis shall be computed based
upon the average daily balance of such Indebtedness during the applicable
period except as set forth in the first paragraph of this definition.  Interest on Indebtedness that may optionally
be determined at an interest rate based upon a factor of a 

 

13

 

prime
or similar rate, a eurocurrency interbank offered rate, or other rate, shall be
deemed to have been based upon the rate actually chosen, or, if none, then
based upon such optional rate chosen as the Issuer may designate.

 

“Fixed
Charges” means, with respect to any Person for any period, the sum of:

 

(1)                                  Consolidated
Interest Expense of such Person for such period;

 

(2)                                  all cash
dividends or other distributions paid (excluding items eliminated in
consolidation) on any series of Preferred Stock during such period; and

 

(3)                                  all cash
dividends or other distributions paid (excluding items eliminated in
consolidation) on any series of Disqualified Stock during such period.

 

“Foreign Subsidiary” means, with
respect to any Person, any Restricted Subsidiary of such Person that is not
organized or existing under the laws of the United States, any state thereof or
the District of Columbia and any Restricted Subsidiary of such Foreign
Subsidiary.

 

“GAAP”
means generally accepted accounting principles in the United States which are
in effect on the Issue Date.

 

“Global
Note Legend” means the legend set forth in Section 2.06(g)(ii) hereof, which is required to be
placed on all Global Notes issued under this Indenture.

 

“Global
Notes” means, individually and collectively, each of the Restricted Global
Notes and the Unrestricted Global Notes deposited with or on behalf of and
registered in the name of the Depository or its nominee, substantially in the
form of Exhibit A hereto and that bears the Global Note Legend and
that has the “Schedule of Exchanges of Interests in the Global Note” attached
thereto, issued in accordance with Section 2.01, 2.06(b), 2.06(d) or
2.06(f) hereof.

 

“Government
Securities” means securities that are:

 

(1)                                  direct
obligations of the United States of America for the timely payment of which its
full faith and credit is pledged; or

 

(2)                                  obligations of
a Person controlled or supervised by and acting as an agency or instrumentality
of the United States of America the timely payment of which is unconditionally
guaranteed as a full faith and credit obligation by the United States of
America,

 

which,
in either case, are not callable or redeemable at the option of the issuers
thereof, and shall also include a depository receipt issued by a bank (as
defined in Section 3(a)(2) of the Securities Act), as custodian with
respect to any such Government Securities or a specific payment of principal of
or interest on any such Government Securities held by such custodian for the
account of the holder of such depository receipt; provided that (except as required by law) such custodian is
not authorized to make any deduction from the amount payable to the holder of
such depository receipt from any amount received by the custodian in respect of
the Government Securities or the specific payment of principal of or interest
on the Government Securities evidenced by such depository receipt.

 

“guarantee” means a guarantee
(other than by endorsement of negotiable instruments for collection in the
ordinary course of business), direct or indirect, in any manner (including
letters of credit 

 

14

 

and
reimbursement agreements in respect thereof), of all or any part of any
Indebtedness or other obligations.

 

“Guarantee”
means the guarantee by any Guarantor of the Issuer’s Obligations under this
Indenture.

 

“Guarantor”
means each Restricted Subsidiary that Guarantees the Notes in accordance with
the terms of this Indenture.

 

“Hedging
Obligations” means, with respect to any Person, the obligations of such
Person under any interest rate swap agreement, interest rate cap agreement,
interest rate collar agreement, commodity swap agreement, commodity cap
agreement, commodity collar agreement, foreign exchange contract, currency swap
agreement or similar agreement providing for the transfer or mitigation of
interest rate, commodity pricing or currency risks either generally or under
specific contingencies.

 

“Holder”
means the Person in whose name a Note is registered on the Registrar’s books.

 

“IAI
Global Note” means a Global Note substantially in the form of Exhibit A
hereto, bearing the Global Note Legend and the Private Placement Legend and
deposited with or on behalf of, and registered in the name of, the Depositary
or its nominee that will be issued in a denomination equal to the outstanding
principal amount of the Notes sold to Institutional Accredited Investors.

 

“Indebtedness”
means, with respect to any Person, without duplication:

 

(1)                                  any
indebtedness (including principal and premium) of such Person, whether or not
contingent:

 

(a)                                  in respect of
borrowed money;

 

(b)                                 evidenced by
bonds, notes, debentures or similar instruments or letters of credit or
bankers’ acceptances (or, without duplication, reimbursement agreements in
respect thereof);

 

(c)                                  representing
the balance deferred and unpaid of the purchase price of any property
(including Capitalized Lease Obligations), except (i) any such balance
that constitutes a trade payable or similar obligation to a trade or similar
creditor, in each case accrued in the ordinary course of business and (ii) any
earn-out obligations until such obligation becomes a liability on the balance
sheet of such Person in accordance with GAAP; or

 

(d)                                 representing
any Hedging Obligations;

 

if
and to the extent that any of the foregoing Indebtedness (other than letters of
credit and Hedging Obligations) would appear as a liability upon a balance
sheet (excluding the footnotes thereto) of such Person prepared in accordance
with GAAP;

 

(2)                                  to the extent
not otherwise included, any obligation by such Person to be liable for, or to
pay, as obligor, guarantor or otherwise, on the obligations of the type
referred to in clause (1) of a third Person (whether or not such items
would appear upon the balance sheet of the 

 

15

 

such
obligor or guarantor), other than by endorsement of negotiable instruments for
collection in the ordinary course of business; and

 

(3)                                  to the extent
not otherwise included, the obligations of the type referred to in clause (1) of
a third Person secured by a Lien on any asset owned by such first Person,
whether or not such Indebtedness is assumed by such first Person;

 

provided,
however, that notwithstanding the foregoing, Indebtedness
shall be deemed not to include Contingent Obligations incurred in the ordinary
course of business.

 

“Indenture”
means this Indenture, as amended or supplemented from time to time.

 

“Independent Financial Advisor”
means an accounting, appraisal, investment banking firm or consultant to
Persons engaged in Similar Businesses of nationally recognized standing that
is, in the good faith judgment of the Issuer, qualified to perform the task for
which it has been engaged.

 

“Indirect
Participant” means a Person who holds a beneficial interest in a Global
Note through a Participant.

 

“Initial
Notes” as defined in the recitals hereto.

 

“Initial Purchasers” means Credit
Suisse Securities (USA) LLC, Deutsche Bank Securities Inc. and SunTrust
Robinson Humphrey.

 

“Insolvency
or Liquidation Proceeding” means:

 

(1)                                  any voluntary
or involuntary case or proceeding under the Bankruptcy Law with respect to the
Issuer or any Guarantor;

 

(2)                                  any other
voluntary or involuntary insolvency, reorganization or bankruptcy case or
proceeding, or any receivership, liquidation, reorganization or other similar
case or proceeding with respect to the Issuer or any Guarantor or with respect
to a material portion of their respective assets;

 

(3)                                  any composition
of liabilities or similar arrangement relating to the Issuer or any Guarantor,
whether or not under a court’s jurisdiction or supervision;

 

(4)                                  any
liquidation, dissolution, reorganization or winding up of the Issuer or any
Guarantor, whether voluntary or involuntary, whether or not under a court’s
jurisdiction or supervision, and whether or not involving insolvency or
bankruptcy; or

 

(5)                                  any general
assignment for the benefit of creditors or any other marshalling of assets and
liabilities of the Issuer or any Guarantor.

 

“Institutional
Accredited Investor” means an institution that is an “accredited investor”
as defined in Rule 501(a)(1), (2), (3) or (7) under the
Securities Act, which is not also a QIB.

 

“Intercreditor
Agreement” means the intercreditor agreement dated as of the Issue Date
between the Notes Priority Collateral Agent and the ABL Facility Security Agent
and acknowledged by the Issuer and the Guarantors, as it may be amended from
time to time in accordance with this Indenture.

 

16

 

“Interest
Payment Date” means February 1 and August 1 of each year to
stated maturity.

 

“Investment
Grade Rating” means a rating equal to or higher than Baa3 (or the
equivalent) by Moody’s and BBB- (or the equivalent) by S&P, or an
equivalent rating by any other Rating Agency.

 

“Investment
Grade Securities” means:

 

(1)                                  securities
issued or directly and fully guaranteed or insured by the United States
government or any agency or instrumentality thereof (other than Cash
Equivalents);

 

(2)                                  debt securities
or debt instruments with an Investment Grade Rating, but excluding any debt
securities or instruments constituting loans or advances among the Issuer and
its Subsidiaries;

 

(3)                                  investments in
any fund that invests exclusively in investments of the type described in
clauses (1) and (2) which fund may also hold immaterial amounts of
cash pending investment or distribution; and

 

(4)                                  corresponding
instruments in countries other than the United States customarily utilized for
high quality investments.

 

“Investments”
means, with respect to any Person, all investments by such Person in other
Persons (including Affiliates) in the form of loans (including guarantees),
advances or capital contributions (excluding accounts receivable, trade credit,
advances to customers, commission, travel and similar advances to officers and
employees, in each case made in the ordinary course of business), purchases or
other acquisitions for consideration of Indebtedness, Equity Interests or other
securities issued by any other Person and investments that are required by GAAP
to be classified on the balance sheet (excluding the footnotes) of the Issuer
in the same manner as the other investments included in this definition to the
extent such transactions involve the transfer of cash or other property.  For purposes of the definition of
“Unrestricted Subsidiary” and Section 4.07 hereof:

 

(1)                                  “Investments”
shall include the portion (proportionate to the Issuer’s equity interest in
such Subsidiary) of the fair market value of the net assets of a Subsidiary of
the Issuer at the time that such Subsidiary is designated an Unrestricted
Subsidiary; provided, however, that upon a redesignation
of such Subsidiary as a Restricted Subsidiary, the Issuer shall be deemed to
continue to have a permanent “Investment” in an Unrestricted Subsidiary in an
amount (if positive) equal to:

 

(a)                                  the Issuer
“Investment” in such Subsidiary at the time of such redesignation; less

 

(b)                                 the portion
(proportionate to the Issuer equity interest in such Subsidiary) of the fair
market value of the net assets of such Subsidiary at the time of such
redesignation; and

 

(2)                                  any property
transferred to or from an Unrestricted Subsidiary shall be valued at its fair
market value at the time of such transfer, in each case as determined in good
faith by the Issuer.

 

17

 

“Issue
Date” means July 29, 2010.

 

“Issuer”
has the meaning set forth in the preamble.

 

“Issuer
Order” means a written request or order signed on behalf of the Issuer by
an Officer of the Issuer, who must be the principal executive officer, the
principal financial officer, the general counsel, the treasurer or the
principal accounting officer of the Issuer, and delivered to the Trustee, the
Notes Priority Collateral Agent, the Registrar, the Paying Agent or the
Transfer Agent, as the case may be.

 

“Legal
Holiday” means a Saturday, a Sunday or a day on which commercial banking
institutions are not required to be open in the State of New York.

 

“Letter
of Transmittal” means the letter of transmittal to be prepared by the
Issuer and sent to all Holders of the Notes for use by such Holders in
connection with the Exchange Offer and reasonably acceptable to the Registrar.

 

“Lien”
means, with respect to any asset, any mortgage, lien (statutory or otherwise),
pledge, charge, security interest or encumbrance of any kind in respect of such
asset, whether or not filed, recorded or otherwise perfected under applicable
law, including any conditional sale or other title retention agreement, any
lease in the nature thereof, any option or other agreement to sell or give a security
interest in and any filing of or agreement to give any financing statement
under the Uniform Commercial Code (or equivalent statutes) of any jurisdiction;
provided that in no
event shall an operating lease be deemed to constitute a Lien.

 

“Moody’s”
means Moody’s Investors Service, Inc. and any successor to its rating
agency business.

 

“Net
Income” means, with respect to any Person, the net income (loss) of such
Person, determined in accordance with GAAP and before any reduction in respect
of Preferred Stock dividends.

 

“Net
Proceeds” means the aggregate cash proceeds received by the Issuer or any
of its Restricted Subsidiaries in respect of any Asset Sale, including any cash
received upon the sale or other disposition of any Designated Non-cash Consideration
received in any Asset Sale, net of the direct costs relating to such Asset Sale
and the sale or disposition of such Designated Non-cash Consideration,
including legal, accounting and investment banking fees, and brokerage and
sales commissions, any relocation expenses incurred as a result thereof, taxes
paid or payable as a result thereof (after taking into account any available
tax credits or deductions and any tax sharing arrangements), amounts required
to be applied to the repayment of principal, premium, if any, and interest on
Indebtedness secured by a Lien permitted under this Indenture on assets that do
not constitute Collateral required (other than required by clause (1) of
Section 4.10(c) hereof) to be paid as a result of such transaction and
any deduction of appropriate amounts to be provided by the Issuer or any of its
Restricted Subsidiaries as a reserve in accordance with GAAP against any
liabilities associated with the asset disposed of in such transaction and
retained by the Issuer or any of its Restricted Subsidiaries after such sale or
other disposition thereof, including pension and other post-employment benefit
liabilities and liabilities related to environmental matters or against any
indemnification obligations associated with such transaction.

 

“Non-Conforming
Plan of Reorganization” means any plan of reorganization that grants any
Noteholder Secured Party any right or benefit, directly or indirectly, which
right or benefit is prohibited at such time by the provisions of the Intercreditor
Agreement.

 

18

 

“Noteholder
Secured Parties” means collectively the Trustee, the Notes Priority
Collateral Agent, the Agents, each Holder and each other holder of, or obligee
in respect of, any Obligations in respect of the Notes.

 

“Notes
Priority Collateral” means the portion of the Collateral as to which the
Notes and Guarantees have a first-priority security interest subject to certain
Permitted Liens as described in the Security Documents.

 

“Notes
Priority Collateral Agent” means the “Notes Priority Collateral Agent” (as
defined in the first paragraph of this Indenture) under this Indenture and
under the Security Documents, and any successor thereto in such capacity.

 

“Non-U.S.
Person” means a Person who is not a U.S. Person.

 

“Notes”
means the Initial Notes and more particularly means any Note authenticated and
delivered under this Indenture.  For all
purposes of this Indenture, the term “Notes” shall also include any Additional
Notes that may be issued under a supplemental indenture.  For purposes of this Indenture, all
references to Notes to be issued or authenticated upon transfer, replacement or
exchange shall be deemed to refer to Notes of the applicable series.

 

“Obligations”
means any principal, interest (including any interest accruing subsequent to
the filing of a petition in bankruptcy, reorganization or similar proceeding at
the rate provided for in the documentation with respect thereto, whether or not
such interest is an allowed claim under applicable state, federal or foreign
law), penalties, fees, indemnifications, reimbursements (including
reimbursement obligations with respect to letters of credit and banker’s
acceptances), damages and other liabilities, and guarantees of payment of such
principal, interest, penalties, fees, indemnifications, reimbursements, damages
and other liabilities, payable under the documentation governing any
Indebtedness.

 

“Offering
Circular” means the offering circular, dated July 22, 2010, relating
to the sale of the Initial Notes.

 

“Officer”
means the Chairman of the Board, the Chief Executive Officer, the President,
any Executive Vice President, Senior Vice President or Vice President, the
Treasurer or the Secretary of the Issuer 
or of any other Person, as the case may be.

 

“Officer’s
Certificate” means a certificate signed on behalf of the Issuer by an
Officer of the Issuer, or on behalf of any other Person, as the case may be,
who must be the principal executive officer, the principal financial officer,
the general counsel, the treasurer or the principal accounting officer of the
Issuer or such other Person, that meets the requirements set forth in this
Indenture.

 

“Opinion
of Counsel” means a written opinion from legal counsel who is reasonably
acceptable to the Trustee and the Notes Priority Collateral Agent or other
Agents, as applicable.  The counsel may
be an employee of or counsel to the Issuer, the Trustee or the Notes Priority
Collateral Agent or other Agent, as applicable.

 

“Other
Pari Passu Lien Obligations” means any Additional Notes and any other
Indebtedness having Pari Passu Lien Priority relative to the Notes with respect
to the Notes Priority Collateral, either Pari Passu Lien Priority or no Lien
with respect to the ABL Priority Collateral and substantially identical terms
as the Notes (other than issue price, interest rate, yield and redemption
terms) and any Indebtedness that refinances or refunds (or successive
refinancings and refundings) any Notes or 

 

19

 

Additional
Notes and all obligations with respect to such Indebtedness; provided,
that such Indebtedness may (a) contain terms and covenants that are, in
the reasonable opinion of the Issuer, less restrictive to the Issuer and the
Restricted Subsidiaries than the terms and covenants under the Notes; provided
that such Indebtedness has Pari Passu Lien Priority relative to the Notes; and
(b) contain terms and covenants that are more restrictive to the Issuer
and its Restricted Subsidiaries than the terms and covenants under the Notes so
long as prior to or substantially simultaneously with the issuance of any such
Indebtedness, the Notes and this Indenture are amended to contain any such more
restrictive terms and covenants; provided further, that such
Indebtedness shall have a stated maturity date that is the same as or later
than that of the Notes.

 

“Pari
Passu Lien Priority” means, relative to specified Indebtedness, having
equal Lien priority on specified Collateral and either subject to the
Intercreditor Agreement on a substantially identical basis as the holders of
such specified Indebtedness or subject to intercreditor agreements providing
holders of the Indebtedness intended to have Pari Passu Lien Priority with
substantially the same rights and obligations and Lien priority that the
holders of such specified Indebtedness have pursuant to the Intercreditor
Agreement as to the specified Collateral.

 

“Participant”
means, with respect to the Depositary, Euroclear or Clearstream, a Person who
has an account with the Depositary, Euroclear or Clearstream, respectively
(and, with respect to DTC, shall include Euroclear and Clearstream).

 

“Permitted Asset Swap” means the concurrent
purchase and sale or exchange of Related Business Assets or a combination of
Related Business Assets and cash or Cash Equivalents between the Issuer or any
of its Restricted Subsidiaries and another Person; provided, that any
cash or Cash Equivalents received must be applied in accordance with Section 4.10
hereof.

 

“Permitted
Investments” means:

 

(1)                                  any Investment
in the Issuer or any of its Restricted Subsidiaries;

 

(2)                                  any Investment
in cash and Cash Equivalents or Investment Grade Securities;

 

(3)                                  any Investment
by the Issuer or any of its Restricted Subsidiaries in a Person that is engaged
in a Similar Business if as a result of such Investment:

 

(a)                                  such Person
becomes a Restricted Subsidiary; or

 

(b)                                 such Person, in
one transaction or a series of related transactions, is merged, consolidated or
amalgamated with or into, or transfers or conveys a division, a line of
business or substantially all of its assets to, or is liquidated into, the
Issuer or a Restricted Subsidiary,

 

and,
in each case, any Investment held by such Person; provided, that such Investment was not acquired by such Person in
contemplation of such acquisition, merger, consolidation or transfer;

 

(4)                                  any Investment
in securities or other assets not constituting cash or Cash Equivalents and
received in connection with an Asset Sale made pursuant to the provisions of
Section 4.10 hereof or any other disposition of assets not constituting an
Asset Sale;

 

(5)                                  any Investment
existing on the Issue Date;

 

20

 

(6)                                  any Investment
acquired by the Issuer or any of its Restricted Subsidiaries:

 

(a)                                  in exchange for
any other Investment or accounts receivable held by the Issuer or any such
Restricted Subsidiary in connection with or as a result of a bankruptcy,
workout, reorganization or recapitalization of the issuer of such other
Investment or accounts receivable; or

 

(b)                                 as a result of
a foreclosure by the Issuer or any of its Restricted Subsidiaries with respect
to any secured Investment or other transfer of title with respect to any
secured Investment in default;

 

(7)                                  Hedging
Obligations permitted under clause (11) of Section 4.09(b) hereof;

 

(8)                                  additional
Investments having an aggregate fair market value, taken together with all
other Investments made pursuant to this clause (8) that are at that
time outstanding (without giving effect to the sale of an Unrestricted
Subsidiary to the extent the proceeds of such sale do not consist of cash or
marketable securities), not to exceed the greater of (x) $20.0 million and
(y) 2.5% of Total Assets at the time of such Investment (with the fair
market value of each Investment being measured at the time made and without
giving effect to subsequent changes in value);

 

(9)                                  Investments the
payment for which consists of Equity Interests (exclusive of Disqualified
Stock) of the Issuer; provided, however, that such Equity
Interests will not increase the amount available for Restricted Payments under
clause (3) of Section 4.07(a) hereof;

 

(10)                            guarantees of
Indebtedness permitted under Section 4.09 hereof;

 

(11)                            any transaction
to the extent it constitutes an Investment that is permitted and made in
accordance with the provisions of clause (6) of Section 4.11(b) hereof;

 

(12)                            Investments
consisting of purchases and acquisitions of inventory, supplies, material or
equipment;

 

(13)                            Investments
consisting of the licensing or contribution of intellectual property pursuant
to joint marketing arrangements with other Persons;

 

(14)                            advances to, or
guarantees of Indebtedness of, employees not in excess of $1.0 million
outstanding at any one time, in the aggregate, and advances to employees solely
for the purchase of Capital Stock of the Issuer not to exceed $2.5 million
outstanding at any one time, in the aggregate;

 

(15)                            loans and
advances to officers, directors and employees for business-related travel
expenses, moving expenses and other similar expenses, in each case incurred in
the ordinary course of business; and

 

(16)                            Investments in
foreign entities engaged in a Similar Business not in excess of $25 million in
the aggregate.

 

“Permitted
Liens” means, with respect to any Person:

 

21

 

(1)                                  pledges or
deposits by such Person under workmen’s compensation laws, unemployment
insurance laws or similar legislation, or good faith deposits in connection with
bids, tenders, contracts (other than for the payment of Indebtedness) or leases
to which such Person is a party, or deposits to secure public or statutory
obligations of such Person or deposits of cash or U.S. government bonds to
secure surety or appeal bonds to which such Person is a party, or deposits as
security for contested taxes or import duties or for the payment of rent, in
each case incurred in the ordinary course of business;

 

(2)                                  Liens imposed
by law, such as carriers’, warehousemen’s and mechanics’ Liens, in each case
for sums not yet overdue for a period of more than 60 days or being contested
in good faith by appropriate proceedings or other Liens arising out of
judgments or awards against such Person with respect to which such Person shall
then be proceeding with an appeal or other proceedings for review;

 

(3)                                  Liens for
taxes, assessments or other governmental charges not yet overdue for a period
of more than 60 days or payable or subject to penalties for nonpayment or which
are being contested in good faith by appropriate proceedings;

 

(4)                                  Liens in favor
of issuers of performance and surety bonds or bid bonds or with respect to
other regulatory requirements or letters of credit issued pursuant to the
request of and for the account of such Person in the ordinary course of its
business;

 

(5)                                  survey
exceptions, encumbrances, easements or reservations of, or rights of others
for, licenses, rights-of-way, sewers, electric lines, telegraph and telephone
lines and other similar purposes, or zoning or other restrictions as to the use
of real properties, landlord liens and Liens incidental, to the conduct of the
business of such Person or to the ownership of its properties which were not
incurred in connection with Indebtedness and which do not in the aggregate have
a material adverse effect on said properties or materially impair their use in
the operation of the business of such Person;

 

(6)                                  Liens securing
Indebtedness permitted to be incurred pursuant to clause (5) or (13) of
Section 4.09(b) hereof;

 

(7)                                  Liens existing
on the Issue Date (other than Liens securing the ABL Facility Debt);

 

(8)                                  Liens on
property or shares of stock of a Person at the time such Person becomes a
Subsidiary; provided, however, such Liens are not created or
incurred in connection with, or in contemplation of, such other Person becoming
such a Subsidiary; provided  further, however, that
such Liens may not extend to any other property owned by the Issuer or any of
its Restricted Subsidiaries;

 

(9)                                  Liens on
property at the time the Issuer or a Restricted Subsidiary acquired the
property, including any acquisition by means of a merger or consolidation with
or into the Issuer or any of its Restricted Subsidiaries; provided, however, that such Liens are not created or incurred in
connection with, or in contemplation of, such acquisition; provided  further, however, that the Liens may not extend
to any other property owned by the Issuer or any of its Restricted
Subsidiaries;

 

22

 

(10)                            Liens securing
Indebtedness or other obligations of a Restricted Subsidiary owing to the
Issuer or another Restricted Subsidiary permitted to be incurred in accordance
with Section 4.09 hereof;

 

(11)                            Liens securing
Hedging Obligations so long as related Indebtedness (if any) is, and is
permitted to be under this Indenture, secured by a Lien on the same property
securing such Hedging Obligations;

 

(12)                            Liens on
specific items of inventory or other goods and proceeds of any Person securing
such Person’s obligations in respect of bankers’ acceptances issued or created
for the account of such Person to facilitate the purchase, shipment or storage
of such inventory or other goods;

 

(13)                            leases,
subleases, licenses or sublicenses (including real property and intellectual
property rights) granted to others which do not materially interfere with the
ordinary conduct of the business of the Issuer or any of its Restricted
Subsidiaries;

 

(14)                            Liens arising
from Uniform Commercial Code financing statement filings regarding operating
leases entered into by the Issuer and its Restricted Subsidiaries in the
ordinary course of business;

 

(15)                            Liens in favor
of the Issuer or any Restricted Subsidiary;

 

(16)                            Liens on
equipment of the Issuer or any of its Restricted Subsidiaries granted in the
ordinary course of business to the Issuer’s clients;

 

(17)                            Liens to secure
any refinancing, refunding, extension, renewal or replacement (or successive
refinancing, refunding, extensions, renewals or replacements) as a whole, or in
part, of any Indebtedness secured by any Lien referred to in the foregoing
clauses (6), (7), (8), (9), (10), (11) and (14); provided, however,
that (a) such new Lien shall be limited to all or part of the same
property that secured the original Lien (plus improvements on such property),
and (b) the Indebtedness secured by such Lien at such time is not
increased to any amount greater than the sum of (i) the outstanding
principal amount or, if greater, committed amount of the Indebtedness described
under clauses (6), (7), (8), (9), (10), (11) and (14) at the time the original
Lien became a Permitted Lien under this Indenture, and (ii) an amount
necessary to pay any fees and expenses, including premiums, related to such
refinancing, refunding, extension, renewal or replacement;

 

(18)                            deposits made
in the ordinary course of business to secure liability to insurance carriers;

 

(19)                            other Liens
securing obligations incurred in the ordinary course of business which
obligations do not exceed $10.0 million at any one time outstanding;

 

(20)                            to the extent
not an Event of Default under clause (5) under Section 6.01(a) hereof,
Liens arising by reason of a judgment, decree or order and Liens that are
required to protect or enforce any rights in any administrative, arbitration or
other court proceedings;

 

(21)                            Liens in favor
of customs and revenue authorities arising as a matter of law to secure payment
of customs duties in connection with the importation of goods in the ordinary
course of business;

 

23

 

(22)                            Liens
(i) of a collection bank arising under Section 4-210 of the Uniform
Commercial Code on items in the course of collection, (ii) attaching to
commodity trading accounts or other commodity brokerage accounts incurred in
the ordinary course of business, and (iii) in favor of banking
institutions arising as a matter of law encumbering deposits (including the
right of set-off) and which are within the general parameters customary in the
banking industry;

 

(23)                            Liens
encumbering reasonable customary initial deposits and margin deposits and
similar Liens attaching to commodity trading accounts or other brokerage
accounts incurred in the ordinary course of business and not for speculative
purposes;

 

(24)                            Liens that are
contractual rights of set-off (i) relating to the establishment of
depository relations with banks not given in connection with the issuance of
Indebtedness, (ii) relating to pooled deposit or sweep accounts of the
Issuer or any of its Restricted Subsidiaries to permit satisfaction of
overdraft or similar obligations incurred in the ordinary course of business of
the Issuer and its Restricted Subsidiaries or (iii) relating to purchase
orders and other agreements entered into with customers of the Issuer or any of
its Restricted Subsidiaries in the ordinary course of business;

 

(25)                            Liens securing
Senior Indebtedness permitted to be incurred pursuant to Section 4.09(a); provided
that any such Indebtedness has Pari Passu Lien Priority relative to the Notes;
and provided further that at the time of incurrence and after giving pro forma effect thereto, the Senior Secured Leverage Ratio
would be no greater than 2.5 to 1.0;

 

(26)                            Liens securing
Indebtedness incurred pursuant to clause (1) of Section 4.09(b); provided
that (1) any such Liens on Notes Priority Collateral shall rank junior in
priority to the Liens on the Notes Priority Collateral securing the Notes and
related Guarantees and (2) the holder of such Lien either (x) is
subject to an intercreditor agreement consistent with the Intercreditor
Agreement on the same basis as the ABL Secured Parties or (y) is or agrees
to become bound by the terms of the Intercreditor Agreement on the same basis
as the ABL Secured Parties;

 

(27)                            Liens securing
the Notes and the Guarantees (and the exchange Notes and the exchange
Guarantees) outstanding on the Issue Date, Refinancing Indebtedness with
respect to such Notes, and the Guarantees relating thereto and any Obligations
with respect to such Notes, Refinancing Indebtedness, and Guarantees;

 

(28)                            Liens on the
Notes Priority Collateral in favor of any collateral or security agent relating
to such collateral or security agent’s administrative expenses with respect to
the Notes Priority Collateral;

 

(29)                            Liens contained
in purchase and sale agreements limiting the transfer of assets pending the
closing of the transactions contemplated thereby;

 

(30)                            Liens that may
be deemed to exist by virtue of contractual provisions that restrict the
ability of the Issuer or any of its Subsidiaries from granting or permitting to
exist Liens on their respective assets;

 

24

 

(31)                            Liens securing
Cash Management Obligations so long as such Lien is on the same property which
secures Indebtedness permitted pursuant to clause (1) of Section 4.09(b);
and

 

(32)                            Liens not
otherwise permitted pursuant to the preceding clauses (1) through (31)
securing Indebtedness that do not exceed $10 million in the aggregate at any
one time outstanding.

 

For
purposes of determining compliance with this definition, (A) Permitted
Liens need not be incurred solely by reference to one category of Permitted
Liens described above but are permitted to be incurred in part under any
combination thereof and (B) in the event that a Lien (or any portion thereof)
meets the criteria of one or more of the categories of Permitted Liens
described above, the Issuer shall, in its sole discretion, classify (but not
reclassify) such item of Permitted Liens (or any portion thereof) in any manner
that complies with this definition and will only be required to include the
amount and type of such item of Permitted Liens in one of the above clauses and
such Lien will be treated as having been incurred pursuant to only one of such
clauses.

 

For
purposes of this definition, the term “Indebtedness” shall be deemed to include
interest on such Indebtedness.

 

“Person”
means any individual, corporation, limited liability company, partnership,
joint venture, association, joint stock company, trust, unincorporated
organization, government or any agency or political subdivision thereof or any
other entity.

 

“Preferred Stock” means any Equity
Interest with preferential rights of payment of dividends or upon liquidation,
dissolution, or winding up.

 

“Private
Placement Legend” means the legend set forth in Section 2.06(g)(i) hereof
to be placed on all Notes issued under this Indenture, except where otherwise
permitted by the provisions of this Indenture.

 

“Public
Equity Offering” means any public sale of common stock or Preferred Stock of
the Issuer (excluding Disqualified Stock), other than:

 

(1)                                  public
offerings with respect to the Issuer’s common stock registered on
Form S-8;

 

(2)                                  issuances to
any Subsidiary of the Issuer; and

 

(3)                                  any such public
sale that constitutes an Excluded Contribution.

 

“QIB”
means a “qualified institutional buyer” as defined in Rule 144A.

 

“Qualified Proceeds” means assets
that are used or useful in, or Capital Stock of any Person engaged in, a
Similar Business; provided
that the fair market value of any such assets or Capital Stock shall be
determined by the Issuer in good faith.

 

“Rating
Agencies” means Moody’s and S&P or if Moody’s or S&P or both shall
not make a rating on the Notes publicly available, a nationally recognized
statistical rating agency or 

 

25

 

agencies,
as the case may be, selected by the Issuer which shall be substituted for
Moody’s or S&P or both, as the case may be.

 

“Receivables”
means all of the following now owned or hereafter arising or acquired property
of Issuer or any Guarantor: (a) all accounts; (b) all amounts at any
time payable to Issuer or any Guarantor in respect of the sale or other
disposition by any Issuer or any Guarantor of any account; (c) all
interest, fees, late charges, penalties, collection fees and other amounts due
or to become due or otherwise payable in connection with any account; (d) all
payment intangibles of Issuer or any Guarantor and other contact rights,
chattel paper, instruments, notes, and other forms of obligations owing to
Issuer or any Guarantor, in each case arising from the sale and lease of
inventory, licensing of inventory or the rendition of services or otherwise
directly related to any accounts or inventory of Issuer or any Guarantor
(including, without limitation, chooses in action, causes of action, or other
rights and claims against carriers and shippers, rights to indemnification, and
identifiable proceeds thereof, casualty or any similar types of insurance, in
each case relating to ABL Priority Collateral and identifiable proceeds
thereof).

 

“Record
Date” for the interest or Additional Interest, if any, payable on any
applicable Interest Payment Date means January 15 or July 15 (whether
or not a Business Day) next preceding such Interest Payment Date.

 

“Registration
Rights Agreement” means the Registration Rights Agreement with respect to
the Notes dated as of the Issue Date, among the Issuer, the Guarantors and the
Initial Purchasers and any registration rights agreement entered into in
connection with any issuance of Additional Notes, as such agreement may be
amended, modified or supplemented from time to time and, with respect to any
Additional Notes, one or more registration rights agreements between the Issuer
and the other parties thereto, as such agreement(s) may be amended,
modified or supplemented from time to time, relating to rights given by the
Issuer to the purchasers of Additional Notes to register such Additional Notes
under the Securities Act.

 

“Regulation
S” means Regulation S promulgated under the Securities Act.

 

“Regulation
S Global Note” means a Regulation S Temporary Global Note or Regulation S
Permanent Global Note, as applicable.

 

“Regulation
S Permanent Global Note” means a permanent Global Note bearing the Global
Note Legend and the Private Placement Legend, issued in a denomination equal to
the outstanding principal amount of the Regulation S Temporary Global Note upon
expiration of the Restricted Period.

 

“Regulation
S Temporary Global Note” means a temporary Global Note bearing the Global
Note Legend, the Private Placement Legend and the Regulation S Temporary Global
Note Legend, issued in a denomination equal to the outstanding principal amount
of the Notes initially sold in reliance on Rule 903.

 

“Regulation
S Temporary Global Note Legend” means the legend set forth in Section 2.06(g)(iii) hereof.

 

“Related Business Assets” means
assets (other than cash or Cash Equivalents) used or useful in a Similar
Business, provided that
any assets received by the Issuer or a Restricted Subsidiary in exchange for
assets transferred by the Issuer or a Restricted Subsidiary shall not be deemed
to be Related Business Assets if they consist of securities of a Person, unless
upon receipt of the securities of such Person, such Person would become a
Restricted Subsidiary.

 

26

 

“Representative” means any
trustee, agent or representative (if any) for an issue of Senior Indebtedness
of the Issuer.

 

“Responsible
Officer” means, when used with respect to the Trustee and the Notes
Priority Collateral Agent, any officer within the corporate trust department of
the Trustee or the Notes Priority Collateral Agent, as applicable, including
any managing director, director, vice president, assistant vice president,
assistant secretary, assistant treasurer, trust officer or any other officer of
the Trustee or the Notes Priority Collateral Agent who customarily performs
functions similar to those performed by the Persons who at the time shall be
such officers, respectively, or to whom any corporate trust matter is referred
because of such Person’s knowledge of and familiarity with the particular
subject and who shall have direct responsibility for the administration of this
Indenture.

 

“Restricted
Definitive Note” means a Definitive Note bearing the Private Placement
Legend.

 

“Restricted
Global Note” means a Global Note bearing the Private Placement Legend.

 

“Restricted
Investment” means an Investment other than a Permitted Investment.

 

“Restricted
Period” means the 40-day distribution compliance period as defined in
Regulation S.

 

“Restricted
Subsidiary” means, at any time, any direct or indirect Subsidiary of the
Issuer (including any Foreign Subsidiary) that is not then an Unrestricted
Subsidiary; provided, however, that upon the
occurrence of an Unrestricted Subsidiary ceasing to be an Unrestricted
Subsidiary, such Subsidiary shall be included in the definition of “Restricted
Subsidiary.”

 

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

 

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

 

“Rule 903”
means Rule 903 promulgated under the Securities Act.

 

“Rule 904”
means Rule 904 promulgated under the Securities Act.

 

“S&P”
means Standard & Poor’s, a division of The McGraw-Hill Companies, Inc.,
and any successor to its rating agency business.

 

“Sale and Lease-Back Transaction”
means any arrangement providing for the leasing by the Issuer or any of its
Restricted Subsidiaries of any real or tangible personal property, which
property has been or is to be sold or transferred by the Issuer or such
Restricted Subsidiary to a third Person in contemplation of such leasing.

 

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

 

“Secured Indebtedness” means any
Indebtedness of the Issuer or any of its Restricted Subsidiaries secured by a
Lien.

 

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

 

27

 

“Security
Documents” means the security agreements, pledge agreements, mortgages,
deeds of trust, deeds to secure debt, collateral assignments, control
agreements and related agreements (including, without limitation, financing
statements under the Uniform Commercial Code of the relevant jurisdictions), as
amended, supplemented, restated, renewed, refunded, replaced, restructured,
repaid, refinanced or otherwise modified from time to time, creating the
security interests in the Collateral as contemplated by this Indenture.

 

“Senior
Indebtedness” means:

 

(1)                                  all
Indebtedness of the Issuer or any Guarantor outstanding under the ABL Facility
and related Guarantees (including interest accruing on or after the filing of
any petition in bankruptcy or similar proceeding or for reorganization of the
Issuer or any Guarantor (at the rate provided for in the documentation with
respect thereto, regardless of whether or not a claim for post-filing interest
is allowed in such proceedings)), and any and all other fees, expense
reimbursement obligations, indemnification amounts, penalties, and other
amounts (whether existing on the Issue Date or thereafter created or incurred)
and all obligations of the Issuer or any Guarantor to reimburse any bank or
other Person in respect of amounts paid under letters of credit, acceptances or
other similar instruments;

 

(2)                                  all Hedging
Obligations (and guarantees thereof) owing to a Lender (as defined in the ABL
Facility) or any Affiliate of such Lender (or any Person that was a Lender or
an Affiliate of such Lender at the time the applicable agreement giving rise to
such Hedging Obligation was entered into), provided that such Hedging
Obligations are permitted to be incurred under the terms of this Indenture;

 

(3)                                  any other
Indebtedness of the Issuer or any Guarantor permitted to be incurred under the
terms of this Indenture, unless the instrument under which such Indebtedness is
incurred expressly provides that it is subordinated in right of payment to the
Notes or any related Guarantee; and

 

(4)                                  all Obligations
with respect to the items listed in the preceding clauses (1), (2) and
(3);

 

provided,
however, that Senior Indebtedness shall not include:

 

(a)                                  any obligation
of such Person to the Issuer or any of its Subsidiaries;

 

(b)                                 any liability
for federal, state, local or other taxes owed or owing by such Person;

 

(c)                                  any accounts
payable or other liability to trade creditors arising in the ordinary course of
business;

 

(d)                                 any
Indebtedness or other Obligation of such Person which is subordinate or junior
in any respect to any other Indebtedness or other Obligation of such Person; or

 

(e)                                  that portion of
any Indebtedness which at the time of incurrence is incurred in violation of
this Indenture.

 

“Senior
Secured Indebtedness” means any Indebtedness (other than Capitalized Lease
Obligations) that is secured by a Lien on any Collateral that ranks pari passu
or senior in priority to the 

 

28

 

Lien
securing the Notes pursuant to the Intercreditor Agreement or otherwise,
including the Notes and any other Pari Passu Lien Obligations.

 

“Senior
Secured Leverage Ratio” means, as of any date of determination (the
“Determination Date”), the ratio of (a) the aggregate Senior Secured
Indebtedness of the Issuer and its Restricted Subsidiaries as of the
Determination Date to (b) EBITDA of the Issuer and its Restricted
Subsidiaries on a consolidated basis for the most recently ended four fiscal
quarters for which internal financial statements are available immediately
preceding the Determination Date.

 

For
purposes of making the computation referred to above, Investments,
acquisitions, dispositions, mergers, consolidations and disposed operations (as
determined in accordance with GAAP) that have been made by the Issuer or any of
its Restricted Subsidiaries during the four quarter reference period or
subsequent to such reference period and on or prior to the Determination Date
shall be calculated on a pro forma basis
assuming that all such Investments, acquisitions, dispositions, mergers,
consolidations and disposed operations (and the change in any associated fixed
charge obligations and the change in EBITDA resulting therefrom) had occurred
on the first day of the four quarter reference period. If since the beginning
of such period any Person that subsequently became a Restricted Subsidiary or
was merged with or into the Issuer or any of its Restricted Subsidiaries since
the beginning of such period shall have made any Investment, acquisition,
disposition, merger, consolidation or disposed operation that would have
required adjustment pursuant to this definition, then the Senior Secured
Leverage Ratio shall be calculated giving pro forma
effect thereto for such period as if such Investment, acquisition, disposition,
merger, consolidation or disposed operation had occurred at the beginning of
the applicable four quarter period.

 

For
purposes of this definition, whenever pro forma
effect is to be given to a transaction, the pro forma
calculations shall be made in good faith by the chief financial officer of the
Issuer.

 

“Shelf
Registration Statement” means the Shelf Registration Statement as defined
in the Registration Rights Agreement.

 

“Significant
Subsidiary” means any Restricted Subsidiary that would be a “significant
subsidiary” as defined in Article 1, Rule 1-02 of Regulation S-X,
promulgated pursuant to the Securities Act, as such regulation is in effect on
the Issue Date.

 

“Similar Business” means any
business conducted or proposed to be conducted by the Issuer and its Restricted
Subsidiaries on the Issue Date or any business that is similar, reasonably
related, incidental or ancillary thereto.

 

“Subordinated Indebtedness” means,
with respect to the Notes,

 

(1)                                  any
Indebtedness of the Issuer which is by its terms subordinated in right of
payment to the Notes, and

 

(2)                                  any
Indebtedness of any Guarantor which is by its terms subordinated in right of
payment to the Guarantee of such entity of the Notes.

 

“Subsidiary”
means, with respect to any Person:

 

(1)                                  any corporation,
association, or other business entity (other than a partnership, joint venture,
limited liability company or similar entity) of which more than 50% of the
total 

 

29

 

voting
power of shares of Capital Stock entitled (without regard to the occurrence of
any contingency) to vote in the election of directors, managers or trustees
thereof is at the time of determination owned or controlled, directly or
indirectly, by such Person or one or more of the other Subsidiaries of that
Person or a combination thereof or is consolidated under GAAP with such Person
at such time; and

 

(2)                                  any
partnership, joint venture, limited liability company or similar entity of
which

 

(x)                                   more than 50%
of the capital accounts, distribution rights, total equity and voting interests
or general or limited partnership interests, as applicable, are owned or
controlled, directly or indirectly, by such Person or one or more of the other
Subsidiaries of that Person or a combination thereof whether in the form of
membership, general, special or limited partnership or otherwise, and

 

(y)                                  such Person or
any Restricted Subsidiary of such Person is a controlling general partner or
otherwise controls such entity.

 

“Total Assets” means the total assets
of the Issuer and its Restricted Subsidiaries on a consolidated basis, as shown
on the most recent balance sheet of the Issuer or such other Person as may be
expressly stated.

 

“Treasury Rate” means, as of any
Redemption Date, the yield to maturity as of such Redemption Date of United
States Treasury securities with a constant maturity (as compiled and published
in the most recent Federal Reserve Statistical Release H.15 (519) that has
become publicly available at least two Business Days prior to the Redemption
Date (or, if such Statistical Release is no longer published, any publicly
available source of similar market data)) most nearly equal to the period from
the Redemption Date to February 1, 2013; provided, however,
that if the period from the Redemption Date to February 1, 2013 is less
than one year, the weekly average yield on actually traded United States
Treasury securities adjusted to a constant maturity of one year will be used.

 

“Trust Indenture Act” means the
Trust Indenture Act of 1939, as amended (15 U.S.C §§ 77aaa-777bbbb).

 

“Trustee”
means Wilmington Trust FSB, as trustee, until a successor replaces it in
accordance with the applicable provisions of this Indenture and thereafter
means the successor serving hereunder.

 

“Unrestricted
Definitive Note” means a Definitive Note that does not bear and is not
required to bear the Private Placement Legend.

 

“Unrestricted
Global Note” means a Global Note that does not bear and is not required to
bear the Private Placement Legend.

 

“Unrestricted
Subsidiary” means:

 

(1)                                  any Subsidiary
of the Issuer which at the time of determination is an Unrestricted Subsidiary
(as designated by the Issuer, as provided below); and

 

(2)                                  any Subsidiary
of an Unrestricted Subsidiary.

 

30

 

The
Issuer may designate any Subsidiary of the Issuer (including any existing
Subsidiary and any newly acquired or newly formed Subsidiary) to be an
Unrestricted Subsidiary unless such Subsidiary or any of its Subsidiaries owns
any Equity Interests or Indebtedness of, or owns or holds any Lien on, any
property of, the Issuer or any Subsidiary of the Issuer (other than solely any
Subsidiary of the Subsidiary to be so designated); provided that

 

(1)                                  such
designation complies with Section 4.07 hereof; and

 

(2)                                  each of:

 

(a)                                  the Subsidiary
to be so designated; and

 

(b)                                 its
Subsidiaries

 

has not at the time of designation, and does not
thereafter, create, incur, issue, assume, guarantee or otherwise become
directly or indirectly liable with respect to any Indebtedness pursuant to
which the lender has recourse to any of the assets of the Issuer or any
Restricted Subsidiary.

 

The
Issuer may designate any Unrestricted Subsidiary to be a Restricted Subsidiary;
provided that,
immediately after giving effect to such designation, no Default shall have
occurred and be continuing and either:

 

(1)                                  the Issuer
could incur at least $1.00 of additional Indebtedness pursuant to the Fixed
Charge Coverage Ratio test described in Section 4.09(a) hereof; or

 

(2)                                  the Fixed
Charge Coverage Ratio for the Issuer its Restricted Subsidiaries would be
greater than such ratio for the Issuer and its Restricted Subsidiaries
immediately prior to such designation,

 

in
each case on a pro forma basis
taking into account such designation.

 

Any
such designation by the Issuer shall be notified by the Issuer to the Trustee
by promptly filing with the Trustee and the Notes Priority Collateral Agent a
copy of the resolution of the board of directors of the Issuer or any committee
thereof giving effect to such designation and an Officer’s Certificate
certifying that such designation complied with the foregoing provisions.

 

“U.S.
Person” means a U.S. person as defined in Rule 902(k) under the
Securities Act.

 

“Voting
Stock” of any Person as of any date means the Capital Stock of such Person
that is at the time entitled to vote in the election of the board of directors
of such Person.

 

“Weighted
Average Life to Maturity” means, when applied to any Indebtedness,
Disqualified Stock or Preferred Stock, as the case may be, at any date, the
quotient obtained by dividing:

 

(1)                                  the sum of the
products of the number of years from the date of determination to the date of
each successive scheduled principal payment of such Indebtedness or redemption
or similar payment with respect to such Disqualified Stock or Preferred Stock
multiplied by the amount of such payment; by

 

(2)                                  the sum of all
such payments.

 

31

 

“Wholly-Owned
Subsidiary” of any Person means a Subsidiary of such Person, 100% of the
outstanding Equity Interests of which (other than directors’ qualifying shares)
shall at the time be owned by such Person or by one or more Wholly-Owned
Subsidiaries of such Person.

 

Section 1.02                                          Other
Definitions.

 

	
  Term

  	
   

  	
  Defined in 

  Section

  
	
   

  	
   

  	
   

  
	
  “Acceptable
  Commitment”

  	
   

  	
  4.10

  
	
  “Affiliate
  Transaction”

  	
   

  	
  4.11

  
	
  “Asset
  Sale Offer”

  	
   

  	
  4.10

  
	
  “Authentication
  Order”

  	
   

  	
  2.02

  
	
  “Change
  of Control Offer”

  	
   

  	
  4.14

  
	
  “Change
  of Control Payment”

  	
   

  	
  4.14

  
	
  “Change
  of Control Payment Date”

  	
   

  	
  4.14

  
	
  “Covenant
  Defeasance”

  	
   

  	
  8.03

  
	
  “Covenant
  Suspension Event”

  	
   

  	
  4.19

  
	
  “DTC”

  	
   

  	
  2.03

  
	
  “Event
  of Default”

  	
   

  	
  6.01

  
	
  “Excess
  Proceeds”

  	
   

  	
  4.10

  
	
  “incur”

  	
   

  	
  4.09

  
	
  “incurrence”

  	
   

  	
  4.09

  
	
  “Legal
  Defeasance”

  	
   

  	
  8.02

  
	
  “Note
  Register”

  	
   

  	
  2.03

  
	
  “Offer
  Amount”

  	
   

  	
  3.09

  
	
  “Offer
  Period”

  	
   

  	
  3.09

  
	
  “Paying
  Agent”

  	
   

  	
  2.03

  
	
  “Purchase
  Date”

  	
   

  	
  3.09

  
	
  “Redemption
  Date”

  	
   

  	
  3.07

  
	
  “Refinancing Indebtedness”

  	
   

  	
  4.09

  
	
  “Refunding
  Capital Stock”

  	
   

  	
  4.07

  
	
  “Registrar”

  	
   

  	
  2.03

  
	
  “Restricted
  Payments”

  	
   

  	
  4.07

  
	
  “Second
  Commitment”

  	
   

  	
  4.10

  
	
  “Senior
  Convertible Notes”

  	
   

  	
  4.09

  
	
  “Successor
  Company”

  	
   

  	
  5.01

  
	
  “Successor Person”

  	
   

  	
  5.01

  
	
  “Treasury
  Capital Stock”

  	
   

  	
  4.07

  

 

Section 1.03                                          Incorporation
by Reference of Trust Indenture Act.

 

Whenever
this Indenture refers to a provision of the Trust Indenture Act, the provision
is incorporated by reference in and made a part of this Indenture.

 

The
following Trust Indenture Act terms used in this Indenture have the following
meanings:

 

“indenture
securities” means the Notes;

 

32

 

“indenture
security Holder” means a Holder of a Note;

 

“indenture
to be qualified” means this Indenture;

 

“indenture
trustee” or “institutional trustee” means the Trustee; and

 

“obligor”
on the Notes and the Guarantees means the Issuer and the Guarantors,
respectively, and any successor obligor upon the Notes and the Guarantees,
respectively.

 

All
other terms used in this Indenture that are defined by the Trust Indenture Act,
defined by Trust Indenture Act reference to another statute or defined by SEC
rule under the Trust Indenture Act have the meanings so assigned to them.

 

Section 1.04                                          Rules of
Construction.

 

Unless
the context otherwise requires:

 

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

 

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

 

(c)                                  “or” is not
exclusive;

 

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

 

(e)                                  “will” shall be
interpreted to express a command;

 

(f)                                    the term
“consolidated” with respect to any Person refers to such Person consolidated
with its Restricted Subsidiaries, and excludes from such consolidation any
Unrestricted Subsidiary as if such Unrestricted Subsidiary were not an
Affiliate of such Person;

 

(g)                                 provisions
apply to successive events and transactions;

 

(h)                                 references to
sections of, or rules under, the Securities Act shall be deemed to include
substitute, replacement or successor sections or rules adopted by the SEC
from time to time;

 

(i)                                     unless the
context otherwise requires, any reference to an “Article,” “Section” or
“clause” refers to an Article, Section or clause, as the case may be, of
this Indenture; and

 

(j)                                     the words
“herein,” “hereof” and “hereunder” and other words of similar import refer to
this Indenture as a whole and not any particular Article, Section, clause or
other subdivision.

 

Section 1.05                                       Acts of Holders.

 

(a)                                  Any request,
demand, authorization, direction, notice, consent, waiver or other action
provided by this Indenture to be given or taken by Holders may be embodied in
and evidenced by one or more instruments of substantially similar tenor signed
by such Holders in person or by an agent 

 

33

 

duly appointed in writing.  Except as herein otherwise expressly
provided, such action shall become effective when such instrument or
instruments or record or both are delivered to the Trustee and, where it is
hereby expressly required, to the Issuer. 
Proof of execution of any such instrument or of a writing appointing any
such agent, or the holding by any Person of a Note, shall be sufficient for any
purpose of this Indenture and (subject to Section 7.01) conclusive in
favor of the Trustee and the Issuer, if made in the manner provided in this
Section 1.05.

 

(b)                                 The fact and
date of the execution by any Person of any such instrument or writing may be
proved by the affidavit of a witness of such execution or by the certificate of
any notary public or other officer authorized by law to take acknowledgments of
deeds, certifying that the individual signing such instrument or writing
acknowledged to him the execution thereof. 
Where such execution is by or on behalf of any legal entity other than
an individual, such certificate or affidavit shall also constitute proof of the
authority of the Person executing the same. 
The fact and date of the execution of any such instrument or writing, or
the authority of the Person executing the same, may also be proved in any other
manner that the Trustee deems sufficient.

 

(c)                                  The ownership
of Notes shall be proved by the Note Register.

 

(d)                                 Any request,
demand, authorization, direction, notice, consent, waiver or other action by
the Holder of any Note shall bind every future Holder of the same Note and the
Holder of every Note issued upon the registration of transfer thereof or in
exchange therefor or in lieu thereof, in respect of any action taken, suffered
or omitted by the Trustee or the Issuer in reliance thereon, whether or not
notation of such action is made upon such Note.

 

(e)                                  The Issuer may,
in the circumstances permitted by the Trust Indenture Act, set a record date
for purposes of determining the identity of Holders entitled to give any
request, demand, authorization, direction, notice, consent, waiver or take any
other act, or to vote or consent to any action by vote or consent authorized or
permitted to be given or taken by Holders. 
Unless otherwise specified, if not set by the Issuer prior to the first
solicitation of a Holder made by any Person in respect of any such action, or
in the case of any such vote, prior to such vote, any such record date shall be
the later of 30 days prior to the first solicitation of such consent or the
date of the most recent list of Holders furnished to the Trustee prior to such
solicitation.

 

(f)                                    Without
limiting the foregoing, a Holder entitled to take any action hereunder with
regard to any particular Note may do so with regard to all or any part of the
principal amount of such Note or by one or more duly appointed agents, each of
which may do so pursuant to such appointment with regard to all or any part of
such principal amount.  Any notice given
or action taken by a Holder or its agents with regard to different parts of
such principal amount pursuant to this paragraph shall have the same effect as
if given or taken by separate Holders of each such different part.

 

(g)                                 Without
limiting the generality of the foregoing, a Holder, including DTC that is the
Holder of a Global Note, may make, give or take, by a proxy or proxies duly
appointed in writing, any request, demand, authorization, direction, notice,
consent, waiver or other action provided in this Indenture to be made, given or
taken by Holders, and DTC, as a Holder of a Global Note, may provide its proxy
or proxies to the beneficial owners of interests in any such Global Note through
such depositary’s standing instructions and customary practices.

 

(h)                                 The Issuer may
fix a record date for the purpose of determining the Persons who are beneficial
owners of interests in any Global Note held by DTC entitled under the
procedures of such depositary to make, give or take, by a proxy or proxies duly
appointed in writing, any request, demand, 

 

34

 

authorization, direction, notice, consent, waiver or
other action provided in this Indenture to be made, given or taken by
Holders.  If such a record date is fixed,
the Holders on such record date or their duly appointed proxy or proxies, and
only such Persons, shall be entitled to make, give or take such request,
demand, authorization, direction, notice, consent, waiver or other action,
whether or not such Holders remain Holders after such record date.  No such request, demand, authorization,
direction, notice, consent, waiver or other action shall be valid or effective
if made, given or taken more than 90 days after such record date.

 

ARTICLE II

 

THE NOTES

 

Section 2.01                                          Form and
Dating; Terms.

 

(a)                                  General.  The Notes and the Registrar’s certificate of
authentication shall be substantially in the form of Exhibit A
hereto.  The Notes may have notations,
legends or endorsements required by law, stock exchange rules or
usage.  Each Note shall be dated the date
of its authentication.  The Notes shall
be in minimum denominations of $2,000 and any integral multiple of $1,000 in
excess thereof.

 

(b)                                 Global Notes.  Notes issued in global form shall be
substantially in the form of Exhibit A attached hereto (including
the Global Note Legend thereon and the “Schedule of Exchanges of Interests in
the Global Note” attached thereto). 
Notes issued in definitive form shall be substantially in the form of Exhibit A
attached hereto (but without the Global Note Legend thereon and without the
“Schedule of Exchanges of Interests in the Global Note” attached thereto).  Each Global Note shall represent such of the
outstanding Notes as shall be specified therein and each shall represent the
aggregate principal amount of outstanding Notes from time to time endorsed
thereon and the aggregate principal amount of outstanding Notes represented
thereby may from time to time be reduced or increased, as appropriate, to
reflect exchanges and redemptions.  Any
endorsement of a Global Note to reflect the amount of any increase or decrease
in the aggregate principal amount of outstanding Notes represented thereby
shall be made by the Registrar, in accordance with instructions given by the
Holder thereof as required by Section 2.06 hereof.

 

(c)                                  Temporary
Global Notes.   Notes
offered and sold in reliance on Regulation S shall be issued initially in the
form of the Regulation S Temporary Global Note, which shall be deposited on
behalf of the purchasers of the Notes represented thereby with the Custodian,
and registered in the name of the Depositary or the nominee of the Depositary
for the accounts of designated agents holding on behalf of Euroclear or
Clearstream, duly executed by the Issuer and authenticated by the Registrar as
hereinafter provided.  The Restricted
Period shall be terminated upon the receipt by the Registrar of:

 

(i)                                     a written
certificate from the Depositary, together with copies of certificates from
Euroclear and Clearstream certifying that they have received certification of
non-United States beneficial ownership of 100% of the aggregate principal
amount of the Regulation S Temporary Global Note (except to the extent of any
beneficial owners thereof who acquired an interest therein during the
Restricted Period pursuant to another exemption from registration under the
Securities Act and who shall take delivery of a beneficial ownership interest
in a 144A Global Note or an IAI Global Note bearing a Private Placement Legend,
all as contemplated by Section 2.06(b) hereof); and

 

(ii)                                  an Officer’s
Certificate from the Issuer.

 

35

 

Following the termination of the Restricted Period,
beneficial interests in the Regulation S Temporary Global Note shall be
exchanged for beneficial interests in the Regulation S Permanent Global Note
pursuant to the Applicable Procedures. 
Simultaneously with the authentication of the Regulation S Permanent
Global Note, the Registrar shall cancel the Regulation S Temporary Global
Note.  The aggregate principal amount of
the Regulation S Temporary Global Note and the Regulation S Permanent Global
Note may from time to time be increased or decreased by adjustments made on the
records of the Registrar and the Depositary or its nominee, as the case may be,
in connection with transfers of interest as hereinafter provided.

 

(d)                                 Terms.  The aggregate principal amount of Notes that
may be authenticated and delivered under this Indenture is unlimited.

 

The
terms and provisions contained in the Notes shall constitute, and are hereby
expressly made, a part of this Indenture and the parties hereto, by their
execution and delivery of this Indenture, expressly agree to such terms and
provisions and to be bound thereby. 
However, to the extent any provision of any Note conflicts with the
express provisions of this Indenture, the provisions of this Indenture shall
govern and be controlling.

 

The
Notes shall be subject to repurchase by the Issuer pursuant to an Asset Sale
Offer as provided in Section 4.10 hereof or a Change of Control Offer as
provided in Section 4.14 hereof. 
The Notes shall not be redeemable, other than as provided in Article III.

 

Additional
Notes ranking pari  passu
with the Initial Notes may be created and issued from time to time by the
Issuer without notice to or consent of the Holders and shall be consolidated
with and form a single class with the Initial Notes and shall have the same
terms as to status, waivers, amendments, offers to repurchase, redemption or
otherwise as the Initial Notes; provided that the Issuer’s ability to
issue Additional Notes shall be subject to the Issuer’s compliance with Section 4.09
hereof.  Any Additional Notes shall be
issued with the benefit of an indenture supplemental to this Indenture.

 

(e)                                  Euroclear and
Clearstream Procedures Applicable.  The provisions of the “Operating Procedures
of the Euroclear System” and “Terms and Conditions Governing Use of Euroclear”
and the “General Terms and Conditions of Clearstream Banking” and “Customer
Handbook” of Clearstream shall be applicable to transfers of beneficial
interests in the Regulation S Temporary Global Note and the Regulation S
Permanent Global Notes that are held by Participants through Euroclear or
Clearstream.

 

Section 2.02                                          Execution and
Authentication.

 

At
least one Officer shall execute the Notes on behalf of the Issuer by manual or
facsimile signature.

 

If
an Officer whose signature is on a Note no longer holds that office at the time
a Note is authenticated, the Note shall nevertheless be valid.

 

A
Note shall not be entitled to any benefit under this Indenture or be valid or
obligatory for any purpose until authenticated by the manual signature of the
Registrar.  The signature shall be
conclusive evidence that the Note has been duly authenticated and issued under
this Indenture.

 

On
the Issue Date, the Registrar shall, upon receipt of an Issuer Order (an “Authentication
Order”), authenticate and deliver the Initial Notes.  In addition, at any time, from time to 

 

36

 

time,
the Registrar shall upon receipt of an Authentication Order authenticate and
deliver any Additional Notes and Exchange Notes for an aggregate principal amount
specified in such Authentication Order for such Additional Notes or Exchange
Notes issued hereunder.  Such
Authentication Order shall specify the amount of the Notes to be authenticated.  The aggregate principal amount of Notes
outstanding at any time may not exceed the aggregate principal amount of Notes
authorized for issuance by the Issuer pursuant to one or more Authentication
Orders, except as provided in Section 2.07 hereof.

 

The
Registrar may appoint an authenticating agent acceptable to the Issuer to
authenticate Notes.  An authenticating
agent may authenticate Notes whenever the Registrar may do so.  Each reference in this Indenture to
authentication by the Registrar includes authentication by such agent.  An authenticating agent has the same rights
as an Agent to deal with Holders or an Affiliate of the Issuer.

 

Section 2.03                                          Registrar and
Paying Agent.

 

The
Issuer shall maintain an office or agency where Notes may be presented for
registration of transfer or for exchange (“Registrar”) and an office or
agency where Notes may be presented for payment (“Paying Agent”).  The Registrar shall keep a register of the
Notes (“Note Register”) and of their transfer and exchange.  The Paying Agent will make payments on and
facilitate transfer of Notes on behalf of the Issuer.  The Issuer may appoint one or more
co-registrars and one or more additional paying agents.  The term “Registrar” includes any
co-registrar and the term “Paying Agent” includes any additional paying
agent.  The Issuer may change any Paying
Agent or Registrar without prior notice to the Holders.  The Issuer shall notify the Trustee in
writing of the name and address of any Agent not a party to this
Indenture.  If the Issuer fails to
appoint or maintain another entity as Registrar or Paying Agent, the Trustee
shall act as such.  The Issuer or any of
its Subsidiaries may act as Paying Agent or Registrar.

 

The
Issuer initially appoints The Depository Trust Company (“DTC”) to act as
Depositary with respect to the Global Notes.

 

The
Issuer initially appoints Deutsche Bank Trust Company Americas to act as the
Paying Agent and Registrar for the Notes and to act as Custodian with respect
to the Global Notes.

 

Section 2.04                                          Paying Agent to
Hold Money in Trust.

 

The
Issuer shall require each Paying Agent other than the Trustee and the Paying
Agent party hereto to agree in writing that the Paying Agent shall hold in
trust for the benefit of Holders or the Trustee all money held by such Paying
Agent for the payment of principal of, premium, if any, Additional Interest, if
any, or interest on the Notes, and will notify the Trustee in writing of any
default by the Issuer in making any such payment. While any such default
continues, the Trustee may require a Paying Agent to pay all money held by it
to the Trustee.  The Issuer at any time
may require a Paying Agent to pay all money held by it to the Trustee.  Upon payment over to the Trustee, such Paying
Agent (if other than the Issuer or a Subsidiary) shall have no further
liability for the money.  If the Issuer
or a Subsidiary acts as Paying Agent, it shall segregate and hold in a separate
trust fund for the benefit of the Holders all money held by it as Paying
Agent.  Upon any bankruptcy or
reorganization proceedings relating to the Issuer, Deutsche Bank Trust Company
Americas shall serve as Paying Agent for the Notes.

 

Section 2.05                                          Holder Lists.

 

The
Trustee shall preserve in as current a form as is reasonably practicable the
most recent list available to it of the names and addresses of all Holders and
shall otherwise comply with Trust 

 

37

 

Indenture
Act Section 312(a).  If the Trustee
is not the Registrar, the Registrar shall furnish to the Trustee at least two
Business Days before each Interest Payment Date and at such other times as the
Trustee may request in writing, a list in such form and as of such date as the
Trustee may reasonably require of the names and addresses of the Holders of
Notes and the Issuer shall otherwise comply with Trust Indenture Act Section 312(a).

 

Section 2.06                                          Transfer and
Exchange.

 

(a)                                  Transfer and
Exchange of Global Notes. 
Except as otherwise set forth in this Section 2.06, a Global Note
may be transferred, in whole and not in part, only by the Depositary to a
nominee of the Depositary, by a nominee of the Depositary to the Depositary or
to another nominee of the Depositary, or by the Depositary or any such nominee
to a successor Depositary or a nominee of such successor Depositary.  A beneficial interest in a Global Note may
not be exchanged for a Definitive Note unless (i) the Depositary (x) notifies
the Issuer and the Registrar that it is unwilling or unable to continue as
Depositary for such Global Note or (y) has ceased to be a clearing agency
registered under the Exchange Act and, in either case, a successor Depositary
is not appointed by the Issuer within 120 days, (ii) subject to the
procedures of the Depositary, the Issuer, at its option, notifies the Trustee
and the Registrar in writing that it elects to cause the issuance of the
Definitive Notes, or (iii) upon request of the Trustee or Holders of a
majority of the principal amount of outstanding Notes, if there shall have
occurred and be continuing a Default or Event of Default with respect to the
Notes.  Upon the occurrence of any of the
preceding events in (i), (ii) or (iii) above, Definitive Notes
delivered in exchange for any Global Note or beneficial interests therein will
be registered in the names, and issued in any approved denominations, requested
by or on behalf of the Depositary (in accordance with its customary
procedures).  Global Notes also may be
exchanged or replaced, in whole or in part, as provided in Sections 2.07 and
2.10 hereof.  Every Note authenticated
and delivered in exchange for, or in lieu of, a Global Note or any portion
thereof, pursuant to this Section 2.06 or Section 2.07 or 2.10
hereof, shall be authenticated and delivered in the form of, and shall be, a
Global Note, except for Definitive Notes issued subsequent to any of the
preceding events in (i), (ii) or (iii) above and pursuant to Section 2.06(c) hereof.  A Global Note may not be exchanged for
another Note other than as provided in this Section 2.06(a); provided,
however, beneficial interests in a Global Note may be transferred and
exchanged as provided in Section 2.06(b), (c) or (f) hereof.

 

(b)                                 Transfer and
Exchange of Beneficial Interests in the Global Notes.  The transfer and exchange of beneficial
interests in the Global Notes shall be effected through the Depositary, in
accordance with the provisions of this Indenture and the Applicable
Procedures.  Beneficial interests in the
Restricted Global Notes shall be subject to restrictions on transfer comparable
to those set forth herein to the extent required by the Securities Act.  Transfers of beneficial interests in the
Global Notes also shall require compliance with either subparagraph (i) or
(ii) below, as applicable, as well as one or more of the other following
subparagraphs, as applicable:

 

(i)                                     Transfer of
Beneficial Interests in the Same Global Note.  Beneficial interests in any Restricted Global
Note may be transferred to Persons who take delivery thereof in the form of a
beneficial interest in the same Restricted Global Note in accordance with the
transfer restrictions set forth in the Private Placement Legend; provided,
however, that prior to the expiration of the Restricted Period,
transfers of beneficial interests in the Regulation S Temporary Global Note may
not be made to a U.S. Person or for the account or benefit of a U.S. Person
(other than an Initial Purchaser). 
Beneficial interests in any Unrestricted Global Note may be transferred
to Persons who take delivery thereof in the form of a beneficial interest in an
Unrestricted Global Note.  No written
orders or instructions shall be required to be delivered to 

 

38

 

the Registrar to effect the
transfers described in this Section 2.06(b)(i) and the Registrar
shall have no liability for such transfers effected without such orders or instructions.

 

(ii)                                  All Other
Transfers and Exchanges of Beneficial Interests in Global Notes.  In connection with all transfers and
exchanges of beneficial interests that are not subject to Section 2.06(b)(i) hereof, the transferor of such
beneficial interest must deliver to the Registrar either (A) (1) a
written order from a Participant or an Indirect Participant given to the
Depositary in accordance with the Applicable Procedures directing the
Depositary to credit or cause to be credited a beneficial interest in another
Global Note in an amount equal to the beneficial interest to be transferred or
exchanged and (2) instructions given in accordance with the Applicable
Procedures containing information regarding the Participant account to be
credited with such increase or (B) (1) a written order from a
Participant or an Indirect Participant given to the Depositary in accordance
with the Applicable Procedures directing the Depositary to cause to be issued a
Definitive Note in an amount equal to the beneficial interest to be transferred
or exchanged and (2) instructions given by the Depositary to the Registrar
containing information regarding the Person in whose name such Definitive Note
shall be registered to effect the transfer or exchange referred to in (1) above;
provided that in no event shall Definitive Notes be issued upon the
transfer or exchange of beneficial interests in the Regulation S Temporary
Global Note prior to (A) the expiration of the Restricted Period and (B) the
receipt by the Registrar of any certificates required pursuant to Rule 903,
as provided to it by the Issuer, it being understood and agreed that the
Registrar shall have no obligation to determine whether or not such
certificates meet the requirements of Rule 903.  Upon consummation of an Exchange Offer by the
Issuer in accordance with Section 2.06(f) hereof, the requirements of
this Section 2.06(b)(ii) shall be deemed to have been satisfied upon
receipt by the Registrar of the instructions contained in the Letter of
Transmittal delivered by the Holder of such beneficial interests in the
Restricted Global Notes.  Upon
satisfaction of all of the requirements for transfer or exchange of beneficial
interests in Global Notes contained in this Indenture and the Notes or
otherwise applicable under the Securities Act, the Registrar shall adjust the
principal amount of the relevant Global Note(s) pursuant to Section 2.06(h) hereof.

 

(iii)                               Transfer of
Beneficial Interests to Another Restricted Global Note.  A beneficial interest in any Restricted Global
Note may be transferred to a Person who takes delivery thereof in the form of a
beneficial interest in another Restricted Global Note if the transfer complies
with the requirements of Section 2.06(b)(ii) hereof and the Registrar receives the following:

 

(A)                              if the
transferee will take delivery in the form of a beneficial interest in the 144A
Global Note, then the transferor must deliver a certificate substantially in
the form of Exhibit B hereto, including the certifications in item
(1) thereof;

 

(B)                                if the
transferee will take delivery in the form of a beneficial interest in the
Regulation S Global Note, then the transferor must deliver a certificate
substantially in the form of Exhibit B hereto, including the
certifications in item (2) thereof; or

 

(C)                                if the
transferee will take delivery in the form of a beneficial interest in the IAI
Global Note, then the transferor must deliver a certificate substantially in
the form of Exhibit B hereto, including the certifications,
certificates and Opinion of Counsel required by item (3) thereof, if
applicable.

 

(iv)                              Transfer and
Exchange of Beneficial Interests in a Restricted Global Note for Beneficial
Interests in an Unrestricted Global Note.  A beneficial interest in any Restricted
Global 

 

39

 

Note may be exchanged by any
holder thereof for a beneficial interest in an Unrestricted Global Note or
transferred to a Person who takes delivery thereof in the form of a beneficial
interest in an Unrestricted Global Note if the exchange or transfer complies
with the requirements of Section 2.06(b)(ii) hereof and:

 

(A)                              such exchange
or transfer is effected pursuant to the Exchange Offer in accordance with the
Registration Rights Agreement and the holder of the beneficial interest to be
transferred, in the case of an exchange, or the transferee, in the case of a
transfer, certifies in the applicable Letter of Transmittal that it is not
(1) a Broker-Dealer, (2) a Person participating in the distribution
of the Exchange Notes or (3) a Person who is an affiliate (as defined in
Rule 144) of the Issuer;

 

(B)                                such transfer
is effected pursuant to the Shelf Registration Statement in accordance with the
Registration Rights Agreement;

 

(C)                                such transfer
is effected by a Broker-Dealer pursuant to the Exchange Offer Registration
Statement in accordance with the Registration Rights Agreement; or

 

(D)                               the Registrar
receives the following:

 

(1)                                  if the holder
of such beneficial interest in a Restricted Global Note proposes to exchange
such beneficial interest for a beneficial interest in an Unrestricted Global
Note, a certificate from such Holder substantially in the form of Exhibit C
hereto, including the certifications in item (1)(a) thereof; or

 

(2)                                  if the holder
of such beneficial interest in a Restricted Global Note proposes to transfer
such beneficial interest to a Person who shall take delivery thereof in the
form of a beneficial interest in an Unrestricted Global Note, a certificate
from such holder in the form of Exhibit B hereto, including the
certifications in item (4) thereof;

 

and,
in each such case set forth in this subparagraph (D), an Opinion of Counsel in
form reasonably acceptable to the Registrar to the effect that such exchange or
transfer is in compliance with the Securities Act and that the restrictions on
transfer contained herein and in the Private Placement Legend are no longer
required in order to maintain compliance with the Securities Act.

 

If
any such transfer is effected pursuant to subparagraph (B) or (D) above
at a time when an Unrestricted Global Note has not yet been issued, the Issuer
shall issue and, upon receipt of an Authentication Order in accordance with
Section 2.02 hereof, the Registrar shall authenticate one or more
Unrestricted Global Notes in an aggregate principal amount equal to the
aggregate principal amount of beneficial interests transferred pursuant to
subparagraph (B) or (D) above.

 

Beneficial
interests in an Unrestricted Global Note cannot be exchanged for, or
transferred to Persons who take delivery thereof in the form of, a beneficial
interest in a Restricted Global Note.

 

40

 

(c)                                  Transfer or
Exchange of Beneficial Interests for Definitive Notes.

 

(i)                                     Beneficial
Interests in Restricted Global Notes to Restricted Definitive Notes.  If any holder of a beneficial interest in a
Restricted Global Note proposes to exchange such beneficial interest for a
Restricted Definitive Note or to transfer such beneficial interest to a Person
who takes delivery thereof in the form of a Restricted Definitive Note, then,
upon the occurrence of any of the events in paragraph (i), (ii) or (iii) of
Section 2.06(a) hereof
and receipt by the Registrar of the following documentation:

 

(A)                              if the holder
of such beneficial interest in a Restricted Global Note proposes to exchange
such beneficial interest for a Restricted Definitive Note, a certificate from
such holder substantially in the form of Exhibit C hereto,
including the certifications in item (2)(a) thereof;

 

(B)                                if such
beneficial interest is being transferred to a QIB in accordance with Rule 144A,
a certificate substantially in the form of Exhibit B hereto,
including the certifications in item (1) thereof;

 

(C)                                if such
beneficial interest is being transferred to a Non-U.S. Person in an offshore
transaction in accordance with Rule 903 or Rule 904, a certificate
substantially in the form of Exhibit B hereto, including the
certifications in item (2) thereof;

 

(D)                               if such
beneficial interest is being transferred pursuant to an exemption from the
registration requirements of the Securities Act in accordance with Rule 144,
a certificate substantially in the form of Exhibit B hereto,
including the certifications in item (3)(a) thereof;

 

(E)                                 if such
beneficial interest is being transferred to an Institutional Accredited
Investor in reliance on an exemption from the registration requirements of the
Securities Act other than those listed in subparagraphs (B) through (D) above,
a certificate substantially in the form of Exhibit B hereto,
including the certifications, certificates and Opinion of Counsel required by
item (3)(d) thereof, if applicable;

 

(F)                                 if such
beneficial interest is being transferred to the Issuer or any of its Restricted
Subsidiaries, a certificate substantially in the form of Exhibit B
hereto, including the certifications in item (3)(b) thereof; or

 

(G)                                if such
beneficial interest is being transferred pursuant to an effective registration
statement under the Securities Act, a certificate substantially in the form of Exhibit B
hereto, including the certifications in item (3)(c) thereof,

 

the
Registrar shall cause the aggregate principal amount of the applicable
Restricted Global Note to be reduced accordingly pursuant to Section 2.06(h) hereof,
and the Issuer shall execute and the Registrar shall authenticate and deliver
to the Person designated in the instructions a Restricted Definitive Note in
the applicable principal amount.  Any
Restricted Definitive Note issued in exchange for a beneficial interest in a
Restricted Global Note pursuant to this Section 2.06(c) shall be
registered in such name or names and in such authorized denomination or
denominations as the holder of such beneficial interest shall instruct the
Registrar through instructions from the Depositary and the Participant or
Indirect Participant.  The Registrar
shall deliver such Restricted Definitive Notes to the Persons in whose names
such Notes are so registered.  Any Restricted
Definitive Note issued in exchange for a beneficial interest in a Restricted
Global Note pursuant to this Section 2.06(c)(i) shall bear the
Private Placement Legend and shall be subject to all restrictions on transfer
contained therein.

 

41

 

(ii)                                  Beneficial
Interests in Regulation S Temporary Global Note to Definitive Notes.   Notwithstanding Sections 2.06(c)(i)(A) and
(C) hereof, a beneficial interest in the Regulation S Temporary Global
Note may not be exchanged for a Definitive Note or transferred to a Person who
takes delivery thereof in the form of a Definitive Note prior to (A) the
expiration of the Restricted Period and (B) the receipt by the Registrar
of any certificates required pursuant to Rule 903(b)(3)(ii)(B) of the
Securities Act, as provided to it by the Issuer (it being understood and agreed
that the Registrar shall have no obligation to determine whether or not such
certificates meet the requirements of Rule 903), except in the case of a
transfer pursuant to an exemption from the registration requirements of the
Securities Act other than Rule 903 or Rule 904 as opined to in an
Opinion of Counsel addressed to the Registrar.

 

(iii)                               Beneficial
Interests in Restricted Global Notes to Unrestricted Definitive Notes.  A holder of a beneficial interest in a
Restricted Global Note may exchange such beneficial interest for an
Unrestricted Definitive Note or may transfer such beneficial interest to a
Person who takes delivery thereof in the form of an Unrestricted Definitive
Note only upon the occurrence of any of the events in subsection (i) or
(ii) of Section 2.06(a) hereof
and if:

 

(A)                              such exchange
or transfer is effected pursuant to the Exchange Offer in accordance with the
Registration Rights Agreement and the holder of such beneficial interest, in
the case of an exchange, or the transferee, in the case of a transfer,
certifies in the applicable Letter of Transmittal that it is not (1) a
Broker-Dealer, (2) a Person participating in the distribution of the
Exchange Notes or (3) a Person who is an affiliate (as defined in Rule 144)
of the Issuer;

 

(B)                                such transfer
is effected pursuant to the Shelf Registration Statement in accordance with the
Registration Rights Agreement;

 

(C)                                such transfer
is effected by a Broker-Dealer pursuant to the Exchange Offer Registration
Statement in accordance with the Registration Rights Agreement; or

 

(D)                               the Registrar
receives the following:

 

(1)                                  if the holder
of such beneficial interest in a Restricted Global Note proposes to exchange
such beneficial interest for an Unrestricted Definitive Note, a certificate
from such holder substantially in the form of Exhibit C hereto,
including the certifications in item (1)(b) thereof; or

 

(2)                                  if the holder
of such beneficial interest in a Restricted Global Note proposes to transfer
such beneficial interest to a Person who shall take delivery thereof in the
form of an Unrestricted Definitive Note, a certificate from such holder
substantially in the form of Exhibit B hereto, including the
certifications in item (4) thereof;

 

and,
in each such case set forth in this subparagraph (D), an Opinion of Counsel in
form reasonably acceptable to the Registrar to the effect that such exchange or
transfer is in compliance with the Securities Act and that the restrictions on
transfer contained herein and in the Private Placement Legend are no longer
required in order to maintain compliance with the Securities Act.

 

(iv)                              Beneficial
Interests in Unrestricted Global Notes to Unrestricted Definitive Notes.  If any holder of a beneficial interest in an
Unrestricted Global Note proposes to exchange such beneficial interest for an
Unrestricted Definitive Note or to transfer such beneficial interest to a
Person 

 

42

 

who takes delivery thereof in the form of an
Unrestricted Definitive Note, then, upon the occurrence of any of the events in
subsection (i), (ii) or (iii) of Section 2.06(a) hereof and satisfaction of the
conditions set forth in Section 2.06(b)(ii) hereof, the Registrar
shall cause the aggregate principal amount of the applicable Unrestricted
Global Note to be reduced accordingly pursuant to Section 2.06(h) hereof,
and the Issuer shall execute and the Registrar shall authenticate and deliver
to the Person designated in the instructions an Unrestricted Definitive Note in
the applicable principal amount.  Any
Unrestricted Definitive Note issued in exchange for a beneficial interest
pursuant to this Section 2.06(c)(iv) shall be registered in such name
or names and in such authorized denomination or denominations as the holder of
such beneficial interest shall instruct the Registrar through instructions from
or through the Depositary and the Participant or Indirect Participant.  The Registrar shall deliver such Unrestricted
Definitive Notes to the Persons in whose names such Notes are so
registered.  Any Unrestricted Definitive
Note issued in exchange for a beneficial interest pursuant to this Section 2.06(c)(iv) shall
not bear the Private Placement Legend.

 

(d)                                 Transfer and
Exchange of Definitive Notes for Beneficial Interests.

 

(i)                                     Restricted
Definitive Notes to Beneficial Interests in Restricted Global Notes.  If any Holder of a Restricted Definitive Note
proposes to exchange such Note for a beneficial interest in a Restricted Global
Note or to transfer such Restricted Definitive Note to a Person who takes
delivery thereof in the form of a beneficial interest in a Restricted Global
Note, then, upon receipt by the Registrar of the following documentation:

 

(A)                              if the Holder
of such Restricted Definitive Note proposes to exchange such Note for a
beneficial interest in a Restricted Global Note, a certificate from such Holder
substantially in the form of Exhibit C hereto, including the
certifications in item (2)(b) thereof;

 

(B)                                if such Restricted
Definitive Note is being transferred to a QIB in accordance with Rule 144A,
a certificate substantially in the form of Exhibit B hereto,
including the certifications in item (1) thereof;

 

(C)                                if such
Restricted Definitive Note is being transferred to a Non-U.S. Person in an
offshore transaction in accordance with Rule 903 or Rule 904, a
certificate substantially in the form of Exhibit B hereto,
including the certifications in item (2) thereof;

 

(D)                               if such
Restricted Definitive Note is being transferred pursuant to an exemption from
the registration requirements of the Securities Act in accordance with Rule 144,
a certificate substantially in the form of Exhibit B hereto,
including the certifications in item (3)(a) thereof;

 

(E)                                 if such
Restricted Definitive Note is being transferred to an Institutional Accredited
Investor in reliance on an exemption from the registration requirements of the
Securities Act other than those listed in subparagraphs (B) through (D) above,
a certificate to the substantially in the form of Exhibit B hereto,
including the certifications, certificates and Opinion of Counsel required by
item (3)(d) thereof, if applicable;

 

(F)                                 if such
Restricted Definitive Note is being transferred to the Issuer or any of its
Restricted Subsidiaries, a certificate substantially in the form of Exhibit B
hereto, including the certifications in item (3)(b) thereof; or

 

43

 

(G)                                if such
Restricted Definitive Note is being transferred pursuant to an effective
registration statement under the Securities Act, a certificate substantially in
the form of Exhibit B hereto, including the certifications in item
(3)(c) thereof,

 

the
Registrar shall cancel the Restricted Definitive Note, increase or cause to be
increased the aggregate principal amount of, in the case of clause (A) above,
the applicable Restricted Global Note, in the case of clause (B) above,
the applicable 144A Global Note, and in the case of clause (C) above, the
applicable Regulation S Global Note, and in all other cases, the IAI Global
Note.

 

(ii)                                  Restricted
Definitive Notes to Beneficial Interests in Unrestricted Global Notes.  A Holder of a Restricted Definitive Note may
exchange such Note for a beneficial interest in an Unrestricted Global Note or
transfer such Restricted Definitive Note to a Person who takes delivery thereof
in the form of a beneficial interest in an Unrestricted Global Note only if:

 

(A)                              such exchange
or transfer is effected pursuant to the Exchange Offer in accordance with the Registration
Rights Agreement and the Holder, in the case of an exchange, or the transferee,
in the case of a transfer, certifies in the applicable Letter of Transmittal
that it is not (1) a Broker-Dealer, (2) a Person participating in the
distribution of the Exchange Notes or (3) a Person who is an affiliate (as
defined in Rule 144) of the Issuer;

 

(B)                                such transfer
is effected pursuant to the Shelf Registration Statement in accordance with the
Registration Rights Agreement;

 

(C)                                such transfer
is effected by a Broker-Dealer pursuant to the Exchange Offer Registration
Statement in accordance with the Registration Rights Agreement; or

 

(D)                               the Registrar
receives the following:

 

(1)                                  if the Holder
of such Definitive Notes proposes to exchange such Notes for a beneficial
interest in the Unrestricted Global Note, a certificate from such Holder
substantially in the form of Exhibit C hereto, including the
certifications in item (1)(c) thereof; or

 

(2)                                  if the Holder
of such Definitive Notes proposes to transfer such Notes to a Person who shall
take delivery thereof in the form of a beneficial interest in the Unrestricted
Global Note, a certificate from such Holder substantially in the form of Exhibit B
hereto, including the certifications in item (4) thereof;

 

and,
in each such case set forth in this subparagraph (D), an Opinion of Counsel in
form reasonably acceptable to the Registrar to the effect that such exchange or
transfer is in compliance with the Securities Act and that the restrictions on
transfer contained herein and in the Private Placement Legend are no longer
required in order to maintain compliance with the Securities Act.

 

Upon
satisfaction of the conditions of any of the subparagraphs in this Section 2.06(d)(ii),
the Registrar shall cancel the Restricted Definitive Notes and increase or
cause to be increased the aggregate principal amount of the Unrestricted Global
Note.

 

(iii)                               Unrestricted
Definitive Notes to Beneficial Interests in Unrestricted Global Notes.  A Holder of an Unrestricted Definitive Note may
exchange such Note for a beneficial interest in 

 

44

 

an Unrestricted Global Note or transfer such
Unrestricted Definitive Notes to a Person who takes delivery thereof in the
form of a beneficial interest in an Unrestricted Global Note at any time.  Upon receipt of a request for such an
exchange or transfer, the Registrar shall cancel the applicable Unrestricted
Definitive Note and increase or cause to be increased the aggregate principal
amount of one of the Unrestricted Global Notes.

 

If
any such exchange or transfer from an Unrestricted Definitive Note to a
beneficial interest is effected pursuant to subparagraph (ii)(B), (ii)(D) or
(iii) above at a time when an Unrestricted Global Note has not yet been issued,
the Issuer shall issue and, upon receipt of an Authentication Order in
accordance with Section 2.02 hereof, the Registrar shall authenticate one
or more Unrestricted Global Notes in an aggregate principal amount equal to the
principal amount of Unrestricted Definitive Notes so transferred.

 

(e)                                  Transfer and
Exchange of Definitive Notes for Definitive Notes.  Upon request by a Holder of Definitive Notes
and such Holder’s compliance with the provisions of this Section 2.06(e),
the Registrar shall register the transfer or exchange of Definitive Notes.  Prior to such registration of transfer or
exchange, the requesting Holder shall present or surrender to the Registrar the
Definitive Notes duly endorsed or accompanied by a written instruction of
transfer in form attached hereto as Exhibit B, duly executed by
such Holder or by its attorney, duly authorized in writing.  In addition, the requesting Holder shall
provide to the Registrar any additional certifications, documents and
information, as applicable, required pursuant to the following provisions of
this Section 2.06(e):

 

(i)                                     Restricted
Definitive Notes to Restricted Definitive Notes.  Any Restricted Definitive Note may be
transferred to and registered in the name of Persons who take delivery thereof
in the form of a Restricted Definitive Note if the Registrar receives the
following:

 

(A)                              if the transfer
will be made to a QIB in accordance with Rule 144A, then the transferor
must deliver a certificate substantially in the form of Exhibit B
hereto, including the certifications in item (1) thereof;

 

(B)                                if the transfer
will be made pursuant to Rule 903 or Rule 904 then the transferor
must deliver a certificate substantially in the form of Exhibit B
hereto, including the certifications in item (2) thereof; or

 

(C)                                if the transfer
will be made pursuant to any other exemption from the registration requirements
of the Securities Act, then the transferor must deliver a certificate
substantially in the form of Exhibit B hereto, including the
certifications, certificates and Opinion of Counsel required by item (3) thereof,
if applicable.

 

(ii)                                  Restricted
Definitive Notes to Unrestricted Definitive Notes.  Any Restricted Definitive Note may be
exchanged by the Holder thereof for an Unrestricted Definitive Note or transferred
to a Person or Persons who take delivery thereof in the form of an Unrestricted
Definitive Note if:

 

(A)                              such exchange
or transfer is effected pursuant to the Exchange Offer in accordance with the
Registration Rights Agreement and the Holder, in the case of an exchange, or
the transferee, in the case of a transfer, certifies in the applicable Letter
of Transmittal that it is not (1) a Broker-Dealer, (2) a Person
participating in the distribution of the Exchange Notes or (3) a Person
who is an affiliate (as defined in Rule 144) of the Issuer;

 

45

 

(B)                                any such
transfer is effected pursuant to the Shelf Registration Statement in accordance
with the Registration Rights Agreement;

 

(C)                                any such
transfer is effected by a Broker-Dealer pursuant to the Exchange Offer
Registration Statement in accordance with the Registration Rights Agreement; or

 

(D)                               the Registrar
receives the following:

 

(1)                                  if the Holder
of such Restricted Definitive Notes proposes to exchange such Notes for an
Unrestricted Definitive Note, a certificate from such Holder substantially in
the form of Exhibit C hereto, including the certifications in item
(1)(d) thereof; or

 

(2)                                  if the Holder
of such Restricted Definitive Notes proposes to transfer such Notes to a Person
who shall take delivery thereof in the form of an Unrestricted Definitive Note,
a certificate from such Holder substantially in the form of Exhibit B
hereto, including the certifications in item (4) thereof;

 

and,
in each such case set forth in this subparagraph (D), if the Registrar so
requests, an Opinion of Counsel in form reasonably acceptable to the Registrar
to the effect that such exchange or transfer is in compliance with the
Securities Act and that the restrictions on transfer contained herein and in
the Private Placement Legend are no longer required in order to maintain
compliance with the Securities Act.

 

(iii)                               Unrestricted
Definitive Notes to Unrestricted Definitive Notes.  A Holder of Unrestricted Definitive Notes may
transfer such Notes to a Person who takes delivery thereof in the form of an
Unrestricted Definitive Note.  Upon
receipt of a written request to register such a transfer, the Registrar shall
register the Unrestricted Definitive Notes pursuant to the written instructions
from the Holder thereof.

 

(f)                                    Exchange Offer.  Upon the occurrence of the Exchange Offer in
accordance with the Registration Rights Agreement, the Issuer shall issue and,
upon receipt of an Authentication Order in accordance with Section 2.02
hereof, the Registrar shall authenticate (i) one or more Unrestricted
Global Notes in an aggregate principal amount equal to the principal amount of
the beneficial interests in the Restricted Global Notes tendered for acceptance
by Persons that certify in the applicable Letters of Transmittal that (x) they
are not Broker-Dealers, (y) they are not participating in a distribution
of the Exchange Notes and (z) they are not affiliates (as defined in Rule 144)
of the Issuer, and accepted for exchange in the Exchange Offer and
(ii) Unrestricted Definitive Notes in an aggregate principal amount equal
to the principal amount of the Restricted Definitive Notes tendered for
acceptance by Persons that certify in the applicable Letters of Transmittal
that (x) they are not Broker-Dealers, (y) they are not participating
in a distribution of the Exchange Notes and (z) they are not affiliates
(as defined in Rule 144) of the Issuer, and accepted for exchange in the
Exchange Offer.  Concurrently with the
issuance of such Notes, the Registrar shall cause the aggregate principal
amount of the applicable Restricted Global Notes to be reduced accordingly, and
the Issuer shall execute and the Registrar shall authenticate and deliver to
the Persons designated by the Holders of Definitive Notes so accepted
Unrestricted Definitive Notes in the applicable principal amount.  Any Notes that remain outstanding after the
consummation of the Exchange Offer, and Exchange Notes issued in connection with
the Exchange Offer, shall be treated as a single class of securities under this
Indenture.

 

46

 

(g)                                 Legends.  The following legends shall appear on the
face of all Global Notes and Definitive Notes issued under this Indenture
unless specifically stated otherwise in the applicable provisions of this
Indenture:

 

(i)                                     Private
Placement Legend.

 

(A)                              Except as
permitted by subparagraph (B) below, each Global Note and each Definitive
Note (and all Notes issued in exchange therefor or substitution thereof) shall
bear the legend in substantially the following form:

 

“THIS
SECURITY (OR ITS PREDECESSOR) HAS NOT BEEN REGISTERED UNDER THE U.S. SECURITIES
ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR THE SECURITIES LAWS OF ANY
STATE OR OTHER JURISDICTION. NEITHER THIS SECURITY NOR ANY INTEREST OR
PARTICIPATION HEREIN MAY BE OFFERED, SOLD, ASSIGNED, TRANSFERRED, PLEDGED,
ENCUMBERED OR OTHERWISE DISPOSED OF IN THE ABSENCE OF SUCH REGISTRATION OR
UNLESS SUCH TRANSACTION IS EXEMPT FROM, OR NOT SUBJECT TO, SUCH REGISTRATION.
THE HOLDER OF THIS SECURITY, BY ITS ACCEPTANCE HEREOF, ON ITS OWN BEHALF AND ON
BEHALF OF ANY INVESTOR ACCOUNT FOR WHICH IT HAS PURCHASED THIS SECURITY:

 

(1) REPRESENTS
THAT (A) IT IS A “QUALIFIED INSTITUTIONAL BUYER” (AS DEFINED UNDER RULE 144A
UNDER THE SECURITIES ACT), (B) IT HAS ACQUIRED THIS SECURITY IN AN
OFFSHORE TRANSACTION IN COMPLIANCE WITH REGULATION S UNDER THE SECURITIES ACT,
OR (C) IT IS AN INSTITUTIONAL “ACCREDITED INVESTOR” AS DEFINED IN RULE
501(a)(1), (2), (3) or (7) UNDER THE SECURITIES ACT;

 

(2) AGREES
THAT IT WILL NOT OFFER, RESELL OR OTHERWISE TRANSFER THIS SECURITY OR
BENEFICIAL INTEREST HEREIN, EXCEPT (A) TO THE ISSUER, (B) PURSUANT TO
A REGISTRATION STATEMENT THAT HAS BECOME OR BEEN DECLARED EFFECTIVE UNDER THE
SECURITIES ACT, (C) FOR SO LONG AS THE SECURITIES ARE ELIGIBLE FOR RESALE
PURSUANT TO RULE 144A UNDER THE SECURITIES ACT, TO A PERSON WHOM THE SELLER
REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” AS DEFINED IN RULE
144A UNDER THE SECURITIES ACT THAT PURCHASES FOR ITS OWN ACCOUNT OR FOR THE
ACCOUNT OF A QUALIFIED INSTITUTIONAL BUYER IN A TRANSACTION MEETING THE
REQUIREMENTS OF RULE 144A, (D) PURSUANT TO OFFERS AND SALES THAT OCCUR
OUTSIDE THE UNITED STATES IN ACCORDANCE WITH REGULATION S UNDER THE SECURITIES
ACT, (E) TO AN INSTITUTIONAL “ACCREDITED INVESTOR” WITHIN THE MEANING OF
RULE 501(a)(1), (2), (3) OR (7) UNDER THE SECURITIES ACT THAT IS AN
INSTITUTIONAL ACCREDITED INVESTOR ACQUIRING THE SECURITY FOR ITS OWN ACCOUNT OR
FOR THE ACCOUNT OF SUCH AN INSTITUTIONAL ACCREDITED INVESTOR, IN EACH CASE
IN A 

 

47

 

MINIMUM
PRINCIPAL AMOUNT OF THE SECURITIES OF $250,000, FOR INVESTMENT PURPOSES AND NOT
WITH A VIEW TO OR FOR OFFER OR SALE IN CONNECTION WITH ANY DISTRIBUTION IN
VIOLATION OF THE SECURITIES ACT, (F) PURSUANT TO THE EXEMPTION FROM
REGISTRATION PROVIDED BY RULE 144 UNDER THE SECURITIES ACT (IF AVAILABLE) OR
(G) PURSUANT TO ANOTHER AVAILABLE EXEMPTION FROM THE REGISTRATION
REQUIREMENTS OF THE SECURITIES ACT, AND IN EACH OF CASES (A) THROUGH (G) IN
ACCORDANCE WITH ANY APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED
STATES OR ANY APPLICABLE JURISDICTION, SUBJECT TO THE ISSUER’S AND THE
REGISTRAR’S RIGHT PRIOR TO ANY SUCH OFFER, SALE OR TRANSFER PURSUANT TO CLAUSES
(D), (E), (F) OR (G) TO REQUIRE THE DELIVERY OF AN OPINION OF
COUNSEL, CERTIFICATION AND/ OR OTHER INFORMATION SATISFACTORY TO EACH OF THEM;
AND

 

(3) AGREES
THAT IT WILL DELIVER TO EACH PERSON TO WHOM THIS SECURITY OR AN INTEREST HEREIN
IS TRANSFERRED A NOTICE SUBSTANTIALLY TO THE EFFECT OF THIS LEGEND. THIS LEGEND
WILL BE REMOVED UPON THE REQUEST OF THE HOLDER AFTER THE RESALE RESTRICTION
TERMINATION DATE.”

 

(B)                                Notwithstanding
the foregoing, any Global Note or Definitive Note issued pursuant to subparagraph
(b)(iv), (c)(iii), (c)(iv), (d)(ii), (d)(iii), (e)(ii), (e)(iii) or (f) of
this Section 2.06 (and all Notes issued in exchange therefor or
substitution thereof) shall not bear the Private Placement Legend.

 

(ii)                                  Global Note
Legend.  Each Global Note shall bear a
legend in substantially the following form:

 

“THIS
GLOBAL NOTE IS HELD BY THE DEPOSITARY (AS DEFINED IN THE INDENTURE GOVERNING
THIS NOTE) OR ITS NOMINEE IN CUSTODY FOR THE BENEFIT OF THE BENEFICIAL OWNERS
HEREOF, AND IS NOT TRANSFERABLE TO ANY PERSON UNDER ANY CIRCUMSTANCES EXCEPT
THAT (I) THE REGISTRAR MAY MAKE SUCH NOTATIONS HEREON AS MAY BE
REQUIRED PURSUANT TO SECTION 2.06(h) OF THE INDENTURE, (II) THIS
GLOBAL NOTE MAY BE EXCHANGED IN WHOLE BUT NOT IN PART PURSUANT TO
SECTION 2.06(a) OF THE INDENTURE, (III) THIS GLOBAL NOTE MAY BE
DELIVERED TO THE TRUSTEE FOR CANCELLATION PURSUANT TO SECTION 2.11 OF THE
INDENTURE AND (IV) THIS GLOBAL NOTE MAY BE TRANSFERRED TO A SUCCESSOR
DEPOSITARY WITH THE PRIOR WRITTEN CONSENT OF THE ISSUER.

 

UNLESS
AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR NOTES IN DEFINITIVE
FORM, THIS NOTE MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITARY
TO A NOMINEE OF THE DEPOSITARY OR BY A NOMINEE OF THE DEPOSITARY TO THE
DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY OR BY THE DEPOSITARY OR ANY
SUCH NOMINEE TO A 

 

48

 

SUCCESSOR
DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITARY.  UNLESS THIS CERTIFICATE IS PRESENTED BY AN
AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (55 WATER STREET, NEW
YORK, NEW YORK) (“DTC”) TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF
TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE
NAME OF CEDE & CO. OR SUCH OTHER NAME AS MAY BE REQUESTED BY AN
AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE &
CO. OR SUCH OTHER ENTITY AS MAY BE REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR
OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER
HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.”

 

(iii)                               Regulation S
Temporary Global Note Legend. The Regulation S Temporary
Global Note shall bear a legend in substantially the following form:

 

“THIS
SECURITY (OR ITS PREDECESSOR) HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT
OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR THE SECURITIES LAWS OF ANY STATE
OR OTHER JURISDICTION, AND MAY NOT BE OFFERED, SOLD, DELIVERED OR
TRANSFERRED IN THE UNITED STATES OR TO, OR FOR THE ACCOUNT OR BENEFIT OF, ANY
U.S. PERSON, UNLESS SUCH NOTES ARE REGISTERED UNDER THE SECURITIES ACT OR AN
EXEMPTION FROM THE REGISTRATION REQUIREMENTS THEREOF IS AVAILABLE. THIS LEGEND
WILL BE REMOVED AFTER THE EXPIRATION OF FORTY DAYS FROM THE LATER OF (I) THE
DATE ON WHICH THESE NOTES WERE FIRST OFFERED AND (II) THE DATE OF ISSUE OF
THESE NOTES.”

 

(iii)                               Original Issue
Discount Legend. The face of each Global Note and each Definitive
Global Note shall bear a legend in substantially the following form:

 

“THIS
NOTE HAS BEEN ISSUED WITH “ORIGINAL ISSUE DISCOUNT” (WITHIN THE MEANING OF
SECTION 1273 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED), UPON
WRITTEN REQUEST, THE ISSUER WILL PROMPTLY MAKE AVAILABLE TO ANY HOLDER OF THIS
NOTE THE FOLLOWING INFORMATION: (1) THE ISSUE PRICE AND ISSUE DATE OF THE
NOTE, (2) THE AMOUNT OF ORIGINAL ISSUE DISCOUNT ON THE NOTE AND (3) THE
YIELD TO MATURITY OF THE NOTE.”

 

(h)                                 Cancellation
and/or Adjustment of Global Notes.  At such time as all beneficial interests in a
particular Global Note have been exchanged for Definitive Notes or a particular
Global Note has been redeemed, repurchased or canceled in whole and not in
part, each such Global Note shall be returned to or retained and canceled by
the Trustee in accordance with Section 2.11 hereof.  At any time prior to such cancellation, if
any beneficial interest in a Global Note is exchanged for or transferred to a
Person who will take delivery thereof in the form of a beneficial interest in
another Global Note or for Definitive Notes, the principal amount of Notes
represented by such Global Note shall be reduced 

 

49

 

accordingly and an endorsement shall be made on such
Global Note by the Registrar or by the Depositary at the direction of the
Registrar to reflect such reduction; and if the beneficial interest is being
exchanged for or transferred to a Person who will take delivery thereof in the
form of a beneficial interest in another Global Note, such other Global Note
shall be increased accordingly and an endorsement shall be made on such Global
Note by the Registrar or by the Depositary at the direction of the Registrar to
reflect such increase.

 

(i)                                          General
Provisions Relating to Transfers and Exchanges.

 

(i)                                     To permit
registrations of transfers and exchanges, the Issuer shall execute and the
Registrar shall authenticate Global Notes and Definitive Notes upon receipt of
an Authentication Order in accordance with Section 2.02 hereof or at the
Registrar’s request.

 

(ii)                                  No service
charge shall be made to a Holder of a beneficial interest in a Global Note or
to a Holder of a Definitive Note for any registration of transfer or exchange,
but the Issuer may require payment of a sum sufficient to cover any transfer
tax or similar governmental charge payable in connection therewith (other than
any such transfer taxes or similar governmental charge payable upon exchange or
transfer pursuant to Sections 2.10, 3.06, 3.09, 4.10, 4.14 and 9.05 hereof).

 

(iii)                               Neither the
Registrar nor the Issuer shall be required to register the transfer of or
exchange any Note selected for redemption in whole or in part, except the
unredeemed portion of any Note being redeemed in part.

 

(iv)                              All Global
Notes and Definitive Notes issued upon any registration of transfer or exchange
of Global Notes or Definitive Notes shall be the valid obligations of the
Issuer, evidencing the same debt, and entitled to the same benefits under this
Indenture, as the Global Notes or Definitive Notes surrendered upon such
registration of transfer or exchange.

 

(v)                                 The Issuer
shall not be required (A) to issue, to register the transfer of or to
exchange any Notes during a period beginning at the opening of business 15 days
before the day of any selection of Notes for redemption under Section 3.02
hereof and ending at the close of business on the day of selection, (B) to
register the transfer of or to exchange any Note so selected for redemption in
whole or in part, except the unredeemed portion of any Note being redeemed in
part or (C) to register the transfer of or to exchange a Note between a
Record Date and the next succeeding Interest Payment Date.

 

(vi)                              Prior to due
presentment for the registration of a transfer of any Note, the Trustee, any
Agent and the Issuer may deem and treat the Person in whose name any Note is
registered as the absolute owner of such Note for the purpose of receiving
payment of principal of (and premium, if any) and interest (including
Additional Interest, if any) on such Notes and for all other purposes, and none
of the Trustee, any Agent or the Issuer shall be affected by notice to the
contrary.

 

(vii)                           Upon surrender
for registration of transfer of any Note at the office or agency of the Issuer
designated pursuant to Section 4.02
hereof, the Issuer shall execute, and the Registrar shall authenticate
and deliver, in the name of the designated transferee or transferees, one or
more replacement Notes of any authorized denomination or denominations of a
like aggregate principal amount.

 

(viii)                        At the option
of the Holder, Notes may be exchanged for other Notes of any authorized
denomination or denominations of a like aggregate principal amount upon
surrender of the Notes to be exchanged at such office or agency; provided such
exchange is made in accordance with Section 2.02 hereof.  Whenever any Global Notes or Definitive Notes
are so surrendered for exchange, 

 

50

 

the Issuer shall execute, and the Registrar shall
authenticate and deliver, the replacement Global Notes and Definitive Notes
which the Holder making the exchange is entitled to in accordance with the
provisions of Section 2.02 hereof.

 

(ix)                                All
certifications, certificates and Opinions of Counsel required to be submitted
to the Registrar pursuant to this Section 2.06 to effect a registration of
transfer or exchange may be submitted by facsimile.

 

Section 2.07                                          Replacement
Notes.

 

If
any mutilated Note is surrendered to the Trustee, the Registrar or the Issuer
and the Registrar receives evidence to its satisfaction of the ownership and
destruction, loss or theft of any Note, the Issuer shall issue and the
Registrar, upon receipt of an Authentication Order, shall authenticate a
replacement Note if the Registrar’s requirements are met.  If required by the Registrar or the Issuer,
an indemnity bond must be supplied by the Holder that is sufficient in the
judgment of the Registrar and the Issuer to protect the Issuer, the Trustee,
the Registrar, any Agent and any authenticating agent from any loss that any of
them may suffer if a Note is replaced. 
The Issuer and the Registrar may charge for their expenses in replacing
a Note.

 

Every
replacement Note is a contractual obligation of the Issuer and shall be
entitled to all of the benefits of this Indenture equally and proportionately
with all other Notes duly issued hereunder.

 

Section 2.08                                          Outstanding
Notes.

 

The
Notes outstanding at any time are all the Notes authenticated by the Registrar
except for those canceled by it, those delivered to it for cancellation, those
reductions in the interest in a Global Note effected by the Registrar in
accordance with the provisions hereof, and those described in this Section 2.08
as not outstanding.  Except as set forth
in Section 2.09 hereof, a Note does not cease to be outstanding because
the Issuer or an Affiliate of the Issuer holds the Note.

 

If
a Note is replaced pursuant to Section 2.07 hereof, it ceases to be
outstanding unless the Trustee receives proof satisfactory to it that the
replaced Note is held by a bona fide purchaser.

 

If
the principal amount of any Note is considered paid under Section 4.01
hereof, it ceases to be outstanding and interest on it ceases to accrue.

 

If
the Paying Agent (other than the Issuer, a Subsidiary or an Affiliate of any
thereof) holds, on a redemption date or maturity date, money sufficient to pay
Notes payable on that date, then on and after that date such Notes shall be
deemed to be no longer outstanding and shall cease to accrue interest.

 

Section 2.09                                          Treasury Notes.

 

In
determining whether the Holders of the required principal amount of Notes have
concurred in any direction, waiver or consent, Notes owned by the Issuer, or by
any Affiliate of the Issuer, shall be considered as though not outstanding,
except that for the purposes of determining whether the Trustee, the Registrar,
the Paying Agent or the Notes Priority Collateral Agent shall be protected in
relying on any such direction, waiver or consent, only Notes that a Responsible
Officer of the Trustee, the Registrar, the Paying Agent or the Notes Priority
Collateral Agent knows are so owned shall be so 

 

51

 

disregarded.  Notes so owned which have been pledged in
good faith shall not be disregarded if the pledgee establishes to the
satisfaction of the Trustee, the Registrar, the Paying Agent or the Notes
Priority Collateral Agent the pledgee’s right to deliver any such direction,
waiver or consent with respect to the Notes and that the pledgee is not the
Issuer or any obligor upon the Notes or any Affiliate of the Issuer or of such
other obligor.

 

Section 2.10                                          Temporary Notes.

 

Until
certificates representing Notes are ready for delivery, the Issuer may prepare
and the Registrar, upon receipt of an Authentication Order, shall authenticate
temporary Notes.  Temporary Notes shall
be substantially in the form of certificated Notes but may have variations that
the Issuer considers appropriate for temporary Notes and as shall be reasonably
acceptable to the Registrar.  Without
unreasonable delay, the Issuer shall prepare and the Registrar shall
authenticate definitive Notes in exchange for temporary Notes.

 

Holders
or beneficial holders, as the case may be, of temporary Notes shall be entitled
to all of the benefits accorded to Holders, or beneficial holders,
respectively, of Notes under this Indenture.

 

Section 2.11                                          Cancellation.

 

The
Issuer at any time may deliver Notes to the Registrar for cancellation. The
Trustee shall forward to the Registrar any Notes surrendered to it for
registration of transfer, exchange or payment. 
The Registrar and no one else shall cancel all Notes surrendered for
registration of transfer, exchange, payment, replacement or cancellation and
shall destroy cancelled Notes (subject to the record retention requirement of
the Exchange Act).  Certification of the
destruction of all cancelled Notes shall be delivered to the Issuer.  The Issuer may not issue new Notes to replace
Notes that it has paid or that have been delivered to the Registrar for
cancellation.

 

Section 2.12                                          Defaulted Interest.

 

If
the Issuer defaults in a payment of interest on the Notes, it shall pay the
defaulted interest in any lawful manner plus, to the extent lawful, interest
payable on the defaulted interest to the Persons who are Holders on a
subsequent special record date, in each case at the rate provided in the Notes
and in Section 4.01 hereof.  The
Issuer shall notify the Trustee and the Paying Agent in writing of the amount
of defaulted interest proposed to be paid on each Note and the date of the
proposed payment.  The Issuer shall fix
or cause to be fixed each such special record date and payment date; provided
that no such special record date shall be less than 10 days prior to the
related payment date for such defaulted interest.  The Issuer shall promptly notify the Trustee
and the Paying Agent of such special record date.  At least 15 days before the special record
date, the Issuer (or, upon the written request of the Issuer, the Trustee in
the name and at the expense of the Issuer) shall mail or cause to be mailed,
first-class postage prepaid, to each Holder a notice at his or her address as
it appears in the Note Register that states the special record date, the
related payment date and the amount of such interest to be paid.

 

Except
as otherwise provided herein, subject to the foregoing provisions of this
Section 2.12 and for greater certainty, each Note delivered under this
Indenture upon registration of transfer of or in exchange for or in lieu of any
other Note shall carry the rights to interest accrued and unpaid, and to
accrue, which were carried by such other Note.

 

52

 

Section 2.13                                          CUSIP and ISIN
Numbers

 

The
Issuer in issuing the Notes may use CUSIP numbers and/or ISIN numbers (if then
generally in use) and, if so, the Trustee and the Paying Agent shall use CUSIP
numbers and/or ISIN numbers in notices of redemption as a convenience to
Holders; provided, that any such notice may state that no representation
is made as to the correctness of such numbers either as printed on the Notes or
as contained in any notice of redemption and that reliance may be placed only
on the other identification numbers printed on the Notes, and any such
redemption shall not be affected by any defect in or omission of such
numbers.  The Issuer will as promptly as
practicable notify the Trustee and the Paying Agent of any change in the CUSIP
number and ISIN numbers.

 

ARTICLE III

 

REDEMPTION

 

Section 3.01                                          Notices to
Trustee.

 

If
the Issuer elects to redeem Notes pursuant to Section 3.07 hereof, it
shall furnish to the Trustee and the Paying Agent, at least two Business Days
before notice of redemption is required to be mailed or caused to be mailed to
Holders pursuant to Section 3.03 hereof but not more than 60 days before a
Redemption Date, an Officer’s Certificate setting forth (i) the paragraph
or subparagraph of such Note and/or Section of this Indenture pursuant to
which the redemption shall occur, (ii) the Redemption Date, (iii) the
principal amount of the Notes to be redeemed and (iv) the redemption
price.

 

Section 3.02                                          Selection of
Notes to Be Redeemed or Purchased.

 

If
less than all of the Notes are to be redeemed or purchased in an offer to
purchase at any time, the Paying Agent shall select the Notes to be redeemed or
purchased (a) if the Notes are listed on any national securities exchange,
in compliance with the requirements of the principal national securities
exchange on which the Notes are listed or (b) on a pro rata
basis, by lot or by such other method as the Paying Agent shall deem fair and
appropriate.  In the event of partial
redemption or purchase by lot, the particular Notes to be redeemed or purchased
shall be selected, unless otherwise provided herein, not less than 30 nor more
than 60 days prior to the Redemption Date by the Paying Agent from the
outstanding Notes not previously called for redemption or purchase.

 

The
Paying Agent shall promptly notify the Issuer in writing of the Notes selected
for redemption or purchase and, in the case of any Note selected for partial
redemption or purchase, the principal amount thereof to be redeemed or
purchased.  Notes and portions of Notes
selected shall be in amounts of $2,000 or whole multiples of $1,000 in excess
of $2,000; no Notes of $2,000 or less can be redeemed in part, except that if
all of the Notes of a Holder are to be redeemed or purchased, the entire
outstanding amount of Notes held by such Holder, even if not $2,000 or a
multiple of $1,000 in excess thereof, shall be redeemed or purchased.  Except as provided in the preceding sentence,
provisions of this Indenture that apply to Notes called for redemption or
purchase also apply to portions of Notes called for redemption or purchase.

 

Section 3.03                                          Notice of
Redemption.

 

Subject
to Section 3.09 hereof, the Issuer shall mail or cause to be mailed by
first-class mail, postage pre-paid, notices of redemption at least 30 days but
not more than 60 days before the Redemption Date to each Holder of Notes to be
redeemed at his or her address as it appears in the Note 

 

53

 

Register,
except that redemption notices may be mailed more than 60 days prior to a
Redemption Date if the notice is issued in connection with Article VIII or
Article XI hereof.  Except as set
forth in Section 3.07(b) hereof, notices of redemption may not be
conditional.

 

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

 

(a)                                  the Redemption
Date;

 

(b)                                 the redemption
price;

 

(c)                                  if any Note is
to be redeemed in part only, the portion of the principal amount of that Note
that is to be redeemed and that, after the Redemption Date upon surrender of
such Note, a new Note or Notes in principal amount equal to the unredeemed
portion of the original Note representing the same indebtedness to the extent
not redeemed will be issued in the name of the Holder of the Notes upon
cancellation of the original Note;

 

(d)                                 the name and
address of the Paying Agent;

 

(e)                                  that Notes
called for redemption must be surrendered to the Paying Agent to collect the
redemption price;

 

(f)                                    that, unless
the Issuer defaults in making such redemption payment, interest on Notes called
for redemption ceases to accrue on and after the Redemption Date;

 

(g)                                 the paragraph
or subparagraph of the Notes and/or Section of this Indenture pursuant to
which the Notes called for redemption are being redeemed;

 

(h)                                 that no
representation is made as to the correctness or accuracy of the CUSIP number
and ISIN number, if any, listed in such notice or printed on the Notes; and

 

(i)                                     if in
connection with a redemption pursuant to Section 3.07(b) hereof, any
condition to such redemption.

 

At
the Issuer’s request, the Registrar shall give the notice of redemption in the
Issuer’s name and at its expense; provided that the Issuer shall have
delivered to the Registrar, at least 2 Business Days before notice of
redemption is required to be mailed or caused to be mailed to Holders pursuant
to this Section 3.03 (unless a shorter notice shall be agreed to by the
Registrar), an Officer’s Certificate requesting that the Registrar give such
notice and setting forth the information to be stated in such notice as
provided in the preceding paragraph.

 

Section 3.04                                          Effect of
Notice of Redemption.

 

Once
notice of redemption is mailed in accordance with Section 3.03 hereof,
Notes called for redemption become irrevocably due and payable on the
Redemption Date at the redemption price (except as provided for in Section 3.07(b) hereof).  The notice, if mailed in a manner herein
provided, shall be conclusively presumed to have been given, whether or not the
Holder receives such notice.  In any
case, failure to give such notice by mail or any defect in the notice to the
Holder of any Note designated for redemption in whole or in part shall not
affect the validity of the proceedings for the redemption of any other
Note.  Subject to Section 3.05
hereof, on and after the Redemption Date, interest ceases to accrue on Notes or
portions of Notes called for redemption.

 

54

 

Section 3.05                                          Deposit of
Redemption or Purchase Price.

 

Prior
to 10:00 a.m. (New York City time) on the Redemption Date or purchase
date, the Issuer shall deposit with the Paying Agent money sufficient to pay
the redemption or purchase price of and accrued and unpaid interest (including
Additional Interest, if any) on all Notes to be redeemed or purchased on that
date.  The Paying Agent shall promptly
return to the Issuer any money deposited with the Paying Agent by the Issuer in
excess of the amounts necessary to pay the redemption price of, and accrued and
unpaid interest on, all Notes to be redeemed or purchased.

 

If
the Issuer complies with the provisions of the preceding paragraph, on and
after the Redemption Date or purchase date, interest shall cease to accrue on
the Notes or the portions of Notes called for redemption or purchase.  If a Redemption Date is on or after an Interest
Payment Date and on or prior to the related Interest Payment Date, the accrued
and unpaid interest, if any, shall be paid to the Person in whose name such
Note is registered at the close of business on such Record Date, and no
Additional Interest will be payable to Holders whose Notes shall be subject to
redemption.  If any Note called for
redemption or purchase shall not be so paid upon surrender for redemption or
purchase because of the failure of the Issuer to comply with the preceding
paragraph, interest shall be paid on the unpaid principal, from the Redemption
Date or purchase date until such principal is paid, and to the extent lawful on
any interest accrued to the Redemption Date or purchase date not paid on such
unpaid principal, in each case at the rate provided in the Notes and in Section 4.01
hereof.

 

Section 3.06                                          Notes Redeemed
or Purchased in Part.

 

Upon
surrender of a Note that is redeemed or purchased in part, the Issuer shall
issue and the Registrar shall authenticate for the Holder at the expense of the
Issuer a new Note equal in principal amount to the unredeemed or unpurchased
portion of the Note surrendered representing the same indebtedness to the
extent not redeemed or purchased; provided that each new Note will be in
a principal amount of $2,000 or an integral multiple of $1,000 in excess of
$2,000.  It is understood that,
notwithstanding anything in this Indenture to the contrary, only an
Authentication Order and not an Opinion of Counsel or Officer’s Certificate is
required for the Registrar to authenticate such new Note.

 

Section 3.07                                          Optional
Redemption.

 

(a)                                  At any time
prior to August 1, 2014, the Issuer may redeem all or a part of the Notes,
upon not less than 30 nor more than 60 days’ prior notice mailed by first-class
mail to each Holder at his or her address as it appears in the Note Register,
at a redemption price equal to 100% of the principal amount of the Notes
redeemed plus the Applicable Premium as of, and accrued and unpaid interest and
Additional Interest, if any, to the date of redemption (the “Redemption Date”), subject to the
rights of Holders on the relevant Record Date to receive interest due on the
relevant Interest Payment Date.

 

(b)                                 Until August 1,
2013, the Issuer may, at its option, redeem up to 35% of the aggregate
principal amount of Notes issued by it at a redemption price equal to 109.50%
of the aggregate principal amount thereof, plus accrued and unpaid interest
thereon and Additional Interest, if any, to the applicable Redemption Date,
subject to the right of Holders of Notes of record on the relevant Record Date
to receive interest due on the relevant Interest Payment Date, with the net
cash proceeds of one or more Public Equity Offerings; provided that at least 65% of the
sum of the aggregate principal amount of Notes originally issued under this
Indenture and any Additional Notes that are Notes issued under this Indenture
after the Issue Date remains outstanding immediately after the occurrence of
each such redemption; provided  further that each such redemption
occurs within 90 days of the date of closing of 

 

55

 

each
such Public Equity Offering.  Notice of
any redemption upon any Public Equity Offering may be given prior to the
redemption thereof, and any such redemption or notice may, at the Issuer’s
discretion, be subject to one or more conditions precedent, including, but not
limited to, completion of the related Public Equity Offering.

 

(c)                                  Until August 1,
2013, during any 12-month period commencing on the Issue Date, the Issuer will
be entitled at its option to redeem up to 10% of the aggregate principal amount
of the Notes issued under this Indenture at a redemption price equal to
103.000% of the aggregate principal amount thereof, plus accrued interest
thereon, if any, to the Redemption Date, subject to the right of Holders of
record on the relevant Record Date to receive interest due on the relevant
Interest Payment Date.  Notice of any
such redemption must be mailed by first-class mail to each Holder of Notes at
his or her address as it appears in the Note Register, not less than 30 or more
than 60 days prior to the Redemption Date.

 

(d)                                 Except pursuant
to clause (a), (b) or (c) of this Section 3.07, the Notes will
not be redeemable at the Issuer’s option prior to August 1, 2014.

 

(e)                                  On and after
August 1, 2014, the Issuer may redeem the Notes, in whole or in part, upon
not less than 30 nor more than 60 days’ prior notice by first-class mail,
postage prepaid, with a copy to the Trustee and the Paying Agent, to each
Holder of Notes at his or her address as it appears in the Note Register, at
the redemption prices (expressed as percentages of principal amount of the
Notes to be redeemed) set forth below, plus accrued and unpaid interest thereon
and Additional Interest, if any, to the applicable Redemption Date, subject to
the right of Holders of record on the relevant Record Date to receive interest
due on the relevant Interest Payment Date, if redeemed during the twelve-month
period beginning on August 1 of each of the years indicated below:

 

	
  Year

  	
   

  	
  Percentage

  	
   

  
	
  2014

  	
   

  	
  104.750

  	
  %

  
	
  2015

  	
   

  	
  102.375

  	
  %

  
	
  2016 and thereafter

  	
   

  	
  100.000

  	
  %

  

 

(f)                                    If a Redemption
Date is on or after an Interest Payment Date and on or before the related
Interest Payment Date, the accrued and unpaid interest, if any, will be paid to
the Person in whose name the Note is registered at the close of business on
such Record Date, and no Additional Interest will be payable to Holders whose
Notes will be subject to redemption.

 

(g)                                 Any redemption
pursuant to this Section 3.07 shall be made pursuant to the provisions of
Sections 3.01 through 3.06 hereof.

 

Section 3.08                                          Mandatory
Redemption.

 

The
Issuer shall not be required to make mandatory redemption or sinking fund
payments with respect to the Notes.

 

Section 3.09                                          Offers to
Repurchase by Application of Excess Proceeds.

 

(a)                                  In the event
that, pursuant to Section 4.10 hereof, the Issuer shall be required to
commence an Asset Sale Offer, it shall follow the procedures specified below.

 

56

 

(b)                                 The Asset Sale
Offer shall remain open for a period of 20 Business Days following its
commencement and no longer, except to the extent that a longer period is
required by applicable law (the “Offer Period”).  No later than five Business Days after the
termination of the Offer Period (the “Purchase Date”), the Issuer shall
apply all Excess Proceeds (the “Offer Amount”) to the purchase of Notes
and, if required, Other Pari Passu Lien Obligations (on a pro rata
basis, if applicable, as provided in Section 4.10 hereof), or, if less
than the Offer Amount has been tendered, all Notes and Other Pari Passu Lien
Obligations tendered in response to the Asset Sale Offer.  Payment for any Notes so purchased shall be
made in the same manner as interest payments are made.

 

(c)                                  If the Purchase
Date is on or after a Record Date and on or before the related Interest Payment
Date, any accrued and unpaid interest and Additional Interest, if any, up to
but excluding the Purchase Date, shall be paid to the Person in whose name a
Note is registered at the close of business on such Record Date, and no
additional interest shall be payable to Holders who tender Notes pursuant to
the Asset Sale Offer.

 

(d)                                 Upon the
commencement of an Asset Sale Offer, the Issuer shall send a notice, by
first-class mail, with a copy to the Trustee, the Paying Agent and to each
Holder of Notes at his or her address as it appears in the Note Register. The
notice shall contain all instructions and materials necessary to enable such
Holders to tender Notes pursuant to the Asset Sale Offer.  The Asset Sale Offer shall be made to all
Holders and holders of Other Pari Passu Lien Obligations.  The notice, which shall govern the terms of
the Asset Sale Offer, shall state:

 

(i)                                     that the Asset
Sale Offer is being made pursuant to this Section 3.09 and Section 4.10
hereof and the length of time the Asset Sale Offer shall remain open;

 

(ii)                                  the Offer
Amount, the purchase price and the Purchase Date;

 

(iii)                               that any Note
not tendered or accepted for payment shall continue to accrue interest;

 

(iv)                              that, unless
the Issuer defaults in making such payment, any Note accepted for payment
pursuant to the Asset Sale Offer shall cease to accrue interest after the
Purchase Date;

 

(v)                                 that Holders
electing to have a Note purchased pursuant to an Asset Sale Offer may elect to
have Notes purchased in a minimum denomination of $2,000 or an integral
multiple of $1,000 in excess of $2,000;

 

(vi)                              that Holders
electing to have a Note purchased pursuant to any Asset Sale Offer shall be
required to surrender the Note, with the form entitled “Option of Holder to
Elect Purchase” attached to the Note completed, or transfer by book-entry
transfer, to the Issuer, the Depositary, if appointed by the Issuer, or a
Paying Agent at the address specified in the notice at least three days before
the Purchase Date;

 

(vii)                           that Holders
shall be entitled to withdraw their election if the Issuer, the Depositary or
the Paying Agent, as the case may be, receives, not later than the expiration
of the Offer Period, a telegram, facsimile transmission or letter setting forth
the name of the Holder, the principal amount of the Note the Holder delivered
for purchase and a statement that such Holder is withdrawing his election to
have such Note purchased;

 

57

 

(viii)                        that, if the
aggregate principal amount of Notes and Other Pari Passu Lien Obligations
surrendered by the holders thereof exceeds the Offer Amount, the Registrar shall
select the Notes and such Other Pari Passu Lien Obligations to be purchased on
a pro rata basis based on the accreted
value or principal amount of the Notes or such Other Pari Passu Lien
Obligations tendered (with such adjustments as may be deemed appropriate by the
Registrar so that only Notes in minimum denominations of $2,000, or integral
multiples of $1,000 in excess of $2,000, shall be purchased); and

 

(ix)                                that Holders
whose Notes were purchased only in part shall be issued new Notes equal in principal
amount to the unpurchased portion of the Notes surrendered (or transferred by
book-entry transfer) representing the same indebtedness to the extent not
repurchased.

 

(e)                                  On or before
the Purchase Date, the Issuer shall, to the extent lawful, (1) accept for
payment, on a pro rata basis to the extent
necessary, the Offer Amount of Notes and, if required, Other Pari Passu Lien
Obligations or portions thereof validly tendered pursuant to the Asset Sale
Offer, or if less than the Offer Amount has been tendered, all Notes and Other
Pari Passu Lien Obligations tendered and (2) deliver or cause to be
delivered to the Paying Agent the Notes properly accepted together with an
Officer’s Certificate (with a copy to the Trustee) stating the aggregate
principal amount of Notes or portions thereof so tendered.

 

(f)                                    The Issuer, the
Depositary or the Paying Agent, as the case may be, shall promptly mail or
deliver to each tendering Holder an amount equal to the purchase price of the
Notes properly tendered by such Holder and accepted by the Issuer for purchase,
and the Issuer shall promptly issue a new Note, and the Registrar, upon receipt
of an Authentication Order, shall authenticate and mail or deliver (or cause to
be transferred by book-entry) such new Note to such Holder (it being understood
that, notwithstanding anything in this Indenture to the contrary, no Opinion of
Counsel or Officer’s Certificate is required for the Registrar to authenticate
and mail or deliver such new Note) in a principal amount equal to any unpurchased
portion of the Note surrendered representing the same indebtedness to the
extent not repurchased; provided, that each such new Note shall be in a
minimum principal amount of $2,000 or an integral multiple of $1,000, in excess
of $2,000.  Any Note not so accepted
shall be promptly mailed or delivered by the Issuer to the Holder thereof.  The Issuer shall publicly announce the
results of the Asset Sale Offer on or as soon as practicable after the Purchase
Date.

 

Other
than as specifically provided in this Section 3.09 or Section 4.10
hereof, any purchase pursuant to this Section 3.09 shall be made pursuant
to the applicable provisions of Sections 3.01 through 3.06 hereof.

 

ARTICLE IV

 

COVENANTS

 

Section 4.01                                          Payment of
Notes.

 

The
Issuer shall pay or cause to be paid the principal of, premium, if any,
Additional Interest, if any, and interest on the Notes on the dates and in the
manner provided in the Notes.  Principal,
premium, if any, Additional Interest, if any, and interest shall be considered
paid on the date due if the Paying Agent, if other than the Issuer or a
Subsidiary, holds as of noon Eastern Time on the due date money deposited by
the Issuer in immediately available funds and designated for and sufficient to
pay all principal, premium, if any, and interest then due.

 

58

 

The
Issuer shall pay all Additional Interest, if any, in the same manner on the
dates and in the amounts set forth in the Registration Rights Agreement.  In the event the Issuer is required to pay
Additional Interest, the Issuer will provide written notice to the Trustee and
the Paying Agent of the Issuer’s obligation to pay Additional Interest no later
than 15 days prior to the next Interest Payment Date, which notice shall set
forth the amount of the Additional Interest to be paid by the Issuer.  Neither the Trustee nor the Paying Agent
shall be at any time under any duty or responsibility to any Holders to
determine whether the Additional Interest is payable and the amount thereof.

 

The
Issuer shall pay interest (including post-petition interest in any proceeding
under any Bankruptcy Law) on overdue principal at the rate equal to the then
applicable interest rate on the Notes to the extent lawful; it shall pay
interest (including post-petition interest in any proceeding under any
Bankruptcy Law) on overdue installments of interest and Additional Interest
(without regard to any applicable grace period) at the same rate to the extent
lawful.

 

Section 4.02                                          Maintenance of
Office or Agency.

 

The
Issuer shall maintain in the Borough of Manhattan in the City of New York an
office or agency (which may be an office of the Trustee or an affiliate of the
Trustee, Registrar or co-registrar) where Notes may be surrendered for
registration of transfer or for exchange and where notices and demands to or
upon the Issuer in respect of the Notes and this Indenture may be served.  The Issuer shall give prompt written notice
to the Trustee of the location, and any change in the location, of such office
or agency.  If at any time the Issuer
shall fail to maintain any such required office or agency or shall fail to
furnish the Trustee with the address thereof, such presentations, surrenders,
notices and demands may be made or served at the Corporate Trust Office of the
Trustee.

 

The
Issuer may also from time to time designate one or more other offices or
agencies where the Notes may be presented or surrendered for any or all such
purposes and may from time to time rescind such designations; provided that
no such designation or rescission shall in any manner relieve the Issuer of its
obligation to maintain an office or agency in the Borough of Manhattan in the
City of New York for such purposes.  The
Issuer shall give prompt written notice to the Trustee of any such designation
or rescission and of any change in the location of any such other office or
agency.

 

The
Issuer hereby designates the Corporate Trust Office of the Trustee as one such
office or agency of the Issuer in accordance with Section 2.03 hereof.

 

Section 4.03                                          Reports and
Other Information.

 

(a)                                  The Issuer will
deliver to the Trustee and the Paying Agent (without exhibits), within
15 days after it is required to file them with the SEC copies of:

 

(1)                                  annual reports
on Form 10-K (or any successor or comparable form), containing the
information required to be contained therein (or required in such successor or
comparable form);

 

(2)                                  reports on
Form 10-Q (or any successor or comparable form);

 

(3)                                  reports on
Form 8-K (or any successor or comparable form); and

 

(4)                                  any other
information, documents and other reports that the Issuer would be required to
file with the SEC pursuant to Section 13 or 15(d) of the Exchange
Act;

 

59

 

provided,
however, if the Issuer is not obligated to file such reports
with the SEC or if the SEC does not permit such filing, the Issuer shall make
available such information to prospective purchasers of the Notes, in addition
to providing such information to the Trustee, the Paying Agent and the Holders
of the Notes, in each case within 15 days after the time the Issuer would have
been required to file such information with the SEC, if it were subject to
Sections 13 or 15(d) of the Exchange Act. 
In addition, to the extent not satisfied by the foregoing, the Issuer
shall agree that, for so long as any Notes are outstanding, it shall furnish to
Holders and to securities analysts and prospective investors, upon their
request, the information required to be delivered pursuant to Rule 144A(d)(4) under
the Securities Act.  Delivery of such
reports, information and documents to the Trustee and the Paying Agent is for
informational purposes only and the Trustee’s and the Paying Agent’s receipt of
such shall not constitute constructive notice of any information contained
therein or determinable from information contained therein, including the
Issuer’s compliance with any of its covenants hereunder (as to which the
Trustee, the Notes Priority Collateral Agent, the Registrar and the Paying
Agent are entitled to rely exclusively on Officers’ Certificates).  The Issuer shall be deemed to have furnished
the reports, documents and information referred to above to the Trustee, the
Paying Agent, the Holders and/or the prospective purchasers of the Notes, if
the Issuer has filed such reports, documents or information with the SEC via
the EDGAR filing system (or any successor system) and/or posted such reports,
document or information on the Issuer’s website and such reports, documents and
information are publicly available.

 

(b)                                 Notwithstanding
the foregoing, the requirements of this Section 4.03 shall be deemed
satisfied prior to the commencement of the Exchange Offer or the effectiveness
of the Shelf Registration Statement by the filing with the SEC of the Exchange
Offer Registration Statement or Shelf Registration Statement, and any
amendments thereto, with such financial information that satisfies Regulation
S-X of the Securities Act.

 

Section 4.04                                          Compliance
Certificate.

 

(a)                                  The Issuer and
each Guarantor (to the extent that such Guarantor is so required under the
Trust Indenture Act) shall deliver to the Trustee and the Notes Priority
Collateral Agent, within 90 days after the end of each fiscal year ending after
the Issue Date, a certificate from the principal executive officer, principal
financial officer or principal accounting officer stating that a review of the
activities of the Issuer and its Restricted Subsidiaries during the preceding
fiscal year has been made under the supervision of the signing Officer with a
view to determining whether the Issuer has kept, observed, performed and
fulfilled its obligations under this Indenture, and further stating, as to such
Officer signing such certificate, that to the best of his or her knowledge the
Issuer has kept, observed, performed and fulfilled each and every condition and
covenant contained in this Indenture and is not in default in the performance
or observance of any of the terms, provisions, covenants and conditions of this
Indenture (or, if a Default shall have occurred and be continuing, describing
all such Defaults of which he or she may have knowledge and what action the
Issuer is taking or proposes to take with respect thereto).

 

(b)                                 When any
Default has occurred and is continuing under this Indenture, the Issuer shall
promptly (which shall be no more than 30 days) deliver to the Trustee and the
Notes Priority Collateral Agent by registered or certified mail or by facsimile
transmission an Officer’s Certificate specifying such event and what action the
Issuer proposes to take with respect thereto.

 

Section 4.05                                          Taxes.

 

The
Issuer shall pay, and shall cause each of its Restricted Subsidiaries to pay,
prior to delinquency, all material taxes, assessments, and governmental levies
except such as are contested in 

 

60

 

good
faith and by appropriate negotiations or proceedings or where the failure to
effect such payment is not adverse in any material respect to the Holders of
the Notes.

 

Section 4.06                                          Stay, Extension
and Usury Laws.

 

The
Issuer and each of the Guarantors covenant (to the extent that they may
lawfully do so) that they shall not at any time insist upon, plead, or in any
manner whatsoever claim or take the benefit or advantage of, any stay,
extension or usury law wherever enacted, now or at any time hereafter in force,
that may affect the covenants or the performance of this Indenture; and the
Issuer and each of the Guarantors (to the extent that they may lawfully do so)
hereby expressly waive all benefit or advantage of any such law, and covenant
that they shall not, by resort to any such law, hinder, delay or impede the
execution of any power herein granted to the Trustee, the Registrar, the Paying
Agent and the Notes Priority Collateral Agent, but shall suffer and permit the
execution of every such power as though no such law has been enacted.

 

Section 4.07                                          Limitation on
Restricted Payments.

 

(a)                                  The Issuer
shall not, and shall not permit any of its Restricted Subsidiaries to, directly
or indirectly:

 

(I)                                    declare or pay
any dividend or make any payment or distribution on account of the Issuer’s, or
any of its Restricted Subsidiaries’ Equity Interests, including any dividend or
distribution payable in connection with any merger or consolidation other than:

 

(A)                              dividends or
distributions by the Issuer payable in Equity Interests (other than
Disqualified Stock) of the Issuer; or

 

(B)                                dividends or
distributions by a Restricted Subsidiary so long as, in the case of any
dividend or distribution payable on or in respect of any class or series of
securities issued by a Restricted Subsidiary other than a Wholly-Owned
Subsidiary, the Issuer or a Restricted Subsidiary receives at least its pro rata share of such dividend or distribution in accordance
with its Equity Interests in such class or series of securities;

 

(II)                                purchase,
redeem, defease or otherwise acquire or retire for value any Equity Interests
of the Issuer, including in connection with any merger or consolidation;

 

(III)                            make any principal
payment on, or redeem, repurchase, defease or otherwise acquire or retire for
value in each case, prior to any scheduled repayment, sinking fund payment or
maturity, any Subordinated Indebtedness (excluding Indebtedness of the Issuer
to a Restricted Subsidiary or Indebtedness of a Restricted Subsidiary to the
Issuer or another Restricted Subsidiary); or

 

(IV)                            make any
Restricted Investment

 

(all
such payments and other actions set forth in clauses (I) through (IV) above
being collectively referred to as “Restricted
Payments”), unless, at the time of such Restricted Payment:

 

(1)                                  no Default
shall have occurred and be continuing or would occur as a consequence thereof;

 

61

 

(2)                                  immediately
after giving effect to such transaction on a pro forma
basis, the Issuer could incur $1.00 of additional Indebtedness under Section 4.09(a) hereof;
and

 

(3)                                  such Restricted
Payment, together with the aggregate amount of all other Restricted Payments
made by the Issuer and its Restricted Subsidiaries after the Issue Date
(including Restricted Payments permitted by clauses (1), (2)(b) and (13)
of Section 4.07(b) hereof, but excluding all other Restricted
Payments permitted by Section 4.07(b) hereof), is less than the sum
of (without duplication):

 

(a)                                  50% of the
Consolidated Net Income of the Issuer for the period (taken as one accounting
period) from the beginning of the first fiscal quarter commencing after the
Issue Date, to the end of the Issuer’s most recently ended fiscal quarter for
which internal financial statements are available at the time of such
Restricted Payment, or, in the case such Consolidated Net Income for such
period is a deficit, minus 100% of such deficit; plus

 

(b)                                 100% of the
aggregate net cash proceeds since the Issue Date from the issue or sale of:

 

(i)                                     Equity
Interests of the Issuer, including Treasury Capital Stock; or

 

(ii)                                  debt securities
of the Issuer that have been converted into or exchanged for such Equity
Interests of the Issuer;

 

provided,
however, that this clause (b) shall not include (1) any
proceeds to the extent that they are used to redeem, repurchase, retire,
defease or otherwise acquire the Issuer’s Senior Convertible Notes, and (2) the
proceeds from (W) Refunding Capital Stock, (X) Equity Interests or
convertible debt securities of the Issuer sold to a Restricted Subsidiary, as
the case may be, (Y) Disqualified Stock or debt securities that have been
converted into Disqualified Stock or (Z) Excluded Contributions; plus

 

(c)                                  100% of the aggregate
amount of cash received by means of:

 

(i)                                     the sale or
other disposition (other than to the Issuer or a Restricted Subsidiary) of
Restricted Investments made by the Issuer or its Restricted Subsidiaries and
repurchases and redemptions of such Restricted Investments from the Issuer or
its Restricted Subsidiaries and repayments of loans or advances, and releases
of guarantees, which constitute Restricted Investments by the Issuer or its
Restricted Subsidiaries, in each case after the Issue Date; or

 

(ii)                                  the sale (other
than to the Issuer or a Restricted Subsidiary) of the stock of an Unrestricted
Subsidiary or a distribution from an Unrestricted Subsidiary (other than in
each case to the extent the Investment in such Unrestricted Subsidiary
constituted a Permitted Investment) or a dividend from an Unrestricted
Subsidiary after the Issue Date; plus

 

(d)                                 [INTENTIONALLY
OMITTED]

 

62

 

(e)                                  in the case of
the redesignation of an Unrestricted Subsidiary as a Restricted Subsidiary
after the Issue Date, other than an Unrestricted Subsidiary to the extent the
Investment in such Unrestricted Subsidiary constituted a Permitted Investment,
the lesser of (i) the fair market value of the Investment in such
Unrestricted Subsidiary, as determined by the Issuer in good faith or, if such
fair market value may exceed $25.0 million, in writing by an Independent
Financial Advisor, at the time of the redesignation of such Unrestricted
Subsidiary as a Restricted Subsidiary and (ii) the amount of all
Restricted Investments made to such Unrestricted Subsidiary to the extent the
Investment in such Unrestricted Subsidiary was made by the Issuer or a
Restricted Subsidiary.

 

(b)                                 The foregoing
provisions of Section 4.07(a) hereof shall not prohibit:

 

(1)                                  the payment of
any dividend within 60 days after the date of declaration thereof, if at the
date of declaration such payment would have complied with the provisions of
this Indenture;

 

(2)                                  (a) the
redemption, repurchase, retirement, defeasance or other acquisition of any
Equity Interests (“Treasury Capital
Stock”) or Subordinated Indebtedness of the Issuer, in exchange for,
or out of the proceeds of the substantially concurrent sale (other than to a
Restricted Subsidiary) of, Equity Interests of the Issuer (in each case, other
than any Disqualified Stock) (“Refunding
Capital Stock”) and (b) if immediately prior to the retirement
of Treasury Capital Stock, the declaration and payment of dividends thereon was
permitted under clause (6) of this Section 4.07(b), the declaration
and payment of dividends on the Refunding Capital Stock in an aggregate amount
per year no greater than the aggregate amount of dividends per annum that were
declarable and payable on such Treasury Capital Stock immediately prior to such
retirement;

 

(3)                                  the redemption,
repurchase or other acquisition or retirement of Subordinated Indebtedness of
the Issuer or a Guarantor made by exchange for, or out of the proceeds of the
substantially concurrent sale of, new Indebtedness of the Issuer or a
Guarantor, as the case may be, which is incurred in compliance with Section 4.09
hereof so long as:

 

(a)                                  the principal
amount of such new Indebtedness does not exceed the principal amount of (or
accreted value, if applicable), plus any accrued and unpaid interest on, the
Subordinated Indebtedness being so redeemed, repurchased, acquired or retired
for value, plus the amount of any premium required to be paid under the terms
of the instrument governing the Subordinated Indebtedness being so redeemed,
repurchased, acquired or retired and any fees and expenses incurred in
connection with the issuance of such new Indebtedness;

 

(b)                                 such new
Indebtedness is subordinated to the Notes or the applicable Guarantee at least
to the same extent as such Subordinated Indebtedness so purchased, exchanged,
redeemed, repurchased, acquired or retired for value;

 

(c)                                  such new
Indebtedness has a final scheduled maturity date equal to or later than the
final scheduled maturity date of the Subordinated Indebtedness being so
redeemed, repurchased, acquired or retired; and

 

63

 

(d)                                 such new
Indebtedness has a Weighted Average Life to Maturity equal to or greater than
the remaining Weighted Average Life to Maturity of the Subordinated
Indebtedness being so redeemed, repurchased, acquired or retired;

 

(4)                                  a Restricted
Payment to pay for the redemption, repurchase, retirement or other acquisition
or retirement for value of Equity Interests (other than Disqualified Stock) of
the Issuer held by any future, present or former employee, director or
consultant (or their heirs or estates) of the Issuer, any of its Subsidiaries
pursuant to any management equity plan or stock option plan or any other
management or employee benefit plan or agreement; provided, however,
that the aggregate Restricted Payments made under this clause (4) do not
exceed in any calendar year $2.5 million and $15.0 million in the aggregate
pursuant to this Section 4.07(b)(4);

 

(5)                                  any repricing
or issuance of employee stock options or the adoption of bonus arrangements and
payments pursuant to such arrangements;

 

(6)                                  the declaration
and payment of dividends to holders of any class or series of Disqualified
Stock of the Issuer or any of its Restricted Subsidiaries issued in accordance
with Section 4.09 hereof;

 

(7)                                  the
distribution, dividend or otherwise, of shares of Capital Stock of, or
Indebtedness owed to the Issuer or a Restricted Subsidiary by Unrestricted
Subsidiaries (other than Unrestricted Subsidiaries, the primary assets of which
are cash and/or Cash Equivalents);

 

(8)                                  repurchases of
Equity Interests deemed to occur upon exercise of stock options, warrants or
similar rights if such Equity Interests represent a portion of the exercise
price of such options, warrants or similar rights;

 

(9)                                  payments of
cash, dividends, distributions or advances by the Issuer to allow the payment
of cash in lieu of the issuance of fractional shares upon (a) the exercise
of options, warrants or similar rights or (b) the conversion or exchange
of Capital Stock of the Issuer;

 

(10)                            [INTENTIONALLY
OMITTED];

 

(11)                            Restricted
Payments that are made with Excluded Contributions;

 

(12)                            other
Restricted Payments in an aggregate amount taken together with all other
Restricted Payments made pursuant to this clause (12) not to exceed $15.0
million; and

 

(13)                            the repurchase,
redemption or other acquisition or retirement for value of any Subordinated
Indebtedness pursuant to the provisions similar to those described under
Sections 4.10 and Section 4.14 hereof; provided that all Notes tendered by Holders in connection
with a Change of Control Offer or Asset Sale Offer, as applicable, have been
repurchased, redeemed or acquired for value;

 

provided,
however, that at the time of, and after giving effect to,
any Restricted Payment permitted under clauses (6), (12) and (13) of this
Section 4.07(b), no Default shall have occurred and be continuing or would
occur as a consequence thereof.

 

(c)                                  The Issuer
shall not permit any Unrestricted Subsidiary to become a Restricted Subsidiary
except pursuant to the last sentence of the definition of “Unrestricted Subsidiary.”  For purposes of designating any Restricted
Subsidiary as an Unrestricted Subsidiary, all outstanding 

 

64

 

Investments by the Issuer and its Restricted
Subsidiaries (except to the extent repaid) in the Subsidiary so designated
shall be deemed to be Restricted Payments in an amount determined as set forth
in the last sentence of the definition of “Investment.”  Such designation shall be permitted only if a
Restricted Payment in such amount would be permitted at such time, and if such
Subsidiary otherwise meets the definition of an Unrestricted Subsidiary.  Unrestricted Subsidiaries shall not be
subject to the restrictive covenants set forth in this Indenture.

 

Section 4.08                                          Dividend and
Other Payment Restrictions Affecting Restricted Subsidiaries.

 

(a)                                  The Issuer
shall not, and shall not permit any of its Restricted Subsidiaries that are not
Guarantors to, directly or indirectly, create or otherwise cause or suffer to
exist or become effective any consensual encumbrance or consensual restriction
on the ability of any such Restricted Subsidiary to:

 

(1)                                  (A)  pay
dividends or make any other distributions to the Issuer or any of its
Restricted Subsidiaries on its Capital Stock or with respect to any other
interest or participation in, or measured by, its profits, or

 

(B)                                pay any
Indebtedness owed to the Issuer or any of its Restricted Subsidiaries;

 

(2)                                  make loans or
advances to the Issuer or any of its Restricted Subsidiaries; or

 

(3)                                  sell, lease or
transfer any of its properties or assets to the Issuer or any of its Restricted
Subsidiaries.

 

(b)                                 The
restrictions in Section 4.08(a) hereof shall not apply to
encumbrances or restrictions existing under or by reason of:

 

(1)                                  contractual
encumbrances or restrictions in effect on the Issue Date, including pursuant to
the ABL Facility;

 

(2)                                  this Indenture
and the Notes;

 

(3)                                  purchase money
obligations for property acquired in the ordinary course of business and
Capital Lease Obligations that impose restrictions of the nature discussed in
clause (3) of Section 4.08(a) hereof on the property so
acquired;

 

(4)                                  applicable law
or any applicable rule, regulation or order;

 

(5)                                  any agreement
or other instrument of a Person acquired by the Issuer or any of its Restricted
Subsidiaries in existence at the time of such acquisition (but not created in
contemplation thereof), which encumbrance or restriction is not applicable to
any Person, or the properties or assets of any Person, other than the Person
and its Subsidiaries, or the property or assets of the Person and its
Subsidiaries, so acquired;

 

(6)                                  contracts for
the sale of assets or Capital Stock, including restrictions with respect to a
Subsidiary of the Issuer pursuant to an agreement that has been entered into
for the sale or disposition of all or substantially all of the Capital Stock or
assets of such Subsidiary;

 

65

 

(7)                                  Secured
Indebtedness otherwise permitted to be incurred pursuant to Section 4.09
hereof and Section 4.12 hereof that limit the right of the debtor to
dispose of the assets securing such Indebtedness;

 

(8)                                  restrictions on
cash or other deposits or net worth imposed by customers under contracts
entered into in the ordinary course of business;

 

(9)                                  other Indebtedness,
Disqualified Stock or Preferred Stock of Foreign Subsidiaries permitted to be
incurred subsequent to the Issue Date pursuant to the provisions of Section 4.09
hereof;

 

(10)                            customary
provisions in joint venture agreements, asset sale agreements, sale-leaseback
agreements, stock sale agreements and other similar agreements (including
agreement entered into in connection with a Restricted Investment), including
provisions limiting the distribution or disposition of assets or property,
entered into in the ordinary course of business or with the approval of the
Issuer;

 

(11)                            customary
provisions (including non-assignment provisions) contained in leases or
licenses of intellectual property and other agreements, in each case, entered
into in the ordinary course of business;

 

(12) Refinancing Indebtedness; and

 

(13)                            any
encumbrances or restrictions of the type referred to in clauses (1), (2) and
(3) of Section 4.08(a) hereof imposed by any amendments,
modifications, restatements, renewals, increases, supplements, refundings,
replacements or refinancings of the contracts, instruments or obligations
referred to in clauses (1) through (12) of this Section 4.08(b); provided
that such amendments, modifications, restatements, renewals, increases,
supplements, refundings, replacements or refinancings are, in the good faith
judgment of the Issuer, no more restrictive with respect to such encumbrance
and other restrictions taken as a whole than those prior to such amendment,
modification, restatement, renewal, increase, supplement, refunding,
replacement or refinancing.

 

Section 4.09                                          Limitation on
Incurrence of Indebtedness and Issuance of Disqualified Stock and Preferred
Stock.

 

(a)                                  The Issuer
shall not, and shall not permit any of its Restricted Subsidiaries to, directly
or indirectly, create, incur, issue, assume, guarantee or otherwise become
directly or indirectly liable, contingently or otherwise (collectively, “incur” and collectively, an “incurrence”) with respect to any
Indebtedness (including Acquired Indebtedness) and the Issuer shall not issue
any shares of Disqualified Stock and shall not permit any Restricted Subsidiary
to issue any shares of Disqualified Stock or Preferred Stock; provided, however, that the Issuer may incur Indebtedness
(including Acquired Indebtedness) or issue shares of Disqualified Stock, and
any Guarantor may incur Indebtedness (including Acquired Indebtedness), issue
shares of Disqualified Stock and issue shares of Preferred Stock, if the Fixed
Charge Coverage Ratio on a consolidated basis for the Issuer and its Restricted
Subsidiaries’ most recently ended four fiscal quarters for which internal
financial statements are available immediately preceding the date on which such
additional Indebtedness is incurred or such Disqualified Stock or Preferred
Stock is issued would have been at least 2.00 to 1.00, determined on a pro forma basis (including a pro forma application of the net proceeds
therefrom), as if the additional Indebtedness had 

 

66

 

been incurred, or the Disqualified Stock or
Preferred Stock had been issued, as the case may be, and the application of
proceeds therefrom had occurred at the beginning of such four-quarter period.

 

(b)                                 The provisions
of Section 4.09(a) hereof shall not apply to:

 

(1)                                  the incurrence
of Indebtedness under the ABL Facility by the Issuer or any of its Restricted
Subsidiaries and the issuance or creation of letters of credit and bankers’
acceptances thereunder or in connection therewith (with letters of credit and
bankers’ acceptances being deemed to have a principal amount equal to the face
amount thereof), in an aggregate principal amount of up to the greater of (x) $100.0
million and (y) the Borrowing Base as of the date of such incurrence of
Indebtedness;

 

(2)                                  the incurrence
by the Issuer and any Guarantor of Indebtedness represented by the Notes and
the Guarantees, including any Exchange Notes (other than any Additional Notes);

 

(3)                                  Indebtedness of
the Issuer and its Restricted Subsidiaries in existence on the Issue Date
(other than Indebtedness described in clauses (1) and (2) of this
Section 4.09(b) and including the Issuer’s outstanding 7.5% Senior
Convertible Notes due 2020 (the “Senior Convertible Notes”)), including
interest accruing thereon;

 

(4)                                  [INTENTIONALLY
OMITTED];

 

(5)                                  Indebtedness
(including Capitalized Lease Obligations), Disqualified Stock and Preferred
Stock incurred by the Issuer or any of its Restricted Subsidiaries, to finance
the purchase, lease or improvement of property (real or personal) or equipment
that is used or useful in a Similar Business, whether through the direct
purchase of assets or the Capital Stock of any Person owning such assets up to
an aggregate amount which, when aggregated with the principal amount of all
other Indebtedness, Disqualified Stock and Preferred Stock then outstanding and
incurred pursuant to this clause (5) and including all Refinancing
Indebtedness incurred to refund, refinance or replace any other Indebtedness,
Disqualified Stock and Preferred Stock incurred pursuant to this clause (5),
does not exceed $25.0 million;

 

(6)                                  Indebtedness
incurred by the Issuer or any of its Restricted Subsidiaries constituting
reimbursement obligations with respect to letters of credit, bankers’
acceptances, workers’ compensation claims or self insurance, or other
Indebtedness with respect to reimbursement type obligations regarding workers’
compensation claims, in each case, in the ordinary course of business;

 

(7)                                  Indebtedness
arising from agreements of the Issuer or its Restricted Subsidiaries providing
for indemnification, adjustment of purchase price or similar obligations, in
each case, incurred or assumed in connection with the disposition of any
business, assets or a Subsidiary, other than guarantees of Indebtedness
incurred by any Person acquiring all or any portion of such business, assets or
a Subsidiary for the purpose of financing such acquisition; provided, however, that the maximum assumable liability in
respect of all such Indebtedness shall at no time exceed the gross proceeds
including non-cash proceeds (the fair market value of such non-cash proceeds
being measured at the time received and without giving effect to any subsequent
changes in value) actually received by the Issuer and its Restricted Subsidiaries
in connection with such disposition;

 

67

 

(8)                                  Indebtedness of
the Issuer to a Restricted Subsidiary; provided that any such Indebtedness owing to a Restricted
Subsidiary that is not a Guarantor is expressly subordinated in right of
payment to the Notes; provided  further that any subsequent
issuance or transfer of any Capital Stock or any other event which results in
any Restricted Subsidiary to which Issuer is indebted ceasing to be a
Restricted Subsidiary or any other subsequent transfer of any such Indebtedness
(except to the Issuer or another Restricted Subsidiary) shall be deemed, in
each case, to be an incurrence of such Indebtedness;

 

(9)                                  Indebtedness of
a Restricted Subsidiary to the Issuer or another Restricted Subsidiary; provided that if a Guarantor
incurs such Indebtedness to a Restricted Subsidiary that is not a Guarantor,
such Indebtedness is expressly subordinated in right of payment to the
Guarantee of the Notes of such Guarantor; provided  further that
any subsequent transfer of any such Indebtedness (except to the Issuer or
another Restricted Subsidiary) shall be deemed, in each case, to be an
incurrence of such Indebtedness;

 

(10)                            shares of
Preferred Stock of a Restricted Subsidiary issued to the Issuer or another
Restricted Subsidiary, provided
that any subsequent issuance or transfer of any Capital Stock or any other
event which results in any such Restricted Subsidiary ceasing to be a
Restricted Subsidiary or any other subsequent transfer of any such shares of
Preferred Stock (except to the Issuer or another of its Restricted
Subsidiaries) shall be deemed in each case to be an issuance of such shares of
Preferred Stock;

 

(11)                            Hedging
Obligations (excluding Hedging Obligations entered into for speculative
purposes) for the purpose of limiting interest rate risk with respect to any
Indebtedness permitted to be incurred pursuant to this Section 4.09,
exchange rate risk or commodity pricing risk;

 

(12)                            obligations in
respect of performance, bid, appeal and surety bonds and completion guarantees
provided by the Issuer or any of its Restricted Subsidiaries in the ordinary
course of business;

 

(13)                            Indebtedness,
Disqualified Stock or Preferred Stock of the Issuer or any Restricted
Subsidiary not otherwise permitted hereunder in an aggregate principal amount
or liquidation preference, which when aggregated with the principal amount and
liquidation preference of all other Indebtedness, Disqualified Stock and
Preferred Stock then outstanding and incurred pursuant to this
clause (13), does not at any one time outstanding exceed $25.0
million;

 

(14)                            the incurrence
by the Issuer or any Restricted Subsidiary of Indebtedness, Disqualified Stock
or Preferred Stock which serves to refund or refinance any Indebtedness,
Disqualified Stock or Preferred Stock incurred as permitted under Section 4.09(a) hereof
and clauses (2), (3), (5), (14) and (15) of this Section 4.09(b) or
any Indebtedness, Disqualified Stock or Preferred Stock issued to so refund or
refinance such Indebtedness, Disqualified Stock or Preferred Stock including
additional Indebtedness, Disqualified Stock or Preferred Stock incurred to pay
premiums (including reasonable tender premiums), defeasance costs and fees in
connection therewith (the “Refinancing
Indebtedness”) prior to its respective maturity; provided, however, that in connection with any refunding or
refinancing of the Senior Convertible Notes, the amount of any premiums
(including tender premiums) paid and included in such refunding or refinancing
Indebtedness shall not exceed 10.0% of the principal amount thereof; provided,
further, however, that such Refinancing Indebtedness:

 

68

 

(A)                              has a Weighted
Average Life to Maturity at the time such Refinancing Indebtedness is incurred
which is not less than the Indebtedness, Disqualified Stock or Preferred Stock
being refunded or refinanced or is more than 91 days after the final maturity
date of the Notes,

 

(B)                                to the extent
such Refinancing Indebtedness refinances (i) Indebtedness subordinated or pari passu to the Notes or any Guarantee
thereof, such Refinancing Indebtedness is subordinated or pari passu to the Notes or the Guarantee
at least to the same extent as the Indebtedness being refinanced or refunded or
(ii) Disqualified Stock or Preferred Stock, such Refinancing Indebtedness
must be Disqualified Stock or Preferred Stock, respectively, and

 

(C)                                shall not
include:

 

(i)                           Indebtedness,
Disqualified Stock or Preferred Stock of a Subsidiary of the Issuer that is not
a Guarantor that refinances Indebtedness, Disqualified Stock or Preferred Stock
of the Issuer;

 

(ii)                        Indebtedness,
Disqualified Stock or Preferred Stock of a Subsidiary of the Issuer that is not
a Guarantor that refinances Indebtedness, Disqualified Stock or Preferred Stock
of a Guarantor; or

 

(iii)                     Indebtedness,
Disqualified Stock or Preferred Stock of the Issuer or a Restricted Subsidiary
that refinances Indebtedness, Disqualified Stock or Preferred Stock of an
Unrestricted Subsidiary;

 

(15)                               Indebtedness,
Disqualified Stock or Preferred Stock of Persons that are acquired by the
Issuer or any Restricted Subsidiary or merged into the Issuer or a Restricted
Subsidiary in accordance with the terms of this Indenture; provided that, after giving
effect to such acquisition or merger, either:

 

(a)                                     the Issuer
would be permitted to incur at least $1.00 of additional Indebtedness pursuant
to the Fixed Charge Coverage Ratio test set forth in Section 4.09(a) hereof,
or

 

(b)                                    the Fixed
Charge Coverage Ratio of the Issuer and the Restricted Subsidiaries is greater
than immediately prior to such acquisition or merger;

 

(16)                            Indebtedness
arising from the honoring by a bank or other financial institution of a check,
draft or similar instrument drawn against insufficient funds in the ordinary
course of business, provided
that such Indebtedness is extinguished within five Business Days of its
incurrence;

 

(17)                            Indebtedness of
the Issuer or any of its Restricted Subsidiaries supported by a letter of
credit issued pursuant to the ABL Facility, in a principal amount not in excess
of the stated amount of such letter of credit;

 

(18)                            (a) any
guarantee by the Issuer or a Restricted Subsidiary of Indebtedness or other
obligations of any Restricted Subsidiary so long as the incurrence of such
Indebtedness incurred by such Restricted Subsidiary is permitted under the
terms of this Indenture, or

 

69

 

(b)                                 any guarantee
by a Restricted Subsidiary of Indebtedness of the Issuer provided that
such guarantee is incurred in accordance with Section 4.15 hereof;

 

(19)                            the incurrence
of contingent liabilities arising out of endorsements of checks and other
negotiable instruments for deposit or collection in the ordinary course of business;

 

(20)                            Indebtedness
representing installment insurance premiums of the Issuer owing to insurance
companies in the ordinary course of business;

 

(21)                            the incurrence
of Indebtedness consisting of guarantees of loans or other extensions of credit
to or on behalf of current or former officers, directors, employees or
consultants of the Issuer, or any of its Subsidiaries for the purposes of
permitting such Persons to purchase Capital Stock of the Issuer, not to exceed
$1.0 million; and

 

(22)                            the incurrence by
the Issuer and the Guarantors of royalties, the dedication of reserves under
supply agreements or similar rights or interest granted, taken subject to, or
otherwise imposed on properties consistent with the ordinary course of business
or normal practices in the commercial vehicle components industry.

 

(c)                                  For purposes of
determining compliance with this Section 4.09:

 

(1)                                  in the event
that an item of Indebtedness, Disqualified Stock or Preferred Stock (or any
portion thereof) meets the criteria of more than one of the categories of
permitted Indebtedness, Disqualified Stock or Preferred Stock described in
clauses (1) through (22) of Section 4.09(b) hereof or is
entitled to be incurred pursuant to Section 4.09(a) hereof, the
Issuer, in its sole discretion, shall classify or reclassify such item of
Indebtedness, Disqualified Stock or Preferred Stock (or any portion thereof)
and shall only be required to include the amount and type of such Indebtedness,
Disqualified Stock or Preferred Stock in one of the above clauses; provided
that all Indebtedness outstanding under the ABL Facility on the Issue Date
shall be treated as incurred on the Issue Date under clause (1) of Section 4.09(b) hereof;
and

 

(2)                                  at the time of
incurrence, the Issuer shall be entitled to divide and classify an item of
Indebtedness in more than one of the types of Indebtedness described in
Sections 4.09(a) and 4.09(b) hereof.

 

Accrual
of interest, the accretion of accreted value and the payment of interest in the
form of additional Indebtedness, Disqualified Stock or Preferred Stock shall
not be deemed to be an incurrence of Indebtedness, Disqualified Stock or
Preferred Stock for purposes of this Section 4.09.

 

For
purposes of determining compliance with any U.S. dollar-denominated restriction
on the incurrence of Indebtedness, the U.S. dollar-equivalent principal amount
of Indebtedness denominated in a foreign currency shall be calculated based on
the relevant currency exchange rate in effect on the date such Indebtedness was
incurred, in the case of term debt, or first committed, in the case of
revolving credit debt; provided
that if such Indebtedness is incurred to refinance other Indebtedness
denominated in a foreign currency, and such refinancing would cause the
applicable U.S. dollar denominated restriction to be exceeded if calculated at
the relevant currency exchange rate in effect on the date of such refinancing,
such U.S. dollar-denominated restriction shall be deemed not to have been
exceeded so long as the principal amount of such refinancing Indebtedness does
not exceed the principal amount of such Indebtedness being refinanced.

 

70

 

The
principal amount of any Indebtedness incurred to refinance other Indebtedness,
if incurred in a different currency from the Indebtedness being refinanced,
shall be calculated based on the currency exchange rate applicable to the
currencies in which such respective Indebtedness is denominated that is in
effect on the date of such refinancing.

 

This
Indenture will not treat (1) unsecured Indebtedness as subordinated or
junior to Secured Indebtedness merely because it is unsecured or (2) Senior
Indebtedness as subordinated or junior to any other Senior Indebtedness merely
because it has a junior priority with respect to the same collateral.

 

Section 4.10                                          Limitation on
Sales of Assets.

 

(a)                                  The Issuer
shall not, and shall not permit any of its Restricted Subsidiaries to, cause,
make or suffer to exist an Asset Sale, unless:

 

(1)                                  the Issuer or
such Restricted Subsidiary, as the case may be, receives consideration at the
time of such Asset Sale at least equal to the fair market value (as determined
in good faith by the Issuer) of the assets sold or otherwise disposed of;

 

(2)                                  except in the
case of a Permitted Asset Swap, at least 75% of the consideration therefor
received by the Issuer or such Restricted Subsidiary, as the case may be, is in
the form of cash or Cash Equivalents; provided
that:

 

(A)                              any liabilities
(as shown on the Issuer’s or such Restricted Subsidiary’s most recent balance
sheet or in the footnotes thereto) of the Issuer or such Restricted Subsidiary,
other than liabilities that are by their terms subordinated to the Notes, that
are assumed by the transferee of any such assets and for which the Issuer and
all of its Restricted Subsidiaries have been validly released by all creditors
in writing, and

 

(B)                                any securities
received by the Issuer or such Restricted Subsidiary from such transferee that
are converted by the Issuer or such Restricted Subsidiary into cash (to the
extent of the cash received) within 270 days following the closing of such
Asset Sale, shall be deemed to be cash for purposes of this clause (2) and
for no other purpose;

 

(3)                                  to the extent
that any consideration received by the Issuer or a Restricted Subsidiary in
such Asset Sale constitute securities or other assets that constitute
Collateral, such securities or other assets, including the assets of any Person
that becomes a Guarantor as a result of such transaction, are concurrently with
their acquisition added to the Collateral securing the Notes; and

 

(4)                                  the Net
Proceeds from any such Asset Sale of Notes Priority Collateral are paid
directly by the purchaser thereof to the Notes Priority Collateral Agent to be
held in trust in an Asset Sale Proceeds Account for application in accordance
with this covenant.

 

(b)                                 Notwithstanding
Section 4.10(a), the Issuer and the Restricted Subsidiaries will not be
required to cause any Net Proceeds to be held in an Asset Sale Proceeds Account
in accordance with clause (4) of Section 4.10(a) except to the
extent the aggregate Net Proceeds from all Asset Sales of Notes Priority
Collateral which are not held in an Asset Sale Proceeds Account, or have not
been previously applied in accordance with the provisions of the following
paragraphs relating to the application of Net Proceeds from Asset Sales of
Notes Priority Collateral, exceeds $5.0 million.

 

71

 

(c)                                  Within 365 days
after the receipt of any Net Proceeds of any Asset Sale, the Issuer or such
Restricted Subsidiary, at its option, may apply the Net Proceeds from such
Asset Sale,

 

(1)                                  to permanently
reduce:

 

(A)                              in the case of
an Asset Sale of ABL Priority Collateral, (x) Obligations under the ABL
Facility or any Indebtedness of the Issuer or a Guarantor that, in each case,
is secured by a Lien on the ABL Priority Collateral that is prior to the Lien
on the ABL Priority Collateral in favor of Holders of Notes, or (y) any
Indebtedness of a Restricted Subsidiary that is not a Guarantor and, in the
case of revolving obligations to correspondingly reduce commitments with
respect thereto;

 

(B)                                in the case of
an Asset Sale of assets that do not constitute ABL Priority Collateral,
Obligations under the Notes and, at the option of the Issuer, Other Pari Passu
Lien Obligations (and, in the case of revolving obligations, to correspondingly
reduce commitments with respect thereto, if any); provided that if the
Issuer or such Restricted Subsidiary reduces any Other Pari Passu Lien
Obligations, the Issuer shall equally and ratably reduce Obligations under the
Notes as provided under Section 3.07 hereof through open-market purchases
(to the extent such purchases are at or above 100% of the principal amount
thereof) or by making an offer (in accordance with the procedures set forth
under Section 4.10(d) hereof) to all Holders of Notes to purchase
their Notes at 100% of the principal amount thereof, plus the amount of accrued
but unpaid interest, if any, on the amount of Notes that would otherwise be
prepaid; or

 

(C)                                in the case of
an Asset Sale of assets that do not constitute Collateral, Indebtedness of
a Restricted Subsidiary that is not a Guarantor, other than Indebtedness owed
to the Issuer or another Restricted Subsidiary,

 

(2)                                  to make
(A) an Investment in any one or more businesses, provided that such Investment in
any business is in the form of the acquisition of Capital Stock and, after
giving effect to such Investment, the Issuer or another of its Restricted
Subsidiaries, as the case may be, owns an amount of the Capital Stock of such
business such that it constitutes a Restricted Subsidiary, (B) capital
expenditures or (C) acquisitions of other assets, in each of (A), (B) and
(C), used or useful in a Similar Business; provided that any such
Investment, capital expenditure or other acquisition made with the Net Proceeds
of Notes Priority Collateral is concurrently added to the Notes Priority
Collateral, and any such Investment, capital expenditure or other acquisition
made with any other Net Proceeds is concurrently added to the Collateral; or

 

(3)                                  to make an
investment in (A) any one or more businesses, provided that such Investment in any business is in the form
of the acquisition of Capital Stock and, after giving effect to such
Investment, the Issuer or another of its Restricted Subsidiaries, as the case
may be, owns an amount of the Capital Stock of such business such that it
constitutes a Restricted Subsidiary, (B) properties or
(C) acquisitions of other assets that, in each of (A), (B) and (C),
replace the businesses, properties and/or assets that are the subject of such
Asset Sale; provided that any such investment made with the Net Proceeds
of Notes Priority Collateral is concurrently added to the Notes Priority
Collateral, and any such investment made with any other Net Proceeds is
concurrently added to the Collateral;

 

provided  that, in the
case of clauses (2) and (3) above, a binding commitment shall be
treated as a permitted application of the Net Proceeds from the date of such
commitment so long as the Issuer, or such 

 

72

 

other
Restricted Subsidiary enters into such commitment with the good faith
expectation that such Net Proceeds shall be applied to satisfy such commitment
within 180 days of such commitment (an “Acceptable Commitment”) and, in the event any Acceptable
Commitment is later cancelled or terminated for any reason before the Net
Proceeds are applied in connection therewith, the Issuer or such Restricted
Subsidiary enters into another Acceptable Commitment (a “Second Commitment”)
within 180 days of entering into the first such Acceptable Commitment; provided
further that if any Second Commitment is later cancelled or terminated
for any reason before such Net Proceeds are applied, then such Net Proceeds
shall constitute Excess Proceeds.

 

(d)                                 Any Net
Proceeds from the Asset Sale that are not invested or applied as provided and
within the time period set forth in Section 4.10(c) shall be deemed
to constitute “Excess Proceeds.”
When the aggregate amount of Excess Proceeds exceeds $20.0 million, the
Issuer shall make an offer to all Holders of the Notes and, if required by the
terms of any Other Pari Passu Lien Obligations, to the holders of such Other
Pari Passu Lien Obligations (an “Asset
Sale Offer”), to purchase the maximum aggregate principal amount of
the Notes and such Other Pari Passu Lien Obligations that is in the case of the
Notes $2,000 or an integral multiple of $1,000 in excess of $2,000 that may be
purchased out of the Excess Proceeds at an offer price in cash in an amount
equal to 100% of the principal amount thereof, plus accrued and unpaid interest
and Additional Interest, if any, to the date fixed for the closing of such
offer, in accordance with the procedures set forth in Section 3.09
hereof.  The Issuer shall commence an
Asset Sale Offer with respect to Excess Proceeds within ten Business Days after
the date that Excess Proceeds exceed $20.0 million by mailing the notice
required pursuant to the terms of this Indenture, with a copy to the Trustee
and the Notes Priority Collateral Agent.

 

To
the extent that the aggregate amount of Notes and such Other Pari Passu Lien
Obligations tendered pursuant to an Asset Sale Offer is less than the Excess
Proceeds, the Issuer may use any remaining Excess Proceeds for general
corporate purposes, subject to other covenants contained in this
Indenture.  If the aggregate principal
amount of Notes or the Other Pari Passu Lien Obligations surrendered by such holders
thereof exceeds the amount of Excess Proceeds, the Paying Agent shall select
the Notes and such Other Pari Passu Lien Obligations to be purchased on a pro rata basis based on the accreted value or principal
amount of the Notes or such Other Pari Passu Lien Obligations tendered.  Upon completion of any such Asset Sale Offer,
the amount of Excess Proceeds shall be reset at zero.

 

(e)                                  For the
purposes of this Section 4.10, any sale of the Capital Stock of the Issuer
or a Restricted Subsidiary that owns assets constituting Notes Priority
Collateral or ABL Priority Collateral shall be deemed to be a sale of such
Notes Priority Collateral or ABL Priority Collateral (or, in the event of a
Restricted Subsidiary that owns assets that include any combination of Notes
Priority Collateral and ABL Priority Collateral a separate sale of each of such
Notes Priority Collateral and ABL Priority Collateral). In the event of any
such sale (or a sale of assets that includes any combination of Notes Priority
Collateral and ABL Priority Collateral), the proceeds received by the Issuer
and the Restricted Subsidiaries in respect of such sale shall be allocated to
the Notes Priority Collateral and ABL Priority Collateral in accordance with
their respective fair market values (which, in the case of accounts receivable
and inventory, shall not be less than the respective book value of such ABL
Priority Collateral), which shall be determined in good faith by the Issuer.

 

(f)                                    The Issuer
shall comply with the requirements of Rule 14e-1 under the Exchange Act
and any other securities laws and regulations thereunder to the extent such
laws or regulations are applicable in connection with the repurchase of the
Notes pursuant to an Asset Sale Offer. 
To the extent that the provisions of any securities laws or regulations
conflict with the provisions of this Indenture, the Issuer shall comply with
the applicable securities laws and regulations and shall not be deemed to have
breached its obligations described in this Indenture by virtue thereof.

 

73

 

Section 4.11                                          Transactions
with Affiliates.

 

(a)                                  The Issuer
shall not, and shall not permit any of its Restricted Subsidiaries to, make any
payment to, or sell, lease, transfer or otherwise dispose of any of its
properties or assets to, or purchase any property or assets from, or enter into
or make or amend any transaction, contract, agreement, understanding, loan,
advance or guarantee with, or for the benefit of, any Affiliate of the Issuer
(each of the foregoing, an “Affiliate
Transaction”) involving aggregate payments or consideration in
excess of $1.0 million, unless:

 

(1)                                  such Affiliate
Transaction is on terms that are not materially less favorable to the Issuer or
its relevant Restricted Subsidiary than those that would have been obtained in
a comparable transaction by the Issuer or such Restricted Subsidiary with an
unrelated Person on an arm’s-length basis; and

 

(2)                                  with respect to
any Affiliate Transaction or series of related Affiliate Transactions,
involving consideration in excess of $10.0 million, the Issuer delivers to
the Trustee and the Notes Priority Collateral Agent a resolution adopted by the
majority of the board of directors of the Issuer approving such Affiliate
Transaction and set forth in an Officer’s Certificate certifying that such Affiliate
Transaction complies with clause (1) of this Section 4.11(a); and

 

(3)                                  with respect to
any Affiliate Transaction involving aggregate value of $25.0 million or more,
the Issuer delivers to the Trustee and the Notes Priority Collateral Agent a
copy of a written opinion addressed to the Trustee and the Notes Priority
Collateral Agent as to the fairness of such Affiliate Transaction to the Issuer
or such Restricted Subsidiary from a financial point of view issued by an
Independent Financial Advisor.

 

(b)                                 The provisions
of Section 4.11(a) hereof shall not apply to the following:

 

(1)                                  transactions
between or among the Issuer or any of its Restricted Subsidiaries;

 

(2)                                  Restricted
Payments permitted by Section 4.07 hereof and the definition of “Permitted
Investments”;

 

(3)                                  any payment of
fees or expenses paid to, and indemnities provided on behalf of, officers,
directors, employees or consultants of the Issuer or any of its Restricted
Subsidiaries;

 

(4)                                  transactions in
which the Issuer or any of its Restricted Subsidiaries, as the case may be,
delivers to the Trustee and the Notes Priority Collateral Agent a letter from
an Independent Financial Advisor addressed to the Trustee and the Notes
Priority Collateral Agent  stating that
such transaction is fair to the Issuer or such Restricted Subsidiary from a
financial point of view or stating that the terms are not materially less
favorable to the Issuer or its relevant Restricted Subsidiary than those that
would have been obtained in a comparable transaction by the Issuer or such
Restricted Subsidiary with an unrelated Person on an arm’s-length basis;

 

(5)                                  any agreement
as in effect as of the Issue Date, or any amendment thereto (so long as any
such amendment is not disadvantageous to the Holders in any material respect
when taken as a whole as compared to the applicable agreement as in effect on
the Issue Date), or any transaction contemplated thereby;

 

74

 

(6)                                  payments or
loans (or cancellation of loans) to employees or consultants of the Issuer, or
any of its Restricted Subsidiaries which, in the aggregate, do not exceed more
than $1.0 million at any time outstanding and are approved by the Issuer in
good faith;

 

(7)                                  any employment
agreement or employee benefit plan entered into by the Issuer or any of its
Restricted Subsidiary in the ordinary course of business and payments pursuant
thereto;

 

(8)                                  the issuance of
Equity Interests (other than Disqualified Stock) of the Issuer to any director,
officer, employee or consultant;

 

(9)                                  transactions
with joint ventures in a Similar Business;

 

(10)                            transactions
with customers, clients, suppliers, or purchasers or sellers of goods or
services, in each case in the ordinary course of business and otherwise in
compliance with the terms of this Indenture which are fair to the Issuer or its
Restricted Subsidiaries, in the reasonable determination of the board of
directors of the Issuer or the senior management thereof, or are on terms at
least as favorable as might reasonably have been obtained at such time from an
unaffiliated party;

 

(11)                            any
contribution to the capital of the Issuer;

 

(12)                            the existence
of, or the performance by the Issuer or any of its Restricted Subsidiaries of
its obligations under the terms of, any stockholders agreement (including any
registration rights agreement or purchase agreement related thereto) to which
it is a party as of the Issue Date and any similar agreements which it may
enter into thereafter; and

 

(13)                            pledges of
Equity Interests of Unrestricted Subsidiaries.

 

Section 4.12                                          Liens.

 

The
Issuer shall not, and shall not permit any Guarantor to, directly or
indirectly, create, incur, assume or suffer to exist any Lien (except Permitted
Liens) on any asset or property of the Issuer or any Guarantor that secures
obligations under any Indebtedness, or any income or profits therefrom, or
assign or convey any right to receive income therefrom, other than in the case
of Liens on any asset or property other than Notes Priority Collateral, if the
Notes are equally and ratably secured with (or on a senior basis to, in the
case of obligations subordinated in right of payment to the Notes) the
Indebtedness secured by such Lien.

 

Section 4.13                                          Corporate
Existence.

 

Subject
to Article V hereof, the Issuer shall do or cause to be done all things
necessary to preserve and keep in full force and effect (i) its corporate
existence, and the corporate, partnership or other existence of each of its
Restricted Subsidiaries, in accordance with the respective organizational documents
(as the same may be amended from time to time) of the Issuer or any such
Restricted Subsidiary and (ii) the rights (charter and statutory),
licenses and franchises of the Issuer and its Restricted Subsidiaries; provided
that the Issuer shall not be required to preserve any such right, license or
franchise, or the corporate, partnership or other existence of any of its
Restricted Subsidiaries, if the Issuer in good faith shall determine that the
preservation thereof is no longer desirable in the conduct of the business of
the Issuer and its Restricted Subsidiaries, taken as a whole.

 

75

 

Section 4.14                                          Offer to
Repurchase Upon Change of Control.

 

(a)                                  If a Change of
Control occurs, unless the Issuer has previously or concurrently mailed a
redemption notice with respect to all the outstanding Notes as described under
Section 3.07 hereof, the Issuer shall make an offer to purchase all of the
Notes pursuant to the offer described below (the “Change of Control Offer”) at a price in cash (the “Change of Control Payment”) equal
to 101% of the aggregate principal amount thereof plus accrued and unpaid
interest and Additional Interest, if any, to the date of purchase, subject to
the right of Holders of the Notes of record on the relevant Record Date to
receive interest due on the relevant Interest Payment Date.  Within 30 days following any Change of
Control, the Issuer shall send notice of such Change of Control Offer by first-class
mail, with a copy to the Trustee and the Paying Agent, to each Holder of Notes
to his or her address appearing in the Note Register, with the following
information:

 

(1)                                  that a Change
of Control Offer is being made pursuant to this Section 4.14 and that all
Notes properly tendered pursuant to such Change of Control Offer will be
accepted for payment by the Issuer;

 

(2)                                  the purchase
price and the purchase date, which will be no earlier than 30 days nor later
than 60 days from the date such notice is mailed (the “Change of Control Payment Date”);

 

(3)                                  that any Note
not properly tendered will remain outstanding and continue to accrue interest;

 

(4)                                  that unless the
Issuer defaults in the payment of the Change of Control Payment, all Notes
accepted for payment pursuant to the Change of Control Offer will cease to
accrue interest on the Change of Control Payment Date;

 

(5)                                  that Holders
electing to have any Notes purchased pursuant to a Change of Control Offer will
be required to surrender such Notes, with the form entitled “Option of Holder
to Elect Purchase” on the reverse of such Notes completed, to the paying agent
specified in the notice at the address specified in the notice prior to the
close of business on the third Business Day preceding the Change of Control
Payment Date;

 

(6)                                  that Holders
shall be entitled to withdraw their tendered Notes and their election to
require the Issuer to purchase such Notes, provided that the paying agent receives, not later than the
close of business on the 30th day following the date of the Change of Control notice,
a telegram, telex, facsimile transmission or letter setting forth the name of
the Holder of the Notes, the principal amount of Notes tendered for purchase,
and a statement that such Holder is withdrawing its tendered Notes and its
election to have such Notes purchased;

 

(7)                                  that if the
Issuer is redeeming less than all of the Notes, the Holders of the remaining
Notes will be issued new Notes and such new Notes will be equal in principal
amount to the unpurchased portion of the Notes surrendered.  The unpurchased portion of the Notes must be
equal to $2,000 or an integral multiple of $1,000 in excess of $2,000; and

 

(8)                                  the other
instructions, as determined by the Issuer, consistent with this Section 4.14,
that a Holder must follow.

 

76

 

The
notice, if mailed in a manner herein provided, shall be conclusively presumed
to have been given, whether or not the Holder receives such notice.  If (a) the notice is mailed in a manner
herein provided and (b) any Holder fails to receive such notice or a
Holder receives such notice but it is defective, such Holder’s failure to
receive such notice or such defect shall not affect the validity of the
proceedings for the purchase of the Notes as to all other Holders that properly
received such notice without defect.  The
Issuer shall comply with the requirements of Rule 14e-1 under the Exchange
Act and any other securities laws and regulations thereunder to the extent such
laws or regulations are applicable in connection with the repurchase of Notes
pursuant to a Change of Control Offer. 
To the extent that the provisions of any securities laws or regulations
conflict with the provisions of this Section 4.14, the Issuer shall comply
with the applicable securities laws and regulations and shall not be deemed to
have breached its obligations under this Section 4.14 by virtue thereof.

 

(b)                                 On the Change
of Control Payment Date, the Issuer shall, to the extent permitted by law,

 

(1)                                  accept for
payment all Notes issued by it or portions thereof properly tendered pursuant
to the Change of Control Offer,

 

(2)                                  deposit with
the Paying Agent an amount equal to the aggregate Change of Control Payment in
respect of all Notes or portions thereof so tendered, and

 

(3)                                  deliver, or
cause to be delivered, to the Paying Agent for cancellation the Notes so
accepted together with an Officer’s Certificate to the Trustee and the Paying
Agent stating that such Notes or portions thereof have been tendered to and
purchased by the Issuer.

 

(c)                                  The Issuer
shall not be required to make a Change of Control Offer following a Change of
Control if a third party makes the Change of Control Offer in the manner, at
the times and otherwise in compliance with the requirements set forth in this
Section 4.14 applicable to a Change of Control Offer made by the Issuer
and purchases all Notes validly tendered and not withdrawn under such Change of
Control Offer.  Notwithstanding anything
to the contrary herein, a Change of Control Offer may be made in advance of a
Change of Control, with such Change of Control Offer being conditional upon
such Change of Control, if a definitive agreement is in place for the Change of
Control at the time of making of the Change of Control Offer.

 

(d)                                 Other than as
specifically provided in this Section 4.14, any purchase pursuant to this
Section 4.14 shall be made pursuant to the provisions of Sections 3.02,
3.05 and 3.06 hereof.

 

Section 4.15                                          Limitation on
Guarantees of Indebtedness by Restricted Subsidiaries.

 

The
Issuer shall not permit any of its Restricted Subsidiaries that is a Domestic
Subsidiary, other than a Guarantor, to guarantee the payment of any
Indebtedness of the Issuer or any other Guarantor unless:

 

(1)                                  such Restricted
Subsidiary, concurrently therewith, executes and delivers a supplemental
indenture to this Indenture, the form of which is attached as Exhibit E
hereto, providing for a Guarantee by such Restricted Subsidiary, except that
with respect to a guarantee of Indebtedness of the Issuer or any Guarantor, if
such Indebtedness is by its express terms subordinated in right of payment to
the Notes or such Guarantor’s Guarantee, any such guarantee by such Restricted
Subsidiary with respect to such Indebtedness shall be subordinated in right of 

 

77

 

payment
to such Guarantee substantially to the same extent as such Indebtedness is
subordinated to the Notes; and

 

(2)                                  notwithstanding
the foregoing and the other provisions of this Indenture, any Guarantee by a
Restricted Subsidiary shall provide by its terms that it shall be automatically
and unconditionally released and discharged (i) upon any sale, exchange or
transfer, to any Person not an Affiliate of the Issuer, of all of the Issuer’s
Capital Stock in, or all or substantially all the assets of, such Restricted
Subsidiary (which sale, exchange or transfer is not prohibited hereunder); (ii) upon
the release or discharge of the guarantee which resulted in the creation of
such Guarantee, except a discharge or release by or as a result of a payment
under such guarantee; (iii) upon defeasance or satisfaction and discharge
of this Indenture; or (iv) if the Issuer designates a Restricted
Subsidiary that is a Guarantor to be an Unrestricted Subsidiary.

 

Section 4.16                                          Further
Assurances and After-Acquired Property

 

(a)                                  The Issuer and
the Guarantors shall execute any and all further documents, financing
statements, agreements and instruments, and take all further action that may be
required under applicable law, or that the Notes Priority Collateral Agent may
reasonably request, in order to grant, preserve, protect and perfect the
validity and priority of the security interests and Liens created or intended
to be created by the Security Documents in the Collateral, subject to Permitted
Liens.  In addition, from time to time, the Issuer shall reasonably
promptly secure the obligations of the Issuer under this Indenture, the
Security Documents and the Intercreditor Agreement by pledging or creating, or
causing to be pledged or created, perfected security interests and Liens with
respect to the Collateral.  Such security interests and Liens will be
created under the Security Documents and other security agreements, mortgages,
deeds of trust and other instruments and documents in form and substance reasonably
satisfactory to the Notes Priority Collateral Agent, and the Issuer shall
deliver or cause to be delivered to the Trustee and the Notes Priority
Collateral Agent all such instruments and documents (including certificates,
legal opinions, title insurance policies and lien searches) as the Trustee and
the Notes Priority Collateral Agent shall reasonably request to evidence
compliance with this covenant.  The Issuer agrees to provide such evidence
as the Trustee and Notes Priority Collateral Agent shall reasonably request as
to the perfection and priority status of each such security interest and Lien.

 

(b)                                 In furtherance
of the foregoing, promptly, but in no event later than 90 days, following the
acquisition by the Issuer or any Guarantor of any After-Acquired Property, the
Issuer or such Guarantor shall execute and deliver such mortgages, deeds of
trust, security instruments, financing statements and certificates and opinions
of counsel as shall be reasonably necessary to vest in the Notes Priority
Collateral Agent a perfected security interest in such After-Acquired Property
and to have such After-Acquired Property added to the Notes Priority Collateral
or the ABL Priority Collateral, as applicable, and thereupon all provisions of
this Indenture and the Security Documents relating to the Notes Priority
Collateral or the ABL Priority Collateral, as applicable, shall be deemed to
relate to such After-Acquired Property to the same extent and with the same
force and effect.

 

Section 4.17                                          Information Regarding
Collateral

 

(a)                                  The Issuer
shall furnish to the Trustee and the Notes Priority Collateral Agent, with
respect to the Issuer or any Guarantor, prompt written notice of any change in
such Person’s (i) legal name, (ii) jurisdiction of organization or formation,
(iii) identity or corporate structure or (iv) organizational
identification number.  The Issuer and the Guarantors shall agree not to
effect or permit any change referred to in the preceding sentence unless all
filings have been made by the Issuer and the Guarantors under the Uniform
Commercial Code or otherwise that are required in order for the 

 

78

 

Notes
Priority Collateral Agent to continue at all times following such change to
have a valid, legal and perfected security interest in all the
Collateral.  In no event shall the Trustee, the Paying Agent, or the Notes
Priority Collateral Agent have any responsibility to (i) make such filings
or any filings relating to the continuation, amendments or termination thereof
or (ii) ensure that any such filings have been made.  The Issuer also agrees promptly to notify the
Trustee and the Notes Priority Collateral Agent if any portion of the
Collateral suffers any damage, destruction or condemnation which would have a
material adverse effect on the Collateral as a whole.

 

(b)                                 Each year, at
the time of delivery of the annual financial statements with respect to the
preceding fiscal year, the Issuer shall deliver to the Trustee and the Notes
Priority Collateral Agent a certificate of a financial officer updating the
information set forth in the schedules to the Security Documents or confirming
that there has been no change in such information since the date of the prior
annual financial statements.

 

Section 4.18                                          [INTENTIONALLY
OMITTED]

 

Section 4.19                                          Covenant
Suspension

 

(a)                                  During any
period of time that (1) the Notes have an Investment Grade Rating from
both Moody’s and S&P and (2) no Default or Event of Default has
occurred and is continuing under this Indenture (the occurrence of the events
described in the foregoing clauses (1) and (2) being collectively
referred to as a “Covenant Suspension Event”), the Issuer and the
Restricted Subsidiaries shall not be subject to Sections 4.07, 4.08, 4.09,
4.10, 4.11 and 4.15.

 

(b)                                 Notwithstanding
the foregoing, if the Investment Grade Rating assigned by either Rating Agency
should subsequently decline below an Investment Grade Rating, the foregoing
covenants will be reinstituted as of and from the date of such rating decline.  Calculations under the reinstated Section 4.07
hereof will be made as if Section 4.07 had been in effect since the
Issuance Date except that no Default will be deemed to have occurred solely by
reason of a Restricted Payment being made while the covenant was
suspended.  All Indebtedness or
Disqualified Stock issued during the covenant suspension period shall be
classified as having been issued pursuant to Section 4.09, to the extent
such issuance would not be permitted thereunder, such issuance shall be deemed
to have been outstanding since the Issuance Date (and thereby permitted
pursuant to clause (3) of Section 4.09(b) hereof).

 

(c)                                  The Issuer
shall notify the Trustee and the Paying Agent promptly of the occurrence of any
of the foregoing.

 

ARTICLE V

 

SUCCESSORS

 

Section 5.01                                          Merger,
Consolidation or Sale of All or Substantially All Assets.

 

(a)                                  The Issuer
shall not consolidate or merge with or into or wind up into (whether or not the
Issuer is the surviving corporation), or sell, assign, transfer, lease, convey
or otherwise dispose of all or substantially all of its properties or assets,
in one or more related transactions, to any Person unless:

 

(1)                                  the Issuer is
the surviving corporation or the Person formed by or surviving any such
consolidation or merger (if other than the Issuer) or to which such sale,
assignment, transfer, lease, conveyance or other disposition will have been
made is a corporation organized or existing 

 

79

 

under the laws of the jurisdiction
of organization of the Issuer or the laws of the United States, any state
thereof, the District of Columbia, or any territory thereof (such Person, as
the case may be, being herein called the “Successor Company”);

 

(2)                                  the Successor
Company, if other than the Issuer, expressly assumes all the obligations of the
Issuer under the Notes and the Security Documents pursuant to supplemental
indentures or other documents or instruments in form reasonably satisfactory to
the Trustee and the Notes Priority Collateral Agent;

 

(3)                                  immediately
after such transaction, no Default exists;

 

(4)                                  immediately
after giving pro forma effect to such
transaction and any related financing transactions, as if such transactions had
occurred at the beginning of the applicable four-quarter period,

 

(A)                              the Successor
Company would be permitted to incur at least $1.00 of additional Indebtedness
pursuant to the Fixed Charge Coverage Ratio test set forth in first sentence of
Section 4.09(a) hereof, or

 

(B)                                the Fixed
Charge Coverage Ratio for the Successor Company and its Restricted Subsidiaries
would be greater than such ratio for the Issuer and its Restricted Subsidiaries
immediately prior to such transaction;

 

(5)                                  each Guarantor,
unless it is the other party to the transactions described above, in which case
Section 5.01(c)(1)(B) hereof shall apply, shall have by supplemental
indenture confirmed that its Guarantee shall apply to such Person’s obligations
under this Indenture, the Notes and the Registration Rights Agreement;

 

(6)                                  the Issuer
shall have delivered to the Trustee and the Notes Priority Collateral Agent an
Officer’s Certificate and an Opinion of Counsel, each stating that such
consolidation, merger or transfer and such supplemental indentures, if any,
comply with this Indenture;

 

(7)                                  any Collateral
owned by or transferred to the Successor Company shall (a) continue to
constitute Collateral under this Indenture and the Security Documents, (b) be
subject to the Lien in favor of the Notes Priority Collateral Agent for the benefit
of the Noteholder Secured Parties and the Holders of the Notes, and (c) not
be subject to any Lien other than Permitted Liens and other Liens permitted
under Section 4.12 hereof; and

 

(8)                                  to the extent
any assets of the Person which is merged or consolidated with or into the
Successor Company are assets of the type which would constitute Collateral
under the Security Documents, the Successor Company will take such action as
may be reasonably necessary to cause such property and assets to be made subject
to the Lien of the Security Documents in the manner and to the extent required
in this Indenture or any of the Security Documents and shall take all
reasonably necessary action so that such Lien is perfected to the extent
required by this Indenture or any of the Security Documents as evidence by an
Opinion of Counsel to such effect addressed to the Trustee and the Notes
Priority Collateral Agent.

 

(b)                                 The Successor
Company shall succeed to, and be substituted for the Issuer, as the case may
be, under this Indenture, the Guarantees, the Security Documents and the Notes,
as applicable.  Notwithstanding clauses
(3) and (4)(a) of Section 5.01(a) hereof,

 

80

 

(x)                                   any Restricted
Subsidiary may consolidate with, merge into or transfer all or part of its
properties and assets to the Issuer, and

 

(y)                                 the Issuer may
merge with an Affiliate incorporated solely for the purpose of reincorporating
the Issuer in another State of the United States so long as the amount of Indebtedness
of the Issuer and its Restricted Subsidiaries is not increased thereby.

 

(c)                                  Subject to
certain limitations described in this Indenture governing release of a
Guarantee upon the sale, disposition or transfer of a guarantor, no Guarantor
shall, and the Issuer shall not permit any Guarantor to, consolidate or merge
with or into or wind up into (whether or not the Issuer or Guarantor is the
surviving corporation), or sell, assign, transfer, lease, convey or otherwise
dispose of all or substantially all of its properties or assets, in one or more
related transactions, to any Person unless:

 

(1)                                  (A) such
Guarantor is the surviving corporation or the Person formed by or surviving any
such consolidation or merger (if other than such Guarantor) or to which such
sale, assignment, transfer, lease, conveyance or other disposition will have
been made is a corporation organized or existing under the laws of the
jurisdiction of organization of such Guarantor, as the case may be, or the laws
of the United States, any state thereof, the District of Columbia, or any
territory thereof (such Guarantor or such Person, as the case may be, being
herein called the “Successor Person”);

 

(B)                                the Successor
Person, if other than such Guarantor, expressly assumes all the obligations of
such Guarantor under this Indenture, the Security Documents and such
Guarantor’s related Guarantee pursuant to supplemental indentures or other
documents or instruments in form reasonably satisfactory to the Trustee and the
Notes Priority Collateral Agent;

 

(C)                                immediately
after such transaction, no Default exists;

 

(D)                               the Issuer
shall have delivered to the Trustee and the Notes Priority Collateral Agent an
Officer’s Certificate and an Opinion of Counsel, each stating that such
consolidation, merger or transfer and such supplemental indentures, if any,
comply with this Indenture;

 

(E)                                 any Collateral
owned by or transferred to the Successor Person shall (i) continue to
constitute Collateral under this Indenture and the Security Documents, (ii) be
subject to the Lien in favor of the Notes Priority Collateral Agent for the
benefit of the Noteholder Secured Parties, and (iii) not be subject to any
Lien other than Permitted Liens and other Liens permitted under Section 4.12
hereof; and

 

(F)                                 to the extent
any assets of the Person which is merged or consolidated with or into the
Successor Company are assets of the type which would constitute Collateral
under the Security Documents, the Successor Company shall take such action as
may be reasonably necessary to cause such property and assets to be made
subject to the Lien of the Security Documents in the manner and to the extent
required in this Indenture or any of the Security Documents and shall take all
reasonably necessary action so that such Lien is perfected to the extent
required by the Security Documents as evidenced by an Opinion of Counsel to
such effect addressed to the Trustee and the Notes Priority Collateral Agent;
or

 

(2)                                  the transaction
is made in compliance with Section 4.10 hereof.

 

81

 

(d)                                 Subject to
certain limitations described in this Indenture, the Successor Person shall
succeed to, and be substituted for, such Guarantor under this Indenture, the
Security Documents and such Guarantor’s Guarantee.  Notwithstanding the foregoing, any Guarantor
may merge into or transfer all or part of its properties and assets to another
Guarantor or the Issuer.

 

Section 5.02                                          Successor
Corporation Substituted.

 

Upon
any consolidation or merger, or any sale, assignment, transfer, lease,
conveyance or other disposition of all or substantially all of the assets of
the Issuer in accordance with Section 5.01 hereof, the successor
corporation formed by such consolidation or into or with which the Issuer is
merged or to which such sale, assignment, transfer, lease, conveyance or other
disposition is made shall succeed to, and be substituted for (so that from and
after the date of such consolidation, merger, sale, lease, conveyance or other
disposition, the provisions of this Indenture referring to the Issuer shall
refer instead to the successor corporation and not to the Issuer), and may
exercise every right and power of the Issuer under this Indenture with the same
effect as if such successor Person had been named as the Issuer herein; provided
that the predecessor Issuer shall not be relieved from the obligation to pay
the principal of and interest and Additional Interest, if any, on the Notes
except in the case of a sale, assignment, transfer, conveyance or other disposition
of all of the Issuer’s assets that meets the requirements of Section 5.01
hereof.

 

ARTICLE VI

 

DEFAULTS AND REMEDIES

 

Section 6.01                                          Events of
Default.

 

(a)                                  An “Event of
Default” wherever used herein, means any one of the following events
(whatever the reason for such Event of Default and whether it shall be
voluntary or involuntary or be effected by operation of law or pursuant to any
judgment, decree or order of any court or any order, rule or regulation of
any administrative or governmental body):

 

(1)                                  default in
payment when due and payable, upon redemption, acceleration or otherwise, of
principal of, or premium, if any, on the Notes;

 

(2)                                  default for 30
days or more in the payment when due of interest or Additional Interest on or
with respect to the Notes;

 

(3)                                  failure by the
Issuer or any Guarantor for 60 days after receipt of written notice given by
the Trustee or the Holders of not less than 25% in principal amount of the
Notes then outstanding to comply with any of its obligations, covenants or agreements
(other than a default referred to in clauses (1) and (2) above)
contained in this Indenture or the Notes;

 

(4)                                  default under
any mortgage, indenture or instrument under which there is issued or by which
there is secured or evidenced any Indebtedness for money borrowed by the Issuer
or any of its Restricted Subsidiaries or the payment of which is guaranteed by
the Issuer or any of its Restricted Subsidiaries, other than Indebtedness owed
to the Issuer or a Restricted Subsidiary, if such Indebtedness or guarantee
that is the basis of such default has not been discharged, or such default is
not cured or waived, or such acceleration is not rescinded, within 30 days
after notice to the Issuer by the Trustee or to the Issuer and the Trustee by
Holders of at least 25% in aggregate 

 

82

 

principal
amount of Notes then outstanding, in accordance with this Indenture, whether
such Indebtedness or guarantee now exists or is created after the issuance of
the Notes, if both:

 

(a)                                  such default
either results from the failure to pay any principal of such Indebtedness at
its stated final maturity (after giving effect to any applicable grace periods)
or relates to an obligation other than the obligation to pay principal of any
such Indebtedness at its stated final maturity and results in the holder or
holders of such Indebtedness causing such Indebtedness to become due prior to
its stated maturity; and

 

(b)                                 the principal
amount of such Indebtedness, together with the principal amount of any other
such Indebtedness in default for failure to pay principal at stated final
maturity (after giving effect to any applicable grace periods), or the maturity
of which has been so accelerated, aggregate $20.0 million or more at any one
time outstanding;

 

(5)                                  failure by the
Issuer or any Significant Subsidiary to pay, bond or otherwise discharge any
judgments aggregating in excess of a total uninsured amount of
$20.0 million, which final judgments remain unpaid, undischarged and
unstayed for a period of more than 60 days after such judgment becomes final;

 

(6)                                  the Issuer or
any of its Restricted Subsidiaries that is a Significant Subsidiary or any
group of Restricted Subsidiaries that, taken together, would constitute a
Significant Subsidiary, pursuant to or within the meaning of any Bankruptcy
Law:

 

(i)                                     commences
proceedings to be adjudicated bankrupt or insolvent;

 

(ii)                                  consents to the
institution of bankruptcy or insolvency proceedings against it, or the filing
by it of a petition or answer or consent seeking reorganization or relief under
applicable Bankruptcy law;

 

(iii)                               consents to the
appointment of a receiver, liquidator, assignee, trustee, sequestrator or other
similar official of it or for all or substantially all of its property;

 

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

 

(v)                                 generally is
not paying its debts as they become due;

 

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

 

(i)                                     is for relief
against the Issuer or any of its Restricted Subsidiaries that is a Significant
Subsidiary or any group of Restricted Subsidiaries that, taken together, would
constitute a Significant Subsidiary, in a proceeding in which the Issuer or any
such Restricted Subsidiaries, that is a Significant Subsidiary or any group of
Restricted Subsidiaries that, taken together, would constitute a Significant
Subsidiary, is to be adjudicated bankrupt or insolvent;

 

(ii)                                  appoints a
receiver, liquidator, assignee, trustee, sequestrator or other similar official
of the Issuer or any of its Restricted Subsidiaries that is a Significant
Subsidiary or any group of Restricted Subsidiaries that, taken together, would
constitute a 

 

83

 

Significant Subsidiary, or
for all or substantially all of the property of the Issuer or any of its
Restricted Subsidiaries that is a Significant Subsidiary or any group of
Restricted Subsidiaries that, taken together, would constitute a Significant
Subsidiary; or

 

(iii)                               orders the
liquidation of the Issuer or any of its Restricted Subsidiaries that is a
Significant Subsidiary or any group of Restricted Subsidiaries that, taken
together, would constitute a Significant Subsidiary;

 

and
the order or decree remains unstayed and in effect for 60 consecutive days;

 

(8)                                  the Guarantee
of any Significant Subsidiary shall for any reason cease to be in full force
and effect or be declared null and void or any responsible officer of any
Guarantor that is a Significant Subsidiary, as the case may be, denies that it
has any further liability under its Guarantee or gives notice to such effect,
other than by reason of the termination of this Indenture or the release of any
such Guarantee in accordance with this Indenture; or

 

(9)                                  with respect to
any Collateral having a fair market value in excess of $5.0 million,
individually or in the aggregate, (a) the security interest under the
Security Documents, at any time, ceases to be in full force and effect with the
priority contemplated thereby for any reason other than in accordance with the
terms of this Indenture, the Security Documents and the Intercreditor Agreement
for a period of 30 days after notice, (b) any security interest created
thereunder or under this Indenture is declared invalid or unenforceable by a
court of competent jurisdiction or (c) the Issuer or any Guarantor
asserts, in any pleading in any court of competent jurisdiction, that any such
security interest is invalid or unenforceable other than in accordance with the
terms of this Indenture, the Security Documents and the Intercreditor
Agreement; or the failure of the Notes Priority Collateral Agent to maintain
possession of certificates actually delivered to it representing securities
pledged under the Security Documents.

 

Section 6.02                                          Acceleration.

 

If
any Event of Default (other than an Event of Default specified in clause (6) or
(7) of Section 6.01(a) hereof) occurs and is continuing under
this Indenture, the Trustee or the Holders of at least 25% in principal amount
of the then total outstanding Notes may declare the principal, premium, if any,
interest and any other monetary obligations on all the then outstanding Notes
to be due and payable immediately.

 

Upon
the effectiveness of such declaration, such principal and interest shall be due
and payable immediately.  The Trustee
shall have no obligation to accelerate the Notes if the Trustee determines that
acceleration is not in the best interest of the Holders of the Notes.

 

Notwithstanding
the foregoing, in the case of an Event of Default arising under clause (6) or
(7) of Section 6.01(a) hereof, all outstanding Notes shall be
due and payable immediately without further action or notice.

 

The
Holders of a majority in aggregate principal amount of the then outstanding Notes
by written notice to the Trustee may on behalf of all of the Holders rescind an
acceleration and its consequences if the rescission would not conflict with any
judgment or decree and if all existing Events of Default (except nonpayment of
principal, interest, Additional Interest, if any, or premium that has become
due solely because of the acceleration) have been cured or waived.

 

84

 

Section 6.03                                          Other Remedies.

 

If
an Event of Default occurs and is continuing, the Trustee may pursue any
available remedy to collect the payment of principal, premium, if any, and
interest on the Notes or to enforce the performance of any provision of the
Notes or this Indenture.

 

The
Trustee may maintain a proceeding even if it does not possess any of the Notes
or does not produce any of them in the proceeding.  A delay or omission by the Trustee or any
Holder of a Note in exercising any right or remedy accruing upon an Event of
Default shall not impair the right or remedy or constitute a waiver of or
acquiescence in the Event of Default. 
All remedies are cumulative to the extent permitted by law.

 

Section 6.04                                          Waiver of Past
Defaults.

 

Holders
of not less than a majority in aggregate principal amount of the then
outstanding Notes by notice to the Trustee may on behalf of the Holders of all
of the Notes waive any existing Default and its consequences hereunder, except
a continuing Default in the payment of the principal of, premium, if any,
Additional Interest, if any, or interest on, any Note held by a non-consenting
Holder (including in connection with an Asset Sale Offer or a Change of Control
Offer); provided, subject to Section 6.02 hereof, that the Holders
of a majority in aggregate principal amount of the then outstanding Notes may
rescind an acceleration and its consequences, including any related payment
default that resulted from such acceleration. 
Upon any such waiver, such Default shall cease to exist, and any Event
of Default arising therefrom shall be deemed to have been cured for every
purpose of this Indenture; but no such waiver shall extend to any subsequent or
other Default or impair any right consequent thereon.

 

Section 6.05                                          Control by
Majority.

 

Holders
of a majority in principal amount of the then total outstanding Notes may
direct the time, method and place of conducting any proceeding for any remedy
available to the Trustee or of exercising any trust or power conferred on the
Trustee.  The Trustee, however, may refuse
to follow any direction that conflicts with law or this Indenture or that the
Trustee determines is unduly prejudicial to the rights of any other Holder of a
Note or that would involve the Trustee in personal liability.

 

Section 6.06                                          Limitation on
Suits.

 

Subject
to Section 6.07 hereof, no
Holder of a Note may pursue any remedy with respect to this Indenture or the
Notes unless:

 

(1)                                  such Holder has
previously given the Trustee notice that an Event of Default is continuing;

 

(2)                                  Holders of at
least 25% in principal amount of the total outstanding Notes have requested the
Trustee to pursue the remedy;

 

(3)                                  Holders of the
Notes have offered the Trustee reasonable security or indemnity against any
loss, liability or expense;

 

(4)                                  the Trustee has
not complied with such request within 60 days after the receipt thereof and the
offer of security or indemnity; and

 

85

 

(5)                                  Holders of a
majority in principal amount of the total outstanding Notes have not given the
Trustee a direction inconsistent with such request within such 60-day period.

 

A
Holder of a Note may not use this Indenture to prejudice the rights of another
Holder of a Note or to obtain a preference or priority over another Holder of a
Note.

 

Section 6.07                                          Rights of
Holders of Notes to Receive Payment.

 

Notwithstanding
any other provision of this Indenture, the right of any Holder of a Note to
receive payment of principal, premium, if any, and Additional Interest, if any,
and interest on the Note, on or after the respective due dates expressed in the
Note (including in connection with an Asset Sale Offer or a Change of Control
Offer), or to bring suit for the enforcement of any such payment on or after
such respective dates, shall not be impaired or affected without the consent of
such Holder; provided, that a Holder shall not have the right to
institute any such suit for the enforcement of payment if and to the extent
that the institution or prosecution thereof or the entry of judgment therein
would, under applicable law, result in the surrender, impairment, waiver, loss
of the lien of this Indenture upon any property subject to such lien.

 

Section 6.08                                          Collection Suit
by Trustee.

 

If
an Event of Default specified in Section 6.01(a)(1) or (2) hereof occurs and is continuing, the
Trustee is authorized to recover judgment in its own name and as trustee of an
express trust against the Issuer for the whole amount of principal of, premium,
if any, and Additional Interest, if any, and interest remaining unpaid on the
Notes and interest on overdue principal and, to the extent lawful, interest and
such further amount as shall be sufficient to cover the costs and expenses of
collection, including the reasonable compensation, expenses, disbursements and
advances of the Trustee, its agents and counsel.

 

Section 6.09                                          Restoration of
Rights and Remedies.

 

If
the Trustee or any Holder has instituted any proceeding to enforce any right or
remedy under this Indenture and such proceeding has been discontinued or
abandoned for any reason, or has been determined adversely to the Trustee or to
such Holder, then and in every such case, subject to any determination in such
proceedings, the Issuer, the Trustee and the Holders shall be restored
severally and respectively to their former positions hereunder and thereafter
all rights and remedies of the Trustee and the Holders shall continue as though
no such proceeding has been instituted.

 

Section 6.10                                          Rights and
Remedies Cumulative.

 

Except
as otherwise provided with respect to the replacement or payment of mutilated,
destroyed, lost or stolen Notes in Section 2.07 hereof, no right or remedy
herein conferred upon or reserved to the Trustee or to the Holders is intended
to be exclusive of any other right or remedy, and every right and remedy shall,
to the extent permitted by law, be cumulative and in addition to every other
right and remedy given hereunder or now or hereafter existing at law or in
equity or otherwise.  The assertion or
employment of any right or remedy hereunder, or otherwise, shall not prevent
the concurrent assertion or employment of any other appropriate right or
remedy.

 

86

 

Section 6.11                                          Delay or
Omission Not Waiver.

 

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

 

Section 6.12                                          Trustee
May File Proofs of Claim.

 

The
Trustee is authorized to file such proofs of claim and other papers or
documents as may be necessary or advisable in order to have the claims of the
Trustee (including any claim for the reasonable compensation, expenses,
disbursements and advances of the Trustee, its agents and counsel), the Notes
Priority Collateral Agent, the Agents and the Holders of the Notes allowed in
any judicial proceedings relative to the Issuer (or any other obligor upon the
Notes including the Guarantors), its creditors or its property and shall be
entitled and empowered to participate as a member in any official committee of
creditors appointed in such matter and to collect, receive and distribute any
money or other property payable or deliverable on any such claims and any
custodian in any such judicial proceeding is hereby authorized by each Holder
to make such payments to the Trustee, and in the event that the Trustee shall
consent to the making of such payments directly to the Holders, to pay to the
Trustee any amount due to it for the reasonable compensation, expenses,
disbursements and advances of the Trustee, its agents and counsel, and any
other amounts due the Trustee, the Notes Priority Collateral Agent and the Agents
under Section 7.07 and Section 12.12 hereof.  To the extent that the payment of any such
compensation, expenses, disbursements and advances of the Trustee, its agents
and counsel, and any other amounts due the Trustee under Section 7.07
hereof out of the estate in any such proceeding, shall be denied for any
reason, payment of the same shall be secured by a Lien on, and shall be paid
out of, any and all distributions, dividends, money, securities and other
properties that the Holders may be entitled to receive in such proceeding
whether in liquidation or under any plan of reorganization or arrangement or
otherwise.  Nothing herein contained
shall be deemed to authorize the Trustee to authorize or consent to or accept
or adopt on behalf of any Holder any plan of reorganization, arrangement,
adjustment or composition affecting the Notes or the rights of any Holder, or
to authorize the Trustee to vote in respect of the claim of any Holder in any
such proceeding.

 

Section 6.13                                          Priorities.

 

If
either the Trustee or the Notes Priority Collateral Agent collects any money
pursuant to this Article VI or Article XII, as applicable, or if
proceeds are received by the Notes Priority Collateral Agent if any Collateral
is sold or otherwise realized upon by the Notes Priority Collateral Agent in
connection with any foreclosure, collection or other enforcement of Liens
granted to the Notes Priority Collateral Agent in the Security Documents, in
any such case, it shall pay out the money in the following order:

 

(i)                                     ratably to the
Trustee, the Notes Priority Collateral Agent, the Agents and their respective
agents and attorneys for amounts due under Sections 7.07 and 12.12 hereof,
including payment of all compensation, expenses and liabilities incurred, and
all advances made, by the Trustee, the Agents and Notes Priority Collateral
Agent and the costs and expenses of collection;

 

(ii)                                  to Holders of
Notes for amounts due and unpaid on the Notes for principal, premium, if any,
and Additional Interest, if any, and interest, ratably, without preference or 

 

87

 

priority of any kind,
according to the amounts due and payable on the Notes for principal, premium,
if any, and Additional Interest, if any, and interest, respectively; and

 

(iii)                               to the Issuer
or to such party as a court of competent jurisdiction shall direct including a
Guarantor, if applicable.

 

The
Trustee may fix a record date and payment date for any payment to Holders of
Notes pursuant to this Section 6.13.

 

Section 6.14                                          Undertaking for
Costs.

 

In
any suit for the enforcement of any right or remedy under this Indenture or in
any suit against the Trustee for any action taken or omitted by it as a
Trustee, a court in its discretion may require the filing by any party litigant
in the suit of an undertaking to pay the costs of the suit, and the court in
its discretion may assess reasonable costs, including reasonable attorneys’
fees, against any party litigant in the suit, having due regard to the merits
and good faith of the claims or defenses made by the party litigant.  This Section 6.14 does not apply to a
suit by the Trustee, a suit by a Holder of a Note pursuant to Section 6.07
hereof, or a suit by Holders of more than 10% in principal amount of the then
outstanding Notes.

 

ARTICLE VII

 

TRUSTEE

 

Section 7.01                                          Duties of
Trustee.

 

(a)                                  If an Event of
Default has occurred and is continuing, the Trustee shall exercise such of the
rights and powers vested in it by this Indenture, and use the same degree of
care and skill in its exercise, as a prudent person would exercise or use under
the circumstances in the conduct of such person’s own affairs.

 

(b)                                 Except during
the continuance of an Event of Default:

 

(i)                                     the duties of
the Trustee shall be determined solely by the express provisions of this
Indenture and the Trustee need perform only those duties that are specifically
set forth in this Indenture and no others, and no implied covenants or
obligations shall be read into this Indenture against the Trustee; and

 

(ii)                                  in the absence
of bad faith on its part, the Trustee may conclusively rely, as to the truth of
the statements and the correctness of the opinions expressed therein, upon
certificates or opinions furnished to the Trustee and conforming to the
requirements of this Indenture.  However,
the Trustee shall examine the certificates and opinions to determine whether or
not they conform on their face to the requirements of this Indenture.

 

(c)                                  The Trustee may
not be relieved from liabilities for its own negligent action, its own negligent
failure to act, or its own willful misconduct, except that:

 

(i)                                     this paragraph
does not limit the effect of paragraph (b) of this Section 7.01;

 

88

 

(ii)                                  the Trustee
shall not be liable for any error of judgment made in good faith by a
Responsible Officer, unless it is proved in a court of competent jurisdiction
that the Trustee was negligent in ascertaining the pertinent facts; and

 

(iii)                               the Trustee
shall not be liable with respect to any action it takes or omits to take in
good faith in accordance with a direction received by it pursuant to Section 6.05
hereof.

 

(d)                                 Whether or not
therein expressly so provided, every provision of this Indenture that in any
way relates to the Trustee is subject to paragraphs (a), (b) and (c) of
this Section 7.01.

 

(e)                                  None of the
Trustee, the Paying Agent or the Notes Priority Collateral Agent shall be under
any obligation to exercise any of its respective rights or powers under this
Indenture at the request or direction of any of the Holders of the Notes unless
the Holders have offered to the Trustee, the Paying Agent and the Notes
Priority Collateral Agent indemnity or security satisfactory to such party
against any loss, liability or expense.

 

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

 

Section 7.02                                          Rights of Trustee.

 

(a)                                  The Trustee may
conclusively rely upon any document believed by it to be genuine and to have
been signed or presented by the proper Person. 
The Trustee need not investigate any fact or matter stated in the
document, but the Trustee, in its discretion, may make such further inquiry or
investigation into such facts or matters as it may see fit.

 

(b)                                 Before the
Trustee acts or refrains from acting, it may require an Officer’s Certificate
or an Opinion of Counsel or both.  The
Trustee shall not be liable for any action it takes or omits to take in good
faith in reliance on such Officer’s Certificate or Opinion of Counsel.  The Trustee may consult with counsel of its
selection and the advice of such counsel or any Opinion of Counsel shall be
full and complete authorization and protection from liability in respect of any
action taken, suffered or omitted by it hereunder in good faith and in reliance
thereon.

 

(c)                                  The Trustee may
act through its attorneys and agents and shall not be responsible for the
misconduct or negligence of any agent or attorney appointed with due care.

 

(d)                                 The Trustee
shall not be liable for any action it takes or omits to take in good faith that
it believes to be authorized or within the rights or powers conferred upon it
by this Indenture.

 

(e)                                  Unless
otherwise specifically provided in this Indenture, any demand, request,
direction or notice from the Issuer shall be sufficient if signed by an Officer
of the Issuer.

 

(f)                                    None of the
provisions of this Indenture shall require the Trustee to expend or risk its
own funds or otherwise to incur any liability, financial or otherwise, in the
performance of any of its duties hereunder, or in the exercise of any of its
rights or powers if it shall have reasonable grounds for believing that
repayment of such funds or indemnity satisfactory to it against such risk or
liability is not assured to it.

 

89

 

(g)                                 The Trustee
shall not be deemed to have notice of any Default or Event of Default unless a
Responsible Officer of the Trustee has actual knowledge thereof or unless
written notice of any event which is in fact such a Default and stating that
such event is a Default or Event of Default is received by the Trustee at the
Corporate Trust Office of the Trustee, and such notice references the Notes and
this Indenture

 

(h)                                 In no event
shall the Trustee, the Paying Agent or the Notes Priority Collateral Agent be
responsible or liable for special, indirect, or consequential loss or damage of
any kind whatsoever (including, but not limited to, loss of profit)
irrespective of whether the Trustee, the Paying Agent or the Notes Priority
Collateral Agent has been advised of the likelihood of such loss or damage and
regardless of the form of action.

 

(i)                                     The rights,
privileges, protections, immunities and benefits given to the Trustee,
including, without limitation, its right to be indemnified, are extended to,
and shall be enforceable by, the Trustee in each of its capacities hereunder,
and each agent, custodian and other Person employed to act hereunder.

 

(j)                                     The Trustee may
request that the Issuer and any Guarantor deliver an Officer’s Certificate
setting forth the names of individuals and/or titles of officers (with specimen
signatures) authorized at such times to take specific actions pursuant to this
Indenture, which Officer’s Certificate may be signed by any person specified as
so authorized in any such certificate previously delivered and not superseded.

 

Section 7.03                                          Individual
Rights of Trustee.

 

The
Trustee in its individual or any other capacity may become the owner or pledgee
of Notes and may otherwise deal with the Issuer or any Affiliate of the Issuer
with the same rights it would have if it were not Trustee.  However, in the event that the Trustee
acquires any conflicting interest it must eliminate such conflict within 90
days, apply to the SEC for permission to continue as trustee or resign.  Any Agent may do the same with like rights
and duties.  The Trustee is also subject
to Sections 7.10 and 7.11 hereof.

 

Section 7.04                                          Trustee’s,
Paying Agent’s and Notes Priority Collateral Agent’s Disclaimer.

 

None
of the Trustee, the Paying Agent, the Registrar, the Custodian, the Transfer
Agent and the Notes Priority Collateral Agent shall be responsible for and none
of such parties makes any representation as to the validity or adequacy of this
Indenture or the Notes, none of such parties shall be accountable for the
Issuer’s use of the proceeds from the Notes or any money paid to the Issuer or
upon the Issuer’s direction under any provision of this Indenture, none of such
parties shall be responsible for the use or application of any money received
by any Paying Agent other than the Trustee (if the Paying Agent) or such Paying
Agent, and none of such parties shall be responsible for any statement or
recital herein or any statement in the Notes or any other document in
connection with the sale of the Notes or pursuant to this Indenture other than
its certificate of authentication, if applicable.

 

Section 7.05                                          Notice of
Defaults.

 

If
a Default occurs and is continuing and if it is known to the Trustee, the
Trustee shall mail to Holders of Notes a notice of the Default within 90 days
after it occurs.  Except in the case of a
Default relating to the payment of principal, premium, if any, or interest on
any Note, the Trustee may 

 

90

 

withhold
from the Holders notice of any continuing Default if and so long as a committee
of its Responsible Officers in good faith determines that withholding the
notice is in the interests of the Holders of the Notes.  The Trustee shall not be deemed to know of
any Default unless a Responsible Officer of the Trustee has actual knowledge
thereof or unless written notice of any event which is such a Default is
received by the Trustee at the Corporate Trust Office of the Trust.

 

Section 7.06                                          Reports by
Trustee to Holders of the Notes.

 

Within
60 days after each May 15, beginning with the May 15 following the
date of this Indenture, and for so long as Notes remain outstanding, the
Trustee shall mail to the Holders of the Notes a brief report dated as of such
reporting date that complies with Trust Indenture Act Section 313(a) (but
if no event described in Trust Indenture Act Section 313(a) has occurred
within the twelve months preceding the reporting date, no report need be
transmitted).  The Trustee also shall
comply with Trust Indenture Act Section 313(b)(2), to the extent
applicable.  The Trustee shall also
transmit by mail all reports as required by Trust Indenture Act Section 313(c).

 

A
copy of each report at the time of its mailing to the Holders of Notes shall be
mailed to the Issuer and filed with the SEC and each stock exchange on which
the Notes are listed in accordance with Trust Indenture Act Section 313(d).  The Issuer shall promptly notify the Trustee
when the Notes are listed on any stock exchange.

 

Section 7.07                                          Compensation
and Indemnity.

 

The
Issuer shall pay to the Trustee from time to time such compensation for its
acceptance of this Indenture and services hereunder as the parties shall agree
in writing from time to time.  The
Trustee’s compensation shall not be limited by any law on compensation of a
trustee of an express trust.  The Issuer
shall reimburse the Trustee promptly upon request for all reasonable
disbursements, advances and expenses incurred or made by it in addition to the
compensation for its services.  Such
expenses shall include the reasonable compensation, disbursements and expenses
of the Trustee’s agents and counsel.

 

The
Issuer and the Guarantors, jointly and severally, shall indemnify the Trustee
for, and hold the Trustee harmless against, any and all loss, damage, claims,
liability or expense (including reasonable attorneys’ fees) incurred by it in
connection with the acceptance or administration of this trust and the
performance of its duties hereunder (including the costs and expenses of
enforcing this Indenture against the Issuer or any of the Guarantors (including
this Section 7.07) or defending itself against any claim whether asserted
by any Holder, the Issuer or any Guarantor, or liability in connection with the
acceptance, exercise or performance of any of its powers or duties
hereunder).  The Trustee shall notify the
Issuer promptly of any claim for which it may seek indemnity.  Failure by the Trustee to so notify the
Issuer shall not relieve the Issuer of its obligations hereunder.  The Issuer shall defend the claim and the Trustee
will reasonably cooperate in the defense. 
The Trustee may have separate counsel and the Issuer shall pay the
reasonable fees and expenses of such counsel. Neither the Issuer nor any
Guarantor need pay for any settlement made without its consent, which consent
shall not be unreasonably withheld. The Issuer need not reimburse any expense
or indemnify against any loss, liability or expense incurred by the Trustee
through the Trustee’s own willful misconduct, negligence or bad faith.

 

The
obligations of the Issuer under this Section 7.07 shall survive the
satisfaction and discharge of this Indenture or the earlier resignation or
removal of the Trustee.

 

91

 

Notwithstanding
the provisions of Section 4.12 hereof, to secure the payment obligations
of the Issuer and the Guarantors in this Section 7.07, the Trustee shall
have a Lien prior to the Notes on all money or property held or collected by
the Trustee, except that held in trust to pay principal and interest on
particular Notes.  Such Lien shall
survive the satisfaction and discharge of this Indenture.

 

When
the Trustee incurs expenses or renders services after an Event of Default
specified in Section 6.01(a)(6) or (7) hereof occurs, the
expenses and the compensation for the services (including the fees and expenses
of its agents and counsel) are intended to constitute expenses of
administration under any Bankruptcy Law.

 

Section 7.08                                          Replacement of
Trustee.

 

A
resignation or removal of the Trustee and appointment of a successor Trustee
shall become effective only upon the successor Trustee’s acceptance of
appointment as provided in this Section 7.08.  The Trustee may resign in writing at any time
and be discharged from the trust hereby created by so notifying the
Issuer.  The Holders of a majority in
principal amount of the then outstanding Notes may remove the Trustee by so
notifying the Trustee and the Issuer in writing.  The Issuer may remove the Trustee if:

 

(a)                                  the Trustee
fails to comply with Section 7.10 hereof;

 

(b)                                 the Trustee is
adjudged a bankrupt or an insolvent or an order for relief is entered with
respect to the Trustee under any Bankruptcy Law;

 

(c)                                  a custodian or
public officer takes charge of the Trustee or its property; or

 

(d)                                 the Trustee
becomes incapable of acting.

 

If
the Trustee resigns or is removed or if a vacancy exists in the office of
Trustee for any reason, the Issuer shall promptly appoint a successor
Trustee.  Within one year after the
successor Trustee takes office, the Holders of a majority in principal amount
of the then outstanding Notes may appoint a successor Trustee to replace the
successor Trustee appointed by the Issuer.

 

If
a successor Trustee does not take office within 120 days after the retiring
Trustee resigns or is removed, the retiring Trustee (at the Issuer’s expense),
the Issuer or the Holders of at least 10% in principal amount of the then
outstanding Notes may petition any court of competent jurisdiction for the
appointment of a successor Trustee.

 

If
the Trustee, after written request by any Holder who has been a Holder for at
least six months, fails to comply with Section 7.10 hereof, such Holder
may petition any court of competent jurisdiction for the removal of the Trustee
and the appointment of a successor Trustee.

 

A
successor Trustee shall deliver a written acceptance of its appointment to the
retiring Trustee and to the Issuer. 
Thereupon, the resignation or removal of the retiring Trustee shall
become effective, and the successor Trustee shall have all the rights, powers
and duties of the Trustee under this Indenture. 
The successor Trustee shall mail a notice of its succession to
Holders.  The retiring Trustee shall
promptly transfer all property held by it as Trustee to the successor Trustee; provided
all sums owing to the Trustee hereunder have been paid and subject to the Lien
provided for in Section 7.07 hereof. 
Notwithstanding replacement of the Trustee pursuant to this Section 7.08,
the Issuer’s obligations under Section 7.07 hereof shall continue for the
benefit of the retiring Trustee.

 

92

 

Section 7.09                                          Successor
Trustee by Merger, etc.

 

If
the Trustee consolidates, merges or converts into, or transfers all or
substantially all of its corporate trust business to, another corporation, the
successor corporation without any further act shall be the successor Trustee.

 

Section 7.10                                          Eligibility;
Disqualification.

 

There
shall at all times be a Trustee hereunder that is a corporation organized and
doing business under the laws of the United States of America or of any state
thereof that is authorized under such laws to exercise corporate trustee power,
that is subject to supervision or examination by federal or state authorities
and that has a combined capital and surplus of at least $50,000,000 as set
forth in its most recent published annual report of condition.

 

This
Indenture shall always have a Trustee who satisfies the requirements of Trust
Indenture Act Sections 310(a)(1), (2) and (5).  The Trustee is subject to Trust Indenture Act
Section 310(b).

 

Section 7.11                                          Preferential
Collection of Claims Against Issuer.

 

The
Trustee is subject to Trust Indenture Act Section 311(a), excluding any
creditor relationship listed in Trust Indenture Act Section 311(b).  A Trustee who has resigned or been removed
shall be subject to Trust Indenture Act Section 311(a) to the extent
indicated therein.

 

ARTICLE VIII

 

LEGAL DEFEASANCE AND
COVENANT DEFEASANCE

 

Section 8.01                                          Option to
Effect Legal Defeasance or Covenant Defeasance.

 

The
Issuer may, at its option and at any time, elect to have either Section 8.02
or 8.03 hereof applied to all outstanding Notes upon compliance with the
conditions set forth below in this Article VIII.

 

Section 8.02                                          Legal
Defeasance and Discharge.

 

Upon
the Issuer’s exercise under Section 8.01 hereof of the option applicable
to this Section 8.02, the Issuer shall, subject to the satisfaction of the
conditions set forth in Section 8.04 hereof, be deemed to have been
discharged from its obligations with respect to the Security Documents, the
Intercreditor Agreement and all outstanding Notes and have each Guarantor’s
obligation discharged with respect to its Guarantee on the date the conditions
set forth below are satisfied (“Legal Defeasance”).  For this purpose, Legal Defeasance means that
the Issuer shall be deemed to have paid and discharged the entire Indebtedness
represented by the outstanding Notes, which shall thereafter be deemed to be
“outstanding” only for the purposes of Section 8.05 hereof and the other
Sections of this Indenture referred to in (a) and (b) below, and to
have satisfied all its other obligations under such Notes, this Indenture
including that of the Guarantors (and the Trustee, on demand of and at the
expense of the Issuer, shall execute proper instruments (as provided to it by
the Issuer and reasonably satisfactory to the Trustee) acknowledging the same),
the Security Documents and the Intercreditor Agreement, except for the
following provisions which shall survive until otherwise terminated or
discharged hereunder:

 

93

 

(a)                                  the rights of
Holders of Notes to receive payments in respect of the principal of, premium,
if any, and interest on the Notes when such payments are due solely out of the
trust created pursuant to this Indenture referred to in Section 8.04 hereof;

 

(b)                                 the Issuer’s
obligations with respect to Notes concerning issuing temporary Notes,
registration of such Notes, mutilated, destroyed, lost or stolen Notes and the
maintenance of an office or agency for payment and money for security payments
held in trust;

 

(c)                                  the rights,
powers, trusts, duties and immunities of the Trustee, the Notes Priority
Collateral Agent and any Agent, and the Issuer’s obligations in connection
therewith; and

 

(d)                                 this Section 8.02.

 

Subject
to compliance with this Article VIII, the Issuer may exercise its option
under this Section 8.02 notwithstanding the prior exercise of its option
under Section 8.03 hereof.

 

Section 8.03                                          Covenant
Defeasance.

 

Upon
the Issuer’s exercise under Section 8.01 hereof of the option applicable to
this Section 8.03, the Issuer shall, subject to the satisfaction of the
conditions set forth in Section 8.04 hereof, be released from its
obligations and those of each Guarantor under the covenants contained in
Sections 4.03, 4.04, 4.05, 4.07, 4.08, 4.09, 4.10, 4.11, 4.12, 4.13, 4.14,
4.15, 4.16, 4.17 and 4.18 hereof and clauses (4), (5), (7) and (8) of
Section 5.01(a), Section 5.01(c) and Section 5.01(d) hereof
with respect to the outstanding Notes on and after the date the conditions set
forth in Section 8.04 hereof are satisfied (“Covenant Defeasance”),
and the Notes shall thereafter be deemed not “outstanding” for the purposes of
any direction, waiver, consent or declaration or act of Holders (and the
consequences of any thereof) in connection with such covenants, but shall
continue to be deemed “outstanding” for all other purposes hereunder (it being
understood that such Notes shall not be deemed outstanding for accounting
purposes).  For this purpose, Covenant Defeasance
means that, with respect to the outstanding Notes, the Issuer may omit to
comply with and shall have no liability in respect of any term, condition or
limitation set forth in any such covenant, whether directly or indirectly, by
reason of any reference elsewhere herein to any such covenant or by reason of
any reference in any such covenant to any other provision herein or in any
other document and such omission to comply shall not constitute a Default or an
Event of Default under Section 6.01 hereof, but, except as specified
above, the remainder of this Indenture and such Notes shall be unaffected
thereby.  In addition, upon the Issuer’s
exercise under Section 8.01 hereof of the option applicable to this
Section 8.03 hereof, subject to the satisfaction of the conditions set
forth in Section 8.04 hereof, Sections 6.01(3), 6.01(4), 6.01(5), 6.01(6) (solely
with respect to Restricted Subsidiaries that are Significant Subsidiaries),
6.01(7) (solely with respect to Restricted Subsidiaries that are
Significant Subsidiaries) and 6.01(8) hereof shall not constitute Events
of Default.

 

Section 8.04                                          Conditions to
Legal or Covenant Defeasance.

 

The
following shall be the conditions to the application of either Section 8.02
or 8.03 hereof to the outstanding Notes:

 

In
order to exercise either Legal Defeasance or Covenant Defeasance with respect
to the Notes:

 

(1)                                  the Issuer must
irrevocably deposit with the Paying Agent, in trust, for the benefit of the
Holders of the Notes, cash in U.S. dollars, Government Securities, or a
combination 

 

94

 

thereof,
in such amounts as will be sufficient, in the opinion of a nationally
recognized firm of independent public accountants, to pay the principal of,
premium, if any, and interest due on the Notes on the stated maturity date or
on the Redemption Date, as the case may be, of such principal, premium, if any,
or interest on such Notes and the Issuer must specify whether such Notes are
being defeased to maturity or to a particular Redemption Date;

 

(2)                                  in the case of
Legal Defeasance, the Issuer shall have delivered to the Trustee an Opinion of
Counsel addressed to the Trustee and reasonably acceptable to the Trustee
confirming that, subject to customary assumptions and exclusions,

 

(a)                                  the Issuer has
received from, or there has been published by, the United States Internal
Revenue Service a ruling, or

 

(b)                                 since the
issuance of the Notes, there has been a change in the applicable U.S. federal
income tax law,

 

in either case to the effect that, and based thereon
such Opinion of Counsel addressed to the Trustee and shall confirm that,
subject to customary assumptions and exclusions, the Holders of the Notes will
not recognize income, gain or loss for U.S. federal income tax purposes, as
applicable, as a result of such Legal Defeasance and will be subject to U.S.
federal income tax on the same amounts, in the same manner and at the same
times as would have been the case if such Legal Defeasance had not occurred;

 

(3)                                  in the case of
Covenant Defeasance, the Issuer shall have delivered to the Trustee an Opinion
of Counsel addressed to the Trustee and reasonably acceptable to the Trustee
confirming that, subject to customary assumptions and exclusions, the Holders
of the Notes will not recognize income, gain or loss for U.S. federal income
tax purposes as a result of such Covenant Defeasance and will be subject to
such tax on the same amounts, in the same manner and at the same times as would
have been the case if such Covenant Defeasance had not occurred;

 

(4)                                  no Default
(other than that resulting from borrowing funds to be applied to make such
deposit and any similar and simultaneous deposit relating to other
Indebtedness, and in each case the granting of Liens in connection therewith)
shall have occurred and be continuing on the date of such deposit;

 

(5)                                  such Legal
Defeasance or Covenant Defeasance shall not result in a breach or violation of,
or constitute a default under the ABL Facility or any other material agreement
or instrument (other than this Indenture) to which, the Issuer or any Guarantor
is a party or by which the Issuer or any Guarantor is bound (other than that
resulting from any borrowing of funds to be applied to make the deposit
required to effect such Legal Defeasance or Covenant Defeasance and any similar
and simultaneous deposit relating to other Indebtedness and the granting of
Liens in connection therewith);

 

(6)                                  the Issuer
shall have delivered to the Trustee and the Notes Priority Collateral Agent an
Officer’s Certificate stating that the deposit was not made by the Issuer with
the intent of defeating, hindering, delaying or defrauding any creditors of the
Issuer or any Guarantor or others; and

 

95

 

(7)           the Issuer shall
have delivered to the Trustee and the Notes Priority Collateral Agent an
Officer’s Certificate and an Opinion of Counsel (which Opinion of Counsel shall
be addressed to the Trustee and the Notes Priority Collateral Agent and may be
subject to customary assumptions and exclusions) each stating that all
conditions precedent provided for or relating to the Legal Defeasance or the
Covenant Defeasance, as the case may be, have been complied with.

 

Section 8.05                                          Deposited Money
and Government Securities to Be Held in Trust; Other Miscellaneous Provisions.

 

Subject
to Section 8.06 hereof, all money and Government Securities (including the
proceeds thereof) deposited with the Paying Agent (or other qualifying trustee,
collectively for purposes of this Section 8.05, the “Trustee”)
pursuant to Section 8.04 hereof in respect of the outstanding Notes shall
be held in trust and applied by the Trustee, in accordance with the provisions
of such Notes and this Indenture, to the payment, either directly or through
any Paying Agent (including the Issuer or a Guarantor acting as Paying Agent)
as the Trustee may determine, to the Holders of such Notes of all sums due and
to become due thereon in respect of principal, premium and Additional Interest,
if any, and interest, but such money need not be segregated from other funds
except to the extent required by law.

 

The
Issuer shall pay and indemnify the Trustee against any tax, fee or other charge
imposed on or assessed against the cash or Government Securities deposited
pursuant to Section 8.04 hereof or the principal and interest received in
respect thereof other than any such tax, fee or other charge which by law is
for the account of the Holders of the outstanding Notes.

 

Anything
in this Article VIII to the contrary notwithstanding, the Trustee shall
deliver or pay to the Issuer from time to time upon the request of the Issuer
any money or Government Securities held by it as provided in Section 8.04
hereof which, in the opinion of a nationally recognized firm of independent
public accountants expressed in a written certification thereof delivered to
the Trustee (which may be the opinion delivered under Section 8.04(a) hereof),
are in excess of the amount thereof that would then be required to be deposited
to effect an equivalent Legal Defeasance or Covenant Defeasance.

 

Section 8.06                                          Repayment to
Issuer.

 

Any
money deposited with the Trustee or any Paying Agent, or then held by the
Issuer, in trust for the payment of the principal of, premium and Additional
Interest, if any, or interest on any Note and remaining unclaimed for two years
after such principal, and premium and Additional Interest, if any, or interest
has become due and payable shall be paid to the Issuer on its request or (if
then held by the Issuer) shall be discharged from such trust; and the Holder of
such Note shall thereafter look only to the Issuer for payment thereof, and all
liability of the Trustee or such Paying Agent with respect to such trust money,
and all liability of the Issuer as trustee thereof, shall thereupon cease.

 

Section 8.07                                          Reinstatement.

 

If
the Trustee or Paying Agent is unable to apply any United States dollars or
Government Securities in accordance with Section 8.02 or 8.03 hereof, as
the case may be, by reason of any order or judgment of any court or
governmental authority enjoining, restraining or otherwise prohibiting such
application, then the Issuer’s obligations under this Indenture and the Notes
shall be revived and reinstated as though no deposit had occurred pursuant to Section 8.02
or 8.03 hereof until such time as the Trustee or Paying Agent is permitted to
apply all such money in accordance with Section 8.02 or 8.03 hereof, as
the case may be; provided that, if the Issuer makes any payment of
principal of, premium and Additional Interest, if any, or interest on any Note
following the reinstatement of its 

 

96

 

obligations, the Issuer shall be subrogated
to the rights of the Holders of such Notes to receive such payment from the
money held by the Trustee or Paying Agent.

 

ARTICLE IX

 

AMENDMENT, SUPPLEMENT AND
WAIVER

 

Section 9.01                                          Without Consent
of Holders of Notes.

 

Notwithstanding
Section 9.02 hereof, the Issuer, any Guarantor (with respect to a
Guarantee of this Indenture to which it is a party), the Trustee, the Paying
Agent and the Notes Priority Collateral Agent, as applicable, may amend or
supplement this Indenture, any Security Document and any Guarantee or Notes or
the Intercreditor Agreement, or execute a release under clause (14) of this Section 9.01,
without the consent of any Holder:

 

(1)           to cure any
ambiguity, omission, mistake, defect or inconsistency;

 

(2)           to provide for
uncertificated Notes in addition to or in place of certificated Notes;

 

(3)           to comply with Section 5.01
hereof;

 

(4)           to provide the
assumption of the Issuer’s or any Guarantor’s obligations to the Holders;

 

(5)           to make any change
that would provide any additional rights or benefits to the Holders or that
does not adversely affect the legal rights under this Indenture of any such
Holder;

 

(6)           to add covenants for
the benefit of the Holders or to surrender any right or power conferred upon
the Issuer or any Guarantor;

 

(7)           to comply with
requirements of the SEC in order to effect or maintain the qualification of
this Indenture under the Trust Indenture Act;

 

(8)           to evidence and
provide for the acceptance and appointment under this Indenture of a successor
Trustee and/or Paying Agent thereunder pursuant to the requirements thereof;

 

(9)           to provide for the
issuance of exchange notes or private exchange notes, which are identical to
exchange notes except that they are not freely transferable;

 

(10)         to add a Guarantor
under this Indenture;

 

(11)         to conform the text
of this Indenture, Guarantees or the Notes to any provision of the “Description
of Notes” section of the Offering Circular to the extent that such provision in
such “Description of Notes” section was intended (as evidenced by an Officer’s
Certificate of the Company delivered to the Trustee) to be a verbatim
recitation of a provision of this Indenture, Guarantees or Notes;

 

(12)         to make any amendment
to the provisions of this Indenture relating to the transfer and legending of
Notes as permitted by this Indenture, including, without limitation to
facilitate the issuance and administration of the Notes; provided, however, that (i) compliance
with this 

 

97

 

Indenture
as so amended would not result in Notes being transferred in violation of the
Securities Act or any applicable securities law and (ii) such amendment
does not materially and adversely affect the rights of Holders to transfer
Notes;

 

(13)         to mortgage, pledge,
hypothecate or grant any other Lien in favor of the Trustee or the Notes Priority
Collateral Agent for the benefit of the Holders of the Notes, as additional
security for the payment and performance of all or any portion of the
Obligations, in any property or assets, including any which are required to be
mortgaged, pledged or hypothecated, or in which a Lien is required to be
granted to or for the benefit of the Trustee or the Notes Priority Collateral
Agent pursuant to this Indenture, any of the Security Documents or otherwise;

 

(14)         to release Collateral
from the Lien of this Indenture and the Security Documents when permitted or
required by the Security Documents or this Indenture or the Intercreditor
Agreement; or

 

(15)         in the case of the
Intercreditor Agreement, in order to subject the security interests in the
Collateral in respect of any Other Pari Passu Lien Obligations and ABL Facility
Debt to the terms of the Intercreditor Agreement, in each case to the extent
the Incurrence of such Indebtedness, and the grant of all Liens on the
Collateral held for the benefit of such Indebtedness were permitted hereunder.

 

Upon
the request of the Issuer accompanied by a resolution of its board of directors
authorizing the execution of any such amended or supplemental indenture, and
upon receipt by the Trustee and the Notes Priority Collateral Agent of the
documents described in Section 14.04 hereof, the parties hereto shall join
with the Issuer and the Guarantors in the execution of any amended or
supplemental indenture authorized or permitted by the terms of this Indenture
and to make any further appropriate agreements and stipulations that may be
therein contained, but neither the Trustee, Notes Priority Collateral Agent,
Paying Agent, Transfer Agent nor Registrar shall be obligated to enter into
such amended or supplemental indenture that adversely affects its own rights,
duties or immunities under this Indenture or otherwise.  Notwithstanding the foregoing, no Opinion of
Counsel shall be required in connection with the addition of a Guarantor under
this Indenture upon execution and delivery by such Guarantor and the Trustee of
a supplemental indenture to this Indenture, the form of which is attached as Exhibit E
hereto, and delivery of an Officer’s Certificate.

 

Section 9.02                                          With Consent of
Holders of Notes.

 

Except
as provided below in this Section 9.02, the Issuer and the Trustee may
amend or supplement this Indenture, the Intercreditor Agreement, any Security
Document, the Notes and the Guarantees with the consent of the Holders of at
least a majority in principal amount of the Notes (including Additional Notes,
if any) then outstanding voting as a single class (including, without
limitation, consents obtained in connection with a tender offer or exchange
offer for, or purchase of, the Notes), and, subject to Sections 6.04 and 6.07 hereof,
any existing Default or Event of Default (other than a Default or Event of
Default in the payment of the principal of, premium and Additional Interest, if
any, or interest on the Notes, except a payment default resulting from an
acceleration that has been rescinded) or compliance with any provision of this
Indenture, the Intercreditor Agreement, any Security Document, the Guarantees
or the Notes may be waived with the consent of the Holders of a majority in
principal amount of the then outstanding Notes (including Additional Notes, if
any) voting as a single class (including consents obtained in connection with a
tender offer or exchange offer for, or purchase of, the Notes).  Section 2.08 hereof and Section 2.09
hereof shall determine which Notes are considered to be “outstanding” for the
purposes of this Section 9.02.

 

98

 

Upon
the request of the Issuer accompanied by a resolution of its board of directors
authorizing the execution of any such amended or supplemental indenture, and
upon the filing with the Trustee and the Notes Priority Collateral Agent of
evidence satisfactory to the Trustee and the Notes Priority Collateral Agent of
the consent of the Holders of Notes as aforesaid, and upon receipt by the
Trustee of the documents described in Section 14.04 hereof, the Trustee
and the Notes Priority Collateral Agent shall join with the Issuer in the
execution of such amended or supplemental indenture unless such amended or
supplemental indenture adversely affects the Trustee’s or the Notes Priority
Collateral Agent’s own rights, duties or immunities under this Indenture or
otherwise, in which case the Trustee or the Notes Priority Collateral Agent may
in its discretion, but shall not be obligated to, enter into such amended or
supplemental indenture.

 

It
shall not be necessary for the consent of the Holders of Notes under this
Section 9.02 to approve the particular form of any proposed amendment or
waiver, but it shall be sufficient if such consent approves the substance
thereof.

 

After
an amendment, supplement or waiver under this Section 9.02 becomes
effective, the Issuer shall mail to the Holders of Notes affected thereby a
notice briefly describing the amendment, supplement or waiver.  Any failure of the Issuer to mail such
notice, or any defect therein, shall not, however, in any way impair or affect
the validity of any such amended or supplemental indenture or waiver.

 

Without
the consent of each affected Holder of Notes, an amendment or waiver under this
Section 9.02 may not, with respect to any Notes held by a non-consenting
Holder:

 

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

 

(2)           reduce the principal
of or change the fixed final maturity of any such Note or alter or waive the
provisions with respect to the redemption of such Notes (other than provisions
relating to Section 3.09, Section 4.10 and Section 4.14 hereof);

 

(3)           reduce the rate of
or change the time for payment of interest on any Note;

 

(4)           waive a Default in
the payment of principal of or premium, if any, or interest on the Notes or in
respect of a covenant or provision contained in this Indenture or any Guarantee
which cannot be amended or modified without the consent of all Holders, except
a rescission of acceleration of the Notes by the Holders of at least a majority
in aggregate principal amount of the Notes and a waiver of the default that
resulted from such acceleration;

 

(5)           make any Note
payable in money other than that stated therein;

 

(6)           make any change in
the provisions of this Indenture relating to waivers of past Defaults or the
rights of Holders to receive payments of principal of or premium, if any, or
interest on the Notes;

 

(7)           make any change in
these amendment and waiver provisions;

 

(8)           impair the right of
any Holder to receive payment of principal of, or interest on such Holder’s
Notes on or after the due dates therefor or to institute suit for the
enforcement of any payment on or with respect to such Holder’s Notes;

 

99

 

(9)           make any change to
or modify the ranking of the Notes that would adversely affect the Holders;

 

(10)         except as expressly
permitted by this Indenture, modify the Guarantees of any Significant
Subsidiary in any manner adverse to the Holders of the Notes; or

 

(11)         make any change in
any Security Document, any Intercreditor Agreement or the provisions in this
Indenture dealing with the Collateral or the Security Documents that would
release all or substantially all of the Collateral from the Liens of the
Security Documents (except as permitted by the terms of this Indenture, the
Security Documents and the Intercreditor Agreement).

 

Without
the consent of the Holders of at least 662/3% in aggregate principal amount of the Notes, an amendment, supplement
or waiver may not (a) make any change in any Security Document, any
Intercreditor Agreement or the provisions in this Indenture dealing with the
Collateral or the Security Documents or the application of trust proceeds of
the Collateral that would adversely affect the Holders in any material respect
or change or alter the priority of the security interests in the Collateral or (b) modify
the Intercreditor Agreement in any manner adverse to the Holders in any
material respect other than in accordance with the terms of this Indenture, the
Security Documents and the Intercreditor Agreement.

 

Section 9.03                                          Compliance with
Trust Indenture Act.

 

Every
amendment or supplement to this Indenture or the Notes shall be set forth in an
amended or supplemental indenture that complies with the Trust Indenture Act as
then in effect.

 

Section 9.04                                          Revocation and
Effect of Consents.

 

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

 

The
Issuer may, but shall not be obligated to, fix a record date for the purpose of
determining the Holders entitled to consent to any amendment, supplement, or
waiver.  If a record date is fixed, then,
notwithstanding the preceding paragraph, those Persons who were Holders at such
record date (or their duly designated proxies), and only such Persons, shall be
entitled to consent to such amendment, supplement, or waiver or to revoke any
consent previously given, whether or not such Persons continue to be Holders
after such record date.  No such consent
shall be valid or effective for more than 120 days after such record date
unless the consent of the requisite number of Holders has been obtained.

 

Section 9.05                                          Notation on or
Exchange of Notes.

 

The
Registrar may place an appropriate notation about an amendment, supplement or
waiver on any Note thereafter authenticated. 
The Issuer in exchange for all Notes may issue and the Registrar shall,
upon receipt of an Authentication Order, authenticate new Notes that reflect
the amendment, supplement or waiver.

 

100

 

Failure
to make the appropriate notation or issue a new Note shall not affect the validity
and effect of such amendment, supplement or waiver.

 

Section 9.06                                          Trustee and the
Notes Priority Collateral Agent to Sign Amendments, etc.

 

The
Trustee and the Notes Priority Collateral Agent and the Agents, as applicable,
shall sign any amendment, supplement or waiver authorized pursuant to this Article IX
if the amendment or supplement does not adversely affect the rights, duties,
liabilities or immunities of the Trustee and the Notes Priority Collateral
Agent.  The Issuer may not sign an
amendment, supplement or waiver until the board of directors approves it.  In executing any amendment, supplement or
waiver, the Trustee and the Notes Priority Collateral Agent and the Agents, as
applicable, shall be entitled to receive and (subject to Section 7.01
hereof) shall be fully protected in relying upon, in addition to the documents
required by Section 14.04 hereof, an Officer’s Certificate and an Opinion
of Counsel stating that the execution of such amended or supplemental indenture
is authorized or permitted by this Indenture and, with respect to such Opinion
of Counsel only, that such amendment, supplement or waiver is the legal, valid
and binding obligation of the Issuer and any Guarantors party thereto,
enforceable against them in accordance with its terms, subject to customary
assumptions and exceptions, and complies with the provisions hereof (including Section 9.03).  Notwithstanding the foregoing, no Opinion of
Counsel will be required for the Trustee to execute any amendment or supplement
solely adding a new Guarantor under this Indenture.

 

Section 9.07              Payment
for Consent.

 

Neither
the Issuer nor any Affiliate of the Issuer shall, directly or indirectly, pay
or cause to be paid any consideration, whether by way of interest, fee or
otherwise, to any Holder for or as an inducement to any consent, waiver or
amendment of any of the terms or provisions of this Indenture or the Notes
unless such consideration is offered to all Holders and is paid to all Holders
that so consent, waive or agree to amend in the time frame set forth in
solicitation documents relating to such consent, waiver or agreement.

 

ARTICLE X

 

GUARANTEES

 

Section 10.01                                    Guarantee.

 

Subject
to this Article X, each of the Guarantors hereby, jointly and severally,
unconditionally guarantees to each Holder of a Note authenticated and delivered
by the Registrar and to the Trustee and the Notes Priority Collateral Agent and
their respective successors and assigns, irrespective of the validity and
enforceability of this Indenture, the Notes or the obligations of the Issuer
hereunder or thereunder, that: (a) the principal of, interest, premium and
Additional Interest, if any, on the Notes shall be promptly paid in full when
due, whether at maturity, by acceleration, redemption or otherwise, and interest
on the overdue principal of and interest on the Notes, if any, if lawful, and
all other obligations of the Issuer to the Holders, the Trustee, any Agent or
the Notes Priority Collateral Agent hereunder or thereunder shall be promptly
paid in full or performed, all in accordance with the terms hereof and thereof;
(b) in case of any extension of time of payment or renewal of any Notes or
any of such other obligations, that same shall 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; and (c) the
compensation and indemnification set forth in Sections 7.07 and 12.12
shall be promptly paid in full or when due. 
Failing payment when due of any amount so guaranteed or any performance
so guaranteed for 

 

101

 

whatever reason, the Guarantors shall be
jointly and severally obligated to pay the same immediately.  Each Guarantor agrees that this is a guarantee
of payment and not a guarantee of collection.

 

The
Guarantors hereby agree that their obligations hereunder shall be
unconditional, irrespective of the validity, regularity or enforceability of
the Notes or this Indenture, the absence of any action to enforce the same, any
waiver or consent by any Holder of the Notes with respect to any provisions
hereof or thereof, the recovery of any judgment against the Issuer, any action
to enforce the same or any other circumstance which might otherwise constitute
a legal or equitable discharge or defense of a guarantor.  Each Guarantor hereby waives diligence,
presentment, demand of payment, filing of claims with a court in the event of
insolvency or bankruptcy of the Issuer, any right to require a proceeding first
against the Issuer, protest, notice and all demands whatsoever and covenants
that this Guarantee shall not be discharged except by complete performance of
the obligations contained in the Notes and this Indenture.

 

Each
Guarantor also agrees to pay any and all costs and expenses (including
reasonable attorneys’ fees) incurred by the Trustee, any Agent, the Notes
Priority Collateral Agent or any Holder in enforcing any rights under this Section 10.01.

 

If
any Holder, the Trustee or the Notes Priority Collateral Agent is required by
any court or otherwise to return to the Issuer, the Guarantors or any
custodian, trustee, liquidator or other similar official acting in relation to
either the Issuer or the Guarantors, any amount paid either to the Trustee, the
Notes Priority Collateral Agent or such Holder, this Guarantee, to the extent
theretofore discharged, shall be reinstated in full force and effect.

 

Each
Guarantor agrees that it shall not be entitled to any right of subrogation in
relation to the Holders in respect of any obligations guaranteed hereby until
payment in full of all obligations guaranteed hereby.  Each Guarantor further agrees that, as
between the Guarantors, on the one hand, and the Holders and the Trustee, on
the other hand, (x) the maturity of the obligations guaranteed hereby may
be accelerated as provided in Article VI hereof 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 declaration of acceleration of such obligations as provided in
Article VI hereof, such obligations (whether or not due and payable) shall
forthwith become due and payable by the Guarantors for the purpose of this
Guarantee.  The Guarantors shall have the
right to seek contribution from any non-paying Guarantor so long as the
exercise of such right does not impair the rights of the Holders under the
Guarantees.

 

Each
Guarantee shall remain in full force and effect and continue to be effective
should any petition be filed by or against the Issuer for liquidation,
reorganization, should the Issuer become insolvent or make an assignment for
the benefit of creditors or should a receiver or trustee be appointed for all
or any significant part of the Issuer’s assets, and shall, to the fullest
extent permitted by law, continue to be effective or be reinstated, as the case
may be, if at any time payment and performance of the Notes are, pursuant to
applicable law, rescinded or reduced in amount, or must otherwise be restored
or returned by any obligee on the Notes or Guarantees, whether as a “voidable
preference,” “fraudulent transfer” or otherwise, all as though such payment or
performance had not been made.  In the
event that any payment or any part thereof, is rescinded, reduced, restored or
returned, the Notes shall, to the fullest extent permitted by law, be
reinstated and deemed reduced only by such amount paid and not so rescinded,
reduced, restored or returned.

 

102

 

In
case any provision of any 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.

 

Each
payment to be made by a Guarantor in respect of its Guarantee shall be made
without set-off, counterclaim, reduction or diminution of any kind or nature.

 

Section 10.02                                    Limitation on
Guarantor Liability.

 

Each
Guarantor, and by its acceptance of Notes, each Holder, hereby confirms that it
is the intention of all such parties that the Guarantee of such Guarantor not
constitute a fraudulent transfer or conveyance for purposes of Bankruptcy Law,
the Uniform Fraudulent Conveyance Act, the Uniform Fraudulent Transfer Act or
any similar federal or state law to the extent applicable to any
Guarantee.  To effectuate the foregoing
intention, the Trustee, any Agent, the Holders and the Guarantors hereby
irrevocably agree that the obligations of each Guarantor shall be limited to
the maximum amount as will, after giving effect to such maximum amount and all
other contingent and fixed liabilities of such Guarantor that are relevant
under such laws and after giving effect to any collections from, rights to
receive contribution from or payments made by or on behalf of any other
Guarantor in respect of the obligations of such other Guarantor under this Article X,
result in the obligations of such Guarantor under its Guarantee not
constituting a fraudulent conveyance or fraudulent transfer under applicable
law.  Each Guarantor that makes a payment
under its Guarantee shall be entitled upon payment in full of all guaranteed
obligations under this Indenture to a contribution from each other Guarantor in
an amount equal to such other Guarantor’s pro rata
portion of such payment based on the respective net assets of all the
Guarantors at the time of such payment determined in accordance with GAAP.

 

Section 10.03                                    Execution and
Delivery.

 

To
evidence its Guarantee set forth in Section 10.01 hereof, each Guarantor hereby agrees that this Indenture (or
any supplemental Indenture attached hereto as Exhibit E) shall be
executed on behalf of such Guarantor by an Officer of such Guarantor.

 

Each
Guarantor hereby agrees that its Guarantee set forth in Section 10.01 hereof shall remain in full force and
effect notwithstanding the absence of the endorsement of any notation of such
Guarantee on the Notes.

 

If
an Officer whose signature is on this Indenture (or any supplemental indenture
attached hereto as Exhibit E) no longer holds that office at the
time the Registrar authenticates the Note, such Guarantee shall be valid
nevertheless.

 

The
delivery of any Note by the Trustee, after the authentication thereof
hereunder, shall constitute due delivery of the Guarantee set forth in this
Indenture on behalf of the Guarantors.

 

If
required by Section 4.15 hereof, the Issuer shall cause any newly created
or acquired Restricted Subsidiary to comply with the provisions of Section 4.15
hereof and this Article X,
to the extent applicable.

 

103

 

Section 10.04                                    Benefits
Acknowledged.

 

Each
Guarantor acknowledges that it will receive direct and indirect benefits from
the financing arrangements contemplated by this Indenture and that the
guarantee and waivers made by it pursuant to its Guarantee are knowingly made
in contemplation of such benefits.

 

Section 10.05                                    Release of
Guarantees.

 

The
Guarantee by each Guarantor shall be automatically and unconditionally released
and discharged, and no further action by such Guarantor, the Issuer or the
Trustee is required for the release of such Guarantor’s Guarantee, upon:

 

(1)           (A)  any sale,
exchange or transfer (by merger or otherwise) of the Capital Stock of such
Guarantor (including any sale, exchange or transfer), after which the
applicable Guarantor is no longer a Restricted Subsidiary or all or
substantially all the assets of such Guarantor, which sale, exchange or
transfer is made in compliance with the applicable provisions of this
Indenture;

 

(B)           the proper
designation of any Restricted Subsidiary that is a Guarantor as an Unrestricted
Subsidiary; or

 

(C)           the Issuer
exercising its Legal Defeasance option or Covenant Defeasance option in
accordance with Article VIII hereof or the Issuer’s obligations under this
Indenture being discharged in accordance with the terms of this Indenture in
accordance with Article XI; and

 

(2)            such Guarantor delivering to the Trustee an Officer’s
Certificate and an Opinion of Counsel, each stating that all conditions
precedent provided for in this Indenture relating to such transaction have been
complied with.

 

ARTICLE XI

 

SATISFACTION AND DISCHARGE

 

Section 11.01                                    Satisfaction
and Discharge.

 

This
Indenture shall be discharged and shall cease to be of further effect as to all
Notes, when either:

 

(1)           all Notes
theretofore authenticated and delivered, except lost, stolen or destroyed Notes
which have been replaced or paid and Notes for whose payment money has
theretofore been deposited in trust, have been delivered to the Registrar for
cancellation; or

 

(2)           (A)  all Notes
not theretofore delivered to the Registrar for cancellation have become due and
payable by reason of the making of a notice of redemption or otherwise, shall
become due and payable within one year or are to be called for redemption
within one year under arrangements satisfactory to the Trustee and the Paying
Agent for the giving of notice of redemption by the Registrar in the name, and
at the expense, of the Issuer and the Issuer or any Guarantor has irrevocably
deposited or caused to be deposited with the Paying Agent as trust funds in
trust solely for the benefit of the Holders of the Notes, cash in U.S. dollars,
Government Securities, or a combination thereof, in such amounts as will be
sufficient without consideration of any reinvestment of interest to pay and
discharge the entire indebtedness on the Notes not 

 

104

 

theretofore
delivered to the Paying Agent for cancellation for principal, premium, if any,
and accrued interest to the date of maturity or redemption;

 

(B)           no Default (other
than that resulting from borrowing funds to be applied to make such deposit and
any similar deposit relating to other Indebtedness) with respect to this
Indenture or the Notes shall have occurred and be continuing on the date of
such deposit or shall occur as a result of such deposit and such deposit will
not result in a breach or violation of, or constitute a default under the ABL
Facility or any other material agreement or instrument (other than this
Indenture) to which the Issuer or any Guarantor is a party or by which the
Issuer or any Guarantor is bound (other than that resulting from any borrowing
of funds to be applied to make such deposit and any similar deposit relating to
other Indebtedness and the granting of Liens in connection therewith);

 

(C)           the Issuer has paid
or caused to be paid all sums payable by it under this Indenture; and

 

(D)          the Issuer has
delivered irrevocable instructions to the Trustee and the Paying Agent to apply
the deposited money toward the payment of the Notes at maturity or the
Redemption Date, as the case may be.

 

In
addition, the Issuer must deliver an Officer’s Certificate and an Opinion of
Counsel to the Trustee and the Notes Priority Collateral Agent stating that all
conditions precedent to satisfaction and discharge have been satisfied.

 

Notwithstanding
the satisfaction and discharge of this Indenture, if money shall have been
deposited with the Trustee pursuant to subclause (A) of clause (2) of
this Section 11.01, the provisions of Section 11.02 and Section 8.06
hereof shall survive.

 

Section 11.02                                    Application of
Trust Money.

 

Subject
to the provisions of Section 8.06 hereof, all money deposited with the
Paying Agent pursuant to Section 11.01 hereof shall be held in trust and
applied by it, in accordance with the provisions of the Notes and this
Indenture, to the payment, to the Persons entitled thereto, of the principal
(and premium and Additional Interest, if any) and interest for whose payment
such money has been deposited with the Paying Agent; but such money need not be
segregated from other funds except to the extent required by law.

 

If
the Paying Agent is unable to apply any money or Government Securities in accordance
with Section 11.01 hereof by reason of any legal proceeding or by reason
of any order or judgment of any court or governmental authority enjoining,
restraining or otherwise prohibiting such application, the Issuer’s and any
Guarantor’s obligations under this Indenture and the Notes shall be revived and
reinstated as though no deposit had occurred pursuant to Section 11.01
hereof; provided that if the Issuer has made any payment of principal
of, premium and Additional Interest, if any, or interest on any Notes because
of the reinstatement of its obligations, the Issuer shall be subrogated to the
rights of the Holders of such Notes to receive such payment from the money or
Government Securities held by the Paying Agent.

 

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ARTICLE XII

 

SECURITY

 

Section 12.01                                    Notes Priority
Collateral and Security Documents.

 

The
due and punctual payment of the principal of and interest on the Notes when and
as the same shall be due and payable, whether on an Interest Payment Date, at
maturity, by acceleration, repurchase, redemption or otherwise, and interest on
the overdue principal of and interest on the Notes and performance of all other
Obligations of the Issuer and the Guarantors to the Holders, the Trustee, the
Agents or the Notes Priority Collateral Agent under this Indenture, the Notes,
the Intercreditor Agreement and the Security Documents, according to the terms
hereunder or thereunder, shall be secured as provided in the Security
Documents, which define the terms of the Liens that secure such Issuer’s and
Guarantors’ Obligations, subject to the terms of the Intercreditor
Agreement.  The Trustee and the Issuer hereby acknowledge and agree that
the Notes Priority Collateral Agent holds the Collateral in trust for the
benefit of the Noteholder Secured Parties pursuant to the terms of the Security
Documents and the Intercreditor Agreement.  Each Holder, by accepting a
Note, consents and agrees to the terms of the Security Documents (including the
provisions providing for the possession, use, release and foreclosure of
Collateral) and the Intercreditor Agreement as the same may be in effect or may
be amended from time to time in accordance with their terms and this Indenture
and the Intercreditor Agreement, and authorizes and directs the Notes Priority
Collateral Agent to enter into the Security Documents and the Intercreditor
Agreement and to perform its obligations and exercise its rights thereunder in
accordance therewith; provided, however, that if any of the
provisions of the Security Documents limit, qualify or conflict with the duties
imposed by the provisions of the Trust Indenture Act, the Trust Indenture Act
shall control.  The Issuer shall deliver to the Notes Priority Collateral
Agent copies of all documents pursuant to the Security Documents, and will do
or cause to be done all such acts and things as may be reasonably required by
the next sentence of this Section 12.01, to assure and confirm to the
Notes Priority Collateral Agent the security interest in the Collateral contemplated
hereby, by the Security Documents or any part thereof, as from time to time
constituted, so as to render the same available for the security and benefit of
this Indenture and of the Notes secured hereby, according to the intent and
purposes herein expressed.  The Issuer shall, and shall cause the
Subsidiaries to, use their commercially reasonable efforts to take any and all
actions reasonably required to cause the Security Documents to create and
maintain, as security for the Obligations, a valid and enforceable perfected
Lien and security interest in and on all of the Collateral (subject to the
terms of the Intercreditor Agreement), in favor of the Notes Priority
Collateral Agent for the benefit of the Noteholder Secured Parties.  The
Issuer shall, and shall cause its Subsidiaries to, and each such Subsidiary
shall, make all filings (including filings of continuation statements and
amendments to financing statements that may be necessary to continue the
effectiveness of such financing statements) and take all other actions as are
necessary or required by the Security Documents to maintain (at the sole cost
and expense of the Issuer and its Subsidiaries) the security interest created
by the Security Documents in the Collateral (other than with respect to any
Collateral the security interest in which is not required to be perfected under
the Security Documents) as a perfected security interest with the priority set
forth in the Intercreditor Agreement and subject only to Permitted Liens.

 

Section 12.02                                    Recordings and
Opinions.

 

(a)           To the extent applicable, the Issuer shall cause Trust
Indenture Act Section 313(b), relating to reports, Trust Indenture Act Section 314(d),
relating to the release of property or securities subject to the Lien of the
Security Documents and Trust Indenture Act Section 314(b), to be complied
with.

 

106

 

(b)           Any release of Collateral permitted by Section 12.03
hereof will be deemed not to impair the Liens under this Indenture and the
Security Documents in contravention thereof.  Any certificate or opinion
required by Trust Indenture Act Section 314(d) shall be made by an
officer or legal counsel, as applicable, of the Issuer except in cases where
Trust Indenture Act Section 314(d) requires that such certificate or
opinion be made by an independent Person, which Person will be an independent
engineer, appraiser or other expert selected by or reasonably satisfactory to
the Trustee.

 

(c)           Notwithstanding anything to the contrary in this
Section 12.02, the Issuer shall not be required to comply with all or any
portion of Trust Indenture Act Section 314(d) if it reasonably
determines that under the terms of Trust Indenture Act Section 314(d) or
any interpretation or guidance as to the meaning thereof of the SEC and its
staff, including “no action” letters or exemptive orders, all or any portion of
Trust Indenture Act Section 314(d) is inapplicable to any release or
series of releases of the Collateral.  Without limiting the generality of
the foregoing, the Issuer and the Guarantors may, subject to the other
provisions of this Indenture, among other things, without any release or
consent by the Noteholder Secured Parties, conduct ordinary course activities
with respect to the Collateral, including, without limitation, (i) selling
or otherwise disposing of, in any transaction or series of related
transactions, any property subject to the Lien of the Security Documents that
has become worn out, defective, obsolete or not used or useful in the business;
(ii) abandoning, terminating, canceling, releasing or making alterations
in or substitutions of any leases or contracts subject to the Lien of this
Indenture or any of the Security Documents; (iii) surrendering or
modifying any franchise, license or permit subject to the Lien of the Security
Documents that it may own or under which it may be operating;
(iv) altering, repairing, replacing, changing the location or position of
and adding to its structures, machinery, systems, equipment, fixtures and appurtenances;
(v) granting a license of any intellectual property; (vi) selling,
transferring or otherwise disposing of inventory in the ordinary course of
business; (vii) collecting accounts receivable in the ordinary course of
business as permitted by Section 4.10 hereof; (viii) making cash
payments (including for the repayment of Indebtedness or interest) from cash
that is at any time part of the Collateral in the ordinary course of business
that are not otherwise prohibited by this Indenture and the Security Documents;
and (ix) abandoning any intellectual property that is no longer used or
useful in the Issuer’s or the Guarantors’ businesses.

 

Section 12.03                                    Release of
Collateral.

 

(a)           Subject to Sections 12.02(b) and 12.04 hereof,
Collateral may be released from the Lien and security interest created by the
Security Documents at any time or from time to time in accordance with the
provisions of the Security Documents, the Intercreditor Agreement or as
provided hereby.  The Issuer and the Guarantors shall be entitled to the
releases of property and other assets included in the Collateral from the Liens
securing the Notes and the Guarantees, and the Trustee (subject to its receipt
of an Officer’s Certificate and Opinion of Counsel as provided below) shall release,
or instruct the Notes Priority Collateral Agent to release, as applicable, the
same from such Liens at the Issuer’s sole cost and expense, under any one or
more of the following circumstances:

 

(1)           to enable the Issuer or any Guarantor to sell, exchange or
otherwise dispose of any of the Collateral to the extent not prohibited by Section 4.10
hereof;

 

(2)           the release of Excess Proceeds that remain unexpended
after the conclusion of an Asset Sale Offer conducted in accordance with the
terms of this Indenture;

 

(3)           in the case of a Guarantor that is released from its
Guarantee with respect to the Notes, the release of the property and assets of
such Guarantor;

 

107

 

(4)           as to any asset that becomes an Excluded Asset;

 

(5)           with the consent of Holders of 75% in aggregate principal
amount of the Notes (including, without limitation, consents obtained in
connection with a tender offer or exchange offer for, or purchase of, Notes);

 

(6)           pursuant to an amendment or waiver in accordance with
Article IX of this Indenture; or

 

(7)           if the Notes have been discharged or defeased pursuant to Article VIII
or XI of this Indenture.

 

(b)           Upon receipt of an Officer’s Certificate and an Opinion of
Counsel certifying that all conditions precedent under this Indenture and the
Security Documents (and Trust Indenture Act Section 314(d)), if any, to
such release have been met and any necessary or proper instruments of
termination, satisfaction or release prepared by the Issuer, the Trustee shall,
or shall cause the Notes Priority Collateral Agent to, execute, deliver or
acknowledge (at the Issuer’s expense) such instruments or releases to evidence
the release of any Collateral permitted to be released pursuant to this
Indenture or the Security Documents or the Intercreditor Agreement. 
Neither the Trustee nor the Notes Priority Collateral Agent shall be liable for
any such release undertaken in good faith in reliance upon any such Officer’s
Certificate or Opinion of Counsel, and notwithstanding any term hereof or in
any Security Document to the contrary, the Trustee and Notes Priority
Collateral Agent shall not be under any obligation to release any such Lien and
security interest, or execute and deliver any such instrument of release,
satisfaction or termination, unless and until it receives such Officer’s
Certificate and Opinion of Counsel.

 

Section 12.04                                    Certificates of
the Trustee.

 

In
the event that the Issuer wishes to release Collateral in accordance with this
Indenture, the Security Documents and the Intercreditor Agreement at a time
when the Trustee is not itself also the Notes Priority Collateral Agent and the
Issuer has delivered the certificates and documents required by the Security
Documents and Section 12.03 hereof, if Trust Indenture Act Section 314(d) is
applicable to such release (the applicability of which will be established to
the reasonable satisfaction of the Trustee), the Trustee shall determine
whether it has received all documentation required by Trust Indenture Act Section 314(d) in
connection with such release (which determination may be based upon the Opinion
of Counsel hereafter described) and, based on an Opinion of Counsel pursuant to
this Section 12.04, shall deliver a certificate to the Notes Priority Collateral
Agent setting forth such determination.  The Trustee, however, shall have no duty to confirm the legality,
genuineness, accuracy, contents or validity of such documents (or any signature
appearing therein), its sole duty being to certify its receipt of such
documents which, on their face (and assuming that they are what they purport to
be), conform to Section 314(d) of the Trust Indenture Act.

 

Section 12.05                                    Suits to
Protect the Collateral.

 

Subject
to the provisions of Article VII hereof and the Intercreditor Agreement,
the Trustee in its sole discretion and without the consent of the Holders, on
behalf of the Holders, may or may direct the Notes Priority Collateral Agent to
take all actions it deems necessary or appropriate in order to:

 

(1)           enforce any of the terms of the Security Documents; and

 

108

 

(2)           collect and receive any and all amounts payable in respect
of the obligations hereunder.

 

Subject
to the provisions of the Security Documents and the Intercreditor Agreement,
the Trustee shall have power to institute and to maintain such suits and
proceedings as it may deem expedient to prevent any impairment of the
Collateral by any acts which may be unlawful or in violation of any of the
Security Documents or this Indenture, and such suits and proceedings as the
Trustee, in its sole discretion, may deem expedient to preserve or protect its
interests and the interests of the Holders in the Collateral (including power
to institute and maintain suits or proceedings to restrain the enforcement of
or compliance with any legislative or other governmental enactment,
rule or order that may be unconstitutional or otherwise invalid if the
enforcement of, or compliance with, such enactment, rule or order would impair
the Lien on the Collateral or be prejudicial to the interests of the Holders or
the Trustee). Nothing in this Section 12.05 shall be considered to impose
any such duty or obligation to act on the part of the Trustee.

 

Section 12.06                                    Authorization
of Receipt of Funds by the Trustee Under the Security Documents.

 

Subject
to the provisions of the Intercreditor Agreement, the Trustee is authorized to
receive any funds for the benefit of the Holders distributed under the Security
Documents, and to make further distributions of such funds to the Holders
according to the provisions of this Indenture.

 

Section 12.07                                    Purchaser
Protected.

 

In
no event shall any purchaser in good faith of any property purported to be
released hereunder be bound to ascertain the authority of the Notes Priority
Collateral Agent or the Trustee to execute the release or to inquire as to the
satisfaction of any conditions required by the provisions hereof for the
exercise of such authority or to see to the application of any consideration
given by such purchaser or other transferee; nor shall any purchaser or other
transferee of any property or rights permitted by this Article XII to be
sold be under any obligation to ascertain or inquire into the authority of the
Issuer or the applicable Guarantor to make any such sale or other transfer.

 

Section 12.08                                    Powers Exercisable by Receiver or Trustee.

 

In
case the Collateral shall be in the possession of a receiver or trustee,
lawfully appointed, the powers conferred in this Article XII upon the
Issuer or a Guarantor with respect to the release, sale or other disposition of
such property may be exercised by such receiver or trustee, and an instrument
signed by such receiver or trustee shall be deemed the equivalent of any
similar instrument of the Issuer or a Guarantor or of any officer or officers
thereof required by the provisions of this Article XII; and if the Trustee
shall be in the possession of the Collateral under any provision of this
Indenture, then such powers may be exercised by the Trustee.

 

Section 12.09                                    Release Upon Termination of the Issuer’s Obligations.

 

In
the event that the Issuer delivers to the Trustee, in form and substance
reasonably acceptable to it, an Officer’s Certificate certifying that
(i) payment in full of the principal of, together with accrued and unpaid
interest (including additional interest, if any) on, the Notes and all other
Obligations under this Indenture, the Guarantees and the Security Documents
that are due and payable at or prior to the time such principal, together with
accrued and unpaid interest, are paid or (ii) the Issuer shall have
exercised its Legal Defeasance option or its Covenant Defeasance option, in
each case in compliance with 

 

109

 

the provisions of Article VIII, the
Trustee shall deliver to the Issuer and the Notes Priority Collateral Agent a
notice stating that the Trustee, on behalf of the Holders, disclaims and gives
up any and all rights it has in or to the Collateral (other than with respect
to funds held by the Trustee pursuant to Article VIII), and any rights it
has under the Security Documents, and upon receipt by the Notes Priority
Collateral Agent of such notice, the Notes Priority Collateral Agent shall be
deemed not to hold a Lien in the Collateral on behalf of the Trustee and shall
do or cause to be done all acts reasonably necessary to promptly release such
Lien.

 

Section 12.10                                    Notes Priority
Collateral Agent.

 

(a)           The Trustee and each of the Holders by acceptance of the
Notes hereby designates and appoints Deutsche Bank Trust Company Americas, as
Notes Priority Collateral Agent, as its agent under this Indenture, the
Security Documents and the Intercreditor Agreement and the Trustee and each of
the Holders by acceptance of the Notes hereby irrevocably authorizes Deutsche
Bank Trust Company Americas to take such action on its behalf under the
provisions of this Indenture, the Security Documents and the Intercreditor
Agreement and to exercise such powers and perform such duties as are expressly
delegated to the Notes Priority Collateral Agent by the terms of this
Indenture, the Security Documents and the Intercreditor Agreement, together
with such powers as are reasonably incidental thereto.  The Notes Priority
Collateral Agent agrees to act as such on the express conditions contained in
this Section 12.10.  The provisions of this Section 12.10 are
solely for the benefit of the Notes Priority Collateral Agent and none of the
Trustee, any of the Holders nor the Issuer or any of the Guarantors shall have
any rights as a third party beneficiary of any of the provisions contained
herein other than as expressly provided in Section 12.03. 
Notwithstanding any provision to the contrary contained elsewhere in this
Indenture, the Security Documents and the Intercreditor Agreement, the Notes
Priority Collateral Agent shall not have any duties or responsibilities, except
those expressly set forth herein, nor shall the Notes Priority Collateral Agent
have or be deemed to have any fiduciary relationship with the Trustee, any
Holder or the Issuer or any Guarantor, and no implied covenants, functions,
responsibilities, duties, obligations or liabilities shall be read into this
Indenture, the Security Documents and the Intercreditor Agreement or otherwise
exist against the Notes Priority Collateral Agent.  Without limiting the
generality of the foregoing sentence, the use of the term “agent” in this
Indenture with reference to the Notes Priority Collateral Agent is not intended
to connote any fiduciary or other implied (or express) obligations arising
under agency doctrine of any applicable law.  Instead, such term is used
merely as a matter of market custom, and is intended to create or reflect only
an administrative relationship between independent contracting parties. 
Except as expressly otherwise provided in this Indenture, the Notes Priority
Collateral Agent shall have and may use its sole discretion with respect to
exercising or refraining from exercising any discretionary rights or taking or
refraining from taking any actions which the Notes Priority Collateral Agent is
expressly entitled to take or assert under this Indenture, the Security
Documents and the Intercreditor Agreement, including the exercise of remedies
pursuant to Article VI, and any action so taken or not taken shall be
deemed consented to by the Trustee and the Holders.

 

(b)           The Notes Priority Collateral Agent may execute any of its
duties under this Indenture, the Security Documents or the Intercreditor
Agreement by or through agents, employees or attorneys-in-fact and shall be
entitled to advice of counsel concerning all matters pertaining to such
duties.  The Notes Priority Collateral Agent shall not be responsible for
the negligence or misconduct of any agent, employee or attorney-in-fact that it
selects as long as such selection was made with due care.

 

110

 

(c)           None of the Notes Priority Collateral Agent or any of its
agents or employees shall (i) be liable for any action taken or omitted to
be taken by any of them under or in connection with this Indenture or the
transactions contemplated hereby (except for its own gross negligence or
willful misconduct) or under or in connection with any Security Document or the
Intercreditor Agreement or the transactions contemplated thereby (except for
its own gross negligence or willful misconduct), or (ii) be responsible in
any manner to the Trustee or any Holder for any recital, statement,
representation, warranty, covenant or agreement made by the Issuer or any
Guarantor, contained in this or any Indenture, or in any certificate, report,
statement or other document referred to or provided for in, or received by the
Notes Priority Collateral Agent under or in connection with, this or any other
Indenture, the Security Documents or the Intercreditor Agreement, or the
validity, effectiveness, genuineness, enforceability or sufficiency of this or
any other Indenture, the Security Documents or the Intercreditor Agreement, or
for any failure of the Issuer or any Guarantor or any other party to this
Indenture, the Security Documents or the Intercreditor Agreement to perform its
obligations hereunder or thereunder.  None of the Notes Priority
Collateral Agent or any of its agents or employees shall be under any
obligation to the Trustee or any Holder to ascertain or to inquire as to the
observance or performance of any of the agreements contained in, or conditions
of, this or any other Indenture, the Security Documents or the Intercreditor
Agreement or to inspect the properties, books or records of the Issuer or any
Guarantor.

 

(d)           The Notes Priority Collateral Agent shall be entitled to
rely, and shall be fully protected in relying, upon any writing, resolution,
notice, consent, certificate, affidavit, letter, telegram, facsimile, telex or
telephone message, statement or other document or conversation believed by it
to be genuine and correct and to have been signed, sent or made by the proper
Person or Persons, and upon advice and statements of legal counsel (including,
without limitation, counsel to the Issuer or any Guarantor), independent
accountants and other experts and advisors selected by the Notes Priority
Collateral Agent.  The Notes Priority Collateral Agent shall be fully
justified in failing or refusing to take any action under this or any other
Indenture, the Security Documents or the Intercreditor Agreement unless it
shall first receive such advice or concurrence of the Trustee as it deems
appropriate and, if it so requests, it shall first be indemnified and/or
secured to its satisfaction by the Holders against any and all liability and
expense which may be incurred by it by reason of taking or continuing to take
any such action.  The Notes Priority Collateral Agent shall in all cases
be fully protected in acting, or in refraining from acting, under this or any
other Indenture, the Security Documents or the Intercreditor Agreement in
accordance with a request or consent of the Trustee and such request and any
action taken or failure to act pursuant thereto shall be binding upon all of
the Holders.

 

(e)           The Notes Priority Collateral Agent shall not be deemed to
have knowledge or notice of the occurrence of any Default or Event of Default,
unless the Notes Priority Collateral Agent shall have received written notice
from the Trustee or the Issuer referring to this Indenture, describing such
Default or Event of Default and stating that such notice is a “notice of
default.”  The Notes Priority Collateral Agent shall take such action with
respect to such Default or Event of Default as may be requested by the Trustee
in accordance with Article VI (subject to this Section 12.10); provided,  however,
that unless and until the Notes Priority Collateral Agent has received any such
request, the Notes Priority Collateral Agent may (but shall not be obligated
to) take such action, or refrain from taking such action, with respect to such
Default or Event of Default as it shall deem advisable.

 

(f)            Deutsche Bank Trust Company Americas and its Affiliates
(and any successor Notes Priority Collateral Agent and its Affiliates) may make
loans to, issue letters of credit for the 

 

111

 

account of, accept deposits
from, acquire equity interests in and generally engage in any kind of banking,
trust, financial advisory, underwriting, or other business with the Issuer and
the Guarantors as though it was not the Notes Priority Collateral Agent
hereunder and without notice to or consent of the Trustee.  The Trustee
and the Holders acknowledge that, pursuant to such activities, Deutsche Bank
Trust Company Americas or its Affiliates (and any successor Notes Priority
Collateral Agent and its Affiliates) may receive information regarding the
Issuer and the Guarantors (including information that may be subject to
confidentiality obligations in favor of the Issuer and the Guarantors) and
acknowledge that the Notes Priority Collateral Agent shall not be under any
obligation to provide such information to the Trustee or the Holders. 
Nothing herein shall impose or imply any obligation on the part of Deutsche
Bank Trust Company Americas (or any successor Notes Priority Collateral Agent)
to advance funds.

 

(g)           The Notes Priority Collateral Agent may resign at any time
upon thirty (30) days prior written notice to the Trustee and the Issuer, such
resignation to be effective upon the acceptance of a successor agent to its
appointment as Notes Priority Collateral Agent.  If the Notes Priority
Collateral Agent resigns under this Indenture, the Trustee, subject to the
consent of the Issuer (which shall not be unreasonably withheld and which shall
not be required during a continuing Event of Default), shall appoint a
successor Notes Priority Collateral Agent.  If no successor collateral
agent is appointed prior to the intended effective date of the resignation of
the Notes Priority Collateral Agent (as stated in the notice of resignation),
the Notes Priority Collateral Agent may appoint, after consulting with the
Trustee, subject to the consent of the Issuer (which shall not be unreasonably
withheld and which shall not be required during a continuing Event of Default),
a successor notes priority collateral agent.  If no successor notes
priority collateral agent is appointed and consented to by the Issuer pursuant
to the preceding sentence within thirty (30) days after the intended effective
date of resignation (as stated in the notice of resignation) the Notes Priority
Collateral Agent shall be entitled to petition at the expense of the Issuer a
court of competent jurisdiction to appoint a successor.  Upon the
acceptance of its appointment as successor notes priority collateral agent
hereunder, such successor notes priority collateral agent shall succeed to all
the rights, powers and duties of the retiring Notes Priority Collateral Agent,
and the term “Notes Priority Collateral Agent” shall mean such successor notes
priority collateral agent, and the retiring Notes Priority Collateral Agent’s
appointment, powers and duties as the Notes Priority Collateral Agent shall be
terminated.  After the retiring Notes Priority Collateral Agent’s
resignation hereunder, the provisions of this Section 12.10 (and Section 12.12)
shall continue to inure to its benefit and the retiring Notes Priority
Collateral Agent shall not by reason of such resignation be deemed to be
released from liability as to any actions taken or omitted to be taken by it
while it was the Notes Priority Collateral Agent under this Indenture.

 

(h)           Deutsche Bank Trust Company Americas shall initially act
as Notes Priority Collateral Agent and shall be authorized to appoint co-Notes
Priority Collateral Agents as necessary in its sole discretion.  Except as
otherwise explicitly provided herein or in the Security Documents or the
Intercreditor Agreement, neither the Notes Priority Collateral Agent nor any of
its officers, directors, employees or agents shall be liable for failure to
demand, collect or realize upon any of the Collateral or for any delay in doing
so or shall be under any obligation to sell or otherwise dispose of any
Collateral upon the request of any other Person or to take any other action
whatsoever with regard to the Collateral or any part thereof.  The Notes
Priority Collateral Agent shall be accountable only for amounts that it actually
receives as a result of the exercise of such powers, and neither the Notes
Priority Collateral Agent nor any of its officers, directors, employees or
agents shall be responsible for any act or failure to act hereunder, except for
its own willful misconduct, gross negligence or bad faith.

 

112

 

(i)            The Trustee, as such and the Notes Priority Collateral
Agent, as such are authorized and directed to (i) enter into the Security
Documents, (ii) enter into the Intercreditor Agreement, (iii) bind
the Holders on the terms as set forth in the Security Documents and the
Intercreditor Agreement and (iv) perform and observe its obligations under
the Security Documents and the Intercreditor Agreement.

 

(j)            The Trustee agrees that it shall not (and shall not be
obliged to), and shall not instruct the Notes Priority Collateral Agent to,
unless specifically requested to do so by a majority of the Holders, take or
cause to be taken any action to enforce its rights under this Indenture or
against the Issuer and the Guarantors, including the commencement of any legal
or equitable proceedings, to foreclose any Lien on, or otherwise enforce any
security interest in, any of the Collateral.

 

If at any time or times the Trustee shall receive
(i) by payment, foreclosure, set-off or otherwise, any proceeds of Notes
Priority Collateral or any payments with respect to the Obligations arising
under, or relating to, this Indenture, except for any such proceeds or payments
received by the Trustee from the Notes Priority Collateral Agent pursuant to
the terms of this Indenture, or (ii) payments from the Notes Priority
Collateral Agent in excess of the amount required to be paid to the Trustee
pursuant to Article VI, the Trustee shall promptly turn the same over to
the Notes Priority Collateral Agent, in kind, and with such endorsements as may
be required to negotiate the same to the Notes Priority Collateral Agent.

 

(k)           The Trustee and the Notes Priority Collateral Agent are
each Holder’s agents for the purpose of perfecting the Holders’ security
interest in assets which, in accordance with Article IX of the Uniform
Commercial Code, can be perfected only by possession.  Should the Trustee
obtain possession of any such Collateral, upon request from the Issuer, the
Trustee shall deliver such Collateral to the Notes Priority Collateral Agent.

 

(l)            The Notes Priority Collateral Agent shall have no
obligation whatsoever to the Trustee or any of the Holders to assure that the
Collateral exists or is owned by the Issuer and the Guarantors or is cared for,
protected or insured or has been encumbered, or that the Notes Priority
Collateral Agent’s Liens have been properly or sufficiently or lawfully
created, perfected, protected, maintained or enforced or are entitled to any
particular priority, or to determine whether all of the Grantor’s property
constituting collateral intended to be subject to the Lien and security
interest of the Security Documents has been properly and completely listed or
delivered, as the case may be, or the genuineness, validity, marketability or
sufficiency thereof or title thereto, or to exercise at all or in any
particular manner or under any duty of care, disclosure or fidelity, or to
continue exercising, any of the rights, authorities and powers granted or
available to the Notes Priority Collateral Agent pursuant to this Indenture,
any Security Document or the Intercreditor Agreement, it being understood and
agreed that in respect of the Collateral, or any act, omission or event related
thereto, the Notes Priority Collateral Agent may act in any manner it may deem
appropriate, in its sole discretion given the Notes Priority Collateral Agent’s
own interest in the Collateral, and that the Notes Priority Collateral Agent
shall have no other duty or liability whatsoever to the Trustee or any Holder
as to any of the foregoing.

 

(m)          If the Issuer (i) incurs any obligations in respect of
Secured Credit Facilities Debt at any time when no intercreditor agreement is
in effect or at any time when Indebtedness constituting ABL Facility Debt
entitled to the benefit of an existing Intercreditor Agreement is concurrently
retired, and (ii) delivers to the Notes Priority Collateral Agent an
Officer’s Certificate so stating and requesting the Notes Priority Collateral
Agent to enter into an 

 

113

 

intercreditor agreement (on
substantially the same terms as the Intercreditor Agreement) in favor of a
designated agent or representative for the holders of the Secured Credit
Facilities Debt so incurred, the Notes Priority Collateral Agent shall (and is
hereby authorized and directed to) enter into such intercreditor agreement (at
the sole expense and cost of the Issuer, including legal fees and expenses of
the Notes Priority Collateral Agent), bind the Holders on the terms set forth
therein and perform and observe its obligations thereunder.

 

(n)           No provision of this Indenture, the Intercreditor
Agreement or any Security Document shall require the Notes Priority Collateral
Agent (or the Trustee) or any Agent to expend or risk its own funds or
otherwise incur any financial liability in the performance of any of its duties
hereunder or thereunder or to take or omit to take any action hereunder or
thereunder or take any action at the request or direction of Holders (or the
Trustee in the case of the Notes Priority Collateral Agent) if it shall have
reasonable grounds for believing that repayment of such funds is not assured to
it.

 

(o)           The Notes Priority Collateral Agent and each Agent
(i) shall not be liable for any action it takes or omits to take in good
faith which it reasonably believes to be authorized or within its rights or
powers, or for any error of judgment made in good faith by a Responsible
Officer, unless it is proved that the Notes Priority Collateral Agent or such
Agent was grossly negligent in ascertaining the pertinent facts,
(ii) shall not be liable for interest on any money received by it except
as the Notes Priority Collateral Agent may agree in writing with the Issuer
(and money held in trust by the Notes Priority Collateral Agent need not be
segregated from other funds except to the extent required by law), and
(iii) may consult with counsel of its selection and the advice or opinion
of such counsel as to matters of law shall be full and complete authorization
and protection from liability in respect of any action taken, omitted or
suffered by it in good faith and in accordance with the advice or opinion of
such counsel.  The grant of permissive rights or powers to the Notes
Priority Collateral Agent shall not be construed to impose duties to act.

 

Section 12.11                                    Designations.

 

Except
as provided in the next sentence, for purposes of the provisions hereof and of
the Intercreditor Agreement requiring the Issuer to designate Indebtedness for
the purposes of the terms “ABL Facility Debt” and “Other Pari Passu Lien
Obligations” or any other such designations hereunder or under the
Intercreditor Agreement, any such designation shall be sufficient if the
relevant designation is set forth in writing, signed on behalf of the Issuer by
an Officer and delivered to the Trustee, the Notes Priority Collateral Agent
and the ABL Facility Security Agent.  For all purposes hereof and of the
Intercreditor Agreement, the Issuer hereby designates the Obligations pursuant
to the ABL Facility as “ABL Facility Debt.”

 

Section 12.12                                    Compensation
and Indemnification.

 

The
Notes Priority Collateral Agent and each Agent shall be entitled to the
compensation and indemnification set forth in Section 7.07 (with the
references to the Trustee therein being deemed to refer to the Notes Priority
Collateral Agent and the Agents).

 

Section 12.13                                    Environmental
Indemnity.

 

(a)           Environmental
Indemnity from Issuer.  The Issuer
agrees to indemnify the Trustee and the Notes Priority Collateral Agent from
and against any and all claims, demands, suits, actions, investigations,
proceedings, liabilities, fines, costs, penalties, and damages, and all
reasonable and 

 

114

 

documented out of pocket fees and disbursements of
attorneys (other than the allocated costs of internal counsel) in connection
with or arising out of any presence or release of Hazardous Materials at, on,
under, to or from any Mortgaged Property or any Environmental Actions,
Environmental Liabilities and costs or Remedial Actions related in any way to
any such Mortgaged Property, excluding any such claims, demands, suits,
actions, investigatory, proceedings, lawsuits, liabilities, fines, cost
penalties and damages, and any related out-of-pocket fees and disbursements to
attorneys to the extent arising out of Hazardous Materials first brought onto
or released at the Mortgaged Property or any Environmental Liability,
Environmental Action or Remedial Action, or other violations of applicable
Environmental Laws by the Trustee or the Notes Priority Collateral Agent, after
foreclosure by the Trustee or the Notes Priority Collateral Agent under the
Security Documents or that resulted from the gross negligence or willful
misconduct of an indemnified party.

 

“Environmental
Action” means any written complaint, summons, citation, notice, directive,
order, claim, litigation, investigation, judicial or administrative proceeding,
judgment, letter, or other written communication from any governmental
authority, or any third party, involving violations of Environmental Laws or
releases of Hazardous Materials from (i) any Mortgaged Property, (ii) from
adjoining properties or businesses affecting any Mortgaged Property, or (iii) from
or onto any facilities that received Hazardous Materials generated by any Loan
Party (as defined in the ABL Credit Agreement) or any Subsidiary of a Loan
Party (as defined in the ABL Credit Agreement) on any Mortgaged Property.

 

“Environmental
Law” means any applicable federal, state, provincial, foreign or local statute,
law, rule, regulation, ordinance, code, permit, binding and enforceable
guideline, binding and enforceable written policy, or rule of common law
now or hereafter in effect and in each case as amended, or any judicial or
administrative interpretation thereof, including any judicial or administrative
order, consent decree or judgment, in each case, to the extent binding on any
Loan Party (as defined in the ABL Credit Agreement) or any of its Subsidiaries
with respect to the Mortgaged Property, relating to the environment, the effect
of the environment on employee health, or Hazardous Materials, in each case as
amended from time to time.

 

“Environmental
Liabilities” means all liabilities, monetary obligations, losses, damages,
punitive damages, consequential damages, treble damages, costs and expenses
(including all reasonable fees, disbursements and expenses of counsel, experts,
or consultants, and costs of investigation and feasibility studies), fines,
penalties, sanctions, and interest incurred as a result of any claim or demand,
or Remedial Action required by any governmental authority or any third party,
and which relate to any Environmental Action.

 

“Hazardous
Materials” means (i) substances that are defined or listed in, or
otherwise classified pursuant to, any applicable laws or regulations as “hazardous
substances,” “hazardous materials,” “hazardous wastes,” “toxic substances,” or
any other formulation intended to define, list, or classify substances by
reason of deleterious properties such as ignitability, corrosivity, reactivity,
carcinogenicity, reproductive toxicity, or “EP toxicity”, (ii) oil,
petroleum, or petroleum derived substances, natural gas, natural gas liquids,
synthetic gas, drilling fluids, produced waters, and other wastes associated
with the exploration, development, or production of crude oil, natural gas, or
geothermal resources, (iii) any flammable substances or explosives or any
radioactive materials, (iv) asbestos in any form or electrical or
hydraulic equipment that contains any oil or dielectric fluid containing levels
of polychlorinated biphenyls in excess of 50 parts per million, (v) any
pathogen, toxin, or other biological agent or condition, including but not
limited to any, fungus, mold, mycotoxin or microbial compound, whether dead or
alive, and (vi) any other substance, the storage, manufacture,

 

115

 

disposal,
treatment, generation, use, transportation, remediation, release into or
concentration in the environment of which is prohibited, controlled, regulated
or licensed by any governmental authority under any Environmental Law.

 

“Remedial
Action” means all actions taken to (i) clean up, remove, remediate,
contain, treat, monitor, assess, evaluate, or in any way address Hazardous
Materials in the indoor or outdoor environment, (ii) prevent or minimize a
release or threatened release of Hazardous Materials so they do not migrate or
endanger or threaten to endanger public health or welfare or the indoor or
outdoor environment, (iii) restore or reclaim natural resources or the
environment, (iv) perform any pre-remedial studies, investigations, or
post-remedial operation and maintenance activities, or (v) conduct any
other actions with respect to Hazardous Materials authorized by Environmental
Laws.

 

(b)           Environmental Indemnity from Holders. No provision
of this Indenture shall require the Trustee and the Notes Priority Collateral Agent to expend or risk
its own funds or incur any liability. 
The Trustee and the Notes Priority Collateral Agent shall be under no obligation
to exercise any of its rights and powers under this Indenture at the request of
any Holders, unless such Holder shall have offered to the Trustee and the Notes Priority Collateral Agent security and
indemnity satisfactory to it against any loss, liability or expense, including
without limitation, if an Event of Default occurs and is continuing, indemnity
expressly covering any claims, damages, losses, liabilities or expenses
(including reasonable attorneys fees) incurred by the Trustee and the Notes Priority Collateral Agent arising out of
or in connection with the release or presence of any Hazardous Substances on
any real property of the Issuers.

 

Section 12.14                                    Intercreditor
Agreement and Other Security Documents.

 

The
Trustee and Notes Priority Collateral Agent is each hereby directed and
authorized to execute and deliver the Intercreditor Agreement and any Security
Documents in which it is named as a party.  It is hereby expressly
acknowledged and agreed that, in doing so, the Trustee and the Notes Priority
Collateral Agent are not responsible for the terms or contents of such
agreements, or for the validity or enforceability thereof, or the sufficiency
thereof for any purpose.  Whether or not so expressly stated therein, in
entering into, or taking (or forbearing from) any action under or pursuant to,
the Intercreditor Agreement or any Security Documents, the Trustee and Notes
Priority Collateral Agent each shall have all of the rights, immunities,
indemnities and other protections granted to it under this Indenture (in
addition to those that may be granted to it under the terms of such other
agreement or agreements).

 

ARTICLE XIII

 

RANKING OF NOTE LIENS

 

Section 13.01                                    Relative Rights.

 

The
Intercreditor Agreement defines the relative rights, as lienholders, of the ABL
Secured Parties and the Noteholder Secured Parties.  Nothing in this
Indenture or the Intercreditor Agreement will:

 

(a)           impair, as between the Issuer and Holders, the obligation
of the Issuer, which is absolute and unconditional, to pay principal of,
premium and interest on such Notes in 

 

116

 

accordance with their terms
or to perform any other obligation of the Issuer or any Guarantor under this
Indenture, the Notes, the Guarantees and any Security Documents;

 

(b)           restrict the right of any Holder to sue for payments that
are then due and owing, in a manner not inconsistent with the provisions of the
Intercreditor Agreement;

 

(c)           prevent the Trustee or any Holder from exercising against
the Issuer or any Guarantor any of its other available remedies upon a Default
or Event of Default (other than its rights as a secured party, which are
subject to the Intercreditor Agreement); or

 

(d)           restrict the right of the Trustee or any Holder:

 

(1)           to file and prosecute a petition seeking an order for
relief in an involuntary bankruptcy case as to the Issuer or any Guarantor or
otherwise to commence, or seek relief commencing, any Insolvency or Liquidation
Proceeding involuntarily against the Issuer or any Guarantor;

 

(2)           to make, support or oppose any request for an order for
dismissal, abstention or conversion in any Insolvency or Liquidation
Proceeding;

 

(3)           to make, support or oppose, in any Insolvency or
Liquidation Proceeding, any request for an order extending or terminating any
period during which the debtor (or any other Person) has the exclusive right to
propose a plan of reorganization or other dispositive restructuring or
liquidation plan therein;

 

(4)           to seek the creation of, or appointment to, any official
committee representing creditors (or certain of the creditors) in any
Insolvency or Liquidation Proceeding and, if appointed, to serve and act as a
member of such committee without being in any respect restricted or bound by,
or liable for, any of the obligations under this Article XIII;

 

(5)           to seek or object to the appointment of any professional
person to serve in any capacity in any Insolvency or Liquidation Proceeding or
to support or object to any request for compensation made by any professional
person or others therein;

 

(6)           to make, support or oppose any request for order
appointing a trustee or examiner in any Insolvency or Liquidation Proceeding;
or

 

(7)           otherwise to make, support or oppose any request for
relief in any Insolvency or Liquidation Proceeding that it is permitted by law
to make, support or oppose:

 

(i)      as if it were a holder of unsecured claims; or

 

(ii)     as to any matter relating to any plan of reorganization or other
restructuring or liquidation plan or as to any matter relating to the
administration of the estate or the disposition of the case or proceeding (in
each case set forth in this clause (vii) except as set forth in the
Intercreditor Agreement).

 

117

 

ARTICLE XIV

 

MISCELLANEOUS

 

Section 14.01                                Trust Indenture
Act Controls.

 

If
any provision of this Indenture limits, qualifies or conflicts with the duties
imposed by Trust Indenture Act Section 318(c), the imposed duties shall
control.

 

Section 14.02                                Notices.

 

Any
notice or communication by the Issuer, any Guarantor or the Trustee to the
others is duly given if in writing and delivered in person or mailed by
first-class mail (registered or certified, return receipt requested), fax or
overnight air courier guaranteeing next day delivery, to the others’ address:

 

If
to the Issuer and/or any Guarantor:

 

c/o
Accuride Corporation 

7140
Office Circle

Evansville,
Indiana 47715

Fax
No.: (812) 962-5070

Attention:
General Counsel

 

If
to the Trustee:

 

Wilmington
Trust FSB

50
S. 6th Street, Suite 1290

Minneapolis,
Minnesota 55402

Fax
No.: (612) 219-5651

Attention:  Accuride Administration

 

If
to the Notes Priority Collateral Agent, Registrar, Paying Agent or Transfer
Agent:

 

Deutsche
Bank Trust Company Americas

Trust
& Securities Services

60
Wall Street, MS NYC60-2710

New
York, New York 10005

Fax
No.: (732) 578-4635

Attention:  Corporates Team Deal Manager — Accuride

 

With
a copy to:

 

Deutsche
Bank Trust Company Americas

c/o
Deutsche Bank National Trust Company

Trust
& Securities Services

100
Plaza One, Mailstop JCY03-0699

Jersey
City, New Jersey 07311

Fax
No.: (732) 578-4635

Attention:  Corporates Team Deal Manager — Accuride

 

118

 

The
Issuer, any Guarantor, the Trustee or the Notes Priority Collateral Agent, by
notice to the others, may designate additional or different addresses for
subsequent notices or communications.

 

All
notices and communications (other than those sent to Holders) shall be deemed
to have been duly given: at the time delivered by hand, if personally
delivered; five calendar days after being deposited in the mail, postage
prepaid, if mailed by first-class mail; when receipt acknowledged, if faxed;
and the next Business Day after timely delivery to the courier, if sent by
overnight air courier guaranteeing next day delivery.

 

Any
notice or communication to a Holder shall be mailed by first-class mail,
certified or registered, return receipt requested, or by overnight air courier
guaranteeing next day delivery to its address shown on the register kept by the
Registrar.  Any notice or communication
shall also be so mailed to any Person described in Trust Indenture Act Section
313(c), to the extent required by the Trust Indenture Act.  Failure to mail a notice or communication to
a Holder or any defect in it shall not affect its sufficiency with respect to
other Holders.

 

If
a notice or communication is mailed in the manner provided above within the
time prescribed, it is duly given, whether or not the addressee receives it.

 

If
the Issuer mails a notice or communication to Holders, it shall mail a copy to
the Trustee and each Agent at the same time.

 

Section 14.03                                Communication
by Holders of Notes with Other Holders of Notes.

 

Holders
may communicate pursuant to Trust Indenture Act Section 312(b) with other
Holders with respect to their rights under this Indenture or the Notes.  The Issuer, the Trustee, the Registrar and
anyone else shall have the protection of Trust Indenture Act Section 312(c).

 

Section 14.04                                Certificate and
Opinion as to Conditions Precedent.

 

Upon
any request or application by the Issuer or any of the Guarantors to the
Trustee to take any action under this Indenture, the Issuer or such Guarantor,
as the case may be, shall furnish to the Trustee:

 

                (a)           An Officer’s Certificate in form and
substance reasonably satisfactory to the Trustee (which shall include the
statements set forth in Section 14.05 hereof) stating that, in the opinion of
the signers, all conditions precedent and covenants, if any, provided for in
this Indenture relating to the proposed action have been satisfied; and

 

                (b)           An Opinion of Counsel in form and
substance reasonably satisfactory to the Trustee (which, other than the Opinion
of Counsel delivered on behalf of the Issuer on the date hereof, shall include
the statements set forth in Section 14.05 hereof) stating that, in the opinion of such counsel, all such
conditions precedent and covenants have been satisfied.

 

The
Trustee, Notes Priority Collateral Agent or any other Agent, as applicable, may
in their discretion waive any requirement for the delivery of an Opinion of
Counsel in this Indenture.

 

119

 

Section 14.05                                Statements
Required in Certificate or Opinion.

 

Each
certificate or opinion with respect to compliance with a condition or covenant
provided for in this Indenture (other than a certificate provided pursuant to
Section 4.04 hereof or Trust Indenture Act Section 314(a)(4)) shall comply with
the provisions of Trust Indenture Act Section 314(e) and shall include:

 

(a)           a statement that the Person making such certificate or
opinion has read such covenant or condition;

 

(b)           a brief statement as to the nature and scope of the
examination or investigation upon which the statements or opinions contained in
such certificate or opinion are based;

 

(c)           a statement that, in the opinion of such Person, he or she
has made such examination or investigation as is necessary to enable him to
express an informed opinion as to whether or not such covenant or condition has
been complied with (and, in the case of an Opinion of Counsel, may be limited
to reliance on an Officer’s Certificate as to matters of fact); and

 

(d)           a statement as to whether or not, in the opinion of such
Person, such condition or covenant has been complied with.

 

Section 14.06                                Rules by
Trustee and Agents.

 

The
Trustee may make reasonable rules for action by or at a meeting of
Holders.  The Registrar or Paying Agent
may make reasonable rules and set reasonable requirements for its functions.

 

Section 14.07                                No Personal
Liability of Directors, Officers, Employees and Stockholders.

 

No
director, officer, employee, incorporator or stockholder of the Issuer or any
Guarantor shall have any liability for any obligations of the Issuer or the
Guarantors under the Notes, the Guarantees or this Indenture or for any claim
based on, in respect of, or by reason of such obligations or their
creation.  Each Holder by accepting Notes
waives and releases all such liability. 
The waiver and release are part of the consideration for issuance of the
Notes.

 

Section 14.08                                Governing Law.

 

THIS
INDENTURE, THE NOTES AND ANY GUARANTEE WILL BE GOVERNED BY AND CONSTRUED IN
ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK.

 

Section 14.09                                Waiver of Jury
Trial.

 

EACH
OF THE PARTIES HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT
PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL
PROCEEDING ARISING OUT OF OR RELATING TO THIS INDENTURE, THE NOTES OR THE
TRANSACTIONS CONTEMPLATED HEREBY.

 

Section 14.10                                Force Majeure.

 

In
no event shall the Trustee the Notes Priority Collateral Agent, the Paying
Agent, the Registrar or Transfer Agent be responsible or liable for any failure
or delay in the performance of its 

 

120

 

obligations under this Indenture arising out
of or caused by, directly or indirectly, forces beyond its reasonable control,
including without limitation strikes, work stoppages, accidents, acts of war or
terrorism, civil or military disturbances, nuclear or natural catastrophes or
acts of God, and interruptions, loss or malfunctions of utilities,
communications or computer (software or hardware) services.

 

Section 14.11                                No Adverse
Interpretation of Other Agreements.

 

This
Indenture may not be used to interpret any other indenture, loan or debt
agreement of the Issuer or its Restricted Subsidiaries or of any other
Person.  Any such indenture, loan or debt
agreement may not be used to interpret this Indenture.

 

Section 14.12                                Successors.

 

All
agreements of the Issuer in this Indenture and the Notes shall bind its
successors.  All agreements of the
Trustee in this Indenture shall bind its successors.  All agreements of each Guarantor in this
Indenture shall bind its successors, except as otherwise provided in Section
10.04 hereof.

 

Section 14.13                                Severability.

 

In
case any provision in this Indenture or in the Notes shall be invalid, illegal
or unenforceable, the validity, legality and enforceability of the remaining
provisions shall not in any way be affected or impaired thereby.

 

Section 14.14                                Counterpart
Originals.

 

The
parties may sign any number of copies of this Indenture.  Each signed copy shall be an original, but
all of them together represent the same agreement.

 

Section 14.15                                Table of
Contents, Headings, etc.

 

The
Table of Contents, Cross-Reference Table and headings of the Articles and
Sections of this Indenture have been inserted for convenience of reference
only, are not to be considered a part of this Indenture and shall in no way
modify or restrict any of the terms or provisions hereof.

 

Section 14.16                                Qualification
of Indenture.

 

The
Issuer and the Guarantors shall qualify this Indenture under the Trust
Indenture Act in accordance with the terms and conditions of the Registration
Rights Agreement.  The Trustee shall be
entitled to receive from the Issuer and the Guarantors any such Officer’s
Certificates, Opinions of Counsel or other documentation as it may reasonably
request in connection with any such qualification of this Indenture under the
Trust Indenture Act.

 

Section 14.17                                Patriot Act.

 

The
parties hereto acknowledge that in accordance with Section 326 of the USA
Patriot Act, the Trustee, the Notes Priority Collateral Agent and the Agents,
like all financial institutions and in order to help fight the funding of
terrorism and money laundering, are required to obtain, verify, and record
information that identifies each person or legal entity that establishes a
relationship or opens an account.  The
parties to this agreement agree that they will provide the Trustee, the Notes
Priority 

 

121

 

Collateral Agent and the Agents with such
information as they may reasonably request in order to satisfy the requirements
of the U.S. Patriot Act.

 

[Signatures on following page]

 

122

 

	
   

  	
  ACCURIDE CORPORATION

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By: 

  	
  /s/ James H. Woodward, Jr.

  
	
   

  	
   

  	
  Name: 

  	
  James H. Woodward, Jr.

  
	
   

  	
   

  	
  Title: 

  	
  Senior Vice President and Chief Financial Officer

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  GUARANTORS:

  
	
   

  	
   

  
	
   

  	
  ACCURIDE CUYAHOGA FALLS, INC.

  
	
   

  	
  ACCURIDE HENDERSON LIMITED LIABILITY COMPANY

  
	
   

  	
  ACCURIDE DISTRIBUTING, LLC

  
	
   

  	
  ACCURIDE EMI, LLC

  
	
   

  	
  AOT INC.

  
	
   

  	
  BOSTROM HOLDINGS, INC.

  
	
   

  	
  BOSTROM SEATING, INC.

  
	
   

  	
  BOSTROM SPECIALTY SEATING, INC.

  
	
   

  	
  BRILLION IRON WORKS, INC.

  
	
   

  	
  ERIE LAND HOLDING, INC.

  
	
   

  	
  FABCO AUTOMOTIVE CORPORATION

  
	
   

  	
  GUNITE CORPORATION

  
	
   

  	
  IMPERIAL GROUP HOLDING CORP. — 1

  
	
   

  	
  IMPERIAL GROUP HOLDING CORP. — 2

  
	
   

  	
  JAII MANAGEMENT COMPANY

  
	
   

  	
  TRANSPORTATION TECHNOLOGIES INDUSTRIES, INC.

  
	
   

  	
  TRUCK COMPONENTS INC.

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By: 

  	
  /s/ James H. Woodward, Jr.

  
	
   

  	
   

  	
  Name: James H. Woodward, Jr.

  
	
   

  	
   

  	
  Title: Vice President

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  AKW GENERAL PARTNER L.L.C.

  
	
   

  	
   

  
	
   

  	
  By: Accuride Corporation, as Sole Member

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By: 

  	
  /s/ James H. Woodward, Jr.

  
	
   

  	
   

  	
  Name: James H. Woodward, Jr.

  
	
   

  	
   

  	
  Title: Senior Vice President and Chief Financial
  Officer

  

 

[Signature
Page to First Priority Senior Secured Indenture]

 

 

	
   

  	
  ACCURIDE
  ERIE L.P.

  
	
   

  	
   

  	
   

  
	
   

  	
  By:
  

  	
  AKW
  General Partner L.L.C., as General Partner

  
	
   

  	
   

  
	
   

  	
  By:
  

  	
  Accuride
  Corporation, as Sole Member

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:
  

  	
  /s/
  James H. Woodward, Jr.

  
	
   

  	
   

  	
  Name:
  James H. Woodward, Jr.

  
	
   

  	
   

  	
  Title:
  Senior Vice President and Chief Financial Officer

  
	
   

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  IMPERIAL
  GROUP, L.P.

  
	
   

  	
   

  
	
   

  	
  By:
  

  	
  Imperial
  Group Holding Corp. — 1, its General Partner

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:
  

  	
  /s/
  James H. Woodward, Jr.

  
	
   

  	
   

  	
  Name:
  James H. Woodward, Jr.

  
	
   

  	
   

  	
  Title:
  Vice President

  

 

[Signature
Page to First Priority Senior Secured Indenture]

 

 

	
   

  	
  WILMINGTON
  TRUST FSB,

  
	
   

  	
  as
  Trustee

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By: 

  	
  /s/ Jane Schweiger

  
	
   

  	
   

  	
  Name: Jane Schweiger

  
	
   

  	
   

  	
  Title: Vice President

  
	
   

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  DEUTSCHE
  BANK TRUST COMPANY AMERICAS,

  
	
   

  	
  as
  Notes Priority Collateral Agent, Registrar, Paying Agent and Transfer Agent

  
	
   

  	
   

  
	
   

  	
  By:
  Deutsche Bank National Trust Company

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Cynthia J. Powell

  
	
   

  	
   

  	
  Name: Cynthia J. Powell

  
	
   

  	
   

  	
  Title: Vice President

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By: 

  	
  /s/ David Contino

  
	
   

  	
   

  	
  Name: David Contino

  
	
   

  	
   

  	
  Title: Vice President

  

 

[Signature
Page to First Priority Senior Secured Indenture]

 

 

EXHIBIT A

 

[Face of Note]

 

[Insert
the Global Note Legend, if applicable pursuant to the provisions of the
Indenture]

 

[Insert
the Private Placement Legend, if applicable pursuant to the provisions of the
Indenture]

 

[Insert
the Regulation S Temporary Global Note Legend, if applicable pursuant to the
provisions of the Indenture]

 

[Insert
Original Issue Discount Note Legend, if applicable pursuant to the provisions
of the Indenture]

 

1

 

CUSIP  [                     ]

ISIN  [                  ](1)

 

[[RULE 144A][REGULATION S] [IAI] GLOBAL NOTE

9.5% First Priority Senior Secured Notes due 2018

 

	
  No.

  	
   

  	
  [$                            ]

  

 

ACCURIDE CORPORATION,

a Delaware Corporation

 

promises
to pay to [CEDE & CO. or registered assigns](2) [                            ](3),
the principal sum [set forth on the Schedule of Exchanges of Interests in the
Global Note attached hereto](1) [of
                                    
United States Dollars](2) on August 1, 2018.

 

Interest
Payment Dates:  February 1 and
August 1

 

Record
Dates:  January 15 and July 15

 

(1)           Rule 144A Note
CUSIP:  00439T AD 9

Rule 144A Note ISIN: 
UA00439TAD90

Regulation S Note CUSIP:  U0045X
AB 7

Regulation S Note ISIN: 
USU0045XAB74

IAI Note CUSIP:  00439T AF 4

IAI Note ISIN:  US00439TAF49

Exchange
Note CUSIP:  00439T AE 7

Exchange Note ISIN:  US00439TAE73

 

(2)  If the Note is
issued in global form.

 

(3)  If the Note is
issued in definitive form.

 

2

 

IN
WITNESS HEREOF, the Issuer has caused this instrument to be duly executed.

 

 

	
  Dated:

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  ACCURIDE
  CORPORATION

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
   

  	
   

  	
  Title:

  

 

3

 

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

 

 

	
  Dated:

  	
   

  	
   

  	
  DEUTSCHE
  BANK TRUST AMERICAS COMPANY,

  
	
   

  	
   

  	
   

  	
  not
  in its individual capacity but solely as Registrar

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  By: 

  	
  Deutsche Bank National Trust Company

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  Authorized Signatory

  

 

4

 

[Back of Note]

 

9.5% First Priority Senior Secured Notes due 2018

 

Capitalized
terms used herein shall have the meanings assigned to them in the Indenture
referred to below unless otherwise indicated.

 

1.             INTEREST.  Accuride Corporation, a Delaware corporation,
promises to pay interest on the principal amount of this Note at 9.5% per annum
from July 29, 2010(4) until maturity and shall pay the Additional
Interest, if any, payable pursuant to the Registration Rights Agreement
referred to below.  The Issuer will pay
interest and Additional Interest, if any, semi-annually in arrears on February 1
and August 1 of each year (each, an “Interest Payment Date”), or if
any such day is not a Business Day, on the next succeeding Business Day; provided
that no interest shall be paid for the intervening period until the subsequent
Interest Payment Date.  Interest on the
Notes will accrue from the most recent Interest Payment Date or, if no interest
has been paid, from the date of issuance; provided that the first
Interest Payment Date shall be February 1, 2011(4).  The Issuer will pay interest (including
post-petition interest in any proceeding under any Bankruptcy Law) on overdue
principal and premium, if any, from time to time on demand at the interest rate
on the Notes, to the extent lawful; it shall pay interest (including
post-petition interest in any proceeding under any Bankruptcy Law) on overdue
installments of interest and Additional Interest, if any, (without regard to
any applicable grace periods) from time to time on demand at the interest rate
on the Notes.  Interest will be computed
on the basis of a 360-day year comprised of twelve 30-day months.

 

2.             METHOD OF PAYMENT.  The Issuer will pay interest on the Notes and
Additional Interest, if any, to the Persons who are registered Holders of Notes
at the close of business on January 15 or July 15 (whether or not a
Business Day), as the case may be, next preceding the Interest Payment Date,
even if such Notes are canceled after such record date and on or before such
Interest Payment Date, except as provided in Section 2.12 of the Indenture
with respect to defaulted interest. 
Payment of interest and Additional Interest, if any, may be made by
check mailed to the Holders at their addresses set forth in the Note Register, provided
that payment by wire transfer of immediately available funds will be required
with respect to principal of and interest, premium and Additional Interest, if
any, on, all Global Notes and all other Notes the Holders of which shall have
provided wire transfer instructions to the Issuer or the Paying Agent.  Such payment shall be in such coin or
currency of the United States of America as at the time of payment is legal tender
for payment of public and private debts.

 

3.             PAYING AGENT AND
REGISTRAR.  Initially, Deutsche Bank
Trust Company Americas will act as Paying Agent and Registrar.  The Issuer may change any Paying Agent or
Registrar without notice to the Holders. 
The Issuer or any of its Subsidiaries may act in any such capacity.

 

4.             INDENTURE.  The Issuer issued the Notes under an
Indenture, dated as of July 29, 2010 (the “Indenture”), among
Accuride Corporation, the Guarantors named therein, the Trustee and Deutsche
Bank Trust Company Americas, as Notes Priority Collateral Agent, Registrar,
Paying Agent 

 

(4)           With respect to the Initial
Notes.

 

5

 

and
Transfer Agent.  This Note is one of a
duly authorized issue of notes of the Issuer designated as its 9.5% First
Priority Senior Secured Notes due 2018. 
The Issuer shall be entitled to issue Additional Notes pursuant to
Sections 2.01 and 4.09 of the Indenture. 
The terms of the Notes include those stated in the Indenture and those
made part of the Indenture by reference to the Trust Indenture Act of 1939, as
amended (the “Trust Indenture Act”). 
The Notes are subject to all such terms, and Holders are referred to the
Indenture and such Act for a statement of such terms.  To the extent any provision of this Note conflicts
with the express provisions of the Indenture, the provisions of the Indenture
shall govern and be controlling.

 

5.             OPTIONAL REDEMPTION.

 

(a)           Except as described below
under clauses 5(b), 5(c) and 5(d) hereof, the Notes will not be
redeemable at the Issuer’s option before August 1, 2014.

 

(b)           At any time prior to August 1,
2014, the Issuer may redeem all or a part of the Notes, upon not less than 30
nor more than 60 days’ prior notice mailed by first-class mail to the
registered address of each Holder of Notes, at a redemption price equal to 100%
of the principal amount of the Notes redeemed plus the Applicable Premium as
of, and accrued and unpaid interest and Additional Interest, if any, to the
date of redemption (the “Redemption
Date”), subject to the rights of Holders of Notes on the relevant
Record Date to receive interest due on the relevant Interest Payment Date.

 

(c)           Until August 1, 2013,
the Issuer may, at its option, redeem up to 35% of the aggregate principal
amount of Notes issued by it at a redemption price equal to 109.500% of the
aggregate principal amount thereof, plus accrued and unpaid interest thereon
and Additional Interest, if any, to the applicable Redemption Date, subject to
the right of Holders of Notes of record on the relevant Record Date to receive
interest due on the relevant Interest Payment Date, with the net cash proceeds
of one or more Public Equity Offerings; provided that at least 65% of the sum of the aggregate
principal amount of Notes originally issued under the Indenture and any
Additional Notes that are Notes issued under the Indenture after the Issue Date
remains outstanding immediately after the occurrence of each such redemption; provided  further that each such redemption occurs within 90 days
of the date of closing of each such Public Equity Offering.  Notice of any redemption upon any Public
Equity Offering may be given prior to the redemption thereof, and any such
redemption or notice may, at the Issuer’s discretion, be subject to one or more
conditions precedent, including, but not limited to, completion of the related
Public Equity Offering.

 

(d)           Until August 1, 2013,
during any 12-month period commencing on the Issue Date, the Issuer will be
entitled at its option to redeem up to 10% of the aggregate principal amount of
the Notes used under the Indenture at a redemption price equal to 103.000% of
the aggregate principal amount thereof, plus accrued interest thereon, if any,
to the Redemption Date, subject to the right of Holders of record on the
relevant Record Date to receive interest due on the relevant Interest Payment
Date.  Notice of any such redemption must
be mailed by first class mail to each Holder’s registered address, not less
than 30 or more than 60 days prior to the redemption date.

 

(e)           On and after August 1,
2014, the Issuer may redeem the Notes, in whole or in part, upon not less than
30 nor more than 60 days’ prior notice by first-class mail, postage prepaid,
with a copy to the Trustee and the Paying Agent, to each Holder of Notes at the
address of such Holder appearing in the security register, at the redemption
prices (expressed as percentages of principal amount of the Notes to be
redeemed) set forth below, plus accrued and unpaid interest thereon and
Additional 

 

6

 

Interest,
if any, to the applicable Redemption Date, subject to the right of Holders of
Notes of record on the relevant Record Date to receive interest due on the
relevant Interest Payment Date, if redeemed during the twelve-month period
beginning on August 1 of each of the years indicated below:

 

	
  Year

  	
   

  	
  Percentage

  	
   

  
	
  2014

  	
   

  	
  104.750

  	
  %

  
	
  2015

  	
   

  	
  102.375

  	
  %

  
	
  2016 and thereafter

  	
   

  	
  100.000

  	
  %

  

 

(f)            If a Redemption Date is on
or after a Record Date and on or before the related Interest Payment Date, the
accrued and unpaid interest, if any, will be paid to the Person in whose name
the Note is registered at the close of business on such Record Date, and no
Additional Interest will be payable to Holders whose Notes will be subject to
redemption.

 

(g)           Any redemption pursuant to
this paragraph 5 shall be made pursuant to the provisions of
Sections 3.01 through 3.06 of the Indenture.

 

6.             MANDATORY REDEMPTION.  The Issuer shall not be required to make
mandatory redemption or sinking fund payments with respect to the Notes.

 

7.             NOTICE OF REDEMPTION.  Subject to Section 3.03 of the
Indenture, notice of redemption will be mailed by first-class mail, postage
pre-paid, at least 30 days but not more than 60 days before the Redemption Date
(except that redemption notices may be mailed more than 60 days prior to a
Redemption Date if the notice is issued in connection with Article VIII or
Article XI of the Indenture) to each Holder whose Notes are to be redeemed
at its registered address.  Notes in
denominations larger than $2,000 may be redeemed in part but only in whole
multiples of $1,000 in excess of $2,000, unless all of the Notes held by a
Holder are to be redeemed.  On and after
the Redemption Date interest ceases to accrue on Notes or portions thereof
called for redemption.

 

8.             OFFERS TO REPURCHASE.

 

(a)           Upon the occurrence of a
Change of Control, the Issuer shall make an offer (a “Change of Control
Offer”) to each Holder to repurchase all or any part (equal to $2,000 or an
integral multiple of $1,000 in excess of $2,000) of each Holder’s Notes at a
purchase price equal to 101% of the aggregate principal amount thereof plus
accrued and unpaid interest and Additional Interest thereon, if any, to the
date of purchase (the “Change of Control Payment”).  The Change of Control Offer shall be made in
accordance with Section 4.14 of the Indenture.

 

(b)           If the Issuer or any of its
Restricted Subsidiaries consummates an Asset Sale, within 10 Business Days
after each date that Excess Proceeds exceed $20.0 million, the Issuer shall
commence, an offer to all Holders of the Notes and, if required by the terms of
any Other Pari Passu Lien Obligations,
to the holders of such Other Pari Passu Lien Obligations (an “Asset Sale Offer”), to purchase
the maximum principal amount of Notes (including any Additional Notes) and such
Other Pari Passu Lien Obligations that may be purchased out of the Excess
Proceeds at an offer price in cash in an amount equal to 100% of the principal
amount thereof plus accrued and unpaid interest and Additional Interest
thereon, if any, to the date fixed for the closing of such offer, in accordance
with the procedures set forth in the Indenture. 
To the extent that the aggregate amount of Notes (including any
Additional Notes) and such Other Pari Passu Lien Obligations tendered pursuant
to an Asset Sale Offer is less than the Excess 

 

7

 

Proceeds,
the Issuer may use any remaining Excess Proceeds for general corporate
purposes, subject to other covenants contained in the Indenture.  If the aggregate principal amount of Notes
(including any Additional Notes) or the Other Pari Passu Lien Obligations
surrendered by such holders thereof exceeds the amount of Excess Proceeds, the
Paying Agent shall select the Notes (including any Additional Notes) and such
Other Pari Passu Lien Obligations to be purchased on a pro rata
basis based on the accreted value or principal amount of the Notes (including
any Additional Notes) or such Other Pari Passu Lien Obligations tendered.  Upon completion of any such Asset Sale Offer,
the amount of Excess Proceeds shall be reset at zero.  Holders of Notes that are the subject of an
offer to purchase will receive an Asset Sale Offer from the Issuer prior to any
related purchase date and may elect to have such Notes purchased by completing
the form entitled “Option of Holder to Elect Purchase” attached to the Notes.

 

9.             DENOMINATIONS, TRANSFER,
EXCHANGE.  The Notes are in registered
form without coupons in denominations of $2,000 and integral multiples of
$1,000 in excess of $2,000.  The transfer
of Notes may be registered and Notes may be exchanged as provided in the
Indenture.  The Registrar and the Trustee
may require a Holder, among other things, to furnish appropriate endorsements
and transfer documents and the Issuer may require a Holder to pay any taxes and
fees required by law or permitted by the Indenture.  The Issuer need not exchange or register the
transfer of any Note or portion of a Note selected for redemption, except for
the unredeemed portion of any Note being redeemed in part.  Also, the Issuer need not exchange or
register the transfer of any Notes for a period of 15 days before a selection
of Notes to be redeemed.

 

10.           PERSONS DEEMED OWNERS.  The registered Holder of a Note may be
treated as its owner for all purposes.

 

12.           AMENDMENT, SUPPLEMENT AND
WAIVER.  The Indenture, the Guarantees or
the Notes may be amended or supplemented as provided in the Indenture.

 

13.           DEFAULTS AND REMEDIES.  The Events of Default relating to the Notes
are defined in Section 6.01 of the Indenture.  If any Event of Default occurs and is
continuing (other than an Event of Default specified in clause (6) or (7) of
Section 6.01(a) of the Indenture), the Trustee or the Holders of at
least 25% in principal amount of the Notes then outstanding may declare the
principal, premium, if any, interest and any other monetary obligations on all
the then outstanding Notes to be due and payable immediately.  Notwithstanding the foregoing, in the case of
an Event of Default arising from certain events of bankruptcy or insolvency,
all outstanding Notes will become due and payable immediately without further
action or notice.  Holders may not
enforce the Indenture, the Notes or the Guarantees except as provided in the
Indenture.  Subject to certain
limitations, Holders of a majority in aggregate principal amount of the then
outstanding Notes may direct the Trustee in its exercise of any trust or
power.  The Trustee may withhold from
Holders of the Notes notice of any continuing Default (except a Default
relating to the payment of principal, premium, if any, Additional Interest, if
any, or interest) if it determines that withholding notice is in their
interest.  The Holders of a majority in
aggregate principal amount of the Notes then outstanding by notice to the
Trustee may on behalf of the Holders of all of the Notes waive any existing
Default or and its consequences under the Indenture except a continuing Default
in payment of the principal of, premium, if any, Additional Interest, if any,
or interest on, any of the Notes held by a non-consenting Holder.  The Issuer and each Guarantor (to the extent
that such Guarantor is so required under the Trust Indenture Act) is required
to deliver to the Trustee and the Notes Priority Collateral Agent annually a
statement regarding compliance with the Indenture, and the Issuer is required
within thirty days after becoming aware of any Default, to deliver to 

 

8

 

the
Trustee and the Notes Priority Collateral Agent a certificate specifying such
Default and what action the Issuer proposes to take with respect thereto.

 

14.           AUTHENTICATION.  This Note shall not be entitled to any
benefit under the Indenture or be valid or obligatory for any purpose until
authenticated by the manual signature of the Registrar.

 

15.           ADDITIONAL RIGHTS OF HOLDERS
OF RESTRICTED GLOBAL NOTES AND RESTRICTED DEFINITIVE NOTES.  In addition to the rights provided to Holders
of Notes under the Indenture, Holders of Restricted Global Notes and Restricted
Definitive Notes shall have all the rights set forth in the Registration Rights
Agreement, dated as of July 29, 2010, among Accuride Corporation, the
Guarantors named therein and the other parties named on the signature pages thereof
(the “Registration Rights Agreement”), including the right to receive
Additional Interest (as defined in the Registration Rights Agreement).

 

16.           GOVERNING LAW.  THE LAWS OF THE STATE OF NEW YORK SHALL
GOVERN AND BE USED TO CONSTRUE THE INDENTURE, THE NOTES AND THE GUARANTEES.

 

17.           CUSIP NUMBERS.  Pursuant to a recommendation promulgated by
the Committee on Uniform Security Identification Procedures, the Issuer has
caused CUSIP numbers and ISIN numbers to be printed on the Notes and the
Trustee and the Paying Agent may use CUSIP numbers and ISIN numbers in notices
of redemption as a convenience to Holders. 
No representation is made as to the accuracy of such numbers either as
printed on the Notes or as contained in any notice of redemption and reliance
may be placed only on the other identification numbers placed thereon.

 

18.           GUARANTEE.  The Issuer’s obligations under the Notes are
fully and unconditionally guaranteed, jointly and severally, by the Guarantors.

 

19.           COLLATERAL.  The Notes and any Guarantee by a Guarantor
are secured by a security interest in the Collateral under certain Security
Documents.

 

The
Issuer will furnish to any Holder upon written request and without charge a
copy of the Indenture and/or the Registration Rights Agreement.  Requests may be made to the Issuer at the
following address:

 

c/o
Accuride Corporation

7140
Office Circle

Evansville, Indiana
47715

Fax
No.: (812) 962-5070

Attention:
General Counsel

 

9

 

ASSIGNMENT
FORM

 

To
assign this Note, fill in the form below:

 

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

  	
   

  
	
  (Insert assignee’ legal name)

  	
   

  
	
   

  
	
   

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

  
	
   

  
	
   

  
	
   

  
	
   

  

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

 

and
irrevocably appoint                                                                                                                                                                                 

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

 

	
  Date:

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  Your
  Signature:

  	
   

  
	
   

  	
   

  	
   

  	
   

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

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Signature
  Guarantee*:

  	
   

  	
   

  	
   

  	
   

  	
   

  
									

 

*
Participant in a recognized Signature Guarantee Medallion Program (or other signature
guarantor acceptable to the Registrar).

 

10

 

OPTION OF HOLDER TO ELECT PURCHASE

 

If
you want to elect to have this Note purchased by the Issuer pursuant to
Section 4.10 or 4.14 of the Indenture, check the appropriate box below:

 

[   ] Section 4.10    [   ] Section 4.14

 

If
you want to elect to have only part of this Note purchased by the Issuer
pursuant to Section 4.10 or Section 4.14 of the Indenture, state the
amount you elect to have purchased:

 

$              

 

	
  Date:

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  Your
  Signature:

  	
   

  
	
   

  	
   

  	
   

  	
   

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

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  Tax
  Identification No.:

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Signature
  Guarantee*:

  	
   

  	
   

  	
   

  	
   

  	
   

  
											

 

*
Participant in a recognized Signature Guarantee Medallion Program (or other signature
guarantor acceptable to the Registrar).

 

11

 

SCHEDULE OF EXCHANGES OF INTERESTS IN THE GLOBAL NOTE*

 

The
initial outstanding principal amount of this Global Note is
$                    .  The following exchanges of a part of this
Global Note for an interest in another Global Note or for a Definitive Note, or
exchanges of a part of another Global or Definitive Note for an interest in
this Global Note, have been made:

 

	
  Date
  of 

  Exchange

  	
   

  	
  Amount of 

  decrease

  in Principal 

  Amount

  	
   

  	
  Amount of increase

  in Principal

  Amount of this

  Global Note

  	
   

  	
  Principal Amount 

  of

  this Global Note

  following such

  decrease or 

  increase

  	
   

  	
  Signature of

  authorized officer

  of Trustee or

  Note Custodian

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  

 

*This
schedule should be included only if the Note is issued in global form.

 

12

 

[FORM OF NOTATION ON NOTE RELATING TO GUARANTEE]

 

THE
OBLIGATIONS OF THE GUARANTORS TO THE HOLDERS OF THE NOTES PURSUANT TO THIS
GUARANTEE AND THE INDENTURE DATED AS OF JULY 29, 2010, AMONG ACCURIDE
CORPORATION, THE GUARANTORS NAMED THEREIN, THE TRUSTEE NAMED THEREIN AND THE
NOTES PRIORITY COLLATERAL AGENT, REGISTRAR. PAYING AGENT AND TRANSFER AGENT
NAMED THEREIN (THE “INDENTURE”) ARE EXPRESSLY SET FORTH IN ARTICLE X
OF THE INDENTURE, AND REFERENCE IS HEREBY MADE TO SUCH INDENTURE FOR THE
PRECISE TERMS OF THIS GUARANTEE.  THE
TERMS OF THE INDENTURE, INCLUDING WITHOUT LIMITATION ARTICLE X, ARE
INCORPORATED HEREIN BY REFERENCE.

 

13

 

 

EXHIBIT B

 

FORM OF CERTIFICATE OF TRANSFER

 

Accuride
Corporation

7140 Office Circle

Evansville, Indiana 47715

Fax No.: (812) 962-5070

Attention: General Counsel

 

Deutsche
Bank Trust Company Americas

Trust & Securities Services

60 Wall Street, MS NYC60-2710

New York, New York 10005

Fax No.: (732) 578-4635

Attention:  Corporates Team Deal Manager —
Accuride

 

With
a copy to:

 

Deutsche
Bank Trust Company Americas

c/o Deutsche Bank National Trust Company

Trust & Securities Services

100 Plaza One, Mailstop JCY03-0699

Jersey City, New Jersey 07311

Fax No.: (732) 578-4635

Attention:  Corporates Team Deal Manager —
Accuride

 

Re:  9.5% First Priority Senior Secured Notes due
2018

 

Reference
is hereby made to the Indenture, dated as of July 29, 2010 (the “Indenture”),
among Accuride Corporation, the Guarantors named therein, the Trustee and
Deutsche Bank Trust Company Americas as Notes Priority Collateral Agent,
Registrar, Paying Agent and Transfer Agent. 
Capitalized terms used but not defined herein shall have the meanings
given to them in the Indenture.

 

(the
“Transferor”) owns and proposes to transfer the Note[s] or interest in
such Note[s] specified in Annex A hereto, in the principal amount of
$                      
in such Note[s] or interests (the “Transfer”), to
                              
(the “Transferee”), as further specified in Annex A hereto.  In connection with the Transfer, the
Transferor hereby certifies that:

 

[CHECK ALL THAT APPLY]

 

1.             o CHECK IF
TRANSFEREE WILL TAKE DELIVERY OF A BENEFICIAL INTEREST IN THE 144A GLOBAL NOTE
OR A DEFINITIVE NOTE PURSUANT TO RULE 144A. 
The Transfer is being effected pursuant to and in accordance with Rule 144A
under the United States Securities Act of 1933, as amended (the “Securities
Act”), and, accordingly, the Transferor hereby further certifies that the
beneficial interest or Definitive Note is being transferred to a Person that
the Transferor reasonably believes is purchasing the beneficial interest or
Definitive Note for its own account, or for one or more accounts with respect
to which such Person exercises sole investment discretion, and such Person and
each such account is a “qualified institutional buyer” within the meaning of Rule 144A
in a 

 

1

 

transaction
meeting the requirements of Rule 144A and such Transfer is in compliance
with any applicable blue sky securities laws of any state of the United States.

 

2.             o CHECK IF
TRANSFEREE WILL TAKE DELIVERY OF A BENEFICIAL INTEREST IN THE REGULATION S
GLOBAL NOTE OR A DEFINITIVE NOTE PURSUANT TO REGULATION S.  The Transfer is being effected pursuant to
and in accordance with Rule 903 or Rule 904 under the Securities Act
and, accordingly, the Transferor hereby further certifies that (i) the
Transfer is not being made to a person in the United States and (x) at the
time the buy order was originated, the Transferee was outside the United States
or such Transferor and any Person acting on its behalf reasonably believed and
believes that the Transferee was outside the United States or (y) the
transaction was executed in, on or through the facilities of a designated
offshore securities market and neither such Transferor nor any Person acting on
its behalf knows that the transaction was prearranged with a buyer in the
United States, (ii) no directed selling efforts have been made in
contravention of the requirements of Rule 903(b) or Rule 904(b) of
Regulation S under the Securities Act (iii) the transaction is not part of
a plan or scheme to evade the registration requirements of the Securities Act
and (iv) if the proposed transfer is being made prior to the expiration of
the Restricted Period, the transfer is not being made to a U.S. Person or for
the account or benefit of a U.S. Person (other than an Initial Purchaser).  Upon consummation of the proposed transfer in
accordance with the terms of the Indenture, the transferred beneficial interest
or Definitive Note will be subject to the restrictions on Transfer enumerated
in the Indenture and the Securities Act.

 

3.             o  CHECK AND COMPLETE IF TRANSFEREE WILL TAKE
DELIVERY OF A BENEFICIAL INTEREST IN THE IAI GLOBAL NOTE OR A RESTRICTED
DEFINITIVE NOTE PURSUANT TO ANY PROVISION OF THE SECURITIES ACT OTHER THAN RULE
144A OR REGULATION S.  The
Transfer is being effected in compliance with the transfer restrictions
applicable to beneficial interests in Restricted Global Notes and Restricted
Definitive Notes and pursuant to and in accordance with the Securities Act and
any applicable blue sky securities laws of any state of the United States, and
accordingly the Transferor hereby further certifies that (check one):

 

(a)           o  such Transfer is being effected pursuant to
and in accordance with Rule 144 under the Securities Act;

 

or

 

(b)           o  such Transfer is being effected to the
Issuer or a subsidiary thereof;

 

or

 

(c)           o  such Transfer is being effected pursuant to
an effective registration statement under the Securities Act and in compliance
with the prospectus delivery requirements of the Securities Act;

 

or

 

(d)           o  such Transfer is being effected to an
Institutional Accredited Investor and pursuant to an exemption from the
registration requirements of the Securities Act other than Rule 144A, Rule 144,
Rule 903 or Rule 904, and the Transferor hereby further certifies
that it has not engaged in any general solicitation within the meaning of
Regulation D under the Securities Act and the Transfer 

 

2

 

complies with the
transfer restrictions applicable to beneficial interests in a Restricted Global
Note or Restricted Definitive Notes and the requirements of the exemption
claimed, which certification is supported by (1) a certificate executed by
the Transferee in the form of Exhibit D to the Indenture and (2) an
Opinion of Counsel provided by the Transferor or the Transferee (a copy of
which the Transferor has attached to this certification), to the effect that
such Transfer is in compliance with the Securities Act. Upon consummation of
the proposed transfer in accordance with the terms of the Indenture, the transferred
beneficial interest or Definitive Note will be subject to the restrictions on
transfer enumerated in the Private Placement Legend printed on the IAI Global
Note and/or the Restricted Definitive Notes and in the Indenture and the
Securities Act.

 

4.             o CHECK IF
TRANSFEREE WILL TAKE DELIVERY OF A BENEFICIAL INTEREST IN AN UNRESTRICTED
GLOBAL NOTE OR OF AN UNRESTRICTED DEFINITIVE NOTE.

 

(a)           o CHECK IF
TRANSFER IS PURSUANT TO RULE 144. (i) The Transfer is being effected
pursuant to and in accordance with Rule 144 under the Securities Act and
in compliance with the transfer restrictions contained in the Indenture and any
applicable blue sky securities laws of any state of the United States and (ii) the
restrictions on transfer contained in the Indenture and the Private Placement
Legend are not required in order to maintain compliance with the Securities
Act.  Upon consummation of the proposed
Transfer in accordance with the terms of the Indenture, the transferred beneficial
interest or Definitive Note will no longer be subject to the restrictions on
transfer enumerated in the Private Placement Legend printed on the Restricted
Global Notes, on Restricted Definitive Notes and in the Indenture.

 

(b)           o CHECK IF
TRANSFER IS PURSUANT TO REGULATION S. (i) The Transfer is being effected
pursuant to and in accordance with Rule 903 or Rule 904 under the
Securities Act and in compliance with the transfer restrictions contained in
the Indenture and any applicable blue sky securities laws of any state of the
United States and (ii) the restrictions on transfer contained in the
Indenture and the Private Placement Legend are not required in order to
maintain compliance with the Securities Act. 
Upon consummation of the proposed Transfer in accordance with the terms
of the Indenture, the transferred beneficial interest or Definitive Note will
no longer be subject to the restrictions on transfer enumerated in the Private
Placement Legend printed on the Restricted Global Notes, on Restricted
Definitive Notes and in the Indenture.

 

(c)           o CHECK IF
TRANSFER IS PURSUANT TO OTHER EXEMPTION. 
(i) The Transfer is being effected pursuant to and in compliance
with an exemption from the registration requirements of the Securities Act
other than Rule 144, Rule 903 or Rule 904 and in compliance with
the transfer restrictions contained in the Indenture and any applicable blue
sky securities laws of any State of the United States and (ii) the
restrictions on transfer contained in the Indenture and the Private Placement
Legend are not required in order to maintain compliance with the Securities
Act.  Upon consummation of the proposed
Transfer in accordance with the terms of the Indenture, the transferred
beneficial interest or Definitive Note will not be subject to the restrictions
on transfer enumerated in the Private Placement Legend printed on the
Restricted Global Notes or Restricted Definitive Notes and in the Indenture.

 

3

 

This
certificate and the statements contained herein are made for your benefit and
the benefit of the Issuer.

 

	
   

  	
   

  	
  [Insert
  Name of Transferor]

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
   

  	
  Title:

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Dated:

  	
   

  	
   

  	
   

  	
   

  
					

 

4

 

ANNEX A TO CERTIFICATE OF TRANSFER

 

1.             The Transferor owns and
proposes to transfer the following:

 

[CHECK ONE OF (a) OR (b)]

 

(a)           o a beneficial
interest in the:

 

(i)         o 144A Global Note (CUSIP
00439T AD 9), or

 

(ii)        o Regulation S Global Note
(CUSIP U0045X AB 7), or

 

(iii)       o IAI Global Note (CUSIP
00439T AF 4), or

 

(b)           o a Restricted
Definitive Note.

 

2.             After the Transfer the
Transferee will hold:

 

[CHECK ONE]

 

(a)           o a beneficial
interest in the:

 

(i)         o 144A Global Note (CUSIP
00439T AD 9), or

 

(ii)        o Regulation S Global Note
(CUSIP U0045X AB 7), or

 

(iii)       o IAI Global Note (CUSIP
00439T AF 4), or

 

(iv)       o Unrestricted Global Note
(CUSIP 00439T AE 7); or

 

(b)           o a Restricted
Definitive Note; or

 

(c)           o an
Unrestricted Definitive Note, in accordance with the terms of the Indenture.

 

5

 

EXHIBIT C

 

FORM OF CERTIFICATE OF EXCHANGE

 

Accuride
Corporation

7140 Office Circle

Evansville, Indiana 47715

Fax No.: (812) 962-5070

Attention: General Counsel

 

Deutsche
Bank Trust Company Americas

Trust & Securities Services

60 Wall Street, MS NYC60-2710

New York, New York 10005

Fax No.: (732) 578-4635

Attention:  Corporates Team Deal Manager —
Accuride

 

With
a copy to:

 

Deutsche
Bank Trust Company Americas

c/o Deutsche Bank National Trust Company

Trust & Securities Services

100 Plaza One, Mailstop JCY03-0699

Jersey City, New Jersey 07311

Fax No.: (732) 578-4635

Attention:  Corporates Team Deal Manager —
Accuride

 

Re:  9.5% First Priority Senior Secured Notes due
2018

 

Reference
is hereby made to the Indenture, dated as of July 29, 2010 (the “Indenture”),
among Accuride Corporation, the Guarantors named therein, the Trustee and
Deutsche Bank Trust Company Americas as Notes Priority Collateral Agent,
Registrar, Paying Agent and Transfer Agent. 
Capitalized terms used but not defined herein shall have the meanings
given to them in the Indenture.

 

(the
“Owner”) owns and proposes to exchange the Note[s] or interest in such
Note[s] specified herein, in the principal amount of
$                    
in such Note[s] or interests (the “Exchange”).  In connection with the Exchange, the Owner
hereby certifies that:

 

1)             EXCHANGE OF RESTRICTED
DEFINITIVE NOTES OR BENEFICIAL INTERESTS IN A RESTRICTED GLOBAL NOTE FOR
UNRESTRICTED DEFINITIVE NOTES OR BENEFICIAL INTERESTS IN AN UNRESTRICTED GLOBAL
NOTE

 

a)            o CHECK IF
EXCHANGE IS FROM BENEFICIAL INTEREST IN A RESTRICTED GLOBAL NOTE TO BENEFICIAL
INTEREST IN AN UNRESTRICTED GLOBAL NOTE. 
In connection with the Exchange of the Owner’s beneficial interest in a
Restricted Global Note for a beneficial interest in an Unrestricted Global Note
in an equal principal amount, the Owner hereby certifies (i) the
beneficial interest is being acquired for the Owner’s own account without
transfer, (ii) such Exchange has been effected in compliance with the
transfer restrictions applicable to the 

 

1

 

Global
Notes and pursuant to and in accordance with the United States Securities Act
of 1933, as amended (the “Securities Act”), (iii) the restrictions
on transfer contained in the Indenture and the Private Placement Legend are not
required in order to maintain compliance with the Securities Act and (iv) the
beneficial interest in an Unrestricted Global Note is being acquired in
compliance with any applicable blue sky securities laws of any state of the
United States.

 

b)           o CHECK IF
EXCHANGE IS FROM BENEFICIAL INTEREST IN A RESTRICTED GLOBAL NOTE TO
UNRESTRICTED DEFINITIVE NOTE.  In
connection with the Exchange of the Owner’s beneficial interest in a Restricted
Global Note for an Unrestricted Definitive Note, the Owner hereby certifies (i) the
Definitive Note is being acquired for the Owner’s own account without transfer,
(ii) such Exchange has been effected in compliance with the transfer
restrictions applicable to the Restricted Global Notes and pursuant to and in
accordance with the Securities Act, (iii) the restrictions on transfer
contained in the Indenture and the Private Placement Legend are not required in
order to maintain compliance with the Securities Act and (iv) the
Definitive Note is being acquired in compliance with any applicable blue sky
securities laws of any state of the United States.

 

c)            o CHECK IF
EXCHANGE IS FROM RESTRICTED DEFINITIVE NOTE TO BENEFICIAL INTEREST IN AN
UNRESTRICTED GLOBAL NOTE.  In connection
with the Owner’s Exchange of a Restricted Definitive Note for a beneficial
interest in an Unrestricted Global Note, the Owner hereby certifies (i) the
beneficial interest is being acquired for the Owner’s own account without
transfer, (ii) such Exchange has been effected in compliance with the
transfer restrictions applicable to Restricted Definitive Notes and pursuant to
and in accordance with the Securities Act, (iii) the restrictions on
transfer contained in the Indenture and the Private Placement Legend are not
required in order to maintain compliance with the Securities Act and (iv) the
beneficial interest is being acquired in compliance with any applicable blue
sky securities laws of any state of the United States.

 

d)           o CHECK IF
EXCHANGE IS FROM RESTRICTED DEFINITIVE NOTE TO UNRESTRICTED DEFINITIVE
NOTE.  In connection with the Owner’s
Exchange of a Restricted Definitive Note for an Unrestricted Definitive Note,
the Owner hereby certifies (i) the Unrestricted Definitive Note is being
acquired for the Owner’s own account without transfer, (ii) such Exchange
has been effected in compliance with the transfer restrictions applicable to
Restricted Definitive Notes and pursuant to and in accordance with the
Securities Act, (iii) the restrictions on transfer contained in the Indenture
and the Private Placement Legend are not required in order to maintain
compliance with the Securities Act and (iv) the Unrestricted Definitive
Note is being acquired in compliance with any applicable blue sky securities
laws of any state of the United States.

 

2)             EXCHANGE OF RESTRICTED
DEFINITIVE NOTES OR BENEFICIAL INTERESTS IN RESTRICTED GLOBAL NOTES FOR
RESTRICTED DEFINITIVE NOTES OR BENEFICIAL INTERESTS IN RESTRICTED GLOBAL NOTES

 

a)            o CHECK IF
EXCHANGE IS FROM BENEFICIAL INTEREST IN A RESTRICTED GLOBAL NOTE TO RESTRICTED
DEFINITIVE NOTE.  In 

 

2

 

connection
with the Exchange of the Owner’s beneficial interest in a Restricted Global
Note for a Restricted Definitive Note with an equal principal amount, the Owner
hereby certifies that the Restricted Definitive Note is being acquired for the
Owner’s own account without transfer. 
Upon consummation of the proposed Exchange in accordance with the terms
of the Indenture, the Restricted Definitive Note issued will continue to be
subject to the restrictions on transfer enumerated in the Private Placement
Legend printed on the Restricted Definitive Note and in the Indenture and the
Securities Act.

 

b)           o CHECK IF
EXCHANGE IS FROM RESTRICTED DEFINITIVE NOTE TO BENEFICIAL INTEREST IN A
RESTRICTED GLOBAL NOTE.  In connection
with the Exchange of the Owner’s Restricted Definitive Note for a beneficial
interest in the [CHECK ONE]  o 144A Global
Note o Regulation S
Global Note o IAI Global Note, with an equal principal amount,
the Owner hereby certifies (i) the beneficial interest is being acquired
for the Owner’s own account without transfer and (ii) such Exchange has
been effected in compliance with the transfer restrictions applicable to the
Restricted Global Notes and pursuant to and in accordance with the Securities
Act, and in compliance with any applicable blue sky securities laws of any
state of the United States.  Upon
consummation of the proposed Exchange in accordance with the terms of the
Indenture, the beneficial interest issued will be subject to the restrictions
on transfer enumerated in the Private Placement Legend printed on the relevant
Restricted Global Note and in the Indenture and the Securities Act.

 

This
certificate and the statements contained herein are made for your benefit and
the benefit of the Issuer and are dated
                                            .

 

 

	
   

  	
   

  	
  [Insert
  Name of Transferor]

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
   

  	
  Title:

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Dated:

  	
   

  	
   

  	
   

  	
   

  
					

 

3

 

EXHIBIT D

 

FORM OF
CERTIFICATE FROM

ACQUIRING
INSTITUTIONAL ACCREDITED INVESTOR

 

Accuride
Corporation

7140 Office Circle

Evansville, Indiana 47715

Fax No.: (812) 962-5070

Attention: General Counsel

 

Deutsche
Bank Trust Company Americas

Trust & Securities Services

60 Wall Street, MS NYC60-2710

New York, New York 10005

Fax No.: (732) 578-4635

Attention:  Corporates Team Deal Manager —
Accuride

 

With
a copy to:

 

Deutsche
Bank Trust Company Americas

c/o Deutsche Bank National Trust Company

Trust & Securities Services

100 Plaza One, Mailstop JCY03-0699

Jersey City, New Jersey 07311

Fax No.: (732) 578-4635

Attention:  Corporates Team Deal Manager —
Accuride

 

Re:  9.5% First Priority Senior Secured Notes due
2018

 

Reference
is hereby made to the Indenture, dated as of July 29, 2010 (the “Indenture”),
among Accuride Corporation, the Guarantors named therein, the Trustee and
Deutsche Bank Trust Company Americas as Notes Priority Collateral Agent,
Registrar, Paying Agent and Transfer Agent. 
Capitalized terms used but not defined herein shall have the meanings
given to them in the Indenture.

 

In connection with
our proposed purchase of
$                        
aggregate principal amount of:

 

(a)           o  a beneficial interest in a Global Note, or

 

(b)           o  a Definitive Note,

 

we confirm that:

 

1.             We understand that any subsequent transfer
of the Notes or any interest therein is subject to certain restrictions and
conditions set forth in the Indenture and the undersigned agrees to be bound
by, and not to resell, pledge or otherwise transfer the Notes or any interest
therein except in 

 

1

 

compliance with,
such restrictions and conditions and the Securities Act of 1933, as amended
(the “Securities Act”).

 

2.             We understand that the offer and sale of the
Notes have not been registered under the Securities Act, and that the Notes and
any interest therein may not be offered or sold except as permitted in the
following sentence. We agree, on our own behalf and on behalf of any accounts
for which we are acting as hereinafter stated, that if we should sell the Notes
or any interest therein, we will do so only (A) to the Company or any
subsidiary thereof, (B) in accordance with Rule 144A under the
Securities Act to a “qualified institutional buyer” (as defined therein), (C) to
an institutional “accredited investor” (as defined below) that, prior to such
transfer, furnishes (or has furnished on its behalf by a U.S. broker-dealer) to
you and to the Company a signed letter substantially in the form of this letter
and an Opinion of Counsel in form reasonably acceptable to the Company to the
effect that such transfer is in compliance with the Securities Act, (D) outside
the United States in accordance with Rule 904 of Regulation S under the
Securities Act, (E) pursuant to the provisions of Rule 144(k) under
the Securities Act or (F) pursuant to an effective registration statement
under the Securities Act, and we further agree to provide to any Person
purchasing the Definitive Note or beneficial interest in a Global Note from us
in a transaction meeting the requirements of clauses (A) through (E) of
this paragraph a notice advising such purchaser that resales thereof are
restricted as stated herein.

 

3.             We understand that, on any proposed resale of
the Notes or beneficial interest therein, we will be required to furnish to you
and the Company such certifications, legal opinions and other information as
you and the Company may reasonably require to confirm that the proposed sale
complies with the foregoing restrictions. We further understand that the Notes
purchased by us will bear a legend to the foregoing effect.

 

4.             We are an institutional “accredited investor”
(as defined in Rule 501(a)(1), (2), (3) or (7) of Regulation D
under the Securities Act) and have such knowledge and experience in financial
and business matters as to be capable of evaluating the merits and risks of our
investment in the Notes, and we and any accounts for which we are acting are
each able to bear the economic risk of our or its investment.

 

5.             We are acquiring the Notes or beneficial
interest therein purchased by us for our own account or for one or more
accounts (each of which is an institutional “accredited investor”) as to each
of which we exercise sole investment discretion.

 

You and the Company
are entitled to rely upon this letter and are irrevocably authorized to produce
this letter or a copy hereof to any interested party in any administrative or
legal proceedings or official inquiry with respect to the matters covered
hereby.

 

	
   

  	
   

  	
  [Insert
  Name of Accredited Investor]

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
   

  	
  Title:

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Dated:

  	
   

  	
   

  	
   

  	
   

  
					

 

2

 

 

EXHIBIT E

 

[FORM OF SUPPLEMENTAL INDENTURE

TO BE DELIVERED BY SUBSEQUENT GUARANTORS]

 

Supplemental
Indenture (this “Supplemental Indenture”), dated as of
                    ,
among
                                    
(the “Guaranteeing Subsidiary”), a subsidiary of Accuride Corporation, a
Delaware corporation (the “Issuer”), Wilmington Trust FSB, as trustee
(the “Trustee”) and Deutsche Bank Trust Company Americas, as notes
priority collateral agent (the “Notes Priority Collateral Agent”) and
Registrar, Paying Agent and Transfer Agent.

 

W I T N E S S E T H

 

WHEREAS,
the Issuer and each of the Guarantors (as defined in the Indenture referred to
below) have heretofore executed and delivered to the Trustee and the Notes
Priority Collateral Agent an indenture (the “Indenture”), dated as of July 29,
2010, providing for the issuance of 9.5% First Priority Senior Secured Notes
due 2018 (the “Notes”);

 

WHEREAS,
the Indenture provides that under certain circumstances the Guaranteeing
Subsidiary shall execute and deliver to the Trustee a supplemental indenture
pursuant to which the Guaranteeing Subsidiary shall unconditionally guarantee
all of the Issuer’s Obligations under the Notes and the Indenture on the terms
and conditions set forth herein and under the Indenture (the “Guarantee”);
and

 

WHEREAS,
pursuant to Section 9.01 of the Indenture, the Trustee and the Notes
Priority Collateral Agent is authorized to execute and deliver this
Supplemental Indenture.

 

NOW
THEREFORE, in consideration of the foregoing and for other good and valuable
consideration, the receipt of which is hereby acknowledged, the parties
mutually covenant and agree for the equal and ratable benefit of the Holders of
the Notes as follows:

 

(1)           Capitalized Terms.  Capitalized terms used herein without
definition shall have the meanings assigned to them in the Indenture.

 

(2)           Agreement to Guarantee.  The Guaranteeing Subsidiary hereby agrees as
follows:

 

(a)           Along with all
Guarantors named in the Indenture, to jointly and severally unconditionally guarantee
to each Holder of a Note authenticated and delivered by the Registrar and to
the Trustee and its successors and assigns, irrespective of the validity and
enforceability of the Indenture, the Notes or the obligations of the Issuer
hereunder or thereunder, that:

 

(i)       the principal
of and interest, premium and Additional Interest, if any, on the Notes will be
promptly paid in full when due, whether at maturity, by acceleration,
redemption or otherwise, and interest on the overdue principal of and interest
on the Notes, if any, if lawful, and all other obligations of the Issuer to the
Holders, the Trustee, any Agent or the Notes Priority Collateral Agent or the
Trustee hereunder or thereunder will be promptly paid in full or performed, all
in accordance with the terms hereof and thereof; and

 

1

 

(ii)       in case of any
extension of time of payment or renewal of any Notes or any of such other
obligations, that 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. 
Failing payment when due of any amount so guaranteed or any performance
so guaranteed for whatever reason, the Guarantors and the Guaranteeing
Subsidiary shall be jointly and severally obligated to pay the same
immediately.  This is a guarantee of
payment and not a guarantee of collection.

 

(b)           The obligations
hereunder shall be unconditional, irrespective of the validity, regularity or
enforceability of the Notes or the Indenture, the absence of any action to
enforce the same, any waiver or consent by any Holder of the Notes with respect
to any provisions hereof or thereof, the recovery of any judgment against the
Issuer, any action to enforce the same or any other circumstance which might
otherwise constitute a legal or equitable discharge or defense of a guarantor.

 

(c)           The following
is hereby waived:  diligence,
presentment, demand of payment, filing of claims with a court in the event of
insolvency or bankruptcy of the Issuer, any right to require a proceeding first
against the Issuer, protest, notice and all demands whatsoever.

 

(d)           This Guarantee
shall not be discharged except by complete performance of the obligations contained
in the Notes, the Indenture and this Supplemental Indenture, and the
Guaranteeing Subsidiary accepts all obligations of a Guarantor under the
Indenture.

 

(e)           If any Holder
or the Trustee is required by any court or otherwise to return to the Issuer,
the Guarantors (including the Guaranteeing Subsidiary), or any custodian,
trustee, liquidator or other similar official acting in relation to either the
Issuer or the Guarantors, any amount paid either to the Trustee or such Holder,
this Guarantee, to the extent theretofore discharged, shall be reinstated in
full force and effect.

 

(f)            The
Guaranteeing Subsidiary shall not be entitled to any right of subrogation in
relation to the Holders in respect of any obligations guaranteed hereby until
payment in full of all obligations guaranteed hereby.

 

(g)           As between the
Guaranteeing Subsidiary, on the one hand, and the Holders and the Trustee, on
the other hand, (x) the maturity of the obligations guaranteed hereby may
be accelerated as provided in Article VI of the Indenture 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 declaration of acceleration of such obligations
as provided in Article VI of the Indenture, such obligations (whether or
not due and payable) shall forthwith become due and payable by the Guaranteeing
Subsidiary for the purpose of this Guarantee.

 

(h)           The
Guaranteeing Subsidiary shall have the right to seek contribution from any
non-paying Guarantor so long as the exercise of such right does not impair the
rights of the Holders under this Guarantee.

 

(i)            Pursuant to Section 10.02
of the Indenture, after giving effect to all other contingent and fixed
liabilities that are relevant under any applicable Bankruptcy or fraudulent
conveyance laws, and after giving effect to any collections from, rights to
receive contribution 

 

2

 

from
or payments made by or on behalf of any other Guarantor in respect of the
obligations of such other Guarantor under Article X of the Indenture, this
new Guarantee shall be limited to the maximum amount permissible such that the
obligations of such Guaranteeing Subsidiary under this Guarantee will not
constitute a fraudulent transfer or conveyance.

 

(j)            This Guarantee
shall remain in full force and effect and continue to be effective should any
petition be filed by or against the Issuer for liquidation, reorganization,
should the Issuer become insolvent or make an assignment for the benefit of
creditors or should a receiver or trustee be appointed for all or any
significant part of the Issuer’s assets, and shall, to the fullest extent
permitted by law, continue to be effective or be reinstated, as the case may
be, if at any time payment and performance of the Notes are, pursuant to
applicable law, rescinded or reduced in amount, or must otherwise be restored
or returned by any obligee on the Notes and Guarantee, whether as a “voidable
preference”, “fraudulent transfer” or otherwise, all as though such payment or
performance had not been made.  In the
event that any payment or any part thereof, is rescinded, reduced, restored or
returned, the Note shall, to the fullest extent permitted by law, be reinstated
and deemed reduced only by such amount paid and not so rescinded, reduced,
restored or returned.

 

(k)           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.

 

(l)            This Guarantee
shall be a general unsecured senior subordinated obligation of such
Guaranteeing Subsidiary, ranking pari passu with
any other future Senior Indebtedness of the Guaranteeing Subsidiary, if any.

 

(m)          Each payment to
be made by the Guaranteeing Subsidiary in respect of this Guarantee shall be
made without set-off, counterclaim, reduction or diminution of any kind or
nature.

 

(3)           Execution and Delivery.  The Guaranteeing Subsidiary agrees that the
Guarantee shall remain in full force and effect notwithstanding the absence of
the endorsement of any notation of such Guarantee on the Notes.

 

(4)           Merger, Consolidation or
Sale of All or Substantially All Assets.

 

(a)           Except as otherwise provided
in Section 5.01(c) of the Indenture, the Guaranteeing Subsidiary may
not consolidate or merge with or into or wind up into (whether or not the
Issuer or Guaranteeing Subsidiary is the surviving corporation), or sell,
assign, transfer, lease, convey or otherwise dispose of all or substantially
all of its properties or assets, in one or more related transactions, to any
Person unless:

 

(i)            (A) the
Guaranteeing Subsidiary is the surviving corporation or the Person formed by or
surviving any such consolidation or merger (if other than the Guaranteeing
Subsidiary) or to which such sale, assignment, transfer, lease, conveyance or
other disposition will have been made is a corporation organized or existing
under the laws of the jurisdiction of organization of the Guaranteeing
Subsidiary, as the case may be, or the laws of the United States, any state
thereof, the District of Columbia, or any territory thereof (the Guaranteeing
Subsidiary or such Person, as the case may be, being herein called the “Successor Person”);

 

3

 

(B)           the Successor
Person, if other than the Guaranteeing Subsidiary, expressly assumes all the
obligations of the Guaranteeing Subsidiary under the Indenture, the Security
Documents and the Guaranteeing Subsidiary’s related Guarantee pursuant to
supplemental indentures or other documents or instruments in form reasonably
satisfactory to the Trustee and the Notes Priority Collateral Agent;

 

(C)          immediately after such transaction, no Default
exists; and

 

(D)          the Issuer
shall have delivered to the Trustee and the Notes Priority Collateral Agent an
Officer’s Certificate and an Opinion of Counsel, each stating that such
consolidation, merger or transfer and such supplemental indentures, if any,
comply with the Indenture;

 

(E)           any Collateral
owned by or transferred to the Successor Person shall (i) continue to
constitute Collateral under the Indenture and the Security Documents, (ii) be
subject to the Lien in favor of the Notes Priority Collateral Agent for the
benefit of the Noteholder Secured Parties and the Holders of the Notes, and (iii) not
be subject to any Lien other than Permitted Liens and other Liens permitted
under Section 4.12 of the Indenture; and

 

(F)           to the extent
any assets of the Person which is merged or consolidated with or into the
Successor Company are assets of the type which would constitute Collateral
under the Securities Documents, the Successor Company will take such action as
may be reasonably necessary to cause such property and assets to be made
subject to the Lien of the Security Documents in the manner and to the extent
required in the Indenture or any of the Security Documents and shall take all
reasonably necessary action so that such Lien is perfected to the extent
required by the Security Documents; or

 

(ii)           the transaction
is made in compliance with Section 4.10 of the Indenture;

 

(b)           Subject to certain
limitations described in the Indenture, the Successor Person will succeed to,
and be substituted for, the Guaranteeing Subsidiary under the Indenture and the
Guaranteeing Subsidiary’s Guarantee. 
Notwithstanding the foregoing, the Guaranteeing Subsidiary may merge
into or transfer all or part of its properties and assets to another Guarantor
or the Issuer.

 

(5)           Releases.

 

The
Guarantee of the Guaranteeing Subsidiary shall be automatically and
unconditionally released and discharged, and no further action by the
Guaranteeing Subsidiary, the Issuer, the Trustee or the Notes Priority
Collateral Agent is required for the release of the Guaranteeing Subsidiary’s
Guarantee, upon:

 

(1)           (A)  any
sale, exchange or transfer (by merger or otherwise) of the Capital Stock of the
Guaranteeing Subsidiary (including any sale, exchange or transfer), after which
the Guaranteeing Subsidiary is no longer a Restricted Subsidiary or all or
substantially all the assets of the Guaranteeing Subsidiary, which sale,
exchange or transfer is made in compliance with the applicable provisions of
the Indenture;

 

(B)           the proper
designation of the Guaranteeing Subsidiary as an Unrestricted Subsidiary;

 

4

 

(C)           the Issuer
exercising its Legal Defeasance option or Covenant Defeasance option in
accordance with Article VIII of the Indenture or the Issuer’s obligations
under the Indenture being discharged in accordance with the terms of the
Indenture; and

 

(2)            the Guaranteeing Subsidiary
delivering to the Trustee an Officer’s Certificate and an Opinion of Counsel,
each stating that all conditions precedent provided for in the Indenture
relating to such transaction have been complied with.

 

(6)           No Recourse Against Others.  No director, officer, employee, incorporator
or stockholder of the Guaranteeing Subsidiary shall have any liability for any
obligations of the Issuer or the Guarantors (including the Guaranteeing
Subsidiary) under the Notes, any Guarantees, the Indenture or this Supplemental
Indenture or for any claim based on, in respect of, or by reason of, such
obligations or their creation.  Each
Holder by accepting Notes waives and releases all such liability.  The waiver and release are part of the
consideration for issuance of the Notes.

 

(7)           Governing Law.  THIS SUPPLEMENTAL INDENTURE WILL BE GOVERNED
BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK.

 

(8)           Counterparts.  The parties may sign any number of copies of
this Supplemental Indenture.  Each signed
copy shall be an original, but all of them together represent the same
agreement.

 

(9)           Effect of Headings.  The Section headings herein are for
convenience only and shall not affect the construction hereof.

 

(10)         The Trustee and the Notes
Priority Collateral Agent. 
Neither the Trustee nor the Notes Priority Collateral Agent shall be
responsible in any manner whatsoever for or in respect of the validity or
sufficiency of this Supplemental Indenture or for or in respect of the recitals
contained herein, all of which recitals are made solely by the Guaranteeing
Subsidiary.

 

(11)         Subrogation.  The Guaranteeing Subsidiary shall be
subrogated to all rights of Holders of Notes against the Issuer in respect of
any amounts paid by the Guaranteeing Subsidiary pursuant to the provisions of Section 2
hereof and Section 10.01 of the Indenture; provided that, if an
Event of Default has occurred and is continuing, the Guaranteeing Subsidiary
shall not be entitled to enforce or receive any payments arising out of, or
based upon, such right of subrogation until all amounts then due and payable by
the Issuer under the Indenture or the Notes shall have been paid in full.

 

(12)         Benefits Acknowledged.  The Guaranteeing Subsidiary’s Guarantee is
subject to the terms and conditions set forth in the Indenture.  The Guaranteeing Subsidiary acknowledges that
it will receive direct and indirect benefits from the financing arrangements
contemplated by the Indenture and this Supplemental Indenture and that the
guarantee and waivers made by it pursuant to this Guarantee are knowingly made
in contemplation of such benefits.

 

(13)         Successors.  All agreements of the Guaranteeing Subsidiary
in this Supplemental Indenture shall bind its Successors, except as otherwise
provided in Section 2(k) hereof or elsewhere in this Supplemental
Indenture.  All agreements of the Trustee
in this Supplemental Indenture shall bind its successors.

 

5

 

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

 

 

	
   

  	
   

  	
  [GUARANTEEING
  SUBSIDIARY]

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
   

  	
  Title:

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  WILMINGTON
  TRUST FSB, as Trustee

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
   

  	
  Title:

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  DEUTSCHE BANK TRUST COMPANY AMERICAS, as Notes
  Priority Collateral Agent, Registrar, Paying Agent and Transfer Agent

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:
  Deutsche Bank National Trust Company

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
   

  	
  Title:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
   

  	
  Title:

  

 

6

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