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                              CLARKE AMERICAN CORP.

                     AND EACH OF THE GUARANTORS PARTY HERETO

                          11 3/4% SENIOR NOTES DUE 2013

                                   ----------

                                    INDENTURE

                          Dated as of December 15, 2005

                                   ----------

                              THE BANK OF NEW YORK

                                     Trustee

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                             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)......................................................         12.03
   (c)......................................................         12.03
313(a)......................................................          7.06
   (b)(2)...................................................       7.06; 7.07
   (c)......................................................      7.06; 12.02
   (d)......................................................           7.06
314(a)......................................................  4.03; 12.02; 12.05
   (c)(1)...................................................         12.04
   (c)(2)...................................................         12.04
   (c)(3)...................................................          N.A.
   (e)......................................................         12.05
   (f)......................................................          N.A.
315(a)......................................................          7.01
   (b)......................................................      7.05; 12.02
   (c)......................................................          7.01
   (d)......................................................          7.01
   (e)......................................................          6.11
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
317(a)(1)...................................................          6.08
   (a)(2)...................................................          6.09
   (b)......................................................          2.04
318(a)......................................................         12.01
   (b)......................................................          N.A.
   (c)......................................................         12.01

N.A. means not applicable.

* This Cross Reference Table is not part of the Indenture.

                                TABLE OF CONTENTS

                                                                            Page
                                                                            ----

                                    ARTICLE 1
                          DEFINITIONS AND INCORPORATION
                                  BY REFERENCE

Section 1.01     Definitions.............................................     1
Section 1.02     Other Definitions.......................................    24
Section 1.03     Incorporation by Reference of Trust Indenture Act.......    25
Section 1.04     Rules of Construction...................................    25

                                    ARTICLE 2
                                    THE NOTES

Section 2.01     Form and Dating.........................................    26
Section 2.02     Execution and Authentication............................    27
Section 2.03     Registrar and Paying Agent..............................    27
Section 2.04     Paying Agent to Hold Money in Trust.....................    28
Section 2.05     Holder Lists............................................    28
Section 2.06     Transfer and Exchange...................................    28
Section 2.07     Replacement Notes.......................................    41
Section 2.08     Outstanding Notes.......................................    41
Section 2.09     Treasury Notes..........................................    42
Section 2.10     Temporary Notes.........................................    42
Section 2.11     Cancellation............................................    42
Section 2.12     Defaulted Interest......................................    42

                                    ARTICLE 3
                            REDEMPTION AND PREPAYMENT

Section 3.01     Notices to Trustee......................................    43
Section 3.02     Selection of Notes to Be Redeemed or Purchased..........    43
Section 3.03     Notice of Redemption....................................    43
Section 3.04     Effect of Notice of Redemption..........................    44
Section 3.05     Deposit of Redemption or Purchase Price.................    44
Section 3.06     Notes Redeemed or Purchased in Part.....................    45
Section 3.07     Optional Redemption.....................................    45
Section 3.08     Mandatory Redemption....................................    46
Section 3.09     Offer to Purchase by Application of Excess Proceeds.....    46

                                    ARTICLE 4
                                    COVENANTS

Section 4.01     Payment of Notes........................................    48
Section 4.02     Maintenance of Office or Agency.........................    48
Section 4.03     Reports.................................................    48
Section 4.04     Compliance Certificate..................................    49
Section 4.05     Taxes...................................................    50
Section 4.06     Stay, Extension and Usury Laws..........................    50
Section 4.07     Restricted Payments.....................................    50
Section 4.08     Dividend and Other Payment Restrictions Affecting
                    Restricted Subsidiaries..............................    54
Section 4.09     Incurrence of Indebtedness and Issuance of
                    Preferred Stock......................................    56

Section 4.10     Asset Sales.............................................    59
Section 4.11     Transactions with Affiliates............................    61
Section 4.12     Liens...................................................    63
Section 4.13     Business Activities.....................................    63
Section 4.14     Corporate Existence.....................................    63
Section 4.15     Offer to Repurchase Upon Change of Control..............    63
Section 4.16     Limitation on Sale and Leaseback Transactions...........    65
Section 4.17     Payments for Consent....................................    65
Section 4.18     Additional Note Guarantees..............................    65
Section 4.19     Designation of Restricted and Unrestricted
                    Subsidiaries.........................................    66
Section 4.20     Maintenance of Excess Cash Flow Covenant................    66

                                    ARTICLE 5
                                   SUCCESSORS

Section 5.01     Merger, Consolidation, or Sale of Assets................    67
Section 5.02     Successor Corporation Substituted.......................    68

                                    ARTICLE 6
                              DEFAULTS AND REMEDIES

Section 6.01     Events of Default.......................................    68
Section 6.02     Acceleration............................................    70
Section 6.03     Other Remedies..........................................    70
Section 6.04     Waiver of Past Defaults.................................    70
Section 6.05     Control by Majority.....................................    71
Section 6.06     Limitation on Suits.....................................    71
Section 6.07     Rights of Holders of Notes to Receive Payment...........    71
Section 6.08     Collection Suit by Trustee..............................    71
Section 6.09     Trustee May File Proofs of Claim........................    72
Section 6.10     Priorities..............................................    72
Section 6.11     Undertaking for Costs...................................    72

                                    ARTICLE 7
                                     TRUSTEE

Section 7.01     Duties of Trustee.......................................    73
Section 7.02     Rights of Trustee.......................................    74
Section 7.03     Individual Rights of Trustee............................    74
Section 7.04     Trustee's Disclaimer....................................    74
Section 7.05     Notice of Defaults......................................    75
Section 7.06     Reports by Trustee to Holders of the Notes..............    75
Section 7.07     Compensation and Indemnity..............................    75
Section 7.08     Replacement of Trustee..................................    76
Section 7.09     Successor Trustee by Merger, etc........................    77
Section 7.10     Eligibility; Disqualification...........................    77
Section 7.11     Preferential Collection of Claims Against Company.......    77

                                    ARTICLE 8
                    LEGAL DEFEASANCE AND COVENANT DEFEASANCE

Section 8.01     Option to Effect Legal Defeasance or Covenant
                    Defeasance...........................................    77
Section 8.02     Legal Defeasance and Discharge..........................    77
Section 8.03     Covenant Defeasance.....................................    78
Section 8.04     Conditions to Legal or Covenant Defeasance..............    78

                                       ii

Section 8.05     Deposited Money and Government Securities to be
                    Held in Trust; Other Miscellaneous Provisions........    79
Section 8.06     Repayment to Company....................................    80
Section 8.07     Reinstatement...........................................    80

                                    ARTICLE 9
                        AMENDMENT, SUPPLEMENT AND WAIVER

Section 9.01     Without Consent of Holders of Notes.....................    80
Section 9.02     With Consent of Holders of Notes........................    81
Section 9.03     Compliance with Trust Indenture Act.....................    83
Section 9.04     Revocation and Effect of Consents.......................    83
Section 9.05     Notation on or Exchange of Notes........................    83
Section 9.06     Trustee to Sign Amendments, etc.........................    83

                                   ARTICLE 10
                                 NOTE GUARANTEES

Section 10.01.   Guarantee...............................................    83
Section 10.02.   Limitation on Guarantor Liability.......................    84
Section 10.03.   Execution and Delivery of Note Guarantee................    85
Section 10.04.   Guarantors May Consolidate, etc., on Certain Terms......    85
Section 10.05.   Releases................................................    86

                                   ARTICLE 11
                           SATISFACTION AND DISCHARGE

Section 11.01    Satisfaction and Discharge..............................    87
Section 11.02    Application of Trust Money..............................    88

                                   ARTICLE 12
                                  MISCELLANEOUS

Section 12.01    Trust Indenture Act Controls............................    88
Section 12.02    Notices.................................................    88
Section 12.03    Communication by Holders of Notes with Other
                    Holders of Notes.....................................    89
Section 12.04    Certificate and Opinion as to Conditions Precedent......    89
Section 12.05    Statements Required in Certificate or Opinion...........    90
Section 12.06    Rules by Trustee and Agents.............................    90
Section 12.07    No Personal Liability of Directors, Officers,
                    Employees, Stockholders or Controlling Persons.......    90
Section 12.08    Governing Law...........................................    90
Section 12.09    No Adverse Interpretation of Other Agreements...........    91
Section 12.10    Successors..............................................    91
Section 12.11    Severability............................................    91
Section 12.12    Counterpart Originals...................................    91
Section 12.13    Table of Contents, Headings, etc........................    91
Section 12.14    Force Majeure...........................................    91

                                    EXHIBITS

Exhibit A1   FORM OF NOTE
Exhibit A2   FORM OF REGULATION S TEMPORARY GLOBAL NOTE
Exhibit B    FORM OF CERTIFICATE OF TRANSFER
Exhibit C    FORM OF CERTIFICATE OF EXCHANGE

                                       iii

Exhibit D    FORM OF CERTIFICATE OF ACQUIRING INSTITUTIONAL ACCREDITED INVESTOR
Exhibit E    FORM OF NOTATION OF GUARANTEE
Exhibit F    FORM OF SUPPLEMENTAL INDENTURE

                                       iv

     INDENTURE dated as of December 15, 2005 among Clarke American Corp., a
Delaware corporation, the Guarantors (as defined) and The Bank of New York, a
New York banking corporation, as trustee.

     The Company (as defined), the Guarantors and the Trustee agree as follows
for the benefit of each other and for the equal and ratable benefit of the
Holders (as defined) of the 11 3/4% Senior Notes due 2013 (the "Notes"):

                                    ARTICLE 1
                          DEFINITIONS AND INCORPORATION
                                  BY REFERENCE

Section 1.01 Definitions.

"144A Global Note" means a Global Note substantially in the form of Exhibit A1
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.

"Acquired Debt" 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 Subsidiary of such specified
     Person, whether or not such Indebtedness is 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.

"Acquisition" means the acquisition of Novar USA Inc. by M&F Worldwide pursuant
to a Stock Purchase Agreement dated as of October 31, 2005.

"Acquisition Debt" means Indebtedness of the Company or any of its Restricted
Subsidiaries incurred to fund, in whole or in part, the acquisition by the
Company and /or such Restricted Subsidiaries of assets used or useful in, or of
the Capital Stock of, or a Person engaged in, a Permitted Business, including
payment of all fees, costs and expenses related thereto.

"Additional Notes" means additional Notes (other than the Initial Notes) issued
under this Indenture in accordance with Sections 2.02 and 4.09 hereof, as part
of the same series as the Initial Notes, and the Exchange Notes issued in
respect of such Initial Notes.

"Affiliate" of any specified Person means any other Person directly or
indirectly controlling or controlled by or under direct or indirect common
control with such specified Person. For purposes of this definition, "control,"
as used with respect to any Person, means the possession, directly or
indirectly, of the power to direct or cause the direction of the management or
policies of such Person, whether through the ownership of voting securities, by
agreement or otherwise; provided that beneficial ownership of 10% or more of the
Voting Stock of a Person will be deemed to be control. For purposes of this
definition, the terms "controlling," "controlled by" and "under common control
with" have correlative meanings.

"Agent" means any Registrar, co-registrar, Paying Agent or additional paying
agent.

                                        1

"Applicable Premium" means, with respect to any Note on any Make-Whole
Redemption Date, the greater of:

          (1) 1.0% of the principal amount of the Note; or

          (2) the excess of: (a) the present value at the redemption date of (i)
     the redemption price of the Note at December 15, 2009, (such redemption
     price being set forth in the table appearing in Section 3.07 hereof) plus
     (ii) all required interest payments due on the Note through December 15,
     2009, (excluding accrued but unpaid interest to the Make-Whole Redemption
     Date), computed using a discount rate equal to the Treasury Rate as of such
     Make-Whole Redemption Date plus 50 basis points; over (b) the principal
     amount of the Note, if greater.

"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 Clearstream that apply to such transfer or exchange.

"Asset Sale" means:

          (1) the sale, lease, conveyance or other disposition of any assets or
     rights; provided that the sale, lease, conveyance or other disposition of
     all or substantially all of the assets of the Company and its Restricted
     Subsidiaries taken as a whole will be governed by Section 4.15 hereof
     and/or Section 5.01 hereof and not by Section 4.10 hereof; and

          (2) the issuance of Equity Interests in any of the Company's
     Restricted Subsidiaries or the sale of Equity Interests in any of its
     Restricted Subsidiaries.

          Notwithstanding the preceding, none of the following items will be
     deemed to be an Asset Sale:

          (1) any single transaction or series of related transactions that
     involves assets having a Fair Market Value of less than $5.0 million;

          (2) a transfer of assets between or among the Company and its
     Restricted Subsidiaries;

          (3) an issuance of Equity Interests by a Restricted Subsidiary of the
     Company to the Company or to a Restricted Subsidiary of the Company;

          (4) the sale, lease, transfer or disposition of products, services or
     accounts receivable in the ordinary course of business and any sale, lease,
     transfer or disposition of damaged, worn-out or obsolete assets or assets
     no longer used or useful in the Company's or any of its Restricted
     Subsidiaries' business;

          (5) the sale or other disposition of cash or Cash Equivalents;

          (6) a Restricted Payment that does not violate Section 4.07 hereof or
     a Permitted Investment;

          (7) the sale or grant of licenses or sub-licenses of intellectual
     property entered into in the ordinary course of business;

          (8) creation or realization of Liens securing Hedging Obligations
     which are permitted to be incurred by this Indenture;

          (9) creation or realization of Liens which are permitted to be
     incurred by this Indenture;

                                        2

          (10) any transfer of property or assets that is a conversion of or
     foreclosure on any mortgage or note; provided that the Company or a
     Restricted Subsidiary of the Company receives the real property underlying
     such mortgage or note; and

          (11) any transfer of property or assets that is a surrender or waiver
     of a contract right or a settlement, surrender or release of a contract or
     tort claim.

"Attributable Debt" in respect of a sale and leaseback transaction means, at the
time of determination, the present value of the obligation of the lessee for net
rental payments during the remaining term of the lease included in such sale and
leaseback transaction including any period for which such lease has been
extended or may, at the option of the lessor, be extended. Such present value
shall be calculated using a discount rate equal to the rate of interest implicit
in such transaction, determined in accordance with GAAP; provided, however, that
if such sale and leaseback transaction results in a Capital Lease Obligation,
the amount of Indebtedness represented thereby will be determined in accordance
with the definition of Capital Lease Obligation.

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

"Beneficial Owner" 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 that term is used in Section 13(d)(3)
of the Exchange Act), such "person" will be deemed to have beneficial ownership
of all securities that such "person" has the right to acquire by conversion or
exercise of other securities, whether such right is currently exercisable or is
exercisable only after the passage of time. The terms "Beneficially Owns" and
"Beneficially Owned" have corresponding meanings.

"Board of Directors" means:

          (1) with respect to a corporation, the board of directors of the
     corporation or any committee thereof duly authorized to act on behalf of
     such board;

          (2) with respect to a partnership, the Board of Directors of the
     general partner of the partnership;

          (3) with respect to a limited liability company, the managing member
     or members or any controlling committee of managing members thereof or, if
     managed by managers, the board of managers or any controlling committee
     thereof duly authorized to act on behalf of such board; and

          (4) with respect to any other Person, the board or committee of such
     Person serving a similar function.

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

"Business Day" means any day other than a Legal Holiday.

"Capital Lease Obligation" means, at the time any determination is to be made,
the amount of the liability in respect of a capital lease that would at that
time be required to be capitalized on a balance sheet prepared in accordance
with GAAP, and the Stated Maturity thereof shall be the date of the last payment
of rent or any other amount due under such lease prior to the first date upon
which such lease may be prepaid by the lessee without payment of a penalty.

                                        3

"Capital Stock" means:

          (1) in the case of a corporation, common stock, preferred stock or
     other 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 interests (whether general or limited) or membership interests;
     and

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

     but excluding from all of the foregoing any debt securities convertible
     into Capital Stock, whether or not such debt securities include any right
     of participation with Capital Stock.

"Cash Equivalents" means:

          (1) United States dollars;

          (2) securities issued or directly and fully guaranteed or insured by
     the United States government or any agency or instrumentality of the United
     States government (provided that the full faith and credit of the United
     States is pledged in support of those securities) having maturities of not
     more than one year from the date of acquisition;

          (3) deposits, certificates of deposit 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 lender party to the Credit Agreement or
     with any domestic commercial bank having capital and surplus in excess of
     $500.0 million and a Thomson Bank Watch Rating of "B" or better;

          (4) repurchase obligations with a term of not more than seven days for
     underlying securities of the types described in clauses (2) and (3) above
     entered into with any financial institution meeting the qualifications
     specified in clause (3) above;

          (5) commercial paper having one of the two highest ratings obtainable
     from Moody's Investors Service, Inc. or Standard & Poor's Rating Services
     and, in each case, maturing within one year after the date of acquisition;
     and

          (6) money market funds at least 95% of the assets of which constitute
     Cash Equivalents of the kinds described in clauses (1) through (5) of this
     definition.

"Change of Control" means the occurrence of any of the following:

          (1) the direct or indirect sale, lease, transfer, conveyance or other
     disposition (other than by way of merger or consolidation), in one or a
     series of related transactions, of all or substantially all of the
     properties or assets of the Company and its Subsidiaries taken as a whole
     to any "person" (as that term is used in Section 13(d) of the Exchange Act)
     other than the Principals or their Related Parties; provided, however, that
     such event shall not be deemed to be a Change of Control for so long as the
     Principals or their Related Parties retain the right or ability,

                                        4

     by voting power, contract or otherwise, to elect a majority of the Board of
     Directors of such person;

          (2) the adoption of a plan relating to the liquidation or dissolution
     of the Company;

          (3) the consummation of any transaction (including, without
     limitation, any merger or consolidation), the result of which is that any
     "person" (as defined above), other than the Principals or their Related
     Parties, becomes the Beneficial Owner, directly or indirectly, of more than
     50% of the Voting Stock of the Company, measured by voting power rather
     than by number of shares; provided, however, that such event shall not be
     deemed to be a Change of Control for so long as the Principals or their
     Related Parties retain the right or ability, by voting power, contract or
     otherwise, to elect a majority of the Board of Directors of the Company;

          (4) prior to the initial public offering of the Equity Interests of
     the Company, the first day on which M&F Worldwide ceases to own, directly
     or indirectly, at least 50% of the Voting Stock of the Company, measured by
     voting power rather than by number of shares; provided, however, that such
     event shall not be deemed to be a Change of Control for so long as the
     Principals or their Related Parties retain the right or ability, by voting
     power, contract or otherwise, to elect a majority of the Board of Directors
     of the Company; or

          (5) the first day on which a majority of the members of the Board of
     Directors of the Company are not Continuing Directors.

     Notwithstanding the foregoing, (A) any holding company whose only
significant asset is Equity Interests of the Company or any of its direct or
indirect parent companies shall not itself be considered a "person" for purposes
of clauses (3) or (5) above; (B) the term "Change of Control" shall not include
a merger or consolidation of the Company with or the sale, assignment,
conveyance, transfer, lease or other disposition of all or substantially all of
the Company's assets to, an Affiliate incorporated or organized solely for the
purpose of reincorporating or reorganizing the Company in another jurisdiction
and/or for the sole purpose of forming or collapsing a holding company structure
and (C) a "person" shall not be deemed to have beneficial ownership of
securities subject to a stock purchase agreement, merger agreement or similar
agreement (or voting or option agreement related thereto) until the consummation
of the transactions contemplated by such agreement.

"Clearstream" means Clearstream Banking, S.A.

"Company" means Clarke American Corp., and any and all successors thereto.

"Consolidated Cash Flow" means, with respect to any specified Person for any
period, the Consolidated Net Income of such Person for such period plus, without
duplication:

          (1) an amount equal to any extraordinary loss plus any net loss
     realized by such Person or any of its Restricted Subsidiaries in connection
     with an Asset Sale, to the extent such losses were deducted in computing
     such Consolidated Net Income; plus

          (2) provision for taxes based on income or profits of such Person and
     its Restricted Subsidiaries for such period, to the extent that such
     provision for taxes was deducted in computing such Consolidated Net Income;
     plus

          (3) the Fixed Charges of such Person and its Restricted Subsidiaries
     for such period, to the extent that such Fixed Charges were deducted in
     computing such Consolidated Net Income; plus

                                        5

          (4) depreciation, amortization (including amortization of intangibles
     but excluding amortization of prepaid cash expenses that were paid in a
     prior period) and other non-cash charges (excluding any such non-cash
     charge to the extent that it represents an accrual of or reserve for cash
     charges in any future period or amortization of a prepaid cash charge that
     was paid in a prior period) of such Person and its Restricted Subsidiaries
     for such period to the extent that such depreciation, amortization and
     other non-cash charges were deducted in computing such Consolidated Net
     Income; plus

          (5) expenses and charges related to any Equity Offering or incurrence
     of Indebtedness permitted to be incurred pursuant to this Indenture; plus

          (6) solely for periods ending prior to the Issue Date, the net impact
     of the Historical Adjustments; plus

          (7) write-off of debt discount and debt issuance costs and commissions
     (to the extent not already included in interest expense), discounts and
     other fees and charges associated with indebtedness; minus

          (8) non-cash items increasing such Consolidated Net Income for such
     period, other than the accrual of revenue in the ordinary course of
     business,

          in each case, on a consolidated basis and determined in accordance
with GAAP.

"Consolidated Net Income" means, with respect to any specified Person for any
period, the aggregate of the Net Income of such Person and its Restricted
Subsidiaries for such period, on a consolidated basis, determined in accordance
with GAAP; provided that:

          (1) the Net Income (but not loss) of any Person that is not a
     Restricted Subsidiary or that is accounted for by the equity method of
     accounting will be included only to the extent of the amount of dividends
     or similar distributions paid in cash to the specified Person or a
     Restricted Subsidiary of the Person;

          (2) for purposes of Section 4.07(a)(3)(A) only, the Net Income of any
     Restricted Subsidiary will be excluded to the extent that the declaration
     or payment of dividends or similar distributions by that Restricted
     Subsidiary of that Net Income is not at the date of determination permitted
     without any prior governmental approval (that has not been obtained) or,
     directly or indirectly, by operation of the terms of its charter or any
     agreement, instrument, judgment, decree, order, statute, rule or
     governmental regulation applicable to that Restricted Subsidiary or its
     stockholders;

          (3) the cumulative effect of a change in accounting principles will be
     excluded;

          (4) notwithstanding clause (1) above, the Net Income of any
     Unrestricted Subsidiary will be excluded, whether or not distributed to the
     specified Person or one of its Subsidiaries;

          (5) any non-cash cost related to the termination of any employee
     pension benefit plan, together with any related provision for taxes on any
     such termination (or the tax effect of any such termination) will be
     excluded;

          (6) any net gain or loss arising from the acquisition of any
     securities or extinguishment, in accordance with GAAP, of any Indebtedness
     of a Person or its Restricted Subsidiaries will be excluded;

                                        6

          (7) any non-cash compensation charges or other non-cash expenses or
     charges arising from the grant, issuance or repricing of Capital Stock or
     other equity-based awards will be excluded;

          (8) any unrealized gains and losses associated with Hedging
     Obligations will be excluded;

          (9) any deferred financing costs amortized or written off, and
     premiums and prepayment penalties paid in connection with the Acquisition;
     provided that such costs and penalties are disclosed in the Offering
     Memorandum, will be excluded;

          (10) any non-cash fair value adjustment of inventory attributable to
     the application of the purchase method of accounting in accordance with
     GAAP to the Acquisition shall be excluded;

          (11) any expenses or charges (other than those relating to any
     deferred financing costs, or premiums and prepayment penalties paid in
     connection therewith) paid or incurred in connection with the Acquisition
     will be excluded; and

          (12) any charges resulting from the application of Statement of
     Financial Accounting Standards No. 142 "Goodwill and Other Intangible
     Assets," No. 144 "Accounting for the Impairment or Disposal of Long-Lived
     Assets" or No. 150 "Accounting for Certain Financial Instruments with
     Characteristics of Both Liabilities and Equity" will be excluded.

"Continuing Directors" means, as of any date of determination, any member of the
Board of Directors of the Company who:

          (1) was a member of such Board of Directors on the Issue Date; or

          (2) was nominated for election or elected to such Board of Directors
     with the approval of a majority of the Continuing Directors who were
     members of such Board of Directors at the time of such nomination or
     election.

"Corporate Trust Office of the Trustee" will be at the address of the Trustee
specified in Section 12.02 hereof or such other address as to which the Trustee
may give notice to the Company.

"Credit Agreement" means that certain Credit Agreement, dated as of the Issue
Date, by and among the Company, the Guarantors party thereto, CA Acquisition
Holdings Inc., Bear Stearns Corporate Lending Inc., as administrative agent, and
the lenders party thereto, providing for up to $480.0 million of revolving
credit and term loan borrowings, including any related notes, guarantees,
collateral documents, instruments and agreements executed in connection
therewith, in each case as such Credit Agreement, in whole or in part, in one or
more instances, may be amended, renewed, extended, substituted, refinanced,
restructured, replaced, supplemented or otherwise modified from time to time
(including, without limitation, any successive renewals, extensions,
substitutions, refinancings, restructurings, replacements, supplementations or
other modifications of the foregoing and including, without limitation, any
amendment increasing the amount of Indebtedness incurred or available to be
borrowed thereunder, extending the maturity of any Indebtedness incurred
thereunder or contemplated thereby or deleting, adding or substituting one or
more parties thereto (whether or not such added or substituted parties are banks
or other institutional lenders)), including into one or more debt facilities,
commercial paper facilities or other debt instruments, indentures or agreements
(including by means of sales of debt securities (including Additional Notes) to
institutional investors), providing for revolving credit loans, term loans,
letters of credit or other debt obligations, whether any such extension,
replacement or

                                        7

refinancing (1) occurs simultaneously or not with the termination or repayment
of a prior Credit Agreement or (2) occurs on one or more separate occasions.

"Credit Facilities" means, one or more debt facilities (including, without
limitation, the Credit Agreement) or commercial paper facilities, in each case,
with banks or other institutional or other lenders providing for revolving
credit loans, term loans, debt securities, receivables financing (including
through the sale of receivables to such lenders or to special purpose entities
formed to borrow from such lenders against such receivables) or letters of
credit, in each case, as such Credit Facility, in whole or in part, in one or
more instances, may be amended, renewed, extended, substituted, refinanced,
restructured, replaced, supplemented or otherwise modified from time to time
(including, without limitation, any successive renewals, extensions,
substitutions, refinancings, restructurings, replacements, supplementations or
other modifications of the foregoing and including, without limitation, any
amendment increasing the amount of Indebtedness incurred or available to be
borrowed thereunder, extending the maturity of any Indebtedness incurred
thereunder or contemplated thereby or deleting, adding or substituting one or
more parties thereto (whether or not such added or substituted parties are banks
or other institutional lenders)), including into one or more debt facilities,
commercial paper facilities or other debt instruments, indentures or agreements
(including by means of sales of debt securities (including Additional Notes) to
institutional investors), providing for revolving credit loans, term loans,
letters of credit or other debt obligations, whether any such extension,
replacement or refinancing (1) occurs simultaneously or not with the termination
or repayment of a prior Credit Facility or (2) occurs on one or more separate
occasions.

"Custodian" means the Trustee, as custodian with respect to the Notes in global
form, or any successor entity thereto.

"Debt to Cash Flow Ratio" means, with respect to any specified Person as of any
date of determination, the ratio of (a) consolidated Indebtedness of such Person
as of such date to (b) the Consolidated Cash Flow of such person for the four
most recent full fiscal quarters for which financial statements are available
prior to such date of determination, on a pro forma basis after giving effect to
all acquisitions or dispositions of assets made by such Person and its
Restricted Subsidiaries from the beginning of such four-quarter period through
and including such date of determination (including any related financing
transactions) as if such acquisitions and dispositions (and related financing
transactions) had occurred at the beginning of such four-quarter period.

     In addition, for purposes of calculating the Debt to Cash Flow Ratio:

     (1)  acquisitions that have been made by the specified Person or any of its
          Restricted Subsidiaries, including through mergers or consolidations,
          or any Person or any of its Restricted Subsidiaries acquired by the
          specified Person or any of its Restricted Subsidiaries and including
          any relating financing transactions and including increases in
          ownership of Restricted Subsidiaries, during the four-quarter
          reference period or subsequent to such reference period and on or
          prior to the date on which the event for which the calculation of the
          Debt to Cash Flow Ratio (the "Debt to Cash Flow Calculation Date")
          will be given pro forma effect (determined in good faith by the Chief
          Financial Officer of the Company) as if they had occurred on the first
          day of the four-quarter period;

     (2)  the Consolidated Cash Flow attributable to discontinued operations, as
          determined in accordance with GAAP, and operations or businesses (and
          ownership interests therein) disposed of prior to the Debt to Cash
          Flow Calculation Date, will be excluded;

                                        8

     (3)  any Person that is a Restricted Subsidiary on the Debt to Cash Flow
          Calculation Date will be deemed to have been a Restricted Subsidiary
          at all times during such four-quarter reference period; and

     (4)  any Person that is not a Restricted Subsidiary on the Debt to Cash
          Flow Calculation Date will be deemed not to have been a Restricted
          Subsidiary at any time during such four-quarter reference period.

"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 hereof, substantially in the
form of Exhibit A1 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.

"Disqualified Stock" means any Capital Stock that, by its terms (or by the terms
of any security into which it is convertible, or for which it is exchangeable,
in each case, at the option of the holder of the Capital Stock), or upon the
happening of any event, matures or is mandatorily redeemable, pursuant to a
sinking fund obligation or otherwise, or redeemable at the option of the holder
of the Capital Stock, in whole or in part, on or prior to the date that is 91
days after the date on which the Notes are scheduled to mature. Notwithstanding
the preceding sentence, any Capital Stock that would constitute Disqualified
Stock solely because the holders of the Capital Stock have the right to require
the Company to repurchase such Capital Stock upon the occurrence of a change of
control or an asset sale will not constitute Disqualified Stock if the terms of
such Capital Stock provide that the Company may not repurchase or redeem any
such Capital Stock pursuant to such provisions unless such repurchase or
redemption complies with Section 4.07 hereof. The amount of Disqualified Stock
deemed to be outstanding at any time for purposes of this Indenture will be the
maximum amount that the Company and its Restricted Subsidiaries may become
obligated to pay upon the maturity of, or pursuant to any mandatory redemption
provisions of, such Disqualified Stock, exclusive of accrued dividends.

"Domestic Subsidiary" means any Restricted Subsidiary of the Company that was
formed under the laws of the United States or any state of the United States or
the District of Columbia.

"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 an offer and sale of Capital Stock (other than
Disqualified Stock) of:

          (1) the Company; or

          (2) a direct or indirect parent of the Company, to the extent that the
     net proceeds of any such offer and sale of Capital Stock are contributed to
     the Company as a capital contribution (other than in exchange for
     Disqualified Stock).

"Euroclear" means Euroclear Bank, S.A./N.V., as operator of the Euroclear
system.

                                        9

"Exchange Act" means the Securities Exchange Act of 1934, as amended.

"Exchange Notes" means the registered Notes that will be exchanged for the
Notes, pursuant to the terms of the Registration Rights Agreement, having
substantially the same terms as the Notes and evidencing the same Indebtedness
as the Notes.

"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.

"Existing Indebtedness" means Indebtedness of the Company and its Subsidiaries
(other than Indebtedness under the Credit Agreement) in existence on the Issue
Date, until such amounts are repaid.

"Fair Market Value" means the value that would be paid by a willing buyer to an
unaffiliated willing seller in a transaction not involving distress or necessity
of either party, determined in good faith by the chief executive officer, chief
financial officer, chief accounting officer, controller or Board of Directors of
the Company or the Restricted Subsidiary, as applicable (unless otherwise
provided in this Indenture).

"Fixed Charge Coverage Ratio" means with respect to any specified Person, the
ratio of the Consolidated Cash Flow of such Person for such Person's most recent
four full fiscal quarters (the "four-quarter reference period") for which
financial statements are available to the Fixed Charges of such Person for such
four-quarter reference period. In the event that the specified Person or any of
its Restricted Subsidiaries incurs, assumes, guarantees, repays, repurchases,
redeems, defeases or otherwise discharges any Indebtedness (other than ordinary
working capital borrowings) or issues, repurchases or redeems preferred stock
subsequent to the commencement of the four-quarter reference period for which
the Fixed Charge Coverage Ratio is being calculated and on or prior to the date
on which the event for which the calculation of the Fixed Charge Coverage Ratio
is made (the "Calculation Date"), then the Fixed Charge Coverage Ratio will be
calculated giving pro forma effect to such incurrence, assumption, guarantee,
repayment, repurchase, redemption, defeasance or other discharge of
Indebtedness, or such issuance, repurchase or redemption of preferred stock, and
the use of the proceeds therefrom, as if the same had occurred at the beginning
of such four-quarter reference period.

     In addition, for purposes of calculating the Fixed Charge Coverage Ratio:

          (1) acquisitions that have been made by the specified Person or any of
     its Restricted Subsidiaries, including through mergers or consolidations,
     or any Person or any of its Restricted Subsidiaries acquired by the
     specified Person or any of its Restricted Subsidiaries, and including any
     related financing transactions and including increases in ownership of
     Restricted Subsidiaries, during the four-quarter reference period or
     subsequent to such reference period and on or prior to the Calculation Date
     will be given pro forma effect (as determined in good faith by the Chief
     Financial Officer of the Company) as if they had occurred on the first day
     of the four-quarter reference period;

          (2) the Consolidated Cash Flow attributable to discontinued
     operations, as determined in accordance with GAAP, and operations or
     businesses (and ownership interests therein) disposed of prior to the
     Calculation Date, will be excluded;

          (3) the Fixed Charges attributable to discontinued operations, as
     determined in accordance with GAAP, and operations or businesses (and
     ownership interests therein) disposed of or attributable to Indebtedness
     repaid from the proceeds of the disposition or transfer of such operations
     or business prior to the Calculation Date, will be excluded, but only to
     the extent that

                                       10

     the obligations giving rise to such Fixed Charges will not be obligations
     of the specified Person or any of its Restricted Subsidiaries following the
     Calculation Date;

          (4) any Person that is a Restricted Subsidiary on the Calculation Date
     will be deemed to have been a Restricted Subsidiary at all times during
     such four-quarter reference period;

          (5) any Person that is not a Restricted Subsidiary on the Calculation
     Date will be deemed not to have been a Restricted Subsidiary at any time
     during such four-quarter reference period; and

          (6) if any Indebtedness bears a floating rate of interest, the
     interest expense on such Indebtedness will be calculated as if the rate in
     effect on the Calculation Date had been the applicable rate for the entire
     four-quarter reference period (taking into account any Hedging Obligation
     applicable to such Indebtedness, but only for such period of time as equals
     the then remaining term of such Hedging Obligations as of the Calculation
     Date).

"Fixed Charges" means, with respect to any specified Person for any period, the
sum, without duplication, of:

          (1) the consolidated interest expense of such Person and its
     Restricted Subsidiaries for such period, whether paid or accrued,
     including, without limitation, amortization of debt issuance costs and
     original issue discount, non-cash interest payments, the interest component
     of any deferred payment obligations, the interest component of all payments
     associated with Capital Lease Obligations, imputed interest with respect to
     Attributable Debt, commissions, discounts and other fees and charges
     incurred in respect of letter of credit or bankers' acceptance financings,
     and net of the effect of all payments made or received pursuant to Hedging
     Obligations in respect of interest rates; plus

          (2) the consolidated interest expense of such Person and its
     Restricted Subsidiaries that was capitalized during such period; plus

          (3) any interest on Indebtedness of another Person that is guaranteed
     by such Person or one of its Restricted Subsidiaries or secured by a Lien
     on assets of such Person or one of its Restricted Subsidiaries, whether or
     not such guarantee or Lien is called upon; plus

          (4) the product of (a) all dividends, whether paid or accrued and
     whether or not in cash, on any series of preferred stock of such Person or
     any of its Restricted Subsidiaries, other than dividends on Equity
     Interests payable solely in Equity Interests of such Person (other than
     Disqualified Stock) or to such Person or a Restricted Subsidiary of such
     Person, times (b) a fraction, the numerator of which is one and the
     denominator of which is one minus the then current combined federal, state
     and local statutory tax rate of such Person, expressed as a decimal, in
     each case, determined on a consolidated basis in accordance with GAAP.

"GAAP" means generally accepted accounting principles set forth in the opinions
and pronouncements of the Accounting Principles Board of the American Institute
of Certified Public Accountants and statements and pronouncements of the
Financial Accounting Standards Board, the Public Company Accounting Oversight
Board or in such other statements by such other entity as have been approved by
a significant segment of the accounting profession, which are in effect on the
Issue Date.

"Global Note Legend" means the legend set forth in Section 2.06(g)(2) 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

                                       11

its nominee, substantially in the form of Exhibit A1 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)(3), 2.06(b)(4), 2.06(d)(2) or 2.06(f) hereof.

"Government Securities" means direct obligations of, or obligations guaranteed
by, the United States of America (including any agency or instrumentality
thereof) for the payment of which obligations or guarantees the full faith and
credit of the United States of America is pledged and which are not callable or
redeemable at the issuer's option.

"Guarantee" means a guarantee other than by endorsement of negotiable
instruments for collection in the ordinary course of business, direct or
indirect, in any manner including, without limitation, by way of a pledge of
assets or through letters of credit or reimbursement agreements in respect
thereof, of all or any part of any Indebtedness (whether arising by virtue of
partnership arrangements, or by agreements to keep-well, to purchase assets,
goods, securities or services, to take or pay or to maintain financial statement
conditions or otherwise).

"Guarantors" means:

          (1) each Domestic Subsidiary of the Company that guarantees the Credit
     Agreement; and

          (2) any other Subsidiary of the Company that executes a Note Guarantee
     in accordance with the provisions of this Indenture,

and their respective successors and assigns, in each case, until the Note
Guarantee of such Person has been released in accordance with the provisions of
this Indenture; provided, however that an Immaterial Subsidiary shall only
become a Guarantor at the time it ceases to be an Immaterial Subsidiary.

"Hedging Obligations" means, with respect to any specified Person, the
obligations of such Person under:

          (1) interest rate swap agreements (whether from fixed to floating or
     from floating to fixed), interest rate cap agreements and interest rate
     collar agreements;

          (2) other agreements or arrangements designed to manage interest rates
     or interest rate risk; and

          (3) other agreements or arrangements designed to manage fluctuations
     in currency exchange rates.

"Historical Adjustments" means, without duplication, the items used in the
calculation of Adjusted EBITDA in the Offering Memorandum in the amounts and for
the periods set forth under the caption "Summary--Summary Historical and Pro
Forma Consolidated Financial and Other Data."

"Holder" means a 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 A1
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.

                                       12

"Immaterial Subsidiary" means, as of any date, any Restricted Subsidiary whose
total assets, as of that date, are less than $100,000 and whose total revenues
for the most recent 12-month period do not exceed $100,000; provided that a
Restricted Subsidiary will not be considered to be an Immaterial Subsidiary if
it, directly or indirectly, guarantees or otherwise provides direct credit
support for any Indebtedness of the Company.

"Indebtedness" means, with respect to any specified Person, any indebtedness of
such Person (excluding accrued expenses and trade payables), whether or not
contingent:

          (1) in respect of borrowed money;

          (2) evidenced by bonds, notes, debentures or similar instruments or
     letters of credit (or reimbursement agreements in respect thereof);

          (3) in respect of banker's acceptances;

          (4) representing Capital Lease Obligations or Attributable Debt in
     respect of sale and leaseback transactions;

          (5) representing the balance deferred and unpaid of the purchase price
     of any property or services due more than six months after such property is
     acquired or such services are completed; or

          (6) representing any Hedging Obligations,

     if and to the extent any of the preceding items (other than letters of
credit, Attributable Debt and Hedging Obligations) would appear as a liability
upon a balance sheet of the specified Person prepared in accordance with GAAP.
In addition, the term "Indebtedness" includes all Indebtedness of others secured
by a Lien on any asset of the specified Person (whether or not such Indebtedness
is assumed by the specified Person) and, to the extent not otherwise included,
the guarantee by the specified Person of any Indebtedness of any other Person.

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

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

"Initial Notes" means the $175,000,000 in aggregate principal amount of Notes
issued under this Indenture on the date hereof.

"Initial Purchasers" means Bear, Stearns & Co. Inc. and J.P. Morgan Securities
Inc.

"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, that is not also a QIB.

"Investments" means, with respect to any Person, all direct or indirect
investments by such Person in other Persons (including Affiliates) in the forms
of loans (including guarantees or similar obligations), advances or capital
contributions (excluding payroll, commission, travel and similar advances to
officers and employees made in the ordinary course of business and deposits made
in connection with acquisitions), purchases or other acquisitions for
consideration of Indebtedness, Equity Interests or other securities, together
with all items that are or would be classified as investments on a balance sheet
prepared in accordance with GAAP. If the Company or any Restricted Subsidiary of
the Company sells or otherwise disposes of any Equity Interests of any direct or
indirect Subsidiary of the Company such that, after

                                       13

giving effect to any such sale or disposition, such Person is no longer a
Subsidiary of the Company, the Company will be deemed to have made an Investment
on the date of any such sale or disposition equal to the Fair Market Value of
the Company's Investments in such Subsidiary that were not sold or disposed of
in an amount determined as provided in the final paragraph of Section 4.07
hereof. The acquisition by the Company or any Restricted Subsidiary of the
Company of a Person that holds an Investment in a third Person will be deemed to
be an Investment by the Company or such Restricted Subsidiary in such third
Person in an amount equal to the Fair Market Value of the Investments held by
the acquired Person in such third Person in an amount determined as provided in
the final paragraph of Section 4.07 hereof. Except as otherwise provided in this
Indenture, the amount of an Investment will be determined at the time the
Investment is made and without giving effect to subsequent changes in value.

"Issue Date" means December 15, 2005, the date of this Indenture.

"Legal Holiday" means a Saturday, a Sunday or a day on which banking
institutions in the City of New York or at a place of payment are authorized by
law, regulation or executive order to remain closed. If a payment date is a
Legal Holiday at a place of payment, payment may be made at that place on the
next succeeding day that is not a Legal Holiday, and no interest shall accrue on
such payment for the intervening period.

"Letter of Transmittal" means the letter of transmittal to be prepared by the
Company and sent to all Holders of the Notes for use by such Holders in
connection with the Exchange Offer.

"Lien" means, with respect to any asset, any mortgage, lien, pledge, charge,
security interest or encumbrance of any kind in respect of such asset, whether
or not filed, recorded or otherwise perfected under applicable law, including
any conditional sale or other title retention agreement, any lease in the nature
thereof, any option or other agreement to sell or give a security interest in
and any filing of or agreement to give any financing statement under the Uniform
Commercial Code (or equivalent statutes) of any jurisdiction.

"Liquidated Damages" means all liquidated damages then owing pursuant to the
Registration Rights Agreement.

"M&F Worldwide" means M&F Worldwide Corp., a Delaware corporation, and its
successors.

"Net Income" means, with respect to any specified Person, the net income (loss)
of such Person, determined in accordance with GAAP and before any reduction in
respect of preferred stock dividends, excluding, however:

          (1) any gain or loss, together with any related provision for taxes on
     such gain or loss, realized in connection with: (a) any Asset Sale; or (b)
     the disposition of any securities by such Person or any of its Restricted
     Subsidiaries or the extinguishment of any Indebtedness of such Person or
     any of its Restricted Subsidiaries; and

          (2) any extraordinary gain or loss, together with any related
     provision for taxes on such extraordinary gain or loss.

"Net Proceeds" means the aggregate cash proceeds received by the Company or any
of its Restricted Subsidiaries in respect of any Asset Sale (including, without
limitation, any cash received upon the sale or other disposition of any non-cash
consideration received in any Asset Sale), net of (i) the direct costs relating
to such Asset Sale, including, without limitation, legal, accounting, consulting
and investment banking fees, and sales commissions, and any relocation expenses
incurred as a result of the Asset Sale,

                                       14

(ii) taxes paid or payable as a result of the Asset Sale, in each case, after
taking into account any available tax credits or deductions and any tax sharing
arrangements, (iii) amounts required to be applied to the repayment of
Indebtedness, other than Indebtedness under a Credit Facility, secured by a Lien
on the asset or assets that were the subject of such Asset Sale, (iv) any
reserve for adjustment in respect of the sale price of such asset or assets
established in accordance with GAAP, (v) payments of unassumed liabilities (not
constituting Indebtedness) relating to the assets, and (vi) amounts required to
be paid to any Person (other than the Company or any Restricted Subsidiary)
owning a beneficial interest in the assets subject to the Asset Sale or having a
Lien thereon.

"Non-Recourse Debt" means Indebtedness:

          (1) as to which neither the Company nor any of its Restricted
     Subsidiaries (a) provides credit support of any kind (including any
     undertaking, agreement or instrument that would constitute Indebtedness),
     (b) is directly or indirectly liable as a guarantor or otherwise, or (c)
     constitutes the lender;

          (2) no default with respect to which (including any rights that the
     holders of the Indebtedness may have to take enforcement action against an
     Unrestricted Subsidiary) would permit upon notice, lapse of time or both
     any holder of any other Indebtedness of the Company or any of its
     Restricted Subsidiaries to declare a default on such other Indebtedness or
     cause the payment of such other Indebtedness to be accelerated or payable
     prior to its Stated Maturity; and

          (3) as to which the lenders have been notified in writing that they
     will not have any recourse to the stock or assets of any of the Company's
     Restricted Subsidiaries or the assets of the Company (other than a pledge
     of the Capital Stock of the entity incurring the Non-Recourse Debt).

"Non-U.S. Person" means a Person who is not a U.S. Person.

"Note Guarantee" means the guarantee by each Guarantor of the Company's
obligations under this Indenture and the Notes, executed pursuant to the
provisions of this Indenture.

"Notes" has the meaning assigned to it in the preamble to this Indenture. Except
as expressly provided herein, the Initial Notes, the Exchange Notes and the
Additional Notes shall be treated as a single class for all purposes under this
Indenture, and unless the context otherwise requires, all references to the
Notes shall include the Initial Notes, the Exchange Notes and any Additional
Notes.

"Obligations" means any principal, interest, penalties, fees, indemnifications,
reimbursements, damages and other liabilities payable under the documentation
governing any Indebtedness.

"Offering Memorandum" means the offering memorandum of the Company, dated
December 8, 2005.

"Officer" means, with respect to any Person, the Chairman of the Board, the
Chief Executive Officer, the President, the Chief Operating Officer, the Chief
Financial Officer, the Treasurer, any Assistant Treasurer, the Controller, the
Secretary, any Assistant Secretary or any Vice-President of such Person.

"Officers' Certificate" means a certificate signed on behalf of the Company by
two Officers of the Company that meets the requirements of Section 12.05 hereof.

                                       15

"Opinion of Counsel" means an opinion from legal counsel that meets the
requirements of Section 12.05 hereof. Such opinion may be subject to customary
assumptions, exceptions and qualifications. The counsel may be an employee of or
counsel to the Company or any Subsidiary of the Company.

"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 Business" means the business of the Company and its Subsidiaries
engaged in on the Issue Date and any other activities that are similar,
ancillary or reasonably related to, or a reasonable extension of, such business
and any unrelated business, to the extent it is not material in size as compared
to the Company's business as a whole.

"Permitted Investments" means:

          (1) any Investment in the Company or in a Restricted Subsidiary of the
     Company;

          (2) any Investment in Cash Equivalents;

          (3) any Investment by the Company or any Restricted Subsidiary of the
     Company in a Person, if as a result of such Investment:

               (a) such Person becomes a Restricted Subsidiary of the Company;
          or

               (b) such Person is merged, consolidated or amalgamated with or
          into, or transfers or conveys substantially all of its assets to, or
          is liquidated into, the Company or a Restricted Subsidiary of the
          Company;

          (4) any Investment made as a result of the receipt of non-cash
     consideration from an Asset Sale that was made pursuant to and in
     compliance with Section 4.10 hereof;

          (5) any acquisition of assets or Capital Stock solely in exchange for
     the issuance of Equity Interests (other than Disqualified Stock) of the
     Company;

          (6) any Investments received in compromise or resolution of (A)
     obligations of trade creditors or customers that were incurred in the
     ordinary course of business of the Company or any of its Restricted
     Subsidiaries, including pursuant to any plan of reorganization or similar
     arrangement upon the bankruptcy or insolvency of any trade creditor or
     customer; or (B) litigation, arbitration or other disputes with Persons who
     are not Affiliates;

          (7) Investments represented by Hedging Obligations;

          (8) loans or advances to employees made in the ordinary course of
     business of the Company or the Restricted Subsidiary of the Company in an
     aggregate principal amount not to exceed $1.0 million at any one time
     outstanding;

          (9) repurchases of the Notes and the Note Guarantees;

          (10) any Investments in receivables owing to the Company or a
     Restricted Subsidiary, if created or acquired in the ordinary course of
     business and payable or dischargeable in accordance with customary trade
     terms; provided, however, that such trade terms may include such
     concessionary trade terms as the Company or such Restricted Subsidiary
     deems reasonable under the circumstances;

                                       16

          (11) advances, prepaid incentives, loans and extensions of credit to
     suppliers, customers and vendors in the ordinary course of business;

          (12) Investments in existence on the Issue Date;

          (13) payroll, travel or similar advances to cover matters that are
     expected at the time of such advances to be treated as expenses for
     accounting purposes and that are made in the ordinary course of business;

          (14) Investments in lease, utility and other similar deposits made in
     the ordinary course of business;

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

          (16) Investments in prepaid expenses, negotiable instruments held for
     collection and lease and utility and worker's compensation deposits
     provided to third parties in the ordinary course of business;

          (17) Investments consisting of earn-out obligations incurred in
     connection with the Company's acquisition of Alcott Routon, not to exceed
     $3.0 million in the aggregate; and

          (18) other Investments in any Person having an aggregate Fair Market
     Value (measured on the date each such Investment was made and without
     giving effect to subsequent changes in value), when taken together with all
     other Investments made pursuant to this clause (18) that are at the time
     outstanding, not to exceed $15.0 million.

"Permitted Liens" means:

          (1) Liens on assets of the Company or any of its Restricted
     Subsidiaries securing Indebtedness and other Obligations under Credit
     Facilities that were permitted to be incurred under Section 4.09(b)(1);

          (2) Liens in favor of the Company or the Guarantors;

          (3) Liens on property of a Person existing at the time such Person is
     merged with or into or consolidated with the Company or any Restricted
     Subsidiary of the Company; provided that such Liens were not incurred in
     the contemplation of such merger or consolidation and do not extend to any
     assets other than those of the Person merged into or consolidated with the
     Company or the Subsidiary;

          (4) Liens on property (including Capital Stock) existing at the time
     of acquisition of the property by the Company or any Restricted Subsidiary
     of the Company; provided that such Liens were not incurred in contemplation
     of, such acquisition;

          (5) Liens incurred or deposits made in connection with workers'
     compensation, unemployment insurance and other types of social security, or
     to secure the performance of tenders, bids, leases, statutory obligations,
     surety or appeal bonds, performance bonds or other obligations of a like
     nature incurred in the ordinary course of business;

          (6) Liens to secure Indebtedness (including Capital Lease Obligations)
     permitted by Section 4.09(b)(4) covering only the assets acquired with or
     financed by such Indebtedness;

          (7) Liens existing on the Issue Date;

                                       17

          (8) Liens for taxes, assessments or governmental charges or claims
     that are not yet delinquent or that are being contested in good faith by
     appropriate proceedings promptly instituted and diligently concluded;
     provided that any reserve or other appropriate provision as is required in
     conformity with GAAP has been made therefor;

          (9) Liens imposed by law, such as carriers', warehousemen's,
     landlord's, mechanics', suppliers' or materialmen's Liens, in each case,
     incurred in the ordinary course of business;

          (10) survey exceptions, 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 property that were not incurred in connection with
     Indebtedness and that do not in the aggregate materially adversely affect
     the value of said properties or materially impair their use in the
     operation of the business of such Person;

          (11) Liens created for the benefit of (or to secure) the Notes or the
     Note Guarantees;

          (12) Liens to secure any Permitted Refinancing Indebtedness permitted
     to be incurred under this Indenture; provided, however, that:

               (a) the new Lien shall be limited to all or part of the same
          property and assets that secured or, under the written agreements
          pursuant to which the original Lien arose, could secure the original
          Lien (plus improvements and accessions to, such property or proceeds
          or distributions thereof); and

               (b) the Indebtedness secured by the new Lien is not increased to
          any amount greater than the sum of (x) the outstanding principal
          amount, or, if greater, committed amount, of the Permitted Refinancing
          Indebtedness and (y) an amount necessary to pay all accrued interest
          on the Indebtedness being refinanced and the amount of all fees and
          expenses, including premiums, reasonable consent payments and
          liquidated damages, if any, related to such renewal, refunding,
          refinancing, replacement, defeasance or discharge;

          (13) Liens securing Hedging Obligations;

          (14) Liens arising by reason of deposits necessary to obtain standby
     letters of credit in the ordinary course of business (including deposits
     necessary to obtain standby letters of credit);

          (15) Liens arising by operation of law in favor of landlords,
     mechanics, carriers, warehousemen, materialmen, laborers, employees,
     suppliers or the like, incurred in the ordinary course of business for sums
     which are not yet delinquent or are being contested in good faith by
     negotiations or by appropriate proceedings which suspend the collection
     thereof;

          (16) Liens arising out of judgments, decrees, orders or awards in
     respect of which the Company shall in good faith be prosecuting an appeal
     or proceedings for review, which appeal or proceedings shall not have been
     finally terminated or if the period within which such appeal or proceedings
     may be initiated shall not have expired;

          (17) 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;

          (18) Liens incurred under licensing agreements for use of intellectual
     property entered into by the Company or any of its Restricted Subsidiaries
     in the ordinary course of business;

          (19) Liens on goods and documents of title and the property covered
     thereby securing Indebtedness in respect of commercial letters of credit
     and securing the reimbursement of

                                       18

     obligations with respect to such letters of credit which encumber documents
     of title or other property relating to such letters of credit;

          (20) Liens securing leases or subleases to third parties;

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

          (22) Liens encumbering deposits made to secure obligations arising
     from statutory, regulatory or contractual requirements of the Company or a
     Restricted Subsidiary, including rights of offset and set-off;

          (23) Liens with respect to obligations that do not exceed $2.5 million
     at any one time outstanding;

          (24) Liens on materials, inventory or consumables securing trade
     payables relating to such materials, inventory or consumables;

          (25) Liens securing Indebtedness permitted to be incurred by clauses
     (13) and (16) of Section 4.09(b);

          (26) Liens to secure Acquired Debt that was permitted to be incurred
     under Section 4.09(b); provided that the Company's Secured Debt to Cash
     Flow Ratio immediately following the date of the incurrence of such
     Acquired Debt (determined on a pro forma basis including a pro forma
     application of the net proceeds therefrom, as if the incurrence of such
     Acquired Debt had occurred at the beginning of the four-quarter reference
     period) would not be greater than the Company's Secured Debt to Cash Flow
     Ratio measured immediately prior to such transaction;

          (27) Liens to secure Acquisition Debt that was permitted to be
     incurred under Section 4.09(b); provided that the Company's Secured Debt to
     Cash Flow Ratio immediately following the date of the incurrence of such
     Acquisition Debt (determined on a pro forma basis including a pro forma
     application of the net proceeds therefrom, as if the incurrence of such
     Acquisition Debt had occurred at the beginning of the four-quarter
     reference period) would not be greater than the Company's Secured Debt to
     Cash Flow Ratio measured immediately prior to such transaction;

          (28) Liens arising by reason of operating leases entered into by the
     Company or any of its Restricted Subsidiaries; and

          (29) any extension, renewal or replacement, in whole or in part, of
     any Lien described in the foregoing clauses (1) through (28); provided that
     the Lien so extended, renewed or replaced does not extend to any additional
     property or assets.

"Permitted Payments to Parent" means, without duplication as to amounts:

          (1) payments to the immediate parent of the Company or to M&F
     Worldwide, as the case may be, to permit the immediate parent of the
     Company or M&F Worldwide, as the case may be, to pay accounting, legal,
     tax, consulting, financial advisory, corporate governance, insurance
     coverage and administrative expenses and similar management fees of the
     parent when due, in an aggregate amount not to exceed $3.0 million per
     annum; provided that the Company may carry over and make in any subsequent
     twelve-month period, in addition to the amounts permitted for such
     twelve-month period, up to $1.0 million of such payments permitted to have
     been made but not made in the immediately preceding twelve-month period;
     and

                                       19

          (2) for so long as (a) the Company is a member of a group filing a
     consolidated federal income tax return with M&F Worldwide, and/or (b) the
     Company or any of its subsidiaries is included in any consolidated combined
     or unitary group for foreign, state, local income or franchise tax purposes
     with any subsidiary of M&F Worldwide (other than the Company or any of its
     subsidiaries), payments pursuant to the Tax Sharing Agreement.

"Permitted Refinancing Indebtedness" means any Indebtedness of the Company or
any of its Restricted Subsidiaries issued in exchange for, or the net proceeds
of which are used to renew, refund, refinance, replace, defease or discharge
("refinance") other Indebtedness of the Company or any of its Restricted
Subsidiaries (other than intercompany Indebtedness); provided that:

          (1) the principal amount (or accreted value, if applicable) of such
     Permitted Refinancing Indebtedness does not exceed the principal amount (or
     accreted value, if applicable) of the Indebtedness refinanced (plus all
     accrued interest on the Indebtedness and the amount of all fees and
     expenses, including premiums, reasonable consent payments and liquidated
     damages, if any, incurred in connection therewith);

          (2) such Permitted Refinancing Indebtedness has a final maturity date
     (i) later than the final maturity date of, and has a Weighted Average Life
     to Maturity equal to or greater than the Weighted Average Life to Maturity
     of, the Indebtedness being refinanced, or (ii) has a final maturity date
     later than 91 days after the final maturity date of the Notes; and

          (3) if the Indebtedness being refinanced is subordinated in right of
     payment to the Notes, such Permitted Refinancing Indebtedness is
     subordinated in right of payment to the Notes on terms at least as
     favorable to the Holders of Notes as those contained in the documentation
     governing the Indebtedness being refinanced,

provided, however that Permitted Refinancing Indebtedness shall not include: (a)
Indebtedness of a Restricted Subsidiary (other than a Guarantor) that refinances
Indebtedness of the Company; or (b) Indebtedness of the Company or a Restricted
Subsidiary that refinances Indebtedness of an Unrestricted Subsidiary.

"Permitted Transactions" means any transaction or series of similar transactions
(including the purchase, sale, lease or exchange of any property or the
rendering of any service) between the Company or any Restricted Subsidiary of
the Company, on the one hand, and any Affiliate of the Company or any legal or
beneficial owner of 10% or more of the voting power of Voting Stock of the
Company or an Affiliate of the Company or any such owner, on the other hand,
existing on, or pursuant to an agreement in effect on, the Issue Date.

"Person" means any individual, corporation, partnership, joint venture,
association, joint-stock company, trust, unincorporated organization, limited
liability company or government or other entity.

"Principals" means Ronald O. Perelman, MacAndrews & Forbes Holdings Inc. and M&F
Worldwide.

"Private Placement Legend" means the legend set forth in Section 2.06(g)(1)
hereof to be placed on all Notes issued under this Indenture except where
otherwise permitted by the provisions of this Indenture.

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

"Qualified Affiliate Debt" means unsecured, subordinated Indebtedness issued by
the Company to M&F Worldwide or its Affiliates in an aggregate principal amount
at any time outstanding not to exceed $30.0 million (plus capitalized interest
on such Indebtedness).

                                       20

"Registration Rights Agreement" means the Registration Rights Agreement, dated
as of December 15, 2005, among the Company, the Guarantors and the other parties
named on the signature pages thereof, 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 among the Company, the Guarantors 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 Company 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 appropriate.

"Regulation S Permanent Global Note" means a permanent Global Note in the form
of Exhibit A1 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, 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 in the form
of Exhibit A2 hereto deposited with or on behalf of and registered in the name
of the Depositary or its nominee, issued in a denomination equal to the
outstanding principal amount of the Notes initially sold in reliance on Rule 903
of Regulation S.

"Related Party" means

          (1) any controlling stockholder, 50% (or more) owned Subsidiary or
     immediate family member (in the case of an individual) of any Principal; or

          (2) any trust, corporation, partnership, limited liability company or
     other entity, the beneficiaries, stockholders, partners, members, owners or
     Persons beneficially holding an 50% or more controlling interest of which
     consist of any one or more Principals and/or such other Persons referred to
     in the immediately preceding clause (1).

"Responsible Officer," when used with respect to the Trustee, means any officer
within the Corporate Trust Administration of the Trustee (or any successor group
of the Trustee) or any other officer of the Trustee customarily performing
functions similar to those performed by any of the above designated officers and
also means, with respect to a particular corporate trust matter, any other
officer to whom such matter is referred because of his 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" of a Person means any Subsidiary of the referent Person
that is not an Unrestricted Subsidiary.

"Rule 144" means Rule 144 promulgated under the Securities Act.

                                       21

"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.

"SEC" means the United States Securities and Exchange Commission.

"Secured Debt to Cash Flow Ratio" means, with respect to any specified Person as
of any date of determination, the ratio of (a) consolidated senior secured
Indebtedness of such Person as of such date to (b) the Consolidated Cash Flow of
such person for the four most recent full fiscal quarters for which financial
statements are available prior to such date of determination, on a pro forma
basis after giving effect to the transaction giving rise to the need to
calculate the Secured Debt to Cash Flow Ratio.

     In addition, for purposes of calculating the Secured Debt to Cash Flow
Ratio:

          (1) acquisitions that have been made by the specified Person or any of
     its Restricted Subsidiaries, including through mergers or consolidations,
     or any Person or any of its Restricted Subsidiaries acquired by the
     specified Person or any of its Restricted Subsidiaries and including any
     relating finacing transactions and including increases in ownership of
     Restricted Subsidiaries, during the four-quarter reference period or
     subsequent to such reference period and on or prior to the date on which
     the event for which the calculation of the Secured Debt to Cash Flow Ratio
     (the "Secured Debt to Cash Flow Calculation Date") will be given pro forma
     effect (determined in good faith by the Chief Financial Officer of the
     Company) as if they had occurred on the first day of the four-quarter
     period;

          (2) the Consolidated Cash Flow attributable to discontinued
     operations, as determined in accordance with GAAP, and operations or
     businesses (and ownership interests therein) disposed of prior to the
     Secured Debt to Cash Flow Calculation Date, will be excluded;

          (3) any Person that is a Restricted Subsidiary on the Secured Debt to
     Cash Flow Calculation Date will be deemed to have been a Restricted
     Subsidiary at all times during such four-quarter reference period; and

          (4) any Person that is not a Restricted Subsidiary on the Secured Debt
     to Cash Flow Calculation Date will be deemed not to have been a Restricted
     Subsidiary at any time during such four-quarter reference period.

"Securities Act" means the Securities Act of 1933, as amended, or any successor
statute, and the rules and regulations promulgated by the SEC thereunder.

"Shelf Registration Statement" means the Shelf Registration Statement as defined
in the Registration Rights Agreement.

"Significant Subsidiary" means any Subsidiary that would be a "significant
subsidiary" of the Company 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.

"Stated Maturity" means, with respect to any installment of interest or
principal on any series of Indebtedness, the date on which the payment of
interest or principal was scheduled to be paid in the documentation governing
such Indebtedness as of the Issue Date, and will not include any contingent
obligations to repay, redeem or repurchase any such interest or principal prior
to the date originally scheduled for the payment thereof.

                                       22

"Subordinated Indebtedness" of a Person means any Indebtedness of such Person
(whether outstanding on the Issue Date or thereafter incurred) which is
subordinated or junior in right of payment to the Notes pursuant to a written
agreement. For purposes of the foregoing, for avoidance of doubt, no
Indebtedness shall be deemed to be subordinated in right of payment to any other
Indebtedness solely by virtue of being unsecured or secured by a lower priority
Lien or by virtue of the fact that the holders of such Indebtedness have entered
into intercreditor agreements or other arrangements giving one or more of such
holders priority over the other holders in the collateral held by them.

"Subsidiary" means, with respect to any specified Person:

          (1) any corporation, association or other business entity of which
     more than 50% of the total voting power of shares of Capital Stock entitled
     (without regard to the occurrence of any contingency and after giving
     effect to any voting agreement or stockholders' agreement that effectively
     transfers voting power) to vote in the election of directors, managers or
     trustees of the corporation, association or other business entity is at the
     time owned or controlled, directly or indirectly, by that Person or one or
     more of the other Subsidiaries of that Person (or a combination thereof);
     and

          (2) any partnership (a) the sole general partner or the managing
     general partner of which is such Person or a Subsidiary of such Person or
     (b) the only general partners of which are that Person or one or more
     Subsidiaries of that Person (or any combination thereof).

"TIA" means the Trust Indenture Act of 1939, as amended (15 U.S.C. Sections
77aaa-77bbbb), or any successor statute.

"Tax Sharing Agreement" means the Tax Sharing Agreement dated as of the Issue
Date among M&F Worldwide, the Company and PCT International Holdings Inc., and
any amendments, supplements or modifications thereof; provided that such
amendments, supplements and modifications shall not be taken into account for
purposes of this Indenture without the consent of the Trustee if such
amendments, supplements or modifications are, taken as a whole, materially less
favorable to the Holders of the Notes.

"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 December 15, 2009;
provided, however, that if the period from the redemption date to December 15,
2009, 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.

"Trustee" means The Bank of New York 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.

                                       23

"Unrestricted Subsidiary" means any Subsidiary of the Company that is designated
by the Board of Directors of the Company as an Unrestricted Subsidiary pursuant
to a resolution of the Board of Directors, but only to the extent that such
Subsidiary:

          (1) has no Indebtedness other than Non-Recourse Debt;

          (2) except as permitted by Section 4.11 hereof, is not party to any
     agreement, contract, arrangement or understanding with the Company or any
     Restricted Subsidiary of the Company unless the terms of any such
     agreement, contract, arrangement or understanding are no less favorable to
     the Company or such Restricted Subsidiary than those that might be obtained
     at the time from Persons who are not Affiliates of the Company;

          (3) is a Person with respect to which neither the Company nor any of
     its Restricted Subsidiaries has any direct or indirect obligation (a) to
     subscribe for additional Equity Interests or (b) to maintain or preserve
     such Person's financial condition or to cause such Person to achieve any
     specified levels of operating results; and

          (4) has not guaranteed or otherwise directly or indirectly provided
     credit support for any Indebtedness of the Company or any of its Restricted
     Subsidiaries (other than in the form of a pledge of its Capital Stock).

"U.S. Person" means a U.S. Person as defined in Rule 902(k) promulgated under
the Securities Act.

"Voting Stock" means, with respect to any Person that is (a) a corporation, any
class or series of capital stock of such Person that is at the time entitled to
vote in the election of directors thereof at a meeting of stockholders called
for such purpose, without the occurrence of any additional event or contingency,
(b) a limited liability company, membership interests entitled, by contract or
otherwise, to manage, or to elect or appoint the Persons that will manage the
operations or business of the limited liability company, or (c) a partnership,
partnership interests entitled to elect or replace the general partner thereof.

"Weighted Average Life to Maturity" means, when applied to any Indebtedness at
any date, the number of years obtained by dividing:

          (1) the sum of the products obtained by multiplying (a) the amount of
     each then remaining installment, sinking fund, serial maturity or other
     required payments of principal, including payment at final maturity, in
     respect of the Indebtedness, by (b) the number of years (calculated to the
     nearest one-twelfth) that will elapse between such date and the making of
     such payment; by

          (2) the then outstanding principal amount of such Indebtedness.

Section 1.02 Other Definitions.

                                                                      Defined in
Term                                                                   Section
----                                                                  ----------
"Affiliate Transaction"............................................     4.11
"Asset Sale Offer".................................................     4.10(d)
"Authentication Order".............................................     2.02
"Change of Control Offer"..........................................     4.15
"Change of Control Payment"........................................     4.15

                                       24

                                                                      Defined in
Term                                                                   Section
----                                                                  ----------
"Change of Control Payment Date"...................................      4.15
"Covenant Defeasance"..............................................      8.03
"DTC"..............................................................      2.03
"Event of Default".................................................      6.01
"Excess Proceeds"..................................................      4.10
"Funds in Trust"...................................................      8.04
"incur"............................................................      4.09
"Legal Defeasance".................................................      8.02
"Make-Whole Redemption Date".......................................      3.07
"Offer Amount".....................................................      3.09
"Offer Period".....................................................      3.09
"Paying Agent".....................................................      2.03
"Payment Default"..................................................      6.01
"Permitted Debt"...................................................      4.09
"Purchase Date"....................................................      3.09
"Registrar"........................................................      2.03
"Restricted Contribution"..........................................      4.07
"Restricted Payments"..............................................      4.07

Section 1.03 Incorporation by Reference of Trust Indenture Act.

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

     The following TIA terms used in this Indenture have the following meanings:

     "indenture securities" means the Notes;

     "indenture security Holder" means a Holder 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 Note Guarantees means the Company and the
Guarantors, respectively, and any successor obligor upon the Notes and the Note
Guarantees, respectively.

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

Section 1.04 Rules of Construction.

     Unless the context otherwise requires:

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

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

                                       25

          (3) "or" is not exclusive;

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

          (5) "will" shall be interpreted to express a command; and

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

                                    ARTICLE 2
                                    THE NOTES

Section 2.01 Form and Dating.

     (a) General. The Notes and the Trustee's certificate of authentication will
be substantially in the form of Exhibits A1 and A2 hereto. The Notes may have
notations, legends or endorsements required by law, stock exchange rule or
usage. Each Note will be dated the date of its authentication. The Notes shall
be in denominations of $2,000 and integral multiples of $1,000 in excess
thereof.

     The terms and provisions contained in the Notes will constitute, and are
hereby expressly made, a part of this Indenture and the Company, the Guarantors
and the Trustee, 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.

     (b) Global Notes. Notes issued in global form will be substantially in the
form of Exhibits A1 or A2 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 will be substantially in the form of Exhibit A1
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
will represent such of the outstanding Notes as will be specified therein and
each shall provide that it represents the aggregate principal amount of
outstanding Notes from time to time endorsed thereon and that 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 will be made by the Trustee or the Custodian, at the direction of the
Trustee, 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 will be issued initially in the form of the Regulation S Temporary
Global Note, which will be deposited on behalf of the purchasers of the Notes
represented thereby with the Trustee, at its New York office, as custodian for
the Depositary, 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 Company and authenticated by the
Trustee as hereinafter provided. The Restricted Period will be terminated upon
the receipt by the Trustee of:

          (1) 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

                                       26

     therein during the Restricted Period pursuant to another exemption from
     registration under the Securities Act and who will 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

          (2) an Officers' Certificate from the Company.

     Following the termination of the Restricted Period, beneficial interests in
the Regulation S Temporary Global Note will 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 Trustee will 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 Trustee and the Depositary
or its nominee, as the case may be, in connection with transfers of interest as
hereinafter provided.

          (3) 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
     will be applicable to transfers of beneficial interests in the Regulation S
     Temporary Global Note and the Regulation S Permanent Global Note that are
     held by Participants through Euroclear or Clearstream.

Section 2.02 Execution and Authentication.

     One Officer must sign the Notes for the Company by manual or facsimile
signature.

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

     A Note will not be valid until authenticated by the manual signature of the
Trustee. The signature will be conclusive evidence that the Note has been
authenticated under this Indenture.

     The Trustee will, upon receipt of a written order of the Company signed by
an Officer of the Company (an "Authentication Order"), authenticate and deliver
for original issue Notes that may be validly issued under this Indenture,
including any Additional Notes. The aggregate principal amount of Notes
outstanding at any time may not exceed the aggregate principal amount of Notes
authorized for issuance by the Company pursuant to one or more Authentication
Orders, except as provided in Section 2.07 hereof.

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

Section 2.03 Registrar and Paying Agent.

     The Company will 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
will keep a register of the Notes and of their transfer and exchange. The
Company may appoint one or more co-registrars and one or more additional paying
agents. The term

                                       27

"Registrar" includes any co-registrar and the term "Paying Agent" includes any
additional paying agent. The Company may change any Paying Agent or Registrar
without notice to any Holder. The Company will notify the Trustee in writing of
the name and address of any Agent not a party to this Indenture. If the Company
fails to appoint or maintain another entity as Registrar or Paying Agent, the
Trustee shall act as such. The Company or any of its Subsidiaries may act as
Paying Agent or Registrar.

     The Company initially appoints The Depository Trust Company ("DTC") to act
as Depositary with respect to the Global Notes. The Company may change any
Paying Agent or Registrar without notice to any Holder.

     The Company initially appoints the Trustee to act as the Registrar and
Paying Agent and to act as Custodian with respect to the Global Notes.

Section 2.04 Paying Agent to Hold Money in Trust.

     The Company will require each Paying Agent other than the Trustee to agree
in writing that the Paying Agent will hold in trust for the benefit of Holders
or the Trustee all money held by the Paying Agent for the payment of principal,
premium or Liquidated Damages, if any, or interest on the Notes, and will notify
the Trustee of any default by the Company 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 Company at any time may require a Paying Agent to
pay all money held by it to the Trustee. Upon payment over to the Trustee, the
Paying Agent (if other than the Company or a Subsidiary) will have no further
liability for the money. If the Company or a Subsidiary acts as Paying Agent, it
will 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 Company, the Trustee will serve as Paying Agent for
the Notes.

Section 2.05 Holder Lists.

     The Trustee will preserve in as current a form as is reasonably practicable
the most recent list available to it of the names and addresses of all Holders
and shall otherwise comply with TIA Section 312(a). If the Trustee is not the
Registrar, the Company will furnish to the Trustee at least seven 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
Company shall otherwise comply with TIA Section 312(a).

Section 2.06 Transfer and Exchange.

     (a) Transfer and Exchange of Global Notes. A Global Note may not be
transferred except as a whole 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. All Global Notes will be exchanged by
the Company for Definitive Notes if:

          (1) the Company delivers to the Trustee notice from the Depositary
     that it is unwilling or unable to continue to act as Depositary or that it
     is no longer a clearing agency registered under the Exchange Act and, in
     either case, a successor Depositary is not appointed by the Company;

          (2) the Company in its sole discretion determines that the Global
     Notes (in whole but not in part) should be exchanged for Definitive Notes
     and delivers a written notice to such effect

                                       28

     to the Trustee; provided that in no event shall the Regulation S Temporary
     Global Note be exchanged by the Company for Definitive Notes 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)
     under the Securities Act; or

          (3) there has occurred and is continuing a Default or Event of Default
     with respect to the Notes.

     Upon the occurrence of either of the preceding events in (1) or (2) above,
Definitive Notes shall be issued in such names as the Depositary shall instruct
the Trustee. 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. A
Global Note may not be exchanged for another Note other than as provided in this
Section 2.06(a), 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 will be
effected through the Depositary, in accordance with the provisions of this
Indenture and the Applicable Procedures. Beneficial interests in the Restricted
Global Notes will 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 will require compliance with
either subparagraph (1) or (2) below, as applicable, as well as one or more of
the other following subparagraphs, as applicable:

          (1) 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 the Registrar to effect
     the transfers described in this Section 2.06(b)(1).

          (2) 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)(1) above, the transferor
     of such beneficial interest must deliver to the Registrar either:

               (A) both:

                    (i) 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

                    (ii) instructions given in accordance with the Applicable
               Procedures containing information regarding the Participant
               account to be credited with such increase; or

                                       29

               (B) both:

                    (i) 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

                    (ii) 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 under the Securities
               Act.

Upon consummation of an Exchange Offer by the Company in accordance with Section
2.06(f) hereof, the requirements of this Section 2.06(b)(2) 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 Trustee shall adjust the principal amount of the relevant
Global Note(s) pursuant to Section 2.06(h) hereof.

          (3) 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)(2) above 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 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 Temporary Global Note or the
          Regulation S Permanent Global Note, then the transferor must deliver a
          certificate in the form of Exhibit B hereto, including the
          certifications in item (2) thereof; and

               (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 in the form of Exhibit B hereto, including the
          certifications, certificates and Opinion of Counsel required by item
          (3) thereof, if applicable.

          (4) 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 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)(2) above and:

                                       30

               (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 (i) a
          Broker-Dealer, (ii) a Person participating in the distribution of the
          Exchange Notes or (iii) a Person who is an affiliate (as defined in
          Rule 144) of the Company;

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

               (C) such exchange or 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:

                    (i) 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 in the form of Exhibit C
               hereto, including the certifications in item (1)(a) thereof; or

                    (ii) 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), if the
               Registrar so requests or if the Applicable Procedures so require,
               an Opinion of Counsel in form reasonably acceptable to the
               Registrar to the effect that such exchange or transfer is in
               compliance with the Securities Act and that the restrictions on
               transfer contained herein and in the 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 Company
shall issue and, upon receipt of an Authentication Order in accordance with
Section 2.02 hereof, the Trustee 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.

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

          (1) 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 receipt by the Registrar of the following documentation:

                                       31

               (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 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 to the effect set forth in
          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 to the effect set forth in 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 to the effect set forth in
          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 to the
          effect set forth in Exhibit B hereto, including the certifications,
          certificates and Opinion of Counsel required by item (3) thereof, if
          applicable;

               (F) if such beneficial interest is being transferred to the
          Company or any of its Subsidiaries, a certificate to the effect set
          forth in 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 to the effect set forth in Exhibit B hereto, including the
          certifications in item (3)(c) thereof,

the Trustee shall cause the aggregate principal amount of the applicable Global
Note to be reduced accordingly pursuant to Section 2.06(h) hereof, and the
Company shall execute and the Trustee shall authenticate and deliver to the
Person designated in the instructions a Definitive Note in the appropriate
principal amount. Any 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 Trustee shall deliver such Definitive Notes to the
Persons in whose names such Notes are so registered. Any Definitive Note issued
in exchange for a beneficial interest in a Restricted Global Note pursuant to
this Section 2.06(c)(1) shall bear the Private Placement Legend and shall be
subject to all restrictions on transfer contained therein.

          (2) Beneficial Interests in Regulation S Temporary Global Note to
     Definitive Notes. Notwithstanding Sections 2.06(c)(1)(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) under the
     Securities Act, except in the case of a transfer pursuant to an

                                       32

     exemption from the registration requirements of the Securities Act other
     than Rule 903 or Rule 904.

          (3) 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 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 (i) a
          Broker-Dealer, (ii) a Person participating in the distribution of the
          Exchange Notes or (iii) a Person who is an affiliate (as defined in
          Rule 144) of the Company;

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

               (C) such exchange or 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:

                    (i) 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 in the form of Exhibit C hereto, including the
               certifications in item (1)(b) thereof; or

                    (ii) 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 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 or if the Applicable Procedures so require, an
          Opinion of Counsel in form reasonably acceptable to the Registrar to
          the effect that such exchange or transfer is in compliance with the
          Securities Act and that the restrictions on transfer contained herein
          and in the Private Placement Legend are no longer required in order to
          maintain compliance with the Securities Act.

          (4) 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 a Definitive
     Note or to transfer such beneficial interest to a Person who takes delivery
     thereof in the form of a Definitive Note, then, upon satisfaction of the
     conditions set forth in Section 2.06(b)(2) hereof, the Trustee will cause
     the aggregate principal amount of the applicable Global Note to be reduced
     accordingly pursuant to Section 2.06(h) hereof, and the Company will
     execute and the Trustee will authenticate and deliver to the Person
     designated in the instructions a Definitive Note in the appropriate
     principal amount. Any Definitive Note issued in exchange for a

                                       33

     beneficial interest pursuant to this Section 2.06(c)(4) will be registered
     in such name or names and in such authorized denomination or denominations
     as the holder of such beneficial interest requests through instructions to
     the Registrar from or through the Depositary and the Participant or
     Indirect Participant. The Trustee will deliver such Definitive Notes to the
     Persons in whose names such Notes are so registered. Any Definitive Note
     issued in exchange for a beneficial interest pursuant to this Section
     2.06(c)(4) will not bear the Private Placement Legend.

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

          (1) 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 Notes 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 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 to the effect set
          forth in 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 to the effect set forth in 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 to the
          effect set forth in 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
          effect set forth in Exhibit B hereto, including the certifications,
          certificates and Opinion of Counsel required by item (3) thereof, if
          applicable;

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

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

          the Trustee will cancel the Restricted Definitive Note, increase or
          cause to be increased the aggregate principal amount of, in the case
          of clause (A) above, the appropriate Restricted Global Note, in the
          case of clause (B) above, the 144A Global Note, in the

                                       34

          case of clause (C) above, the Regulation S Global Note, and in all
          other cases, the IAI Global Note.

          (2) 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 (i) a Broker-Dealer, (ii) a Person participating in the
          distribution of the Exchange Notes or (iii) a Person who is an
          affiliate (as defined in Rule 144) of the Company;

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

               (C) such exchange or 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:

                    (i) 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 in the form of
               Exhibit C hereto, including the certifications in item (1)(c)
               thereof; or

                    (ii) 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 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 or if the Applicable Procedures so require, an
          Opinion of Counsel in form reasonably acceptable to the Registrar to
          the effect that such exchange or transfer is in compliance with the
          Securities Act and that the restrictions on transfer contained herein
          and in the 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)(2), the Trustee will cancel the Definitive Notes and
     increase or cause to be increased the aggregate principal amount of the
     Unrestricted Global Note.

          (3) 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 an Unrestricted Global Note
     or transfer such 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
     Trustee will cancel the applicable

                                       35

     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 a Definitive Note to a
     beneficial interest is effected pursuant to subparagraphs (2)(B), (2)(D) or
     (3) above at a time when an Unrestricted Global Note has not yet been
     issued, the Company will issue and, upon receipt of an Authentication Order
     in accordance with Section 2.02 hereof, the Trustee will authenticate one
     or more Unrestricted Global Notes in an aggregate principal amount equal to
     the principal amount of 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 will register the transfer or
exchange of Definitive Notes. Prior to such registration of transfer or
exchange, the requesting Holder must present or surrender to the Registrar the
Definitive Notes duly endorsed or accompanied by a written instruction of
transfer in form satisfactory to the Registrar duly executed by such Holder or
by its attorney, duly authorized in writing. In addition, the requesting Holder
must provide any additional certifications, documents and information, as
applicable, required pursuant to the following provisions of this Section
2.06(e).

          (1) 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 pursuant to Rule 144A, then the
          transferor must deliver a certificate 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 in the form of
          Exhibit B hereto, including the certifications in item (2) thereof;
          and

               (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 in the form of Exhibit B hereto,
          including the certifications, certificates and Opinion of Counsel
          required by item (3) thereof, if applicable.

          (2) 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 (i) a Broker-Dealer, (ii) a Person participating in the
          distribution of the Exchange Notes or (iii) a Person who is an
          affiliate (as defined in Rule 144) of the Company;

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

                                       36

               (C) any such exchange or 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:

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

                    (ii) 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 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.

          (3) 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 request to register such a transfer, the Registrar shall
     register the Unrestricted Definitive Notes pursuant to the instructions
     from the Holder thereof.

     (f) Exchange Offer. Upon the occurrence of the Exchange Offer in accordance
with the Registration Rights Agreement, the Company will issue and, upon receipt
of an Authentication Order in accordance with Section 2.02 hereof, the Trustee
will authenticate:

          (1) 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 accepted for exchange in the Exchange Offer by
     Persons that certify in the applicable Letters of Transmittal that (A) they
     are not Broker-Dealers, (B) they are not participating in a distribution of
     the Exchange Notes and (C) they are not affiliates (as defined in Rule 144)
     of the Company; and

          (2) Unrestricted Definitive Notes in an aggregate principal amount
     equal to the principal amount of the Restricted Definitive Notes accepted
     for exchange in the Exchange Offer by Persons that certify in the
     applicable Letters of Transmittal that (A) they are not Broker-Dealers, (B)
     they are not participating in a distribution of the Exchange Notes and (C)
     they are not affiliates (as defined in Rule 144) of the Company.

     Concurrently with the issuance of such Notes, the Trustee will cause the
aggregate principal amount of the applicable Restricted Global Notes to be
reduced accordingly, and the Company will execute and the Trustee will
authenticate and deliver to the Persons designated by the Holders of Definitive
Notes so accepted Unrestricted Definitive Notes in the appropriate principal
amount.

                                       37

     (g) Legends. The following legends will 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.

          (1) 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:

"THE SECURITY (OR ITS PREDECESSOR) EVIDENCED HEREBY WAS ORIGINALLY ISSUED IN A
TRANSACTION EXEMPT FROM REGISTRATION UNDER SECTION 5 OF THE UNITED STATES
SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES ACT"), AND MAY NOT BE
OFFERED, SOLD OR OTHERWISE TRANSFERRED IN THE ABSENCE OF SUCH REGISTRATION OR AN
APPLICABLE EXEMPTION THEREFROM. EACH PURCHASER OF THE SECURITY EVIDENCED HEREBY
IS HEREBY NOTIFIED THAT THE SELLER MAY BE RELYING ON THE EXEMPTION FROM THE
PROVISIONS OF SECTION 5 OF THE SECURITIES ACT. THE HOLDER OF THE SECURITY
EVIDENCED HEREBY AGREES FOR THE BENEFIT OF THE ISSUER THAT (A) SUCH SECURITY MAY
BE RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY (1) (a) IN THE UNITED STATES TO
A PERSON WHO THE SELLER REASONABLY BELIEVES IS A QUALIFIED INSTITUTIONAL BUYER
(AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT) IN A TRANSACTION MEETING THE
REQUIREMENTS OF RULE 144A, (b) OUTSIDE THE UNITED STATES IN AN OFFSHORE
TRANSACTION IN ACCORDANCE WITH RULE 904 UNDER THE SECURITIES ACT, (c) IN A
TRANSACTION MEETING THE REQUIREMENTS OF RULE 144 UNDER THE SECURITIES ACT, (d)
TO AN INSTITUTIONAL "ACCREDITED INVESTOR" (AS DEFINED IN RULE 501 (a) (1), (2),
(3) OR (7) OF THE SECURITIES ACT (AN "INSTITUTIONAL ACCREDITED INVESTOR")) THAT,
PRIOR TO SUCH TRANSFER, FURNISHES THE TRUSTEE A SIGNED LETTER CONTAINING CERTAIN
REPRESENTATIONS AND AGREEMENTS (THE FORM OF WHICH CAN BE OBTAINED FROM THE
TRUSTEE) AND, IF SUCH TRANSFER IS IN RESPECT OF AN AGGREGATE PRINCIPAL AMOUNT OF
NOTES LESS THAN $250,000, AN OPINION OF COUNSEL ACCEPTABLE TO CLARKE AMERICAN
CORP. THAT SUCH TRANSFER IS IN COMPLIANCE WITH THE SECURITIES ACT OR (e) IN
ACCORDANCE WITH ANOTHER EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE
SECURITIES ACT (AND BASED UPON AN OPINION OF COUNSEL IF CLARKE AMERICAN CORP. SO
REQUESTS), (2) TO CLARKE AMERICAN CORP. OR (3) PURSUANT TO AN EFFECTIVE
REGISTRATION STATEMENT AND, IN EACH CASE, IN ACCORDANCE WITH ANY APPLICABLE
SECURITIES LAWS OF ANY STATE OF THE UNITED STATES OR ANY OTHER APPLICABLE
JURISDICTION AND (B) THE HOLDER WILL, AND EACH SUBSEQUENT HOLDER IS REQUIRED TO,
NOTIFY ANY PURCHASER FROM IT OF THE SECURITY EVIDENCED HEREBY OF THE RESALE
RESTRICTIONS SET FORTH IN (A) ABOVE."

               (B) Notwithstanding the foregoing, any Global Note or Definitive
          Note issued pursuant to subparagraphs (b)(4), (c)(3), (c)(4), (d)(2),
          (d)(3), (e)(2), (e)(3) or (f) of this Section 2.06 (and all Notes
          issued in exchange therefor or substitution thereof) will not bear the
          Private Placement Legend.

                                       38

          (2) Global Note Legend. Each Global Note will 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 (1) THE TRUSTEE MAY MAKE SUCH NOTATIONS HEREON AS MAY BE REQUIRED
PURSUANT TO SECTION 2.06 OF THE INDENTURE, (2) THIS GLOBAL NOTE MAY BE EXCHANGED
IN WHOLE BUT NOT IN PART PURSUANT TO SECTION 2.06(a) OF THE INDENTURE, (3) THIS
GLOBAL NOTE MAY BE DELIVERED TO THE TRUSTEE FOR CANCELLATION PURSUANT TO SECTION
2.11 OF THE INDENTURE AND (4) THIS GLOBAL NOTE MAY BE TRANSFERRED TO A SUCCESSOR
DEPOSITARY WITH THE PRIOR WRITTEN CONSENT OF CLARKE AMERICAN CORP.

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
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 COMPANY OR ITS
AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE
ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR SUCH OTHER NAME AS 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."

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

"THE RIGHTS ATTACHING TO THIS REGULATION S TEMPORARY GLOBAL NOTE, AND THE
CONDITIONS AND PROCEDURES GOVERNING ITS EXCHANGE FOR CERTIFICATED NOTES, ARE AS
SPECIFIED IN THE INDENTURE (AS DEFINED HEREIN). NEITHER THE HOLDER NOR THE
BENEFICIAL OWNERS OF THIS REGULATION S TEMPORARY GLOBAL NOTE SHALL BE ENTITLED
TO RECEIVE PAYMENT OF INTEREST HEREON."

          (4) OID Legend. To the extent required by Section 1275(c)(A) of the
     Internal Revenue Code of 1986, as amended, and Treasury Regulation Section
     1.1275-3(b)(1), each Note issued at a discount to its stated redemption
     price at maturity shall bear a legend in substantially the following form:

"FOR THE PURPOSES OF SECTIONS 1272, 1273 AND 1275 OF THE INTERNAL REVENUE CODE
OF 1986, AS AMENDED, THIS NOTE IS BEING ISSUED WITH ORIGINAL ISSUE DISCOUNT. YOU
MAY CONTACT THE ISSUER AT 10931 LAUREATE DRIVE, SAN ANTONIO, TX 78249,
ATTENTION: CHIEF FINANCIAL OFFICER, AND THE ISSUER WILL PROVIDE YOU WITH THE
ISSUE PRICE, THE AMOUNT OF ORIGINAL ISSUE DISCOUNT, THE ISSUE DATE AND THE YIELD
TO MATURITY OF THIS NOTE."

                                       39

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

     (i) General Provisions Relating to Transfers and Exchanges.

          (1) To permit registrations of transfers and exchanges, the Company
     will execute and the Trustee will 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.

          (2) No service charge will 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 Company 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, 4.15 and 9.05 hereof).

          (3) The Registrar will not be required to register the transfer of or
     exchange of any Note selected for redemption in whole or in part, except
     the unredeemed portion of any Note being redeemed in part.

          (4) All Global Notes and Definitive Notes issued upon any registration
     of transfer or exchange of Global Notes or Definitive Notes will be the
     valid obligations of the Company, 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.

          (5) Neither the Registrar nor the Company will 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 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.

          (6) Prior to due presentment for the registration of a transfer of any
     Note, the Trustee, any Agent and the Company may deem and treat the Person
     in whose name any Note is

                                       40

     registered as the absolute owner of such Note for the purpose of receiving
     payment of principal of and interest on such Notes and for all other
     purposes, and none of the Trustee, any Agent or the Company shall be
     affected by notice to the contrary.

          (7) The Trustee will authenticate Global Notes and Definitive Notes in
     accordance with the provisions of Section 2.02 hereof.

          (8) 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.

          (9) To the extent that any Notes are issued at a discount to their
     stated redemption price at maturity and bear the legend required by Section
     2.06(g)(4) hereof, each group of Notes bearing a given amount of original
     issue discount shall be treated as a separate class only for purposes of
     the transfer and exchange provisions of this Section 2.06.

Section 2.07 Replacement Notes.

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

     Every replacement Note is an additional obligation of the Company and will
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
Trustee except for those canceled by it, those delivered to it for cancellation,
those reductions in the interest in a Global Note effected by the Trustee 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 Company or an Affiliate of the Company holds
the Note; however, Notes held by the Company or a Subsidiary of the Company and
not cancelled shall not be deemed to be outstanding for purposes of Section
3.07(a) hereof.

     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 protected 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 Company, 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 will
be deemed to be no longer outstanding and will cease to accrue interest.

                                       41

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
Company or any Guarantor, or by any Person directly or indirectly controlling or
controlled by or under direct or indirect common control with the Company or any
Guarantor, will be considered as though not outstanding, except that for the
purposes of determining whether the Trustee will be protected in relying on any
such direction, waiver or consent, only Notes that a Responsible Officer of the
Trustee actually knows are so owned will be so disregarded.

Section 2.10 Temporary Notes.

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

     Holders of temporary Notes will be entitled to all of the benefits of this
Indenture.

Section 2.11 Cancellation.

     The Company at any time may deliver Notes to the Trustee for cancellation.
The Registrar and Paying Agent will forward to the Trustee any Notes surrendered
to them for registration of transfer, exchange or payment. The Trustee and no
one else will cancel all Notes surrendered for registration of transfer,
exchange, payment, replacement or cancellation and will dispose of such canceled
Notes (subject to the record retention requirement of the Exchange Act).
Certification of the disposal of all canceled Notes will be delivered to the
Company upon its request. The Company may not issue new Notes to replace Notes
that it has paid or that have been delivered to the Trustee for cancellation.

Section 2.12 Defaulted Interest.

     If the Company defaults in a payment of interest on the Notes, it will 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 Company will notify the Trustee in writing of
the amount of defaulted interest proposed to be paid on each Note and the date
of the proposed payment. The Company will fix or cause to be fixed each such
special record date and payment date; provided that no such special record date
may be less than 10 days prior to the related payment date for such defaulted
interest. At least 15 days before the special record date, the Company (or, upon
the written request of the Company, the Trustee in the name and at the expense
of the Company) will mail or cause to be mailed to Holders a notice that states
the special record date, the related payment date and the amount of such
interest to be paid.

Section 2.13 CUSIP Numbers.

     The Company in issuing the Notes may use "CUSIP" numbers (if then generally
in use), and, if so, the Trustee shall use "CUSIP" 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 a redemption and that
reliance may be placed only on the other identification numbers printed on the
Notes, and any such redemption

                                       42

shall not be affected by any defect in or omission of such numbers. The Company
shall promptly notify the Trustee in writing of any change in the "CUSIP"
numbers.

                                    ARTICLE 3
                            REDEMPTION AND PREPAYMENT

Section 3.01 Notices to Trustee.

     If the Company elects to redeem Notes pursuant to the optional redemption
provisions of Section 3.07 hereof, it must furnish to the Trustee, at least 30
days but not more than 60 days before a redemption date, an Officers'
Certificate of the Company (except that such Officers' Certificate may be
furnished more than 60 days prior to a redemption date if it is issued in
connections with a defeasance of the Notes or a satisfaction and discharge of
this Indenture pursuant to Articles 8 or 11 hereof) setting forth:

          (1) the clause of this Indenture pursuant to which the redemption
     shall occur;

          (2) the redemption date;

          (3) the principal amount of Notes to be redeemed; and

          (4) 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 Trustee will select Notes for redemption or
purchase on a pro rata basis unless otherwise required by law or applicable
stock exchange requirements.

     In the event of partial redemption or purchase by lot, the particular Notes
to be redeemed or purchased will be selected, unless otherwise provided herein,
not less than 30 nor more than 60 days prior to the redemption or purchase date
by the Trustee from the outstanding Notes not previously called for redemption
or purchase.

     The Trustee will promptly notify the Company 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 will be in amounts of $2,000 or
whole multiples of $1,000 in excess thereof; 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 a multiple of $1,000, 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 the provisions of Section 3.09 hereof, at least 30 days but not
more than 60 days before a redemption date, the Company will mail or cause to be
mailed, by first class mail, a notice of redemption to each Holder whose Notes
are to be redeemed at its registered address, except that redemption notices may
be mailed more than 60 days prior to a redemption date if the notice is issued
in connection with a defeasance of the Notes or a satisfaction and discharge of
this Indenture pursuant to Articles 8 or 11 hereof.

                                       43

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

          (1) the redemption date;

          (2) the redemption price;

          (3) if any Note is being redeemed in part, the portion of the
     principal amount of such Note to be redeemed and that, after the redemption
     date upon surrender of such Note, a new Note or Notes in principal amount
     equal to the unredeemed portion will be issued upon cancellation of the
     original Note;

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

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

          (6) that, unless the Company defaults in making such redemption
     payment, interest on Notes called for redemption ceases to accrue on and
     after the redemption date;

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

          (8) that no representation is made as to the correctness or accuracy
     of the CUSIP number listed in such notice or printed on the Notes.

     At the Company's request, the Trustee will give the notice of redemption in
the Company's name and at its expense; provided, however, that the Company has
delivered to the Trustee, at least 45 days prior to the redemption date, an
Officers' Certificate requesting that the Trustee give such notice and setting
forth the information to be stated in such notice as provided in the preceding
paragraph.

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. A notice of redemption may not be conditional.

Section 3.05 Deposit of Redemption or Purchase Price.

     On or prior to the redemption or purchase date, the Company will deposit
with the Trustee or with the Paying Agent money sufficient to pay the redemption
or purchase price of and accrued interest and Liquidated Damages, if any, on all
Notes to be redeemed or purchased on that date. The Trustee or the Paying Agent
will promptly return to the Company any money deposited with the Trustee or the
Paying Agent by the Company in excess of the amounts necessary to pay the
redemption or purchase price of, and accrued interest and Liquidated Damages, if
any, on, all Notes to be redeemed or purchased.

     If the Company complies with the provisions of the preceding paragraph, on
and after the redemption or purchase date, interest will cease to accrue on the
Notes or the portions of Notes called for redemption or purchase. If a Note is
redeemed or purchased on or after an interest record date but on or prior to the
related interest payment date, then any accrued and unpaid interest shall be
paid to the Person in whose name such Note was registered at the close of
business on such record date. If any Note called for redemption or purchase is
not so paid upon surrender for redemption or purchase because of the

                                       44

failure of the Company to comply with the preceding paragraph, interest shall be
paid on the unpaid principal, from the redemption or purchase date until such
principal is paid, and to the extent lawful on any interest 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 Company
will issue and, upon receipt of an Authentication Order, the Trustee will
authenticate for the Holder at the expense of the Company a new Note equal in
principal amount to the unredeemed or unpurchased portion of the Note
surrendered.

Section 3.07 Optional Redemption.

     (a) At any time prior to December 15, 2008, the Company may, on any one or
more occasions, redeem up to 35% of the aggregate principal amount of Notes
issued under this Indenture (including the principal amount of any Additional
Notes issued under this Indenture) at a redemption price equal to 111.750% of
the principal amount of the Notes redeemed, plus accrued and unpaid interest and
Liquidated Damages, if any, to the redemption date, with the net cash proceeds
of one or more Equity Offerings; provided that:

          (1) at least 65% of the aggregate principal amount of Notes issued
     under this Indenture (excluding Notes held by the Company and its
     Subsidiaries, but including any Additional Notes) remains outstanding
     immediately after the occurrence of such redemption; and

          (2) the redemption occurs within 90 days after the date of the closing
     of any such Equity Offering.

     (b) Except pursuant to the preceding paragraph and clause (e) below, the
Notes will not be redeemable at the Company's option prior to December 15, 2009.

     (c) On or after December 15, 2009, the Company may redeem all or a part of
the Notes upon not less than 30 nor more than 60 days' notice (except that
redemption notices may be mailed more than 60 days prior to a redemption date if
the notice is issued in connection with a defeasance of the Notes or a
satisfaction and discharge of this Indenture pursuant to Article 8 or 11
hereof), at the redemption prices (expressed as percentages of principal amount)
set forth below plus accrued and unpaid interest and Liquidated Damages, if any,
on the Notes redeemed, to the applicable redemption date, if redeemed during the
twelve-month period beginning on December 15 of the years indicated below,
subject to the rights of Holders of Notes on the relevant record date to receive
interest on the relevant interest payment date:

YEAR                              PERCENTAGE
----                              ----------
2009...........................    105.875%
2010...........................    102.938%
2011 and thereafter............    100.000%

     Unless the Company defaults in the payment of the redemption price,
interest will cease to accrue on the Notes or portions thereof called for
redemption on the applicable redemption date.

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

                                       45

     (e) At any time prior to December 15, 2009, the Company may also 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's registered address, at a
redemption price equal to 100% of the principal amount of Notes redeemed plus
the Applicable Premium as of the date of redemption, and accrued and unpaid
interest and Liquidated Damages, if any, to the date of redemption (the
"Make-Whole 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.

Section 3.08 Mandatory Redemption.

     The Company is not required to make mandatory redemption or sinking fund
payments with respect to the Notes.

Section 3.09 Offer to Purchase by Application of Excess Proceeds.

     In the event that, pursuant to Section 4.10 hereof, the Company is required
to commence an Asset Sale Offer, it will follow the procedures specified below.

     The Asset Sale Offer shall be made to all Holders and all holders of other
Indebtedness that is pari passu with the Notes containing provisions similar to
those set forth in this Indenture with respect to offers to purchase or redeem
with the proceeds of sales of assets. The Asset Sale Offer will remain open for
a period of at least 20 Business Days following its commencement and not more
than 30 Business Days, except to the extent that a longer period is required by
applicable law (the "Offer Period"). No later than three Business Days after the
termination of the Offer Period (the "Purchase Date"), the Company will apply
all Excess Proceeds (the "Offer Amount") to the purchase of Notes and such other
pari passu Indebtedness (on a pro rata basis, if applicable, with such
adjustments so that only Notes in denominations of $2,000, or integral multiples
of $1,000 thereof, will be purchased) or, if less than the Offer Amount has been
tendered, all Notes and other Indebtedness tendered in response to the Asset
Sale Offer. Payment for any Notes so purchased will be made in the same manner
as interest payments are made.

     If the Purchase Date is on or after an interest record date and on or
before the related interest payment date, any accrued and unpaid interest and
Liquidated Damages, if any, will 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 will be payable to Holders who tender Notes pursuant to the Asset Sale
Offer.

     Upon the commencement of an Asset Sale Offer, the Company will send, by
first class mail, a notice to the Trustee and each of the Holders, with a copy
to the Trustee. The notice will contain all instructions and materials necessary
to enable such Holders to tender Notes pursuant to the Asset Sale Offer. The
notice, which will govern the terms of the Asset Sale Offer, will state:

          (1) 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
     will remain open;

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

          (3) that any Note or any portion thereof not tendered or accepted for
     payment will continue to accrue interest;

                                       46

          (4) that, unless the Company defaults in making such payment, any Note
     or any portion thereof accepted for payment pursuant to the Asset Sale
     Offer will cease to accrue interest after the Purchase Date;

          (5) that Holders electing to have a Note or any portion thereof
     purchased pursuant to an Asset Sale Offer may elect to have Notes purchased
     in denominations of $2,000 or integral multiples of $1,000 in excess
     thereof only;

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

          (7) that Holders will be entitled to withdraw their election if the
     Company, the Depositary or the Paying Agent, as the case may be, receives,
     not later than the expiration of the Offer Period, a telegram, telex,
     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;

          (8) that, if the aggregate principal amount of Notes and other pari
     passu Indebtedness surrendered by holders thereof exceeds the Offer Amount,
     the Company will select the Notes and other pari passu Indebtedness to be
     purchased on a pro rata basis based on the principal amount of Notes and
     such other pari passu Indebtedness surrendered (with such adjustments as
     may be deemed appropriate by the Company so that only Notes in
     denominations of $2,000, or integral multiples of $1,000 in excess thereof,
     will be purchased); and

          (9) that Holders whose Notes were purchased only in part will be
     issued new Notes equal in principal amount to the unpurchased portion of
     the Notes surrendered (or transferred by book-entry transfer).

     On or before the Purchase Date, the Company will, to the extent lawful,
accept for payment, on a pro rata basis to the extent necessary (with such
adjustments so that only Notes in denominations of $2,000, or integral multiples
of $1,000 thereof, will be purchased), the Offer Amount of Notes or portions
thereof tendered pursuant to the Asset Sale Offer, or if less than the Offer
Amount has been tendered, all Notes tendered, and will deliver or cause to be
delivered to the Trustee the Notes properly accepted together with an Officers'
Certificate stating that such Notes or portions thereof were accepted for
payment by the Company in accordance with the terms of this Section 3.09. The
Company, the Depositary or the Paying Agent, as the case may be, will promptly
(but in any case not later than five days after the Purchase Date) mail or
deliver to each tendering Holder an amount equal to the purchase price of the
Notes tendered by such Holder and accepted by the Company for purchase, and the
Company will promptly issue a new Note, and the Trustee, upon written request
from the Company, will authenticate and mail or deliver (or cause to be
transferred by book entry) such new Note to such Holder, in a principal amount
equal to any unpurchased portion of the Note surrendered. Any Note not so
accepted shall be promptly mailed or delivered by the Company to the Holder
thereof.

     Other than as specifically provided in this Section 3.09, any purchase
pursuant to this Section 3.09 shall be made pursuant to the provisions of
Sections 3.02 through 3.06 hereof.

                                       47

                                    ARTICLE 4
                                    COVENANTS

Section 4.01 Payment of Notes.

     The Company will pay or cause to be paid the principal of, premium, if any,
and interest and Liquidated Damages, if any, on, the Notes on the dates and in
the manner provided in the Notes. Principal, premium, if any, and interest and
Liquidated Damages, if any will be considered paid on the date due if the Paying
Agent, if other than the Company or a Subsidiary thereof, holds as of 10:00 a.m.
Eastern Time on the due date money deposited by the Company in immediately
available funds and designated for and sufficient to pay all principal, premium,
if any, and interest then due. The Company will pay all Liquidated Damages, if
any, in the same manner on the dates and in the amounts set forth in the
Registration Rights Agreement.

     The Company will pay interest (including post-petition interest in any
proceeding under any Bankruptcy Law) on overdue principal at the rate equal to
1% per annum in excess of the then applicable interest rate on the Notes to the
extent lawful; it will pay interest (including post-petition interest in any
proceeding under any Bankruptcy Law) on overdue installments of interest and
Liquidated Damages (without regard to any applicable grace period) at the same
rate to the extent lawful.

Section 4.02 Maintenance of Office or Agency.

     The Company will maintain in the Borough of Manhattan, the City of New
York, an office or agency (which may be an office of the Trustee or an affiliate
of the Trustee, Registrar or co-registrar) where Notes may be surrendered for
registration of transfer or for exchange and where notices and demands to or
upon the Company in respect of the Notes and this Indenture may be served. The
Company will 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 Company
fails to maintain any such required office or agency or fails 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 Company may also from time to time designate one or more other offices
or agencies where the Notes may be presented or surrendered for any or all such
purposes and may from time to time rescind such designations; provided, however,
that no such designation or rescission will in any manner relieve the Company of
its obligation to maintain an office or agency in the Borough of Manhattan, the
City of New York for such purposes. The Company will 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 Company hereby designates the Corporate Trust Office of the Trustee as
one such office or agency of the Company in accordance with Section 2.03 hereof.

Section 4.03 Reports.

     (a) Whether or not required by the rules and regulations of the SEC, so
long as any Notes are outstanding, the Company will furnish to the Holders of
Notes or cause the Trustee to furnish to the Holders of Notes, within the time
periods specified in the SEC's rules and regulations:

          (1) all quarterly and annual reports that would be required to be
     filed or furnished with the SEC on Forms 10-Q and 10-K if the Company were
     required to file or furnish such reports; and

                                       48

          (2) all current reports that would be required to be filed with the
     SEC on Form 8-K if the Company were required to file such reports; provided
     that the Company shall not be required to file a current report on Form 8-K
     in connection with the consummation on the Issue Date of the transactions
     described in the Offering Memorandum.

     All such reports will be prepared in all material respects in accordance
with all of the rules and regulations applicable to such reports. Each annual
report on Form 10-K will include a report on the Company's consolidated
financial statements by the Company's certified independent accountants. In
addition, following the consummation of the Exchange Offer contemplated by the
Registration Rights Agreement, the Company will file or furnish, as applicable,
a copy of each of the reports referred to in clauses (1) and (2) above with the
SEC for public availability within the time periods specified in the rules and
regulations applicable to such reports (unless the SEC will not accept such a
filing) and will post the reports on its website within those time periods.

     If, at any time after consummation of the Exchange Offer contemplated by
the Registration Rights Agreement, the Company is no longer subject to the
periodic reporting requirements of the Exchange Act for any reason, the Company
will nevertheless continue filing the reports specified in the preceding
paragraphs of this Section 4.03 with the SEC within the time periods specified
above unless the SEC will not accept such a filing. The Company will not take
any action for the purpose of causing the SEC not to accept any such filings.
If, notwithstanding the foregoing, the SEC will not accept the Company's filings
for any reason, the Company will post the reports referred to in the preceding
paragraphs on its website within the time periods that would apply if the
Company were required to file those reports with the SEC.

     (b) For so long as any Notes remain outstanding, if at any time it is not
required to file with the SEC the reports required by paragraph (a) of this
Section 4.03, the Company will furnish to the Holders of Notes and prospective
investors, upon their request, the information required to be delivered pursuant
to Rule 144A(d)(4) under the Securities Act.

     (c) If at any time the Notes are guaranteed by a direct or indirect parent
of the Company, and such company has complied with the reporting requirements of
Section 13 or 15(d) of the Exchange Act, if applicable, and has furnished the
Holders of Notes, or filed with the SEC, the reports described herein with
respect to such company, as applicable (including any financial information
required by Regulation S-X under the Securities Act), the Company shall be
deemed to be in compliance with the provisions of this Section 4.03.

     (d) Any information filed with, or furnished to, the SEC shall be deemed to
have been made available to the Trustee and the registered Holders of the Notes.
The subsequent filing or making available of any report required by this Section
4.03 shall be deemed automatically to cure any Default or Event of Default
resulting from the failure to file or make available such report within the
required time frame.

     (e) Delivery of such reports, information and documents to the Trustee is
for informational purposes only and the Trustee's receipt of such shall not
constitute constructive notice of any information contained therein, including
the Company's compliance with any of its covenants hereunder (as to which the
Trustee is entitled to rely exclusively on Officers' Certificates).

Section 4.04 Compliance Certificate.

     (a) The Company and each Guarantor (to the extent that such Guarantor is so
required under the TIA) shall deliver to the Trustee, within 90 days after the
end of each fiscal year, an Officers'

                                       49

Certificate stating that a review of the activities of the Company and its
Subsidiaries during the preceding fiscal year has been made under the
supervision of the signing Officers with a view to determining whether the
Company has kept, observed, performed and fulfilled its obligations under this
Indenture, and further stating, as to each such Officer signing such
certificate, that to his or her knowledge the Company has kept, observed,
performed and fulfilled each and every covenant contained in this Indenture and
is not in default in the performance or observance of any of the terms,
provisions and conditions of this Indenture (or, if a Default or Event of
Default has occurred, describing all such Defaults or Events of Default of which
he or she may have knowledge and what action the Company is taking or proposes
to take with respect thereto) and that to his or her knowledge no event has
occurred and remains in existence by reason of which payments on account of the
principal of or interest, if any, on the Notes is prohibited or if such event
has occurred, a description of the event and what action the Company is taking
or proposes to take with respect thereto.

     (b) So long as not contrary to the then current recommendations of the
American Institute of Certified Public Accountants, the Company and the
Guarantors shall use their respective commercially reasonable efforts to have
the year-end financial statements delivered pursuant to Section 4.03 above
accompanied by a written statement of the Company's independent registered
public accountants (who shall be a firm of established national reputation),
which shall state that in making the examination necessary for certification of
such financial statements, nothing has come to their attention that would lead
them to believe that the Company has violated any provisions of Article 4 or
Article 5 hereof or, if any such violation has occurred, specifying the nature
and period of existence thereof, it being understood that such accountants shall
not be liable directly or indirectly to any Person for any failure to obtain
knowledge of any such violation.

     (c) So long as any of the Notes are outstanding, the Company will deliver
to the Trustee, within 10 Business Days of any Officer becoming aware of any
Default or Event of Default, an Officers' Certificate specifying such Default or
Event of Default and what action the Company is taking or proposes to take with
respect thereto.

Section 4.05 Taxes.

     The Company will pay, and will cause each of its Subsidiaries to pay, prior
to delinquency, all material taxes, assessments, and governmental levies except
such as are contested in good faith and by appropriate proceedings or where the
failure to effect such payment is not adverse in any material respect to the
Holders of the Notes.

Section 4.06 Stay, Extension and Usury Laws.

     The Company and each of the Guarantors covenants (to the extent that it may
lawfully do so) that it will not at any time insist upon, plead, or in any
manner whatsoever claim or take the benefit or advantage of, any stay, 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 Company and
each of the Guarantors (to the extent that it may lawfully do so) hereby
expressly waives all benefit or advantage of any such law, and covenants that it
will not, by resort to any such law, hinder, delay or impede the execution of
any power herein granted to the Trustee, but will suffer and permit the
execution of every such power as though no such law has been enacted.

Section 4.07 Restricted Payments.

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

                                       50

          (1) declare or pay any dividend or make any other payment or
     distribution on account of the Company's or any of its Restricted
     Subsidiaries' Equity Interests (including, without limitation, any payment
     in connection with any merger or consolidation involving the Company or any
     of its Restricted Subsidiaries) or to the direct or indirect holders of the
     Company's or any of its Restricted Subsidiaries' Equity Interests in their
     capacity as such (other than (i) dividends or distributions payable in
     Equity Interests (other than Disqualified Stock) of the Company, and (ii)
     dividends or distributions payable to the Company or a Restricted
     Subsidiary of the Company);

          (2) purchase, redeem or otherwise acquire or retire for value
     (including without limitation, in connection with any merger or
     consolidation involving the Company) any Equity Interests of the Company or
     any direct or indirect parent of the Company;

          (3) make any payment on or with respect to, or purchase, redeem,
     defease or otherwise acquire or retire for value any Indebtedness of the
     Company or any Guarantor that is Subordinated Indebtedness (excluding any
     intercompany Indebtedness between or among the Company and any of its
     Restricted Subsidiaries), except a payment of interest or principal within
     90 days of the Stated Maturity thereof; or

          (4) make any Restricted Investment

     (all such payments and other actions set forth in these clauses (1) through
(4) above being collectively referred to as "Restricted Payments"),

          unless, at the time of and after giving effect to such Restricted
          Payment:

          (1) no Default or Event of Default has occurred and is continuing or
     would occur as a consequence of such Restricted Payment;

          (2) the Company would, at the time of such Restricted Payment and
     after giving pro forma effect thereto as if such Restricted Payment had
     been made at the beginning of the applicable four-quarter period, have been
     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;
     and

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

               (A) 50% of the Consolidated Net Income of the Company for the
          period (taken as one accounting period) from the beginning of the
          first fiscal quarter during which the Issue Date occurs to the end of
          the Company's most recently ended fiscal quarter for which internal
          financial statements are available at the time of such Restricted
          Payment (or, if such Consolidated Net Income for such period is a
          deficit, less 100% of such deficit); plus

               (B) 100% of the aggregate net cash proceeds or Fair Market Value
          of any assets received by the Company since the Issue Date as a
          contribution to its common equity capital (other than Disqualified
          Stock) which shall not be deemed to include any net cash proceeds
          received in connection with any contribution designated at the time it
          is

                                       51

          made as a restricted contribution (a "Restricted Contribution"), or
          from the issue or sale of Equity Interests of the Company (other than
          Disqualified Stock) or from the issue or sale of Disqualified Stock or
          debt securities of the Company that have been converted into or
          exchanged for such Equity Interests (other than Equity Interests sold
          to a Subsidiary of the Company); plus

               (C) to the extent that any Restricted Investment that was made
          after the Issue Date is sold for cash or otherwise liquidated or
          repaid for cash, the cash return of capital with respect to such
          Restricted Investment (less the cost of disposition, if any); plus

               (D) to the extent that any Unrestricted Subsidiary of the Company
          designated as such after the Issue Date is redesignated as a
          Restricted Subsidiary after the Issue Date, the Fair Market Value of
          such Subsidiary as of the date on which such Subsidiary was
          redesignated as a Restricted Subsidiary after the Issue Date; plus

               (E) 50% of any dividends received by the Company or a Guarantor
          after the Issue Date from an Unrestricted Subsidiary of the Company,
          to the extent that such dividends were not otherwise included in the
          Consolidated Net Income of the Company for such period.

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

          (1) the payment of any dividend or the consummation of any irrevocable
     redemption within 60 days after the date of declaration of the dividend or
     giving of the redemption notice, as the case may be, if at the date of
     declaration or notice, the dividend or redemption payment would have been
     permitted by this Indenture;

          (2) the making of any Restricted Payment in exchange for, or out of
     the net cash proceeds of the sale within 30 days of such Restricted Payment
     (other than to a Subsidiary of the Company) of, Equity Interests of the
     Company (other than Disqualified Stock) or from a substantially concurrent
     contribution of common equity capital (other than Disqualified Stock) to
     the Company; provided that the amount of any such net cash proceeds that
     are utilized for any such Restricted Payment will be excluded from clause
     (3)(B) of Section 4.07(a) hereof;

          (3) the purchase, repurchase, redemption, defeasance, satisfaction and
     discharge or other acquisition or retirement for value of Indebtedness of
     the Company or any Guarantor that is Subordinated Indebtedness with the net
     cash proceeds from an incurrence of Permitted Refinancing Indebtedness,
     within 30 days of such purchase, repurchase, redemption, defeasance,
     satisfaction and discharge or other acquisition or retirement for value;

          (4) the payment of any dividend (or in the case of any partnership or
     limited liability company, any similar distribution) by a Restricted
     Subsidiary of the Company to the holders of its Equity Interests on a pro
     rata basis;

          (5) so long as no Default has occurred and is continuing or would be
     caused thereby, the repurchase, redemption or other acquisition or
     retirement for value of any Equity Interests of the Company, any Restricted
     Subsidiary of the Company or any direct or indirect parent of the Company
     held by any current or former officer, director, consultant or employee of
     the Company or any of its Restricted Subsidiaries or their estates or
     beneficiaries of their estates pursuant to any equity subscription
     agreement, stock option agreement, shareholders' agreement or similar
     agreement; provided that the aggregate price paid for all such repurchased,
     redeemed, acquired or

                                       52

     retired Equity Interests may not exceed $3.0 million in any twelve-month
     period; provided, however, that amounts available pursuant to this clause
     (5) to be utilized for Restricted Payments during any twelve-month period
     may be carried forward and utilized in any subsequent twelve-month period,
     up to a maximum of $2.0 million in any twelve-month period;

          (6) the purchase or repurchase of Equity Interests deemed to occur
     upon the exercise of stock options or warrants to the extent such Equity
     Interests represent a portion of the exercise price of those stock options
     or warrants;

          (7) so long as no Default has occurred and is continuing or would be
     caused thereby, the declaration and payment of regularly scheduled or
     accrued dividends to holders of any class or series of Disqualified Stock
     of the Company or any Restricted Subsidiary of the Company issued on or
     after the Issue Date in accordance with Section 4.09 hereof;

          (8) the purchase by the Company of fractional shares upon conversion
     of any securities of the Company into Equity Interests of the Company;

          (9) upon the occurrence of a Change of Control or an Asset Sale and
     after the completion of the offer to repurchase of the Notes as described
     in Section 4.10 hereof or Section 4.15 hereof (including the purchase of
     all Notes tendered), any purchase, defeasance, retirement, redemption or
     other acquisition of Subordinated Indebtedness required under the terms of
     such Indebtedness as a result of such Change of Control or Asset Sale;

          (10) so long as no Default has occurred and is continuing or would
     result from such transaction, dividends or distributions, redemptions of
     Capital Stock and other Restricted Payments in an aggregate amount not to
     exceed the sum of all Restricted Contributions, provided that, on the date
     of such dividend, distribution, redemption of Capital Stock or other
     Restricted Payment the Company must be able 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;

          (11) contributions of cash, real property or other property to an
     Unrestricted Subsidiary consisting of cash, real property or other property
     received by the Company in an amount equal to a contribution to the
     Company's common equity capital or a purchase of the Company's Equity
     Interests (other than Disqualified Stock of the Company) and any related
     Investment in such Unrestricted Subsidiary by the Company or a Guarantor;
     provided that such cash, real property or other property is specifically
     identified in an officer's certificate delivered to the trustee; provided,
     further that the amount of any such net cash proceeds that are utilized for
     any such Restricted Payment will be excluded from clause (3)(B) of Section
     4.07(a);

          (12) Permitted Payments to Parent; and

          (13) so long as no Default has occurred and is continuing or would be
     caused thereby, other Restricted Payments in an aggregate amount not to
     exceed $12.0 million since the Issue Date.

     For purposes of determining compliance with this Section 4.07, in the event
that a proposed Restricted Payment (or portion thereof) meets the criteria of
more than one of the categories of Restricted Payments described in clauses (1)
through (13) above, or is entitled to be incurred pursuant to Section 4.07(a),
the Company will be entitled to classify such Restricted Payment (or portion
thereof) on the date of its payment in any manner that complies with this
Section 4.07 and such Restricted Payment will be treated as having been made
pursuant to only such clause or clauses or Section 4.07(a).

                                       53

     The amount of all Restricted Payments (other than cash) will be the Fair
Market Value on the date of the Restricted Payment of the asset(s) or securities
proposed to be transferred or issued by the Company or such Restricted
Subsidiary, as the case may be, pursuant to the Restricted Payment. The Fair
Market Value of any assets or securities that are required to be valued by this
Section 4.07 will be determined by an officer of the Company if the Fair Market
Value is less than $5.0 million and, if the Fair Market Value is $5.0 million or
more, by the Board of Directors of the Company, whose resolution with respect
thereto shall be delivered to the Trustee. The Board of Directors' determination
must be based upon an opinion or appraisal issued by an accounting, appraisal or
investment banking firm of national standing if the Fair Market Value exceeds
$15.0 million.

Section 4.08 Dividend and Other Payment Restrictions Affecting Restricted
Subsidiaries.

     (a) The Company will not, and will not permit any of its Restricted
Subsidiaries to, directly or indirectly, create or permit to exist or become
effective any consensual encumbrance or restriction on the ability of any
Restricted Subsidiary to:

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

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

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

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

          (1) the Credit Agreement and any other agreement or document relating
     to a Credit Facility; provided that the terms and conditions of such
     encumbrances and restrictions are not more restrictive, taken as a whole,
     than those encumbrances or restrictions imposed in connection with the
     Credit Agreement as in effect on the Issue Date, as reasonably determined
     by the Company or such Restricted Subsidiary;

          (2) agreements as in effect on the Issue Date and any amendments,
     restatements, modifications, renewals, supplements, refundings,
     replacements or refinancings of those agreements; provided that the
     amendments, restatements, modifications, renewals, supplements, refundings,
     replacements or refinancings are not materially more restrictive, taken as
     a whole, with respect to such dividend and other payment restrictions than
     those contained in those agreements on the Issue Date, as reasonably
     determined by the Company or such Restricted Subsidiary;

          (3) the Indenture, the Notes, the Exchange Notes, any Additional Notes
     and the Note Guarantees;

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

          (5) any instrument governing Indebtedness or Capital Stock of a Person
     acquired by the Company or any of its Restricted Subsidiaries as in effect
     at the time of such acquisition (except to the extent such Indebtedness was
     incurred or Capital Stock was issued in connection

                                       54

     with or in contemplation of such acquisition), which encumbrance or
     restriction is not applicable to any Person, or the properties or assets of
     any Person, other than the Person, or the property or assets of the Person,
     so acquired; provided that, in the case of Indebtedness, such Indebtedness
     was permitted by the terms of this Indenture to be incurred;

          (6) customary non-assignment provisions in contracts, leases and
     licenses entered into in the ordinary course of business;

          (7) security documents related to mortgage financing, purchase money
     or similar obligations and Capital Lease Obligations that impose
     restrictions on the property purchased or leased of the nature described in
     Section 4.08(a)(3) hereof;

          (8) any agreement for the sale or other disposition of a Restricted
     Subsidiary that restricts distributions or other activities by that
     Restricted Subsidiary pending the sale or other disposition;

          (9) Permitted Refinancing Indebtedness; provided that the restrictions
     contained in the agreements governing such Permitted Refinancing
     Indebtedness are not materially more restrictive, taken as a whole, than
     those contained in the agreements governing the Indebtedness being
     refinanced, as reasonably determined by the Company or such Restricted
     Subsidiary;

          (10) security or other documents evidencing Liens permitted to be
     incurred under the provisions of Section 4.12 hereof, including Permitted
     Liens;

          (11) provisions limiting or prohibiting the disposition or
     distribution of assets or property in joint venture agreements, asset sale
     agreements, sale-leaseback agreements, stock sale agreements, merger
     agreements and other similar agreements in effect on the Issue Date or
     entered into (i) in the ordinary course of business, or (ii) with the
     approval of the Company's Board of Directors or Chief Financial Officer,
     which limitation or prohibition is applicable only to the assets that are
     the subject of such agreements;

          (12) restrictions on cash or other deposits or net worth imposed by
     customers under contracts;

          (13) any instrument governing any Indebtedness or Capital Stock of any
     Person that is an Unrestricted Subsidiary as in effect on the date that
     such Person becomes a Restricted Subsidiary, which encumbrance or
     restriction is not applicable to any Person or the property or assets of
     any Person, other than the Person and its Restricted Subsidiaries or the
     property or asset of the person and its Restricted Subsidiaries; and

          (14) encumbrances or restrictions imposed by any agreement, amendment,
     modification, restatement, renewal, supplement, refunding, replacement or
     refinancing that amends, modifies, restates, supplements, refunds, extends,
     renews, refinances or replaces the agreements containing the encumbrances
     or restrictions in the foregoing clauses (1) through (13); provided that
     the terms and conditions of any such agreement, amendment, modification,
     restatement, renewal, supplement, refunding, replacement or refinancing are
     no more restrictive in any material respect, taken as a whole, than the
     encumbrances or restrictions imposed pursuant to the agreement being
     extended, renewed, refinanced or replaced, as reasonably determined by the
     Company or such Restricted Subsidiary.

                                       55

Section 4.09 Incurrence of Indebtedness and Issuance of Preferred Stock.

     (a) The Company will not, and will 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,
with respect to (collectively, "incur") any Indebtedness (including Acquired
Debt), and the Company will not issue any Disqualified Stock and will not permit
any of its Restricted Subsidiaries to issue any shares of preferred stock;
provided, however, that the Company may incur Indebtedness (including Acquired
Debt) or issue Disqualified Stock, and the Guarantors may incur Indebtedness
(including Acquired Debt) or issue preferred stock, if the Fixed Charge Coverage
Ratio for the Company's most recently ended four full fiscal quarters for which
internal financial statements are available immediately preceding the date on
which such additional Indebtedness is incurred or such Disqualified Stock or
such preferred stock is issued, as the case may be, would have been at least (a)
2.25 to 1, if the date of such incurrence or issuance is on or prior to December
15, 2007, or (b) 2.50 to 1, if the date of such incurrence or issuance is after
December 15, 2007, in each case, determined on a pro forma basis (including a
pro forma application of the net proceeds therefrom), as if the additional
Indebtedness had been incurred or the Disqualified Stock or the preferred stock
had been issued, as the case may be, at the beginning of such four-quarter
period.

     (b) The provisions of Section 4.09(a) hereof will not prohibit the
incurrence of any of the following items of Indebtedness (collectively,
"Permitted Debt"):

          (1) the incurrence by the Company and any Guarantor of Indebtedness
     and letters of credit under Credit Facilities in an aggregate principal
     amount at any one time outstanding under this clause (1) (with letters of
     credit being deemed to have a principal amount equal to the maximum
     potential liability of the Company and its Restricted Subsidiaries
     thereunder) not to exceed $480.0 million less the aggregate amount of all
     mandatory repayments of the principal of any term Indebtedness under Credit
     Facilities (other than repayments that are concurrently refunded or
     refinanced) that have been made by the Company or any of its Restricted
     Subsidiaries since the Issue Date and less the aggregate amount of all Net
     Proceeds of Asset Sales applied by the Company or any of its Restricted
     Subsidiaries since the Issue Date to permanently repay any term
     Indebtedness under a Credit Facility pursuant to Section 4.10 hereof;

          (2) the incurrence by the Company and its Restricted Subsidiaries of
     the Existing Indebtedness;

          (3) the incurrence by the Company and the Guarantors of Indebtedness
     represented by the Initial Notes and the related Note Guarantees to be
     issued on the Issue Date and the Exchange Notes and the related Note
     Guarantees to be issued pursuant to this Indenture and the Registration
     Rights Agreement;

          (4) the incurrence by the Company or any of its Restricted
     Subsidiaries of Indebtedness represented by Capital Lease Obligations,
     mortgage financings, purchase money obligations or similar obligations, in
     each case, incurred for the purpose of financing all or any part of the
     purchase price or cost of design, construction, use, installation or
     improvement of property, plant or equipment used in the business of the
     Company or any of its Restricted Subsidiaries, in an aggregate principal
     amount, including all Permitted Refinancing Indebtedness incurred to renew,
     refund, refinance, replace, defease or discharge any Indebtedness incurred
     pursuant to this clause (4), not to exceed $20.0 million at any time
     outstanding;

          (5) the incurrence by the Company or any of its Restricted
     Subsidiaries of Permitted Refinancing Indebtedness in exchange for, or the
     net proceeds of which are used to renew,

                                       56

     refund, refinance, replace, defease or discharge any Indebtedness (other
     than intercompany Indebtedness) that was permitted by this Indenture to be
     incurred under Section 4.09(a) hereof or clauses (2), (3), (4), (5), (11)
     or (12) of this Section 4.09(b);

          (6) the incurrence by the Company or any of its Restricted
     Subsidiaries of intercompany Indebtedness between or among the Company and
     any of its Restricted Subsidiaries; provided, however, that:

               (A) if the Company or any Guarantor is the obligor on such
          Indebtedness and the payee is not the Company or a Guarantor, such
          Indebtedness must be expressly subordinated to the prior payment in
          full in cash of all Obligations then due with respect to the Notes, in
          the case of the Company, or the Note Guarantee, in the case of a
          Guarantor; and

               (B) (i) any subsequent issuance or transfer of Equity Interests
          that results in any such Indebtedness being held by a Person other
          than the Company or a Restricted Subsidiary of the Company and (ii)
          any sale or other transfer of any such Indebtedness to a Person that
          is not either the Company or a Restricted Subsidiary of the Company,

          will be deemed, in each case, to constitute an incurrence of such
          Indebtedness by the Company or such Restricted Subsidiary, as the case
          may be, that was not permitted by this clause (6);

          (7) the issuance by any of the Company's Restricted Subsidiaries to
     the Company or to any of its Restricted Subsidiaries of shares of preferred
     stock; provided, however, that:

               (A) any subsequent issuance or transfer of Equity Interests that
          results in any such preferred stock being held by a Person other than
          the Company or a Restricted Subsidiary of the Company; and

               (B) any sale or other transfer of any such preferred stock to a
          Person that is not either the Company or a Restricted Subsidiary of
          the Company,

     will be deemed, in each case, to constitute an issuance of such preferred
     stock by such Restricted Subsidiary that was not permitted by this clause
     (7);

          (8) the incurrence by the Company or any of its Restricted
     Subsidiaries of Hedging Obligations other than for speculative purposes;

          (9) the guarantee by the Company or any of the Guarantors of
     Indebtedness of the Company or a Restricted Subsidiary of the Company that
     was permitted to be incurred by another provision of this Section 4.09;
     provided that if the Indebtedness being guaranteed is subordinated to or
     pari passu in right of payment with the Notes, then the Guarantee shall be
     subordinated or pari passu in right of payment, as applicable, to the same
     extent as the Indebtedness guaranteed;

          (10) the incurrence by the Company or any of its Restricted
     Subsidiaries of Indebtedness in respect of workers' compensation claims,
     self-insurance obligations, bankers' acceptances, performance and surety
     bonds, completion guarantees, standby letters of credit, statutory claims
     of lessors, licensees, contractors, franchisees or customers, in each case,
     in the ordinary course of business;

                                       57

          (11) the incurrence by the Company or any of its Restricted
     Subsidiaries of Indebtedness arising from the honoring by a bank or other
     financial institution of a check, draft or similar instrument inadvertently
     drawn against insufficient funds, so long as such Indebtedness is covered
     within five Business Days after incurrence;

          (12) the incurrence by the Company or any of its Restricted
     Subsidiaries of Indebtedness arising from agreements for indemnification or
     purchase price adjustment obligations of the Company or a Restricted
     Subsidiary, in each case, incurred or assumed in connection with the
     acquisition or disposition of any business, assets or Capital Stock of a
     Restricted Subsidiary; provided that the maximum liability in respect of
     all such obligations shall not exceed the gross proceeds actually paid or
     received by the Company and any Restricted Subsidiary, including the Fair
     Market Value of non-cash proceeds;

          (13) the incurrence by the Company or any of its Restricted
     Subsidiaries of Indebtedness to the extent the net proceeds thereof are
     promptly deposited to defease the Notes or satisfy and discharge this
     Indenture under Article 8 or 11 hereof;

          (14) the incurrence by the Company or any of its Restricted
     Subsidiaries of Indebtedness arising in connection with endorsement of
     instruments for deposit in the ordinary course of business;

          (15) the incurrence by the Company of Qualified Affiliate Debt; and

          (16) the incurrence or issuance by the Company of additional
     Indebtedness or Disqualified Stock or by any Restricted Subsidiary of
     additional Indebtedness or preferred stock in an aggregate principal amount
     (or accreted value, as applicable) at any time outstanding, including all
     Permitted Refinancing Indebtedness incurred to renew, refund, refinance,
     replace, defease or discharge any Indebtedness incurred pursuant to this
     clause (16), not to exceed $10.0 million.

     The Company will not incur, and will not permit any Guarantor to incur, any
Indebtedness (including Permitted Debt) that is contractually subordinated in
right of payment to any other Indebtedness of the Company or such Guarantor
unless such Indebtedness is also contractually subordinated in right of payment
to the Notes and the applicable Note Guarantee on substantially identical terms;
provided, however, that no Indebtedness shall be deemed to be contractually
subordinated in right of payment to any other Indebtedness solely by virtue of
being unsecured or by virtue of being secured on a first or junior Lien basis.

     For purposes of determining compliance with this Section 4.09, in the event
that an item of proposed Indebtedness meets the criteria of more than one of the
categories of Permitted Debt described in clauses (1) through (16) above or is
entitled to be incurred pursuant to Section 4.09(a) hereof, the Company will be
permitted to classify such item of Indebtedness on the date of its incurrence in
any manner that complies with this Section 4.09, or later reclassify all or a
portion of such item of Indebtedness, in any manner that complies with this
Section 4.09 and such item of Indebtedness (or portion thereof, as applicable)
will be treated as having been incurred pursuant to only such clause or clauses
or Section 4.09(a). Indebtedness under Credit Facilities outstanding on the date
on which Notes are first issued and authenticated under this Indenture will
initially be deemed to have been incurred on such date in reliance on the
exception provided by clause (1) of the definition of Permitted Debt. The
accrual of interest, the accretion or amortization of original issue discount,
the payment or accretion of interest on any Indebtedness in the form of
additional Indebtedness with the same terms, the reclassification of preferred
stock as Indebtedness due to a change in accounting principles, and the

                                       58

payment of dividends on preferred stock in the form of additional shares of the
same class of preferred stock will not be deemed to be an incurrence of
Indebtedness or an issuance of preferred stock for purposes of this Section
4.09; provided, in each such case, that the amount of any such accrual,
accretion or payment is included in Fixed Charges of the Company as accrued.
Notwithstanding any other provision of this Section 4.09, the maximum amount of
Indebtedness that the Company or any Restricted Subsidiary may incur pursuant to
this Section 4.09 shall not be deemed to be exceeded solely as a result of
fluctuations in exchange rates or currency values.

     The amount of any Indebtedness outstanding as of any date will be:

          (1) the accreted value of the Indebtedness, in the case of any
     Indebtedness issued with original issue discount;

          (2) the principal amount of the Indebtedness, in the case of any other
     Indebtedness; and

          (3) in respect of Indebtedness of another Person secured by a Lien on
     the assets of the specified Person, the lesser of:

               (A) the Fair Market Value of such assets at the date of
          determination; and

               (B) the amount of the Indebtedness of the other Person.

Section 4.10 Asset Sales.

     (a) The Company will not, and will not permit any of its Restricted
Subsidiaries to, consummate an Asset Sale unless:

          (1) the Company (or the Restricted Subsidiary, as the case may be)
     receives consideration at the time of the Asset Sale at least equal to the
     Fair Market Value of the assets or Equity Interests issued or sold or
     otherwise disposed of; and

          (2) at least 75% of the consideration received in the Asset Sale by
     the Company or such Restricted Subsidiary is in the form of cash or Cash
     Equivalents. For purposes of this provision, each of the following shall be
     deemed to be cash:

               (A) any liabilities, as shown on the Company's most recent
          consolidated balance sheet, of the Company or any Subsidiary (other
          than contingent liabilities and liabilities that are by their terms
          subordinated in right of payment to the Notes or any Note Guarantee)
          that are assumed by the transferee of any such assets pursuant to a
          novation agreement that releases the Company or such Restricted
          Subsidiary from further liability;

               (B) any securities, notes or other obligations received by the
          Company or any such Restricted Subsidiary from such transferee that
          are converted by the Company or such Restricted Subsidiary into cash
          or Cash Equivalents, to the extent of the cash or Cash Equivalents
          received in that conversion, within 180 days following the closing of
          the Asset Sale; and

               (C) any stock or assets of the kind referred to in clauses (2) or
          (4) of Section 4.10(b).

                                       59

     (b) Within 365 days after the receipt of any Net Proceeds from an Asset
Sale, the Company (or the applicable Restricted Subsidiary, as the case may be)
may apply such Net Proceeds to:

          (1) prepay or repay the Notes and Indebtedness and other Obligations
     under a Credit Facility and, if the Indebtedness being repaid is revolving
     credit Indebtedness, to correspondingly reduce commitments with respect
     thereto;

          (2) acquire all or substantially all of the assets of, or any Capital
     Stock of, a Person engaged in a Permitted Business, if, after giving effect
     to any such acquisition of Capital Stock, the Person engaged in a Permitted
     Business is or becomes a Restricted Subsidiary of the Company;

          (3) make a capital expenditure;

          (4) acquire other assets that are not classified as current assets
     under GAAP and that are used or useful in a Permitted Business; or

          (5) to repay other Indebtedness of the Company or the applicable
     Restricted Subsidiary, other than Indebtedness of the Company or any
     Guarantor that is Subordinated Indebtedness;

provided that the requirements of clauses (2) through (5) above shall be
satisfied if an agreement committing to make the acquisitions or expenditures
referred to therein is entered into by the Company or a Restricted Subsidiary
within 365 days after the receipt of such Net Proceeds and such Net Proceeds are
applied thereafter in accordance with such agreement within 545 days after the
receipt of such Net Proceeds.

     (c) Pending the final application of any Net Proceeds, the Company may
temporarily reduce revolving credit borrowings or otherwise invest the Net
Proceeds in any manner that is not prohibited by this Indenture.

     (d) Any Net Proceeds from Asset Sales that are not applied or invested as
provided in the second paragraph of this Section 4.10 will constitute "Excess
Proceeds." When the aggregate amount of Excess Proceeds exceeds $10.0 million,
within 30 days thereof, the Company will make an Asset Sale Offer to all Holders
of Notes and all holders of other Indebtedness that is pari passu in right of
payment with the Notes containing provisions similar to those set forth in this
Indenture with respect to offers to purchase or redeem with the proceeds of
sales of assets in accordance with Section 3.09 hereof to purchase the maximum
principal amount of Notes and such other pari passu Indebtedness that may be
purchased out of the Excess Proceeds (an "Asset Sale Offer"). The offer price in
any Asset Sale Offer will be equal to 100% of the principal amount plus accrued
and unpaid interest and Liquidated Damages, if any, to the date of purchase, and
will be payable in cash. If any Excess Proceeds remain after consummation of an
Asset Sale Offer, the Company may use those Excess Proceeds for any purpose not
otherwise prohibited by this Indenture. If the aggregate principal amount of
Notes and other pari passu Indebtedness tendered into such Asset Sale Offer
exceeds the amount of Excess Proceeds, the Notes and such other pari passu
Indebtedness shall be purchased on a pro rata basis. Upon completion of each
Asset Sale Offer, the amount of Excess Proceeds will be reset at zero.

     The Company will comply with the requirements of Rule 14e-1 under the
Exchange Act and any other securities laws and regulations thereunder to the
extent such laws and regulations are applicable in connection with each
repurchase of Notes pursuant to an Asset Sale Offer. To the extent that the
provisions of any securities laws or regulations conflict with the provisions of
Section 3.09 hereof or this

                                       60

Section 4.10, the Company will comply with the applicable securities laws and
regulations and will not be deemed to have breached its obligations under
Section 3.09 hereof or this Section 4.10 by virtue of such compliance.

Section 4.11 Transactions with Affiliates.

     (a) The Company will not, and will 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 Company (each an "Affiliate Transaction"), unless:

          (1) the Affiliate Transaction is on terms that are no less favorable
     to the Company or the relevant Restricted Subsidiary than those that would
     have been obtained in a comparable transaction by the Company or such
     Restricted Subsidiary with a Person who is not an Affiliate of the Company
     or such Restricted Subsidiary; and

          (2) the Company delivers to the Trustee:

               (A) with respect to any Affiliate Transaction or series of
          related Affiliate Transactions involving aggregate consideration in
          excess of $7.5 million, a resolution of the Board of Directors of the
          Company set forth in an Officers' Certificate certifying that such
          Affiliate Transaction complies with clause (1) of this Section 4.11(a)
          and that such Affiliate Transaction has been approved by a majority of
          the Board of Directors of the Company; and

               (B) with respect to any Affiliate Transaction or series of
          related Affiliate Transactions involving aggregate consideration in
          excess of $15.0 million, an opinion as to the fairness to the Company
          or such Restricted Subsidiary of such Affiliate Transaction from a
          financial point of view issued by an accounting, appraisal or
          investment banking firm of national standing; provided, however, that
          no such opinion will be required in the case of dollar-for-dollar
          reimbursements for expenses of the Company or any of its Restricted
          Subsidiaries paid by any Affiliate of the Company or agreements
          relating thereto.

     (b) The following items will not be deemed to be Affiliate Transactions
and, therefore, will not be subject to the provisions of Section 4.11(a) hereof:

          (1) any employment agreement, employee benefit plan, consultant
     agreement, officer or director indemnification agreement, confidentiality,
     non-competition, non-solicitation or any similar arrangement or agreement
     entered into by the Company or any of its Restricted Subsidiaries in the
     ordinary course of business or approved by the Board of Directors and
     payments pursuant thereto;

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

          (3) transactions with a Person (other than an Unrestricted Subsidiary
     of the Company) that is an Affiliate of the Company solely because the
     Company owns, directly or through a Restricted Subsidiary, an Equity
     Interest in, or controls, such Person;

          (4) payment of reasonable directors' compensation;

                                       61

          (5) any issuance of Equity Interests (other than Disqualified Stock)
     of the Company to Affiliates of the Company;

          (6) Permitted Investments or Restricted Payments that do not violate
     Section 4.07 hereof;

          (7) transactions pursuant to any contract or agreement with the
     Company or any of its Restricted Subsidiaries as in effect on the Issue
     Date and any amendment, modification, or replacement to such contract or
     agreement; provided that any such amendment, modification or replacement is
     on terms that are no less favorable to the Holders of the Notes in any
     material respect than the original contract or agreement as in effect on
     the Issue Date;

          (8) any pro rata distribution (including a rights offering) to all
     holders of a class of Equity Interests or Indebtedness of the Company or
     any of its Restricted Subsidiaries, including Persons who are Affiliates of
     the Company or any of its Restricted Subsidiaries;

          (9) any transaction which is a Permitted Transaction;

          (10) any transaction pursuant to which M&F Worldwide or any of its
     Affiliates provides the Company and/or its Restricted Subsidiaries, at
     their request and at the cost to M&F Worldwide, with services, including
     services to be purchased from third-party providers, such as legal and
     accounting, tax, consulting, financial advisory, corporate governance,
     insurance coverage and other services;

          (11) the issuance of Qualified Affiliate Debt and any transaction in
     connection therewith;

          (12) loans or advances to employees in the ordinary course of business
     not to exceed $1.0 million in the aggregate at any one time outstanding;

          (13) transactions on customary terms pursuant to any registration
     rights agreement with the stockholders of the Company or any direct or
     indirect parent of the Company;

          (14) 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 that
     are fair to the Company and its Restricted Subsidiaries in the reasonable
     determination of the Board of Directors of the Company and are on terms at
     least as favorable to the Company and its Restricted Subsidiaries as might
     have been obtained at such time from an unaffiliated party;

          (15) any merger or consolidation of the Company with an Affiliate of
     the Company solely for the purposes of:

               (A) reorganizing to facilitate an initial public offering of the
          Equity Interests of the Company;

               (B) forming or collapsing a holding company structure; or

               (C) reincorporating the Company in a new jurisdiction;

          (16) Permitted Payments to Parent;

                                       62

          (17) the merger transactions among the Company and its Restricted
     Subsidiaries described in the Offering Memorandum under the caption
     entitled "The Transactions;" and

          (18) the agreements described in the Offering Memorandum in the
     section entitled "Certain Relationships and Related Transactions" as in
     effect on the Issue Date, and any amendments, supplements or modifications
     of such agreements; provided that such amendments, supplements or
     modifications, are not, taken as a whole, materially less favorable to the
     Holders of the Notes.

Section 4.12 Liens.

     The Company will not, and will not permit any of its Restricted
Subsidiaries to, directly or indirectly create, incur, assume or otherwise cause
or suffer to exist or become effective any Lien of any kind on any asset now
owned or hereafter acquired, except Permitted Liens.

Section 4.13 Business Activities.

     The Company will not, and will not permit any of its Restricted
Subsidiaries to, engage in any business other than Permitted Businesses, except
to such extent as would not be material to the Company and its Restricted
Subsidiaries taken as a whole.

Section 4.14 Corporate Existence.

     Subject to Article 5 hereof, the Company shall do or cause to be done all
things necessary to preserve and keep in full force and effect:

          (1) its corporate existence, and the corporate, partnership or other
     existence of each of its Subsidiaries other than its Immaterial
     Subsidiaries, in accordance with the respective organizational documents
     (as the same may be amended from time to time) of the Company or any such
     Subsidiary; and

          (2) the rights (charter and statutory), licenses and franchises of the
     Company and its Subsidiaries other than its Immaterial Subsidiaries;

     provided, however, that the Company shall not be required to preserve any
     such right, license or franchise, or the corporate, partnership or other
     existence of any of its Subsidiaries, if the Board of Directors shall
     determine that the preservation thereof is no longer desirable in the
     conduct of the business of the Company and its Subsidiaries, taken as a
     whole, and that the loss thereof is not adverse in any material respect to
     the Holders of Notes.

Section 4.15 Offer to Repurchase Upon Change of Control.

     (a) If a Change of Control occurs, each Holder of Notes will have the right
to require the Company to repurchase all or any part (equal to $2,000 or an
integral multiple of $1,000 in excess thereof) of that Holder's Notes pursuant
to a Change of Control Offer (a "Change of Control Offer"). In the Change of
Control Offer, the Company will offer a payment (such payment, a "Change of
Control Payment") in cash equal to 101% of the aggregate principal amount of
Notes repurchased plus accrued and unpaid interest and Liquidated Damages, if
any, on the Notes repurchased to the date of purchase, subject to the rights of
Holders of Notes on the relevant record date to receive interest due on the
relevant interest payment date. No later than 45 days following any Change of
Control, the Company shall mail a notice to each Holder describing the
transaction or transactions that constitute the Change of Control and

                                       63

offering to repurchase Notes on the Change of Control payment date specified in
the notice (the "Change of Control Payment Date"), which date shall be no
earlier than 30 days and no later than 60 days from the date such notice is
mailed and stating:

          (1) that the Change of Control Offer is being made pursuant to this
     Section 4.15 and that all Notes tendered will be accepted for payment;

          (2) the purchase price and the Change of Control Payment Date;

          (3) that any Note not tendered will continue to accrue interest;

          (4) that, unless the Company 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 after 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 the Notes, with the
     form entitled "Option of Holder to Elect Purchase" attached to the Notes
     completed, or transfer by book-entry transfer, to the Paying Agent 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 will be entitled to withdraw their election if the
     Paying Agent receives, not later than the close of business on the second
     Business Day preceding the Change of Control Payment Date, a telegram,
     telex, facsimile transmission or letter setting forth the name of the
     Holder, the principal amount of Notes delivered for purchase, and a
     statement that such Holder is withdrawing his election to have the Notes
     purchased; and

          (7) that Holders whose Notes are being purchased only in part will be
     issued new Notes equal in principal amount to the unpurchased portion of
     the Notes surrendered, which unpurchased portion must be equal to $2,000 in
     principal amount or a $1,000 integral multiple in excess thereof.

     The Company will comply with the requirements of Rule 14e-1 under the
Exchange Act and any other securities laws and regulations thereunder to the
extent those laws and regulations are applicable in connection with the
repurchase of the Notes as a result of a Change of Control. To the extent that
the provisions of any securities laws or regulations conflict with the
provisions of Sections 4.10 or 4.15 hereof, the Company will comply with the
applicable securities laws and regulations and will not be deemed to have
breached its obligations under Section 4.10 hereof or this Section 4.15 by
virtue of such compliance.

     (b) On or before the Change of Control Payment Date, the Company will, to
the extent lawful:

          (1) accept for payment all Notes or portions of Notes properly
     tendered pursuant to the Change of Control Offer;

          (2) deposit with the Paying Agent an amount in cash equal to the
     Change of Control Payment in respect of all Notes or portions of Notes
     properly tendered; and

                                       64

          (3) deliver or cause to be delivered to the Trustee the Notes properly
     accepted together with an Officers' Certificate stating the aggregate
     principal amount of Notes or portions of Notes being purchased by the
     Company.

     The Paying Agent will promptly mail to each Holder of Notes properly
tendered the Change of Control Payment for such Notes, and the Trustee will
promptly authenticate and mail (or cause to be transferred by book entry) to
each Holder a new Note equal in principal amount to any unpurchased portion of
the Notes surrendered, if any.

     (c) Notwithstanding anything to the contrary in this Section 4.15, the
Company will not be required to make a Change of Control Offer upon a Change of
Control if (1) 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 4.15 and Section 3.09 hereof and purchases all Notes properly tendered
and not withdrawn under the Change of Control Offer (it being understood that
such third party may make a Change of Control Offer that is conditioned on and
prior to the occurrence of a Change of Control pursuant to this clause (1)), or
(2) notice of redemption has been given pursuant to Section 3.07 hereof, unless
and until there is a default in payment of the applicable redemption price.

Section 4.16 Limitation on Sale and Leaseback Transactions.

     The Company will not, and will not permit any of its Restricted
Subsidiaries to, enter into any sale and leaseback transaction; provided that
the Company or any Guarantor may enter into a sale and leaseback transaction if:

          (1) the Company or that Guarantor, as applicable, could have (a)
     incurred Indebtedness in an amount equal to the Attributable Debt relating
     to such sale and leaseback transaction under the Fixed Charge Coverage
     Ratio test in Section 4.09(a) hereof and (b) incurred a Lien to secure such
     Indebtedness pursuant to the provisions of Section 4.12 hereof;

          (2) the gross cash proceeds of that sale and leaseback transaction are
     at least equal to the Fair Market Value of the property that is the subject
     of that sale and leaseback transaction; and

          (3) the transfer of assets in that sale and leaseback transaction is
     permitted by Section 4.10 hereof.

Section 4.17 Payments for Consent.

     The Company will not, and will not permit any of its Restricted
Subsidiaries to, directly or indirectly, pay or cause to be paid any
consideration to or for the benefit of any Holder of Notes for or as an
inducement to any consent, waiver or amendment of any of the terms or provisions
of this Indenture or the Notes unless such consideration is offered to be paid
and is paid to all Holders of the Notes or all Holders of the Notes that
consent, waive or agree to amend in the time frame set forth in the solicitation
documents relating to such consent, waiver or agreement.

Section 4.18 Additional Note Guarantees.

     If the Company or any of its Restricted Subsidiaries acquires or creates
another Domestic Subsidiary after the Issue Date that guarantees the Credit
Agreement (other than an Immaterial Subsidiary), or if any Restricted Subsidiary
of the Company that is not a Guarantor guarantees the Credit Agreement after the
Issue Date, then the Company will cause that newly acquired or created Domestic

                                       65

Subsidiary to become a Guarantor and execute a Note Guarantee pursuant to a
supplemental indenture and deliver an Opinion of Counsel satisfactory to the
Trustee within 10 Business Days of the date on which it was acquired or created
to the effect that such supplemental indenture has been duly authorized,
executed and delivered by that Domestic Subsidiary and constitutes a valid and
binding agreement of that Domestic Subsidiary, enforceable in accordance with
its terms (subject to customary exceptions); provided that any Domestic
Subsidiary that constitutes an Immaterial Subsidiary need not become a Guarantor
until such time as it ceases to be an Immaterial Subsidiary. The form of such
Note Guarantee is attached as Exhibit E hereto.

Section 4.19 Designation of Restricted and Unrestricted Subsidiaries.

     The Board of Directors of the Company may designate any Restricted
Subsidiary to be an Unrestricted Subsidiary if that designation would not cause
a Default. If a Restricted Subsidiary is designated as an Unrestricted
Subsidiary, the aggregate Fair Market Value of all outstanding Investments owned
by the Company and its Restricted Subsidiaries in the Subsidiary designated as
an Unrestricted Subsidiary will be deemed to be an Investment made as of the
time of the designation and will reduce the amount available for Restricted
Payments under Section 4.07 hereof or under one or more clauses of the
definition of Permitted Investments, as determined by the Company. That
designation will only be permitted if the Investment would be permitted at that
time and if the Restricted Subsidiary otherwise meets the definition of an
Unrestricted Subsidiary. The Board of Directors of the Company may at any time
redesignate any Unrestricted Subsidiary to be a Restricted Subsidiary if that
redesignation would not cause a Default.

     Any designation of a Subsidiary of the Company as an Unrestricted
Subsidiary will be evidenced to the Trustee by filing with the Trustee a
certified copy of a resolution of the Board of Directors giving effect to such
designation and an Officers' Certificate certifying that such designation
complied with the preceding conditions and was permitted by Section 4.07 hereof.
If, at any time, any Unrestricted Subsidiary would fail to meet the preceding
requirements as an Unrestricted Subsidiary, it will thereafter cease to be an
Unrestricted Subsidiary for purposes of this Indenture and any Indebtedness of
such Subsidiary will be deemed to be incurred by a Restricted Subsidiary of the
Company as of such date and, if such Indebtedness is not permitted to be
incurred as of such date under Section 4.09 hereof, the Company will be in
default of such covenant. The Board of Directors of the Company may at any time
designate any Unrestricted Subsidiary to be a Restricted Subsidiary; provided
that such designation will be deemed to be an incurrence of Indebtedness as of
such date by a Restricted Subsidiary of the Company of any outstanding
Indebtedness of such Unrestricted Subsidiary and such designation will only be
permitted if (1) such Indebtedness is permitted under Section 4.09 hereof,
calculated on a pro forma basis as if such designation had occurred at the
beginning of the four-quarter reference period; and (2) no Default or Event of
Default would be in existence following such designation.

Section 4.20 Maintenance of Excess Cash Flow Covenant.

     For so long as the Debt to Cash Flow Ratio for the Company's most recently
ended four full fiscal quarter period for which internal financial statements
are available equals or exceeds 3.0 to 1.0, the Credit Agreement (to the extent
the Indebtedness thereunder is Indebtedness secured by a Permitted Lien under
clause (1) of the definition thereof), or, if the Credit Agreement is not then
outstanding, any other Credit Facility then outstanding (to the extent the
Indebtedness thereunder is Indebtedness secured by a Permitted Lien under clause
(1) of the definition thereof), will include the covenant set forth in Section
2.11(d) of the Credit Agreement as in effect on the Issue Date (or a covenant
that is substantially equivalent); provided, that for so long as the Debt to
Cash Flow Ratio for the Company's most recently ended four full fiscal quarter
period for which internal financial statements are available is less than 3.0 to
1.0, this covenant will be suspended.

                                       66

                                    ARTICLE 5
                                   SUCCESSORS

Section 5.01 Merger, Consolidation, or Sale of Assets.

     The Company shall not, directly or indirectly: (i) consolidate or merge
with or into another Person (whether or not the Company is the surviving
corporation); or (2) sell, assign, transfer, convey or otherwise dispose of all
or substantially all of the properties or assets of the Company and its
Restricted Subsidiaries taken as a whole, in one or more related transactions,
to another Person, unless:

          (1) either:

               (A) the Company is the surviving entity (provided that if such
          entity is not a corporation, a corporate co-obligor will become a
          co-issuer of the Notes and assume all the obligations of the Company
          under the Notes, this Indenture and the Registration Rights Agreement
          pursuant to agreements reasonably satisfactory to the Trustee); or

               (B) the Person formed by or surviving any such consolidation or
          merger (if other than the Company) or to which such sale, assignment,
          transfer, conveyance or other disposition has been made is a
          corporation organized or existing under the laws of the United States,
          any state of the United States or the District of Columbia;

          (2) the Person formed by or surviving any such consolidation or merger
     (if other than the Company) or the corporation to which such sale,
     assignment, transfer, conveyance or other disposition has been made assumes
     all the obligations of the Company under the Notes, this Indenture and the
     Registration Rights Agreement pursuant to agreements reasonably
     satisfactory to the Trustee;

          (3) immediately after such transaction, no Default or Event of Default
     exists; and

          (4) either (i) the Company or the Person formed by or surviving any
     such consolidation or merger (if other than the Company), or to which such
     sale, assignment, transfer, conveyance or other disposition has been made
     would, on the date of such transaction after giving pro forma effect
     thereto and any related financing transactions as if the same had occurred
     at the beginning of the applicable four-quarter period, 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 (ii) the
     Company's Fixed Charge Coverage Ratio for the most recent four full fiscal
     quarters for which financial statements are available after giving pro
     forma effect to such transaction and any related financing transactions as
     of the beginning of such four-quarter period would be not less than the
     Company's Fixed Charge Coverage Ratio for such four-quarter period
     immediately prior to such transaction.

     In addition, the Company will not, directly or indirectly, lease all or
substantially all of the properties and assets of the Company and its Restricted
Subsidiaries taken as a whole, in one or more related transactions, to any other
Person. This Section 5.01 will not apply to:

          (1) a merger of the Company with an Affiliate solely for the purpose
     of reincorporating the Company in another jurisdiction or for the purpose
     of collapsing a holding company structure;

                                       67

          (2) any consolidation or merger, or any sale, assignment, transfer,
     conveyance, lease or other disposition of assets between or among the
     Company and its Restricted Subsidiaries; or

          (3) the merger transactions among the Company and its Restricted
     Subsidiaries described in the Offering Memorandum under the caption "The
     Transactions."

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 properties or
assets of the Company in a transaction that is subject to, and that complies
with the provisions of, Section 5.01 hereof, the successor Person formed by such
consolidation or into or with which the Company 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, assignment, transfer, lease, conveyance or other
disposition, the provisions of this Indenture referring to the "Company" shall
refer instead to the successor Person and not to the Company), and may exercise
every right and power of the Company under this Indenture with the same effect
as if such successor Person had been named as the Company herein; provided,
however, that the predecessor Company shall not be relieved from the obligation
to pay the principal of and interest on the Notes in the case of a sale of the
Company's assets (other than a sale of all of the Company's assets) in a
transaction that is subject to, and that complies with the provisions of,
Section 5.01 hereof.

                                    ARTICLE 6
                              DEFAULTS AND REMEDIES

Section 6.01 Events of Default.

     Each of the following is an "Event of Default":

          (1) default for 30 days in the payment when due of interest on, or
     Liquidated Damages, if any, with respect to, the Notes;

          (2) default in the payment when due (at maturity, upon redemption or
     otherwise) of the principal of, or premium, if any, on, the Notes;

          (3) failure by the Company or any of its Restricted Subsidiaries to
     comply with the provisions of Sections 4.10 or 4.15 hereof;

          (4) failure by the Company or any of its Restricted Subsidiaries for
     60 days after notice to the Company by the Trustee or the Holders of at
     least 25% in aggregate principal amount of the Notes then outstanding to
     comply with any of the other agreements in this Indenture;

          (5) default under any mortgage, indenture or instrument under which
     there may be issued or by which there may be secured or evidenced any
     Indebtedness for money borrowed by the Company or any of its Restricted
     Subsidiaries (or the payment of which is guaranteed by the Company or any
     of its Restricted Subsidiaries), whether such Indebtedness or Guarantee now
     exists, or is created after the date of this Indenture, if that default:

                                       68

               (A) is caused by a failure to pay principal of, or interest or
          premium, if any, on, such Indebtedness prior to the expiration of the
          grace period provided in such Indebtedness on the date of such default
          (a "Payment Default"); or

               (B) results in the acceleration of such Indebtedness prior to its
          express maturity,

          and, in each case, the principal amount of any such Indebtedness,
          together with the principal amount of any other such Indebtedness
          under which there has been a Payment Default or the maturity of which
          has been so accelerated, aggregates $25.0 million or more;

          (6) failure by the Company or any of its Restricted Subsidiaries to
     pay final, non-appealable judgments entered by a court or courts of
     competent jurisdiction aggregating in excess of $25.0 million (net of
     amounts covered by a valid policy of insurance between the defendant and
     the insurer), which judgments are not paid, discharged or stayed for a
     period of 60 days;

          (7) the Company or any of its Restricted Subsidiaries that is a
     Significant Subsidiary or any group of Restricted Subsidiaries of the
     Company that, taken together, would constitute a Significant Subsidiary
     pursuant to or within the meaning of Bankruptcy Law:

               (A) commences a voluntary case,

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

               (C) consents to the appointment of a custodian of it or for all
          or substantially all of its property,

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

               (E) generally is not paying its debts as they become due;

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

               (A) is for relief against the Company or any of its Restricted
          Subsidiaries that is a Significant Subsidiary or any group of
          Restricted Subsidiaries of the Company that, taken together, would
          constitute a Significant Subsidiary in an involuntary case;

               (B) appoints a custodian of the Company or any of its Restricted
          Subsidiaries that is a Significant Subsidiary or any group of
          Restricted Subsidiaries of the Company that, taken together, would
          constitute a Significant Subsidiary or for all or substantially all of
          the property of the Company or any of its Restricted Subsidiaries that
          is a Significant Subsidiary or any group of Restricted Subsidiaries of
          the Company that, taken together, would constitute a Significant
          Subsidiary; or

               (C) orders the liquidation of the Company or any of its
          Restricted Subsidiaries that is a Significant Subsidiary or any group
          of Restricted Subsidiaries of the Company that, taken together, would
          constitute a Significant Subsidiary;

                                       69

          and the order or decree remains unstayed and in effect for 60
          consecutive days; or

          (9) except as permitted by this Indenture, any Note Guarantee is held
     in any judicial proceeding before a court of competent jurisdiction to be
     unenforceable or invalid or ceases for any reason to be in full force and
     effect, or any Guarantor, or any Person acting on behalf of any Guarantor,
     denies or disaffirms its obligations under its Note Guarantee.

Section 6.02 Acceleration.

     In the case of an Event of Default specified in clause (7) or (8) of
Section 6.01 hereof, all outstanding Notes will become due and payable
immediately without further action or notice. If any other Event of Default
occurs and is continuing, the Trustee or the Holders of at least 25% in
aggregate principal amount of the then outstanding Notes may declare all the
Notes to be due and payable immediately.

     Upon any such declaration, the Notes shall become due and payable
immediately.

     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 or premium or Liquidated Damages, if
any, that has become due solely because of the acceleration) have been cured or
waived.

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 and Liquidated
Damages, 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 an existing Default or Event of Default and its
consequences hereunder, or compliance with any provision of this Indenture
except a continuing Default or Event of Default in the payment of the principal
of, premium and Liquidated Damages, if any, or interest on, the Notes (including
in connection with an offer to purchase); provided, however, 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.

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Section 6.05 Control by Majority.

     Holders of a majority in aggregate principal amount of the then outstanding
Notes may direct the time, method and place of conducting any proceeding for
exercising any remedy available to the Trustee or exercising any trust or power
conferred on it. However, the Trustee may refuse to follow any direction that
conflicts with law or this Indenture that the Trustee determines may be unduly
prejudicial to the rights of other Holders of Notes or that may involve the
Trustee in personal liability.

Section 6.06 Limitation on Suits.

     Except to enforce the right to receive payment of principal, premium, if
any, or interest or Liquidated Damages, if any, when due, no Holder may pursue a
remedy with respect to this Indenture or the Notes unless:

          (1) such Holder has previously given to the Trustee written notice
     that an Event of Default is continuing;

          (2) Holders of at least 25% in aggregate principal amount of the then
     outstanding Notes make a written request to the Trustee to pursue the
     remedy;

          (3) such Holder or Holders offer and, if requested, provide to the
     Trustee security or indemnity reasonably satisfactory to the Trustee
     against any loss, liability or expense;

          (4) the Trustee has not complied with the request within 60 days after
     receipt of the request and the offer of security or indemnity; and

          (5) Holders of a majority in aggregate principal amount of the then
     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 and Liquidated
Damages, if any, and interest on the Note, on or after the respective due dates
expressed in the Note (including in connection with an offer to purchase), 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.

Section 6.08 Collection Suit by Trustee.

     If an Event of Default specified in Section 6.01(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 Company for the whole amount of
principal of, premium and Liquidated Damages, 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.

                                       71

Section 6.09 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) and the
Holders of the Notes allowed in any judicial proceedings relative to the Company
(or any other obligor upon the Notes), its creditors or its property and shall
be entitled and empowered to collect, receive and distribute any money or other
property payable or deliverable on any such claims and any custodian in any such
judicial proceeding is hereby authorized by each Holder to make such payments to
the Trustee, and in the event that the Trustee shall consent to the making of
such payments directly to the Holders, to pay to the Trustee any amount due to
it for the reasonable compensation, expenses, disbursements and advances of the
Trustee, its agents and counsel, and any other amounts due the Trustee under
Section 7.07 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 6.10 Priorities.

     If the Trustee collects any money pursuant to this Article 6, it shall pay
out the money in the following order:

          First: to the Trustee, its agents and attorneys for amounts due under
     Section 7.07 hereof, including payment of all compensation, expenses and
     liabilities incurred, and all advances made, by the Trustee and the costs
     and expenses of collection;

          Second: to Holders of Notes for amounts due and unpaid on the Notes
     for principal, premium and Liquidated Damages, if any, and interest,
     ratably, without preference or priority of any kind, according to the
     amounts due and payable on the Notes for principal, premium and Liquidated
     Damages, if any, and interest, respectively; and

          Third: to the Company or to such party as a court of competent
     jurisdiction shall direct in a final, non-appealable order.

     The Trustee may fix a record date and payment date for any payment to
Holders of Notes pursuant to this Section 6.10.

Section 6.11 Undertaking for Costs.

     In any suit for the enforcement of any right or remedy under this Indenture
or in any suit against the Trustee for any action taken or omitted by it as 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 and
expenses, against any party litigant in the suit, having due regard to the
merits and good faith of the claims or defenses made by the party litigant. This
Section 6.11 does not apply to a suit by the Trustee, a suit by a Holder of a
Note

                                       72

pursuant to Section 6.07 hereof, or a suit by Holders of more than 10% in
aggregate principal amount of the then outstanding Notes.

                                    ARTICLE 7
                                     TRUSTEE

Section 7.01 Duties of Trustee.

     (a) If an Event of Default has occurred and is continuing, the Trustee will
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:

          (1) the duties of the Trustee will 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

          (2) 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,
     in the case of certificates or opinions specifically required by any
     provision hereof to be furnished to it, the Trustee will examine the
     certificates and opinions to determine whether or not they conform to the
     requirements of this Indenture (but need not confirm or investigate the
     accuracy of mathematical calculations stated therein).

     (c) The Trustee may not be relieved from liabilities for its own negligent
action, its own negligent failure to act, its own bad faith or its own willful
misconduct, except that:

          (1) this paragraph does not limit the effect of paragraph (b) of this
     Section 7.01;

          (2) the Trustee will not be liable for any error of judgment made in
     good faith by a Responsible Officer, unless it is proved that the Trustee
     was negligent in ascertaining the pertinent facts; and

          (3) the Trustee will 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) No provision of this Indenture will require the Trustee to expend or
risk its own funds or incur any liability. The Trustee will be under no
obligation to exercise any of its rights and powers under this Indenture at the
request of any Holders, unless such Holder has offered to the Trustee security
and indemnity satisfactory to it against any loss, liability or expense.

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

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Section 7.02 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.

     (b) Before the Trustee acts or refrains from acting, it may require an
Officers' Certificate or an Opinion of Counsel or both. The Trustee will not be
liable for any action it takes or omits to take in good faith in reliance on
such Officers' Certificate or Opinion of Counsel. The Trustee may consult with
counsel of it selection and the advice of such counsel or any Opinion of Counsel
will 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 will not be
responsible for the misconduct or negligence of any agent appointed with due
care.

     (d) The Trustee will 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 Company will be sufficient if signed by an
Officer of the Company.

     (f) The Trustee will be under no obligation to exercise any of the rights
or powers vested in it by this Indenture at the request or direction of any of
the Holders unless such Holders have offered to the Trustee reasonable indemnity
or security reasonably satisfactory to it against the losses, liabilities and
expenses that might be incurred by it in compliance with such request or
direction.

     (g) The rights, privileges, protections, immunities and benefits given to
the Trustee, including, without limitation, its right to be indemnified, are
extended to, and shall be enforceable by, the Trustee in each of its capacities
hereunder, and each agent, custodian and other Person employed to act hereunder.

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 Company or any Affiliate of the
Company 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 (if this Indenture has been qualified under the TIA) 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 Disclaimer.

     The Trustee will not be responsible for and makes no representation as to
the validity or adequacy of this Indenture or the Notes, it shall not be
accountable for the Company's use of the proceeds from the Notes or any money
paid to the Company or upon the Company's direction under any provision of this
Indenture, it will not be responsible for the use or application of any money
received by any Paying Agent other than the Trustee, and it will not be
responsible for any statement or recital herein or any statement in the Notes or
any other document in connection with the sale of the Notes or pursuant to this
Indenture other than its certificate of authentication.

                                       74

Section 7.05 Notice of Defaults.

     If a Default or Event of Default occurs and is continuing and if it is
known to a Responsible Officer of the Trustee, the Trustee will mail to Holders
of Notes a notice of the Default or Event of Default within 90 days after it
occurs. Except in the case of a Default or Event of Default in payment of
principal of, premium or Liquidated Damages, if any, or interest on, any Note,
the Trustee may withhold the notice if and so long as a committee of its
Responsible Officers in good faith determines that withholding the notice is in
the interests of the Holders of the Notes.

Section 7.06 Reports by Trustee to Holders of the Notes.

     (a) 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 will mail to the Holders of the Notes a brief report dated as of such
reporting date that complies with TIA Section 313(a) (but if no event described
in TIA Section 313(a) has occurred within the twelve months preceding the
reporting date, no report need be transmitted). The Trustee also will comply
with TIA Section 313(b)(2). The Trustee will also transmit by mail all reports
as required by TIA Section 313(c).

     (b) A copy of each report at the time of its mailing to the Holders of
Notes will be mailed by the Trustee to the Company and filed by the Trustee with
the SEC and each stock exchange on which the Notes are listed in accordance with
TIA Section 313(d). The Company will promptly notify the Trustee when the Notes
are listed on any stock exchange.

Section 7.07 Compensation and Indemnity.

     (a) The Company will pay to the Trustee from time to time reasonable
compensation for its acceptance of this Indenture and services hereunder. The
Trustee's compensation will not be limited by any law on compensation of a
trustee of an express trust. The Company will 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 will
include the reasonable compensation, disbursements and expenses of the Trustee's
agents and counsel.

     (b) The Company and the Guarantors, jointly and severally, will indemnify
the Trustee against any and all losses, liabilities, claims, damages or expenses
incurred by it arising out of or in connection with the acceptance or
administration of its duties under this Indenture, including the costs and
expenses of enforcing this Indenture against the Company and the Guarantors
(including this Section 7.07) and defending itself against any claim (whether
asserted by the Company, the Guarantors, any Holder or any other Person) or
liability in connection with the exercise or performance of any of its powers or
duties hereunder, except to the extent any such loss, liability or expense is
determined by a court of competent jurisdiction to have been caused by its own
negligence or willful misconduct. The Trustee will notify the Company promptly
of any claim for which it may seek indemnity. Failure by the Trustee to so
notify the Company will not relieve the Company or any of the Guarantors of
their obligations hereunder. The Company or such Guarantor will defend the claim
and the Trustee will cooperate in the defense. To the extent there exists a
conflict or a potential conflict of interest, as determined in good faith by the
Trustee, the Trustee may have separate counsel and the Company will pay the
reasonable fees and expenses of such counsel. Neither the Company nor any
Guarantor need pay for any settlement made without its consent, which consent
will not be unreasonably withheld.

     (c) The obligations of the Company and the Guarantors under this Section
7.07 will survive the satisfaction and discharge of this Indenture.

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     (d) To secure the Company's and the Guarantors' payment obligations in this
Section 7.07, the Trustee will 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 will survive the
satisfaction and discharge of this Indenture.

     (e) When the Trustee incurs expenses or renders services after an Event of
Default specified in Section 6.01(7) or (8) hereof occurs, the expenses and the
compensation for the services (including the reasonable fees and expenses of its
agents and counsel) are intended to constitute expenses of administration under
any Bankruptcy Law.

     (f) The Trustee will comply with the provisions of TIA Section 313(b)(2) to
the extent applicable.

Section 7.08 Replacement of Trustee.

     (a) A resignation or removal of the Trustee and appointment of a successor
Trustee will become effective only upon the successor Trustee's acceptance of
appointment as provided in this Section 7.08.

     (b) The Trustee may resign in writing at any time and be discharged from
the trust hereby created by so notifying the Company. The Holders of a majority
in aggregate principal amount of the then outstanding Notes may remove the
Trustee by so notifying the Trustee and the Company in writing. The Company may
remove the Trustee if:

          (1) the Trustee fails to comply with Section 7.10 hereof;

          (2) 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;

          (3) a custodian or public officer takes charge of the Trustee or its
     property; or

          (4) the Trustee becomes incapable of acting.

     (c) If the Trustee resigns or is removed or if a vacancy exists in the
office of Trustee for any reason, the Company will promptly appoint a successor
Trustee. Within one year after the successor Trustee takes office, the Holders
of a majority in aggregate principal amount of the then outstanding Notes may
appoint a successor Trustee to replace the successor Trustee appointed by the
Company.

     (d) If a successor Trustee does not take office within 60 days after the
retiring Trustee resigns or is removed, the retiring Trustee, the Company, or
the Holders of at least 10% in aggregate principal amount of the then
outstanding Notes may petition any court of competent jurisdiction for the
appointment of a successor Trustee.

     (e) 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.

     (f) A successor Trustee will deliver a written acceptance of its
appointment to the retiring Trustee and to the Company. Thereupon, the
resignation or removal of the retiring Trustee will become effective, and the
successor Trustee will have all the rights, powers and duties of the Trustee
under this Indenture. The successor Trustee will mail a notice of its succession
to Holders. The retiring Trustee will promptly transfer all property held by it
as Trustee to the successor Trustee; provided all sums owing to

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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 Company's obligations under Section 7.07 hereof will continue
for the benefit of the retiring Trustee.

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 will be the successor Trustee.

Section 7.10 Eligibility; Disqualification.

     There will 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 $100.0
million as set forth in its most recent published annual report of condition.

     This Indenture will always have a Trustee who satisfies the requirements of
TIA Section 310(a)(1), (2) and (5). The Trustee is subject to TIA Section
310(b).

Section 7.11 Preferential Collection of Claims Against Company.

     The Trustee is subject to TIA Section 311(a), excluding any creditor
relationship listed in TIA Section 311(b). A Trustee who has resigned or been
removed shall be subject to TIA Section 311(a) to the extent indicated therein.

                                    ARTICLE 8
                    LEGAL DEFEASANCE AND COVENANT DEFEASANCE

Section 8.01 Option to Effect Legal Defeasance or Covenant Defeasance.

     The Company may at any time, at its option evidenced by a resolution of its
Board of Directors set forth in an Officers' Certificate, elect to have either
Section 8.02 or 8.03 hereof be applied to all outstanding Notes upon compliance
with the conditions set forth below in this Article 8.

Section 8.02 Legal Defeasance and Discharge.

     Upon the Company's exercise under Section 8.01 hereof of the option
applicable to this Section 8.02, the Company and each of the Guarantors will,
subject to the satisfaction of the conditions set forth in Section 8.04 hereof,
be deemed to have been discharged from their obligations with respect to all
outstanding Notes (including the Note Guarantees) on the date the conditions set
forth below are satisfied (hereinafter, "Legal Defeasance"). For this purpose,
Legal Defeasance means that the Company and the Guarantors will be deemed to
have paid and discharged the entire Indebtedness represented by the outstanding
Notes (including the Note Guarantees) and cured all existing Events of Default,
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
clauses (1) and (2) below, and to have satisfied all their other obligations
under such Notes, the Note Guarantees and this Indenture (and the Trustee, on
demand of and at the expense of the Company, shall execute proper instruments
acknowledging the same), except for the following provisions which shall survive
until otherwise terminated or discharged hereunder:

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          (1) the rights of Holders of outstanding Notes to receive payments in
     respect of the principal of, or interest or premium and Liquidated Damages,
     if any, on, such Notes when such payments are due from the Funds in Trust
     referred to in Section 8.04 hereof;

          (2) the Company's obligations with respect to such Notes under Article
     2 and Section 4.02 hereof;

          (3) the rights, powers, trusts, duties and immunities of the Trustee
     hereunder and the Company's and the Guarantors' obligations in connection
     therewith; and

          (4) this Article 8.

     Subject to compliance with this Article 8, the Company 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 Company's exercise under Section 8.01 hereof of the option
applicable to this Section 8.03, the Company and each of the Guarantors will,
subject to the satisfaction of the conditions set forth in Section 8.04 hereof,
be released from each of their obligations under the covenants contained in
Sections 4.03, 4.07, 4.08, 4.09, 4.10, 4.11, 4.12, 4.13, 4.14 (except with
respect to the existence of the Company), 4.15, 4.16, 4.17, 4.18, 4.19, 4.20
hereof, clauses (3) and (4) of Section 5.01 hereof and Article 10 hereof with
respect to the outstanding Notes on and after the date the conditions set forth
in Section 8.04 hereof are satisfied (hereinafter, "Covenant Defeasance"), any
existing failure by the Company to comply with any such obligations shall no
longer constitute an Event of Default, and the Notes will 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 will continue to be deemed "outstanding" for
all other purposes hereunder (it being understood that such Notes will not be
deemed outstanding for accounting purposes). For this purpose, Covenant
Defeasance means that, with respect to the outstanding Notes and Note
Guarantees, the Company and the Guarantors may omit to comply with and will 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 will 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 and Note Guarantees will be unaffected thereby. In
addition, upon the Company's exercise under Section 8.01 hereof of the option
applicable to this Section 8.03, subject to the satisfaction of the conditions
set forth in Section 8.04 hereof, Sections 6.01(3) through 6.01(5) hereof will
not constitute Events of Default. In addition the Note Guarantees will be
terminated and released and the Guarantors discharged with respect to their Note
Guarantees upon a Covenant Defeasance.

Section 8.04 Conditions to Legal or Covenant Defeasance.

     In order to exercise either Legal Defeasance or Covenant Defeasance under
either Section 8.02 or 8.03 hereof:

          (1) the Company must irrevocably deposit with the Trustee, in trust,
     for the benefit of the Holders of the Notes, cash in U.S. dollars,
     non-callable Government Securities, or a combination of cash in U.S.
     dollars and non-callable Government Securities ("Funds in Trust"), in
     amounts as will be sufficient to pay the principal of, or interest and
     premium and Liquidated Damages, if any, on, the outstanding Notes on the
     stated date for payment thereof or on the

                                       78

     applicable redemption date, as the case may be, and the Company must
     specify whether the Notes are being defeased to such stated date for
     payment or to a particular redemption date;

          (2) in the case of an election under Section 8.02 hereof, the Company
     must deliver to the Trustee an Opinion of Counsel reasonably acceptable to
     the Trustee confirming that:

               (A) the Company has received from, or there has been published
          by, the Internal Revenue Service a ruling; or

               (B) since the Issue Date, there has been a change in the
          applicable federal income tax law,

          in either case to the effect that, and based thereon such Opinion of
          Counsel shall confirm that, the Holders of the outstanding Notes will
          not recognize income, gain or loss for federal income tax purposes as
          a result of such Legal Defeasance and will be subject to federal
          income tax on the same amounts, in the same manner and at the same
          times as would have been the case if such Legal Defeasance had not
          occurred;

          (3) in the case of an election under Section 8.03 hereof, the Company
     must deliver to the Trustee an Opinion of Counsel reasonably acceptable to
     the Trustee confirming that the Holders of the outstanding Notes will not
     recognize income, gain or loss for federal income tax purposes as a result
     of such Covenant Defeasance and will be subject to federal income tax on
     the same amounts, in the same manner and at the same times as would have
     been the case if such Covenant Defeasance had not occurred;

          (4) no Default or Event of Default shall have occurred and be
     continuing on the date of such deposit (other than a Default or Event of
     Default resulting from the borrowing of funds to be applied to the Funds in
     Trust);

          (5) such Legal Defeasance or Covenant Defeasance will not result in a
     breach or violation of, or constitute a default under, any material
     agreement or instrument (other than this Indenture) to which the Company or
     any of its Restricted Subsidiaries is a party or by which the Company or
     any of its Restricted Subsidiaries is bound;

          (6) the Company must deliver to the Trustee an Officers' Certificate
     stating that the deposit was not made by the Company with the intent of
     preferring the Holders of Notes over the other creditors of the Company
     with the intent of defeating, hindering, delaying or defrauding any
     creditors of the Company or others; and

          (7) the Company must deliver to the Trustee an Officers' Certificate
     and an Opinion of Counsel, each stating that all conditions precedent
     relating to the Legal Defeasance or the Covenant Defeasance, as applicable,
     have been satisfied.

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 non-callable Government
Securities (including the proceeds thereof) deposited with the Trustee (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
will 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 Company acting as

                                       79

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
Liquidated Damages, if any, and interest, but such money need not be segregated
from other funds except to the extent required by law.

     The Company will pay and indemnify the Trustee against any tax, fee or
other charge imposed on or assessed against the cash or non-callable 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.

     Notwithstanding anything in this Article 8 to the contrary, the Trustee
will deliver or pay to the Company from time to time upon the request of the
Company any money or non-callable Government Securities held by it as provided
in Section 8.04 hereof, which 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 Company.

     Any money deposited with the Trustee or any Paying Agent, or then held by
the Company, in trust for the payment of the principal of, premium or Liquidated
Damages, if any, or interest on, any Note and remaining unclaimed for two years
after such principal, premium or Liquidated Damages, if any, or interest has
become due and payable shall be paid to the Company on its request or (if then
held by the Company) will be discharged from such trust; and the Holder of such
Note will thereafter be permitted to look only to the Company for payment
thereof, and all liability of the Trustee or such Paying Agent with respect to
such trust money, and all liability of the Company as trustee thereof, will
thereupon cease; provided, however, that the Trustee or such Paying Agent,
before being required to make any such repayment, may at the expense of the
Company cause to be published once, in the New York Times and The Wall Street
Journal (national edition), notice that such money remains unclaimed and that,
after a date specified therein, which will not be less than 30 days from the
date of such notification or publication, any unclaimed balance of such money
then remaining will be repaid to the Company.

Section 8.07 Reinstatement.

     If the Trustee or Paying Agent is unable to apply any U.S. dollars or
non-callable 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 Company's and the Guarantors' obligations under this
Indenture and the Notes and the Note Guarantees will 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,
however, that, if the Company makes any payment of principal of, premium or
Liquidated Damages, if any, or interest on, any Note following the reinstatement
of its obligations, the Company will 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 9
                        AMENDMENT, SUPPLEMENT AND WAIVER

Section 9.01 Without Consent of Holders of Notes.

     Notwithstanding Section 9.02 of this Indenture, the Company, the Guarantors
and the Trustee may amend or supplement this Indenture or the Notes or the Note
Guarantees without the consent of any Holder of Note:

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          (1) to cure any ambiguity, defect or inconsistency;

          (2) to provide for uncertificated Notes in addition to or in place of
     certificated Notes;

          (3) to provide for the assumption of the Company's or a Guarantor's
     obligations to the Holders of the Notes and Note Guarantees by a successor
     to the Company or such Guarantor pursuant to Article 5 or Article 10
     hereof;

          (4) to make any change that would provide any additional rights or
     benefits to the Holders of the Notes or that does not adversely affect the
     legal rights hereunder of any such Holder;

          (5) to comply with requirements of the SEC in order to effect or
     maintain the qualification of this Indenture under the TIA;

          (6) to conform the text of this Indenture, the Note Guarantees or the
     Notes to any provision of the "Description of Notes" section of the
     Offering Memorandum, to the extent that such provision in that "Description
     of Notes" was intended to be a verbatim recitation of a provision of this
     Indenture, the Note Guarantees or the Notes;

          (7) to provide for the issuance of Additional Notes or Exchange Notes
     in accordance with the limitations set forth in this Indenture as of the
     Issue Date;

          (8) to allow any Guarantor to execute a supplemental indenture and/or
     a Note Guarantee with respect to the Notes;

          (9) to release a Guarantor as provided in this Indenture;

          (10) to evidence and provide the acceptance of the appointment of a
     successor Trustee under this Indenture; or

          (11) to comply with the rules of any applicable securities depositary.

     Upon the request of the Company 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 of the documents described in Section
7.02 hereof, the Trustee will join with the Company 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 the Trustee will not be
obligated to enter into such amended or supplemental indenture that affects its
own rights, duties or immunities under this Indenture or otherwise.

Section 9.02 With Consent of Holders of Notes.

     Except as provided below in this Section 9.02 or as permitted by Section
9.01, the Company and the Trustee may amend or supplement this Indenture
(including, without limitation, Section 3.09, 4.10 and 4.15 hereof) and the
Notes and the Note Guarantees with the consent of the Holders of at least a
majority in aggregate principal amount of the then outstanding Notes (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 or compliance with any
provision of this Indenture or the Notes or the Note Guarantees may be waived
with the consent of the Holders of a majority in aggregate principal amount of
the then outstanding Notes (including, without

                                       81

limitation, consents obtained in connection with a tender offer or exchange
offer for, or purchase of, the Notes).

     Upon the request of the Company 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 of evidence satisfactory to the
Trustee of the consent of the Holders of Notes as aforesaid, and upon receipt by
the Trustee of the documents described in Section 7.02 hereof, the Trustee will
join with the Company and the Guarantors in the execution of such amended or
supplemental indenture unless such amended or supplemental indenture directly
affects the Trustee's own rights, duties or immunities under this Indenture or
otherwise, in which case the Trustee may in its discretion, but will not be
obligated to, enter into such amended or supplemental Indenture.

     It is 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,
supplement or waiver, but it is sufficient if such consent approves the
substance thereof.

     After an amendment, supplement or waiver under this Section 9.02 becomes
effective, the Company will mail to the Holders of Notes affected thereby a
notice briefly describing the amendment, supplement or waiver. Any failure of
the Company to mail such notice, or any defect therein, will not, however, in
any way impair or affect the validity of any such amended or supplemental
indenture or waiver. Subject to Sections 6.04 and 6.07 hereof, the Holders of a
majority in aggregate principal amount of the Notes then outstanding may waive
compliance in a particular instance by the Company with any provision of this
Indenture or the Notes or the Note Guarantees. However, without the consent of
each Holder affected, an amendment, supplement 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 Notes whose Holders must consent to
     an amendment, supplement or waiver;

          (2) reduce the principal of or change the fixed maturity of any Note
     or alter any of the provisions with respect to the redemption of the Notes
     (except as provided above with respect to Sections 3.09, 4.10 and 4.15
     hereof);

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

          (4) waive a Default or Event of Default in the payment of principal
     of, or premium or Liquidated Damages, if any, or interest on, the Notes
     (except a rescission of acceleration of the Notes by the Holders of at
     least a majority in aggregate principal amount of the then outstanding
     Notes and a waiver of the payment default that resulted from such
     acceleration);

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

          (6) make any change in the provisions of this Indenture relating to
     waivers of past Defaults or the rights of Holders of Notes to receive
     payment of principal of, or interest or premium or Liquidated Damages, if
     any, on, the Notes;

          (7) waive a redemption payment with respect to any Note (other than a
     payment required by Sections 3.09, 4.10 or 4.15 hereof);

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          (8) release any Guarantor from any of its obligations under its Note
     Guarantee or this Indenture, except in accordance with the terms of this
     Indenture; or

          (9) make any change in the preceding amendment and waiver provisions.

Section 9.03 Compliance with Trust Indenture Act.

     Every amendment or supplement to this Indenture or the Notes will be set
forth in an amended or supplemental indenture that complies with the TIA 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 amendment, supplement or waiver becomes
effective. An amendment, supplement or waiver becomes effective in accordance
with its terms and thereafter binds every Holder.

Section 9.05 Notation on or Exchange of Notes.

     The Trustee may place an appropriate notation about an amendment,
supplement or waiver on any Note thereafter authenticated. The Company in
exchange for all Notes may issue and the Trustee shall, upon receipt of an
Authentication Order, authenticate new Notes that reflect the amendment,
supplement or waiver.

     Failure to make the appropriate notation or issue a new Note will not
affect the validity and effect of such amendment, supplement or waiver.

Section 9.06 Trustee to Sign Amendments, etc.

     The Trustee will sign any amended or supplemental indenture authorized
pursuant to this Article 9 if the amendment or supplement does not adversely
affect the rights, duties, liabilities or immunities of the Trustee. The Company
may not sign an amended or supplemental indenture until the Board of Directors
of the Company approves it. In executing any amended or supplemental indenture,
the Trustee will be provided with and (subject to Section 7.01 hereof) will be
fully protected in relying upon, in addition to the documents required by
Section 12.04 hereof, an Officers' Certificate and an Opinion of Counsel stating
that the execution of such amended or supplemental indenture is authorized or
permitted by this Indenture.

                                   ARTICLE 10
                                 NOTE GUARANTEES

Section 10.01. Guarantee.

     (a) Subject to this Article 10, each of the Guarantors hereby, jointly and
severally, unconditionally guarantees to each Holder of a Note authenticated and
delivered by the Trustee and to the Trustee and its successors and assigns,
irrespective of the validity and enforceability of this Indenture, the Notes or
the obligations of the Company hereunder or thereunder, that:

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          (1) the principal of, premium and Liquidated Damages, if any, and
     interest 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 Company to the Holders or the Trustee hereunder or
     thereunder will be promptly paid in full or performed, all in accordance
     with the terms hereof and thereof; and

          (2) 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 will 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.

     (b) The Guarantors hereby agree that their obligations hereunder are
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 Company, any action
to enforce the same or any other circumstance (other than complete performance)
which might otherwise constitute a legal or equitable discharge or defense of a
guarantor. Each Guarantor hereby waives diligence, presentment, demand of
payment, filing of claims with a court in the event of insolvency or bankruptcy
of the Company, any right to require a proceeding first against the Company,
protest, notice and all demands whatsoever and covenant that this Note Guarantee
will not be discharged except by complete performance of the obligations
contained in the Notes and this Indenture.

     (c) If any Holder or the Trustee is required by any court or otherwise to
return to the Company, the Guarantors or any custodian, trustee, liquidator or
other similar official acting in relation to either the Company or the
Guarantors, any amount paid by either to the Trustee or such Holder, this Note
Guarantee, to the extent theretofore discharged, will be reinstated in full
force and effect.

     (d) Each Guarantor agrees that it will 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, (1) the maturity of the
obligations guaranteed hereby may be accelerated as provided in Article 6 hereof
for the purposes of this Note Guarantee, notwithstanding any stay, injunction or
other prohibition preventing such acceleration in respect of the obligations
guaranteed hereby, and (2) in the event of any declaration of acceleration of
such obligations as provided in Article 6 hereof, such obligations (whether or
not due and payable) will forthwith become due and payable by the Guarantors for
the purpose of this Note Guarantee. The Guarantors will 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 Note Guarantee.

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 Note 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
Note Guarantee. To effectuate the foregoing intention, the Trustee, the Holders
and the Guarantors hereby irrevocably agree that the obligations of such
Guarantor will be limited to the maximum amount that will, after giving

                                       84

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 10, result in the obligations of such Guarantor
under its Note Guarantee not constituting a fraudulent transfer or conveyance.

Section 10.03. Execution and Delivery of Note Guarantee.

     To evidence its Note Guarantee set forth in Section 10.01 hereof, each
Guarantor hereby agrees that a notation of such Note Guarantee substantially in
the form attached as Exhibit E hereto will be endorsed by an Officer of such
Guarantor on each Note authenticated and delivered by the Trustee and that this
Indenture will be executed on behalf of such Guarantor by one of its Officers.

     Each Guarantor hereby agrees that its Note Guarantee set forth in Section
10.01 hereof will remain in full force and effect notwithstanding any failure to
endorse on each Note a notation of such Note Guarantee.

     If an Officer whose signature is on this Indenture or on the Note Guarantee
no longer holds that office at the time the Trustee authenticates the Note on
which a Note Guarantee is endorsed, the Note Guarantee will be valid
nevertheless.

     The delivery of any Note by the Trustee, after the authentication thereof
hereunder, will constitute due delivery of the Note Guarantee set forth in this
Indenture on behalf of the Guarantors.

     In the event that the Company or any of its Restricted Subsidiaries creates
or acquires any Domestic Subsidiary after the date of this Indenture, if
required by Section 4.18 hereof, the Company will cause such Domestic Subsidiary
to comply with the provisions of Section 4.18 hereof and this Article 10, to the
extent applicable.

Section 10.04. Guarantors May Consolidate, etc., on Certain Terms.

     Except as otherwise provided in Section 10.05 hereof, no Guarantor may sell
or otherwise dispose of all or substantially all of its assets to, or
consolidate with or merge with or into (whether or not such Guarantor is the
surviving Person) another Person, other than the Company or another Guarantor,
unless:

          (1) immediately after giving effect to such transaction, no Default or
     Event of Default exists; and

          (2) either:

               (a) subject to Section 10.05 hereof, the Person acquiring the
     property in any such sale or disposition or the Person formed by or
     surviving any such consolidation or merger unconditionally assumes all the
     obligations of that Guarantor under this Indenture, its Note Guarantee and
     the Registration Rights Agreement on the terms set forth herein or therein,
     pursuant to a supplemental indenture in form and substance satisfactory to
     the Trustee; or

               (b) the Net Proceeds of such sale or other disposition are
     applied in accordance with the applicable provisions of this Indenture,
     including without limitation, Section 4.10 hereof.

                                       85

     In case of any such consolidation, merger, sale or conveyance and upon the
assumption by the successor Person, by supplemental indenture, executed and
delivered to the Trustee and satisfactory in form to the Trustee, of the Note
Guarantee endorsed upon the Notes and the due and punctual performance of all of
the covenants and conditions of this Indenture to be performed by the Guarantor,
such successor Person will succeed to and be substituted for the Guarantor with
the same effect as if it had been named herein as a Guarantor. Such successor
Person thereupon may cause to be signed any or all of the Note Guarantees to be
endorsed upon all of the Notes issuable hereunder which theretofore shall not
have been signed by the Company and delivered to the Trustee. All the Note
Guarantees so issued will in all respects have the same legal rank and benefit
under this Indenture as the Note Guarantees theretofore and thereafter issued in
accordance with the terms of this Indenture as though all of such Note
Guarantees had been issued at the date of the execution hereof.

     Except as set forth in Articles 4 and 5 hereof, and notwithstanding clauses
2(a) and (b) above, nothing contained in this Indenture or in any of the Notes
will prevent any consolidation or merger of a Guarantor with or into the Company
or another Guarantor, or will prevent any sale or conveyance of the property of
a Guarantor as an entirety or substantially as an entirety to the Company or
another Guarantor.

Section 10.05. Releases.

     The Note Guarantee of a Guarantor shall automatically be released:

     (a) In connection with any sale, transfer or other disposition of all or
substantially all of the assets of that Guarantor (including by way of merger or
consolidation) to a Person that is not (after giving effect to such transaction)
the Company or a Restricted Subsidiary of the Company, if the sale, transfer or
other disposition does not violate Section 4.10 hereof;

     (b) In connection with any sale, transfer or other disposition of all of
the Capital Stock of that Guarantor to a Person that is not (after giving effect
to such transaction) the Company or a Restricted Subsidiary of the Company, if
the sale, transfer or other disposition does not violate Section 4.10 hereof;

         (c) If the Company designates such Guarantor to be an Unrestricted
Subsidiary in accordance with the applicable provisions of this Indenture;

     (d) upon Legal Defeasance or satisfaction and discharge of this Indenture
as provided in Article 8 or Article 11 hereof;

     (e) upon a sale of Capital Stock which causes such Guarantor to cease to be
a Restricted Subsidiary if such sale does not violate any of the provisions of
this Indenture; or

     (f) if the Company has satisfied the conditions to Covenant Defeasance as
provided in Article 8 hereof.

     Any Guarantor not released from its obligations under its Note Guarantee as
provided in this Section 10.05 will remain liable for the full amount of
principal of and interest and premium and Liquidated Damages, if any, on the
Notes and for the other obligations of any Guarantor under this Indenture as
provided in this Article 10.

                                       86

                                   ARTICLE 11
                           SATISFACTION AND DISCHARGE

Section 11.01 Satisfaction and Discharge.

     This Indenture will be discharged and will cease to be of further effect as
to all Notes issued hereunder, when:

          (1) either:

               (a) all Notes that have been authenticated, except lost, stolen
     or destroyed Notes that have been replaced or paid and Notes for whose
     payment money has theretofore been deposited in trust and thereafter repaid
     to the Company, have been delivered to the Trustee for cancellation; or

               (b) all Notes that have not been delivered to the Trustee for
     cancellation (i) have become due and payable by reason of the mailing of a
     notice of redemption or otherwise or (ii) will become due and payable
     within one year and the Company or any Guarantor have irrevocably deposited
     or caused to be deposited with the Trustee as trust funds in trust solely
     for the benefit of the Holders, cash in U.S. dollars, non-callable
     Government Securities, or a combination of cash in U.S. dollars and
     non-callable Government Securities, in amounts as will be sufficient,
     without consideration of any reinvestment of interest, to pay and discharge
     the entire Indebtedness on the Notes not delivered to the Trustee for
     cancellation for principal, premium and Liquidated Damages, if any, and
     accrued interest to the date of maturity or redemption;

          (2) no Default or Event of Default has occurred and is continuing on
     the date of such deposit (other than a Default or Event of Default
     resulting from the borrowing of funds to be applied to such deposit) and
     the deposit will not result in a breach or violation of, or constitute a
     default under, any other instrument (other than this Indenture) to which
     the Company or any Guarantor is a party or by which the Company or any
     Guarantor is bound;

          (3) the Company or any Guarantor has paid or caused to be paid all
     sums payable by the Company and the Guarantors under this Indenture; and

          (4) the Company has delivered irrevocable instructions to the Trustee
     under this Indenture to apply the deposited money toward the payment of the
     Notes at maturity or on the redemption date, as the case may be.

In addition, the Company must deliver an Officers' Certificate and an Opinion of
Counsel to the Trustee stating that all conditions precedent to satisfaction and
discharge have been satisfied.

     Notwithstanding the satisfaction and discharge of this Indenture, if money
has been deposited with the Trustee pursuant to subclause (b) of clause (1) of
this Section 11.01, the provisions of Sections 11.02 and 8.06 hereof will
survive. In addition, nothing in this Section 11.01 will be deemed to discharge
those provisions of Section 7.07 hereof, that, by their terms, survive the
satisfaction and discharge of this Indenture.

                                       87

Section 11.02 Application of Trust Money.

     Subject to the provisions of Section 8.06 hereof, all money deposited with
the Trustee 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, either directly or through any Paying Agent (including the Company
acting as its own Paying Agent) as the Trustee may determine, to the Persons
entitled thereto, of the principal (and premium and Liquidated Damages, if any)
and interest for whose payment such money has been deposited with the Trustee;
but such money need not be segregated from other funds except to the extent
required by law.

     If the Trustee or 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
Company'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 Company has made any payment of
principal of, premium or Liquidated Damages, if any, or interest on, any Notes
because of the reinstatement of its obligations, the Company 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 Trustee or Paying Agent.

                                   ARTICLE 12
                                  MISCELLANEOUS

Section 12.01 Trust Indenture Act Controls.

     If any provision of this Indenture limits, qualifies or conflicts with the
duties imposed by TIA Section 318(c), the imposed duties will control.

Section 12.02 Notices.

     Any notice or communication by the Company, any Guarantor or the Trustee to
the others is duly given if in writing and delivered in Person or by first class
mail (registered or certified, return receipt requested), facsimile transmission
or overnight air courier guaranteeing next day delivery, to the others' address:

     If to the Company and/or any Guarantor:

     Clarke American Corp.
     10931 Laureate Drive
     San Antonio, TX 78249
     Facsimile No.: (210) 558-5254
     Attention: Chief Financial Officer

     With a copy to:

     M&F Worldwide Corp.
     35 East 62nd Street
     New York, NY 10021
     Facsimile No: (212) 572-5056
     Attention: Barry F. Schwartz

                                       88

     Paul, Weiss, Rifkind, Wharton & Garrison LLP
     1285 Avenue of the Americas
     New York, NY 10019
     Facsimile No.: (212) 492-0052
     Attention: Lawrence G. Wee

     If to the Trustee:

     The Bank of New York
     101 Barclay Street, 8W
     New York, NY 10286
     Facsimile No.: (212) 815-5707
     Attention: Corporate Trust Administration

     The Company, any Guarantor or the Trustee, by notice to the others, may
designate additional or different addresses for subsequent notices or
communications.

     All notices and communications (other than those sent to Holders) will be
deemed to have been duly given: at the time delivered by hand, if personally
delivered; five Business Days after being deposited in the mail, postage
prepaid, if mailed; when receipt acknowledged, if transmitted by facsimile; 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 will 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 will also be so mailed to any Person
described in TIA Section 313(c), to the extent required by the TIA. Failure to
mail a notice or communication to a Holder or any defect in it will 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 Company mails a notice or communication to Holders, it will mail a
copy to the Trustee and each Agent at the same time.

Section 12.03 Communication by Holders of Notes with Other Holders of Notes.

     Holders may communicate pursuant to TIA Section 312(b) with other Holders
with respect to their rights under this Indenture or the Notes. The Company, the
Trustee, the Registrar and anyone else shall have the protection of TIA Section
312(c).

Section 12.04 Certificate and Opinion as to Conditions Precedent.

     Upon any request or application by the Company to the Trustee to take any
action under this Indenture, the Company shall furnish to the Trustee:

          (1) an Officers' Certificate in form and substance reasonably
     satisfactory to the Trustee (which must include the statements set forth in
     Section 12.05 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

                                       89

          (2) an Opinion of Counsel in form and substance reasonably
     satisfactory to the Trustee (which must include the statements set forth in
     Section 12.05 hereof) stating that, in the opinion of such counsel, all
     such conditions precedent and covenants have been satisfied; provided that
     no such Opinion of Counsel shall be required in connection with the
     issuance of the Initial Notes on the Issue Date.

Section 12.05 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 TIA Section 314(a)(4)) must comply with the provisions of TIA
Section 314(e) and must include:

          (1) a statement that the Person making such certificate or opinion has
     read such covenant or condition;

          (2) 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;

          (3) a statement that, in the opinion of such Person, he or she has
     made such examination or investigation as is necessary to enable him or her
     to express an informed opinion as to whether or not such covenant or
     condition has been satisfied; and

          (4) a statement as to whether or not, in the opinion of such Person,
     such condition or covenant has been satisfied. Any opinion of Counsel may
     be subject to customary assumptions and qualifications.

Section 12.06 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 12.07 No Personal Liability of Directors, Officers, Employees,
Stockholders or Controlling Persons.

     No director, officer, employee, incorporator, stockholder or controlling
person of the Company or any Guarantor, as such, will have any liability for any
obligations of the Company or the Guarantors under the Notes, this Indenture,
the Note Guarantees, the Registration Rights Agreement or for any claim based
on, in respect of, or by reason of, such obligations or their creation. Each
Holder of Notes by accepting a Note waives and releases all such liability. The
waiver and release are part of the consideration for issuance of the Notes. The
waiver may not be effective to waive liabilities under the federal securities
laws.

Section 12.08 Governing Law.

     THE INTERNAL LAW OF THE STATE OF NEW YORK WILL GOVERN AND BE USED TO
CONSTRUE THIS INDENTURE, THE NOTES AND THE NOTE GUARANTEES WITHOUT GIVING EFFECT
TO APPLICABLE PRINCIPLES OF CONFLICTS OF LAW TO THE EXTENT THAT THE APPLICATION
OF THE LAWS OF ANOTHER JURISDICTION WOULD BE REQUIRED THEREBY.

                                       90

Section 12.09 No Adverse Interpretation of Other Agreements.

     This Indenture may not be used to interpret any other indenture, loan or
debt agreement of the Company or its Subsidiaries or of any other Person. Any
such indenture, loan or debt agreement may not be used to interpret this
Indenture.

Section 12.10 Successors.

     All agreements of the Company in this Indenture and the Notes will bind its
successors. All agreements of the Trustee in this Indenture will bind its
successors. All agreements of each Guarantor in this Indenture will bind its
successors, except as otherwise provided in Section 10.05 hereof.

Section 12.11 Severability.

     In case any provision in this Indenture or in the Notes is invalid, illegal
or unenforceable, the validity, legality and enforceability of the remaining
provisions will not in any way be affected or impaired thereby.

Section 12.12 Counterpart Originals.

     The parties may sign any number of copies of this Indenture. Each signed
copy will be an original, but all of them together represent the same agreement.

Section 12.13 Table of Contents, Headings, etc.

     The Table of Contents, Cross-Reference Table and Headings of the Articles
and Sections of this Indenture have been inserted for convenience of reference
only, are not to be considered a part of this Indenture and will in no way
modify or restrict any of the terms or provisions hereof.

Section 12.14 Force Majeure.

     In no event shall the Trustee be responsible or liable for any failure or
delay in the performance of its obligations hereunder arising out of or caused
by, directly or indirectly, forces beyond its 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 and hardware) services; it being understood that the Trustee shall use
reasonable efforts which are consistent with accepted practices in the banking
industry to resume performance as soon as practicable under the circumstances.

                         [Signatures on following page]

                                       91

                                   SIGNATURES

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

                                         CLARKE AMERICAN CORP.

                                         By: /s/ Peter A. Fera, Jr.
                                             -------------------------------
                                             Name:  Peter A. Fera, Jr.
                                             Title: Senior Vice President and
                                                    Chief Financial Officer

                                         B(2) DIRECT, INC.

                                         By: /s/ Peter A. Fera, Jr.
                                             -------------------------------
                                             Name:  Peter A. Fera, Jr.
                                             Title: Senior Vice President and
                                                    Chief Financial Officer

                                         CHECKS IN THE MAIL, INC.

                                         By: /s/ Peter A. Fera, Jr.
                                             -------------------------------
                                             Name:  Peter A. Fera, Jr.
                                             Title: Senior Vice President and
                                                    Chief Financial Officer

                                         CLARKE AMERICAN CHECKS, INC.

                                         By: /s/ Peter A. Fera, Jr.
                                             -------------------------------
                                             Name:  Peter A. Fera, Jr.
                                             Title: Senior Vice President and
                                                    Chief Financial Officer

                                         CORE SKILLS INC.

                                         By: /s/ Peter A. Fera, Jr.
                                             -------------------------------
                                             Name:  Peter A. Fera, Jr.
                                             Title: Senior Vice President and
                                                    Chief Financial Officer

                                         THE BANK OF NEW YORK

                                         By: /s/ Julie Salovitch-Miller
                                             -------------------------------
                                             Name:  Julie Salovitch-Miller
                                             Title: Vice President

                                 [Face of Note]
--------------------------------------------------------------------------------

                                                          CUSIP/CINS ___________

                          11 3/4% Senior Notes due 2013

No. ___                                                             $___________

                              CLARKE AMERICAN CORP.

promises to pay to [__________] or registered assigns,

the principal sum of _________________________________________________ DOLLARS
on December 15, 2013.

Interest Payment Dates: June 15 and December 15

Record Dates: June 1 and December 1

Dated: __________, 200_

                                             CLARKE AMERICAN CORP.

                                             By:
                                                 -------------------------------
                                                 Name:
                                                 Title:

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

THE BANK OF NEW YORK,
   as Trustee

By:
    -----------------------------------
          Authorized Signatory

--------------------------------------------------------------------------------

                                      A1-1

                                 [Back of Note]
                          11 3/4% Senior Notes due 2013

[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 OID Legend, if applicable pursuant to the provisions of the
Indenture]

     Capitalized terms used herein have the meanings assigned to them in the
Indenture referred to below unless otherwise indicated.

          (1) INTEREST. Clarke American Corp., a Delaware corporation (the
     "Company"), promises to pay interest on the principal amount of this Note
     at 11 3/4% per annum from __________, 20__ until maturity and shall pay the
     Liquidated Damages, if any, payable pursuant to the Registration Rights
     Agreement referred to below. The Company will pay interest and Liquidated
     Damages, if any, semi-annually in arrears on June 15 and December 15 of
     each year, or if any such day is not a Business Day, on the next succeeding
     Business Day (each, an "Interest Payment Date"). Interest on the Notes will
     accrue from the most recent date to which interest has been paid or, if no
     interest has been paid, from the date of issuance; provided that if there
     is no existing Default in the payment of interest, and if this Note is
     authenticated between a record date referred to on the face hereof and the
     next succeeding Interest Payment Date, interest shall accrue from such next
     succeeding Interest Payment Date; provided further that the first Interest
     Payment Date shall be __________, 20__. The Company 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 a rate that is 1% per annum in excess of the rate then in effect to the
     extent lawful; it will pay interest (including post-petition interest in
     any proceeding under any Bankruptcy Law) on overdue installments of
     interest and Liquidated Damages, if any, (without regard to any applicable
     grace periods) from time to time on demand at the same rate to the extent
     lawful. Interest will be computed on the basis of a 360-day year of twelve
     30-day months.

          (2) METHOD OF PAYMENT. The Company will pay interest on the Notes
     (except defaulted interest) and Liquidated Damages, if any, to the Persons
     who are registered Holders of Notes at the close of business on the June 1
     or December 1 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. The Notes will be payable as to principal, premium and
     Liquidated Damages, if any, and interest at the office or agency of the
     Paying Agent and Registrar within or without the City and State of New York
     (which initially will be the office of the Trustee), or, at the option of
     the Company, payment of interest and Liquidated Damages, if any, may be
     made by check mailed to the Holders at their addresses set forth in the
     register of Holders; provided that payment by wire transfer of immediately
     available funds will be required with respect to principal of and interest,
     premium and Liquidated Damages, if any, on, all Global Notes and all other
     Notes the Holders of which will have provided wire transfer instructions to
     the Company or the Paying Agent. Such payment will 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, The Bank of New York, the
     Trustee under the Indenture, will act as Paying Agent and Registrar. The
     Company may change any

                                      A1-2

     Paying Agent or Registrar without notice to any Holder. The Company or any
     of its Subsidiaries may act in any such capacity.

          (4) INDENTURE. The Company issued the Notes under an Indenture dated
     as of December 15, 2005 (the "Indenture") among the Company, the Guarantors
     and the Trustee. The terms of the Notes include those stated in the
     Indenture and those made part of the Indenture by reference to the TIA. 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.
     The Notes are unsecured obligations of the Company. The Indenture does not
     limit the aggregate principal amount of Notes that may be issued
     thereunder.

          (5) OPTIONAL REDEMPTION.

          (a) Except as set forth below in this Paragraph 5, the Company will
     not have the option to redeem the Notes prior to December 15, 2009. On or
     after December 15, 2009, the Company may redeem all or a part of the Notes
     upon not less than 30 nor more than 60 days' notice (except that redemption
     notices may be mailed more than 60 days prior to a redemption date if the
     notice is issued in connection with a defeasance of the Notes or a
     satisfaction and discharge of the Indenture pursuant to Articles 8 or 11 of
     the Indenture), at the redemption prices (expressed as percentages of
     principal amount) set forth below plus accrued and unpaid interest and
     Liquidated Damages, if any, on the Notes redeemed to the applicable
     redemption date, if redeemed during the twelve-month period beginning on
     December 15 of the years indicated below, subject to the rights of Holders
     of Notes on the relevant record date to receive interest on the relevant
     interest payment date:

     Year                          Percentage
     ----                          ----------
     2009....................       105.875%
     2010....................       102.938%
     2011 and thereafter.....       100.000%

          (b) At any time prior to December 15, 2008, the Company may, on any
     one or more occasions, redeem up to 35% of the aggregate principal amount
     of Notes issued under the Indenture (including the principal amount of any
     Additional Notes issued under the Indenture) at a redemption price equal to
     111.750% of the aggregate principal amount thereof, plus accrued and unpaid
     interest and Liquidated Damages, if any, to the redemption date, with the
     net cash proceeds of one or more Equity Offerings; provided that at least
     65% in aggregate principal amount of the Notes issued under the Indenture
     (excluding Notes held by the Company and its Subsidiaries but including any
     Additional Notes) remains outstanding immediately after the occurrence of
     such redemption and that such redemption occurs within 90 days of the date
     of the closing of any such Equity Offering.

          (c) At any time prior to December 15, 2009, the Company may also
     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's registered
     address, at a redemption price equal to 100% of the principal amount of
     Notes redeemed plus the Applicable Premium as of the date of redemption,
     and accrued and unpaid interest and Liquidated Damages, if any, to the date
     of redemption (the "Make Whole Redemption Date"), subject to the rights of
     the Holders of Notes on the relevant record date to receive interest due on
     the relevant interest payment date.

                                      A1-3

          (d) Unless the Company defaults in the payment of the redemption
     price, interest will cease to accrue on the Notes or portions thereof
     called for redemption on the applicable redemption date.

          (6) MANDATORY REDEMPTION.

     The Company is not required to make mandatory redemption or sinking fund
payments with respect to the Notes.

          (7) REPURCHASE AT THE OPTION OF HOLDER.

               (a) If a Change of Control occurs, the Company will 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 thereof) of
     that Holder's Notes at a purchase price in cash equal to 101% of the
     aggregate principal amount of Notes repurchased plus accrued and unpaid
     interest and Liquidated Damages, if any, on the Notes repurchased to the
     date of purchase, subject to the rights of Holders of Notes on the relevant
     record date to receive interest due on the relevant interest payment date
     (the "Change of Control Payment"). No later than 45 days following any
     Change of Control, the Company will mail a notice to each Holder setting
     forth the procedures governing the Change of Control Offer as required by
     the Indenture.

               (b) If the Company or a Restricted Subsidiary of the Company
     consummates any Asset Sale, within 30 days of each date on which the
     aggregate amount of Excess Proceeds exceeds $10.0 million, the Company will
     make an offer to all Holders of Notes and all holders of other Indebtedness
     that is pari passu in right of payment with the Notes containing provisions
     similar to those set forth in the Indenture with respect to offers to
     purchase or redeem with the proceeds of sales of assets (an "Asset Sale
     Offer") pursuant to Section 3.09 of the Indenture to purchase the maximum
     principal amount of Notes and such other pari passu Indebtedness 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 Liquidated Damages, if any, to the date of purchase, in
     accordance with the procedures set forth in the Indenture. To the extent
     that the aggregate amount of Notes and other pari passu Indebtedness
     tendered pursuant to an Asset Sale Offer is less than the Excess Proceeds,
     the Company (or such Restricted Subsidiary) may use such deficiency for any
     purpose not otherwise prohibited by the Indenture. If the aggregate
     principal amount of Notes and other pari passu Indebtedness tendered into
     such Asset Sale Offer exceeds the amount of Excess Proceeds, the Notes and
     such other pari passu Indebtedness shall be purchased on a pro rata basis.
     Upon completion of each Asset Sale Offer the amount of Excess Proceeds will
     be reset at zero. Holders of Notes that are the subject of an offer to
     purchase will receive an Asset Sale Offer from the Company 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.

          (8) NOTICE OF REDEMPTION. Notice of redemption will be mailed at least
     30 days but not more than 60 days before the redemption date to each Holder
     whose Notes are to be redeemed at its registered address, except that
     redemption notices may be mailed more than 60 days prior to a redemption
     date if the notice is issued in connection with a defeasance of the Notes
     or a satisfaction or discharge of the Indenture. Notes in denominations
     larger than $2,000 may be redeemed in part but only in whole multiples of
     $1,000, unless all of the Notes held by a Holder are to be redeemed.

                                      A1-4

          (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 thereof. The transfer of Notes may be registered and Notes
     may be exchanged as provided in the Indenture. The Registrar and the
     Trustee may require a Holder, among other things, to furnish appropriate
     endorsements and transfer documents and the Company may require a Holder to
     pay any taxes and fees required by law or permitted by the Indenture. The
     Company need not exchange or register the transfer of any Note or portion
     of a Note selected for redemption, except for the unredeemed portion of any
     Note being redeemed in part. Also, the Company need not exchange or
     register the transfer of any Notes for a period of 15 days before a
     selection of Notes to be redeemed or during the period between a record
     date and the corresponding Interest Payment Date.

          (10) PERSONS DEEMED OWNERS. The registered Holder of a Note may be
     treated as its owner for all purposes.

          (11) AMENDMENT, SUPPLEMENT AND WAIVER. Subject to certain exceptions,
     the Indenture or the Notes or the Note Guarantees may be amended or
     supplemented with the consent of the Holders of at least a majority in
     aggregate principal amount of the then outstanding Notes (including,
     without limitation, consents obtained in connection with a tender offer or
     exchange offer for, or purchase of, the Notes), and any existing Default or
     Event or Default or compliance with any provision of the Indenture or the
     Notes or the Note Guarantees may be waived with the consent of the Holders
     of a majority in aggregate principal amount of the then outstanding Notes
     (including, without limitation, consents obtained in connection with a
     tender offer or exchange offer for, or purchase of, the Notes). Without the
     consent of any Holder of a Note, the Indenture or the Notes or the Note
     Guarantees may be amended or supplemented to cure any ambiguity, defect or
     inconsistency, to provide for uncertificated Notes in addition to or in
     place of certificated Notes, to provide for the assumption of the Company's
     or a Guarantor's obligations to Holders of the Notes and Note Guarantees in
     the case of a merger or consolidation or sale of all or substantially all
     of the Company's or such Guarantor's assets pursuant to Article 5 of the
     Indenture, to make any change that would provide any additional rights or
     benefits to the Holders of the Notes or that does not adversely affect the
     legal rights under the Indenture of any such Holder, to comply with the
     requirements of the SEC in order to effect or maintain the qualification of
     the Indenture under the TIA, to conform the text of the Indenture, the Note
     Guarantees or the Notes to any provision of the "Description of Notes"
     section of the Company's Offering Memorandum dated December 8, 2005,
     relating to the initial offering of the Notes, to the extent that such
     provision in that "Description of Notes" was intended to be a verbatim
     recitation of a provision of the Indenture, the Note Guarantees or the
     Notes, to provide for the issuance of Additional Notes or Exchange Notes in
     accordance with the limitations set forth in the Indenture as of the Issue
     Date, to allow any Guarantor or other obligor to execute a supplemental
     indenture to the Indenture and/or a Note Guarantee with respect to the
     Notes, to release a Guarantor, as provided in the Indenture; to evidence
     and provide the acceptance of the appointment of a successor Trustee under
     the Indenture; or to comply with the rules of any applicable securities
     depositary.

          (12) DEFAULTS AND REMEDIES. Events of Default include: (i) default for
     30 days in the payment, when due and payable, of interest on, or Liquidated
     Damages, if any, with respect to the Notes; (ii) default in the payment
     when due and payable of the principal of, or premium, if any, on, the
     Notes, at maturity, upon redemption (including in connection with an offer
     to purchase) or otherwise, (iii) failure by the Company or any of its
     Restricted Subsidiaries to comply with Section 4.10 or 4.15 of the
     Indenture; (iv) failure by the Company or any of its Restricted
     Subsidiaries for 60 days after notice to the Company by the Trustee or the
     Holders of

                                      A1-5

     at least 25% in aggregate principal amount of the Notes then outstanding to
     comply with any of the other agreements in the Indenture; (v) default under
     certain other agreements relating to Indebtedness of the Company which
     default is caused by a Payment Default or results in the acceleration of
     such Indebtedness prior to its express maturity and, in each case, the
     principal amount of such Indebtedness, together with the principal amount
     of any other such Indebtedness under which there has been a Payment Default
     or the maturity of which has been so accelerated, aggregates $25 million or
     more; (vi) certain final judgments for the payment of money aggregating in
     excess of $25 million that remain undischarged for a period of 60 days;
     (vii) certain events of bankruptcy or insolvency with respect to the
     Company 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 (viii) except as permitted by
     the Indenture, any Note Guarantee is held in any judicial proceeding before
     a court of competent jurisdiction to be unenforceable or invalid or ceases
     for any reason to be in full force and effect, or any Guarantor or any
     Person acting on its behalf denies or disaffirms its obligations under such
     Guarantor's Note Guarantee. If any Event of Default occurs and is
     continuing, the Trustee or the Holders of at least 25% in aggregate
     principal amount of the then outstanding Notes may declare all the 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 or
     the Notes 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 or Event of Default (except a Default or Event of
     Default relating to the payment of principal or interest or premium or
     Liquidated Damages, if any,) if it determines that withholding notice is in
     their interest. The Holders of 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, rescind an acceleration or waive any existing
     Default or Event of Default and its consequences under the Indenture except
     a continuing Default or Event of Default in the payment of interest or
     premium or Liquidated Damages, if any, on, or the principal of, the Notes.
     The Company is required to deliver to the Trustee annually a statement
     regarding compliance with the Indenture, and the Company is required,
     within 10 Business Days of becoming aware of any Default or Event of
     Default, to deliver to the Trustee a statement specifying such Default or
     Event of Default.

          (13) TRUSTEE DEALINGS WITH COMPANY. The Trustee, in its individual or
     any other capacity, may make loans to, accept deposits from, and perform
     services for the Company or its Affiliates, and may otherwise deal with the
     Company or its Affiliates, as if it were not the Trustee.

          (14) NO RECOURSE AGAINST OTHERS. No director, officer, employee,
     incorporator, stockholder or controlling person of the Company or any of
     the Guarantors, as such, will have any liability for any obligations of the
     Company or the Guarantors under the Notes, the Note Guarantees, the
     Indenture or the Registration Rights Agreement or for any claim based on,
     in respect of, or by reason of, such obligations or their creation. Each
     Holder of Notes by accepting a Note waives and releases all such liability.
     The waiver and release are part of the consideration for the issuance of
     the Notes.

          (15) AUTHENTICATION. This Note will not be valid until authenticated
     by the manual signature of the Trustee or an authenticating agent.

                                      A1-6

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

          (17) ADDITIONAL RIGHTS OF HOLDERS. In addition to the rights provided
     to Holders of Notes under the Indenture, Holders of Restricted Global Notes
     and Restricted Definitive Notes will have all the rights set forth in the
     Registration Rights Agreement dated as of December 15, 2005, among the
     Company, the Guarantors and the other parties named on the signature pages
     thereof or, in the case of Additional Notes, Holders of Restricted Global
     Notes and Restricted Definitive Notes will have the rights set forth in one
     or more registration rights agreements, if any, among the Company, the
     Guarantors and the other parties thereto, relating to rights given by the
     Company and the Guarantors to the purchasers of any Additional Notes
     (collectively, the "Registration Rights Agreement").

          (18) CUSIP NUMBERS. Pursuant to a recommendation promulgated by the
     Committee on Uniform Security Identification Procedures, the Company has
     caused CUSIP numbers to be printed on the Notes, and the Trustee may use
     CUSIP numbers in notices of redemption as a convenience to Holders. No
     representation is made as to the 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.

          (19) GOVERNING LAW. THE INTERNAL LAW OF THE STATE OF NEW YORK WILL
     GOVERN AND BE USED TO CONSTRUE THE INDENTURE, THIS NOTE AND THE NOTE
     GUARANTEES WITHOUT GIVING EFFECT TO APPLICABLE PRINCIPLES OF CONFLICTS OF
     LAW TO THE EXTENT THAT THE APPLICATION OF THE LAWS OF ANOTHER JURISDICTION
     WOULD BE REQUIRED THEREBY.

     The Company 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:

Clarke American Corp.
10931 Laureate Drive
San Antonio, TX 78249
Attention: Chief Financial Officer

                                      A1-7

                                 ASSIGNMENT FORM

     To assign this Note, fill in the form below:

(I) or (we) assign and transfer this Note to: __________________________________
                                               (Insert assignee's 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 Company. 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 Trustee).

                                      A1-8

Option of Holder to Elect Purchase

     If you want to elect to have this Note purchased by the Company pursuant to
Section 4.10 or 4.15 of the Indenture, check the appropriate box below:

                      [_]Section 4.10 [_]Section 4.15

     If you want to elect to have only part of the Note purchased by the Company
pursuant to Section 4.10 or Section 4.15 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 Trustee).

                                      A1-9

             SCHEDULE OF EXCHANGES OF INTERESTS IN THE GLOBAL NOTE *

     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 Note or Definitive Note for an interest in this Global Note, have been
made:

                     Amount of     Amount of       Principal
                     decrease     increase in   Amount of this   Signature of
                   in Principal    Principal      Global Note     authorized
                      Amount         Amount        following        officer
                      of this       of this      such decrease    of Trustee
Date of Exchange    Global Note   Global Note    (or increase)   or Custodian
----------------   ------------   -----------   --------------   ------------

*    This schedule should be included only if the Note is issued in global form.

                                      A1-10

                  [Face of Regulation S Temporary Global Note]
--------------------------------------------------------------------------------

                                                           CUSIP/CINS __________

                          11 3/4% Senior Notes due 2013

No. ___                                                              $__________

                              CLARKE AMERICAN CORP.

promises to pay to [____________] or registered assigns,

the principal sum of ________________________________________________ DOLLARS
on December 15, 2013.

Interest Payment Dates: June 15 and December 15

Record Dates: June 1 and December 1

Dated: _______________, 200_

                                             CLARKE AMERICAN CORP.

                                             By:
                                                 -------------------------------
                                                 Name:
                                                 Title:

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

THE BANK OF NEW YORK,
   as Trustee

By:
    ---------------------------------
           Authorized Signatory

--------------------------------------------------------------------------------

                                      A2-1

                  [Back of Regulation S Temporary Global Note]
                          11 3/4% Senior Notes due 2013

[Insert the OID Legend, if applicable pursuant to the provisions of the
Indenture]

THE RIGHTS ATTACHING TO THIS REGULATION S TEMPORARY GLOBAL NOTE, AND THE
CONDITIONS AND PROCEDURES GOVERNING ITS EXCHANGE FOR CERTIFICATED NOTES, ARE AS
SPECIFIED IN THE INDENTURE (AS DEFINED HEREIN). NEITHER THE HOLDER NOR THE
BENEFICIAL OWNERS OF THIS REGULATION S TEMPORARY GLOBAL NOTE SHALL BE ENTITLED
TO RECEIVE PAYMENT OF INTEREST HEREON.

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 (1) THE TRUSTEE MAY MAKE SUCH NOTATIONS HEREON AS MAY BE REQUIRED
PURSUANT TO SECTION 2.06 OF THE INDENTURE, (2) THIS GLOBAL NOTE MAY BE EXCHANGED
IN WHOLE BUT NOT IN PART PURSUANT TO SECTION 2.06(a) OF THE INDENTURE, (3) THIS
GLOBAL NOTE MAY BE DELIVERED TO THE TRUSTEE FOR CANCELLATION PURSUANT TO SECTION
2.11 OF THE INDENTURE AND (4) THIS GLOBAL NOTE MAY BE TRANSFERRED TO A SUCCESSOR
DEPOSITARY WITH THE PRIOR WRITTEN CONSENT OF CLARKE AMERICAN CORP.

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
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 COMPANY OR ITS
AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE
ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR SUCH OTHER NAME AS 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.

THE SECURITY (OR ITS PREDECESSOR) EVIDENCED HEREBY WAS ORIGINALLY ISSUED IN A
TRANSACTION EXEMPT FROM REGISTRATION UNDER SECTION 5 OF THE UNITED STATES
SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES ACT"), AND MAY NOT BE
OFFERED, SOLD OR OTHERWISE TRANSFERRED IN THE ABSENCE OF SUCH REGISTRATION OR AN
APPLICABLE EXEMPTION THEREFROM. EACH PURCHASER OF THE SECURITY EVIDENCED HEREBY
IS HEREBY NOTIFIED THAT THE SELLER MAY BE RELYING ON THE EXEMPTION FROM THE
PROVISIONS OF SECTION 5 OF THE SECURITIES ACT. THE HOLDER OF THE SECURITY
EVIDENCED HEREBY AGREES FOR THE BENEFIT OF THE ISSUER THAT (A) SUCH SECURITY MAY
BE RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY (1) (a) IN THE UNITED STATES TO
A PERSON WHO THE SELLER REASONABLY BELIEVES IS A QUALIFIED INSTITUTIONAL BUYER
(AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT) IN A TRANSACTION MEETING THE
REQUIREMENTS

                                      A2-2

OF RULE 144A, (b) OUTSIDE THE UNITED STATES IN AN OFFSHORE TRANSACTION IN
ACCORDANCE WITH RULE 904 UNDER THE SECURITIES ACT, (c) IN A TRANSACTION MEETING
THE REQUIREMENTS OF RULE 144 UNDER THE SECURITIES ACT, (d) TO AN INSTITUTIONAL
"ACCREDITED INVESTOR" (AS DEFINED IN RULE 501 (a) (1), (2), (3) OR (7) OF THE
SECURITIES ACT (AN "INSTITUTIONAL ACCREDITED INVESTOR")) THAT, PRIOR TO SUCH
TRANSFER, FURNISHES THE TRUSTEE A SIGNED LETTER CONTAINING CERTAIN
REPRESENTATIONS AND AGREEMENTS (THE FORM OF WHICH CAN BE OBTAINED FROM THE
TRUSTEE) AND, IF SUCH TRANSFER IS IN RESPECT OF AN AGGREGATE PRINCIPAL AMOUNT OF
NOTES LESS THAN $250,000, AN OPINION OF COUNSEL ACCEPTABLE TO CLARKE AMERICAN
CORP. THAT SUCH TRANSFER IS IN COMPLIANCE WITH THE SECURITIES ACT OR (e) IN
ACCORDANCE WITH ANOTHER EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE
SECURITIES ACT (AND BASED UPON AN OPINION OF COUNSEL IF CLARKE AMERICAN CORP. SO
REQUESTS), (2) TO CLARKE AMERICAN CORP. OR (3) PURSUANT TO AN EFFECTIVE
REGISTRATION STATEMENT AND, IN EACH CASE, IN ACCORDANCE WITH ANY APPLICABLE
SECURITIES LAWS OF ANY STATE OF THE UNITED STATES OR ANY OTHER APPLICABLE
JURISDICTION AND (B) THE HOLDER WILL, AND EACH SUBSEQUENT HOLDER IS REQUIRED TO,
NOTIFY ANY PURCHASER FROM IT OF THE SECURITY EVIDENCED HEREBY OF THE RESALE
RESTRICTIONS SET FORTH IN (A) ABOVE

     Capitalized terms used herein have the meanings assigned to them in the
Indenture referred to below unless otherwise indicated.

          (1) INTEREST. Clarke American Corp., a Delaware corporation (the
     "Company"), promises to pay interest on the principal amount of this Note
     at 11 3/4% per annum from ________________, 20__ until maturity and shall
     pay the Liquidated Damages, if any, payable pursuant to the Registration
     Rights Agreement referred to below. The Company will pay interest and
     Liquidated Damages, if any, semi-annually in arrears on June 15 and
     December 15 of each year, or if any such day is not a Business Day, on the
     next succeeding Business Day (each, an "Interest Payment Date"). Interest
     on the Notes will accrue from the most recent date to which interest has
     been paid or, if no interest has been paid, from the date of issuance;
     provided that if there is no existing Default in the payment of interest,
     and if this Note is authenticated between a record date referred to on the
     face hereof and the next succeeding Interest Payment Date, interest shall
     accrue from such next succeeding Interest Payment Date; provided further
     that the first Interest Payment Date shall be _____________, 20__. The
     Company 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 a rate that is 1% per annum in excess
     of the rate then in effect to the extent lawful; it will pay interest
     (including post-petition interest in any proceeding under any Bankruptcy
     Law) on overdue installments of interest and Liquidated Damages, if any,
     (without regard to any applicable grace periods) from time to time on
     demand at the same rate to the extent lawful. Interest will be computed on
     the basis of a 360-day year of twelve 30-day months.

     Until this Regulation S Temporary Global Note is exchanged for one or more
Regulation S Permanent Global Notes, the Holder hereof shall not be entitled to
receive payments of interest hereon; until so exchanged in full, this Regulation
S Temporary Global Note shall in all other respects be entitled to the same
benefits as other Notes under the Indenture.

          (2) METHOD OF PAYMENT. The Company will pay interest on the Notes
     (except defaulted interest) and Liquidated Damages, if any, to the Persons
     who are registered Holders of Notes at the close of business on the June 1
     or December 1 next preceding the Interest Payment

                                      A2-3

     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. The Notes will be payable
     as to principal, premium and Liquidated Damages, if any, and interest at
     the office or agency of the Paying Agent and Registrar within or without
     the City and State of New York (which initially will be the office of the
     Trustee), or, at the option of the Company, payment of interest and
     Liquidated Damages, if any, may be made by check mailed to the Holders at
     their addresses set forth in the register of Holders; provided that payment
     by wire transfer of immediately available funds will be required with
     respect to principal of and interest, premium and Liquidated Damages, if
     any, on, all Global Notes and all other Notes the Holders of which will
     have provided wire transfer instructions to the Company or the Paying
     Agent. Such payment will 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, The Bank of New York, the
     Trustee under the Indenture, will act as Paying Agent and Registrar. The
     Company may change any Paying Agent or Registrar without notice to any
     Holder. The Company or any of its Subsidiaries may act in any such
     capacity.

          (4) INDENTURE. The Company issued the Notes under an Indenture dated
     as of December 15, 2005 (the "Indenture") among the Company, the Guarantors
     and the Trustee. The terms of the Notes include those stated in the
     Indenture and those made part of the Indenture by reference to the TIA. 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.
     The Notes are unsecured obligations of the Company. The Indenture does not
     limit the aggregate principal amount of Notes that may be issued
     thereunder.

          (5) OPTIONAL REDEMPTION.

          (a) Except as set forth below in this Paragraph 5, the Company will
     not have the option to redeem the Notes prior to December 15, 2009. On or
     after December 15, 2009, the Company may redeem all or a part of the Notes
     upon not less than 30 nor more than 60 days' notice (except that redemption
     notices may be mailed more than 60 days prior to a redemption date if the
     notice is issued in connection with a defeasance of the Notes or a
     satisfaction and discharge of the Indenture pursuant to Articles 8 or 11 of
     the Indenture), at the redemption prices (expressed as percentages of
     principal amount) set forth below plus accrued and unpaid interest and
     Liquidated Damages, if any, on the Notes redeemed to the applicable
     redemption date, if redeemed during the twelve-month period beginning on
     December 15 of the years indicated below, subject to the rights of Holders
     of Notes on the relevant record date to receive interest on the relevant
     interest payment date:

     Year                     Percentage
     ----                     ----------
     2009..................    105.875%
     2010..................    102.938%
     2011 and thereafter...    100.000%

          (b) At any time prior to December 15, 2008, the Company may, on any
     one or more occasions, redeem up to 35% of the aggregate principal amount
     of Notes issued under the Indenture (including the principal amount of any
     Additional Notes issued under the Indenture) at a redemption price equal to
     111.750% of the aggregate principal amount thereof, plus accrued and unpaid
     interest and Liquidated Damages, if any, to the redemption date, with the
     net cash

                                      A2-4

     proceeds of one or more Equity Offerings; provided that at least 65% in
     aggregate principal amount of the Notes issued under the Indenture
     (excluding Notes held by the Company and its Subsidiaries but including any
     Additional Notes) remains outstanding immediately after the occurrence of
     such redemption and that such redemption occurs within 90 days of the date
     of the closing of any such Equity Offering.

          (c) At any time prior to December 15, 2009, the Company may also
     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's registered
     address, at a redemption price equal to 100% of the principal amount of
     Notes redeemed plus the Applicable Premium as of the date of redemption,
     and accrued and unpaid interest and Liquidated Damages, if any, to the date
     of redemption (the "Make Whole Redemption Date"), subject to the rights of
     the Holders of Notes on the relevant record date to receive interest due on
     the relevant interest payment date.

          (d) Unless the Company defaults in the payment of the redemption
     price, interest will cease to accrue on the Notes or portions thereof
     called for redemption on the applicable redemption date.

          (6) MANDATORY REDEMPTION.

     The Company is not required to make mandatory redemption or sinking fund
payments with respect to the Notes.

          (7) REPURCHASE AT THE OPTION OF HOLDER.

               (a) If a Change of Control occurs, the Company will 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 thereof) of
     that Holder's Notes at a purchase price in cash equal to 101% of the
     aggregate principal amount of Notes repurchased plus accrued and unpaid
     interest and Liquidated Damages, if any, on the Notes repurchased to the
     date of purchase, subject to the rights of Holders of Notes on the relevant
     record date to receive interest due on the relevant interest payment date
     (the "Change of Control Payment"). No later than 45 days following any
     Change of Control, the Company will mail a notice to each Holder setting
     forth the procedures governing the Change of Control Offer as required by
     the Indenture.

               (b) If the Company or a Restricted Subsidiary of the Company
     consummates any Asset Sale, within 30 days of each date on which the
     aggregate amount of Excess Proceeds exceeds $10.0 million, the Company will
     make an offer to all Holders of Notes and all holders of other Indebtedness
     that is pari passu in right of payment with the Notes containing provisions
     similar to those set forth in the Indenture with respect to offers to
     purchase or redeem with the proceeds of sales of assets (an "Asset Sale
     Offer") pursuant to Section 3.09 of the Indenture to purchase the maximum
     principal amount of Notes and such other pari passu Indebtedness 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 Liquidated Damages, if any, to the date of purchase, in
     accordance with the procedures set forth in the Indenture. To the extent
     that the aggregate amount of Notes and other pari passu Indebtedness
     tendered pursuant to an Asset Sale Offer is less than the Excess Proceeds,
     the Company (or such Restricted Subsidiary) may use such deficiency for any
     purpose not otherwise prohibited by the Indenture. If the aggregate
     principal amount of Notes and other pari passu Indebtedness tendered into
     such Asset Sale Offer exceeds the amount of Excess Proceeds, the Notes and
     such other pari passu Indebtedness shall be purchased on a pro rata basis.
     Upon completion of each Asset Sale Offer

                                      A2-5

     the amount of Excess Proceeds will be reset at zero. Holders of Notes that
     are the subject of an offer to purchase will receive an Asset Sale Offer
     from the Company 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.

          (8) NOTICE OF REDEMPTION. Notice of redemption will be mailed at least
     30 days but not more than 60 days before the redemption date to each Holder
     whose Notes are to be redeemed at its registered address, except that
     redemption notices may be mailed more than 60 days prior to a redemption
     date if the notice is issued in connection with a defeasance of the Notes
     or a satisfaction or discharge of the Indenture. Notes in denominations
     larger than $2,000 may be redeemed in part but only in whole multiples of
     $1,000, unless all of the Notes held by a Holder are to be redeemed.

          (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 thereof. The transfer of Notes may be registered and Notes
     may be exchanged as provided in the Indenture. The Registrar and the
     Trustee may require a Holder, among other things, to furnish appropriate
     endorsements and transfer documents and the Company may require a Holder to
     pay any taxes and fees required by law or permitted by the Indenture. The
     Company need not exchange or register the transfer of any Note or portion
     of a Note selected for redemption, except for the unredeemed portion of any
     Note being redeemed in part. Also, the Company need not exchange or
     register the transfer of any Notes for a period of 15 days before a
     selection of Notes to be redeemed or during the period between a record
     date and the corresponding Interest Payment Date.

     This Regulation S Temporary Global Note is exchangeable in whole or in part
for one or more Global Notes only (i) on or after the termination of the 40-day
distribution compliance period (as defined in Regulation S) and (ii) upon
presentation of certificates (accompanied by an Opinion of Counsel, if
applicable) required by Article 2 of the Indenture. Upon exchange of this
Regulation S Temporary Global Note for one or more Global Notes, the Trustee
shall cancel this Regulation S Temporary Global Note.

          (10) PERSONS DEEMED OWNERS. The registered Holder of a Note may be
     treated as its owner for all purposes.

          (11) AMENDMENT, SUPPLEMENT AND WAIVER. Subject to certain exceptions,
     the Indenture or the Notes or the Note Guarantees may be amended or
     supplemented with the consent of the Holders of at least a majority in
     aggregate principal amount of the then outstanding Notes (including,
     without limitation, consents obtained in connection with a tender offer or
     exchange offer for, or purchase of, the Notes), and any existing Default or
     Event or Default or compliance with any provision of the Indenture or the
     Notes or the Note Guarantees may be waived with the consent of the Holders
     of a majority in aggregate principal amount of the then outstanding Notes
     (including, without limitation, consents obtained in connection with a
     tender offer or exchange offer for, or purchase of, the Notes). Without the
     consent of any Holder of a Note, the Indenture or the Notes or the Note
     Guarantees may be amended or supplemented to cure any ambiguity, defect or
     inconsistency, to provide for uncertificated Notes in addition to or in
     place of certificated Notes, to provide for the assumption of the Company's
     or a Guarantor's obligations to Holders of the Notes and Note Guarantees in
     the case of a merger or consolidation or sale of all or substantially all
     of the Company's or such Guarantor's assets pursuant to Article 5 of the
     Indenture, to make any change that would provide any additional rights or
     benefits to the Holders of the Notes or that does not adversely affect the
     legal rights under the Indenture of any such

                                      A2-6

     Holder, to comply with the requirements of the SEC in order to effect or
     maintain the qualification of the Indenture under the TIA, to conform the
     text of the Indenture, the Note Guarantees or the Notes to any provision of
     the "Description of Notes" section of the Company's Offering Memorandum
     dated December 8, 2005, relating to the initial offering of the Notes, to
     the extent that such provision in that "Description of Notes" was intended
     to be a verbatim recitation of a provision of the Indenture, the Note
     Guarantees or the Notes, to provide for the issuance of Additional Notes or
     Exchange Notes in accordance with the limitations set forth in the
     Indenture as of the Issue Date, to allow any Guarantor or other obligor to
     execute a supplemental indenture to the Indenture and/or a Note Guarantee
     with respect to the Notes, to release a Guarantor, as provided in the
     Indenture; to evidence and provide the acceptance of the appointment of a
     successor Trustee under the Indenture; or to comply with the rules of any
     applicable securities depositary.

          (12) DEFAULTS AND REMEDIES. Events of Default include: (i) default for
     30 days in the payment, when due and payable, of interest on, or Liquidated
     Damages, if any, with respect to the Notes; (ii) default in the payment
     when due and payable of the principal of, or premium, if any, on, the Notes
     at maturity, upon redemption (including in connection with an offer to
     purchase) or otherwise, (iii) failure by the Company or any of its
     Restricted Subsidiaries to comply with Section 4.10 or 4.15 of the
     Indenture; (iv) failure by the Company or any of its Restricted
     Subsidiaries for 60 days after notice to the Company by the Trustee or the
     Holders of at least 25% in aggregate principal amount of the Notes then
     outstanding to comply with any of the other agreements in the Indenture;
     (v) default under certain other agreements relating to Indebtedness of the
     Company which default is caused by a Payment Default or results in the
     acceleration of such Indebtedness prior to its express maturity and, in
     each case, the principal amount of such Indebtedness, together with the
     principal amount of any other such Indebtedness under which there has been
     a Payment Default or the maturity of which has been so accelerated,
     aggregates $25 million or more; (vi) certain final judgments for the
     payment of money aggregating in excess of $25 million that remain
     undischarged for a period of 60 days; (vii) certain events of bankruptcy or
     insolvency with respect to the Company 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 (viii) except as permitted by the Indenture, any Note
     Guarantee is held in any judicial proceeding before a court of competent
     jurisdiction to be unenforceable or invalid or ceases for any reason to be
     in full force and effect, or any Guarantor or any Person acting on its
     behalf denies or disaffirms its obligations under such Guarantor's Note
     Guarantee. If any Event of Default occurs and is continuing, the Trustee or
     the Holders of at least 25% in aggregate principal amount of the then
     outstanding Notes may declare all the 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 or the Notes 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 or
     Event of Default (except a Default or Event of Default relating to the
     payment of principal or interest or premium or Liquidated Damages, if any,)
     if it determines that withholding notice is in their interest. The Holders
     of 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,
     rescind an acceleration or waive any existing Default or Event of Default
     and its consequences under the Indenture except a continuing Default or
     Event of Default in the payment of interest or premium or Liquidated
     Damages, if any, on, or the principal of, the Notes. The Company is
     required to deliver to the Trustee annually a statement regarding
     compliance with the Indenture, and the Company is required, within 10

                                      A2-7

     Business Days of becoming aware of any Default or Event of Default, to
     deliver to the Trustee a statement specifying such Default or Event of
     Default.

          (13) TRUSTEE DEALINGS WITH COMPANY. The Trustee, in its individual or
     any other capacity, may make loans to, accept deposits from, and perform
     services for the Company or its Affiliates, and may otherwise deal with the
     Company or its Affiliates, as if it were not the Trustee.

          (14) NO RECOURSE AGAINST OTHERS. No director, officer, employee,
     incorporator, stockholder or controlling person of the Company or any of
     the Guarantors, as such, will have any liability for any obligations of the
     Company or the Guarantors under the Notes, the Note Guarantees, the
     Indenture or the Registration Rights Agreement or for any claim based on,
     in respect of, or by reason of, such obligations or their creation. Each
     Holder of Notes by accepting a Note waives and releases all such liability.
     The waiver and release are part of the consideration for the issuance of
     the Notes.

          (15) AUTHENTICATION. This Note will not be valid until authenticated
     by the manual signature of the Trustee or an authenticating agent.

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

          (17) ADDITIONAL RIGHTS OF HOLDERS. In addition to the rights provided
     to Holders of Notes under the Indenture, Holders of this Regulation S
     Temporary Global Note will have all the rights set forth in the
     Registration Rights Agreement dated as of December 15, 2005, among the
     Company, the Guarantors and the other parties named on the signature pages
     thereof or, in the case of Additional Notes, Holders of Restricted Global
     Notes and Restricted Definitive Notes will have the rights set forth in one
     or more registration rights agreements, if any, among the Company, the
     Guarantors and the other parties thereto, relating to rights given by the
     Company and the Guarantors to the purchasers of any Additional Notes
     (collectively, the "Registration Rights Agreement")

          (18) CUSIP NUMBERS. Pursuant to a recommendation promulgated by the
     Committee on Uniform Security Identification Procedures, the Company has
     caused CUSIP numbers to be printed on the Notes, and the Trustee may use
     CUSIP numbers in notices of redemption as a convenience to Holders. No
     representation is made as to the 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.

          (19) GOVERNING LAW. THE INTERNAL LAW OF THE STATE OF NEW YORK WILL
     GOVERN AND BE USED TO CONSTRUE THE INDENTURE, THIS NOTE AND THE NOTE
     GUARANTEES WITHOUT GIVING EFFECT TO APPLICABLE PRINCIPLES OF CONFLICTS OF
     LAW TO THE EXTENT THAT THE APPLICATION OF THE LAWS OF ANOTHER JURISDICTION
     WOULD BE REQUIRED THEREBY.

     The Company 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:

                                      A2-8

Clarke American Corp.
10931 Laureate Drive
San Antonio, TX 78249
Attention: Chief Financial Officer

                                      A2-9

                                 ASSIGNMENT FORM

         To assign this Note, fill in the form below:

(I) or (we) assign and transfer this Note to: __________________________________
                                                (Insert assignee's 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 Company. 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 Trustee).

                                      A2-10

                       OPTION OF HOLDER TO ELECT PURCHASE

     If you want to elect to have this Note purchased by the Company pursuant to
Section 4.10 or 4.15 of the Indenture, check the appropriate box below:

                        [_]Section 4.10   [_]Section 4.15

     If you want to elect to have only part of the Note purchased by the Company
pursuant to Section 4.10 or Section 4.15 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 Trustee).

                                      A2-11

  SCHEDULE OF EXCHANGES OF INTERESTS IN THE REGULATION S TEMPORARY GLOBAL NOTE

     The following exchanges of a part of this Regulation S Temporary Global
Note for an interest in another Global Note, or exchanges of a part of another
other Restricted Global Note for an interest in this Regulation S Temporary
Global Note, have been made:

                    Amount of     Amount of       Principal
                   decrease in   increase in   Amount of this   Signature of
                    Principal     Principal      Global Note     authorized
                      Amount        Amount     following such      officer
                     of this       of this        decrease       of Trustee
Date of Exchange   Global Note   Global Note    (or increase)   or Custodian
----------------   -----------   -----------   --------------   ------------

                                      A2-12

                                                                       EXHIBIT B

                         FORM OF CERTIFICATE OF TRANSFER

Clarke American Corp.
10931 Laureate Drive
San Antonio, TX 78249

The Bank of New York
101 Barclay Street, 8W
New York, NY 10286

     Re: 11 3/4% Senior Notes due 2013

     Reference is hereby made to the Indenture, dated as of December 15, 2005
(the "Indenture"), among Clarke American Corp., as issuer (the "Company"), the
Guarantors party thereto and The Bank of New York, as trustee. 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. [_] CHECK IF TRANSFEREE WILL TAKE DELIVERY OF A BENEFICIAL INTEREST IN
THE 144A GLOBAL NOTE OR A RESTRICTED DEFINITIVE NOTE PURSUANT TO RULE 144A. The
Transfer is being effected pursuant to and in accordance with Rule 144A under
the 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 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. 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 144A Global Note and/or the Restricted Definitive Note and
in the Indenture and the Securities Act.

     2. [_] CHECK IF TRANSFEREE WILL TAKE DELIVERY OF A BENEFICIAL INTEREST IN
THE REGULATION S TEMPORARY GLOBAL NOTE, THE REGULATION S PERMANENT GLOBAL NOTE
OR A RESTRICTED 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

                                       B-1

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 Private Placement Legend printed on the Regulation S Permanent Global Note,
the Regulation S Temporary Global Note and/or the Restricted Definitive Note and
in the Indenture and the Securities Act.

     3. [_] 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) [_] such Transfer is being effected pursuant to and in accordance
     with Rule 144 under the Securities Act;

                                       or

          (b) [_] such Transfer is being effected to the Company or a subsidiary
     thereof;

                                       or

          (c) [_] 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) [_] 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 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) if such
     Transfer is in respect of a principal amount of Notes at the time of
     transfer of less than $250,000, 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. [_] CHECK IF TRANSFEREE WILL TAKE DELIVERY OF A BENEFICIAL INTEREST IN
AN UNRESTRICTED GLOBAL NOTE OR OF AN UNRESTRICTED DEFINITIVE NOTE.

     (a) [_] 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

                                       B-2

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) [_] 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) [_] 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.

     This certificate and the statements contained herein are made for your
benefit and the benefit of the Company.

                                            ------------------------------------
                                                 [Insert Name of Transferor]

                                            By:
                                               ---------------------------------
                                               Name:
                                               Title:

     Dated: _______________________

                                       B-3

                       ANNEX A TO CERTIFICATE OF TRANSFER

     1. The Transferor owns and proposes to transfer the following:

                            [CHECK ONE OF (a) OR (b)]

          (a)  [_] a beneficial interest in the:

               (i)   [_] 144A Global Note (CUSIP _________), or

               (ii)  [_] Regulation S Global Note (CUSIP _________), or

               (iii) [_] IAI Global Note (CUSIP _________); or

          (b)  [_] a Restricted Definitive Note.

     2. After the Transfer the Transferee will hold:

                                   [CHECK ONE]

          (a)  [_] a beneficial interest in the:

               (i)   [_] 144A Global Note (CUSIP _________), or

               (ii)  [_] Regulation S Global Note (CUSIP _________), or

               (iii) [_] IAI Global Note (CUSIP _________); or

               (iv)  [_] Unrestricted Global Note (CUSIP _________); or

          (b)  [_] a Restricted Definitive Note; or

          (c)  [_] an Unrestricted Definitive Note,

          in accordance with the terms of the Indenture.

                                       B-4

                                                                       EXHIBIT C

                         FORM OF CERTIFICATE OF EXCHANGE

Clarke American Corp.
10931 Laureate Drive
San Antonio, TX 78249

The Bank of New York
101 Barclay Street, 8W
New York, NY 10286

     Re: 11 3/4% Senior Notes due 2013

                              (CUSIP ____________)

     Reference is hereby made to the Indenture, dated as of December 15, 2005
(the "Indenture"), among Clarke American Corp., as issuer (the "Company"), the
Guarantors party thereto and The Bank of New York, as trustee. 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) [_] 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 Global
Notes and pursuant to and in accordance with the 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) [_] 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) [_] 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

                                       C-1

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) [_] 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) [_] CHECK IF EXCHANGE IS FROM BENEFICIAL INTEREST IN A RESTRICTED
GLOBAL NOTE TO RESTRICTED DEFINITIVE NOTE. In 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) [_] 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]
144A Global Note, Regulation S Global Note, 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 Company.

                                       C-2

                                        ________________________________________
                                        [Insert Name of Transferor]

                                        By:
                                            ------------------------------------
                                            Name:
                                            Title:

Dated:  ______________________

                                       C-3

                                                                       EXHIBIT D

                            FORM OF CERTIFICATE FROM
                   ACQUIRING INSTITUTIONAL ACCREDITED INVESTOR

Clarke American Corp.
10931 Laureate Drive
San Antonio, TX 78249

The Bank of New York
101 Barclay Street, 8W
New York, NY 10286

     Re: 11 3/4% Senior Notes due 2013

     Reference is hereby made to the Indenture, dated as of December 15, 2005
(the "Indenture"), among Clarke American Corp., as issuer (the "Company"), the
guarantors party thereto and The Bank of New York, as trustee. 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) [_] a beneficial interest in a Global Note, or

     (b) [_] 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 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, if such transfer is in respect of
a principal amount of Notes, at the time of transfer of less than $250,000, 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

                                       D-1

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: _______________________

                                       D-2

                                                                       EXHIBIT E

                          FORM OF NOTATION OF GUARANTEE

     For value received, each Guarantor (which term includes any successor
Person under the Indenture) has, jointly and severally, unconditionally
guaranteed, to the extent set forth, and subject to the provisions of, the
Indenture dated as of December 15, 2005 (the "Indenture") among Clarke American
Corp., (the "Company"), the Guarantors party thereto and The Bank of New York,
as trustee (the "Trustee"), (a) the due and punctual payment of the principal
of, premium and Liquidated Damages, if any, and interest on, the Notes, whether
at maturity, by acceleration, redemption or otherwise, the due and punctual
payment of interest on overdue principal of and interest on the Notes, if any,
if lawful, and the due and punctual performance of all other obligations of the
Company to the Holders or the Trustee all in accordance with the terms of the
Indenture and (b) in case of any extension of time of payment or renewal of any
Notes or any of such other obligations, that the same will be promptly paid in
full when due or performed in accordance with the terms of the extension or
renewal, whether at stated maturity, by acceleration or otherwise. The
obligations of the Guarantors to the Holders of Notes and to the Trustee
pursuant to the Note Guarantee and the Indenture are expressly set forth in
Article 10 of the Indenture and reference is hereby made to the Indenture for
the precise terms of the Note Guarantee.

     Capitalized terms used but not defined herein have the meanings given to
them in the Indenture.

                                        [NAME OF GUARANTOR(S)]

                                        By:
                                            ------------------------------------
                                            Name:
                                            Title:

                                       E-1

                                                                       EXHIBIT F

                         FORM OF SUPPLEMENTAL INDENTURE
                    TO BE DELIVERED BY SUBSEQUENT GUARANTORS

     SUPPLEMENTAL INDENTURE (this "Supplemental Indenture"), dated as of
________________, 200__, among __________________ (the "Guaranteeing
Subsidiary"), a subsidiary of Clarke American Corp. (or its permitted
successor), a Delaware corporation (the "Company"), the Company, the other
Guarantors (as defined in the Indenture referred to herein) and The Bank of New
York, as trustee under the Indenture referred to below (the "Trustee").

                               W I T N E S S E T H

     WHEREAS, the Company has heretofore executed and delivered to the Trustee
an indenture (the "Indenture"), dated as of December 15, 2005 providing for the
issuance of 11 3/4% Senior Notes due 2013 (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 Company's Obligations under the Notes and the Indenture on
the terms and conditions set forth herein (the "Note Guarantee"); and

     WHEREAS, pursuant to Section 9.01 of the Indenture, the Trustee 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
Guaranteeing Subsidiary and the Trustee 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 to
provide an unconditional Guarantee on the terms and subject to the conditions
set forth in the Note Guarantee and in the Indenture including but not limited
to Article 10 thereof.

     4. NO RECOURSE AGAINST OTHERS. No director, officer, employee,
incorporator, stockholder or controlling person of the Guaranteeing Subsidiary,
as such, shall have any liability for any obligations of the Company or any
Guaranteeing Subsidiary under the Notes, any Note 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 of the Notes by
accepting a Note waives and releases all such liability. The waiver and release
are part of the consideration for issuance of the Notes. Such waiver may not be
effective to waive liabilities under the federal securities laws and it is the
view of the SEC that such a waiver is against public policy.

     5. NEW YORK LAW TO GOVERN. THE INTERNAL LAW OF THE STATE OF NEW YORK SHALL
GOVERN AND BE USED TO CONSTRUE THIS SUPPLEMENTAL INDENTURE WITHOUT GIVING EFFECT
TO APPLICABLE PRINCIPLES OF CONFLICTS OF LAW TO THE EXTENT THAT THE APPLICATION
OF THE LAWS OF ANOTHER JURISDICTION WOULD BE REQUIRED THEREBY.

     6. 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.

                                       F-1

     7. EFFECT OF HEADINGS. The Section headings herein are for convenience only
and shall not affect the construction hereof.

     8. THE TRUSTEE. The Trustee shall not be responsible in any manner
whatsoever for or in respect of the validity or sufficiency of this Supplemental
Indenture or for or in respect of the recitals contained herein, all of which
recitals are made solely by the Guaranteeing Subsidiary and the Company.

                                       F-2

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

     Dated: _______________, 20___

                                        [GUARANTEEING SUBSIDIARY]

                                        By:
                                            ------------------------------------
                                            Name:
                                            Title:

                                        CLARKE AMERICAN CORP.

                                        By:
                                            ------------------------------------
                                            Name:
                                            Title:

                                        [EXISTING GUARANTORS]

                                        By:
                                            ------------------------------------
                                            Name:
                                            Title:

                                        THE BANK OF NEW YORK,
                                           as Trustee

                                        By:
                                            ------------------------------------
                                            Authorized Signatory

                                       F-3EXECUTION COPY
--------------------------------------------------------------------------------

                          REGISTRATION RIGHTS AGREEMENT

                          DATED AS OF DECEMBER 15, 2005
                                  BY AND AMONG

                              CLARKE AMERICAN CORP.
                   THE GUARANTORS LISTED ON SCHEDULE I HERETO

                                       AND

                            BEAR, STEARNS & CO. INC.
                           J.P. MORGAN SECURITIES INC.

--------------------------------------------------------------------------------

     This Registration Rights Agreement (this "AGREEMENT") is made and entered
into as of December 15, 2005, by and among Clarke American Corp., a Delaware
corporation (the "COMPANY"), the guarantors listed on Schedule I hereto (the
"GUARANTORS") and Bear, Stearns & Co. Inc. and J.P. Morgan Securities Inc. (each
an "INITIAL PURCHASER" and, together, the "INITIAL PURCHASERS"), who have agreed
to purchase the Company's 11 3/4% Senior Notes due 2013 (the "INITIAL NOTES")
pursuant to the Purchase Agreement (as defined below).

     This Agreement is made pursuant to the Purchase Agreement, dated December
8, 2005 between CA Investment Corp., a Delaware corporation, and the Initial
Purchasers, as amended by the first amendment thereto, dated the date hereof, by
and among the Company, the Guarantors and the Initial Purchasers (as so amended,
the "PURCHASE AGREEMENT"). In order to induce the Initial Purchasers to purchase
the Initial Notes, the Company and the Guarantors have agreed to provide the
registration rights set forth in this Agreement. The execution and delivery of
this Agreement is a condition to the obligations of the Initial Purchasers set
forth in Section 8 of the Purchase Agreement.

     Capitalized terms used herein and not otherwise defined shall have the
meaning assigned to them in the Indenture, dated as of December 15, 2005 (the
"INDENTURE"), among the Company, the Guarantors and The Bank of New York, as
trustee, as amended, relating to the Initial Notes and the Exchange Notes (as
defined below).

     The parties hereby agree as follows:

SECTION 1. DEFINITIONS

     As used in this Agreement, the following capitalized terms shall have the
following meanings:

     ACT: The Securities Act of 1933, as amended, or any successor statute, and
the rules and regulations promulgated by the Commission (as defined below)
thereunder.

     AFFILIATE: As defined in Rule 144.

     BROKER-DEALER: Any broker or dealer registered under the Exchange Act.

     BUSINESS DAY: Any day other than a Saturday, a Sunday or a day on which
banking institutions in the City of New York are authorized or obligated by law,
regulation or executive order to remain closed. If the time to perform any
action hereunder falls on a day that is not a Business Day, such time will be
extended to the next Business Day.

     CLOSING DATE: The date hereof.

     COMMISSION: The Securities and Exchange Commission.

     CONSUMMATE: An Exchange Offer shall be deemed "Consummated" for purposes of
this Agreement upon the occurrence of (a) the filing and effectiveness under the
Act of the Exchange Offer Registration Statement relating to the Exchange Notes
to be issued in the Exchange Offer, (b) the maintenance of such Exchange Offer
Registration Statement continuously effective and

the keeping of the Exchange Offer open for a period not less than the minimum
period required pursuant to Section 3(b) hereof and (c) the delivery by the
Company to the Registrar (as defined in the Indenture) under the Indenture of
Exchange Notes in the same aggregate principal amount as the aggregate principal
amount of Initial Notes that were tendered by Holders thereof pursuant to the
Exchange Offer.

     CONSUMMATION DEADLINE: As defined in Section 3(b) hereof.

     EXCHANGE ACT: The Securities Exchange Act of 1934, as amended, or any
successor statute, and the rules and regulations promulgated by the Commission
thereunder.

     EXCHANGE NOTES: The Company's 11 3/4% Senior Notes due 2013 and the related
guarantees to be issued pursuant to the Indenture (i) in the Exchange Offer or
(ii) as contemplated by Section 4 hereof.

     EXCHANGE OFFER: The exchange and issuance by the Company of a principal
amount of Exchange Notes (which shall be registered pursuant to the Exchange
Offer Registration Statement) equal to the outstanding principal amount of
Initial Notes that are tendered by such Holders in connection with such exchange
and issuance.

     EXCHANGE OFFER EFFECTIVENESS DEADLINE: As defined in Section 3(a) hereof.

     EXCHANGE OFFER REGISTRATION STATEMENT: The Registration Statement relating
to the Exchange Offer, including the related Prospectus.

     FILING DEADLINE: As defined in Section 3(a) hereof.

     HOLDERS: As defined in Section 2 hereof.

     INDEMNIFIED HOLDER: As defined in Section 8(a) hereof.

     INDEMNIFIED PARTY: As defined in Section 8(c) hereof.

     INDEMNIFIED PERSON: As defined in Section 8(c) hereof.

     LIQUIDATED DAMAGES: As defined in Section 5 hereof.

     PERSON: An individual, partnership, limited liability company, corporation,
trust, unincorporated organization, or government, agency or political
subdivision thereof.

     PROSPECTUS: The prospectus included in a Registration Statement at the time
such Registration Statement is declared effective, as amended or supplemented by
any prospectus supplement and by all other amendments thereto, including
post-effective amendments, and all material incorporated by reference into such
Prospectus.

     RECOMMENCEMENT DATE: As defined in Section 6(d) hereof.

     REGISTRATION DEFAULT: As defined in Section 5 hereof.

                                        2

     REGISTRATION STATEMENT: Any registration statement of the Company and the
Guarantors relating to (a) an offering of Exchange Notes pursuant to an Exchange
Offer or (b) the registration for resale of Transfer Restricted Securities
pursuant to the Shelf Registration Statement, that is filed pursuant to the
provisions of this Agreement, in each case, including the Prospectus included
therein and all amendments and supplements thereto (including post-effective
amendments) and all exhibits and material incorporated by reference therein.

     RULE 144: Rule 144 promulgated under the Act.

     SHELF FILING DEADLINE: As defined in Section 4(a) hereof.

     SHELF REGISTRATION STATEMENT: As defined in Section 4 hereof.

     SHELF REGISTRATION STATEMENT EFFECTIVENESS DEADLINE: As defined in Section
4(a) hereof.

     SUSPENSION NOTICE: As defined in Section 6(d) hereof.

     TIA: The Trust Indenture Act of 1939 (15 U.S.C. Section 77aaa-77bbbb), as
amended.

     TRANSFER RESTRICTED SECURITIES: Each Initial Note until the earliest to
occur of (a) the date on which such Initial Note has been exchanged by a Person
other than a Broker-Dealer for an Exchange Note in the Exchange Offer, (b)
following the exchange by a Broker-Dealer in the Exchange Offer of an Initial
Note for an Exchange Note, the date on which such Exchange Note is sold to a
purchaser who receives from such Broker-Dealer on or prior to the date of such
sale a copy of the Prospectus contained in the Exchange Offer Registration
Statement, (c) the date on which such Initial Note has been effectively
registered under the Act and disposed of in accordance with the Shelf
Registration Statement or (d) the date on which such Initial Note is distributed
to the public pursuant to Rule 144.

SECTION 2. HOLDERS

     A Person is deemed to be a holder of Transfer Restricted Securities (each,
a "HOLDER") whenever such Person owns Transfer Restricted Securities.

SECTION 3. REGISTERED EXCHANGE OFFER

     (a) Unless the Exchange Offer shall not be permitted by applicable law or
Commission policy (after the procedures set forth in Section 6(a)(i) below have
been complied with), the Company and the Guarantors shall (i) cause the Exchange
Offer Registration Statement to be filed with the Commission as soon as
practicable after the Closing Date, but in no event later than 150 days after
the Closing Date (such 150th day being the "FILING DEADLINE"), (ii) use all of
their respective commercially reasonable efforts to cause such Exchange Offer
Registration Statement to become effective at the earliest practicable time, but
in no event later than 240 days after the Closing Date (such 240th day being the
"EXCHANGE OFFER EFFECTIVENESS DEADLINE"), (iii) in connection with the
foregoing, use their respective commercially reasonable efforts to (A) file all
pre-effective amendments to such Exchange Offer Registration Statement as may be
necessary in order to cause it to become effective, (B) file, if

                                        3

applicable, a post-effective amendment to such Exchange Offer Registration
Statement pursuant to Rule 430A under the Act and (C) cause all necessary
filings, if any, in connection with the registration and qualification of the
Exchange Notes to be made under the blue sky laws of such jurisdictions as are
necessary to permit Consummation of the Exchange Offer; provided, however, that
neither the Company nor the Guarantors shall be required to take any action that
would subject them to general service of process or taxation in any jurisdiction
where they are not already so subject, and (iv) as promptly as practicable after
the effectiveness of such Exchange Offer Registration Statement, commence and
Consummate the Exchange Offer. The 150 and 240 day periods referred to in clause
(i) and (ii) of this Section 3(a) shall not include any period in which the
Company is pursuing a Commission decision in accordance with the provisions of
Section 6(a)(i) hereof. The Exchange Offer shall be on the appropriate form
permitting (i) registration of the Exchange Notes to be offered in exchange for
the Transfer Restricted Securities and (ii) resales of Exchange Notes by
Broker-Dealers that tendered into the Exchange Offer Initial Notes that such
Broker-Dealer acquired for its own account as a result of market-making
activities or other trading activities (other than Initial Notes acquired
directly from the Company or any of its Affiliates) as contemplated by Section
3(c) below.

     (b) Unless the Exchange Offer shall not be permitted by applicable law or
Commission policy (after the procedures set forth in Section 6(a)(i) below have
been complied with), the Company and the Guarantors shall use all of their
respective commercially reasonable efforts to cause the Exchange Offer
Registration Statement to be effective continuously, and shall keep the Exchange
Offer open for a period of not less than the minimum period required under
applicable federal and state securities laws to Consummate the Exchange Offer;
provided, however, that in no event shall such period be less than 20 Business
Days. The Company and the Guarantors shall cause the Exchange Offer to comply in
all material respects with all applicable federal and state securities laws. No
securities other than the Exchange Notes shall be included in the Exchange Offer
Registration Statement. The Company and the Guarantors shall use all of their
respective commercially reasonable efforts to cause the Exchange Offer to be
Consummated on the earliest practicable date after the Exchange Offer
Registration Statement has become effective, but in no event later than 45
Business Days thereafter, or longer, if required by the federal securities laws
(such 45th (or longer) Business Day being the "CONSUMMATION DEADLINE").

     (c) The Company and the Guarantors shall include a "Plan of Distribution"
section in the Prospectus contained in the Exchange Offer Registration Statement
and indicate therein that any Broker-Dealer who holds Initial Notes that are
Transfer Restricted Securities that were acquired for the account of such
Broker-Dealer as a result of market-making activities or other trading
activities (other than Transfer Restricted Securities acquired directly from the
Company or any Affiliate of the Company), may exchange such Transfer Restricted
Securities pursuant to the Exchange Offer. Such "Plan of Distribution" section
shall also contain all other information with respect to such sales by such
Broker-Dealers that the Commission may require in order to permit such sales
pursuant thereto, but such "Plan of Distribution" shall not name any such
Broker-Dealer or disclose the amount of Initial Notes held by any such
Broker-Dealer, except to the extent required by the Commission as a result of a
change in policy, rules or regulations after the date of this Agreement. See the
Shearman & Sterling no-action letter (available July 2, 1993).

                                        4

     Because such Broker-Dealer may be deemed to be an "underwriter" within the
meaning of the Act and must, therefore, deliver a prospectus meeting the
requirements of the Act in connection with its initial sale of any Exchange
Notes received by such Broker-Dealer in the Exchange Offer, the Company and
Guarantors shall permit the use of the Prospectus contained in the Exchange
Offer Registration Statement by such Broker-Dealer to satisfy such prospectus
delivery requirement. To the extent necessary to ensure that the Prospectus
contained in the Exchange Offer Registration Statement is available for sales of
Exchange Notes by Broker-Dealers, the Company and the Guarantors agree to use
all of their respective commercially reasonable efforts to keep the Exchange
Offer Registration Statement continuously effective, supplemented and amended as
required by and subject to the provisions of Sections 6(a) and (c) hereof and in
conformity with the requirements of this Agreement, the Act and the policies,
rules and regulations of the Commission as announced from time to time, for a
period of one year from the Consummation Deadline or such shorter period ending
on the date when all Transfer Restricted Securities covered by such Registration
Statement have been sold pursuant thereto. The Company and the Guarantors shall
provide sufficient copies of the latest version of such Prospectus to such
Broker-Dealers, promptly upon reasonable request at any time during such period.

SECTION 4. SHELF REGISTRATION

     (a) Shelf Registration. If (i) the Company and the Guarantors are not (A)
required to file the Exchange Offer Registration Statement or (B) permitted to
Consummate the Exchange Offer because the Exchange Offer is not permitted by
applicable law or Commission policy (after the Company and the Guarantors have
complied with the procedures set forth in Section 6(a)(i) below) or (ii) any
Holder of Transfer Restricted Securities notifies the Company prior to 20
Business Days following Consummation of the Exchange Offer that (A) such Holder
was prohibited by law or Commission policy from participating in the Exchange
Offer, (B) such Holder may not resell the Exchange Notes acquired by it in the
Exchange Offer to the public without delivering a prospectus and the Prospectus
contained in the Exchange Offer Registration Statement is not appropriate or
available for such resales by such Holder or (C) such Holder is a Broker-Dealer
and holds Initial Notes acquired directly from the Company or any of its
Affiliates, then the Company and the Guarantors shall:

     (x) use all of their respective commercially reasonable efforts on or prior
to 45 days after the earlier of (i) the date as of which the Company determines
that the Exchange Offer Registration Statement will not be or cannot be, as the
case may be, filed as a result of clause (a)(i) above and (ii) the date on which
the Company receives the notice specified in clause (a)(ii) above (such earlier
date, the "SHELF FILING DEADLINE"); provided that such Shelf Filing Deadline
shall not be earlier than 150 days after the date of this Agreement, to file a
shelf registration statement pursuant to Rule 415 under the Act (which may be an
amendment to the Exchange Offer Registration Statement (the "SHELF REGISTRATION
STATEMENT")), relating to all Transfer Restricted Securities of Holders that
have provided the information required pursuant to Section 4(b) hereof; and

     (y) use all of their respective commercially reasonable efforts to cause
such Shelf Registration Statement to become effective on or prior to 240 days
after the Shelf Filing Deadline (such 240th day, the "SHELF REGISTRATION
STATEMENT EFFECTIVENESS DEADLINE").

                                        5

     If, after the Company and the Guarantors have filed an Exchange Offer
Registration Statement that satisfies the requirements of Section 3(a) above,
the Company and the Guarantors are required to file and make effective a Shelf
Registration Statement solely because the Exchange Offer is not permitted as a
result of the circumstances described under applicable federal law or Commission
policy (i.e., clause (a)(i)(B) above), then the filing of the Exchange Offer
Registration Statement shall be deemed to satisfy the requirements of clause (x)
above; provided that, in such event, the Company and the Guarantors shall remain
obligated to meet the Shelf Registration Statement Effectiveness Deadline.

     To the extent necessary to ensure that the Shelf Registration Statement is
available for sales of Transfer Restricted Securities by the Holders thereof
entitled to the benefit of this Section 4(a) and the other securities required
to be registered therein pursuant to Section 6(b)(ii) hereof, the Company and
the Guarantors shall use all of their respective commercially reasonable efforts
to keep any Shelf Registration Statement required by this Section 4(a)
continuously effective, supplemented and amended as required by and subject to
the provisions of Sections 6(b) and (c) hereof and in conformity in all material
respects with the requirements of this Agreement, the Act and the policies,
rules and regulations of the Commission as announced from time to time, for a
period of at least two years (as extended pursuant to Section 6(d) hereof)
following the Closing Date, or such shorter period as will terminate when all
Transfer Restricted Securities covered by such Shelf Registration Statement have
been sold pursuant thereto.

     (b) Provision by Holders of Certain Information in Connection with the
Shelf Registration Statement. No Holder of Transfer Restricted Securities may
include any of its Transfer Restricted Securities in any Shelf Registration
Statement pursuant to this Agreement unless and until (i) such Holder furnishes
to the Company in writing, within 20 days after receipt of a request therefor,
the information specified in Item 507 or Item 508 of Regulation S-K, as
applicable, of the Act for use in connection with any Shelf Registration
Statement or Prospectus or preliminary prospectus included therein, and (ii) in
the case of an underwritten offering, such Holder completes and executes all
questionnaires, powers of attorney, underwriting agreements, lock-up letters and
other documents reasonably requested by the Company in connection with the terms
of such underwritten offering. Furthermore, no Holder of Transfer Restricted
Securities may include any of its Transfer Restricted Securities in any Shelf
Registration Statement pursuant to this Agreement unless and until such Holder
furnishes to the Company in writing, within 10 Business Days after receipt of a
request therefor, such Holder's comments to the disclosure relating to such
Holder in the Shelf Registration Statement. No Holder of Transfer Restricted
Securities shall be entitled to Liquidated Damages pursuant to Section 5 hereof
unless and until such Holder shall have provided all such information. Each
selling Holder agrees to promptly furnish additional information required to be
disclosed in order to make the information previously furnished to the Company
by such Holder not materially misleading.

SECTION 5. LIQUIDATED DAMAGES

     Subject to the Company's rights set forth in Section 6(b)(iii) and 6(d)
hereof, if (i) any Registration Statement required by this Agreement is not
filed with the Commission on or prior to the applicable Filing Deadline or Shelf
Filing Deadline, as applicable, (ii) any of such Registration Statements is not
declared effective by the Commission on or prior to the Exchange Offer
Effectiveness Deadline or the Shelf Registration Statement Effectiveness
Deadline, as

                                        6

applicable, (iii) the Exchange Offer has not been Consummated on or prior to the
Consummation Deadline or (iv) any Registration Statement required by this
Agreement is filed and declared effective but thereafter ceases to be usable for
its intended purpose, without being succeeded within 10 Business Days by a
post-effective amendment to such Registration Statement that cures such failure
and that is itself declared effective within such 10 Business Day period (each
such event referred to in clauses (i) through (iv), a "REGISTRATION DEFAULT"),
then the Company and the Guarantors hereby jointly and severally agree to pay to
each Holder of Transfer Restricted Securities liquidated damages ("LIQUIDATED
DAMAGES") in an amount equal to a per annum rate of 0.25% on the principal
amount of Transfer Restricted Securities held by such Holder for the period of
time that the Registration Default continues for the first 90-day period
immediately following the occurrence of such Registration Default. The amount of
the Liquidated Damages shall increase by an additional per annum rate of 0.25%
with respect to each subsequent 90-day period until no Registration Default is
in effect, up to a maximum amount of Liquidated Damages for all Registration
Defaults of 1.00% per annum on the principal amount of Transfer Restricted
Securities; provided that the Company and the Guarantors shall in no event be
required to pay Liquidated Damages for more than one Registration Default at any
given time. Notwithstanding anything to the contrary set forth herein, (1) upon
filing of the Exchange Offer Registration Statement (and/or, if applicable, the
Shelf Registration Statement), in the case of (i) above, (2) upon the
effectiveness of the Exchange Offer Registration Statement (and/or, if
applicable, the Shelf Registration Statement), in the case of (ii) above, (3)
upon Consummation of the Exchange Offer, in the case of (iii) above, or (4) upon
the filing of a post-effective amendment to the Registration Statement or an
additional Registration Statement that causes the Exchange Offer Registration
Statement (and/or, if applicable, the Shelf Registration Statement) to again be
declared effective or made usable in the case of (iv) above, the Liquidated
Damages payable with respect to the Transfer Restricted Securities as a result
of such clause (i), (ii), (iii) or (iv), as applicable, shall cease on the date
of such cure and the interest rate on such Transfer Restricted Securities will
revert to the interest rate on such Transfer Restricted Securities prior to the
applicable Registration Default.

     All accrued Liquidated Damages shall be paid to the Holders entitled
thereto, in the manner provided for the payment of interest in the Indenture, on
the next scheduled Interest Payment Date (as defined in the Indenture), as more
fully set forth in the Indenture and the Notes. Notwithstanding the fact that
any securities for which Liquidated Damages are due cease to be Transfer
Restricted Securities, all obligations of the Company and the Guarantors to pay
Liquidated Damages with respect to securities shall survive until such time as
such obligations with respect to such securities shall have been satisfied in
full.

     The amount of Liquidated Damages payable shall not increase because more
than one Registration Default has occurred and is continuing, and a Holder of
Initial Notes or Exchange Notes who is not entitled to the benefits of a Shelf
Registration Statement shall not be entitled to Liquidated Damages with respect
to a Registration Default that pertains to such Shelf Registration Statement.

SECTION 6. REGISTRATION PROCEDURES

     (a) Exchange Offer Registration Statement. In connection with the Exchange
Offer, the Company and the Guarantors shall (x) comply with all applicable
provisions of Section 6(c)

                                        7

below, (y) use all of their respective commercially reasonable efforts to effect
such exchange and to permit the resale of Exchange Notes by Broker-Dealers that
tendered in the Exchange Offer Initial Notes that such Broker-Dealer acquired
for its own account as a result of its market-making activities or other trading
activities (other than Initial Notes acquired directly from the Company or any
of its Affiliates) being sold in accordance with the intended method or methods
of distribution thereof set forth in the Registration Statement, and (z) comply
with all of the following provisions:

          (i) If, following the date hereof there has been announced a change in
     Commission policy with respect to exchange offers such as the Exchange
     Offer, that in the reasonable opinion of counsel to the Company raises a
     substantial question as to whether the Exchange Offer is permitted by
     applicable law, the Company and the Guarantors hereby agree to seek a
     no-action letter or other favorable decision from the Commission allowing
     the Company and the Guarantors to Consummate an Exchange Offer for such
     Transfer Restricted Securities. The Company and the Guarantors hereby agree
     to pursue the issuance of such a decision to the Commission staff level;
     provided that the Company and the Guarantors shall not be required to take
     any commercially unreasonable action to effect a change in Commission
     policy. In connection with the foregoing, the Company and the Guarantors
     hereby agree, however, to take all such other commercially reasonable
     actions as may be requested by the Commission or otherwise required in
     connection with the issuance of such decision, including without limitation
     (A) participating in telephonic conferences with the Commission, (B)
     delivering to the Commission staff an analysis prepared by counsel to the
     Company setting forth the legal bases, if any, upon which such counsel has
     concluded that such an Exchange Offer should be permitted and (C)
     diligently pursuing a resolution of such submission (which need not be
     favorable) by the Commission staff.

          (ii) As a condition to its participation in the Exchange Offer, each
     Holder of Transfer Restricted Securities (including, without limitation,
     any Holder who is a Broker-Dealer) shall furnish, upon the request of the
     Company, prior to the Consummation of the Exchange Offer, a written
     representation to the Company and the Guarantors (which may be contained in
     the letter of transmittal contemplated by the Exchange Offer Registration
     Statement) to the effect that (A) it is not an Affiliate of the Company,
     (B) it is not engaged in, and does not intend to engage in, and has no
     arrangement or understanding with any Person to participate in, a
     distribution of the Exchange Notes to be issued in the Exchange Offer and
     (C) it is acquiring the Exchange Notes in its ordinary course of business.
     As a condition to its participation in the Exchange Offer each Holder using
     the Exchange Offer to participate in a distribution of the Exchange Notes
     shall acknowledge and agree that, if the resales are of Exchange Notes
     obtained by such Holder in exchange for Initial Notes acquired directly
     from the Company or an Affiliate thereof, it (1) could not, under
     Commission policy as in effect on the date of this Agreement, rely on the
     position of the Commission enunciated in Morgan Stanley and Co., Inc.
     (available June 5, 1991) and Exxon Capital Holdings Corporation (available
     May 13, 1988), as interpreted in the Commission's letter to Shearman &
     Sterling dated July 2, 1993, and similar no-action letters (including, if
     applicable, any no-action letter obtained pursuant to clause (i) above),
     and (2) must comply with the registration and prospectus delivery
     requirements of the Act in connection with a secondary resale transaction
     and that such a

                                        8

     secondary resale transaction must be covered by an effective registration
     statement containing the selling security holder information required by
     Item 507 or 508, as applicable, of Regulation S-K.

          (iii) Prior to effectiveness of the Exchange Offer Registration
     Statement, the Company and the Guarantors shall provide a supplemental
     letter to the Commission (A) stating that the Company and the Guarantors
     are registering the Exchange Offer in reliance on the position of the
     Commission enunciated in Exxon Capital Holdings Corporation (available May
     13, 1988), Morgan Stanley and Co., Inc. (available June 5, 1991) as
     interpreted in the Commission's letter to Shearman & Sterling dated July 2,
     1993, and, if applicable, any no-action letter obtained pursuant to clause
     (i) above, (B) including a representation that neither the Company has nor
     the Guarantors have entered into any arrangement or understanding with any
     Person to distribute the Exchange Notes to be received in the Exchange
     Offer and that, to the best of the Company's and the Guarantors'
     information and belief, each Holder participating in the Exchange Offer is
     acquiring the Exchange Notes in its ordinary course of business and has no
     arrangement or understanding with any Person to participate in the
     distribution of the Exchange Notes received in the Exchange Offer and (C)
     any other undertaking or representation required by the Commission as set
     forth in any no-action letter obtained pursuant to clause (i) above, if
     applicable.

     (b) Shelf Registration Statement. In connection with the Shelf Registration
Statement, the Company and the Guarantors shall:

          (i) comply with all the provisions of Section 6(c) below and use all
     of their respective commercially reasonable efforts to effect such
     registration to permit the sale of the Transfer Restricted Securities being
     sold in accordance with the intended method or methods of distribution
     thereof (as indicated in the information furnished to the Company pursuant
     to Section 4(b) hereof), and pursuant thereto the Company and the
     Guarantors will prepare and file with the Commission a Registration
     Statement relating to the registration on any appropriate form under the
     Act, which form shall be available for the sale of the Transfer Restricted
     Securities in accordance with the intended method or methods of
     distribution thereof within the time periods and otherwise in accordance
     with the provisions hereof, and

          (ii) issue, upon the request of any Holder or purchaser of Initial
     Notes covered by any Shelf Registration Statement contemplated by this
     Agreement; provided that such Holder provides all documentation reasonably
     requested by the Company in connection with such issuance, Exchange Notes
     having an aggregate principal amount equal to the aggregate principal
     amount of Initial Notes sold pursuant to the Shelf Registration Statement
     and surrendered to the Company for cancellation; the Company shall register
     Exchange Notes on the Shelf Registration Statement for this purpose and
     issue the Exchange Notes to the purchaser(s) of securities subject to the
     Shelf Registration Statement in the names as such purchaser(s) shall
     designate.

          (iii) If the Board of Directors of the Company determines in good
     faith that it is in the best interests of the Company not to disclose the
     existence of or facts

                                        9

     surrounding any proposed or pending material corporate transaction or other
     material development involving the Company or the Guarantors, the Company
     may allow the Shelf Registration Statement to fail to be effective or the
     Prospectus contained therein to be unusable as a result of such
     nondisclosure for up to seventy-five (75) days in any year during the
     two-year period of effectiveness required by Section 4 hereof and no
     Liquidated Damages shall become payable by the Company or the Guarantors as
     a result of any such Shelf Registration Statement failing to be effective
     or any such Prospectus being unusuable pursuant to this Section 6(b)(iii).

     (c) General Provisions. In connection with any Registration Statement and
any related Prospectus required by this Agreement, the Company and the
Guarantors shall:

          (i) use their respective commercially reasonable efforts to keep such
     Registration Statement continuously effective and provide all requisite
     financial statements for the period specified in Section 3 or 4 hereof, as
     applicable. Upon the occurrence of any event that would cause any such
     Registration Statement or the Prospectus contained therein (A) to contain
     an untrue statement of material fact or omit to state any material fact
     required to be stated therein or necessary to make the statements therein,
     in the light of the circumstances under which they were made, not
     misleading or (B) not to be effective and usable for resale of Transfer
     Restricted Securities during the period required by this Agreement, the
     Company and the Guarantors shall file as promptly as practicable an
     appropriate amendment to such Registration Statement curing such defect,
     and, if Commission review is required, use all of their respective
     commercially reasonable efforts to cause such amendment to be declared
     effective as soon as practicable;

          (ii) prepare and file with the Commission such amendments and
     post-effective amendments to the applicable Registration Statement as may
     be necessary to keep such Registration Statement effective for the
     applicable period set forth in Section 3 or 4 hereof, as the case may be;
     cause the Prospectus to be supplemented by any required Prospectus
     supplement, and as so supplemented to be filed pursuant to Rule 424 under
     the Act, and to comply fully with the applicable provisions of Rules 424,
     430A and 462, as applicable, under the Act in a timely manner; and comply
     with the provisions of the Act with respect to the disposition of all
     securities covered by such Registration Statement during the applicable
     period in accordance with the intended method or methods of distribution by
     the sellers thereof set forth in such Registration Statement or supplement
     to the Prospectus;

          (iii) advise the Holders as promptly as practicable and, if requested
     by such Holders, confirm such advice in writing, (A) when the Prospectus or
     any Prospectus supplement or post-effective amendment has been filed, and,
     with respect to any applicable Registration Statement or any post-effective
     amendment thereto, when the same has become effective, (B) of any request
     by the Commission for amendments to the Registration Statement or
     amendments or supplements to the Prospectus or for additional information
     relating thereto, (C) of the issuance by the Commission of any stop order
     suspending the effectiveness of the Registration Statement under the Act or
     of the suspension by any state securities commission of the qualification
     of the Transfer

                                       10

     Restricted Securities for offering or sale in any jurisdiction, or the
     initiation of any proceeding for any of the preceding purposes, and (D) of
     the existence of any fact or the happening of any event that makes any
     statement of a material fact made in the Registration Statement, the
     Prospectus, any amendment or supplement thereto or any document
     incorporated by reference therein untrue, or that requires the making of
     any additions to or changes in the Registration Statement in order to make
     the statements therein not misleading, or that requires the making of any
     additions to or changes in the Prospectus in order to make the statements
     therein, in the light of the circumstances under which they were made, not
     misleading (provided, however, that no advice by the Company shall be
     required pursuant to this clause (D) in the event that the Company either
     promptly files a Prospectus supplement to update the Prospectus or a Form
     8-K or other appropriate Exchange Act report that is incorporated by
     reference into such Registration Statement, which, in either case, contains
     the requisite information with respect to such event or facts that results
     in such Registration Statement no longer containing any untrue statement of
     material fact or omitting to state a material fact necessary to make the
     statements contained therein not misleading). If at any time the Commission
     shall issue any stop order suspending the effectiveness of the Registration
     Statement, or any state securities commission or other regulatory authority
     shall issue an order suspending the qualification or exemption from
     qualification of the Transfer Restricted Securities under state securities
     or blue sky laws, the Company and the Guarantors shall use all of their
     respective commercially reasonable efforts to obtain the withdrawal or
     lifting of such order at the earliest practicable time;

          (iv) subject to Section 6(c)(i), if any fact or event contemplated by
     Section 6(c)(iii)(D) above shall exist or have occurred, prepare a
     supplement or post-effective amendment to the Registration Statement or
     related Prospectus or any document incorporated therein by reference or
     file any other required document so that, as thereafter delivered to the
     purchasers of Transfer Restricted Securities, the Prospectus, as of its
     date, will not contain an untrue statement of a material fact or omit to
     state any material fact necessary to make the statements therein, in the
     light of the circumstances under which they were made, not misleading;

          (v) in the case of a Shelf Registration Statement, furnish to each
     Holder named in any such Registration Statement in connection with such
     exchange or sale, if any, before filing with the Commission, copies of any
     Registration Statement or any Prospectus included therein or any amendments
     or supplements to any such Registration Statement or Prospectus (including
     all documents incorporated by reference after the initial filing of such
     Registration Statement), which documents will be subject to the review and
     comment of such Holders in connection with such sale, if any, for a period
     of at least five Business Days, and the Company will not file any such
     Registration Statement or Prospectus or any amendment or supplement to any
     such Registration Statement or Prospectus (including all such documents
     incorporated by reference) to which such Holders shall reasonably object in
     writing within five Business Days after the receipt thereof. A Holder shall
     be deemed to have reasonably objected to such filing if such Registration
     Statement, amendment, Prospectus or supplement, as applicable, as proposed
     to be filed, contains an untrue statement of a material fact or omits to
     state any material fact required to be stated therein or necessary to make
     the statements therein not

                                       11

     misleading or fails to comply with the applicable requirements of the Act.
     Notwithstanding the foregoing, the Company shall not be required to take
     any actions under this Section 6(c)(v) that are not, in the reasonable
     opinion of counsel for the Company, in compliance with applicable law;

          (vi) in the case of a Shelf Registration Statement, promptly prior to
     the filing of any document that is to be incorporated by reference into a
     Registration Statement or Prospectus in connection with such exchange or
     sale, if any, provide copies of such document to the Holders named in any
     such Registration Statement, make the Company's and the Guarantors'
     representatives available for discussion of such document and other
     customary due diligence matters, subject to negotiation, execution and
     delivery of customary confidentiality agreements, and include such
     information in such document prior to the filing thereof as such Holders
     may reasonably request;

          (vii) make available, at reasonable times, for inspection by the
     Holders named in any applicable Registration Statement and legal counsel or
     accountant retained by such Holders, all financial and other records,
     pertinent corporate documents of the Company and the Guarantors reasonably
     requested by any such Persons and cause the Company's and the Guarantors'
     officers, directors and employees to supply all information reasonably
     requested by any such Holder, counsel or accountant, subject to
     negotiation, execution and delivery of customary confidentiality
     agreements, in connection with such Registration Statement or any
     post-effective amendment thereto subsequent to the filing thereof and prior
     to its effectiveness;

          (viii) in the case of a Shelf Registration Statement, if requested by
     any Holders named in any such Registration Statement in connection with
     such exchange or sale, promptly include in any Registration Statement or
     Prospectus, pursuant to a supplement, document incorporated by reference or
     post-effective amendment if necessary, such information as such Holders may
     reasonably request to have included therein, including, without limitation,
     information relating to the "Plan of Distribution" of the Transfer
     Restricted Securities, information with respect to the principal amount of
     Transfer Restricted Securities being sold, the purchase price being paid
     therefor and any other terms of the offering of the Transfer Restricted
     Securities to be sold in such offering; and make all required filings of
     such Prospectus supplement or post-effective amendment as soon as
     practicable after the Company is notified of the matters to be included in
     such Prospectus supplement or post-effective amendment;

          (ix) in the case of a Shelf Registration Statement, use its
     commercially reasonable efforts to cause the Transfer Restricted Securities
     covered by the Registration Statement to be rated with the appropriate
     rating agencies, if so requested by the Holders of a majority in aggregate
     principal amount of Transfer Restricted Securities covered thereby;

          (x) in the case of a Shelf Registration Statement, upon request,
     furnish to each Holder named in any such Registration Statement in
     connection with such exchange or sale, without charge, at least one copy of
     the Registration Statement, as first filed with the

                                       12

     Commission, and of each amendment thereto, (without all documents
     incorporated by reference therein and exhibits thereto, unless requested);

          (xi) in the case of a Shelf Registration Statement, upon request,
     deliver to each Holder named in any such Registration Statement without
     charge, as many copies of the Prospectus (including each preliminary
     prospectus) and any amendment or supplement thereto as such Persons
     reasonably may request; provided that if no Registration Statement is
     effective or no Prospectus is usable in accordance with the provisions of
     Section 6(b) hereof, the Company shall deliver to each Holder named in any
     such Registration Statement a notice to that effect; the Company and the
     Guarantors hereby consent to the use (in accordance with law) of the
     Prospectus and any amendment or supplement thereto by each selling Holder
     in connection with the offering and the sale of the Transfer Restricted
     Securities covered by the Prospectus or any amendment or supplement
     thereto;

          (xii) in the case of a Shelf Registration Statement, upon the
     reasonable request of any Holder named in any such Registration Statement,
     enter into such agreements (including underwriting agreements containing
     customary terms) and make such customary representations and warranties and
     take all such other customary actions in connection therewith in order to
     expedite or facilitate the disposition of the Transfer Restricted
     Securities pursuant to such Registration Statement as may be reasonably
     requested by any such Holder in connection with any sale or resale pursuant
     to such Registration Statement. In such connection, the Company and the
     Guarantors shall:

               (A) to the extent reasonably requested by any Holder named in any
          such Registration Statement, furnish (or in the case of paragraphs (2)
          and (3), use all of their respective commercially reasonable efforts
          to cause to be furnished) to each Holder, upon the effectiveness of
          the Shelf Registration Statement:

                    (1) a certificate in customary form, dated such date, signed
               on behalf of the Company and each Guarantor by (x) the President
               or any Vice President and (y) a principal financial or accounting
               officer of the Company, in customary form, and such Guarantor,
               confirming, as of the date thereof, the matters set forth in
               Sections 8(a), (c), (d) and (e) of the Purchase Agreement and
               such other matters as such Holders may reasonably request;

                    (2) an opinion in customary form, dated the date of
               effectiveness of the Shelf Registration Statement, of counsel for
               the Company and the Guarantors, covering such matters as set
               forth in Sections 8(g) and (h) of the Purchase Agreement and such
               other matters as such Holder may reasonably request; and

                    (3) a customary comfort letter, dated the date of
               effectiveness of the Shelf Registration Statement, from the
               Company's independent accountants, in the customary form and
               covering matters of the type customarily covered in comfort
               letters to underwriters in connection with

                                       13

               primary underwritten offerings, and covering or affirming the
               matters set forth in the comfort letters delivered pursuant to
               Section 8(i) of the Purchase Agreement; and

               (B) deliver such other documents and certificates as may be
          reasonably requested by the Holders named in any such Registration
          Statement and as are customarily delivered in similar offerings to
          evidence compliance with the matters covered in clause (A) above and
          with any customary conditions contained in any agreement entered into
          by the Company and the Guarantors pursuant to this clause (B);

          (xiii) prior to any public offering of Transfer Restricted Securities,
     use all of their respective commercially reasonable efforts to cooperate
     with the Holders named in the applicable Registration Statement and their
     counsel in connection with the registration and qualification of the
     Transfer Restricted Securities under the state securities or blue sky laws
     of such jurisdictions as such Holders may reasonable request and use all of
     their respective commercially reasonable efforts to do any and all other
     acts or things necessary or advisable to enable the disposition in such
     jurisdictions of the Transfer Restricted Securities covered by the
     applicable Registration Statement; provided, however, that neither the
     Company nor the Guarantors shall be required to register or qualify as a
     foreign corporation where it is not now so qualified or to take any action
     that would subject it to the service of process in suits or to taxation in
     any jurisdiction where it is not now so subject;

          (xiv) in connection with any sale of Transfer Restricted Securities
     that will result in such securities no longer being Transfer Restricted
     Securities, cooperate with the Holders to facilitate the timely preparation
     and delivery of certificates representing Transfer Restricted Securities to
     be sold and not bearing any restrictive legends; and to enable such
     Transfer Restricted Securities to be registered in such denominations and
     such names as the selling Holders may request at least three Business Days
     prior to such sale of Transfer Restricted Securities;

          (xv) use all of their respective commercially reasonable efforts to
     cause the disposition of the Transfer Restricted Securities covered by the
     Registration Statement to be registered with or approved by such other
     governmental agencies or authorities as may be necessary to enable the
     seller or sellers thereof to consummate the disposition of such Transfer
     Restricted Securities other than as set forth in Section 6(c)(xiii) hereof;

          (xvi) provide a CUSIP number for all Transfer Restricted Securities
     not later than the effective date of a Registration Statement covering such
     Transfer Restricted Securities and provide the Trustee under the Indenture
     with any necessary printed certificates for the Transfer Restricted
     Securities which are in a form eligible for deposit with the Depository
     Trust Company;

          (xvii) otherwise use all of their respective commercially reasonable
     efforts to comply with all applicable rules and regulations of the
     Commission, and make generally available to its security holders with
     regard to any applicable Registration Statement, as

                                       14

     soon as practicable, a consolidated earnings statement meeting the
     requirements of Rule 158 under the Act (which need not be audited) covering
     a twelve-month period beginning after the effective date of the
     Registration Statement (as such term is defined in paragraph (c) of Rule
     158 under the Act);

          (xviii) cause the Indenture to be qualified under the TIA not later
     than the effective date of the first Registration Statement required by
     this Agreement and, in connection therewith, cooperate with the Trustee and
     the Holders to effect such changes to the Indenture as may be required for
     such Indenture to be so qualified in accordance with the terms of the TIA;
     and execute and use all of their respective commercially reasonable efforts
     to cause the Trustee to execute, all documents that may be required to
     effect such changes and all other forms and documents required to be filed
     with the Commission to enable such Indenture to be so qualified in a timely
     manner; and

          (xix) provide as promptly as practicable to each Holder, upon request,
     each document filed with the Commission pursuant to the requirements of
     Section 13 or Section 15(d) of the Exchange Act.

     (d) Restrictions on Holders. Each Holder agrees by acquisition of a
Transfer Restricted Security that, upon receipt of the notice referred to in
Section 6(c)(iii)(C), or any notice from the Company of the existence of any
fact of the kind described in Section 6(c)(iii)(D) hereof (in each case, a
"SUSPENSION NOTICE"), such Holder will forthwith discontinue disposition of
Transfer Restricted Securities pursuant to the applicable Registration Statement
until (x) such Holder has received copies of the supplemented or amended
Prospectus contemplated by Section 6(c)(iv) hereof, or (y) such Holder is
advised in writing by the Company that the use of the Prospectus may be resumed,
and has received copies of any additional or supplemental filings that are
incorporated by reference in the Prospectus (in each case, the "RECOMMENCEMENT
DATE"). Each Holder receiving a Suspension Notice hereby agrees that it will
either (i) destroy any Prospectuses, other than permanent file copies, then in
such Holder's possession which have been replaced by the Company with more
recently dated Prospectuses or (ii) deliver to the Company (at the Company's
expense) all copies, other than permanent file copies, then in such Holder's
possession of the Prospectus covering such Transfer Restricted Securities that
was current at the time of receipt of the Suspension Notice. In the event the
Company shall give any such notice, the time period regarding the effectiveness
of such Registration Statement set forth in Section 3 or 4 hereof, as
applicable, shall be extended by a number of days equal to the number of days in
the period from and including the date of delivery of the Suspension Notice to
the Recommencement Date.

SECTION 7. REGISTRATION EXPENSES

     (a) All expenses incident to the Company's and the Guarantors' performance
of or compliance with this Agreement (other than any underwriting discounts and
commissions) will be borne by the Company, regardless of whether a Registration
Statement becomes effective, including without limitation: (i) all registration
and filing fees and expenses; (ii) all fees and expenses of compliance with
federal securities and state Blue Sky or securities laws; (iii) all expenses of
printing (including printing certificates for the Exchange Notes to be issued in
the Exchange Offer and printing of Prospectuses), messenger and delivery
services and telephone;

                                       15

(iv) all fees and disbursements of counsel for the Company and the Guarantors
and all reasonable fees and disbursements of one firm of counsel for the Holders
of Transfer Restricted Securities; (v) all application and filing fees in
connection with listing the Exchange Notes on a national securities exchange or
automated quotation system pursuant to the requirements thereof; and (vi) all
fees and disbursements of independent certified public accountants of the
Company and the Guarantors (including the expenses of any special audit and
comfort letters required by or incident to such performance).

     The Company will, in any event, bear its and the Guarantors' internal
expenses (including, without limitation, all salaries and expenses of its
officers and employees performing legal or accounting duties), the expenses of
any annual audit and the fees and expenses of any Person, including special
experts, retained by the Company or the Guarantors.

     (b) In connection with any Registration Statement required by this
Agreement (including, without limitation, the Exchange Offer Registration
Statement and the Shelf Registration Statement) regardless of whether a
Registration Statement becomes effective, the Company and the Guarantors will
reimburse the Initial Purchasers and the Holders of Transfer Restricted
Securities who are tendering Initial Notes in the Exchange Offer and/or selling
or reselling Initial Notes or Exchange Notes pursuant to the "Plan of
Distribution" contained in the Exchange Offer Registration Statement or
registered pursuant to the Shelf Registration Statement, as applicable, for the
reasonable fees and disbursements of not more than one counsel, who shall be
Latham & Watkins LLP, unless another firm shall be chosen by the Holders of a
majority in principal amount of the Transfer Restricted Securities for whose
benefit such Registration Statement is being prepared; provided that the Company
and the Guarantors' reimbursement obligation with respect to such fees and
disbursements shall not exceed $25,000.

SECTION 8. INDEMNIFICATION

     (a) The Company and the Guarantors agree, jointly and severally, to
indemnify and hold harmless each Holder, its directors, officers and each
Person, if any, who controls such Holder (within the meaning of Section 15 of
the Act or Section 20 of the Exchange Act) (collectively, an "INDEMNIFIED
HOLDER"), from and against any and all losses, claims, damages, liabilities,
judgments, and expenses (including without limitation, any reasonable legal fees
or other expenses reasonably incurred in connection with investigating,
preparing or defending any matter, including any action that could give rise to
any such losses, claims, damages, liabilities or judgments) to which they or any
of them may become subject under the Act, the Exchange Act or otherwise, insofar
as such losses, claims, damages, liabilities, judgments and expenses are caused
by any untrue statement or alleged untrue statement of a material fact contained
in any Registration Statement, preliminary prospectus or Prospectus (or any
amendment or supplement thereto) provided by the Company to any Holder or any
prospective purchaser of Exchange Notes or registered Initial Notes, or caused
by any omission or alleged omission to state therein a material fact required to
be stated therein or necessary to make the statements therein not misleading,
except insofar as such losses, claims, damages, liabilities or judgments are
caused by an untrue statement or omission or alleged untrue statement or
omission that is based upon information relating to any of the Holders furnished
in writing to the Company by any of the Holders.

                                       16

     (b) Each Holder of Transfer Restricted Securities agrees, severally and not
jointly, to indemnify and hold harmless the Company and the Guarantors, and
their respective directors and officers, and each person, if any, who controls
(within the meaning of Section 15 of the Act or Section 20 of the Exchange Act)
the Company, or the Guarantors to the same extent as the foregoing indemnity
from the Company and the Guarantors set forth in section (a) above to each of
the Indemnified Holders, but only with reference to information relating to such
Indemnified Holder furnished in writing to the Company by such Indemnified
Holder expressly for use in any Registration Statement. In no event shall any
Indemnified Holder, its directors, officers or any Person who controls such
Holder be liable or responsible for any amount in excess of the amount by which
the total amount received by such Indemnified Holder with respect to its sale of
Transfer Restricted Securities pursuant to a Registration Statement exceeds (i)
the amount paid by such Indemnified Holder for such Transfer Restricted
Securities and (ii) the amount of any damages that such Indemnified Holder, its
directors, officers or any Person who controls such Holder has otherwise been
required to pay by reason of such untrue or alleged untrue statement or omission
or alleged omission.

     (c) In case any action shall be commenced involving any person in respect
of which indemnity may be sought pursuant to Section 8(a) or 8(b) (the
"INDEMNIFIED PARTY"), the indemnified party shall promptly notify the person
against whom such indemnity may be sought (the "INDEMNIFYING PERSON") in writing
and the indemnifying party shall assume the defense of such action, including
the employment of counsel reasonably satisfactory to the indemnified party and
the payment of all fees and expenses of such counsel, as incurred (except that
in the case of any action in respect of which indemnity may be sought pursuant
to both Sections 8(a) and 8(b), an Indemnified Holder shall not be required to
assume the defense of such action pursuant to this Section 8(c), but may employ
separate counsel and participate in the defense thereof, but the fees and
expenses of such counsel, except as provided below, shall be at the expense of
the Indemnified Holder). Any indemnified party shall have the right to employ
separate counsel in any such action and participate in the defense thereof, but
the fees and expenses of such counsel shall be at the expense of the indemnified
party unless (i) the employment of such counsel shall have been specifically
authorized in writing by the indemnifying party, (ii) the indemnifying party
shall have failed to assume the defense of such action or employ counsel
reasonably satisfactory to the indemnified party within a reasonable time after
notice of commencement of the action or (iii) the named parties to any such
action (including any impleaded parties) include both the indemnified party and
the indemnifying party, and the indemnified party shall have been advised by
such counsel that there may be one or more legal defenses available to it which
are different from or additional to those available to the indemnifying party
(in which case the indemnifying party shall not have the right to assume the
defense of such action on behalf of the indemnified party). In any such case,
the indemnifying party shall not, in connection with any one action or separate
but substantially similar or related actions in the same jurisdiction arising
out of the same general allegations or circumstances, be liable for the fees and
expenses of more than one separate firm of attorneys (in addition to any local
counsel) for all indemnified parties and all such fees and expenses shall be
reimbursed as they are incurred. Such firm shall be designated in writing by a
majority of the Indemnified Holders, in the case of the parties indemnified
pursuant to Section 8(a), and by the Company and Guarantors, in the case of
parties indemnified pursuant to Section 8(b). The indemnifying party shall
indemnify and hold harmless the indemnified party from and against any and all
losses, claims, damages, liabilities and judgments by reason of any settlement
of any action (i) effected

                                       17

with its written consent or (ii) effected without its written consent if the
settlement is entered into more than twenty Business Days after the indemnifying
party shall have received a request from the indemnified party for reimbursement
for the fees and expenses of counsel (in any case where such fees and expenses
are at the expense of the indemnifying party) and, prior to the date of such
settlement, the indemnifying party shall have failed to comply with such
reimbursement request. No indemnifying party shall, without the prior written
consent of the indemnified party, effect any settlement or compromise of, or
consent to the entry of judgment with respect to, any pending or threatened
action in respect of which the indemnified party is or could have been a party
and indemnity or contribution may be or could have been sought hereunder by the
indemnified party, unless such settlement, compromise or judgment (i) includes
an unconditional release of the indemnified party from all liability on claims
that are or could have been the subject matter of such action and (ii) does not
include a statement as to or an admission of fault, culpability or a failure to
act, by or on behalf of the indemnified party.

     (d) To the extent that the indemnification provided for in this Section 8
is unavailable to an indemnified party in respect of any losses, claims,
damages, liabilities or judgments referred to therein, then each indemnifying
party, in lieu of indemnifying such indemnified party, shall contribute to the
amount paid or payable by such indemnified party as a result of such losses,
claims, damages, liabilities or judgments (i) in such proportion as is
appropriate to reflect the relative benefits received by the Company and the
Guarantors, on the one hand, and the Indemnified Holders, on the other hand,
from their sale of Transfer Restricted Securities or (ii) if the allocation
provided by clause 8(d)(i) above is not permitted by applicable law, in such
proportion as is appropriate to reflect not only the relative benefits referred
to in clause 8(d)(i) above but also the relative fault of the Company and the
Guarantors, on the one hand, and of the Indemnified Holders, on the other hand,
in connection with the statements or omissions which resulted in such losses,
claims, damages, liabilities or judgments, as well as any other relevant
equitable considerations. The relative fault of the Company and the Guarantors,
on the one hand, and of the Indemnified Holders, on the other hand, shall be
determined by reference to, among other things, whether the untrue or alleged
untrue statement of a material fact or the omission or alleged omission to state
a material fact relates to information supplied by the Company or the
Guarantors, on the one hand, or by the Indemnified Holder, on the other hand,
and the parties' relative intent, knowledge, access to information and
opportunity to correct or prevent such statement or omission. The amount paid or
payable by a party as a result of the losses, claims, damages, liabilities and
judgments referred to above shall be deemed to include any legal or other fees
or expenses reasonably incurred by such party in connection with investigating
or defending any claim or action.

     The Company, the Guarantors and each Holder agree that it would not be just
and equitable if contribution pursuant to this Section 8(d) were determined by
pro rata allocation (even if the Holders were treated as one entity for such
purpose) or by any other method of allocation which does not take account of the
equitable considerations referred to in the immediately preceding paragraph. The
amount paid or payable by an indemnified party as a result of the losses,
claims, damages, liabilities or judgments referred to in the immediately
preceding paragraph shall be deemed to include, subject to the limitations set
forth above, any legal or other expenses reasonably incurred by such indemnified
party in connection with investigating or defending any matter, including any
action that could have given rise to such losses, claims, damages, liabilities
or judgments. Notwithstanding the provisions of this

                                       18

Section 8, no Holder, or its related Indemnified Holders, its directors, its
officers or any Person, if any, who controls such Holder shall be required to
contribute, in the aggregate, any amount in excess of the amount by which the
total received by such Holder with respect to the sale of Transfer Restricted
Securities pursuant to a Registration Statement exceeds (i) the amount paid by
such Holder for such Transfer Restricted Securities and (ii) the amount of any
damages which such Holder has otherwise been required to pay by reason of such
untrue or alleged untrue statement or omission or alleged omission. No person
guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of
the Act) shall be entitled to contribution from any person who was not guilty of
such fraudulent misrepresentation. The Holders' obligations to contribute
pursuant to this Section 8(d) are several in proportion to the respective
principal amount of Transfer Restricted Securities held by each Holder hereunder
and not joint.

SECTION 9. RULE 144A AND RULE 144

     The Company and the Guarantors agrees with each Holder, for so long as any
Transfer Restricted Securities remain outstanding and during any period in which
the Company or the Guarantors (i) is not subject to Section 13 or 15(d) of the
Exchange Act, to make available, upon request of any Holder, to such Holder or
beneficial owner of Transfer Restricted Securities in connection with any sale
thereof and any prospective purchaser of such Transfer Restricted Securities
designated by such Holder or beneficial owner, the information required by Rule
144A(d)(4) under the Act in order to permit resales of such Transfer Restricted
Securities pursuant to Rule 144A under the Act, and (ii) is subject to Section
13 or 15(d) of the Exchange Act, to make all filings required thereby in a
timely manner in order to permit resales of such Transfer Restricted Securities
pursuant to Rule 144.

SECTION 10. MISCELLANEOUS

     (a) Remedies. The Company and the Guarantors acknowledge and agree that any
failure by the Company and/or the Guarantors to comply with their respective
obligations under Sections 3 and 4 hereof may result in material irreparable
injury to the Initial Purchasers or the Holders for which there is no adequate
remedy at law, that it will not be possible to measure damages for such injuries
precisely and that, in the event of any such failure, the Initial Purchasers or
any Holder may obtain such relief as may be required to specifically enforce the
Company's and the Guarantors' obligations under Sections 3 and 4 hereof. The
Company and the Guarantors further agree to waive the defense in any action for
specific performance that a remedy at law would be adequate.

     (b) No Inconsistent Agreements. Neither the Company nor the Guarantors
will, on or after the date of this Agreement, enter into any agreement with
respect to its securities that is inconsistent with the rights granted to the
Holders in this Agreement or otherwise conflicts with the provisions hereof.
Neither the Company has nor the Guarantors have previously entered into, nor is
currently party to, any agreement granting any registration rights with respect
to its securities to any Person that would require such securities to be
included in any Registration Statement filed hereunder. The rights granted to
the Holders hereunder do not in any way conflict with and are not inconsistent
with the rights granted to the holders of the Company's and the Guarantors'
securities under any agreement in effect on the date hereof.

                                       19

     (c) Amendments and Waivers. The provisions of this Agreement may not be
amended, modified or supplemented, and waivers or consents to or departures from
the provisions hereof may not be given unless (i) in the case of Section 5
hereof and this Section 10(c)(i), the Company has obtained the written consent
of Holders of all outstanding Transfer Restricted Securities and (ii) in the
case of all other provisions hereof, the Company has obtained the written
consent of Holders of a majority of the outstanding principal amount of Transfer
Restricted Securities (excluding Transfer Restricted Securities held by the
Company or its Affiliates). Notwithstanding the foregoing, a waiver or consent
to departure from the provisions hereof that relates exclusively to the rights
of Holders whose Transfer Restricted Securities are being tendered pursuant to
the Exchange Offer, and that does not affect directly or indirectly the rights
of other Holders whose Transfer Restricted Securities are not being tendered
pursuant to such Exchange Offer, may be given by the Holders of a majority of
the outstanding principal amount of Transfer Restricted Securities subject to
such Exchange Offer.

     (d) Additional Guarantors. The Company shall cause any of its Restricted
Subsidiaries (as defined in the Indenture) that becomes, prior to the
consummation of the Exchange Offer, a Guarantor in accordance with the terms and
provisions of the Indenture to become a party to this Agreement as a Guarantor.
Notwithstanding the generality of the foregoing statement, any entity that
becomes a Guarantor upon the consummation of the Acquisition (as defined in the
Purchase Agreement) shall become a party to this Agreement as a Guarantor. It is
understood and agreed that if, prior to the Exchange Offer, a Guarantor that has
executed this Agreement is no longer a Guarantor under the Indenture pursuant to
and in accordance with the provisions of the Indenture, such Guarantor shall no
longer be a Guarantor for purposes of this Agreement.

     (e) Third Party Beneficiary. The Holders shall be third party beneficiaries
to the agreements made hereunder between the Company and the Guarantors, on the
one hand, and the Initial Purchasers, on the other hand, and shall have the
right to enforce such agreements directly to the extent they may deem such
enforcement necessary or advisable to protect its rights or the rights of
Holders hereunder.

     By acquiring Transfer Restricted Securities, a Holder will be deemed to
have agreed to indemnify and hold harmless the Company, the Guarantors, and
their respective directors and officers, and each person, if any, who controls
(within the meaning of Section 15 of the Act or Section 20 of the Exchange Act)
to the same extent as the indemnity from the Company and the Guarantors set
forth in Section 8(a) hereof, but only with reference to information relating to
such Holder and provided in writing by such Holder for inclusion in any Shelf
Registration Statement. In no event shall any such Holder be liable or
responsible for any amount in excess of the amount by which such Holder with
respect to its sale of Transfer Restricted Securities pursuant to a Shelf
Registration Statement exceeds (i) the amount paid by such Holder for such
Transfer Restricted Securities and (ii) the amount of any damages that such
Holder, its directors, officers or any Person who controls such Holder has
otherwise been required to pay by reason of such untrue or alleged untrue
statement or omission or alleged omission.

     (f) Notices. All notices and other communications provided for or permitted
hereunder shall be made in writing by hand-delivery, first-class mail
(registered or certified, return receipt requested), facsimile or air courier
guaranteeing overnight delivery:

                                       20

          (i) if to a Holder, at the address set forth on the records of the
     Registrar under the Indenture, with a copy to the Registrar under the
     Indenture; and

          (ii) if to the Company or the Guarantors:

                    Clarke American Corp.
                    10931 Laureate Drive
                    San Antonio, TX 78249
                    Facsimile No.: (210) 558-5254
                    Attention: Chief Financial Officer

                    With a copy to:

                    Paul, Weiss, Rifkind, Wharton and Garrison, LLP
                    1285 Avenue of the Americas
                    New York, NY 10019
                    Facsimile No.: (212) 492-0052
                    Attention: Lawrence G. Wee

                    And a copy to:

                    M&F Worldwide Corp.
                    35 East 62nd Street
                    New York, NY 10021
                    Facsimile: (212) 572-5056
                    Attention: General Counsel

     All such notices and communications shall be deemed to have been duly
given: at the time delivered by hand, if personally delivered; five Business
Days after being deposited in the mail, postage prepaid, if mailed; when receipt
acknowledged, if telecopied; and on the next Business Day, if timely delivered
to an air courier guaranteeing overnight delivery.

     Copies of all such notices, demands or other communications shall be
concurrently delivered by the Person giving the same to the Trustee at the
address specified in the Indenture.

     (g) Successors and Assigns. This Agreement shall inure to the benefit of
and be binding upon the successors and assigns of each of the parties, including
without limitation and without the need for an express assignment, subsequent
Holders of Transfer Restricted Securities; provided that nothing herein shall be
deemed to permit any assignment, transfer or other disposition of Transfer
Restricted Securities in violation of the terms hereof or of the Purchase
Agreement or the Indenture. If any transferee of any Holder shall acquire
Transfer Restricted Securities in any manner, whether by operation of law or
otherwise, such Transfer Restricted Securities shall be held subject to all of
the terms of this Agreement, and by taking and holding such Transfer Restricted
Securities such Person shall be conclusively deemed to have agreed to be bound
by and to perform all of the terms and provisions of this Agreement, including
the restrictions on resale set forth in this Agreement and, if applicable, the
Purchase Agreement, and such Person shall be entitled to receive the benefits
hereof.

                                       21

     (h) Counterparts. This Agreement may be executed in any number of
counterparts and by the parties hereto in separate counterparts, each of which
when so executed shall be deemed to be an original and all of which taken
together shall constitute one and the same agreement.

     (i) Headings. The headings in this Agreement are for convenience of
reference only and shall not limit or otherwise affect the meaning hereof.

     (j) Governing Law. THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN
ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, WITHOUT REGARD TO THE
CONFLICT OF LAW RULES THEREOF. TIME IS OF THE ESSENCE IN THIS AGREEMENT.

     (k) Severability. In the event that any one or more of the provisions
contained herein, or the application thereof in any circumstance, is held
invalid, illegal or unenforceable, the validity, legality and enforceability of
any such provision in every other respect and of the remaining provisions
contained herein shall not be affected or impaired thereby.

     (l) Entire Agreement. This Agreement is intended by the parties as a final
expression of their agreement and intended to be a complete and exclusive
statement of the agreement and understanding of the parties hereto in respect of
the subject matter contained herein. There are no restrictions, promises,
warranties or undertakings, other than those set forth or referred to herein
with respect to the registration rights granted with respect to the Transfer
Restricted Securities. This Agreement supersedes all prior agreements and
understandings between the parties with respect to such subject matter.

                            (Signature Pages Follow)

                                       22

     IN WITNESS WHEREOF, the parties have executed this Agreement as of the date
first written above.

                                         CLARKE AMERICAN CORP.

                                         By: /s/ Peter A. Fera, Jr.
                                             -------------------------------
                                             Name:  Peter A. Fera, Jr.
                                             Title: Senior Vice President and
                                                    Chief Financial Officer

                                         B(2) DIRECT, INC.

                                         By: /s/ Peter A. Fera, Jr.
                                             -------------------------------
                                             Name:  Peter A. Fera, Jr.
                                             Title: Senior Vice President and
                                                    Chief Financial Officer

                                         CHECKS IN THE MAIL, INC.

                                         By: /s/ Peter A. Fera, Jr.
                                             -------------------------------
                                             Name:  Peter A. Fera, Jr.
                                             Title: Senior Vice President and
                                                    Chief Financial Officer

                                         CLARKE AMERICAN CHECKS, INC.

                                         By: /s/ Peter A. Fera, Jr.
                                             -------------------------------
                                             Name:  Peter A. Fera, Jr.
                                             Title: Senior Vice President and
                                                    Chief Financial Officer

                                         CORE SKILLS INC.

                                         By: /s/ Peter A. Fera, Jr.
                                             -------------------------------
                                             Name:  Peter A. Fera, Jr.
                                             Title: Senior Vice President and
                                                    Chief Financial Officer

BEAR, STEARNS & CO. INC.

By: /s/ Mark Bernstein
    -----------------------------
    Name:  Mark Bernstein
    Title: Senior Managing Director

J.P. MORGAN SECURITIES INC.

By: /s/ Graham Conran
    -----------------------------
    Name:  Graham Conran
    Title: Vice President

                                   SCHEDULE I

                                   GUARANTORS

                                 B2 DIRECT, INC.

                            CHECKS IN THE MAIL, INC.

                          CLARKE AMERICAN CHECKS, INC.

                                CORE SKILLS INC.

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