Document:

Exhibit 4.5

 

EXECUTION COPY

 

CDRV Investors, Inc.

 

$481,000,000 Principal Amount at Maturity

 

9 5/8% Senior Discount Notes due 2015

 

Exchange and Registration Rights Agreement

 

December 16, 2004

 

Deutsche
Bank Securities Inc.

Banc of America Securities LLC

Citigroup
Global Markets Inc.,

As
representatives of the several Purchasers

named
in Schedule I to the Purchase Agreement

c/o
Deutsche Bank Securities Inc.

60
Wall Street

New
York, New York 10005

 

Ladies
and Gentlemen:

 

CDRV Investors, Inc., a
Delaware corporation (the “Company”), proposes to issue and sell to the
Purchasers (as defined herein) upon the terms set forth in the Purchase
Agreement (as defined herein) $481,000,000 principal amount at maturity of its
9 5/8% Senior Discount Notes due 2015. As an inducement to the Purchasers to
enter into the Purchase Agreement and in satisfaction of a condition to the
obligations of the Purchasers thereunder, the Company agrees with the
Purchasers for the benefit of holders (as defined herein) from time to
time of the Registrable Securities (as defined herein) as follows:

 

1.             Certain Definitions.  For purposes of this Exchange and Registration
Rights Agreement, the following terms shall have the following respective meanings:

 

“Accreted
Value” has the meaning assigned to such term in the Indenture.

 

“Base
Interest” shall mean the interest that would otherwise accrue on the
Securities (whether in the form of an increase in Accreted Value or otherwise)
under the terms thereof and the Indenture, without giving effect to the provisions
of this Agreement.

 

The term “broker-dealer” shall mean any broker or dealer registered
with the Commission under the Exchange Act.

 

 

“Business Day”
shall mean each day that other than a Saturday, a Sunday or a day on which
banking institutions are not required to be open in the State of New York.

 

“Closing Date”
shall mean the date on which the Securities are initially issued.

 

“Commission”
shall mean the United States Securities and Exchange Commission, or any other
federal agency at the time administering the Exchange Act or the Securities
Act, whichever is the relevant statute for the particular purpose.

 

“Effective
Time,” in the case of (i) an Exchange Registration, shall mean the
time and date as of which the Commission declares the Exchange Registration
Statement effective or as of which the Exchange Registration Statement
otherwise becomes effective and (ii) a Shelf Registration, shall mean the time
and date as of which the Commission declares the Shelf Registration Statement
effective or as of which the Shelf Registration Statement otherwise becomes
effective.

 

“Electing
Holder” shall mean any holder of Registrable Securities that has returned
a completed and signed Notice and Questionnaire to the Company in accordance
with Section 3(d)(ii) or 3(d)(iii) hereof.

 

“Exchange Act”
shall mean the Securities Exchange Act of 1934, or any successor thereto, as
the same shall be amended from time to time.

 

“Exchange
Offer” shall have the meaning assigned thereto in Section 2(a)
hereof.

 

“Exchange
Registration” shall have the meaning assigned thereto in Section
3(c) hereof.

 

“Exchange
Registration Statement” shall have the meaning assigned thereto in
Section 2(a) hereof.

 

“Exchange
Securities” shall have the meaning assigned thereto in Section 2(a)
hereof.

 

“Guarantors”
shall have the meaning assigned to the term “Subsidiary Guarantors” in the
Indenture.

 

The term “holder” shall mean each of the Purchasers and other persons
who acquire Registrable Securities from time to time (including any successors
or assigns), in each case for so long as such person owns any Registrable
Securities.

 

“Indenture”
shall mean the Indenture, dated as of December 16, 2004, between the Company
and Wells Fargo Bank, National Association, as Trustee governing the

 

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Company’s
9 5/8% Senior Discount Notes due 2015, as the same may be amended from time to
time.

 

“Notice and
Questionnaire” means a Notice of Registration Statement and Selling
Securityholder Questionnaire substantially in the form of Exhibit A hereto,
with such changes thereto as the Company may reasonably determine.

 

The term “person” shall mean a corporation, association, partnership,
organization, business, individual, government or political subdivision thereof
or governmental agency.

 

“Purchase
Agreement” shall mean the Purchase Agreement, dated as of December
6, 2004, among the Purchasers and the Company relating to the Securities.

 

“Purchasers”
shall mean the Purchasers named in Schedule I to the Purchase Agreement.

 

“Registrable
Securities” shall mean the Securities; provided, however, that a Security
shall cease to be a Registrable Security when (i) the Security has been exchanged
for an Exchange Security in an Exchange Offer as contemplated in Section 2(a)
hereof (provided that any Exchange Security that, pursuant to the last two sentences
of Section 2(a) hereof, is included in a prospectus for use in connection with
resales by broker-dealers shall be deemed to be a Registrable Security with
respect to Sections 6 and 9 until resale of such Registrable Security has been
effected within the 90-day period referred to in Section 2(a) hereof); (ii) a
Shelf Registration Statement registering such Security under the Securities Act
has been declared or becomes effective and such Security has been sold or
otherwise transferred by the holder thereof pursuant to and in a manner
contemplated by such effective Shelf Registration Statement; (iii) such Security
is sold pursuant to Rule 144 under circumstances in which any legend borne by
such Security relating to restrictions on transferability thereof, under the
Securities Act or otherwise, is removed by the Company or pursuant to the
Indenture; (iv) such Security is eligible to be sold pursuant to paragraph (k)
of Rule 144; or (v) such Security shall cease to be outstanding.

 

“Registration
Default” shall have the meaning assigned thereto in Section 2(c)
hereof.

 

“Registration
Expenses” shall have the meaning assigned thereto in Section 4
hereof.

 

“Resale
Period” shall have the meaning assigned thereto in Section 2(a)
hereof.

 

“Restricted
Holder” shall mean (i) a holder that is an affiliate of the Company
within the meaning of Rule 405, (ii) a holder that acquires Exchange Securities
outside the ordinary course of such holder’s business, (iii) a holder that has
arrangements or

 

3

 

understandings
with any person to participate in the Exchange Offer for the purpose of
distributing Exchange Securities and (iv) a holder that is a broker-dealer, but
only with respect to Exchange Securities received by such broker-dealer
pursuant to an Exchange Offer in exchange for Registrable Securities acquired
by the broker-dealer directly from the Company.

 

“Rule 144,”
“Rule 405” and “Rule 415”
shall mean, in each case, such rule promulgated under the Securities Act (or
any successor provision), as the same shall be amended from time to time.

 

“Securities”
shall mean, collectively, the 9 5/8 Senior Discount Notes due 2015 of the
Company to be issued and sold to the Purchasers, and securities issued in exchange
therefor or in lieu thereof pursuant to the Indenture.  Each Security is entitled to the benefit of
the guarantees, if any, provided for in the Indenture (the “Guarantees”) and,
unless the context otherwise requires, any reference herein to a “Security,” an
“Exchange Security” or a “Registrable Security” shall include a reference to
the related Guarantees, if any.

 

“Securities
Act” shall mean the Securities Act of 1933, or any successor thereto,
as the same shall be amended from time to time.

 

“Shelf
Registration” shall have the meaning assigned thereto in Section
2(b) hereof.

 

“Shelf
Registration Statement” shall have the meaning assigned thereto in
Section 2(b) hereof.

 

“Special
Interest” shall have the meaning assigned thereto in Section 2(c)
hereof.

 

“Trustee”
shall mean the trustee with respect to the Securities under the Indenture.

 

“Trust
Indenture Act” shall mean the Trust Indenture Act of 1939, or any successor
thereto, and the rules, regulations and forms promulgated thereunder, all as
the same shall be amended from time to time.

 

Unless the context otherwise
requires, any reference herein to a “Section” or “clause” refers to a Section
or clause, as the case may be, of this Exchange and Registration Rights
Agreement, and the words “herein,” “hereof” and “hereunder” and other words of
similar import refer to this Exchange and Registration Rights Agreement as a
whole and not to any particular Section or other subdivision.

 

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2.             Registration Under the
Securities Act.

 

(a)           Except as set forth in Section 2(b) below, the Company
agrees to use its reasonable best efforts to file under the Securities Act,
within 150 days after the Closing Date, a registration statement relating to an
offer to exchange (such registration statement, the “Exchange Registration
Statement”, and such offer, the “Exchange Offer”) any and all of the Securities
for a like Accreted Value and aggregate principal amount at maturity of debt
securities issued by the Company and guaranteed by the Guarantors (if any),
which debt securities and guarantees (if any) are substantially identical to
the Securities (and are entitled to the benefits of a trust indenture which is
substantially identical to the Indenture or is the Indenture and which has been
qualified under the Trust Indenture Act), except that they have been registered
pursuant to an effective registration statement under the Securities Act and do
not contain restrictions on transfer or provisions for the additional interest
contemplated in Section 2(c) below or the liquidated damages provided in
Section 2 (d) below (such new debt securities hereinafter called “Exchange
Securities”). The Company agrees to use its reasonable best efforts to cause
the Exchange Registration Statement to become effective under the Securities
Act within 240 days after the Closing Date. The Exchange Offer will be
registered under the Securities Act on the appropriate form and will comply
with all applicable tender offer rules and regulations under the Exchange Act.
The Company further agrees to use its reasonable best efforts to commence the
Exchange Offer promptly, hold the Exchange Offer open for the period required
by applicable law (including pursuant to any applicable interpretation by the
staff of the Commission), but in any event for at least 10 Business Days,
and exchange the Exchange Securities for all Registrable Securities that have
been validly tendered and not withdrawn on or prior to the expiration of the
Exchange Offer.  If the Company commences
the Exchange Offer, the Company will be entitled to close the Exchange Offer 30
days after the commencement thereof (or at the end of such shorter period
permitted by applicable law), provided that the Company has accepted all the
Registrable Securities validly tendered in accordance with the terms of the
Exchange Offer.  The Company agrees (x)
to include in the Exchange Registration Statement a prospectus for use in any
resales by any holder of Exchange Securities that is a broker-dealer and (y) to
keep such Exchange Registration Statement effective for a period (the “Resale
Period”) beginning when Exchange Securities are first issued in the Exchange
Offer and ending upon the earlier of the expiration of the 90th day after the
Exchange Offer has been completed and such time as such broker-dealers no
longer own any Registrable Securities.

 

Each holder participating in
the Exchange Offer shall be required to represent to the Company that
(i) any Exchange Securities received by such holder will be acquired in
the ordinary course of business, (ii) at the time of the commencement of
the Exchange Offer such holder has no arrangements or understanding with any
person to participate in the distribution of the Securities or the Exchange Securities
within the meaning of the Securities Act, (iii) such holder is not an “affiliate,”
as defined in Rule 405 of the Securities Act, of the Company, (iv) if such
holder is not a broker-dealer, that it is not engaged in, and does not intend
to engage in, the distribution of the Exchange Securities, (v) if such
holder is a broker-dealer, that it will receive Exchange Securities for its own
account in exchange for Securities that were acquired as a result of market-making
activities or other trading activities and that it

 

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will deliver a prospectus in
connection with any resale of such Exchange Securities and (vi) such
holder is not acting on behalf of any person who could not truthfully make the
foregoing representations.

 

(b)           If (i) on or prior to the time the
Exchange Offer is consummated existing Commission interpretations are changed
such that the Exchange Securities received by holders other than Restricted
Holders in the Exchange Offer for Registrable Securities are not or would not
be, upon receipt, transferable by each such holder without restriction under
the Securities Act, (ii) the Exchange Offer has not been completed within 270
days following the Closing Date, (iii) any Purchaser so requests with respect
to Registrable Securities not eligible to be exchanged for Exchange Securities
in the Exchange Offer and held by it following consummation of the Exchange
Offer or (iv) any holder (other than a Purchaser) shall be, and shall notify
the Company that such holder is, prohibited by law or Commission policy from
participating in the Exchange Offer or such holder may not resell the Exchange
Securities acquired in the Exchange Offer to the public without delivering a
prospectus and the prospectus contained in the Exchange Registration Statement
is not available for such resales by such holder (other than in either case (x)
due solely to the status of such holder as an affiliate of the Company within
the meaning of the Securities Act or (y) due to such holder’s inability to make
the representations set forth in the second paragraph of Section 2(a) hereof)
and any such holder so requests, the Company shall, in lieu of (or, in the case
of clauses (iii) and (iv), in addition to) conducting the Exchange Offer
contemplated by Section 2(a), use its reasonable best efforts to file under the
Securities Act as promptly as reasonably practicable, a “shelf” registration
statement providing for the registration of, and the sale on a continuous or
delayed basis by the holders of, all of the Registrable Securities (or in the
case of clause (iii), the Registrable Securities held by the Purchasers),
pursuant to Rule 415 or any similar rule that may be adopted by the Commission
(such filing, the “Shelf Registration” and such registration statement, the “Shelf
Registration Statement”). The Company agrees to use its reasonable best efforts
(x) to cause the Shelf Registration Statement to become effective within 150
days after the date on which the obligation to file such Shelf Registration
Statement arises and to use its reasonable best efforts to cause such Shelf
Registration Statement to remain effective for a period ending on the earlier
of the second anniversary of the Effective Time or such shorter period that
will terminate when all the Registrable Securities covered by the Shelf Registration
Statement have been sold pursuant to the Shelf Registration Statement or are
distributed to the public pursuant to Rule 144 or become eligible for resale
pursuant to Rule 144 without volume restriction, if any; provided, however,
that no holder shall be entitled to be named as a selling securityholder in the
Shelf Registration Statement or to use the prospectus forming a part thereof
for resales of Registrable Securities unless such holder is an Electing Holder,
and (y) after the Effective Time of the Shelf Registration Statement, promptly
upon the request of any holder of Registrable Securities that is not then an
Electing Holder, to take any action reasonably necessary to enable such holder
to use the prospectus forming a part thereof for resales of Registrable
Securities, including, without limitation, any action necessary to identify
such holder as a selling securityholder in the Shelf Registration Statement; provided,
however, that nothing in this clause (y) shall relieve any such holder of the
obligation to return a completed and signed Notice and Questionnaire to the
Company in accordance with Section 3(d)(iii) hereof. The Company

 

6

 

further agrees to supplement or
make amendments to the Shelf Registration Statement, as and when required by
the rules, regulations or instructions applicable to the registration form used
by the Company for such Shelf Registration Statement or by the Securities Act
or rules and regulations thereunder for shelf registration, and the Company
agrees to furnish to each Electing Holder copies of any such supplement or
amendment promptly following its filing with the Commission.

 

Notwithstanding the
foregoing, the Company may suspend the availability of any Shelf Registration
Statement (x) for up to an aggregate of 30 days in any consecutive twelve-month
period if (i) such action is required by applicable law or (ii) such action is
taken by the Company in good faith and for valid business reasons (not
including avoidance of the Company’s obligations hereunder), including the
acquisition or divestiture of assets, or (y) with respect to a Shelf Registration
Statement required to be filed due to a failure to consummate the Exchange
Offer within the required time period, if such action occurs following the consummation
of the Exchange Offer.

 

(c)           In the event that (i) the Company has not filed the
Exchange Registration Statement or a Shelf Registration Statement (applicable
to all of the Registrable Securities) on or before 150 days after the Closing
Date, or (ii) the Exchange Registration Statement has not become effective or
been declared effective by the Commission on or before 240 days after the
Closing Date, or (iii) the Exchange Offer has not been consummated within 270
days after the Closing Date, or (iv) if a Shelf Registration Statement required
to be filed under Section 2(b) hereof is not declared effective on or before
150 days after the date on which the obligation to file the Shelf Registration
Statement arises, or (v) if any Shelf Registration Statement required by
Section 2(b) hereof is filed and declared effective, and during the period the
Company is required to use its reasonable best efforts to cause the Shelf
Registration Statement to remain effective, (x) the Company shall have suspended
the Shelf Registration Statement pursuant to Section 2(b) hereof for more than
30 days in the aggregate in any consecutive twelve-month period and be
continuing to suspend the availability of the Shelf Registration Statement or
(y) the Shelf Registration Statement shall cease to be effective (other than by
action of the Company pursuant to the second paragraph of Section 2(b)
hereof) without being replaced within 60 days by a shelf registration statement
that is filed and declared effective (each such event referred to in clauses
(i) through (v), a “Registration Default” and each period during which a
Registration Default has occurred and is continuing, a “Registration Default
Period”), then, as liquidated damages for such Registration Default, subject to
the provisions of Section 9(b), special interest (“Special Interest”), in
addition to the Base Interest, shall accrue on the average Accreted Value of
Registrable Securities for the Registration Default Period (but only with
respect to one Registration Default at any particular time) until such time as
all Registration Defaults have been cured at a per annum rate of 0.25% for the
first 90 days of the Registration Default Period, which rate shall increase by
an additional 0.25% during each subsequent 90-day period, up to a maximum of
0.50% regardless of the number of Registration Defaults that shall have
occurred and be continuing.  Following
the cure of all Registration Defaults, the accrual of Special Interest will
cease.  A Registration Default under
clause (iv) or (v) will be deemed cured upon consummation of the

 

7

 

Exchange Offer in the case of a
Shelf Registration Statement required to be filed due to a failure to
consummate the Exchange Offer within the required time period.

 

(d)           Any Special Interest accrued pursuant to Section 2(c)
hereof shall be, (i) if such Special Interest accrued on or prior to January 1,
2010, added to the Accreted Value of each Registrable Security, and (ii) if
such Special Interest accrued after January 1, 2010, payable in cash, in each
case, semiannually on each January 1 and July 1 (to the holders of
record on the December 15 and June 15 immediately preceding such dates),
commencing with the first such date occurring after such Special Interest
commences to accrue.

 

(e)           If during the 90 day period referenced in the penultimate
sentence of the first paragraph of Section 2(a) hereof the Exchange Offer
Registration Statement is suspended by the Company or ceases to be effective
such that any broker-dealer that (i) receives Exchange Securities in the
Exchange Offer and (ii) is subject to prospectus delivery requirements cannot
fulfill such requirements, the Company shall pay liquidated damages to such
broker-dealers in an amount calculated and paid in a manner consistent with
that specified above with respect to Registration Defaults.

 

(f)            The Company shall take all actions reasonably necessary
or advisable to be taken by it to ensure that the transactions contemplated
herein are effected as so contemplated, including all actions necessary or
desirable to register the Guarantees (if any) under the registration statement
contemplated in Section 2(a) or 2(b) hereof, as applicable.

 

(g)           Any reference herein to a registration statement as of any
time shall be deemed to include any document incorporated, or deemed to be
incorporated, therein by reference as of such time and any reference herein to
any post-effective amendment to a registration statement as of any time shall
be deemed to include any document incorporated, or deemed to be incorporated,
therein by reference as of such time.

 

3.             Registration Procedures.

 

If the Company files a registration statement pursuant to
Section 2(a) or Section 2(b), the following provisions shall apply:

 

(a)           At or before the Effective Time of the Exchange Offer or
the Shelf Registration, as the case may be, the Company shall qualify the
Indenture under the Trust Indenture Act.

 

(b)           In the event that such qualification would require the
appointment of a new trustee under the Indenture, the Company shall appoint a
new trustee thereunder pursuant to the applicable provisions of the Indenture.

 

(c)           In connection with the Company’s obligations with respect
to the registration of Exchange Securities as contemplated by Section 2(a) (the
“Exchange Registration”), if applicable, the Company shall:

 

8

 

(i)              use its reasonable best efforts to prepare and file
with the Commission within 150 days after the Closing Date, an Exchange
Registration Statement on any form which may be utilized by the Company and
which shall permit the Exchange Offer and resales of Exchange Securities by
broker-dealers during the Resale Period to be effected as contemplated by
Section 2(a), and use its reasonable best efforts to cause such Exchange
Registration Statement to become effective within 240 days after the Closing
Date;

 

(ii)             prepare and file with the Commission such amendments and
supplements to such Exchange Registration Statement and the prospectus included
therein as may be necessary to effect and maintain the effectiveness of such
Exchange Registration Statement for the periods and purposes contemplated in
Section 2(a) hereof and as may be required by the applicable rules and
regulations of the Commission and the instructions applicable to the form of
such Exchange Registration Statement, and promptly provide each broker-dealer
holding Exchange Securities with such number of copies of the prospectus
included therein (as then amended or supplemented), in conformity in all
material respects with the requirements of the Securities Act and the rules and
regulations of the Commission thereunder, as such broker-dealer reasonably may
request prior to the expiration of the Resale Period, for use in connection
with resales of Exchange Securities;

 

(iii)            promptly notify each broker-dealer that has requested or
received copies of the prospectus included in such registration statement, and
confirm such advice in writing, (A) when such Exchange Registration Statement
or the prospectus included therein or any prospectus amendment or supplement or
post-effective amendment has been filed, and, with respect to such Exchange
Registration Statement or any post-effective amendment, when the same has
become effective, (B) of any request by the Commission for amendments or supplements
to such Exchange Registration Statement or prospectus or for additional information,
(C) of the issuance by the Commission of any stop order suspending the
effectiveness of such Exchange Registration Statement or the initiation of any
proceedings for that purpose, (D) of the receipt by the Company of any notification
with respect to the suspension of the qualification of the Exchange Securities
for sale in any jurisdiction or the initiation of any proceeding for such
purpose, or (E) at any time during the Resale Period when a prospectus is
required to be delivered under the Securities Act, that such Exchange Registration
Statement, prospectus, prospectus amendment or supplement or post-effective
amendment does not conform in all material respects to the applicable
requirements of the Securities Act and the rules and regulations of the
Commission thereunder or 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 misleading in light of the circumstances then existing;

 

(iv)            in the event that the Company would be required, pursuant
to Section 3(c)(iii)(E) above, to notify any broker-dealers holding Exchange
Securities, use its reasonable best efforts to prepare and furnish as soon as
practicable to each such

 

9

 

broker-dealer a reasonable number of copies of a prospectus
supplemented or amended so that, as thereafter delivered to purchasers of such
Exchange Securities during the Resale Period, such prospectus shall conform in
all material respects to the applicable requirements of the Securities Act and
the rules and regulations of the Commission thereunder and shall not contain an
untrue statement of a material fact or omit to state a material fact required
to be stated therein or necessary to make the statements therein not misleading
in light of the circumstances then existing;

 

(v)             use its reasonable best efforts to obtain the withdrawal
of any order suspending the effectiveness of such Exchange Registration Statement
or any post-effective amendment thereto at the earliest practicable date;

 

(vi)            use its reasonable best efforts to (A) register or
qualify the Exchange Securities under the securities laws or blue sky laws of
such jurisdictions as any participating holder of the Registrable Securities
reasonably requests in writing no later than the commencement of the Exchange
Offer, (B) keep such registrations or qualifications in effect and comply with
such laws so as to permit the continuance of offers, sales and dealings therein
in such jurisdictions until the expiration of the Resale Period and (C) take
any and all other actions as may be reasonably necessary to enable each
broker-dealer holding Exchange Securities to consummate the disposition thereof
in such jurisdictions; provided, however, that neither the Company nor any
Guarantor shall be required for any such purpose to (1) qualify as a foreign
corporation in any jurisdiction wherein it would not otherwise be required to
qualify but for the requirements of this Section 3(c)(vi), (2) consent to
general service of process in any such jurisdiction or (3) make any changes to
its certificate of incorporation, by-laws or other organizational document, or
any agreement between it and any of its equityholders;

 

(vii)           provide a CUSIP number for all Exchange Securities, not
later than the consummation of the Exchange Offer; and

 

(viii)          comply in all material respects with
all applicable rules and regulations of the Commission, and make generally
available to its securityholders as soon as practicable but no later than
eighteen months after the effective date of such Exchange Registration
Statement, an earning statement of the Company and its subsidiaries complying
with Section 11(a) of the Securities Act (including, at the option of the
Company, Rule 158 thereunder).

 

(d)             In connection with the Company’s
obligations with respect to the Shelf Registration, if applicable, the Company
shall:

 

(i)              use its reasonable best efforts to prepare and file
with the Commission within the time periods specified in Section 2(b), a Shelf
Registration Statement on any form which may be utilized by the Company and
which shall register all of the Registrable Securities (or in the case of a
Shelf Registration Statement filed pursuant to Section 2(b)(iii), the
Registrable Securities held by the Purchasers) for resale by the

 

10

 

holders thereof in accordance with such method or methods of
disposition as may be specified in the applicable Notice and Questionnaire by
such of the holders as, from time to time, may be Electing Holders and use
their reasonable best efforts to cause such Shelf Registration Statement to
become effective within the time periods specified in Section 2(b);

 

(ii)             not less than 15 calendar days prior to the Effective
Time of the Shelf Registration Statement, mail the Notice and Questionnaire to
the holders of Registrable Securities; no holder shall be entitled to be named
as a selling securityholder in the Shelf Registration Statement as of the
Effective Time, and no holder shall be entitled to use the prospectus forming a
part thereof for resales of Registrable Securities at any time, unless such
holder has returned a completed and signed Notice and Questionnaire to the
Company by the deadline for response set forth therein; provided, however, holders
of Registrable Securities shall have at least 13 calendar days from the date on
which the Notice and Questionnaire is first mailed to such holders to return a
completed and signed Notice and Questionnaire to the Company;

 

(iii)            after the Effective Time of the Shelf Registration
Statement, upon the request of any holder of Registrable Securities that is not
then an Electing Holder, promptly send a Notice and Questionnaire to such holder;
provided that the Company shall not be required to take any action to name such
holder as a selling securityholder in the Shelf Registration Statement or to
enable such holder to use the prospectus forming a part thereof for resales of
Registrable Securities until such holder has returned a completed and signed
Notice and Questionnaire to the Company;

 

(iv)            as soon as practicable prepare and file with the
Commission such amendments and supplements to such Shelf Registration Statement
and the prospectus included therein as may be necessary to effect and maintain
the effectiveness of such Shelf Registration Statement for the period specified
in Section 2(b) hereof and as may be required by the applicable rules and
regulations of the Commission and the instructions applicable to the form of
such Shelf Registration Statement, and furnish to the Electing Holders copies
of any such supplement or amendment as soon as practicable following its filing
with the Commission.  Notwithstanding the
foregoing, the Company may suspend the availability of any Shelf Registration
Statement (x) for up to an aggregate of 30 days in any consecutive twelve-month
period if (i) such action is required by applicable law or, (ii) such action is
taken by the Company in good faith and for valid business reasons (not
including avoidance of the Company’s obligations hereunder), including the
acquisition or divestiture of assets, or (y) with respect to a Shelf
Registration Statement required to be filed due to a failure to consummate the
Exchange Offer within the required time period, 
if such action occurs following the consummation of the Exchange Offer;

 

(v)             comply in all material respects with the provisions of
the Securities Act with respect to the disposition of all of the Registrable
Securities covered by such

 

11

 

Shelf Registration Statement in accordance with the intended methods of
disposition by the Electing Holders provided for in such Shelf Registration
Statement;

 

(vi)            for a reasonable period prior to the filing of such Shelf
Registration Statement, and throughout the period specified in Section 2(b),
make reasonably available at reasonable times at the Company’s principal place
of business or such other reasonable place for inspection by a representative
of, and not more than one counsel acting for, Electing Holders holding at least
a majority in aggregate principal amount at maturity of the Registrable
Securities at the time outstanding (the “Majority Electing Holders”) and any underwriter
participating in the distribution of the Registrable Securities being sold
(including any person who may be deemed an underwriter within the meaning of
Section 2(a)(ii) of the Securities Act) such relevant financial and other
pertinent information and books and records of the Company, and use its
reasonable best efforts to cause the officers, employees, counsel and
independent certified public accountants of the Company to respond to such
inquiries, as shall be reasonably necessary to conduct a reasonable
investigation within the meaning of Section 11 of the Securities Act; provided,
however, that the foregoing investigation and information gathering shall be
coordinated on behalf of all such parties by one counsel designated by and on
behalf of all such parties and provided, further, that each such party shall be
required (pursuant to an agreement in form and substance reasonably
satisfactory to the Company) to maintain in confidence and not to disclose to
any other person any information or records reasonably designated by the
Company as being confidential, until such time as (A) such information becomes
a matter of public record (whether by virtue of its inclusion in such
registration statement or otherwise except as a result of a breach of this or
any other obligation of confidentiality to the Company known to such party), or
(B) such person shall be required so to disclose such information pursuant to a
subpoena or order of any court or other governmental agency or body having
jurisdiction over the matter (subject to the requirements of such order, and
only after such person shall have given the Company prompt prior written notice
of such requirement so that the Company, at its expense, may undertake
appropriate action to prevent disclosure of such information or records), or
(C) such information is required to be set forth in such Shelf Registration
Statement or the prospectus included therein or in an amendment to such Shelf
Registration Statement or an amendment or supplement to such prospectus in
order that such Shelf Registration Statement, prospectus, amendment or
supplement, as the case may be, complies with applicable requirements of the
federal securities laws and the rules and regulations of the Commission and
does not contain an untrue statement of a material fact or omit to state
therein a material fact required to be stated therein or necessary to make the
statements therein not misleading in light of the circumstances then existing;

 

(vii)           promptly notify each of the Electing Holders and any
managing underwriter thereof and confirm such advice in writing, (A) when such
Shelf Registration Statement or the prospectus included therein or any
prospectus amendment or supplement or post-effective amendment has been filed,
and, with

 

12

 

respect to such Shelf Registration Statement or any post-effective
amendment, when the same has become effective, (B) of any request by the
Commission for amendments or supplements to such Shelf Registration Statement
or prospectus or for additional information, (C) of the issuance by the
Commission of any stop order suspending the effectiveness of such Shelf
Registration Statement or the initiation of any proceedings for that purpose,
(D) of the receipt by the Company of any notification with respect to the
suspension of the qualification of the Registrable Securities for sale in any
jurisdiction or the initiation of any proceeding for such purpose or (E) if at
any time when a prospectus is required to be delivered under the Securities
Act, that such Shelf Registration Statement, prospectus, prospectus amendment
or supplement or post-effective amendment does not conform in all material
respects to the applicable requirements of the Securities Act and the rules and
regulations of the Commission thereunder or 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 misleading in light of the circumstances
then existing;

 

(viii)          use its reasonable best efforts to
obtain the withdrawal of any order suspending the effectiveness of such
registration statement or any post-effective amendment thereto at the earliest
practicable date;

 

(ix)            if requested by any managing underwriter or the Majority
Electing Holders, promptly incorporate in a prospectus supplement or post-effective
amendment such information as is required by the applicable rules and
regulations of the Commission and as such managing underwriter or such Majority
Electing Holders shall specify should be included therein relating to the terms
of the sale of such Registrable Securities, including information with respect
to the principal amount at maturity of Registrable Securities being sold by
such Majority Electing Holders or to any underwriters, the names and
descriptions of such Majority Electing Holders or underwriters, the offering
price of such Registrable Securities and any discount, commission or other
compensation payable in respect thereof, the purchase price being paid therefor
by such underwriters and with respect to any other terms of the offering of the
Registrable Securities to be sold by such Majority Electing Holders or to such
underwriters; and make all required filings of such prospectus supplement or
post-effective amendment as soon as practicable after notification of the
matters to be incorporated in such prospectus supplement or post-effective
amendment;

 

(x)             furnish to each Electing Holder, and each underwriter,
if any, thereof such number of copies of such Shelf Registration Statement
(excluding exhibits thereto and documents incorporated by reference therein)
and of the prospectus included in such Shelf Registration Statement (including
each preliminary prospectus), in conformity in all material respects with the applicable
requirements of the Securities Act and the rules and regulations of the
Commission thereunder, as such Electing Holder and underwriter, if any, may
reasonably request in order to facilitate the offering and disposition of the
Registrable Securities owned by such Electing Holder or underwritten by such
underwriter and to permit such Electing Holder and

 

13

 

underwriter, if any, to satisfy the prospectus delivery requirements of
the Securities Act; and the Company hereby consents to the use of such
prospectus (including such preliminary prospectus) and any amendment or
supplement thereto by each such Electing Holder and by any such underwriter, in
each case in the form most recently provided to such person by the Company, in
connection with the offering and sale of the Registrable Securities covered by
the prospectus (including such preliminary prospectus) or any supplement or
amendment thereto;

 

(xi)            use its reasonable best efforts to (A) register or
qualify the Registrable Securities to be included in such Shelf Registration
Statement under such securities laws or blue sky laws of such jurisdictions as
any Electing Holder and managing underwriter, if any, thereof shall reasonably
request, (B) keep such registrations or qualifications in effect and comply
with such laws so as to permit the continuance of offers, sales and dealings
therein in such jurisdictions during the period the Shelf Registration is required
to remain effective under Section 2(b) above and for so long as may be necessary
to enable any such Electing Holder or underwriter to complete its distribution
of Securities pursuant to such Shelf Registration Statement and (C) take any
and all other actions as may be reasonably necessary to enable each such
Electing Holder and underwriter, if any, to consummate the disposition in such
jurisdictions of such Registrable Securities; provided, however, that neither
the Company nor any Guarantor shall be required for any such purpose to (1)
qualify as a foreign corporation in any jurisdiction wherein it would not
otherwise be required to qualify but for the requirements of this Section
3(d)(xi), (2) consent to general service of process in any such jurisdiction or
(3) make any changes to its certificate of incorporation, by-laws or other
organizational document, any agreement between it and any of its equityholders;

 

(xii)           unless any Registrable Securities shall be in book-entry
only form, cooperate with the Electing Holders and the managing underwriters,
if any, to facilitate the timely preparation and delivery of certificates
representing Registrable Securities to be sold, which certificates shall not
bear any restrictive legends; and, in the case of an underwritten offering, enable
such Registrable Securities to be in such denominations and registered in such
names as the managing underwriter may request a reasonable amount of time prior
to any sale of the Registrable Securities;

 

(xiii)          provide a CUSIP number for all
Registrable Securities, not later than the applicable Effective Time;

 

(xiv)          enter into one or more underwriting agreements in customary
form, including customary provisions relating to indemnification and
contribution, and use its reasonable best efforts to take such other actions,
if any, in connection therewith as any Electing Holders aggregating at least
20% in aggregate principal amount at maturity of the Registrable Securities at
the time outstanding shall reasonably request in order to expedite or
facilitate the disposition of such Registrable Securities;

 

14

 

(xv)           if requested by the Majority Electing Holders or if the
offering contemplated by the Shelf Registration is an underwritten offering,
use its reasonable best efforts to (A) make such representations and warranties
to the Electing Holders and the underwriters, if any, thereof in form,
substance and scope as are customarily made in connection with an offering of
debt securities pursuant to any underwriting agreement; (B) obtain an opinion
of counsel to the Company in customary form subject to customary limitations,
assumptions and exclusions and covering such matters, of the type customarily
covered by such an opinion, as the managing underwriters, if any, or as any
Electing Holders of at least 20% in aggregate principal amount at maturity of
the Registrable Securities at the time outstanding may reasonably request, addressed
to the Electing Holders and the underwriters, if any, thereof and dated the
effective date of such Shelf Registration Statement (and if such Shelf
Registration Statement contemplates an underwritten offering of a part or all
of the Registrable Securities, dated the date of the closing under the underwriting
agreement relating thereto); (C) obtain a “cold comfort” letter or letters from
the independent certified public accountants of the Company addressed to the
selling Electing Holders or the underwriters, if any, thereof, dated (i) the
effective date of such Shelf Registration Statement and (ii) if such Shelf
Registration Statement contemplates an underwritten offering, dated the date of
the closing under the underwriting agreement relating thereto, such letter or
letters to be in customary form and covering such matters of the type customarily
covered by letters of such type, subject to receipt of appropriate
documentation as contemplated, and only if permitted, by Statement of Auditing
Standards No. 72; and (D) deliver such customary documents and certificates,
including officers’ certificates, as may be reasonably requested by the
Majority Electing Holders and the managing underwriters, if any, thereof;

 

(xvi)          notify in writing each holder of Registrable Securities of
any proposal by the Company to amend or waive any provision of this Exchange
and Registration Rights Agreement pursuant to Section 9(h) hereof and of any
amendment or waiver effected pursuant thereto, each of which notices shall
contain the text of the amendment or waiver proposed or effected, as the case
may be;

 

(xvii)         in the event that any broker-dealer
registered under the Exchange Act shall underwrite any Registrable Securities
or participate as a member of an underwriting syndicate (within the meaning of
the Conduct Rules (the “Conduct Rules”) of the National Association of
Securities Dealers, Inc. (“NASD”) or any successor thereto, as amended from
time to time) thereof as an underwriter, use reasonable best efforts to provide
information to assist such broker-dealer in complying with the requirements of
such Conduct Rules; and

 

(xviii)        comply in all material respects with all
applicable rules and regulations of the Commission, and make generally
available to its securityholders as soon as practicable but in any event not
later than eighteen months after the effective date of such Shelf Registration
Statement, an earning statement of the Company and its

 

15

 

subsidiaries complying with Section 11(a) of the Securities Act
(including, at the option of the Company, Rule 158 thereunder).

 

(e)           In the event that the Company would be required, pursuant
to Section 3(d)(vii)(E) above, to notify the Electing Holders and the managing
underwriters, if any, thereof, the Company shall as soon as practicable prepare
and furnish to each of the Electing Holders and to each such underwriter, if
any, a reasonable number of copies of a prospectus supplemented or amended so
that, as thereafter delivered to purchasers of Registrable Securities, such
prospectus shall conform in all material respects to the applicable
requirements of the Securities Act and the rules and regulations of the Commission
thereunder and shall not contain an untrue statement of a material fact or omit
to state a material fact required to be stated therein or necessary to make the
statements therein not misleading in light of the circumstances then
existing.  Each broker-dealer and
Electing Holder agrees that upon receipt of any notice from the Company
pursuant to Section 3(c)(iii)(E) or Section 3(d)(vii)(E) hereof, such broker-dealer
or Electing Holder shall forthwith discontinue the disposition of Registrable
Securities pursuant to the Exchange Registration Statement or Shelf
Registration Statement applicable to such Registrable Securities until such
broker-dealer or Electing Holder shall have received copies of such amended or
supplemented prospectus, and if so directed by the Company, such broker-dealer
or Electing Holder shall deliver to the Company (at the Company’s expense) all
copies, other than permanent file copies, then in such broker-dealer’s or
Electing Holder’s possession of the prospectus covering such Registrable
Securities at the time of receipt of such notice.

 

(f)            In the event of a Shelf Registration, in addition to the
information required to be provided by each Electing Holder in its Notice and
Questionnaire, the Company may require such Electing Holder to furnish to the
Company such additional information regarding such Electing Holder and such
Electing Holder’s intended method of distribution of Registrable Securities as
may be required in order to comply with the Securities Act.  Each such Electing Holder agrees to notify
the Company as promptly as practicable of any inaccuracy or change in information
previously furnished by such Electing Holder to the Company or of the
occurrence of any event in either case as a result of which any prospectus
relating to such Shelf Registration contains or would contain an untrue
statement of a material fact regarding such Electing Holder or such Electing
Holder’s intended method of disposition of such Registrable Securities or omits
to state any material fact regarding such Electing Holder or such Electing
Holder’s intended method of disposition of such Registrable Securities required
to be stated therein or necessary to make the statements therein not misleading
in light of the circumstances then existing, and promptly to furnish to the
Company any additional information required to correct and update any
previously furnished information or required so that such prospectus shall not
contain, with respect to such Electing Holder or the disposition of such
Registrable Securities, an untrue statement of a material fact or omit to state
a material fact required to be stated therein or necessary to make the
statements therein not misleading in light of the circumstances then existing.

 

16

 

4.             Registration Expenses.

 

The Company agrees to bear and to pay or cause to be paid
promptly all expenses incident to the Company’s performance of or compliance
with this Exchange and Registration Rights Agreement, including (a) all
Commission and any NASD registration, filing and review fees and expenses
including the reasonable fees and disbursements of counsel for the
underwriters, if any, in connection with such registration, filing and review,
(b) all fees and expenses in connection with the qualification of the
Securities for offering and sale under the State securities and blue sky laws
referred to in Section 3(d)(xi) hereof and determination of their eligibility
for investment under the laws of such jurisdictions as any managing underwriters
or the Electing Holders may reasonably designate, including the reasonable fees
and disbursements of counsel for the Electing Holders or underwriters in connection
with such qualification and determination, (c) all expenses relating to the
preparation, printing, production, distribution and reproduction of each
registration statement required to be filed hereunder, each prospectus included
therein or prepared for distribution pursuant hereto, each amendment or
supplement to the foregoing, the expenses of preparing the Securities for
delivery and the expenses of printing or producing any underwriting agreements,
agreements among underwriters, selling agreements and blue sky or legal investment
memoranda and all other documents in connection with the offering, sale or
delivery of Securities to be disposed of (including certificates representing
the Securities), (d) messenger, telephone and delivery expenses relating to the
offering, sale or delivery of Securities and the preparation of documents
referred in clause (c) above, (e) reasonable fees and expenses of the Trustee
under the Indenture, any agent of the Trustee and any counsel for the Trustee
and of any collateral agent or custodian, (f) internal expenses (including all
salaries and expenses of the Company’s officers and employees performing legal
or accounting duties), (g) fees, disbursements and expenses of counsel of the
Company and independent certified public accountants of the Company (including
the expenses of any opinions or “cold comfort” letters required by or incident
to such performance and compliance), (h) reasonable fees, disbursements and
expenses of any “qualified independent underwriter” engaged pursuant to Section
3(d)(xvii) hereof, (i) the reasonable fees, disbursements and expenses of one
counsel for the Electing Holders retained in connection with a Shelf Registration,
as selected by the Electing Holders of at least a majority in aggregate principal
amount at maturity of the Registrable Securities held by Electing Holders
(which counsel shall be reasonably satisfactory to the Company), (j) any fees
charged by securities rating services for rating the Securities, and (k) fees,
expenses and disbursements of any other persons, including special experts,
retained by the Company in connection with such registration (collectively, the
“Registration Expenses”).  To the extent
that any Registration Expenses are incurred, assumed or paid by any holder of
Registrable Securities or any placement or sales agent therefor or underwriter
thereof, the Company shall reimburse such person for the full amount of the Registration
Expenses so incurred, assumed or paid promptly after receipt of a request
therefor. Notwithstanding the foregoing, the holders of the Registrable
Securities being registered shall pay all agency fees and commissions and
underwriting discounts and commissions attributable to the sale of such
Registrable Securities and the fees and disbursements of any counsel or other advisors
or experts retained by such holders (severally or jointly), other than the
counsel and experts specifically referred to above.

 

17

 

5.             [Intentionally Omitted.]

 

6.             Indemnification.

 

(a)           Indemnification by the
Company.  The Company will
indemnify and hold harmless each of the broker-dealers whose Registrable
Securities are included in an Exchange Registration Statement and each of the
Electing Holders of Registrable Securities included in a Shelf Registration
Statement against any losses, claims, damages or liabilities, joint or several,
to which such broker-dealer or Electing Holder may become subject under the
Securities Act or otherwise, insofar as such losses, claims, damages or
liabilities (or actions in respect thereof) arise out of or are based upon an
untrue statement or alleged untrue statement of a material fact contained in
any Exchange Registration Statement or Shelf Registration Statement, as the
case may be, under which such Registrable Securities were registered under the
Securities Act, or any preliminary, final or summary prospectus contained
therein or furnished by the Company to any such broker-dealer or Electing
Holder, or any amendment or supplement thereto, or arise out of or are based
upon the omission or alleged omission to state therein a material fact required
to be stated therein or necessary to make the statements therein not
misleading, and will reimburse such broker-dealer or Electing Holder for any
legal or other expenses reasonably incurred by them in connection with
investigating or defending any such action or claim as such expenses are
incurred; provided, however, that (i)  the Company shall not be liable to
any such person in any such case to the extent that any such loss, claim,
damage or liability arises out of or is based upon an untrue statement or
alleged untrue statement or omission or alleged omission made in such
registration statement, or preliminary, final or summary prospectus, or amendment
or supplement thereto, in reliance upon and in conformity with written
information furnished to the Company by such person expressly for use therein
and (ii) with respect to any untrue statement or alleged untrue statement or
omission or alleged omission made in a Shelf Registration Statement or
prospectus or in any amendment or supplement thereto or in any preliminary
prospectus relating to a Shelf Registration Statement, the indemnity agreement
contained in this Section 6(a) will not inure to the benefit of any broker-dealer
or Electing Holder from whom the person asserting any such loss, claim, damage
or liability purchased the Registrable Securities purchased concerned, to the
extent that at the time of such purchase such broker-dealer or Electing Holder
had received timely written advice from the Company prior to such purchase that
the use of such prospectus, amendment, supplement or preliminary prospectus was
suspended as provided in Section 3(e).

 

(b)           Indemnification by the
Holders.  The Company may
require, as a condition to including any Registrable Securities in any
registration statement filed pursuant to Section 2(b) hereof, that the Company
shall have received an undertaking reasonably satisfactory to it from the
Electing Holder of such Registrable Securities, severally and not jointly, to
(i) indemnify and hold harmless the Company and all other holders of Registrable
Securities, against any losses, claims, damages or liabilities to which the
Company or such other holders of Registrable Securities may become subject,
under the Securities Act or otherwise, insofar as such losses, claims, damages
or liabilities (or actions in respect thereof) arise out of or are based upon
an untrue statement or alleged untrue statement of a material

 

18

 

fact contained in such
registration statement, or any preliminary, final or summary prospectus
contained therein or furnished by the Company to any such Electing Holder, or
any amendment or supplement thereto, or arise out of or are based upon the
omission or alleged omission to state therein a material fact required to be
stated therein or necessary to make the statements therein not misleading, in
each case to the extent, but only to the extent, that such untrue statement or
alleged untrue statement or omission or alleged omission was made in reliance
upon and in conformity with written information furnished to the Company by
such Electing Holder expressly for use therein, and (ii) reimburse the Company
for any legal or other expenses reasonably incurred by the Company in
connection with investigating or defending any such action or claim as such
expenses are incurred; provided, however, that no such Electing Holder shall be
required to undertake liability to any person under this Section 6(b) for any
amounts in excess of the dollar amount of the proceeds to be received by such
Electing Holder from the sale of such Electing Holder’s Registrable Securities
pursuant to such registration.

 

(c)           Notices of Claims, Etc.  Promptly after receipt by an indemnified
party under subsection (a) or (b) above of written notice of the commencement
of any action, such indemnified party shall, if a claim in respect thereof is
to be made against an indemnifying party pursuant to the indemnification
provisions of or contemplated by this Section 6, notify such indemnifying party
in writing of the commencement of such action; but the omission so to notify
the indemnifying party shall not relieve it from any liability which it may
have to any indemnified party otherwise than under the indemnification
provisions of or contemplated by Section 6(a) or 6(b) hereof. In case any such
action shall be brought against any indemnified party and it shall notify an
indemnifying party of the commencement thereof, such indemnifying party shall
be entitled to participate therein and, to the extent that it shall wish,
jointly with any other indemnifying party similarly notified, to assume the defense
thereof, with counsel reasonably satisfactory to such indemnified party (who
shall not, except with the consent of the indemnified party, be counsel to the
indemnifying party), and, after notice from the indemnifying party to such indemnified
party of its election so to assume the defense thereof, such indemnifying party
shall not be liable to such indemnified party for any legal expenses of other
counsel or any other expenses, in each case subsequently incurred by such
indemnified party, in connection with the defense thereof other than reasonable
costs of investigation.  No indemnifying
party shall, without the written consent of the indemnified party, effect the
settlement or compromise of, or consent to the entry of any judgment with
respect to, any pending or threatened action or claim in respect of which indemnification
or contribution may be sought hereunder (whether or not the indemnified party
is an actual or potential party to such action or claim) unless such
settlement, compromise or judgment (i) includes an unconditional release of the
indemnified party from all liability arising out of such action or claim 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 any indemnified party.

 

(d)           Contribution.  If for any reason the indemnification
provisions contemplated by Section 6(a) or Section 6(b) are unavailable to or
insufficient to hold harmless an indemnified party in respect of any losses,
claims, damages or liabilities (or actions in respect thereof) referred to
therein, then each indemnifying party shall contribute to

 

19

 

the amount paid or payable
by such indemnified party as a result of such losses, claims, damages or
liabilities (or actions in respect thereof) in such proportion as is
appropriate to reflect the relative fault of the indemnifying party and the
indemnified party in connection with the statements or omissions which resulted
in such losses, claims, damages or liabilities (or actions in respect thereof),
as well as any other relevant equitable considerations. The relative fault of
such indemnifying party and indemnified party shall be determined by reference
to, among other things, whether the untrue or alleged untrue statement of a
material fact or omission or alleged omission to state a material fact relates
to information supplied by such indemnifying party or by such indemnified
party, and the parties’ relative intent, knowledge, access to information and
opportunity to correct or prevent such statement or omission. The parties
hereto agree that it would not be just and equitable if contributions pursuant
to this Section 6(d) were determined by pro rata allocation (even if the
holders or any agents or underwriters or all of them 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 this Section 6(d). The
amount paid or payable by an indemnified party as a result of the losses,
claims, damages, or liabilities (or actions in respect thereof) referred to
above shall be deemed to include any legal or other fees or expenses reasonably
incurred by such indemnified party in connection with investigating or
defending any such action or claim. Notwithstanding the provisions of this Section
6(d), no holder shall be required to contribute any amount in excess of the
amount by which the dollar amount of the proceeds received by such holder from
the sale of any Registrable Securities (after deducting any fees, discounts and
commissions applicable thereto) exceeds 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 Securities Act) shall be entitled
to contribution from any person who was not guilty of such fraudulent
misrepresentation. The holders’ and any underwriters’ obligations in this
Section 6(d) to contribute shall be several in proportion to the principal
amount at maturity of Registrable Securities registered or underwritten, as the
case may be, by them and not joint.

 

(e)           The obligations of the Company under this Section 6 shall
be in addition to any liability which the Company may otherwise have and shall
extend, upon the same terms and conditions, to each officer, director and partner
of each holder and each person, if any, who controls any holder within the
meaning of the Securities Act; and the obligations of the holders contemplated
by this Section 6 shall be in addition to any liability which the respective
holder may otherwise have and shall extend, upon the same terms and conditions,
to each officer and director of the Company (including any person who, with his
consent, is named in any registration statement as about to become a director
of the Company) and to each person, if any, who controls the Company within the
meaning of the Securities Act.

 

7.             Underwritten Offerings.

 

(a)           Selection of Underwriters.  If any of the Registrable Securities covered
by the Shelf Registration are to be sold pursuant to an underwritten offering,
the managing

 

20

 

underwriter or underwriters
thereof shall be designated by Electing Holders holding at least a majority in
aggregate principal amount at maturity of the Registrable Securities to be
included in such offering, subject to the consent of the Company (which shall
not be unreasonably withheld or delayed) and such Electing Holders shall be responsible
for all underwriting discounts and commissions in connection therewith.

 

(b)           Participation by Holders.  Each holder of Registrable Securities hereby
agrees with each other such holder that no such holder may participate in any
underwritten offering hereunder unless such holder (i) agrees to sell such
holder’s Registrable Securities on the basis provided in any underwriting
arrangements approved by the persons entitled hereunder to approve such
arrangements and (ii) completes and executes all questionnaires, powers of attorney,
indemnities, underwriting agreements and other documents reasonably required
under the terms of such underwriting arrangements.

 

8.             Rule 144.

 

The Company covenants to the holders of Registrable
Securities that to the extent it shall be required to do so under the Exchange
Act, the Company shall timely file the reports required to be filed by it under
the Exchange Act or the Securities Act (including the reports under Section 13
and 15(d) of the Exchange Act referred to in subparagraph (c)(1) of Rule 144
adopted by the Commission under the Securities Act) and the rules and
regulations adopted by the Commission thereunder, and shall take such further
action as any holder of Registrable Securities may reasonably request, all to the
extent required from time to time to enable such holder to sell Registrable
Securities without registration under the Securities Act within the limitations
of the exemption provided by Rule 144 under the Securities Act, as such Rule
may be amended from time to time, or any similar or successor rule or
regulation hereafter adopted by the Commission. Upon the request of any holder
of Registrable Securities in connection with that holder’s sale pursuant to
Rule 144, the Company shall deliver to such holder a written statement as to
whether it has complied with such requirements. 
The Company will be deemed to have satisfied the foregoing requirements
if any Parent (as defined in the Indenture) files such reports and takes such
actions of the types otherwise so required, in each case within the applicable
time periods.

 

9.             Miscellaneous.

 

(a)           No Inconsistent Agreements.  The Company represents, warrants, covenants
and agrees that it has not granted, and shall not grant, registration rights
with respect to Registrable Securities or any other securities which would be
inconsistent with the terms contained in this Exchange and Registration Rights
Agreement.

 

(b)           Specific Performance.  The parties hereto acknowledge that there
would be no adequate remedy at law if the Company fails to perform any of its
obligations hereunder and that the Purchasers and the holders from time to time
of the Registrable Securities may be irreparably harmed by any such failure,
and accordingly agree that the Purchasers and such holders, in addition to any
other remedy to which they may be entitled at law or in equity, shall be
entitled to compel specific performance of the obligations of the

 

21

 

Company under this Exchange
and Registration Rights Agreement in accordance with the terms and conditions
of this Exchange and Registration Rights Agreement, in any court of the United
States or any State thereof having jurisdiction.

 

(c)           Notices.  All notices, requests, claims, demands,
waivers and other communications hereunder shall be in writing and shall be
deemed to have been duly given when delivered by hand, if delivered personally
or by courier, or three days after being deposited in the mail (registered or
certified mail, postage prepaid, return receipt requested) as follows:  If to the Company, to it at 1310 Goshen
Parkway, P.O. Box 2656, West Chester, Pennsylvania 19380, Attention:  Secretary, with a copy to David A.
Brittenham, Esq., Debevoise & Plimpton LLP, 919 Third Avenue, New York, New
York 10022, and if to a holder, to the address of such holder set forth in the
security register or other records of the Company, or to such other address as
the Company or any such holder may have furnished to the other in writing in
accordance herewith, except that notices of change of address shall be
effective only upon receipt.

 

(d)           Parties in Interest.  All the terms and provisions of this Exchange
and Registration Rights Agreement shall be binding upon, shall inure to the
benefit of and shall be enforceable by the parties hereto and the holders from
time to time of the Registrable Securities and the respective successors and
assigns of the parties hereto and such holders. In the event that any
transferee of any holder of Registrable Securities shall acquire Registrable Securities,
in any manner, whether by gift, bequest, purchase, operation of law or
otherwise, such transferee shall, without any further writing or action of any
kind, be deemed a beneficiary hereof for all purposes and such Registrable
Securities shall be held subject to all of the terms of this Exchange and
Registration Rights Agreement, and by taking and holding such Registrable
Securities such transferee shall be entitled to receive the benefits of, and be
conclusively deemed to have agreed to be bound by all of the applicable terms
and provisions of this Exchange and Registration Rights Agreement. If the
Company shall so request, any such successor, assign or transferee shall agree
in writing to acquire and hold the Registrable Securities subject to all of the
applicable terms hereof.

 

(e)           Survival.  The respective indemnities, agreements,
representations, warranties and each other provision set forth in this Exchange
and Registration Rights Agreement or made pursuant hereto shall remain in full
force and effect regardless of any investigation (or statement as to the
results thereof) made by or on behalf of any holder of Registrable Securities,
any director, officer or partner of such holder, any agent or underwriter or
any director, officer or partner thereof, or any controlling person of any of
the foregoing, and shall survive delivery of and payment for the Registrable
Securities pursuant to the Purchase Agreement and the transfer and registration
of Registrable Securities by such holder and the consummation of an Exchange
Offer.

 

(f)            Governing Law.  This Exchange and Registration Rights
Agreement shall be governed by and construed in accordance with the laws of the
State of New York.

 

22

 

(g)           Headings.  The descriptive headings of the several
Sections and paragraphs of this Exchange and Registration Rights Agreement are
inserted for convenience only, do not constitute a part of this Exchange and
Registration Rights Agreement and shall not affect in any way the meaning or
interpretation of this Exchange and Registration Rights Agreement.

 

(h)           Entire Agreement;
Amendments.  This Exchange and
Registration Rights Agreement and the other writings referred to herein
(including the Indenture and the form of Securities) or delivered pursuant
hereto which form a part hereof contain the entire understanding of the parties
with respect to its subject matter. This Exchange and Registration Rights
Agreement supersedes all prior agreements and understandings between the
parties with respect to its subject matter. This Exchange and Registration
Rights Agreement may be amended and the observance of any term of this Exchange
and Registration Rights Agreement may be waived (either generally or in a
particular instance and either retroactively or prospectively) only by a
written instrument duly executed by the Company and the holders of at least a
majority in aggregate principal amount at maturity of the Registrable
Securities at the time outstanding. Each holder of any Registrable Securities
at the time or thereafter outstanding shall be bound by any amendment or waiver
effected pursuant to this Section 9(h), whether or not any notice, writing or
marking indicating such amendment or waiver appears on such Registrable Securities
or is delivered to such holder.

 

(i)            Counterparts.  This agreement may be executed by the parties
in counterparts, each of which shall be deemed to be an original, but all such
respective counterparts shall together constitute one and the same instrument.

 

[Signature Pages Follow]

 

23

 

If the foregoing is in
accordance with your understanding, please sign and return to us six
counterparts hereof, and upon the acceptance hereof by you, on behalf of each
of the Purchasers, this letter and such acceptance hereof shall constitute a
binding agreement between each of the Purchasers and the Company.  It is understood that your acceptance of this
letter on behalf of each of the Purchasers is pursuant to the authority set
forth in a form of Agreement among Purchasers, the form of which shall be
submitted to the Company for examination upon request, but without warranty on
your part as to the authority of the signers thereof.

 

	
   

  	
  Very truly yours,

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  CDRV Investors, Inc.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  

 

 

Accepted
as of the date hereof:

 

DEUTSCHE BANK
SECURITIES INC.

BANC OF AMERICA SECURITIES LLC

CITIGROUP
GLOBAL MARKETS INC.

 

	
  By:

  	
   

  	
   

  	
   

  
	
   

  	
  (Deutsche Bank Securities Inc.)

  	
   

  
	
   

  
	
  On behalf of each of the PurchasersExhibit 4.6

 

FOR THE
PURPOSES OF SECTION 1271 ET SEQ. OF THE INTERNAL REVENUE CODE OF 1986, AS
AMENDED, THIS SECURITY IS BEING ISSUED WITH ORIGINAL ISSUE DISCOUNT; FOR EACH
$1,000.00 PRINCIPAL AMOUNT OF THIS SECURITY, THE ISSUE PRICE IS $622.49, THE
AMOUNT OF ORIGINAL ISSUE DISCOUNT IS $858.76, THE ISSUE DATE IS DECEMBER 16,
2004, AND THE YIELD TO MATURITY IS 9.625%, COMPOUNDED SEMIANNUALLY.

 

Form of Note(1)

(FACE OF NOTE)

 

CDRV INVESTORS, INC.

 

 

95/8% Senior Discount Notes Due 2015

 

CUSIP No. [•](2)[•](3)

No.                  $
                   

 

CDRV
Investors, Inc., a corporation duly organized and existing under the laws of
the State of Delaware (and its successors and assigns) (the “Company”),
promises to pay to                                 ,
or registered assigns, the principal sum of $                                
([                                ]
United States Dollars) [(or such lesser or greater amount as shall be
outstanding hereunder from time to time in accordance with Sections 312 and 313
of the Indenture referred to on the reverse hereof)](4) (the “Principal Amount”)
on January 1, 2015.

 

The
Notes have an initial accreted value of $622.49 per $1,000 principal amount at
maturity.  The Accreted Value of this
Note will increase from the Issue Date until January 1, 2010 at a rate of
9 5/8% per annum, compounded semiannually, such that the Accreted Value will
equal the principal amount at maturity on such date.

 

No
cash interest will accrue on this Note prior to January 1, 2010.  Interest on this Note will accrue from the
most recent date to which interest on this Note or any of its Predecessor Notes
has been paid or duly provided for or, if no interest has been paid, from January 1,
2010.  The Company promises to pay
interest semiannually on January 1 and July 1 in each year,
commencing July 1, 2010, at the rate of 9 5/8% per annum[, except that
interest, if any, accrued on this Note for periods prior to the date on which
the Initial Note was surrendered in exchange for this Note will accrue at the
rate or rates borne by such Initial Note from time to time during such periods](5),
until the Principal Amount is paid or made available for payment;

 

(1)                                  Insert
any applicable legends from Article II.

(2)                                  Include
only for Initial Note.

(3)                                  Include
only for Exchange Note.

(4)                                  Include
only if the Note is issued in global form.

(5)                                  Include
only for Exchange Note.

 

 

provided that on any Interest Payment Date, interest
shall be payable only to the extent of funds actually available for
distribution by VWR International and in turn any Intermediate Holdcos to the
Company under applicable law and under Section 409(a), as in effect on the
Issue Date, of each VWR Notes Indenture (net of all taxes on, and expenses
relating to, any such distribution), as reasonably determined by the Board of
Directors in good faith, such determination to be conclusive and binding for
all purposes.  The amount of interest
that would otherwise have been payable on any interest payment date but for the
proviso to the immediately preceding sentence shall not be due or payable on
such interest payment date and shall instead continue to accrue (such interest,
the “Deferred Interest”).  Deferred
Interest on the Notes will bear interest at the rate of 9 5/8% per annum,
compounded semiannually, until paid in full. 
The Company will be obligated to pay any Deferred Interest, including
interest on any Deferred Interest, on any subsequent Interest Payment Date when
funds sufficient to pay such amounts are actually available for distribution to
the Company as aforesaid.  In any event,
all Deferred Interest and accrued interest thereon must be repaid on or prior
to the maturity of the Notes.

 

Interest
on the Notes shall be computed on the basis of a 360-day year of twelve 30-day
months.  The interest so payable, and
punctually paid or duly provided for (to the extent due and payable), on any
Interest Payment Date will, as provided in such Indenture, be paid to the
Person in whose name this Note (or one or more Predecessor Notes) is registered
at the close of business on the Regular Record Date for such interest, which
shall be the December 15 or June 15 (whether or not a Business Day),
as the case may be, next preceding such Interest Payment Date.  Any such interest (to the extent due and
payable) not so punctually paid or duly provided for will forthwith cease to be
payable to the Holder on such Regular Record Date and may either be paid to the
Person in whose name this Note (or one or more Predecessor Notes) is registered
at the close of business on a Special Record Date for the payment of such
Defaulted Interest to be fixed by the Trustee, notice whereof shall be given to
Holders of Notes not more than 15 days nor less than 10 days prior to such
Special Record Date, or be paid at any time in any other lawful manner not
inconsistent with the requirements of any securities exchange on which the
Notes may be listed, and upon such notice as may be required by such exchange,
all as more fully provided in said Indenture.

 

[The
Holder of this Note is entitled to the benefits of the Exchange and
Registration Rights Agreement, dated December16, 2004, among the Company and
the initial purchasers named therein (the “Registration Rights Agreement”).](6)(7)

 

Payment
of the principal (or Accreted Value) of (and premium, if any) and interest on
this Note will be made at the Corporate Trust Office of the Trustee, or such
other office or agency of the Company maintained for that purpose; provided, however,
that at the option of the Company payment of interest may be made by check
mailed to the address of the Person entitled thereto as such address shall
appear in the Note Register.

 

(6)                                  Include
only for Initial Note when required by the Registration Rights Agreement.

(7)                                  For
an Initial Additional Note, add any similar provision, if any, as may be agreed
by the Issuers with respect to additional interest on such Initial Additional
Note.

 

 

Reference
is hereby made to the further provisions of this Note set forth on the reverse
hereof, which further provisions shall for all purposes have the same effect as
if set forth at this place.

 

Unless
the certificate of authentication hereon has been executed by the Trustee
referred to on the reverse hereof by manual signature, this Note shall not be
entitled to any benefit under the Indenture or be valid or obligatory for any
purpose.

 

 

IN
WITNESS WHEREOF, the Company has caused this instrument to be duly executed.

 

 

	
   

  	
  CDRV INVESTORS, INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By

  	
   

  	
   

  
	
   

  	
  Name:

  
	
   

  	
  Title:

  

 

 

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

 

	
   

  	
  WELLS FARGO BANK, NATIONAL
  

  ASSOCIATION

  
	
   

  	
  As Trustee

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By

  	
   

  	
   

  
	
   

  	
   

  	
  Authorized Officer

  	
   

  
	
   

  	
   

  
	
  Dated:

  
					

 

 

(REVERSE OF NOTE)

 

This
Note is one of the duly authorized issue of 9 5/8% Senior Discount Notes Due
2015 of the Company (herein called the “Notes”), issued under an Indenture,
dated as of December 16, 2004 (herein called the “Indenture,” which term
shall have the meanings assigned to it in such instrument), among the Company,
as issuer, and Wells Fargo Bank, National Association, as Trustee (herein
called the “Trustee,” which term includes any successor trustee under the
Indenture), and reference is hereby made to the Indenture for a statement of
the respective rights, limitations of rights, duties and immunities thereunder
of the Company, any other obligor upon this Note, the Trustee and the Holders
of the Notes and of the terms upon which the Notes are, and are to be,
authenticated and delivered.  The terms
of the Notes include those stated in the Indenture and those made a part of the
Indenture by reference to the Trust Indenture Act of 1939, as amended, as in
effect from time to time (the “TIA”). 
The Notes are subject to all such terms, and Holders are referred to the
Indenture and the TIA for a statement of such terms.  Additional Notes may be issued under the
Indenture which will vote as a class with the Notes and otherwise be treated as
Notes for purposes of the Indenture.

 

All
terms used in this Note that are defined in the Indenture shall have the
meanings assigned to them in the Indenture.

 

This
Note may hereafter be entitled to certain senior Subsidiary Guarantees made for
the benefit of the Holders.  Reference is
made to Article XIII of the Indenture for terms relating to such
Subsidiary Guarantees, including the release, termination and discharge
thereof.  Neither the Company nor any
Subsidiary Guarantor shall be required to make any notation on this Note to
reflect any Subsidiary Guarantee or any such release, termination or discharge.

 

The
Notes will be redeemable, at the Company’s option, in whole or in part, and
from time to time on and after January 1, 2010 and prior to maturity at
the applicable redemption price set forth below. Such redemption may be made
upon notice mailed by first-class mail to each Holder’s registered address in
accordance with the Indenture.  The
Company may provide in such notice that payment of the redemption price and the
performance of the Company’s obligations with respect to such redemption may be
performed by another Person. Any such redemption and notice may, in the Company’s
discretion, be subject to the satisfaction of one or more conditions precedent,
including the occurrence of a Change of Control.  The Notes will be so redeemable at the
following redemption prices (expressed as a percentage of principal amount at
maturity), plus accrued and
unpaid interest, if any, to the relevant Redemption Date (subject to the right
of Holders of record on the relevant Regular Record Date to receive interest
due on the relevant Interest Payment Date), if redeemed during the 12-month
period commencing on January 1 of the years set forth below:

 

	
  Period

  	
   

  	
  Redemption Price

  	
   

  
	
  2010

  	
   

  	
  104.813

  	
  %

  
	
  2011

  	
   

  	
  103.208

  	
  %

  
	
  2012

  	
   

  	
  101.604

  	
  %

  
	
  2013 and
  thereafter

  	
   

  	
  100.000

  	
  %

  

 

 

In
addition, at any time and from time to time on or prior to January 1,
2008, the Company at its option may redeem Notes in an aggregate principal
amount at maturity equal to up to 35% of the aggregate principal amount at
maturity of Notes (including the principal amount at maturity of any Additional
Notes), with funds in an equal aggregate amount not exceeding the aggregate
proceeds of one or more Equity Offerings, at a redemption price (expressed as a
percentage of Accreted Value thereof) of 109.625%; provided, however,
that an aggregate principal amount at maturity of Notes equal to at least 65%
of the aggregate principal amount at maturity of Notes (including the principal
amount at maturity of any Additional Notes) must remain outstanding after each
such redemption.  The Company may make
such redemption upon notice mailed by first-class mail to each Holder’s
registered address in accordance with the Indenture (but in no event more than
180 days after the completion of the related Equity Offering).  The Company may provide in such notice that
payment of the redemption price and performance of the Company’s obligations
with respect to such redemption may be performed by another Person.  Any such notice may be given prior to the
completion of the related Equity Offering, and any such redemption or notice
may, at the Company’s discretion, be subject to the satisfaction of one or more
conditions precedent, including the completion of the related Equity Offering.

 

At
any time prior to January 1, 2010, Notes may also be redeemed or purchased
(by the Company or any other Person) in whole or in part, at the Company’s
option, at a price equal to 100% of the Accreted Value thereof plus the Applicable Premium as of the date
of redemption or purchase. Such redemption or purchase may be made upon notice
mailed by first-class mail to each Holder’s registered address in accordance
with the Indenture.  The Company may
provide in such notice that payment of the Redemption Price and performance of
the Company’s obligations with respect to such redemption or purchase may be
performed by another Person. Any such redemption, purchase or notice may, at
the Company’s discretion, be subject to the satisfaction of one or more
conditions precedent, including the occurrence of a Change of Control.

 

The
Indenture provides that, upon the occurrence of a Change of Control, each
Holder will have the right to require that the Company repurchase all or any
part of such Holder’s Notes at a purchase price in cash equal to 101% of the
Accreted Value thereof, plus
accrued and unpaid interest, if any, to the date of such repurchase; provided, however,
that the Company shall not be obligated to repurchase Notes in the event it has
exercised its right to redeem all the Notes as described above.

 

The
Notes will not be entitled to the benefit of a sinking fund.

 

The
Indenture contains provisions for defeasance at any time of the entire
indebtedness of this Note or certain restrictive covenants and certain Events
of Default with respect to this Note, in each case upon compliance with certain
conditions set forth in the Indenture.

 

 

If
an Event of Default with respect to the Notes shall occur and be continuing,
the principal (or Accreted Value) of the Notes may be declared due and payable
in the manner and with the effect provided in the Indenture.

 

The
Indenture permits, with certain exceptions as therein provided, the amendment
thereof and the modification of the rights and obligations of the Company and
the rights of the Holders of the Notes to be affected under the Indenture at
any time by the Company and the Trustee with the consent of the Holders of at
least a majority in principal amount at maturity of the Notes at the time
Outstanding to be affected.  The
Indenture also contains provisions permitting the Holders of specified
percentages in principal amount at maturity of the Notes at the time
Outstanding, on behalf of the Holders of all Notes, to waive compliance by the
Company with certain provisions of the Indenture and certain past defaults
under the Indenture and their consequences. 
Any such consent or waiver by the Holder of this Note shall be
conclusive and binding upon such Holder and upon all future Holders of this
Note and of any Note issued upon the registration of transfer hereof or in
exchange herefor or in lieu hereof, whether or not notation of such consent or
waiver is made upon this Note.

 

As
provided in and subject to the provisions of the Indenture, the Holder of this
Note shall not have the right to institute any proceeding with respect to the
Indenture or for the appointment of a receiver or trustee or for any other
remedy thereunder, unless such Holder shall have previously given the Trustee
written notice of a continuing Event of Default with respect to the Notes, the
Holders of not less than 25% in principal amount at maturity of the Notes at
the time Outstanding shall have made written request to the Trustee to pursue
such remedy in respect of such Event of Default as Trustee and offered the
Trustee reasonable security or indemnity, and the Trustee shall not have
received from the Holders of a majority in principal amount at maturity of
Notes at the time Outstanding a direction inconsistent with such request, and
shall have failed to institute any such proceeding, for 60 days after receipt
of such notice, request and offer of security or indemnity.  The foregoing shall not apply to any suit
instituted by the Holder of this Note for the enforcement of any payment of
principal (or Accreted Value) hereof or any premium or interest hereon on or
after the respective due dates expressed herein.

 

No
reference herein to the Indenture and no provision of this Note or of the
Indenture shall alter or impair the obligation of the Company, which is
absolute and unconditional, to pay the principal (or Accreted Value) of and any
premium and interest on this Note at the times, place and rate, and in the coin
or currency, herein prescribed.

 

As
provided in the Indenture and subject to certain limitations therein set forth,
the transfer of this Note is registrable in the Note Register, upon surrender
of this Note for registration of transfer at the office or agency of the
Company in a Place of Payment, duly endorsed by, or accompanied by a written
instrument of transfer in form satisfactory to the Company and the Note
Registrar duly executed by, the Holder hereof or such Holder’s attorney duly
authorized in writing, and thereupon one or more new Notes of like tenor, of
authorized denominations and for the same aggregate principal amount at
maturity, will be issued to the designated transferee or transferees.

 

 

The
Notes are issuable only in registered form without coupons in denominations of
$1,000.00 and any integral multiple thereof. 
As provided in the Indenture and subject to certain limitations therein
set forth, the Notes are exchangeable for a like aggregate principal amount at
maturity of Notes of like tenor of a different authorized denomination, as
requested by the Holder surrendering the same.

 

No
service charge shall be made for any such registration, transfer or exchange,
but the Company may require payment of a sum sufficient to cover any tax or
other governmental charge payable in connection therewith.

 

Prior
to due presentment of this Note for registration or transfer, the Company,  any other obligor in respect of this Note,
the Trustee and any agent of the Company, such other obligor or the Trustee may
treat the Person in whose name this Note is registered as the owner hereof for
all purposes, whether or not this Note be overdue, and none of the Company, any
other obligor upon this Note, the Trustee nor any such agent shall be affected
by notice to the contrary.

 

No
director, officer, employee, incorporator or stockholder, as such, of the
Company, any Subsidiary Guarantor or any Subsidiary of any thereof shall have
any liability for any obligation of the Company, or any Subsidiary Guarantor
under the Indenture, the Notes or any Subsidiary Guarantee, or for any claim
based on, in respect of, or by reason of, any such obligation or its
creation.  Each Holder, by accepting this
Note, hereby waives and releases all such liability.  The waiver and release are part of the
consideration for issuance of the Notes.

 

THE
INDENTURE AND THE NOTES SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH
THE LAWS OF THE STATE OF NEW YORK.  THE
TRUSTEE, THE COMPANY, ANY OTHER OBLIGOR IN RESPECT OF THE NOTES AND (BY THEIR
ACCEPTANCE OF THE NOTES) THE HOLDERS, AGREE TO SUBMIT TO THE JURISDICTION OF
ANY UNITED STATES FEDERAL OR STATE COURT LOCATED IN THE BOROUGH OF MANHATTAN,
IN THE CITY OF NEW YORK IN ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING
TO THE INDENTURE, THE NOTES OR THE SUBSIDIARY GUARANTEES, IF ANY.

 

 

[FORM OF CERTIFICATE OF TRANSFER]

 

FOR
VALUE RECEIVED the undersigned holder hereby sell(s), assign(s) and transfer(s)
unto

 

 

Insert Taxpayer
Identification No.

 

 

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

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
			

 

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

 

	
   

  	
   

  

 

attorney to transfer such
Note on the books of the Company with full power of substitution in the
premises.

 

[Check One

 

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

 

or

 

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

 

If neither of the foregoing
boxes is checked, the Trustee or other Note Registrar shall not be obligated to
register this Note in the name of any Person other than the Holder hereof
unless and until the conditions to any such transfer of registration set forth
herein and in Section 313 of the Indenture shall have been satisfied.](8)

 

	
  Date:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  
				

 

(8)                                  Include
only for an Initial Note or an Initial Additional Note, in accordance with the
Indenture.

 

 

	
   

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

  

 

 

	
  Signature Guarantee:

  	
   

  	
   

  

 

Signatures
must be guaranteed by an “eligible guarantor institution” meeting the
requirements of the Note Registrar, which requirements include membership or
participation in the Security Transfer Agent Medallion Program (“STAMP”)
or such other “signature guarantee program” as may be determined by the Note
Registrar in addition to, or in substitution for, STAMP, all in accordance with
the Securities Exchange Act of 1934, as amended.

 

 

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

 

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

 

	
  Dated:

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  NOTICE:

  	
  To be executed by an
  executive

  
	
   

  	
  officer](9)

  
						

 

 

(9)                                  Include
only for an Initial Note or an Initial Additional Note, in accordance with the
Indenture.

 

 

OPTION OF HOLDER TO ELECT PURCHASE

 

If
you wish to have this Note purchased by the Company pursuant to Section 411
or 415 of the Indenture, check the box: 
[    ].

 

If
you wish to have a portion of this Note purchased by the Company pursuant to Section 411
or 415 of the Indenture, state the amount (in principal amount at maturity)
below:

 

$
                              

 

	
  Date:

  	
   

  	
   

  
	
   

  
	
  Your Signature:

  	
   

  	
   

  
	
   

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

  
	
   

  
	
  Signature Guarantee:

  	
   

  	
   

  
							

 

Signatures
must be guaranteed by an “eligible guarantor institution” meeting the
requirements of the Note Registrar, which requirements include membership or
participation in the Security Transfer Agent Medallion Program (“STAMP”)
or such other “signature guarantee program” as may be determined by the Note
Registrar in addition to, or in substitution for, STAMP, all in accordance with
the Securities Exchange Act of 1934, as amended.

 

 

SCHEDULE OF INCREASES OR DECREASES IN GLOBAL NOTE

 

The following increases or decreases in this Global Note have been
made:

 

	
  Date of 

  Exchange

  	
   

  	
  Amount of decreases in

  Principal

  Amount at Maturity of this

  Global Note

  	
   

  	
  Amount of increases in

  Principal

  Amount at Maturity of 

  this Global Note

  	
   

  	
  Principal Amount at

  Maturity 

  of this Global Note

  following such decreases or

  increases

  	
   

  	
  Signature

  of authorized officer of 

  Trustee or Notes

  Custodian

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