Document:

2004 Equity Participation Plan

 Exhibit 10.12 
  
 APHTON CORPORATION 
  
 2004 EQUITY PARTICIPATION PLAN 
  
 1. ESTABLISHMENT, EFFECTIVE DATE AND TERM 
  
 APHTON CORPORATION, a Delaware corporation (“Aphton” or the “Company”), hereby establishes the “Aphton Corporation 2004 Equity
Participation Plan.” The effective date of the Plan shall be June 16, 2004 (the “Effective Date”), which is the date that the Plan was approved and adopted by the stockholders of Aphton. Unless earlier terminated pursuant to Section
12 hereof, the Plan shall terminate on the tenth anniversary of the Effective Date. 
  
 2. PURPOSE 
  
 The purpose of the Plan is to
advance the interests of Aphton by allowing Aphton to attract, retain and motivate Eligible Individuals by providing them with an opportunity to acquire or increase a proprietary interest in Aphton which thereby will create a stronger incentive to
expend maximum effort for the growth and success of Aphton and its subsidiaries. 
  
 3. DEFINITIONS 
  
 Whenever used in the Plan, the
following terms shall have the meanings set forth below: 
  
 “Award” shall mean, individually or collectively, an Option, a Restricted Stock Unit or any other award granted pursuant to the Plan. 
  
 “Award Agreement” shall mean, individually or collectively, an Option Agreement, Restricted Stock Unit Agreement or any other agreement entered
into pursuant to the Plan. 
  
 “Award Period” shall mean
a period of time within which Performance Criteria is measured for the purpose of determining whether an Award subject to performance restrictions has been earned. 
  
 “Award Shares” shall mean shares of Common Stock issued pursuant to an Award. 
  
 “Board” shall mean the Board of Directors of Aphton. 
  
 “Cause” shall mean (i) failure or refusal of the Participant to
perform the duties and responsibilities that the Company requires to be performed by him, (ii) gross negligence or willful misconduct by the Participant in the performance of his duties, (iii) commission by the Participant of an act of dishonesty
affecting the Company, or the commission of an act constituting common law fraud or a felony, or (iv) the Participant’s commission of an act (other than the good faith exercise of his business judgment in the exercise of his responsibilities)
resulting in material damages to the Company; provided, however, that if the Participant and the Company have entered into an employment agreement which defines “cause” for purposes of such agreement, “cause” shall be
defined in accordance with such agreement. The Committee, in its sole and absolute discretion, shall determine whether a termination of employment or service is for Cause. 
  
 “Change in Control” shall, unless the Board otherwise directs by resolution adopted prior thereto, be deemed to
occur if 
  
 (i) any person or related group of
persons (other than Aphton or a person that, prior to such transaction, directly or indirectly controls, is controlled by, or is under common control with, Aphton) directly or 

  

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indirectly acquires beneficial ownership (within the meaning of Rule 13d-3 under the Exchange Act) of securities possessing more than fifty percent (50%) of
the total combined voting power of Aphton’s outstanding securities pursuant to a tender or exchange offer made directly to Aphton’s stockholders which the Board does not recommend such stockholders to accept; or 
  
 (ii) there is a change in the composition of the Board over
a period of twenty four (24) consecutive months (or less) such that a majority of the Board members (rounded up to the nearest whole number) ceases to be comprised of individuals who either (i) have been Board members continuously since the
beginning of such period or (ii) have been elected or nominated for election as Board members during such period by at least a majority of the Board members described in clause (i) who were still in office at the time such election or nomination was
approved by the Board; or 
  
 (iii) the
stockholders of Aphton approve a merger or consolidation of Aphton with any other corporation (or other entity), other than a merger or consolidation which would result in the voting securities of Aphton outstanding immediately prior thereto
continuing to represent (either by remaining outstanding or by being converted into voting securities of the surviving entity) more than 50% of the combined voting power of the voting securities of Aphton or such surviving entity outstanding
immediately after such merger or consolidation; provided, however, that a merger or consolidation effected to implement a recapitalization of Aphton (or similar transaction) in which no person acquires more than 25% of the combined voting power of
Aphton’s then outstanding securities shall not constitute a Change in Control; or 
  
 (iv) the stockholders of Aphton approve a plan of complete liquidation of Aphton or an agreement for the sale or disposition by Aphton of
all or substantially all of Aphton’s assets. 
  
 “Code” shall mean the Internal Revenue Code of 1986, as amended. 
  
 “Committee” shall mean the Compensation Committee or any other committee appointed by the Board to administer the Plan pursuant to Section 5 of the Plan. However, with respect to grants made to Independent
Directors, the Committee shall mean the Board. 
  
 “Common
Stock” shall mean the Common Stock of Aphton, par value $0.001 per share. 
  
 “Company” shall mean Aphton and its subsidiaries whose financial statements are consolidated with the financial statements of Aphton in accordance with accounting principles generally accepted in the United
States. 
  
 “Compensation Committee” shall mean the
Compensation Committee of the Board, which shall consist of two or more Independent Directors, each of whom shall be both a “non-employee director” as defined by Rule 16b-3 of the Exchange Act and an “outside director” for
purposes of Section 162(m) of the Code. 
  
 “Covered
Employee” shall have the meaning set forth in Section 162(m)(3) of the Code. 
  
 “Disability” shall mean “permanent and total disability” within the meaning of Section 22(e)(3) of the Code. 
  

“Dividend Equivalent Right” shall mean the right to receive a cash payment equal to the value of any dividend paid on a share of Common Stock
with respect to which a Dividend Equivalent Right has been awarded. 
  
 “Eligible Individual” shall mean any employee, officer or director of the Company or any consultant or independent contractor providing services to the Company. 
  
 “Exercise Price” shall mean the purchase price of each share of Common Stock subject to an Option. 
  
 “Exchange Act” shall mean the Securities Exchange Act of 1934, as
amended. 
  

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 “Fair Market Value” of a share of Common Stock shall mean (a) the closing price of a share of
Common Stock on the principal exchange on which shares of Common Stock are then trading, if any (or as reported on any composite index which includes such principal exchange, on the trading day previous to such date, or if shares were not traded on
the trading day previous to such date, then the next preceding date on which a trade occurred, or (b) if Common Stock is not traded on an exchange but is quoted on NASDAQ or a successor quotation system, the last sales price for the Common Stock on
the trading day previous to such date as reported by NASDAQ or such successor quotation system; or (c) if the Common Stock is not publicly traded on an exchange and not quoted on NASDAQ or a successor quotation system, the Fair Market Value of a
share of Common Stock as established by the Committee in good faith. 
  
 “Incentive Stock Option” shall have the meaning set forth in Section 422 of the Code. 
  
 “Independent Director” shall mean a member of the Board who is a “non-employee director,” as defined in Rule 16b-3 of the Exchange
Act. 
  
 “Non-qualified Stock Option” shall mean an
Option that is not intended to meet the requirements of Section 422 of the Code. 
  
 “Option” shall mean any stock option granted pursuant to Section 7 of the Plan. 
  
 “Option Agreement” shall mean a written agreement entered into by the Company and a Participant which sets forth the terms and conditions of the
Option thereby granted. 
  
 “Participant” shall mean any
Eligible Individual with an outstanding Award. 
  
 “Performance Criteria” shall mean any business or performance criteria with respect to the Company, any subsidiary or any division or operating unit determined by the Board, from time to time. 
  
 “Person” shall mean any person, corporation, partnership, joint
venture or other entity or any group (as such term is defined for purposes of Section 13(d) of the Exchange Act), other than a parent or subsidiary of the Company. 
  
 “Plan” shall mean the Aphton Corporation 2004 Equity Participation Plan. 
  
 “Reorganization” shall be deemed to occur if an entity is a party
to a merger, consolidation, reorganization, or other business combination with one or more entities in which said entity is not the surviving entity, if such entity disposes of substantially all of its assets, or if such entity is a party to a
spin-off, split-off, split-up or similar transaction; provided, however, that the transaction shall not be a Reorganization if the Company or any subsidiary of the Company is the surviving entity. 
  
 “Restricted Stock Units” shall mean Awards granted pursuant to
Section 8 of the Plan. 
  
 “Restricted Stock Unit
Agreement” shall mean a written agreement entered into by the Company and a Participant which sets forth the terms and conditions of the Restricted Stock Unit thereby granted. 
  
 “Restriction Period” shall mean the period during which applicable restrictions apply to Restricted Stock Units.

  
 “Section 424 Employee” shall mean an employee of the
Company or any “subsidiary corporation” or “parent corporation” as defined in and in accordance with Code Section 424. Such term shall also include employees of a corporation issuing or assuming a stock option in a transaction to
which Code Section 424(a) applies. 
  

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 4. ELIGIBILITY 
  
 Awards may be granted under the Plan to any Eligible Individual, as determined by the Committee from time to time, on the basis of his/her importance to
the business of the Company. An individual may hold more than one Award, subject to such restrictions as are provided herein. 
  
 5. ADMINISTRATION 
  
 5.1 Committee. The Plan shall be administered by the Committee or any committee appointed by the Board consisting of not less than
two (2) Directors. The Committee shall have the full power and authority to take all actions, and to make all determinations required or provided for under the Plan, any Award granted or any Award Agreement entered into under the Plan and all such
other actions and determinations not inconsistent with the specific terms and provisions of the Plan deemed by the Committee to be necessary or appropriate to the administration of the Plan, any Award granted or any Award Agreement entered into
hereunder. The Committee may correct any defect or supply any omission or reconcile any inconsistency in the Plan or in any Award Agreement in the manner and to the extent it shall deem expedient to carry the Plan into effect as it may determine in
its sole discretion. All such actions and determinations shall be made by the affirmative vote of a majority of the members of the Committee present at a meeting at which any issue relating to the Plan is properly raised for consideration or without
a meeting by written consent of the Committee executed in accordance with Aphton’s Certificate of Incorporation and Bylaws, and applicable law. The decisions of the Committee shall be final, conclusive and binding with respect to the
interpretation and administration of the Plan and any Award granted under the Plan. 
  
 5.2 Delegation of Authority to Grant Awards. The Committee may, but need not, delegate from time to time some or all of its
authority to grant Awards under the Plan to a committee consisting of one or more members of the Committee or of one or more officers of the Company; provided, however, that the Committee may not delegate its authority to grant Awards to individuals
(i) who are subject on the date of the grant to the reporting rules under Section 16(a) of the Exchange Act, (ii) who are Section 162 (m) Participants or (iii) who are officers of the Company who are delegated authority by the Committee hereunder.
Any delegation hereunder shall be subject to the restrictions and limits that the Committee specifies at the time of such delegation of authority and may be rescinded at any time by the Committee. At all times, any committee appointed under this
Section 5.2 shall serve in such capacity at the pleasure of the Committee. 
  
 5.3 No Liability. No member of the Committee shall be liable for any action or determination made in good faith with respect to the Plan, any Award granted or any Award Agreement entered into hereunder.

  
 6. SHARES SUBJECT TO THE PLAN 
  
 The capital stock of the Company that may be issued pursuant to Awards
granted under the Plan shall be shares of Common Stock, which shares may be treasury shares or authorized but unissued shares. The maximum number of shares of Common Stock that may be issued pursuant to Awards granted under the Plan shall be Two
Million Five Hundred Thousand (2,500,000) shares, subject to adjustment as provided in Section 10 below. If any Option expires, terminates, or is terminated or canceled for any reason prior to exercise in full, the shares of Common Stock that were
subject to the unexercised portion of such Option shall become available for future Awards granted under the Plan as if such Option had not been granted. If any Restricted Stock Unit or other award is forfeited for any reason, the Common Stock
subject to such Award shall be available for future grants of Awards under the Plan as if such Award had not been granted. 
  
 7. OPTIONS 
  
 7.1 Types of Options. Each Option granted under the Plan may be designated by the Committee, in its sole discretion, either as (i)
an Incentive Stock Option or (ii) as a Non-qualified Stock Option. Options designated as Incentive Stock Options that fail to continue to meet the requirements of Section 422 of the 

  

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Code shall be redesignated as Non-qualified Stock Options automatically on the date of such failure to continue to meet such requirements without further
action by the Committee. In the absence of any designation, Options granted under the Plan will be deemed to be Non-qualified Stock Options. 
  
 7.2 Grant of Options. Subject to the terms and conditions of the Plan, the Committee may, at any time and from time to time, prior
to the date of termination of the Plan, grant to such Eligible Individuals as the Committee may determine, Options to purchase such number of shares of Common Stock on such terms and conditions as the Committee may determine. The date on which the
Committee approves the grant of an Option (or such later date as is specified by the Committee) shall be considered the date on which such Option is granted. 
  

7.3 Limitation on Incentive Stock Options. 
  
 7.3.1 Section 424 Employees. Incentive Stock Options may only be granted to Section 424 Employees.
Subject to the terms and conditions of this Plan and the Option Agreement (including all vesting provisions and option periods), any and all Incentive Stock Options which an employee fails to exercise within 90 days after the date said employee
ceases to be a Section 424 Employee shall automatically be classified as non-qualified Stock Options to the extent that said Options have not otherwise been terminated. 
  
 7.3.2 Fair Market Value. Subject to Section 7.3.3 below, an Incentive Stock Option shall not be
granted with an Exercise Price less than one hundred percent (100%) of the Fair Market Value of a share of Common Stock on the date the Incentive Stock Option is granted. The Committee shall determine Fair Market Value in accordance with the
provisions of Section 422 of the Code. 
  
 7.3.3
Ten Percent Stockholder. Notwithstanding any other provision of this Plan to the contrary, no individual may receive an Incentive Stock Option under the Plan if such individual, at the time the award is granted, owns (after application of the
rules contained in Section 424(d) of the Code) stock possessing more than ten percent (10%) of the total combined voting power of all classes of stock of the Company, unless (i) the Exercise Price for each share of Common Stock subject to such
Incentive Stock Option is at least one hundred ten percent (110%) of the Fair Market Value of a share of Common Stock on the date of grant and (ii) such Incentive Stock Option is not exercisable after the fifth (5th) anniversary of the date of
grant. 
  
 7.3.4 Limitation on Grants. The
aggregate Fair Market Value (determined with respect to each Incentive Stock Option at the time such Incentive Stock Option is granted) of the shares of Common Stock with respect to which Incentive Stock Options are exercisable for the first time by
an individual during any calendar year (under this Plan or any other plan of the Company) shall not exceed $100,000. If an Incentive Stock Option is granted pursuant to which the aggregate Fair Market Value of shares with respect to which it first
becomes exercisable in any calendar year by an individual exceeds such $100,000 limitation, the portion of such Option which is in excess of the $100,000 limitation, and any Options issued subsequently in the same calendar year, shall be treated as
a Non-qualified Stock Option pursuant to Section 422(d)(1) of the Code. In the event that an individual is eligible to participate in any other stock option plan of the Company which is also intended to comply with the provisions of Section 422 of
the Code, such $100,000 limitation shall apply to the aggregate number of shares for which Incentive Stock Options may be granted under this Plan and all such other plans. 
  
 7.4 Option Agreement. All Options granted pursuant to the Plan shall be evidenced by an Option
Agreement, to be executed by the Company and the Participant, in such form or forms as the Committee shall determine. Option Agreements may contain different provisions, provided, however, that all such Option Agreements shall comply with all
terms of the Plan. 
  

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 7.5 Exercise Price. The Exercise Price shall be fixed by the Committee and stated
in each Option Agreement. 
  
 7.6 Option
Period. Subject to the provisions of Sections 7.3, 7.13, 7.14, 7.15 and 7.16, each Option granted under the Plan shall terminate and all rights to purchase shares thereunder shall cease on the tenth (10th) anniversary of the date such Option is
granted, or on such date prior thereto as may be fixed by the Committee and stated in the Option Agreement relating to such Option. Notwithstanding the foregoing, the Committee may in its discretion, at any time prior to the expiration or
termination of any Option, extend the term of any such Option for such additional period as the Committee in its discretion may determine; provided, however, that in no event shall the aggregate option period with respect to any Option,
including the initial term of such Option and any extensions thereof, exceed (10) years. 
  
 7.7 Vesting. Each Option Agreement will specify the vesting schedule applicable to the Option granted thereunder. Notwithstanding
the foregoing, the Committee may in its discretion provide that any vesting requirement or other such limitation on the exercise of an Option may be rescinded, modified or waived by the Committee, in its sole discretion, at any time and from time to
time after the date of grant of such Option, so as to accelerate the time at which the Option may be exercised. 
  
 7.8 Exercise. An Option that is exercisable hereunder may be exercised by delivery to the Company on any business day, at the
office designated by the Company, addressed to the attention of the Stock Option Administrator, of written notice of exercise, which notice shall specify the number of shares with respect to which the Option is being exercised, and shall be
accompanied by payment in full of the Exercise Price of the shares for which the Option is being exercised, by one or more of the methods provided below. The minimum number of shares of Common Stock with respect to which an Option may be exercised,
in whole or in part, at any time shall be the lesser of one hundred (100) shares or the maximum number of shares available for purchase under the Option at the time of exercise. 
  
 7.9 Payment. Payment of the Exercise Price for the shares of Common Stock purchased pursuant to the
exercise of an Option shall be made (i) in cash or in cash equivalents; (ii) to the extent permitted by applicable law and agreed to by the Committee in its sole and absolute discretion, through the tender to the Company of shares of Common Stock,
which shares shall be valued, for purposes of determining the extent to which the Exercise Price has been paid thereby, at their Fair Market Value on the date of exercise; (iii) to the extent permitted by applicable law and agreed to by the
Committee in its sole and absolute discretion, by delivering a written direction to the Company that the Option be exercised pursuant to a “cashless” exercise/sale procedure (pursuant to which funds to pay for exercise of the Option are
delivered to the Company by a broker upon receipt of stock certificates from the Company) or a “cashless” exercise/loan procedure (pursuant to which the Participants would obtain a margin loan from a broker to fund the exercise) through a
licensed broker acceptable to the Company whereby the stock certificate or certificates for the shares of Common Stock for which the Option is exercised will be delivered to such broker as the agent for the individual exercising the Option and the
broker will deliver to the Company cash (or cash equivalents acceptable to the Company) equal to the Exercise Price for the shares of Common Stock purchased pursuant to the exercise of the Option plus the amount (if any) of federal and other taxes
that the Company may, in its judgment, be required to withhold with respect to the exercise of the Option; or (iv) by a combination of the methods described in clauses (i), (ii) or (iii). Payment in full of the Exercise Price need not accompany the
written notice of exercise if the Option is exercised pursuant to the “cashless” exercise/sale procedure described above. An attempt to exercise any Option granted hereunder other than as set forth above shall be invalid and of no force
and effect. 
  
 7.10 Issuance of
Certificates. Promptly after the exercise of an Option, the individual exercising the Option shall be entitled to the issuance of a certificate or certificates evidencing his ownership of such shares of Common Stock. An individual holding or
exercising an Option shall have none of the rights of a stockholder until the shares of Common Stock covered thereby are fully paid and issued to him and, except as provided in Section 10 below, no adjustment shall be made for dividends or other
rights for which the record date is prior to the date of such issuance. 
  

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 7.11 Use of Proceeds. The proceeds received by the Company from the sale of Common
Stock pursuant to Options granted under the Plan shall constitute general funds of the Company. 
  
 7.12 Transferability. No Incentive Stock Option shall be assignable or transferable by the Participant to whom it is granted, other
than by will or the laws of descent and distribution. No Non-qualified Stock Option shall be assignable or transferable by the Participant to whom it is granted, other than by will or the laws of descent and distribution; provided, however,
that Non-qualified Stock Options, upon consent of the Committee, may be transferred or assigned (i) to a Participant’s family members (as defined in Form S-8) or entities (including trusts) established for the benefit of the Participant or
the Participant’s family members, provided that the Participant received no consideration in connection with such transfer, (ii) pursuant to the terms of a “qualified domestic relations order,” within the meaning of sections
401(a)(13) and 414(p) of the Code or within the meaning of Title I of ERISA and (iii) any other person, as permitted by applicable securities law. Any Option assigned or transferred pursuant to this Section 7.12 shall continue to be subject to the
same terms and conditions as were applicable to the Option immediately before the transfer. 
  
 7.13 Termination of Employment. Unless otherwise provided in an Option Agreement, upon the termination of the employment or other
service of a Participant with the Company, due to Disability or any reason other than by reason of Cause, death or retirement, any Option granted to such Participant which has vested as of the date upon which the termination occurs shall be
exercisable for a period not to exceed forty-five (45) days after such termination. Upon such termination, the Participant’s unvested Options shall expire and the Participant shall have no further right to purchase shares of Common Stock
pursuant to such unvested Option. Notwithstanding the provisions of this Section 7.13, the Committee may provide, in its discretion, that following the termination of employment or service of a Participant with the Company (for any reason), a
Participant may exercise an Option, in whole or in part, at any time subsequent to such termination of employment or service and prior to termination of the Option pursuant to Section 7.6 above, either subject to or without regard to any vesting or
other limitation on exercise imposed pursuant to Section 7.7 above. Unless otherwise determined by the Committee, temporary absence from employment or service because of illness, vacation, approved leaves of absence, military service and transfer of
employment shall not constitute a termination of employment or service with the Company. 
  
 7.14 Termination of Employment for Cause. Upon termination of the employment or other service of a Participant with the Company for
Cause, any Option granted to the Participant shall expire immediately and the Participant shall have no further right to purchase shares of Common Stock pursuant to such Options. The Committee shall determine whether Cause exists for purposes of
this Plan. 
  
 7.15 Termination of Employment
by Death or Retirement. Unless otherwise provided in an Option Agreement, if a Participant terminates employment or service with the Company by reason of the death or retirement of such Participant, any Option granted to such Participant which
has vested as of the date upon which the termination occurs shall be exercisable for a period not to exceed one hundred eighty (180) days after such termination by the Participant’s estate, the devisee named in the Participant’s valid last
will and testament or the Participant’s heir at law who inherits the Option (in the event of death) or by the Participant (in the event of retirement). Upon such termination, the Participant’s unvested Options shall expire and the
Participant shall have no further right to purchase shares of Common Stock pursuant to such unvested Option. Notwithstanding the provisions of this Section 7.15, the Committee may provide, in its discretion, that following the termination of
employment or service of a Participant with the Company (for any reason), a Participant may exercise an Option, in whole or in part, at any time subsequent to such termination of employment or service and prior to termination of the Option pursuant
to Section 7.6 above, either subject to or without regard to any vesting or other limitation on exercise imposed pursuant to Section 7.7 above. 
  

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 7.16 Grants of Options to Independent Directors. Options granted to an Independent
Director shall be made in accordance with the following provisions: 
  
 7.16.1 Each person who is initially elected to the Board after the Effective Date and who is an Independent Director at the time of such initial election shall automatically be granted a Non-qualified Stock Option to
purchase Twenty-five Thousand (25,000) shares of Common Stock (subject to adjustments as provided in Section 10) on the date of such initial election; provided, however, that the number of shares of Common Stock subject to any Non-qualified Stock
Option awarded under this Section 7.16.1 shall be reduced by the number of shares of Common Stock subject to any option granted to an Independent Director pursuant to any other stock incentive plan maintained by the Company. 
  
 7.16.2 The Committee may make an annual grant of
Non-qualified Stock Options to all Independent Directors, in an amount to be determined by the Committee in its sole discretion and subject to the applicable limitations of the Plan; provided, however, that no Option shall be granted to an
Independent Director under this Section 7.16.2 during any year in which such Independent Director received an Option pursuant to Section 7.16.1. 
  
 7.16.3 In addition to any other grants made to Independent Directors under this Section 7.16, the Committee may from time to time grant
Non-qualified Stock Options to any Independent Director, in its sole discretion, and subject to the applicable limitations of the Plan. 
  
 7.16.4 The price per share of the shares subject to each Option granted to an Independent Director shall equal 100% of the Fair Market
Value of a share of Common Stock on the date the option is granted. 
  
 7.16.5 Subject to the provisions of this Section 7, any Options granted to an Independent Director pursuant to Sections 7.16.1, 7.16.2 or 7.16.3 shall vest and become exercisable in accordance with the terms of the
Option, as determined by the Committee in its sole discretion; provided, however, any Option granted to an Independent Director may in the sole discretion of the Committee vest and become immediately exercisable in full upon the retirement of
the Independent Director in accordance with the Company’s retirement policy applicable to directors. 
  
 7.16.6 The term of any Non-qualified Stock Option granted to an Independent Director shall be ten (10) years from the date the Option is
granted. 
  
 7.16.7 No portion of an Option that
is unexercisable upon a termination of the Independent Director’s services with the Company, for any reason, shall thereafter become exercisable. 
  
 7.16.8 Vested portions of any Options granted to an Independent Director shall not be exercisable after the first to occur of the
following events: 
  
 (i) the expiration of
twelve (12) months from the date of the Independent Director’s death or a termination of the Independent Director’s services with the Company by reason of a Disability; 
  
 (ii) the expiration of three (3) months from the date the Independent Director’s services with the
Company are terminated for any reason other than death or Disability; or 
  
 (iii) the expiration of ten (10) years from the date the Option was granted. 
  
 8. RESTRICTED STOCK UNITS 
  
 8.1 Grant of Restricted Stock Units. Subject to the provisions of the Plan, the Committee may, at any time and from time to time, prior to the date of termination of the Plan, grant to such Eligible Individuals
as the Committee may determine, Restricted Stock Units. Each Restricted Stock Unit shall be equivalent in 

  

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value to one share of Common Stock. Each grant of Restricted Stock Units shall satisfy the requirements as set forth in this Section 8. 
  
 8.2 Restricted Stock Unit Agreement. All Restricted
Stock Units granted pursuant to the Plan shall be evidenced by a Restricted Stock Unit Agreement, to be executed by the Company and the Participant, in such form or forms as the Committee shall determine. Each Restricted Stock Unit Agreement shall
specify the number of Restricted Stock Units awarded to the Participant, the applicable Restriction Periods and contain such provisions and restrictions (or no restrictions) as the Committee shall deem appropriate on the date the Restricted Stock
Units are granted. Restricted Stock Unit Agreements may contain different provisions; provided, however, that all such Restricted Stock Unit Agreements must comply with all terms of the Plan. 
  
 8.3 Restrictions. The Committee shall impose such
restrictions (or no restrictions) on any Restricted Stock Units granted pursuant to this Plan as it may deem advisable including, without limitation, vesting restrictions, restrictions based upon the achievement of specific company-wide performance
goals, divisional performance goals, individual performance goals and/or restrictions under applicable federal or state securities laws. 
  
 8.4 Payment. Upon expiration of the Restriction Period applicable to a Restricted Stock Unit, the Participant shall, without
payment on his part, be entitled to receive payment in an amount equal to the aggregate Fair Market Value of the shares of Common Stock covered by the Restricted Stock Units. Such payment shall be made in the form of Common Stock equal to the number
of Restricted Stock Units with respect to which such payment is made. 
  
 8.5 Dividend Equivalents. A Participant whose Restricted Stock Units have not previously terminated shall be entitled to receive payment in an amount equal to each cash dividend the Company would have paid to
such Participant after the grant of such Restricted Stock Units and prior to the lapse of restrictions relating thereto as if the Participant had been the owner of record of the shares of Common Stock covered by such Restricted Stock Units on the
record date for the payment of such dividend and as if such Restricted Stock Units were not subject to restrictions. Payments of such dividend equivalent shall be made on the payment date of the cash dividend with respect to which it is made, or as
soon as practicable thereafter. 
  
 8.6
Issuance of Common Stock Subject to Restrictions. The Committee may in its sole discretion cause the shares of Common Stock underlying any particular grant of Restricted Stock Units to be issued in the Participant’s name prior to lapse
of restrictions thereon and treat such Common Stock as outstanding for all purposes. The Participant shall have all rights of a stockholder, including the right to receive dividends paid on the shares of Common Stock issued under this Section 8.6
and the right to vote such shares, subject to any other restrictions set forth in the Plan. In addition, as security for the return of such Common Stock in the event of forfeiture, the Committee may require that the Participant pledge the shares of
such Common Stock to the Company, and the certificates evidencing such Common Stock be retained by the Company until the restrictions relating thereto lapse. 
  

8.7 Transferability. Unless otherwise provided in the Restricted Stock Unit Agreement, Restricted Stock Units shall not be
assignable or transferable by the Participant to whom it is granted, other than by will or the laws of descent and distribution; provided, however, that Restricted Stock Units may be transferred or assigned to (i) family members or entities
(including trusts) established for the benefit of the Participant or the Participant’s family members or (ii) any other person, as permitted by applicable securities law. Any Restricted Stock Unit assigned or transferred pursuant to this
Section 8.7 shall continue to be subject to the same terms and conditions as were applicable to the Restricted Stock Unit immediately before the transfer; provided, however, upon maturity of any Restricted Stock Unit transferred for value the
Company may not issue shares of Common Stock under any Registration Statement on Form S-8 and the holder of such Restricted Stock Unit would only be entitled to receive shares of restricted stock that have not been registered under the Securities
Act of 1933. 
  

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 8.8 Termination of Employment or Service. Unless otherwise provided in a
Restricted Stock Unit Agreement, if the Participant’s employment or service with the Company terminates for any reason other than death or Disability during the Restriction Period, all Restricted Stock Units held by the Participant which are
still subject to the Restriction Period shall be forfeited immediately; provided, however, that in the event of a termination of the Participant’s employment, other than for Cause, the Committee, in its sole discretion, may waive the
automatic forfeiture of any or all such Restricted Stock Units. 
  
 8.9 Termination of Employment or Service by Death or Disability. Unless otherwise provided in a Restricted Stock Unit Agreement, if a Participant’s employment or service with the Company terminates by
reason of death or Disability, any remaining Restriction Period shall terminate and, except as otherwise provided in this Section 8, the Participant shall receive payment in accordance with Section 8.4. 
  
 9. OTHER STOCK-BASED AWARDS 
  
 Awards of shares of Common Stock, stock appreciation rights, Dividend
Equivalent Rights and phantom stock and other awards that are valued in whole or in part by reference to, or otherwise based on, Common Stock, may also be made, from time to time, to Eligible Individuals as may be selected by the Committee. Such
awards may be made alone or in addition to or in connection with any Option, Restricted Stock Unit or any other award granted hereunder. The Committee may determine the terms and conditions of any such award. Each award shall be evidenced by an
agreement between the Eligible Individual and the Company which shall specify the number of shares of Common Stock subject to the award, any consideration therefor, any vesting or performance requirements and such other terms and conditions as the
Committee shall determine. 
  
 10. RECAPITALIZATION, CHANGE IN CONTROL AND
OTHER CORPORATE EVENTS 
  
 10.1
Recapitalization. If the outstanding shares of Common Stock are increased or decreased or changed into or exchanged for a different number or kind of shares or other securities of the Company by reason of any recapitalization, or
reclassification, stock split, reverse split, combination of shares, exchange of shares, stock dividend or other distribution payable in capital stock of the Company or other increase or decrease in such shares effected without receipt of
consideration by the Company occurring after the Effective Date, a corresponding appropriate and proportionate adjustment shall be made by the Committee (i) in the aggregate number and kind of shares of Common Stock available under the Plan, (ii) in
the number and kind of shares of Common Stock issuable upon exercise or vesting of an outstanding Award or upon termination of the Restriction Period applicable to a Restricted Stock Unit granted under the Plan, and (iii) in the Exercise Price per
share of outstanding Options granted under the Plan. 
  
 10.2 Reorganization. Unless otherwise provided in an Award Agreement, in the event of a Reorganization of the Company, the Committee may, in its sole and absolute discretion, provide on a case-by-case basis that some or all
outstanding Awards shall become immediately exercisable, vested or entitled to payment. In the event of a Reorganization of the Company the Committee may, in its sole and absolute discretion, provide on a case-by-case basis that Options shall
terminate upon the Reorganization, provided however, that Optionee shall have the right, immediately prior to the occurrence of such Reorganization and during such reasonable period as the Committee in its sole discretion shall determine and
designate, to exercise any vested Option in whole or in part. In the event that the Committee does not terminate an Option upon a Reorganization of the Company then each outstanding Option shall upon exercise thereafter entitle the holder thereof to
such number of shares of Common Stock or other securities or property to which a holder of shares of Common Stock would have been entitled to upon such Reorganization. 
  
 10.3 Change in Control. 
  
 10.3.1 In the event of a Change in Control, notwithstanding any vesting schedule provided for hereunder or
by the Committee with respect to any Award, such Award shall become immediately vested and, to the extent applicable, exercisable for such period of time specified in the Award Agreement with respect to one hundred percent (100%) of the shares
subject to such Award. 
  

 10 

 10.3.2 In the event of a Change in Control, all incomplete Award Periods in effect on the
date the Change in Control occurs shall end on the date of such change, and the Committee shall, (i) determine the extent to which Performance Criteria with respect to each such Award Period have been met based upon such audited or unaudited
financial information then available as it deems relevant, (ii) cause to be paid to each Participant partial or full Awards with respect to Performance Criteria for each such Award Period based upon the Committee’s determination of the degree
of attainment of Performance Criteria, and (iii) cause all previously deferred Awards to be settled in full as soon as possible. 
  
 10.3.3 The obligations of the Company under the Plan shall be binding upon any successor corporation or organization resulting from the
merger, consolidation or other reorganization of the Company, or upon any successor corporation or organization succeeding to substantially all of the assets and business of the Company. The Company agrees that it will make appropriate provisions
for the preservation of Participant’s rights under the Plan in any agreement or plan which it may enter into or adopt to effect any such merger, consolidation, reorganization or transfer of assets. 
  
 10.4 Change in Status of a Subsidiary. Unless
otherwise provided in an Award Agreement, in the event that a subsidiary of the Company ceases to be a subsidiary whose financial statements are consolidated with the financial statements of the Company in accordance with generally accepted
accounting principles, the Committee may, in its sole and absolute discretion, on a case-by-case basis (i) provide that some or all outstanding Awards held by a Participant employed by or performing service for such subsidiary may become immediately
exercisable, vested or entitled to payment or (ii) treat the Award as terminated, in which case the Participant shall no longer be entitled to exercise or payment of the Award in accordance with the Plan, but only if such Participant is not employed
by the Company or any subsidiary immediately after such event. 
  
 10.5 Adjustments. Adjustments under this Section 10 related to stock or securities of the Company shall be made by the Committee whose determination in that respect shall be final, binding, and conclusive. No
fractional shares of Common Stock or units of other securities shall be issued pursuant to any such adjustment, and any fractions resulting from any such adjustment shall be eliminated in each case by rounding downward to the nearest whole share or
unit. 
  
 10.6 No Limitations. The grant
of an Award pursuant to the Plan shall not affect or limit in any way the right or power of the Company to make adjustments, reclassifications, reorganizations or changes of its capital or business structure or to merge, consolidate, dissolve or
liquidate, or to sell or transfer all or any part of its business or assets. 
  
 11. REQUIREMENTS OF LAW 
  
 11.1
Violations of Law. The Company shall not be required to sell or issue any shares of Common Stock under any Award if the sale or issuance of such shares would constitute a violation by the individual holding the Award, the Participant or the
Company of any provisions of any law or regulation of any governmental authority, including without limitation any federal or state securities laws or regulations. Any determination in this connection by the Committee shall be final, binding, and
conclusive. The Company shall not be obligated to take any affirmative action in order to cause the exercisability or vesting of an Option, the exercise of an Option or the issuance of shares pursuant to the exercise of an Option or expiration of a
Restriction Period to comply with any law or regulation of any governmental authority. 
  
 11.2 Registration. At the time of any exercise of any Option or receipt of Common Stock pursuant to an Award, the Company may, if
it shall determine it necessary or desirable for any reason, require the Participant (or Participant’s heirs, legatees or legal representative, as the case may be), as a condition to the exercise or grant thereof, to deliver to the Company a
written representation of present intention to hold the shares for their own account as an investment and not with a view to, or for sale in connection with, the distribution of such shares, except in compliance with applicable federal and state
securities laws with 

  

 11 

 
respect thereto. In the event such representation is required to be delivered, an appropriate legend may be placed upon each certificate delivered to the
Participant (or Participant’s heirs, legatees or legal representative, as the case may be) upon his or her exercise of part or all of the Option or receipt of Common Stock and a stop transfer order may be placed with the transfer agent. Each
Award shall also be subject to the requirement that, if at any time the Company determines, in its discretion, that the listing, registration or qualification of the shares subject to the Award upon any securities exchange or under any state or
federal law, or the consent or approval of any governmental regulatory body is necessary or desirable as a condition of, or in connection with, the issuance or purchase of the shares thereunder, the Option may not be exercised in whole or in part
and the Common Stock may not be issued unless such listing, registration, qualification, consent or approval shall have been effected or obtained free of any conditions not acceptable to the Company in its sole discretion. 
  
 11.3 Withholding. The Committee may make such
provisions and take such steps as it may deem necessary or appropriate for the withholding of any taxes that the Company is required by any law or regulation of any governmental authority, whether federal, state or local, domestic or foreign, to
withhold in connection with the exercise of any Option or the grant of Common Stock pursuant to an Award, including, but not limited to: (i) the withholding of delivery of shares of Common Stock until the holder reimburses the Company for the amount
the Company is required to withhold with respect to such taxes, (ii) the canceling of any number of shares of Common Stock issuable in an amount sufficient to reimburse the Company for the amount it is required to so withhold, (iii) withholding the
amount due from any such person’s wages or compensation due to such person, or (iv) requiring the Participant to pay the Company cash in the amount the Company is required to withhold with respect to such taxes. 
  
 11.4 Section 16 Persons. Notwithstanding any other
provision of the Plan, the Plan, and any Award granted or awarded to any individual who is then subject to Section 16 of the Exchange Act, shall be subject to any additional limitations set forth in any applicable exemptive rule under Section 16 of
the Exchange Act (including any amendment to Rule 16b-3 of the Exchange Act) that are requirements for the application of such exemptive rule. To the extent permitted by applicable law, the Plan and Awards granted or awarded hereunder shall be
deemed amended to the extent necessary to conform to such applicable exemptive rule. 
  
 11.5 Governing Law. This Plan shall be governed by, and construed and enforced in accordance with, the laws of the State of
Delaware. 
  
 12. AMENDMENT AND TERMINATION OF THE PLAN 
  
 The Committee may, at any time and from time to time, amend, suspend or
terminate the Plan as to any shares of Common Stock as to which Awards have not been granted; provided, however, that the approval by a majority of the votes present and entitled to vote at a duly held meeting of the stockholders of the
Company at which a quorum representing a majority of all outstanding voting stock is, either in person or by proxy, present and voting on the amendment, or by written consent in accordance with applicable state law and the Certificate of
Incorporation and Bylaws of the Company shall be required for any amendment (i) that changes the requirements as to Eligible Individuals to receive Awards under the Plan, (ii) that increases the maximum number of shares of Common Stock in the
aggregate that may be subject to Awards that are granted under the Plan (except as permitted under Section 12 hereof), or (iii) if approval of such amendment is necessary to comply with federal or state law (including without limitation Section
162(m) of the Code and Rule 16b-3 under the Exchange Act) or with the rules of any stock exchange or automated quotation system on which the Common Stock may be listed or traded. Except as permitted under Section 12 hereof, no amendment, suspension
or termination of the Plan shall, without the consent of the holder of an Award, alter or impair rights or obligations under any Award theretofore granted under the Plan. 
  
 13. PROVISIONS APPLICABLE TO COVERED EMPLOYEES 
  
 13.1 Awards. Notwithstanding anything in the Plan to the contrary, the Committee may grant any Award
to a Covered Employee. The Committee, in its discretion, may determine whether an Award is to 

  

 12 

 
qualify as performance-based compensation as described in Section 162(m)(4)(C) of the Code. To the extent necessary to comply with the performance-based
compensation requirements of Section 162 (m)(4)(C) of the Code, with respect to any Award granted pursuant to the Plan which may be granted to one or more Covered Employees, no later than ninety (90) days following the commencement of any fiscal
year in question or any other designated fiscal period or period of service (or such other time as may be required or permitted by Section 162(m) of the Code, the Committee shall, in writing, (i) designate one or more Covered Employees, (ii) select
the Performance Criteria applicable to the fiscal year or other designated fiscal period or period of service, (iii) establish the various performance targets, in terms of an objective formula or standard, and amounts of such Awards, as applicable,
which may be earned for such fiscal year or other designated fiscal period or period of service and (iv) specify the relationship between Performance Criteria and the performance targets and the amounts of such Awards, as applicable, to be earned by
each Covered Employee for such fiscal year or other designated fiscal period or period of service. Following the completion of each fiscal year or other designated fiscal period or period of service, the Committee shall certify in writing whether
the applicable performance targets have been achieved for such fiscal year or other designated fiscal period or period of service. In determining the amount earned by a Covered Employee, the Committee shall have the right to reduce (but not to
increase) the amount payable at a given level of performance to take into account additional factors that the Committee may deem relevant to the assessment of individual or corporate performance for the fiscal year or other designated fiscal period
or period of service. 
  
 13.2
Limitations. Furthermore, notwithstanding any other provision of the Plan or any Award which granted to a Covered Employee and is intended to qualify as performance-based compensation as described in Section 162(m)(4)(C) of the Code shall be
subject to any additional limitations set forth in Section 162(m) of the Code (including any amendment to Section 162(m) of the Code) or any regulations or rulings issued thereunder that are requirements for qualification as performance-based
compensation as described in Section 162(m)(4)(C) of the Code, and the Plan shall be deemed amended to the extent necessary to conform to such requirements. 
  
 13.3 Maximum Awards. The maximum number of shares of Common Stock that may be granted during any calendar year to a Covered
Employee shall be Five Hundred Thousand (500,000). 
  
 14. OWNERSHIP AND
TRANSFER RESTRICTIONS 
  
 The Committee, in its sole
discretion, may impose such restrictions on the ownership and transferability of the shares purchasable upon the exercise of an Option at its deems appropriate. Any such restriction shall be set forth in the respective Award Agreement and may be
referred to on the certificates evidencing such shares. The holder shall give the Company prompt notice of any disposition of shares of Common Stock acquired by exercise of an Incentive Stock Option within (a) two years from the date of granting
(including the date the Option is modified, extended or renewed for purposes of Section 424(h) of the Code) such Option to such holder or (b) one year after the transfer of such shares to such holder. 
  
 15. THE COMPANY’S RIGHT TO PURCHASE OPTION STOCK AND VESTED SHARES 
  
 The Company shall have the right to repurchase any Award Shares issued
pursuant to an Award Agreement following the termination of the employment or service of the holder of the Award Shares with the Company for any reason. The price for repurchasing the Award Shares shall be paid in cash and shall be equal to the Fair
Market Value of such shares. Should the Company fail to exercise such repurchase right within ninety (90) days following the later of (i) the Award holder’s termination of employment or service or (ii) the date the Common Stock was issued, the
Company shall be deemed to have waived such right. 
  
 16. DISCLAIMER OF RIGHTS

  
 No provision in the Plan, any Award granted or any Award
Agreement entered into pursuant to the Plan shall be construed to confer upon any individual the right to remain in the employ of the Company or to interfere 

  

 13 

 
in any way with the right and authority of the Company either to increase or decrease the compensation of any individual, including any Participant, at any
time, or to terminate any employment or other relationship between any individual and the Company. A holder of an Award shall not be deemed for any purpose to be a stockholder of the Company with respect to such Award except to the extent that such
Award shall have been exercised with respect thereto and, in addition, a stock certificate shall have been issued theretofore and delivered to the holder, or except as expressly provided by the Committee in writing. No adjustment shall be made for
dividends (ordinary or extraordinary, whether in cash, securities or other property) or distributions or other rights for which the record date is prior to the date such stock certificate is issued, except as expressly provided in Section 10 hereof.

  
 17. NONEXCLUSIVITY OF THE PLAN 
  
 The adoption of the Plan shall not be construed as creating any limitations
upon the right and authority of the Committee to adopt such other incentive compensation arrangements (which arrangements may be applicable either generally to a class or classes of individuals or specifically to a particular individual or
individuals) as the Committee in its discretion determines desirable, including, without limitation, the granting of stock options other than under the Plan. 
  
 18. SEVERABILITY 
  
 If any provision of the Plan or any Award Agreement shall be determined to be illegal or unenforceable by any court of law in any jurisdiction, the
remaining provisions hereof and thereof shall be severable and enforceable in accordance with their terms, and all provisions shall remain enforceable in any other jurisdiction. 
  
 19. NOTICES 
  
 Any communication or notice required or permitted to be given under the Plan shall be in writing, and mailed by registered or certified mail or delivered
by hand, if to the Company, to its principal place of business, attention: Stock Option Administrator, and if to the Participant, to the address of the Participant as appearing on the records of the Company. 
  

 14Indenture dated March 12, 2004

 EXHIBIT 4.1 

  
 EXECUTION COPY 
  
 THE NEWARK GROUP, INC., 
  
 as Issuer 
  
 THE GUARANTORS PARTY HERETO FROM TIME TO TIME, 
  
 as Guarantors 
  
 9-3/4% Senior Subordinated Notes due 2014 
  

  
 INDENTURE 
  
 Dated as of March 12, 2004 
  

  
 The Bank of New York, 
 as Trustee 
  

 CROSS-REFERENCE TABLE* 
  

			
	 Trust Indenture
    Act Section

	  	Indenture
Section

	 310(a)(1)
	  	7.10
	       (a)(2)
	  	7.10
	       (a)(3)
	  	N.A.
	       (a)(4)
	  	N.A.
	       (a)(5)
	  	7.10
	       (b)
	  	7.3, 7.8, 7.10
	       (c)
	  	N.A.
	 311(a)
	  	7.11
	       (b)
	  	7.11
	       (c)
	  	N.A.
	 312(a)
	  	2.5
	       (b)
	  	13.3
	       (c)
	  	13.3
	 313(a)
	  	7.6
	       (b)(1)
	  	N.A.
	       (b)(2)
	  	7.6
	       (c)
	  	7.6, 13.2
	       (d)
	  	7.6
	 314(a)
	  	4.3, 4.4, 13.5
	       (b)
	  	N.A.
	       (c)(1)
	  	13.4
	       (c)(2)
	  	13.4
	       (c)(3)
	  	13.4
	       (d)
	  	N.A.
	       (e)
	  	13.5
	       (f)
	  	N.A.
	 315(a)
	  	7.1
	       (b)
	  	7.5, 13.2
	       (c)
	  	7.1
	       (d)
	  	7.1
	       (e)
	  	6.12
	 316(a)(last sentence)
	  	2.9
	       (a)(1)(A)
	  	6.5
	       (a)(1)(B)
	  	6.4
	       (a)(2)
	  	N.A.
	       (b)
	  	6.7
	       (c)
	  	N.A.
	 317(a)(1)
	  	6.8

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

  

 -i- 

			
	 Trust Indenture
    Act Section

	  	Indenture
Section

	       (a)(2)
	  	6.10
	       (b)
	  	2.4
	 318(a)
	  	13.1
	       (b)
	  	N.A.
	       (c)
	  	13.1

  
 N.A. means not applicable.

  

 -ii- 

 TABLE OF CONTENTS 
  

					
	 	  	 	  	Page

	
	ARTICLE I.
	
	DEFINITIONS AND INCORPORATION BY REFERENCE
			
	 Section 1.1.
	  	 Definitions
	  	1
	 Section 1.2.
	  	 Other Definitions
	  	26
	 Section 1.3.
	  	 Incorporation by Reference of Trust Indenture Act
	  	26
	 Section 1.4.
	  	 Rules of Construction
	  	27
	 Section 1.5.
	  	 Acts of Holders
	  	27
	
	ARTICLE II.
	
	THE NOTES
			
	 Section 2.1.
	  	 Form and Dating
	  	28
	 Section 2.2.
	  	 Execution and Authentication
	  	29
	 Section 2.3.
	  	 Registrar and Paying Agent
	  	30
	 Section 2.4.
	  	 Paying Agents to Hold Money in Trust
	  	31
	 Section 2.5.
	  	 Holder Lists
	  	31
	 Section 2.6.
	  	 Transfer and Exchange
	  	31
	 Section 2.7.
	  	 Replacement Notes
	  	39
	 Section 2.8.
	  	 Outstanding Notes
	  	39
	 Section 2.9.
	  	 Treasury Notes
	  	40
	 Section 2.10.
	  	 Temporary Notes
	  	40
	 Section 2.11.
	  	 Cancellation
	  	40
	 Section 2.12.
	  	 Defaulted Interest
	  	41
	 Section 2.13.
	  	 Persons Deemed Owners
	  	41
	 Section 2.14.
	  	 CUSIP Numbers
	  	41
	
	ARTICLE III.
	
	REDEMPTION AND REPURCHASE
			
	 Section 3.1.
	  	 Notices to Trustee
	  	42
	 Section 3.2.
	  	 Selection of Notes
	  	42
	 Section 3.3.
	  	 Notice of Optional Redemption
	  	43
	 Section 3.4.
	  	 Effect of Notice of Redemption
	  	44
	 Section 3.5.
	  	 Deposit of Redemption Price or Purchase Price
	  	44
	 Section 3.6.
	  	 Notes Redeemed or Repurchased in Part
	  	44
	 Section 3.7.
	  	 Optional Redemption
	  	45
	 Section 3.8.
	  	 Optional Redemption upon Public Equity Offerings
	  	45
	 Section 3.9.
	  	 Repurchase upon Change of Control Offer
	  	45
	 Section 3.10.
	  	 Repurchase upon Application of Excess Proceeds
	  	47

  

 -iii- 

					
	 	  	 	  	Page

	
	ARTICLE IV.
	
	COVENANTS
			
	 Section 4.1.
	  	 Payment of Principal and Interest
	  	49
	 Section 4.2.
	  	 Maintenance of Office or Agency
	  	49
	 Section 4.3.
	  	 Reports to Holders
	  	50
	 Section 4.4.
	  	 Compliance Certificate
	  	51
	 Section 4.5.
	  	 Taxes
	  	51
	 Section 4.6.
	  	 Stay, Extension and Usury Laws
	  	51
	 Section 4.7.
	  	 Limitation on Restricted Payments
	  	52
	 Section 4.8.
	  	 Limitation on Dividend and Other Payment Restrictions Affecting Subsidiaries
	  	54
	 Section 4.9.
	  	 Limitation on Incurrence of Additional Indebtedness
	  	56
	 Section 4.10.
	  	 Limitation on Asset Sales
	  	56
	 Section 4.11.
	  	 Limitations on Transactions with Affiliates
	  	58
	 Section 4.12.
	  	 Limitation on Liens
	  	59
	 Section 4.13.
	  	 Continued Existence
	  	60
	 Section 4.14.
	  	 Insurance Matters
	  	60
	 Section 4.15.
	  	 Offer to Repurchase upon Change of Control
	  	60
	 Section 4.16.
	  	 Future Subsidiary Guarantees
	  	61
	 Section 4.17.
	  	 Limitation on Preferred Stock of Restricted Subsidiaries
	  	62
	 Section 4.18.
	  	 Limitation on Designations of Unrestricted Subsidiaries
	  	62
	 Section 4.19.
	  	 Limitation on Other Senior Subordinated Indebtedness
	  	63
	 Section 4.20.
	  	 Liquidated Damages Notice
	  	63
	
	ARTICLE V.
	
	SUCCESSORS
			
	 Section 5.1.
	  	 Merger, Consolidation and Sale of Assets
	  	64
	 Section 5.2.
	  	 Successor Corporation Substituted
	  	66
	
	ARTICLE VI.
	
	DEFAULTS AND REMEDIES
			
	 Section 6.1.
	  	 Events of Default
	  	66
	 Section 6.2.
	  	 Acceleration
	  	68
	 Section 6.3.
	  	 Other Remedies
	  	68
	 Section 6.4.
	  	 Waiver of Existing Defaults
	  	69
	 Section 6.5.
	  	 Control by Majority
	  	69
	 Section 6.6.
	  	 Limitation on Suits
	  	69
	 Section 6.7.
	  	 Rights of Holders of Notes to Receive Payment
	  	70
	 Section 6.8.
	  	 Collection Suit by Trustee
	  	70
	 Section 6.9.
	  	 Notice
	  	70
	 Section 6.10.
	  	 Trustee May File Proofs of Claim
	  	71

  

 --iv- 

					
	 	  	 	  	Page

	 Section 6.11.
	  	 Priorities
	  	71
	 Section 6.12.
	  	 Undertaking for Costs
	  	72
	
	ARTICLE VII.
	
	TRUSTEE
			
	 Section 7.1.
	  	 Duties of Trustee
	  	72
	 Section 7.2.
	  	 Rights of Trustee
	  	73
	 Section 7.3.
	  	 Individual Rights of Trustee
	  	74
	 Section 7.4.
	  	 Trustee’s Disclaimer
	  	74
	 Section 7.5.
	  	 Notice of Defaults
	  	75
	 Section 7.6.
	  	 Reports by Trustee to Holder of the Notes
	  	75
	 Section 7.7.
	  	 Compensation, Reimbursement and Indemnity
	  	75
	 Section 7.8.
	  	 Replacement of Trustee
	  	77
	 Section 7.9.
	  	 Successor Trustee by Merger, Etc.
	  	78
	 Section 7.10.
	  	 Eligibility; Disqualification
	  	78
	 Section 7.11.
	  	 Preferential Collection of Claims Against Company
	  	78
	
	ARTICLE VIII.
	
	LEGAL DEFEASANCE AND COVENANT DEFEASANCE
			
	 Section 8.1.
	  	 Option to Effect Legal Defeasance or Covenant Defeasance
	  	78
	 Section 8.2.
	  	 Legal Defeasance and Discharge
	  	79
	 Section 8.3.
	  	 Covenant Defeasance
	  	79
	 Section 8.4.
	  	 Conditions to Legal or Covenant Defeasance
	  	80
	 Section 8.5.
	  	 Deposited Money and U.S. Government Obligations to Be Held in Trust; Other Miscellaneous Provisions
	  	81
	 Section 8.6.
	  	 Repayment to the Company
	  	82
	 Section 8.7.
	  	 Reinstatement
	  	82
	
	ARTICLE IX.
	
	AMENDMENT, SUPPLEMENT AND WAIVER
			
	 Section 9.1.
	  	 Without Consent of Holders of Notes
	  	83
	 Section 9.2.
	  	 With Consent of Holders of Notes
	  	84
	 Section 9.3.
	  	 Compliance with Trust Indenture Act
	  	85
	 Section 9.4.
	  	 Revocation and Effect of Consents
	  	85
	 Section 9.5.
	  	 Notation on or Exchange of Notes
	  	86
	 Section 9.6.
	  	 Trustee to Sign Amendment, Etc.
	  	86
	
	ARTICLE X.
	
	SUBORDINATION
			
	 Section 10.1.
	  	 Notes Subordinated to Senior Debt
	  	86

  

 -v- 

					
	 	  	 	  	Page

	 Section 10.2.
	  	 Suspension of Payment When Senior Debt Is in Default
	  	87
	 Section 10.3.
	  	 Notes Subordinated to Prior Payment of All Senior Debt on Dissolution, Liquidation or Reorganization of the Company
	  	88
	 Section 10.4.
	  	 Payments May Be Made Prior to Dissolution
	  	89
	 Section 10.5.
	  	 Holders To Be Subrogated to Rights of Holders of Senior Debt
	  	90
	 Section 10.6.
	  	 Obligations of the Company Unconditional
	  	90
	 Section 10.7.
	  	 Notice to Trustee
	  	90
	 Section 10.8.
	  	 Reliance on Judicial Order or Certificate of Liquidating Agent
	  	91
	 Section 10.9.
	  	 Trustee’s Relation to Senior Debt
	  	91
	 Section 10.10.
	  	 Subordination Rights Not Impaired by Acts or Omissions of the Company or Holders of Senior Debt
	  	92
	 Section 10.11.
	  	 Noteholders Authorize Trustee To Effectuate Subordination of Notes
	  	92
	 Section 10.12.
	  	 This Article X Not To Prevent Events of Default
	  	93
	 Section 10.13.
	  	 Trustee’s Compensation Not Prejudiced
	  	93
	
	ARTICLE XI.
	
	GUARANTEE
			
	 Section 11.1.
	  	 Unconditional Guarantee
	  	93
	 Section 11.2.
	  	 Subordination of Note Guarantee
	  	94
	 Section 11.3.
	  	 Severability
	  	94
	 Section 11.4.
	  	 Limitation of Guarantor’s Liability
	  	94
	 Section 11.5.
	  	 Release of Guarantor
	  	95
	 Section 11.6.
	  	 Contribution
	  	95
	 Section 11.7.
	  	 Waiver of Subrogation
	  	95
	 Section 11.8.
	  	 Notation Not Required
	  	96
	 Section 11.9.
	  	 Waiver of Stay, Extension or Usury Laws
	  	96
	
	ARTICLE XII.
	
	SATISFACTION AND DISCHARGE
			
	 Section 12.1.
	  	 Satisfaction and Discharge
	  	97
	 Section 12.2.
	  	 Application of Trust
	  	97
	
	ARTICLE XIII.
	
	MISCELLANEOUS
			
	 Section 13.1.
	  	 Trust Indenture Act Controls
	  	98
	 Section 13.2.
	  	 Notices
	  	98
	 Section 13.3.
	  	 Communication by Holders of Notes with Other Holders of Notes
	  	99
	 Section 13.4.
	  	 Certificate and Opinion as to Conditions Precedent
	  	99
	 Section 13.5.
	  	 Statements Required in Certificate or Opinion
	  	100
	 Section 13.6.
	  	 Rules by Trustee and Agents
	  	100

  

 -vi- 

					
	 	  	 	  	Page

	 Section 13.7.
	  	 No Personal Liability of Directors, Officers, Employees and Stockholders
	  	100
	 Section 13.8.
	  	 Governing Law; Submission to Jurisdiction; Waiver of Jury Trial
	  	101
	 Section 13.9.
	  	 No Adverse Interpretation of Other Agreements
	  	101
	 Section 13.10.
	  	 Successors
	  	102
	 Section 13.11.
	  	 Severability
	  	102
	 Section 13.12.
	  	 Counterpart Originals
	  	102
	 Section 13.13.
	  	 Table of Contents, Headings, Etc.
	  	102
	 Section 13.14.
	  	 Qualification of Indenture
	  	102
	 Section 13.15.
	  	 Force Majeure
	  	102

  

 -vii- 

 EXHIBITS 
  

				
		
	Exhibit A	 	 	Form of Series A Note
		
	Exhibit B	 	 	Form of Series B Note
		
	Exhibit C	 	 	Form of Supplemental Indenture in Respect of Guarantee
		
	Exhibit D	(1)	 	Form of Regulation S Certification
		
	Exhibit D	(2)	 	Form of Certificate To Be Delivered upon Exchange or Registration of Transfer of Notes
		
	Exhibit E	 	 	Form of Certificate To Be Delivered in Connection with Transfers to Non-QIB Accredited Investors
		
	Exhibit F	 	 	Form of Certificate To Be Delivered in Connection with Transfers Pursuant to Regulation S
		
	Exhibit G	 	 	Incumbency Certificate

  

 -viii- 

 INDENTURE 
  

INDENTURE dated as of March 12, 2004 among The Newark Group, Inc., a New Jersey corporation (the “Company”), the Guarantors (as
defined herein) party hereto from time to time, and The Bank of New York, a New York banking corporation, as trustee (the “Trustee”). 
  
 Each party agrees as follows for the benefit of the other parties and for the equal and ratable benefit of the Holders (as defined below) of the
Company’s 9-3/4% Senior Subordinated Notes due 2014. 
  
 ARTICLE I. 
  
 DEFINITIONS AND INCORPORATION BY
REFERENCE 
  

	 	Section 1.1.	Definitions. 

  
 “Acquired Indebtedness” means Indebtedness of a Person or any of its Subsidiaries existing at the time such Person becomes a Restricted
Subsidiary or at the time it merges or consolidates with the Company or any of its Restricted Subsidiaries or assumed in connection with the acquisition of assets from such Person and in each case not incurred by such Person in connection with, or
in anticipation or contemplation of, such Person becoming a Restricted Subsidiary or such acquisition, merger or consolidation. 
  
 “Additional Interest” means all additional interest then owing pursuant to Section 2 of the Registration Rights Agreement. 
  
 “Additional Notes” means 9-3/4% Senior Subordinated Notes
due 2014 issued after the Issue Date pursuant to Article II and in compliance with Section 4.9. 
  
 “Affiliate” means, with respect to any specified Person, any other Person who directly or indirectly through one or more intermediaries
controls, or is controlled by, or is under common control with, such specified Person. The term “control” means the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of a
Person, whether through the ownership of voting securities, by contract or otherwise; and the terms “controlling” and “controlled” have meanings correlative of the foregoing. 
  
 “Affiliate Transaction” has the meaning set forth under
Section 4.11. 
  
 “Agent” means any Registrar,
Paying Agent or co-registrar. 
  
 “Asset
Acquisition” means 
  
 (1) an Investment
by the Company or any Restricted Subsidiary in any other Person pursuant to which such Person shall become a Restricted Subsidiary or shall be merged with or into the Company or any Restricted Subsidiary; or 
  

 (2) the acquisition by the Company or any Restricted Subsidiary of the assets of any
Person (other than a Restricted Subsidiary) which constitute all or substantially all of the assets of such Person or comprise any division or line of business of such Person or any other properties or assets of such Person other than in the
ordinary course of business. 
  
 “Asset Sale”
means any direct or indirect sale, issuance, conveyance, transfer, lease (other than operating leases entered into in the ordinary course of business), assignment or other transfer for value by the Company or any of its Restricted Subsidiaries
(including any Sale and Leaseback Transaction) to any Person other than the Company or a Restricted Subsidiary of: 
  
 (1) any Capital Stock of any Restricted Subsidiary; or 
  
 (2) any other property or assets of the Company or any Restricted Subsidiary other than in the ordinary
course of business; 
  
 provided, however, that Asset Sales shall
not include 
  
 (a) a transaction or series of
related transactions for which the Company or its Restricted Subsidiaries receive aggregate consideration of less than $5.0 million, 
  
 (b) the sale, lease, conveyance, disposition or other transfer of all or substantially all of the assets of the Company as permitted under
Section 5.1, 
  
 (c) disposals or replacements of
obsolete equipment in the ordinary course of business, 
  
 (d) the sale, lease, conveyance, disposition or other transfer by the Company or any Restricted Subsidiary of assets or property to the Company or one or more Restricted Subsidiaries, 
  
 (e) any Restricted Payment permitted under Section 4.7 or
any Permitted Investment and 
  
 (f) the sale,
lease, conveyance, disposition or other transfer of the manufacturing facilities and associated real estate and related property and assets owned by the Company and its Subsidiaries on the Issue Date in Gardiner, Maine, Lawrence, Massachusetts,
Middletown, Ohio, Stockton, California, Newark, New Jersey, Los Angeles, California, Vancouver, Washington and Greenville, South Carolina to the extent that the Net Cash Proceeds received from such transfers do not exceed $15.0 million with respect
to each such facility (and associated real estate and related property and assets) or $25.0 million in the aggregate. 
  
 “Bankruptcy Law” means Title 11, U.S. Code or any similar Federal or state law for the relief of debtors. 
  
 “Board of Directors” means, as to any Person, the board of
directors of such Person or any duly authorized committee thereof. 
  

 -2- 

 “Board Resolution” means, with respect to any Person, a copy of a resolution certified
by the Secretary or an Assistant Secretary or any Officer of such Person to have been duly adopted by the Board of Directors of such Person and to be in full force and effect on the date of such certification, and delivered to the Trustee.

  
 “Business Day” means a day other than a
Saturday, Sunday or other day in which commercial banking institutions (including, without limitation, the Federal Reserve System) are authorized or required by law to close in New York City. 
  
 “Capitalized Lease Obligation” means, as to any Person, the
obligations of such Person under a lease that are required to be classified and accounted for as capital lease obligations under GAAP and, for purposes of this definition, the amount of such obligations at any date shall be the capitalized amount of
such obligations at such date, determined in accordance with GAAP. 
  
 “Capital Stock” means: 
  
 (1) with respect to any Person that is a corporation, any and all shares, interests, participations or other equivalents (however designated and whether or not voting) of corporate stock, including each class of Common Stock and Preferred
Stock of such Person; and 
  
 (2) with respect to
any Person that is not a corporation, any and all partnership, membership or other equity interests of such Person. 
  
 “Cash Equivalents” means: 
  
 (1) marketable direct obligations issued by, or unconditionally guaranteed by, the United States Government or issued by any agency
thereof and backed by the full faith and credit of the United States, in each case maturing within one year from the date of acquisition thereof; 
  
 (2) marketable direct obligations issued by any state of the United States of America or any political subdivision of any such state or
any public instrumentality thereof maturing within one year from the date of acquisition thereof and, at the time of acquisition, having one of the two highest ratings obtainable from either S&P or Moody’s; 
  
 (3) commercial paper maturing no more than one year from the
date of creation thereof and, at the time of acquisition, having a rating of at least A-1 from S&P or at least P-1 from Moody’s; 
  
 (4) certificates of deposit or bankers’ acceptances maturing within one year from the date of acquisition thereof issued by any bank
organized under the laws of the United States of America or any state thereof or the District of Columbia or any U.S. branch of a foreign bank having at the date of acquisition thereof combined capital and surplus of not less than $250.0 million;

  

 -3- 

 (5) repurchase obligations with a term of not more than seven days for underlying
securities of the types described in clause (1) above entered into with any bank meeting the qualifications specified in clause (4) above; and 
  
 (6) investments in money market funds that invest substantially all their assets in securities of the types described in clauses (1)
through (5) above. 
  
 “Certificated Notes”
means, collectively, the U.S. Certificated Notes and the Offshore Certificated Notes. 
  
 “Change of Control” means the occurrence of one or more of the following events: 
  
 (1) any sale, lease, exchange or other transfer (in one transaction or a series of related transactions) of all or substantially all of
the assets of the Company to any Person or group of related Persons for purposes of Section 13(d) of the Exchange Act (a “Group”), together with any Affiliates thereof (whether or not otherwise in compliance with the provisions of
this Indenture), other than to a Permitted Holder; 
  
 (2) the approval by the holders of Capital Stock of the Company of any plan or proposal for the liquidation or dissolution of the Company (whether or not otherwise in compliance with the provisions of this Indenture); 
  
 (3) any Person or Group, other than a Permitted Holder,
shall become the owner, directly or indirectly, beneficially or of record, of shares representing more than 50% of the aggregate ordinary voting power represented by the issued and outstanding Capital Stock of the Company; 
  
 (4) any Person or Group, other than a Permitted Holder,
shall become the owner, directly or indirectly, beneficially or of record, of shares representing more than 35% of the aggregate ordinary voting power represented by the issued and outstanding Capital Stock of the Company, and such Person or Group
owns a greater percentage of such aggregate ordinary voting power than the Permitted Holders; or 
  
 (5) the replacement of a majority of the Board of Directors of the Company over a two-year period from the directors who constituted the
Board of Directors of the Company at the beginning of such period, and such replacement shall not have been approved by a vote of at least a majority of the Board of Directors of the Company then still in office who either were members of any such
Board of Directors at the beginning of such period or whose election as a member of any such Board of Directors was previously so approved. 
  
 “Change of Control Offer” has the meaning set forth under Section 4.15. 
  
 “Change of Control Payment Date” has the meaning set forth under Section 3.9(b). 
  
 “Clearstream” shall mean Clearstream Banking,
Société Anonyme, Luxembourg. 
  

 -4- 

 “Commission” means the Securities and Exchange Commission or any successor agency
thereto. 
  
 “Common Stock” of any Person means
any and all shares, interests or other participations in, and other equivalents (however designated and whether voting or non-voting) of, such Person’s common stock, whether outstanding on the Issue Date or issued after the Issue Date, and
includes, without limitation, all series and classes of such common stock. 
  
 “Company” means The Newark Group, Inc., a New Jersey corporation, until a successor Person shall have become such pursuant to the applicable provisions of this Indenture, and thereafter means such
successor Person. 
  
 “Consolidated EBITDA”
means, for any period, the sum (without duplication) of: 
  
 (1) Consolidated Net Income for such period; and 
  
 (2) to the extent Consolidated Net Income has been reduced thereby, 
  
 (a) all income taxes of the Company and its Restricted Subsidiaries paid or accrued in accordance with GAAP
for such period (other than income taxes attributable to extraordinary or nonrecurring gains or losses or taxes attributable to sales or dispositions outside the ordinary course of business), 
  
 (b) Consolidated Interest Expense for such period,

  
 (c) Consolidated Non-cash Charges for such
period less any non-cash items increasing Consolidated Net Income for such period, all as determined on a consolidated basis for the Company and its Restricted Subsidiaries in accordance with GAAP, and 
  
 (d) income or loss attributable to discontinued operations
(including, without limitation, operations disposed of during such period whether or not such operations were classified as discontinued). 
  
 “Consolidated Fixed Charge Coverage Ratio” means the ratio of Consolidated EBITDA during the four most recent full fiscal quarters (the
“Four Quarter Period”) for which financial statements are available ending on or prior to the date of the transaction giving rise to the need to calculate the Consolidated Fixed Charge Coverage Ratio (the “Transaction
Date”) to Consolidated Fixed Charges for the Four Quarter Period. In addition to and without limitation of the foregoing, for purposes of this definition, “Consolidated EBITDA” and “Consolidated Fixed Charges” shall be
calculated after giving effect on a pro forma (including any pro forma expense and cost reductions calculated on a basis consistent with Regulation S-X under the Securities Act) basis for the period of such calculation to: 
  
 (1) the incurrence or repayment of any Indebtedness of the
Company or any of its Restricted Subsidiaries (and the application of the proceeds thereof) giving rise to the need to make such calculation and any incurrence or repayment of other Indebtedness (and the application of the proceeds thereof), other
than the incurrence or repayment of 

  

 -5- 

 
Indebtedness in the ordinary course of business for working capital purposes pursuant to working capital facilities, occurring during the Four Quarter Period
or at any time subsequent to the last day of the Four Quarter Period and on or prior to the Transaction Date, as if such incurrence or repayment, as the case may be (and the application of the proceeds thereof), occurred on the first day of the Four
Quarter Period; and 
  
 (2) any asset sales or
Asset Acquisitions (including, without limitation, any Asset Acquisition giving rise to the need to make such calculation as a result of the Company or one of its Restricted Subsidiaries (including any Person who becomes a Restricted Subsidiary as a
result of the Asset Acquisition) incurring, assuming or otherwise being liable for Acquired Indebtedness and also including any Consolidated EBITDA attributable to the assets that are the subject of the Asset Acquisition or asset sale during the
Four Quarter Period) occurring during the Four Quarter Period or at any time subsequent to the last day of the Four Quarter Period and on or prior to the Transaction Date, as if such asset sale or Asset Acquisition (including the incurrence,
assumption or liability for any such Acquired Indebtedness) occurred on the first day of the Four Quarter Period. If the Company or any of its Restricted Subsidiaries directly or indirectly guarantees Indebtedness of a third Person, the preceding
sentence shall give effect to the incurrence of such guaranteed Indebtedness as if the Company or any such Restricted Subsidiary had directly incurred or otherwise assumed such guaranteed Indebtedness. 
  
 Furthermore, in calculating “Consolidated Fixed Charges” for
purposes of determining the denominator (but not the numerator) of this “Consolidated Fixed Charge Coverage Ratio”: 
  
 (1) interest on outstanding Indebtedness determined on a fluctuating basis as of the Transaction Date and that will continue to be so
determined thereafter shall be deemed to have accrued at a fixed rate per annum equal to the rate of interest on such Indebtedness in effect on the Transaction Date; 
  
 (2) if interest on any Indebtedness actually incurred on the Transaction Date may optionally be determined
at an interest rate based upon a factor of a prime or similar rate, a eurocurrency interbank offered rate, or other rates, then the interest rate in effect on the Transaction Date will be deemed to have been in effect during the Four Quarter Period;
and 
  
 (3) notwithstanding clause (1) above,
interest on Indebtedness determined on a fluctuating basis, to the extent such interest is covered by agreements relating to Interest Swap Obligations, shall be deemed to accrue at the rate per annum resulting after giving effect to the operation of
such agreements. 
  
 “Consolidated Fixed Charges”
means, with respect to the Company for any period, the sum, without duplication, of: 
  
 (1) Consolidated Interest Expense for such period; plus 
  

 -6- 

 (2) the product of 
  
 (a) the amount of all dividend payments on any series of Preferred Stock of the Company (other than
dividends paid in Qualified Capital Stock) paid, accrued or scheduled to be paid or accrued during such period, and 
  
 (b) a fraction, the numerator of which is one and the denominator of which is one minus the then current effective consolidated federal,
state and local income tax rate of such Person, expressed as a decimal. 
  
 “Consolidated Interest Expense” means, for any period, the sum of, without duplication: 
  
 (1) the aggregate of the interest expense of the Company and its Restricted Subsidiaries for such period determined on a consolidated
basis in accordance with GAAP, including without limitation, 
  
 (a) any amortization of debt discount, 
  
 (b) the net costs under Interest Swap Obligations, 
  
 (c) all capitalized interest and 
  
 (d) the interest portion of any deferred payment obligation; and 
  
 (2) the interest component of Capitalized Lease Obligations paid, accrued and/or scheduled to be paid or
accrued by the Company and its Restricted Subsidiaries during such period as determined on a consolidated basis in accordance with GAAP. 
  
 “Consolidated Net Income” means, with respect to the Company for any period, the aggregate net income (or loss) of the Company and its
Restricted Subsidiaries for such period on a consolidated basis, determined in accordance with GAAP; provided that there shall be excluded therefrom: 
  
 (1) after-tax gains or losses from Asset Sales (without regard to the $5.0 million limitation set forth in the definition thereof) or
abandonment or reserves relating thereto; 
  
 (2)
after-tax items classified as extraordinary or nonrecurring gains or losses; 
  
 (3) the cumulative effect of a change in accounting principles; 
  
 (4) the net income (but not loss) of any Restricted Subsidiary to the extent that the declaration of dividends or similar distributions by
that Restricted Subsidiary of that income is restricted by a contract, operation of law or otherwise; 
  

 -7- 

 (5) the net income of any Person, other than the Company or a Restricted Subsidiary,
except to the extent of cash dividends or distributions paid to the Company or to a Restricted Subsidiary by such Person; 
  
 (6) income or loss attributable to discontinued operations (including, without limitation, operations disposed of during such period
whether or not such operations were classified as discontinued); and 
  
 (7) in the case of a successor to the Company by consolidation or merger or as a transferee of the Company’s assets, any net income of the successor corporation prior to such consolidation, merger or transfer of
assets. 
  
 “Consolidated Non-cash Charges”
means, for any period, the aggregate depreciation, amortization and other non-cash expenses of the Company (including, without limitation, charges related to the impairment of intangibles) and its Restricted Subsidiaries reducing Consolidated Net
Income of the Company for such period, determined on a consolidated basis in accordance with GAAP (including deferred rent but excluding any such charge which requires an accrual of or a reserve for cash charges for any future period). 

 
 “Corporate Trust Office of the Trustee” means the
principal office of the Trustee at which at any time its corporate trust business shall be administered, which office at the date hereto is located at 101 Barclay Street, Floor 8 West, New York, New York 10286, or such other address as the Trustee
may designate from time to time by written notice to the Holders and the Company, or the principal corporate trust office of any successor Trustee (or such other address as such successor Trustee may designate from time to time by notice to the
Holders and the Company). 
  
 “Covenant
Defeasance” has the meaning set forth under Section 8.3. 
  
 “Credit Agreement” means the Credit Agreement dated as of the Issue Date by and among the Company, the guarantors from time to time party thereto, the lenders from time to time party thereto in their capacities as lenders
thereunder and Wachovia Bank, National Association, as agent, together with the related documents thereto (including, without limitation, any guarantee agreements and security documents), in each case as such agreements may be amended (including any
amendment and restatement thereof), supplemented or otherwise modified from time to time, including any agreement extending the maturity of, refinancing, replacing or otherwise restructuring (including increasing the amount of available borrowings
thereunder or adding Subsidiaries of the Company as additional borrowers or guarantors thereunder) all or any portion of the Indebtedness under such agreement or any successor or replacement agreement and whether by the same or any other agent,
lender or group of lenders. 
  
 “Currency
Agreement” means any foreign exchange contract, currency swap agreement or other similar agreement or arrangement designed to protect the Company or any Restricted Subsidiary against fluctuations in currency values. 
  
 “Default” means an event or condition the occurrence of
which is, or with the lapse of time or the giving of notice or both would be, an Event of Default. 
  

 -8- 

 “Depositary” means, with respect to the Notes issuable in whole or in part in global
form, the Person specified in Section 2.6 as the Depositary with respect to the Notes, until a successor shall have been appointed and become such pursuant to the applicable provisions of this Indenture, and, thereafter, “Depositary” shall
mean or include such successor. 
  
 “Designated Senior
Debt” means (1) Indebtedness under or in respect of the Credit Agreement and (2) after the payment in full in cash of all Obligations under the Credit Agreement, any other Indebtedness constituting Senior Debt which, at the time of
determination, has an aggregate principal amount of at least $25.0 million and is specifically designated in the instrument evidencing such Senior Debt as “Designated Senior Debt” by the Company. 
  
 “Designation” has the meaning set forth under Section 4.18.

  
 “Designation Amount” has the meaning set
forth under Section 4.18. 
  
 “Disqualified Capital
Stock” means that portion of any Capital Stock which, by its terms (or by the terms of any security into which it is convertible or for which it is exchangeable), or upon the happening of any event, matures or is mandatorily redeemable,
pursuant to a sinking fund obligation or otherwise, or is redeemable at the sole option of the holder thereof on or prior to the final maturity date of the Notes. 
  
 “Domestic Restricted Subsidiary” means a Restricted Subsidiary incorporated or otherwise organized or
existing under the laws of the United States, any state thereof. 
  
 “Euroclear” means Morgan Guaranty Trust Company of New York, Brussels office, as operator of the Euroclear System. 
  
 “Exchange Act” means the Securities Exchange Act of 1934, as amended, or any successor statute or statutes thereto. 
  
 “Exchange Offer” means the offer that shall be made by the
Company pursuant to the Registration Rights Agreement to exchange Series A Notes for Series B Notes. 
  
 “fair market value” means, with respect to any asset or property, the price which could be negotiated in an arm’s-length, free
market transaction, for cash, between a willing seller and a willing and able buyer, neither of whom is under undue pressure or compulsion to complete the transaction. Fair market value shall be determined by the Board of Directors of the Company
acting reasonably and in good faith and shall be evidenced by a Board Resolution of the Board of Directors of the Company. 
  
 “Foreign Restricted Subsidiary” means a Restricted Subsidiary that is not a Domestic Restricted Subsidiary. 
  
 “GAAP” means generally accepted accounting principles set
forth in the opinions and pronouncements of the Accounting Principles Board of the American Institute of Certified Public Accountants and statements and pronouncements of the Financial Accounting Standards Board or in such other statements by such
other entity as may be approved by a significant segment of the accounting profession of the United States, which are in effect as of the Issue Date. 

  

 -9- 

 
All ratios and computations based on GAAP contained in this Indenture shall be computed in conformity with GAAP applied on a consistent basis, except that
calculations made for purposes of determining compliance with the terms of the covenants and with other provisions of this Indenture shall be made without giving effect to (i) the deduction or amortization of any premiums, fees and expenses incurred
in connection with any financings or any other permitted incurrence of Indebtedness and (ii) depreciation, amortization or other expenses recorded as a result of the application of purchase accounting in accordance with Accounting Principles Board
Opinion Nos. 16 and 17 and FASB Nos. 141 and 142. 
  
 “Guarantee” has the meaning set forth in Section 11.1. 
  
 “Guarantor” means each of the Company’s Restricted Subsidiaries that in the future executes a supplemental indenture in which such Restricted Subsidiary agrees to be bound by the terms of this
Indenture as a Guarantor; provided that any Person constituting a Guarantor as described above shall cease to constitute a Guarantor when its Guarantee is released in accordance with the terms of this Indenture. 
  
 “Guarantor Senior Debt” means, with respect to any
Guarantor: the principal of, premium, if any, and interest (including any interest accruing subsequent to the filing of a petition of bankruptcy at the rate provided for in the documentation with respect thereto, whether or not such interest is an
allowed claim under applicable law) on any Indebtedness of, or guaranteed by, a Guarantor, whether outstanding on the Issue Date or thereafter created, incurred or assumed, unless, in the case of any particular Indebtedness, the instrument creating
or evidencing the same or pursuant to which the same is outstanding expressly provides that such Indebtedness shall not be senior in right of payment to the Guarantee of such Guarantor. Without limiting the generality of the foregoing,
“Guarantor Senior Debt” shall also include the principal of, premium, if any, interest (including any interest accruing subsequent to the filing of a petition of bankruptcy at the rate provided for in the documentation with respect
thereto, whether or not such interest is an allowed claim under applicable law) on, and all other amounts owing in respect of (including guarantees of the foregoing obligations): 
  
 (x) all monetary obligations of every nature of such Guarantor under, or with respect to, the Credit
Agreement, including, without limitation, obligations to pay principal, premium and interest, reimbursement obligations under letters of credit, fees, costs, expenses and indemnities (and guarantees thereof); 
  
 (y) all Interest Swap Obligations (and guarantees thereof);
and 
  
 (z) all obligations under Currency
Agreements (and guarantees thereof); 
  
 in each case whether outstanding on the
Issue Date or thereafter incurred. 
  
 Notwithstanding the foregoing, “Guarantor Senior Debt” shall not include: 
  
 (1) any Indebtedness of such Guarantor to a Subsidiary of such Guarantor; 
  
 (2) Indebtedness to, or guaranteed on behalf of, any shareholder, director, officer or employee of such
Guarantor or any Subsidiary of such Guarantor (including, 

  

 -10- 

 
without limitation, amounts owed for compensation) other than a shareholder who is also a lender (or an Affiliate of a lender) under the Credit Agreement;

  
 (3) Indebtedness to trade creditors and other
amounts incurred in connection with obtaining goods, materials or services; 
  
 (4) Indebtedness represented by Disqualified Capital Stock; 
  
 (5) any liability for federal, state, local or other taxes owed or owing by such Guarantor; 
  
 (6) that portion of any Indebtedness incurred in violation
of provisions set forth under Section 4.9 (but, as to any such obligation, no such violation shall be deemed to exist for purposes of this clause (6) if the holder(s) of such obligation or their representative shall have received an officers’
certificate of the Company to the effect that the incurrence of such Indebtedness does not (or, in the case of revolving credit indebtedness, that the incurrence of the entire committed amount thereof at the date on which the initial borrowing
thereunder is made would not) violate such provisions of this Indenture); 
  
 (7) Indebtedness which, when incurred and without respect to any election under Section 1111(b) of Title 11, United States Code, is without recourse to the Company; and 
  
 (8) any Indebtedness which is, by its express terms,
subordinated in right of payment to any other Indebtedness of such Guarantor. 
  
 “Holder” means the Person in whose name a Note is registered on the Registrar’s books. 
  
 “incur” has the meaning set forth under Section 4.9. 
  
 “Indebtedness” means, with respect to any Person, without duplication: 
  
 (1) all Obligations of such Person for borrowed money;

  
 (2) all Obligations of such Person evidenced
by bonds, debentures, notes or other similar instruments; 
  
 (3) all Capitalized Lease Obligations of such Person; 
  
 (4) all Obligations of such Person issued or assumed as the deferred purchase price of property, all conditional sale obligations and all
Obligations under any title retention agreement (but excluding trade accounts payable and other accrued liabilities arising in the ordinary course of business); 
  
 (5) all Obligations for the reimbursement of any obligor on any letter of credit, banker’s acceptance
or similar credit transaction; 
  

 -11- 

 (6) guarantees and other contingent obligations in respect of Indebtedness referred to in
clauses (1) through (5) above and clause (8) below; 
  
 (7) all Obligations of any other Person of the type referred to in clauses (1) through (6) which are secured by any lien on any property or asset of such Person, the amount of such Obligation being deemed to be the lesser of the fair market
value of such property or asset or the amount of the Obligation so secured; 
  
 (8) all Interest Swap Obligations and all Obligations under currency agreements and interest swap agreements of such Person; and 
  
 (9) all Disqualified Capital Stock issued by such Person and all Preferred Stock issued by Restricted
Subsidiaries of such Person with the amount of Indebtedness represented by such Disqualified Capital Stock or Preferred Stock being equal to the greater of its voluntary or involuntary liquidation preference and its maximum fixed repurchase price.

  
 For purposes hereof, the “maximum fixed repurchase
price” of any Disqualified Capital Stock that does not have a fixed repurchase price shall be calculated in accordance with the terms of such Disqualified Capital Stock as if such Disqualified Capital Stock were purchased on any date on which
Indebtedness shall be required to be determined pursuant to this Indenture, and if such price is based upon, or measured by, the fair market value of such Disqualified Capital Stock, such fair market value shall be determined reasonably and in good
faith by the Board of Directors of the Company. The amount of Indebtedness of any Person at any date shall be the outstanding balance on such date of all unconditional Obligations as described above, and the maximum liability upon the occurrence of
the contingency giving rise to the Obligation, on any contingent Obligations at such date; provided, however, that the amount outstanding at any time of any Indebtedness incurred with original issue discount is the face amount of such
Indebtedness less the remaining unamortized portion of the original issue discount of such Indebtedness at such time as determined in conformity with GAAP. 
  
 “Indenture” means this Indenture, as amended, supplemented or otherwise modified from time to time, including, for all purposes of this
Indenture and any such supplemental indenture, the provisions of the Trust Indenture Act that are deemed to be a part of and govern this instrument and any such supplemental indenture, respectively. 
  
 “Independent Financial Advisor” means a firm: 
  
 (1) that does not, and whose directors, officers and
employees or Affiliates do not, have a direct or indirect financial interest in the Company; and 
  
 (2) that, in the judgment of the Board of Directors of the Company, is otherwise independent and qualified to perform the task for which
it is to be engaged. 
  
 “Initial Purchasers”
means Wachovia Capital Markets, LLC, J.P. Morgan Securities Inc., Fleet Securities, Inc. and PNC Capital Markets, Inc. 
  

 -12- 

 “Institutional Accredited Investors” means institutional accredited investors as defined
in Rule 501(a)(1), (2), (3) or (7) under the Securities Act. 
  
 “Interest Swap Obligations” means the obligations of any Person pursuant to any arrangement with any other Person, whereby, directly or indirectly, such Person is entitled to receive from time to time periodic payments
calculated by applying either a floating or a fixed rate of interest on a stated notional amount in exchange for periodic payments made by such other Person calculated by applying a fixed or a floating rate of interest on the same notional amount
and shall include, without limitation, interest rate swaps, caps, floors, collars and similar agreements. 
  
 “Investment” means, with respect to any Person, any direct or indirect loan or other extension of credit (including, without limitation,
a guarantee) or capital contribution to (by means of any transfer of cash or other property to others or any payment for property or services for the account or use of others), or any purchase or acquisition by such Person of any Capital Stock,
bonds, notes, debentures or other securities or evidences of Indebtedness issued by, any other Person. “Investment” shall exclude extensions of trade credit by the Company and by its Restricted Subsidiaries on commercially reasonable terms
in accordance with normal trade practices of the Company or such Restricted Subsidiary, as the case may be. If the Company or any Restricted Subsidiary sells or otherwise disposes of any Common Stock of any direct or indirect Restricted Subsidiary
such that, after giving effect to any such sale or disposition, it ceases to be a Subsidiary of the Company, the Company shall be deemed to have made an Investment on the date of any such sale or disposition equal to the fair market value of the
Common Stock of such Restricted Subsidiary not sold or disposed of. 
  
 “Issue Date” means March 12, 2004. 
  
 “Legal Defeasance” has the meaning set forth under Section 8.2. 
  
 “Lien” means any lien, mortgage, deed of trust, pledge, security interest, charge or encumbrance of any kind (including any conditional sale or other title retention agreement, any lease in the nature
thereof and any agreement to give any security interest). 
  
 “Moody’s” means Moody’s Investors Service, Inc. 
  
 “Net Cash Proceeds” means, with respect to any Asset Sale, the proceeds in the form of cash or Cash Equivalents including payments in respect of deferred payment obligations when received in the form
of cash or Cash Equivalents (other than the portion of any such deferred payment constituting interest) received by the Company or any of its Restricted Subsidiaries from such Asset Sale net of: 
  
 (1) reasonable out-of-pocket expenses and fees relating to
such Asset Sale (including, without limitation, legal, accounting and investment banking fees and sales commissions); 
  
 (2) taxes paid or payable after taking into account any reduction in consolidated tax liability due to available tax credits or deductions
and any tax sharing arrangements; 
  

 -13- 

 (3) repayment of Indebtedness that is secured by the assets sold in the relevant Asset
Sale and that is required to be repaid in connection with such Asset Sale; and 
  
 (4) appropriate amounts to be provided by the Company or any Restricted Subsidiary, as the case may be, as a reserve, in accordance with
GAAP, against any liabilities associated with such Asset Sale and retained by the Company or any Restricted Subsidiary, as the case may be, after such Asset Sale, including, without limitation, pension and other post-employment benefit liabilities,
liabilities related to environmental matters and liabilities under any indemnification obligations associated with such Asset Sale. 
  
 “Note Custodian” means the Trustee, as custodian with respect to the Notes in global form, or any successor entity thereto. 

 
 “Notes” means the Series A Notes and the Series B Notes,
if any, that are issued under this Indenture, as amended or supplemented from time to time. 
  
 “Obligations” means all obligations for principal, premium, interest, penalties, fees, indemnifications, reimbursements, damages, costs, expenses and other liabilities payable under the documentation
governing any Indebtedness. 
  
 “Officer” means
(a) with respect to any Person that is a corporation, the Chairman of the Board, the Chief Executive Officer, the President, the Chief Operating Officer, the Chief Financial Officer, the Treasurer, the Controller, the Secretary or any Vice-President
of such Person and (b) with respect to any other Person, the individuals selected by such Person to perform functions similar to those of the officers listed in clause (a). 
  
 “Officer’s Certificate” means a certificate signed on behalf of the Company by one Officer of the
Company, who must be either the Chief Executive Officer, the Chief Financial Officer or the principal accounting officer of the Company, that meets the requirements of Sections 13.4 and 13.5. Any such certificate shall comply with the requirements
of the TIA and any other requirements set forth in this Indenture. 
  
 “Offshore Certificated Notes” means permanent Certificated Notes in registered form in substantially the form set forth in Exhibit A, issued pursuant to Section 2.6 in exchange for interests in the Rule 144A Global
Note or the Regulation S Global Note. 
  
 “Opinion of
Counsel” means an opinion from legal counsel who is reasonably acceptable to the Trustee that meets the requirements of Sections 13.4 and 13.5. Any such opinion shall comply with the requirements of the TIA and any other requirements set
forth in this Indenture. The counsel may be an employee of or counsel to the Company or any Subsidiary of the Company. 
  
 “Payment Default” means any default, whether or not any requirement for the giving of notice, the lapse of time or both, or any other
condition to such default becoming an event of default has occurred, in the payment of principal of or premium, if any or interest on or any other amount payable in connection with Designated Senior Debt (whether at stated maturity, upon
acceleration or otherwise). 
  

 -14- 

 “Permitted Holder” means any of: (1) Edward K. Mullen and Robert H. Mullen; (2)
immediate family members (including spouses and direct descendants) of the Persons described in clause (1) above; (3) any trusts created for the benefit of the Persons described in clause (1) or (2) above or clause (4) below, or any trust for the
benefit of any such trust; or (4) in the event of the incompetence or death of any Person described in clause (1) or (2) above, such Person’s estate, executor, administrator, committee or other personal representative or beneficiaries, in each
case who at any particular date shall beneficially own or have the right to acquire, directly or indirectly, Capital Stock of the Company, or their respective Affiliates. 
  
 “Permitted Indebtedness” means, without duplication, each of the following: 
  
 (1) Indebtedness under the Notes issued in the Offering in
an aggregate principal amount not to exceed $175.0 million and any Guarantees thereof; 
  
 (2) Indebtedness incurred pursuant to the Credit Agreement in an aggregate principal amount at any time outstanding not to exceed $150.0
million (with letters of credit deemed to have a principal amount equal to the maximum principal liability thereunder) incurred under this clause (2), less the amount of all required principal payments actually made by the Company in respect of the
loans thereunder that were incurred under this clause (2) in accordance with the provisions set forth in Section 4.10 (which, in the case of revolving loans, are accompanied by a corresponding permanent commitment reduction); 
  
 (3) other Indebtedness (including, without limitation,
Capitalized Lease Obligation and industrial revenue bonds) of the Company and its Restricted Subsidiaries outstanding on the Issue Date; 
  
 (4) Purchase Money Indebtedness and Capitalized Lease Obligations of the Company and its Restricted Subsidiaries in an aggregate amount
for all Indebtedness incurred pursuant to this clause (4) not to exceed $10.0 million outstanding at any one time; 
  
 (5) Interest Swap Obligations covering Indebtedness of the Company or any of its Restricted Subsidiaries outstanding on the Issue Date or
thereafter entered into in the ordinary course of business and not for speculative purposes; 
  
 (6) Indebtedness under Currency Agreements outstanding on the Issue Date or thereafter entered into in the ordinary course of business and
not for speculative purposes; provided that in the case of Currency Agreements which relate to Indebtedness, such Currency Agreements do not increase the Indebtedness of the Company and its Restricted Subsidiaries outstanding other than as a
result of fluctuations in foreign currency exchange rates or by reason of fees, indemnities and compensation payable thereunder; 
  
 (7) Indebtedness of the Company owed to a Restricted Subsidiary and Indebtedness of any Restricted Subsidiary owed to the Company or
another Restricted Subsidiary for so long as such Indebtedness is held by the Company or a Restricted Subsidiary; provided, however, that 
  

 -15- 

 (a) if the Company or a Guarantor is the obligor on such Indebtedness and the obligee is
not the Company or any Guarantor, such Indebtedness shall be expressly subordinated pursuant to a written agreement to the prior payment in full in cash of all Obligations on, or relating to, the Notes, in the case of the Company, or the Guarantee
of such Guarantor, in the case of a Guarantor; and 
  
 (b) any event that results in any such Indebtedness being held by a Person other than the Company or a Restricted Subsidiary shall constitute the incurrence of Indebtedness not constituting Permitted Indebtedness by the issuer of such
Indebtedness pursuant to this clause (7); 
  
 (8)
Indebtedness arising from the honoring by a bank or other financial institution of a check, draft or similar instrument inadvertently (except in the case of daylight overdrafts) drawn against insufficient funds in the ordinary course of business;
provided, however, that such Indebtedness is extinguished within three Business Days of incurrence; 
  
 (9) Indebtedness of the Company or any of its Restricted Subsidiaries represented by letters of credit for the account of the Company or
such Restricted Subsidiary, as the case may be, in order to provide security for workers’ compensation claims, payment obligations in connection with self-insurance or similar requirements in the ordinary course of business; 
  
 (10) Refinancing Indebtedness; 
  
 (11) Indebtedness represented by guarantees by the Company
or its Restricted Subsidiaries of Indebtedness otherwise permitted to be incurred under this Indenture; provided that, in the case of a guarantee by a Restricted Subsidiary, such Restricted Subsidiary complies with Section 4.16; 

 
 (12) Indebtedness of the Company or any of its Restricted
Subsidiaries in respect of bid, payment and performance bonds, bankers’ acceptances, workers’ compensation claims, surety or appeal bonds, payment obligations in connection with self-insurance or similar obligations, and bank overdrafts
(and letters of credit in respect thereof) in the ordinary course of business; 
  
 (13) additional Indebtedness of Foreign Restricted Subsidiaries in an aggregate principal amount not to exceed $25.0 million at any one
time outstanding; and 
  
 (14) additional
Indebtedness of the Company and the Restricted Subsidiaries in an aggregate principal amount not to exceed $25.0 million at any one time outstanding (which amount may, but need not, be incurred in whole or in part under the Credit Agreement).

  
 For purposes of determining any particular amount of
Indebtedness under Section 4.9, guarantees, Liens or letter of credit obligations supporting Indebtedness otherwise included in the determination of such particular amount shall not be included. In the event that an item of Indebtedness meets the
criteria of more than one of the categories of Permitted Indebtedness 

  

 -16- 

 
described in clauses (1) through (14) above or is permitted to be incurred pursuant to the Coverage Ratio Exception under Section 4.9, the Company shall, in
its sole discretion, classify (or later reclassify) such item of Indebtedness in any manner that complies with such covenant. Notwithstanding the foregoing, Indebtedness under the Credit Agreement outstanding on the Issue Date shall be deemed to
have been incurred pursuant to clause (2) above, and the Company will not be permitted to reclassify any portion of such Indebtedness thereafter. Accrual of interest, accretion or amortization of original issue discount, the payment of interest on
any Indebtedness in the form of additional Indebtedness with the same terms, the payment of dividends on Disqualified Capital Stock in the form of additional shares of the same class of Disqualified Capital Stock and change in the amount outstanding
due solely to the result of fluctuations in the exchange rates of currencies will not be deemed to be an incurrence of Indebtedness for purposes of Section 4.9. 
  

“Permitted Investments” means: 
  
 (1) Investments by the Company or any Restricted Subsidiary in any Person that is or will become immediately after such Investment a
Restricted Subsidiary or that will merge or consolidate into the Company or a Restricted Subsidiary; 
  
 (2) Investments in the Company by any Restricted Subsidiary; provided that any Indebtedness incurred by the Company evidencing such
Investment by a Restricted Subsidiary that is not a Guarantor is unsecured and subordinated, pursuant to a written agreement, to the Company’s obligations under the Notes and this Indenture; 
  
 (3) investments in cash and Cash Equivalents; 
  
 (4) loans and advances to directors, employees and officers
of the Company and its Restricted Subsidiaries in the ordinary course of business for bona fide business purposes not in excess of $4.0 million at any one time outstanding; 
  
 (5) Currency Agreements and Interest Swap Obligations entered into in the ordinary course of the
Company’s or a Restricted Subsidiary’s businesses and otherwise in compliance with this Indenture; 
  
 (6) other Investments, including Investments in Unrestricted Subsidiaries, not to exceed $10.0 million at any one time outstanding;

  
 (7) Investments in securities of trade
creditors or members received pursuant to any plan of reorganization or similar arrangement upon the bankruptcy or insolvency of such trade creditors or members or in good faith settlement of delinquent obligations of such trade creditors or
members; 
  
 (8) Investments represented by
guarantees that are otherwise permitted under this Indenture; 
  
 (9) Investments the payment for which is Qualified Capital Stock of the Company; 
  

 -17- 

 (10) Investments made by the Company or its Restricted Subsidiaries as a result of
consideration received in connection with an Asset Sale made in compliance with Section 4.10; and 
  
 (11) the acquisition by the Company of obligations of one or more officers, directors or employees of the Company or any of its
Subsidiaries in connection with such officers’, directors’ or employees’ acquisition of shares of capital stock of the Company so long as no cash is paid by the Company or any of its Subsidiaries to such officers, directors or
employees in connection with the acquisition of any such obligations. 
  
 “Permitted Junior Securities” means equity securities or subordinated debt securities of the Company as reorganized or readjusted, or securities of the Company or any other Person provided for by a plan of reorganization or
readjustment that, in the case of any such subordinated debt securities, are junior or the payment of which is otherwise subordinated, to at least the extent provided in this Indenture with respect to the Notes, to the payment and satisfaction in
full in cash of all Senior Debt of the Company at the time outstanding, and to the payment of all securities issued in exchange therefor, to the holders of the Senior Debt at the time outstanding. 
  
 “Permitted Liens” means the following types of Liens:

  
 (1) Liens existing on the Issue Date
(including, without limitation, Liens securing industrial revenue bonds) to the extent and in the manner such Liens are in effect on the Issue Date; 
  
 (2) Liens securing the Notes and Guarantees; 
  
 (3) Liens securing Senior Debt (including the Credit Agreement) of the Company or any Restricted Subsidiary that is in existence on the
Issue Date or that is incurred in compliance with Section 4.9; 
  
 (4) Liens in favor of the Company; 
  
 (5) Liens securing Refinancing Indebtedness; provided that such Liens do not extend to or cover any property or assets of the Company or any of its Restricted Subsidiaries not securing the Indebtedness so
Refinanced; 
  
 (6) Liens for taxes, assessments
or governmental charges or claims either 
  
 (a)
not delinquent or 
  
 (b) contested in good faith
by appropriate proceedings and as to which the Company or its Restricted Subsidiaries shall have set aside on its books such reserves as may be required pursuant to GAAP; 
  
 (7) statutory and contractual Liens of landlords and Liens of carriers, warehousemen, mechanics, suppliers,
materialmen, repairmen and other Liens imposed by law incurred in the ordinary course of business for sums not yet delinquent or being contested 

  

 -18- 

 
in good faith, if such reserve or other appropriate provision, if any, as shall be required by GAAP shall have been made in respect thereof; 
  
 (8) Liens incurred or deposits made in the ordinary course
of business in connection with workers’ compensation, unemployment insurance and other types of social security, including any Lien securing letters of credit issued in the ordinary course of business consistent with past practice in connection
therewith, or to secure the performance of tenders, statutory obligations, surety and appeal bonds, bids, leases, government contracts, performance and return-of-money bonds and other similar obligations (exclusive of obligations for the payment of
borrowed money); 
  
 (9) judgment Liens not
giving rise to an Event of Default; 
  
 (10)
easements, rights-of-way, zoning restrictions and other similar charges or encumbrances in respect of real property not interfering in any material respect with the ordinary conduct of the business of the Company or of any of its Restricted
Subsidiaries; 
  
 (11) any interest or title of a
lessor under any Capitalized Lease Obligation; provided that such Liens do not extend to any property or asset which is not leased property subject to such Capitalized Lease Obligation; 
  
 (12) purchase money Liens to finance property or assets of
the Company or any Restricted Subsidiary acquired after the Issue Date; provided, however, that 
  
 (a) the related purchase money Indebtedness shall not exceed the cost of such property or assets and shall not be secured by property or
assets of the Company or any Restricted Subsidiary other than the property and assets so acquired and 
  
 (b) the Lien securing such Indebtedness shall be created within 90 days of such acquisition; 
  
 (13) Liens upon specific items of inventory or other goods
and proceeds of any Person securing such Person’s obligations in respect of bankers’ acceptances issued or created for the account of such Person to facilitate the purchase, shipment or storage of such inventory or other goods; 

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

 -19- 

 (17) Liens securing Indebtedness under Currency Agreements; 
  
 (18) Liens securing Acquired Indebtedness incurred in
accordance with Section 4.9; provided that 
  
 (a) such Liens secured such Acquired Indebtedness at the time of and prior to the incurrence of such Acquired Indebtedness by the Company or a Restricted Subsidiary and were not granted in connection with, or in anticipation of, the
incurrence of such Acquired Indebtedness by the Company or a Restricted Subsidiary and 
  
 (b) such Liens do not extend to or cover any property or assets of the Company or of any of its Restricted Subsidiaries other than the
property or assets that secured the Acquired Indebtedness prior to the time such Indebtedness became Acquired Indebtedness of the Company or a Restricted Subsidiary and are no more favorable to the lienholders than those securing the Acquired
Indebtedness prior to the incurrence of such Acquired Indebtedness by us or a Restricted Subsidiary; 
  
 (19) Liens on assets of a Restricted Subsidiary that is not a Guarantor to secure Indebtedness and other obligations of such Restricted
Subsidiary that is otherwise permitted under this Indenture; 
  
 (20) leases, subleases, licenses and sublicenses granted to others that do not materially interfere with the ordinary course of business of the Company and its Restricted Subsidiaries; 
  
 (21) banker’s Liens, rights of setoff and similar Liens
with respect to cash and Cash Equivalents on deposit in one or more bank accounts in the ordinary course of business; 
  
 (22) Liens arising from filing Uniform Commercial Code financing statements regarding leases; 
  
 (23) Liens in favor of customs and revenue authorities
arising as a matter of law to secure payment of custom duties in connection with the importation of goods; and 
  
 (24) additional Liens securing Indebtedness not to exceed $15.0 million at any one time. 
  
 “Person” means an individual, partnership, corporation,
limited liability company, unincorporated organization, trust or joint venture, or a governmental agency or political subdivision thereof. 
  
 “PORTAL Market” means the Portal Market operated by the National Association of Securities Dealers, Inc. or any successor thereto.

  

 -20- 

 “Preferred Stock” of any Person means any Capital Stock of such Person that has
preferential rights to any other Capital Stock of such Person with respect to dividends or redemptions or upon liquidation. 
  
 “Purchase Date” means, with respect to any Note to be repurchased, the date fixed for such repurchase by or pursuant to this Indenture.

  
 “Purchase Money Indebtedness” means
Indebtedness of the Company or its Restricted Subsidiaries incurred for the purpose of financing all or any part of the purchase price or the cost of installation, construction or improvement of any property. 
  
 “Purchase Price” means the amount payable for the repurchase
of any Note on a Purchase Date, exclusive of accrued and unpaid interest and Additional Interest (if any) thereon to the Purchase Date, unless otherwise specifically provided. 
  
 “QIB” means a qualified institutional buyer as defined in Rule 144A under the Securities Act. 

 
 “Qualified Capital Stock” means any Capital Stock that is
not Disqualified Capital Stock. 
  
 “Redemption
Date” means, with respect to any Note to be redeemed, the date fixed for such redemption by or pursuant to this Indenture. 
  
 “Redemption Price” means the amount payable for the redemption of any Note on a Redemption Date, exclusive of accrued and unpaid interest
and Additional Interest (if any) thereon to the Redemption Date, unless otherwise specifically provided. 
  
 “Refinance” means, in respect of any security or Indebtedness, to refinance, extend, renew, refund, repay, prepay, redeem, defease or
retire, or to issue a security or Indebtedness in exchange or replacement for, such security or Indebtedness in whole or in part. “Refinanced” and “Refinancing” shall have correlative meanings. 
  
 “Refinancing Indebtedness” means any Refinancing by the
Company or any Restricted Subsidiary of Indebtedness incurred in accordance with the Coverage Ratio Exception under Section 4.9 or clause (1) or (3) of the definition of Permitted Indebtedness, in each case that does not: 
  
 (1) result in an increase in the aggregate principal amount
of Indebtedness of such Person as of the date of such proposed Refinancing (plus the amount of any premium required to be paid under the terms of the instrument governing such Indebtedness and plus the amount of reasonable expenses incurred by the
Company or any Restricted Subsidiary in connection with such Refinancing); or 
  
 (2) create Indebtedness with 
  
 (a) a Weighted Average Life to Maturity that is less than the Weighted Average Life to Maturity of the Indebtedness being Refinanced or 
  

 -21- 

 (b) a final maturity earlier than the final maturity of the Indebtedness being
Refinanced; provided that 
  
 (x) if such
Indebtedness being Refinanced is Indebtedness solely of the Company or a Guarantor, then such Refinancing Indebtedness shall be Indebtedness solely of the Company or a Guarantor, and 
  
 (y) if such Indebtedness being Refinanced is subordinate or junior to the Notes, then such Refinancing
Indebtedness shall be subordinate to the Notes at least to the same extent and in the same manner as the Indebtedness being Refinanced. 
  
 “Registration Rights Agreement” means the Registration Rights Agreement dated as of the Issue Date between the Company and the Initial
Purchasers. 
  
 “Regulation S” means Regulation S
as promulgated under the Securities Act. 
  
 “Replacement
Assets” means assets of a kind used or usable in the business of the Company and its Restricted Subsidiaries as conducted on the date of the relevant Asset Sale. 
  
 “Representative” means the indenture trustee or other trustee, agent or representative in respect of any
Designated Senior Debt (which, to the extent the Obligations under the Credit Agreement shall be outstanding at such time, shall be the agent for the Lenders thereunder); provided, however, that if, and for so long as, any Designated
Senior Debt lacks such a representative, then the Representative for such Designated Senior Debt shall at all times constitute the holders of a majority in outstanding principal amount of such Designated Senior Debt in respect of any Designated
Senior Debt. 
  
 “Responsible Officer” shall
mean, when used with respect to the Trustee, any officer within the corporate trust department of the Trustee, including any vice president, assistant vice president, assistant secretary, assistant treasurer, trust officer or any other officer of
the Trustee who customarily performs functions similar to those performed by the Persons who at the time shall be such officers, respectively, or to whom any corporate trust matter is referred because of such person’s knowledge of and
familiarity with the particular subject and who shall have direct responsibility for the administration of this Indenture. 
  
 “Restricted Subsidiary” means any Subsidiary of the Company that has not been designated by the Board of Directors of the Company, by a
Board Resolution of the Company delivered to the Trustee, as an Unrestricted Subsidiary pursuant to and in compliance with Section 4.18. Any such Designation may be revoked by a Board Resolution of the Company delivered to the Trustee, subject to
the provisions of Section 4.18. 
  
 “Revocation”
has the meaning set forth under Section 4.18. 
  
 “Rule
144A” means Rule 144A promulgated under the Securities Act. 
  
 “S&P” means Standard & Poor’s Ratings Service. 
  

 -22- 

 “Sale and Leaseback Transaction” means any direct or indirect arrangement with any
Person or to which any such Person is a party providing for the leasing to the Company or a Restricted Subsidiary of any property, whether owned by the Company or any Restricted Subsidiary at the Issue Date or later acquired, which has been or is to
be sold or transferred by the Company or by such Restricted Subsidiary to such Person or to any other Person from whom funds have been or are to be advanced by such Person on the security of such Property. 
  
 “Securities Act” means the Securities Act of 1933, as
amended, or any successor statute or statutes thereto. 
  
 “Senior Debt” means the principal of, premium, if any, and interest (including interest accruing after the commencement of any bankruptcy or other like proceeding at the rate specified in the documentation governing the
applicable Senior Debt, whether or not such interest is an allowed claim in any such proceeding) on any Indebtedness of the Company, whether outstanding on the Issue Date or thereafter created, incurred or assumed, unless, in the case of any
particular Indebtedness, the instrument creating or evidencing the same or pursuant to which the same is outstanding expressly provides that such Indebtedness shall not be senior in right of payment to the Notes. Without limiting the generality of
the foregoing, “Senior Debt” shall also include the principal of, premium, if any, interest (including interest accruing after the commencement of any bankruptcy or other like proceeding at the rate specified in the documentation governing
the applicable Senior Debt, whether or not such interest is an allowed claim in any such proceeding) on, and all other amounts owing in respect of (including guarantees of the foregoing obligations): 
  
 (1) all monetary obligations of every nature of the Company
under, or with respect to, the Credit Agreement, including, without limitation, obligations to pay principal, premium and interest, reimbursement obligations under letters of credit, fees, costs, expenses and indemnities (and guarantees thereof);

  
 (2) all Interest Swap Obligations (and
guarantees thereof); and 
  
 (3) all obligations
under Currency Agreements (and guarantees thereof); 
  
 in each case whether
outstanding on the Issue Date or thereafter created, incurred or assumed. 
  
 Notwithstanding the foregoing, “Senior Debt” shall not include: 
  
 (1) any Indebtedness of the Company to a Subsidiary of the Company; 
  
 (2) Indebtedness to, or guaranteed on behalf of, any shareholder, director, officer or employee of the
Company or any Subsidiary of the Company (including, without limitation, amounts owed for compensation) other than a shareholder who is also a lender (or an Affiliate of a lender) under the Credit Agreement; 
  
 (3) Indebtedness to trade creditors and other amounts
incurred in connection with obtaining goods, materials or services; 
  
 (4) Indebtedness represented by Disqualified Capital Stock; 
  

 -23- 

 (5) any liability for federal, state, local or other taxes owed or owing by the Company;

  
 (6) that portion of any Indebtedness incurred
in violation of this Indenture provisions set forth in Section 4.9 (but, as to any such obligation, no such violation shall be deemed to exist for purposes of this clause (6) if the holder(s) of such obligation or their representative shall have
received an officers’ certificate of the Company to the effect that the incurrence of such Indebtedness does not (or, in the case of revolving credit indebtedness, that the incurrence of the entire committed amount thereof at the date on which
the initial borrowing thereunder is made would not) violate such provisions of this Indenture); 
  
 (7) Indebtedness which, when incurred and without respect to any election under Section 1111(b) of Title 11, United States Code, is
without recourse to the Company; and 
  
 (8) any
Indebtedness which is, by its express terms, subordinated in right of payment to any other Indebtedness of the Company. 
  
 “Series A Notes” means the Company’s 9-3/4% Senior Subordinated Notes due 2014. 
  
 “Series B Notes” means notes issued by the Company hereunder
containing terms identical to the Series A Notes (except (i) that interest thereon shall accrue from the last date on which interest was paid on the Series A Notes or, if no such interest has been paid, from the date of original issuance, (ii) that
the legend or legends relating to transferability and other related matters set forth on the Series A Notes, including the Private Placement Legend, shall be removed or appropriately altered and (iii) as otherwise set forth herein), to be offered to
Holders of Series A Notes in exchange for Series B Notes pursuant to the Exchange Offer or any exchange offer specified in any registration rights agreement relating to the Additional Notes or to be offered in connection with any issuance of
Additional Notes pursuant to a registration statement filed pursuant to the Securities Act. 
  
 “Significant Subsidiary” has the meaning set forth in Rule 1.02(w) of Regulation S-X under the Securities Act. 
  

“Subordinated Indebtedness” means Indebtedness of the Company or any Guarantor that is by its express terms subordinated or junior in
right of payment to the Notes or the Guarantee of such Guarantor, as the case may be. 
  
 “Subsidiary” means, with respect to any Person: 
  
 (1) any corporation of which the outstanding Capital Stock having at least a majority of the votes entitled to be cast in the election of
directors under ordinary circumstances shall at the time be owned, directly or indirectly, by such Person; or 
  
 (2) any other Person of which at least a majority of the voting interest under ordinary circumstances is at the time, directly or
indirectly, owned by such Person. 
  

 -24- 

 “Surviving Entity” has the meaning set forth under Section 5.1. 
  
 “TIA” means the Trust Indenture Act of 1939 (15 U.S.C.
§§ 77aaa-77bbbb) as in effect on the date on which this Indenture is qualified under the TIA; provided that in the event the Trust Indenture Act of 1939 is amended after such date, “TIA” means, to the extent required by
any such amendment, the Trust Indenture Act of 1939 as so amended. 
  
 “Transfer Restricted Security” means a Note that is a restricted security as defined in Rule 144(a)(3) under the Securities Act. 
  
 “Trustee” means the party named as such above until a successor replaces it in accordance with the applicable provisions of this
Indenture, and thereafter means the successor serving hereunder. 
  
 “Unrestricted Subsidiary” means any Subsidiary of the Company designated as such pursuant to and in compliance with Section 4.18. Any such designation may be revoked by a Board Resolution of the Company delivered to the
Trustee, subject to the provisions of Section 4.18. 
  
 “U.S. Certificated Notes” means permanent U.S. Certificated Notes in registered form in substantially the form set forth in Exhibit A that are offered and sold to Institutional Accredited Investors. 
  
 “U.S. Government Obligations” shall mean securities which
are (i) direct obligations of the United States of America for the payment of which its full faith and credit is pledged or (ii) obligations of a person controlled or supervised by and acting as an agency or instrumentality of the United States of
America, the payment of which is unconditionally guaranteed as a full faith and credit obligation by the United States of America, which, in either case, are not callable or redeemable at the option of the issuer thereof, and shall also include a
depository receipt issued by a bank or trust company as custodian with respect to any such U.S. Government Obligations or a specific payment of interest on or principal of any such U.S. Government Obligations held by such custodian for the account
of the holder of a depository receipt; provided that (except as required by law) such custodian is not authorized to make any deduction from the amount payable to the holder of such depository receipt from any amount received by the custodian
in respect of the U.S. Government Obligations or the specific payment of interest on or principal of the U.S. Government Obligations evidenced by such depository receipt. 
  
 “U.S. Person” means any U.S. Person as defined in Regulation S. 
  
 “Weighted Average Life to Maturity” means, when applied to
any Indebtedness at any date, the number of years obtained by dividing: 
  
 (1) the then outstanding aggregate principal amount of such Indebtedness into 
  

 -25- 

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

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

	 	Section 1.2.	Other Definitions. 

  

			
	 Term

	  	Defined in
Section

	 “Agent Members”
	  	2.6(b)
	 “Event of Default”
	  	6.1
	 “Foreign Person”
	  	2.6(c)
	 “Global Notes”
	  	2.1
	 “Net Proceeds Offer”
	  	4.10
	 “Net Proceeds Offer Amount”
	  	4.10
	 “Net Proceeds Offer Trigger Date”
	  	4.10
	 “non-payment default”
	  	10.2(a)
	 “Paying Agent”
	  	2.3
	 “Payment Blockage Notice”
	  	10.2(a)
	 “Permanent Regulation S Global Note”
	  	2.1
	 “Private Placement Legend”
	  	2.6(h)
	 “Registrar”
	  	2.3
	 “Regulation S Global Note”
	  	2.1
	 “Restricted Payment”
	  	4.7
	 “Rule 144A Global Note”
	  	2.1
	 “Temporary Regulation S Global Note”
	  	2.1

  

	 	Section 1.3.	Incorporation by Reference of Trust Indenture Act. 

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

 -26- 

 The following TIA terms used in this Indenture have the following meanings: 
  
 “indenture trustee” means the Trustee; 
  
 “obligor” on the Notes means the Company and any successor
obligor upon the Notes. 
  
 All other terms used in this Indenture
that are defined by the TIA, defined by TIA reference to another statute or defined by Commission rule under the TIA have the meanings so assigned to them. 
  

	 	Section 1.4.	Rules of Construction. 

  
 Unless the context otherwise requires: 
  
 (a) a term has the meaning assigned to it; 
  
 (b) an accounting term not otherwise defined has the meaning assigned to it in accordance with GAAP; 
  
 (c) “or” is not exclusive; 
  
 (d) words in the singular include the plural, and in the
plural include the singular; 
  
 (e) provisions
apply to successive events and transactions; and 
  
 (f) references to sections of or rules under the Securities Act, the Exchange Act and the TIA shall be deemed to include substitute, replacement and successor sections or rules adopted by the Commission from time to time. 
  

	 	Section 1.5.	Acts of Holders. 

  
 (a) Any request, demand, authorization, direction, notice, consent, waiver or other action provided by this Indenture to be given or taken by Holders may
be embodied in and evidenced by one or more instruments of substantially similar tenor signed by such Holders in person or by an agent duly appointed in writing; and, except as herein otherwise expressly provided, such action shall become effective
when such instrument or instruments are delivered to the Trustee and, where it is hereby expressly required, to the Company. Such instrument or instruments (and the action embodied therein and evidenced thereby) are herein sometimes referred to as
the “Act” of Holders signing such instrument or instruments. Proof of execution of any such instrument or of a writing appointing any such agent shall be sufficient for any purpose of this Indenture and (subject to Section 7.1) conclusive
in favor of the Trustee and the Company, if made in the manner provided in this Section. 
  

 -27- 

 (b) The fact and date of the execution by any Person of any such instrument or writing may be proved by
the affidavit of a witness of such execution or by the certificate of any notary public or other officer authorized by law to take acknowledgments of deeds, certifying that the individual signing such instrument or writing acknowledged to him or her
the execution thereof. Where such execution is by an officer of a corporation or a member of a partnership, on behalf of such corporation or partnership, such certificate or affidavit shall also constitute sufficient proof of his or her authority.
The fact and date of the execution of any such instrument or writing, or the authority of the Person executing the same, may also be proved in any other manner which the Trustee deems sufficient. 
  
 (c) The ownership of Notes shall be proved by the register maintained by the
Registrar. 
  
 (d) Any request, demand, authorization, direction,
notice, consent, waiver or other Act of the Holder of any Note shall bind every future Holder of the same Note and the Holder of every Note issued upon the registration of transfer thereof or in exchange therefor or in lieu thereof in respect of
anything done or suffered to be done by the Trustee or the Company in reliance thereon, whether or not notation of such action is made upon such Note. 
  
 ARTICLE II. 
  
 THE NOTES 
  

	 	Section 2.1.	Form and Dating. 

  
 The Series A Notes and the Trustee’s certificate of authentication relating thereto shall be substantially in the form of Exhibit A. The Notes
may have notations, legends or endorsements required by law, stock exchange rule or usage in addition to those set forth in Exhibit A. The Series B Notes shall be substantially in the form of Exhibit B. Each Note shall be dated the
date of its authentication. The Notes shall be in denominations of $1,000 and integral multiples thereof. 
  
 The terms and provisions contained in the Notes shall constitute, and are hereby expressly made, a part of this Indenture and the Company, the Guarantors
and the Trustee, by their execution and delivery of this Indenture, expressly agree to such terms and provisions and to be bound thereby. 
  
 Notes offered and sold in reliance on Rule 144A shall be issued initially in the form of a single permanent global Note in registered form, substantially
in the form set forth in Exhibit A (the “Rule 144A Global Note”), deposited with the Trustee, as custodian for the Depositary, duly executed by the Company and authenticated by the Trustee as hereinafter provided and shall
bear the Private Placement Legend. The aggregate principal amount of the Rule 144A Global Note may from time to time be increased or decreased by adjustments made on the records of the Trustee, as custodian for the Depositary or its nominee, as
hereinafter provided. 
  

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 Notes offered and sold in offshore transactions in reliance on Regulation S shall be issued initially in
the form of a single temporary global Note in registered form, substantially in the form set forth in Exhibit A (the “Temporary Regulation S Global Note”), deposited with the Trustee, as custodian for the Depositary, duly
executed by the Company and authenticated by the Trustee as hereinafter provided and shall bear the Private Placement Legend and the Temporary Regulation S Global Note Legend in the form set forth in Exhibit A (the “Temporary
Regulation S Global Note Legend”). At any time following 40 days after the later of the commencement of the offering of the Notes and the Issue Date, upon receipt by the Trustee and the Company of a duly executed certificate substantially
in the form of Exhibit D(1), a single permanent Global Note in registered form substantially in the form set forth in Exhibit A (the “Permanent Regulation S Global Note”, and together with the Temporary Regulation S
Global Note, the “Regulation S Global Note”) duly executed by the Company and authenticated by the Trustee as hereinafter provided shall be deposited with the Trustee, as custodian for the Depositary, and the Registrar shall reflect
on its books and records the date and a decrease in the principal amount of the Regulation S Global Note in an amount equal to the principal amount of the beneficial interest in the Regulation S Global Note transferred. 
  
 The Rule 144A Global Note and the Regulation S Global Note are sometimes
referred to herein as the “Global Notes.” 
  

	 	Section 2.2.	Execution and Authentication. 

  
 One Officer of the Company shall sign the Notes for the Company by manual or facsimile signature. 
  
 If an Officer whose signature is on a Note was an Officer at the time of such
execution but no longer holds that office or position at the time a Note is authenticated, the Note shall nevertheless be valid. This Indenture shall be executed on behalf of each Guarantor listed on Schedule A hereto. Any Restricted Subsidiary that
becomes a Guarantor after the date hereof in accordance with Section 4.16 shall execute a Supplement Indenture in the manner set forth in Section 11.8. 
  
 A Note shall not be valid until authenticated by the manual signature of the Trustee. The signature shall be conclusive evidence that the Note has been
authenticated under this Indenture. 
  
 The Trustee, upon a
written order of the Company signed by one Officer of the Company, together with the other documents required by Sections 13.4 and 13.5, shall authenticate (i) Series A Notes for original issue on the Issue Date in the aggregate principal amount not
to exceed $175.0 million and (ii) subject to Section 4.9, Additional Notes. The Trustee, upon written order of the Company signed by one Officer of the Company, together with the other documents required by Sections 13.4 and 13.5, shall authenticate
Series B Notes; provided that such Series B Notes shall be issuable only upon the valid surrender for cancellation of Series A Notes of a like aggregate principal amount in accordance with the Exchange Offer or an exchange offer specified in
any registration rights agreement relating to the Additional Notes or to 

  

 -29- 

 
be offered in connection with any issuance of Additional Notes pursuant to a registration statement filed pursuant to the Securities Act. Such written order
of the Company shall specify the amount of Notes to be authenticated and the date on which the original issue of Notes is to be authenticated. Any Additional Notes shall be part of the same issue as the Notes being issued on the Issue Date and will
vote on all matters as one class with the Notes being issued on the Issue Date, including, without limitation, waivers, amendments, redemptions, Change of Control Offers and Net Proceeds Offers. For the purposes of this Indenture, except for Section
4.9, references to the Notes include Additional Notes, if any. 
  
 The Trustee may appoint an authenticating agent acceptable to the Company to authenticate Notes. Unless otherwise provided in the appointment, an authenticating agent may authenticate Notes whenever the Trustee may do so. Each reference in
this Indenture to authentication by the Trustee includes authentication by such agent. An authenticating agent has the same rights as an Agent to deal with the Company or with any Affiliate of the Company. 
  

	 	Section 2.3.	Registrar and Paying Agent. 

  
 The Company shall maintain an office or agency where Notes may be presented or surrendered for registration of transfer or for exchange
(“Registrar”) and an office or agency where Notes may be presented for payment (“Paying Agent”). The Registrar shall keep a register of the Notes and of their transfer and exchange. At the option of the Company,
payment of interest and Additional Interest may be made by check mailed to the Holders at their addresses set forth in the register of Holders; provided that payment by wire transfer of immediately available funds will be required with
respect to principal, Redemption Price and Purchase Price of, and interest and Additional Interest (if any) on, all Global Notes and all other Notes the Holders of which shall have provided wire transfer instructions to the Trustee or the Paying
Agent ten days prior to the Record Date. The Company may appoint one or more co-registrars and one or more additional paying agents. The term “Registrar” includes any co-registrar and the term “Paying Agent” includes any
additional paying agent. The Company may change any Paying Agent or Registrar without notice to any Holder. The Company shall promptly notify the Trustee in writing of the name and address of any Paying Agent not a party to this Indenture. If the
Company fails to appoint or maintain another entity as Registrar or Paying Agent, the Trustee shall act as such. The Company may act as Paying Agent or Registrar. The Depositary shall, by acceptance of a Global Note, agree that transfers of
beneficial interests in such Global Note may be effected only through a book-entry system maintained by the Depositary (or its agent), and that ownership of a beneficial interest in the Note shall be required to be reflected in a book entry.

  
 The Company initially appoints the Trustee to act as the
Registrar and Paying Agent and to act as Note Custodian with respect to the Global Notes, until such time as the Trustee has resigned or a successor has been appointed. The Notes may be presented for registration or transfer and exchange at the
offices of the Registrar, which initially will be the Corporate Trust Office of the Trustee. 
  

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	 	Section 2.4.	Paying Agents to Hold Money in Trust. 

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

	 	Section 2.5.	Holder Lists. 

  
 The Trustee shall preserve in as current a form as is reasonably practicable the most recent list available to it of the names and addresses of all
Holders and shall otherwise comply with TIA § 312(a). If the Trustee is not the Registrar, the Company or the Guarantors shall furnish or cause the Registrar to furnish to the Trustee at least five Business Days before each interest payment
date and at such other times as the Trustee may request in writing, a list in such form and as of such date as the Trustee may reasonably require of the names and addresses of the Holders of Notes, and the Company shall otherwise comply with TIA
§ 312(a). 
  

	 	Section 2.6.	Transfer and Exchange. 

  
 (a) Transfer and Exchange Generally: Book Entry Provisions. Upon surrender for registration of transfer of any Note to the Registrar, and
satisfaction of the requirements for such transfer set forth in this Section 2.6, the Company shall execute, and the Trustee shall authenticate and deliver, in the name of the designated transferee or transferees, one or more new Notes of any
authorized denominations and of a like aggregate principal amount and bearing such restrictive legends as may be required by this Indenture. 
  
 Notes may be exchanged for other Notes of any authorized denominations and of a like aggregate principal amount, upon surrender of the Notes to be
exchanged at any such office or agency maintained by the Company pursuant to Section 4.2. Whenever any Notes are so surrendered for exchange, the Company shall execute, and the Trustee shall authenticate and deliver, the Notes which the Holder
making the exchange is entitled to receive bearing registration numbers not contemporaneously outstanding. 
  

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 All Notes presented or surrendered for registration of transfer or exchange shall be duly endorsed, or be
accompanied by a written instrument or instruments of transfer in form satisfactory to the Company and the Registrar, and the Notes shall be duly executed by the Holder thereof or his attorney duly authorized in writing. Except as otherwise provided
in this Indenture, and in addition to the requirements set forth in the Private Placement Legend, in connection with any transfer of Transfer Restricted Securities any request for transfer shall be accompanied by a certification to the Trustee
relating to the manner of such transfer substantially in the form of Exhibit D(2). 
  
 (b) Book-Entry Provisions for the Global Notes. The Rule 144A Global Note and Regulation S Global Note initially shall (i) be registered in the name of the Depositary or the nominee of such Depositary, (ii) be
delivered to the Trustee as custodian for the Depositary and (iii) bear legends as set forth in Section 2.6(h). 
  
 Members of, or participants in, the Depositary (“Agent Members”) shall have no rights under this Indenture with respect to any Rule 144A
Global Note or Regulation S Global Note, as the case may be, held on their behalf by the Depositary, or the Trustee as its custodian, or under the Rule 144A Global Note or Regulation S Global Note, as the case may be, and the Depositary may be
treated by the Company, the Trustee and any agent of the Company or the Trustee as the absolute owner of Rule 144A Global Note or Regulation S Global Note, as the case may be, for all purposes whatsoever. Notwithstanding the foregoing, nothing
herein shall prevent the Company, the Trustee or any agent of the Company or the Trustee, from giving effect to any written certification, proxy or other authorization furnished by the Depositary or impair, as between the Depositary and its Agent
Members, the operation of customary practices governing the exercise of the rights of a holder of any Note. 
  
 Transfers of the Rule 144A Global Note and the Regulation S Global Note shall be limited to transfers of such Rule 144A Global Note or Regulation S Global
Note in whole, but not in part, to the Depositary, its successors or their respective nominees. Beneficial interests in the Rule 144A Global Note and the Regulation S Global Note may be transferred in accordance with the applicable rules and
procedures of the Depositary and the provisions of this Section 2.6. The registration of transfer and exchange of beneficial interests in the Global Note, which does not involve the issuance of a Certificated Note, shall be effected through the
Depositary, in accordance with this Indenture (including the restrictions on transfer set forth herein) and the procedures of the Depositary therefor. The Trustee shall have no responsibility or liability for any act or omission of the Depositary.

  
 At any time (i) the Depositary notifies the Company that the
Depositary is unwilling or unable to continue as a Depositary for the Rule 144A Global Note or the Permanent Regulation S Global Note, as the case may be, or if at any time the Depositary ceases to be a “clearing agency” registered under
the Exchange Act, and a successor depositary is not appointed by the Company within 90 days of such notice, or (ii) an Event of Default has occurred and is continuing or (iii) the Company, in its sole discretion, notifies the Trustee in writing that
it elects to cause the issuance of Certificated Notes under this Indenture; then, at the request of the beneficial holder of an interest in the Rule 144A Global Note or Permanent Regulation S Global Note to obtain a Certificated Note, such
beneficial holder shall be entitled to obtain a Certificated Note upon written request to the Trustee and the Note Custodian in accordance with the standing 

  

 -32- 

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

 -33- 

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

  

 -34- 

 
Notes, as the case may be, to be transferred, and (b) if the proposed transferee is an Agent Member, upon receipt by the Registrar of instructions given in
accordance with the Depositary’s and the Registrar’s procedures, the Registrar shall reflect on its books and records the date and an increase in the principal amount of the Regulation S Global Note in an amount equal to the principal
amount of the Certificated Notes to be transferred, and the Trustee shall decrease the amount of the Rule 144A Global Note. 
  
 (g) The Depositary. The Depositary shall be a clearing agency registered under the Exchange Act. The Company initially appoints The Depository
Trust Company to act as Depositary with respect to the Global Note. Initially, the Rule 144A Global Note and the Regulation S Global Note shall be issued to the Depositary, registered in the name of Cede & Co., as the nominee of the Depositary,
and deposited with the Note Custodian for Cede & Co. 
  
 Notes
in Certificated form issued in exchange for all or a part of a Global Note pursuant to this Section 2.6 shall be registered in such names and in such authorized denominations as the Depositary, pursuant to instructions from its direct or indirect
participants or otherwise, shall instruct the Trustee. Upon execution and authentication, the Trustee shall deliver such Certificated Notes in Certificated form to the persons in whose names such Notes in Certificated form are so registered.

  
 (h) Legends. 
  
 (i) Except as permitted by the following paragraphs (ii) and (iii), each Note
certificate evidencing Global Notes and Certificated Notes (and all Notes issued in exchange therefor or substitution thereof) shall (x) be subject to the restrictions on transfer set forth in this Section 2.6 (including those set forth in the
legend below) unless such restrictions on transfer shall be waived by written consent of the Company, and the Holder of each Transfer Restricted Security, by such Holder’s acceptance thereof, agrees to be bound by all such restrictions on
transfer and (y) bear the legend set forth below (the “Private Placement Legend”): 
  
 THIS NOTE (OR ITS PREDECESSOR) EVIDENCED HEREBY WAS ORIGINALLY ISSUED IN A TRANSACTION EXEMPT FROM REGISTRATION UNDER SECTION 5 OF THE
UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”). THIS NOTE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT, AND ACCORDINGLY, MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED EXCEPT PURSUANT TO AN
EFFECTIVE REGISTRATION STATEMENT UNDER, OR AN EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF, THE SECURITIES ACT, IN ACCORDANCE WITH ANY APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES OR ANY OTHER JURISDICTION AND IN ACCORDANCE WITH
TRANSFER RESTRICTIONS CONTAINED IN THE INDENTURE UNDER WHICH THIS NOTE WAS ISSUED AND THE OFFERING MEMORANDUM PURSUANT TO WHICH THIS NOTE WAS ORIGINALLY SOLD. THE HOLDER OF THE NOTE WILL, AND EACH SUBSEQUENT HOLDER IS REQUIRED TO, NOTIFY A PROPOSED
TRANSFEREE OF THE NOTICE OF THE RESALE RESTRICTIONS APPLICABLE TO THE NOTE. 
  

 -35- 

 THIS SECURITY MAY NOT BE ACQUIRED OR HELD WITH THE ASSETS OF (I) AN “EMPLOYEE
BENEFIT PLAN” (AS DEFINED IN THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”)) THAT IS SUBJECT TO ERISA, (II) A “PLAN” DESCRIBED IN SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE
“CODE”), (III) ANY ENTITY DEEMED TO HOLD “PLAN ASSETS” OF ANY OF THE FOREGOING BY REASON OF AN EMPLOYEE BENEFIT PLAN’S OR PLAN’S INVESTMENT IN SUCH ENTITY, OR (IV) A GOVERNMENTAL PLAN OR CHURCH PLAN SUBJECT TO
APPLICABLE LAW THAT IS SUBSTANTIALLY SIMILAR TO THE FIDUCIARY RESPONSIBILITY OR PROHIBITED TRANSACTION PROVISIONS OF ERISA OR SECTION 4975 OF THE CODE (“SIMILAR LAW”), UNLESS THE ACQUISITION AND HOLDING OF THIS SECURITY BY THE PURCHASER OR
TRANSFEREE, THROUGHOUT THE PERIOD THAT IT HOLDS THIS SECURITY, DOES NOT AND WILL NOT CONSTITUTE A NON-EXEMPT PROHIBITED TRANSACTION UNDER ERISA AND/OR SECTION 4975 OF THE CODE OR UNDER ANY PROVISIONS OF SIMILAR LAW. BY ITS ACQUISITION OR HOLDING OF
THIS SECURITY, EACH PURCHASER AND TRANSFEREE WILL BE DEEMED TO HAVE REPRESENTED AND WARRANTED THAT THE FOREGOING REQUIREMENTS HAVE BEEN SATISFIED. 
  
 (ii) Upon any sale or transfer of a Transfer Restricted Security (including any Transfer Restricted Security represented by a Global Note) pursuant to
Rule 144 under the Securities Act or pursuant to an effective registration statement under the Securities Act: 
  
 (a) in the case of any Transfer Restricted Security that is a Certificated Note, the Registrar shall permit the Holder thereof to exchange
such Transfer Restricted Security for a Certificated Note that does not bear the legend set forth in (i) above and rescind any restriction on the transfer of such Transfer Restricted Security; and 
  
 (b) in the case of any Transfer Restricted Security
represented by a Global Note, such Transfer Restricted Security shall not be required to bear the legend set forth in (i) above, but shall continue to be subject to the provisions of Section 2.6(b); provided, however, that with respect
to any request for an exchange of a Transfer Restricted Security that is represented by a Global Note for a Certificated Note that does not bear the legend set forth in (i) above, which request is made in reliance upon Rule 144, the Holder thereof
shall certify in writing to the Registrar that such request is being made pursuant to Rule 144 (such certifications to be substantially in the form of Exhibit D(2)). 
  
 (iii) Notwithstanding the foregoing, upon consummation of the Exchange Offer, the Company shall issue and, upon receipt of
an authentication order in accordance with Section 2.2, the Trustee shall authenticate Series B Notes in exchange for Series A Notes accepted for exchange in the Exchange Offer, which Series B Notes shall not bear the legend set forth in (i) above.

  

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 (iv) Each Global Note, whether or not a Transfer Restricted Security, shall also bear the following
legend on the fact thereof: 
  
 THIS NOTE IS A GLOBAL NOTE WITHIN
THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITARY OR A NOMINEE OF A DEPOSITARY OR A SUCCESSOR DEPOSITARY. THIS NOTE IS NOT EXCHANGEABLE FOR NOTES REGISTERED IN THE NAME OF A PERSON OTHER THAN THE
DEPOSITARY OR ITS NOMINEE EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE, AND NO TRANSFER OF THIS NOTE (OTHER THAN A TRANSFER OF THIS NOTE AS A WHOLE BY THE DEPOSITARY TO A NOMINEE OF THE DEPOSITARY OR BY A NOMINEE OF THE DEPOSITARY
TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY) MAY BE REGISTERED EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE. 
  
 UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE
COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO
CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO.,
HAS AN INTEREST HEREIN. 
  
 (v) Any Global Note may be endorsed
with or have incorporated in the text thereof such legends or recitals or changes not inconsistent with the provisions of this Indenture as may be required by the Note Custodian, the Depositary or by the National Association of Securities Dealers,
Inc. in order for the Notes to be tradable on the PORTAL Market or tradable on Euroclear or Clearstream or as may be required for the Notes to be tradable on any other market developed for trading of securities pursuant to Rule 144A or Regulation S
under the Securities Act or required to comply with any applicable law or any regulation thereunder or with the rules and regulations of any securities exchange or automated quotation system upon which the Notes may be listed or traded or to conform
with any usage with respect thereto, or to indicate any special limitations or restrictions to which any particular Notes are subject. 
  
 (i) Cancellation and/or Adjustment of Global Notes. At such time as all beneficial interests in Global Notes have been exchanged for Certificated
Notes, redeemed, repurchased or canceled, all Global Notes shall be returned to or retained and canceled by the Trustee in accordance with Section 2.11. At any time prior to such cancellation, if any beneficial interest in a Global Note is exchanged
for Certificated Notes, redeemed, repurchased or canceled, the principal amount of Notes represented by such Global Notes shall be reduced accordingly and an endorsement shall be made on such Global Note by the Trustee or the Note 

  

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Custodian, at the direction of the Trustee, to reflect such reduction. In the event of any transfer of any beneficial interest between the Rule 144A Global
Note and the Regulation S Global Note in accordance with the standing procedures and instructions between the Depositary and the Note Custodian and the transfer restrictions set forth herein, the aggregate principal amount of each of the Rule 144A
Global Note and the Regulation S Global Note shall be appropriately increased or decreased, as the case may be, and an endorsement shall be made on each of the Rule 144A Global Note and the Regulation S Global Note by the Trustee or the Note
Custodian, at the direction of the Trustee, to reflect such reduction or increase. 
  
 (j) General Provisions Relating to Transfers and Exchanges. 
  
 (i) To permit registrations of transfers and exchanges, the Company shall execute and the Trustee shall authenticate Certificated Notes and Global Notes
at the Registrar’s request. 
  
 (ii) No service charge shall
be made to a Holder for any registration of transfer, fee or exchange, but the Company may require payment of a sum sufficient to cover any transfer tax or similar governmental charge payable in connection therewith (other than any such transfer
taxes or similar governmental charge payable upon exchange or transfer pursuant to Sections 3.6 and 9.5). 
  
 (iii) The Registrar shall not be required to register the transfer of or exchange any Note selected for redemption in whole or in part, except the
unredeemed portion of any Note being redeemed in part. 
  
 (iv)
All Certificated Notes and Global Notes issued upon any registration of transfer or exchange of Certificated Notes or Global Notes shall be the valid obligations of the Company, evidencing the same debt, and entitled to the same benefits under this
Indenture, as the Certificated Notes or Global Notes surrendered upon such registration of transfer or exchange. 
  
 (v) The Company shall not be required: 
  
 (a) to issue, to register the transfer of or to exchange Notes during a period beginning at the opening of business 15 days before the day
of mailing of a notice of redemption of Notes for redemption under Section 3.2 and ending at the close of business on the day of such mailing; or 
  
 (b) to register the transfer of or to exchange any Note so selected for redemption in whole or in part, except the unredeemed portion of
any Note being redeemed in part; or 
  
 (c) to
register the transfer of or to exchange a Note between a record date and the next succeeding interest payment date. 
  
 (vi) Prior to due presentment of the registration of a transfer of any Note, the Trustee, any Agent and the Company may deem and treat the Person in whose
name any Note is registered as the absolute owner of such Note for the purpose of all payments with respect to 

  

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such Notes, and neither the Trustee, any Agent nor the Company shall be affected by notice to the contrary. 
  
 (vii) The Trustee shall authenticate Certificated Notes and Global Notes in
accordance with the provisions of Section 2.2. 
  
 (viii) The
Trustee shall have no obligation or duty to monitor, determine or inquire as to compliance with any restrictions on transfer imposed under this Indenture or under applicable law with respect to any transfer of any interest in any Note (including any
transfers between or among Depositary Participants or beneficial owners of interests in any Certificated Note or Global Note) other than to require delivery of such certificates and other documentation or evidence as are expressly required by, and
to do so if and when expressly required by the terms of, this Indenture, and to examine the same to determine substantial compliance as to form with the express requirements hereof. 
  
 (ix) Neither the Trustee nor any Agent shall have any responsibility for any actions taken or not taken by the Depositary.

  

	 	Section 2.7.	Replacement Notes. 

  
 If any mutilated Note is surrendered to the Trustee or either the Company or the Trustee receives evidence to its satisfaction of the destruction, loss or
theft of any Note, the Company shall issue and the Trustee, upon receipt of an authentication order in accordance with Section 2.2, shall authenticate a replacement Note if the Trustee’s requirements for replacement of Notes are met. An
indemnity bond must be supplied by the Holder that is sufficient in the judgment of the Trustee and the Company to protect the Company, the Trustee, any Agent and any authenticating agent from any loss that any of them may suffer if a Note is
replaced. The Trustee and the Company each may charge such Holder for their expenses in replacing such Note. 
  
 Every replacement Note is an additional obligation of the Company and shall be entitled to all of the benefits of this Indenture equally and
proportionately with all other Notes duly issued hereunder. 
  

	 	Section 2.8.	Outstanding Notes. 

  
 The Notes outstanding at any time are all the Notes that have been authenticated by the Trustee except for those canceled by it, those delivered to it for
cancellation, those reductions in the interest in a Global Note effected by the Trustee or the Note Custodian in accordance with the provisions hereof, and those described in this Section as not outstanding. Except as set forth in Section 2.9, a
Note does not cease to be outstanding because the Company or any of its Affiliates holds the Note. 
  

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 If a Note is replaced pursuant to Section 2.7, it shall cease to be outstanding unless the Trustee
receives proof satisfactory to it that the replaced Note is held by a bona fide purchaser for value. 
  
 If the principal amount of any Note is considered paid under Section 4.1, it ceases to be outstanding and interest on it ceases to accrue. 
  
 If the Paying Agent (other than the Company, a Subsidiary or an Affiliate of
any thereof) holds, on a redemption date or maturity date, money sufficient to pay Notes payable on that date, then on and after that date such Notes shall be deemed to be no longer outstanding and shall cease to accrue interest. 
  

	 	Section 2.9.	Treasury Notes. 

  
 In determining whether the Holders of the required principal amount of Notes have concurred in any direction, waiver or consent, Notes owned by the
Company, the Guarantors or by any Affiliate thereof shall be considered as though not outstanding, except that for the purposes of determining whether the Trustee shall be protected in relying on any such direction, waiver of consent, only Notes
that a Responsible Officer of the Trustee actually knows are so owned shall be so disregarded. The Company agrees to notify the Trustee of the existence of any such treasury Notes or Notes owned by the Company, any Guarantor or an Affiliate thereof.

  

	 	Section 2.10.	Temporary Notes. 

  
 Until Certificated Notes are ready for delivery, the Company may prepare and the Trustee, upon receipt of an authentication order in accordance with
Section 2.2, shall authenticate temporary Notes. Temporary Notes shall be substantially in the form of Certificated Notes, but may have such variations as the Company considers appropriate for temporary Notes and as shall be reasonably acceptable to
the Trustee. Without unreasonable delay, the Company shall prepare and the Trustee shall, as soon as practicable upon its receipt of an authentication order, authenticate Certificated Notes in exchange for temporary Notes. 
  
 Holders of temporary Notes shall be entitled to all of the benefits of this
Indenture. 
  

	 	Section 2.11.	Cancellation. 

  
 The Company at any time may deliver Notes to the Trustee for cancellation. The Registrar and Paying Agent shall forward to the Trustee any Notes
surrendered to them for registration of transfer, exchange or payment. The Trustee, or at the direction of the Trustee, the Registrar or Paying Agent, and no one else shall cancel all Notes surrendered for registration of transfer, exchange,
payment, replacement or cancellation and shall dispose of all canceled Notes 

  

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in accordance with the Trustee’s usual procedures. The Trustee shall maintain a record of all canceled Notes. All cancelled Notes shall be delivered to
the Company upon written request. Subject to Section 2.7 the Company may not issue new Notes to replace Notes that have been paid or that have been delivered to the Trustee for cancellation. 
  

	 	Section 2.12.	Defaulted Interest. 

  
 If the Company defaults in a payment of interest on the Notes, the Company shall pay the defaulted interest in any lawful manner. The Company may pay the
defaulted interest to the persons who are Holders on a subsequent special record date. The Company shall fix or cause to be fixed any such special record date and payment date to the reasonable satisfaction of the Trustee and shall promptly mail to
each Holder, with a copy to the Trustee, a notice that states the special record date, the payment date and the amount of defaulted interest to be paid. 
  

	 	Section 2.13.	Persons Deemed Owners. 

  
 Prior to due presentment of a Note for registration of transfer and subject to Section 2.12, the Company, the Trustee, any Paying Agent, any co-registrar
and any Registrar may deem and treat the person in whose name any Note shall be registered upon the register of Notes kept by the Registrar as the absolute owner of such Note (whether or not such Note shall be overdue and notwithstanding any
notation of the ownership or other writing thereon made by anyone other than the Company, any co-registrar or any Registrar) for the purpose of receiving all payments with respect to such Note and for all other purposes, and none of the Company, the
Trustee, any Paying Agent, any co-registrar or any Registrar shall be affected by any notice to the contrary. 
  

	 	Section 2.14.	CUSIP Numbers. 

  
 The Company in issuing the Notes may use a “CUSIP” number, and if so, the Trustee shall use the CUSIP number in notices of redemption or
exchange as a convenience to Holders; provided that any such notice may state that no representation is made as to the correctness or accuracy of the CUSIP number printed in the notice or on the Notes, and that reliance may be placed only on
the other identification numbers printed on the Notes, and any such redemption shall not be affected by any defect in or omission of such numbers. The Company shall notify the Trustee in writing of any change to the CUSIP numbers. 
  

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 ARTICLE III. 
  
 REDEMPTION AND REPURCHASE 
  

	 	Section 3.1.	Notices to Trustee. 

  
 If the Company elects to redeem Notes pursuant to the provisions of Section 3.7 or 3.8, it shall furnish to the Trustee, at least 45 days but not more
than 60 days before the Redemption Date (unless a shorter notice period shall be satisfactory to the Trustee), an Officer’s Certificate setting forth the Section of this Indenture pursuant to which the redemption shall occur, the Redemption
Date, the principal amount of Notes to be redeemed and the Redemption Price. 
  
 If the Registrar is not the Trustee, the Company shall, concurrently with each notice of redemption or repurchase, cause the Registrar to deliver to the Trustee a certificate (upon which the Trustee may rely) setting
forth the principal amounts of Notes held by each Holder. 
  

	 	Section 3.2.	Selection of Notes. 

  
 In the event that less than all of the Notes are to be redeemed at any time, selection of such Notes for redemption will be made by the Trustee in
compliance with the requirements of the principal national securities exchange, if any, on which the Notes are listed or, if the Notes are not then listed on a national securities exchange, on a pro rata basis, by lot or by such method as the
Trustee shall deem fair and appropriate; provided, however: 
  
 (1) that no Notes of a principal amount of $1,000 or less shall be redeemed in part; and 
  
 (2) that if a partial redemption is made with the proceeds of an Equity Offering, selection of the Notes or portions thereof for
redemption shall be made by the Trustee only on a pro rata basis or on as nearly a pro rata basis as is practicable (subject to DTC procedures), unless such method is otherwise prohibited. 
  
 Notice of redemption shall be mailed by first-class mail at least 30 and not more than 60
days before the redemption date to each Holder of Notes to be redeemed at its registered address. If any Note is to be redeemed in part only, the notice of redemption that relates to such Note shall state the portion of the principal amount thereof
to be redeemed. A new Note in a principal amount equal to the unredeemed portion thereof will be issued in the name of the Holder thereof upon cancellation of the original Note. On and after the redemption date, interest will cease to accrue on
Notes or portions thereof called for redemption as long as the Company has deposited with the Paying Agent funds in satisfaction of the applicable redemption price pursuant to this Indenture. 
  

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	 	Section 3.3.	Notice of Optional Redemption. 

  
 In the event Notes are to be redeemed pursuant to Section 3.7 or 3.8, at least 30 days but not more than 60 days before the Redemption Date, the Company
shall send, by first-class mail, a notice of redemption to each Holder whose Notes are to be redeemed in whole or in part, with a copy to the Trustee. 
  
 The notice shall identify the Notes or portions thereof to be redeemed (including the CUSIP number, if any) and shall state: 
  
 (a) the Redemption Date; 
  
 (b) the Redemption Price; 
  
 (c) if any Note is being redeemed in part, the portion of
the principal amount of such Note to be redeemed and that, after the Redemption Date, upon surrender of such Note, a new Note or Notes in principal amount equal to the unredeemed portion will be issued; 
  
 (d) the name and address of the Paying Agent; 
  
 (e) that Notes called for redemption must be surrendered to
the Paying Agent to collect the Redemption Price and Additional Interest, if any, and, unless the Redemption Date is after a record date and or before the succeeding interest payment date, accrued interest thereon to the Redemption Date; 

 
 (f) that, unless the Company defaults in making the
redemption payment, interest and any Additional Interest on Notes called for redemption will cease to accrue on and after the Redemption Date, and the only remaining right of the Holders of such Notes is to receive payment of the Redemption Price,
any Additional Interest and, unless the Redemption Date is after a record date and on or before the succeeding interest payment date, accrued interest thereon to the Redemption Date upon surrender to the Paying Agent of the Notes redeemed;

  
 (g) if fewer than all the Notes are to be
redeemed, the identification of the particular Notes (or portions thereof) to be redeemed, as well as the aggregate principal amount of the Notes to be redeemed and the aggregate principal amount of Notes to be outstanding after such partial
redemption; 
  
 (h) the section of this Indenture
pursuant to which the Notes called for redemption are being redeemed; and 
  
 (i) that no representation is made as to the correctness or accuracy of the CUSIP number, if any, listed in such notice or printed on the Notes and that reliance may be placed only on the other identification numbers
printed on the Notes. 
  

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 At the Company’s request, the Trustee shall give the notice of redemption in the Company’s name
and at its expense; provided that the Company shall deliver to the Trustee, at least 45 days prior to the Redemption Date (unless the Trustee shall have agreed to a shorter period), an Officer’s Certificate requesting that the Trustee
give such notice and setting forth the information to be stated in such notice as provided in the preceding paragraph. 
  

	 	Section 3.4.	Effect of Notice of Redemption. 

  
 Once notice of redemption is mailed, Notes or portions thereof called for redemption become due and payable on the Redemption Date at the Redemption
Price. Upon surrender to any Paying Agent, such Notes or portions thereof shall be paid at the Redemption Price, plus Additional Interest, if any, and accrued interest to the Redemption Date; provided, however, that installments
of interest which are due and payable on or prior to the Redemption Date shall be payable to the Holders of such Notes, registered as such, at the close of business on the relevant record date for the payment of such installment of interest.

  

	 	Section 3.5.	Deposit of Redemption Price or Purchase Price. 

  
 On or before 10:00 a.m. Eastern Time on each Redemption Date or Purchase Date, the Company shall irrevocably deposit with the Trustee or with the Paying
Agent money sufficient to pay the aggregate amount due on all Notes to be redeemed or repurchased on that date, including without limitation any accrued and unpaid interest and Additional Interest, if any, to the Redemption Date or Purchase Date.
Upon written request by the Company, the Trustee or the Paying Agent shall promptly return to the Company any money not required for that purpose. 
  
 Unless the Company defaults in making such payment, interest and any Additional Interest on the Notes to be redeemed or repurchased will cease to accrue
on the applicable Redemption Date or Purchase Date, whether or not such Notes are presented for payment. If any Note called for redemption shall not be so paid upon surrender because of the failure of the Company to comply with the preceding
paragraph, interest will be paid on the unpaid principal, from the applicable Redemption Date or Purchase Date until such principal is paid, and on any interest not paid on such unpaid principal, in each case at the rate provided in the Notes and in
Section 4.1. 
  

	 	Section 3.6.	Notes Redeemed or Repurchased in Part. 

  
 Upon surrender of a Note that is redeemed or repurchased in part, the Company shall issue and the Trustee shall, as soon as practicable, authenticate for
the Holder at the expense of the Company a new Note equal in principal amount to portion of the Note surrendered that is not to be redeemed or repurchased. 
  

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	 	Section 3.7.	Optional Redemption. 

  
 The Company may redeem any or all of the Notes at any time on or after March 15, 2009 at the Redemption Prices set forth in paragraph 5 of the Notes (an
“Optional Redemption”). Any redemption pursuant to this Section 3.7 shall be made pursuant to the provisions of Sections 3.1 through 3.6. 
  

	 	Section 3.8.	Optional Redemption upon Public Equity Offerings. 

  
 In the event the Company completes one or more Equity Offerings on or before March 15, 2007, the Company may, at its option, use the net cash proceeds
from any such Equity Offering to redeem up to 35% of the original principal amount of the Notes at a Redemption Price equal to 109.75% of the principal amount thereof, together with accrued and unpaid interest and Additional Interest thereon, if
any, to the date of redemption; provided, however, that at least 65% of the original principal amount of the Notes issued under this Indenture shall remain outstanding immediately after any such redemption; and provided,
further, that the Company shall make such redemption not more than 120 days after the consummation of any such Equity Offering. Any redemption pursuant to this Section 3.8 shall be made pursuant to the provisions of Sections 3.1 through 3.6.

  

	 	Section 3.9.	Repurchase upon Change of Control Offer. 

  
 In the event that, pursuant to Section 4.15, the Company shall be required to commence a Change of Control Offer, it shall follow the procedures specified
below. 
  
 Within 30 days following the date upon which the Change
of Control occurred, the Company must send, by first-class mail, a notice to each Holder, with a copy to the Trustee. The notice shall contain all instructions and materials necessary to enable such Holders to tender Notes pursuant to the Change of
Control Offer. The Change of Control Offer shall be made to all Holders. The notice, which shall govern the terms of the Change of Control Offer, shall state: 
  

(a) the transaction or transactions that constitute the Change of Control, providing information, to the extent publicly available,
regarding the Person or Persons acquiring control, and stating that the Change of Control Offer is being made pursuant to this Section 3.9 and Section 4.15 and that, to the extent lawful, all Notes tendered will be accepted for payment; 

 
 (b) the Purchase Price, the last day of the Change of
Control Offer Period and the Purchase Date, which must be no earlier than 30 days nor later than 45 days from the date such notice is mailed, other than as may be required by law (the “Change of Control Payment Date”); 

 

 -45- 

 (c) that any Note not properly tendered or otherwise not accepted for repurchase will
continue to accrue interest and Additional Interest, if any; 
  
 (d) that, unless the Company defaults in the payment of the amount due on the Change of Control Payment Date, all Notes or portions thereof accepted for repurchase pursuant to the Change of Control Offer shall cease
to accrue interest and Additional Interest, if any, after the Change of Control Payment Date; 
  
 (e) that Holders electing to have any Notes purchased pursuant to the Change of Control Offer will be required to surrender the Notes,
with the form entitled “Option of Holder to Elect Purchase” on the reverse of the Notes completed, or transfer by book-entry transfer, to the Company, a Depositary, if appointed by the Company, or a Paying Agent at the address specified in
the notice prior to the close of business on the third Business Day prior to the Change of Control Payment Date; 
  
 (f) that Holders will be entitled to withdraw their election if the Company, the Depositary or the Paying Agent, as the case may be,
receives, not later than two business days prior to the Change of Control Offer Payment Date, a facsimile transmission or letter setting forth the name of the Holder, the principal amount of Notes delivered for repurchase, certification numbers if
applicable, and a statement that such Holder is withdrawing his election to have the Notes redeemed in whole or in part; and 
  
 (g) that Holders whose Notes are being repurchased only in part will be issued new Notes equal in principal amount to the portion of the
Notes tendered (or transferred by book-entry transfer) that is not to be repurchased, which portion must be equal to $1,000 in principal amount or an integral multiple thereof. 
  
 On or before the Change of Control Payment Date, the Company shall to the extent lawful, (i) accept for payment all Notes or
portions thereof properly tendered pursuant to the Change of Control Offer, (ii) deposit with the Paying Agent an amount equal to the Purchase Price, together with accrued and unpaid interest and Additional Interest, if any, thereon to the Change of
Control Payment Date in respect of all Notes or portions thereof so tendered and accepted for repurchase and (iii) deliver or cause to be delivered to the Trustee the Notes so accepted together with an Officer’s Certificate stating the
aggregate principal amount of Notes or portions thereof being repurchased by the Company. The Paying Agent shall promptly (but in any case not later than five business days after the Change of Control Payment Date) mail to each Holder of Notes so
repurchased the amount due in connection with such Notes, and the Company shall promptly issue a new Note, and the Trustee, upon written request from the Company in the form of an Officer’s Certificate shall authenticate and mail or deliver (or
cause to transfer by book entry) to each relevant Holder a new Note, in a principal amount equal to any unpurchased portion of the Notes surrendered to the Holder thereof; provided that each such new Note shall be in a principal amount of
$l,000 or and integral multiple thereof. 
  
 If the Change of
Control Payment Date is on or after an interest record date and on or before the related interest payment date, any accrued and unpaid interest and Additional Interest, if any, in each case to the Change of Control Payment Date, shall be paid to the
Person 

  

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in whose name a Note is registered at the close of business on such record date, and no additional interest shall be payable to Holders pursuant to the
Change of Control Offer. 
  

	 	Section 3.10.	Repurchase upon Application of Excess Proceeds. 

  
 In the event that, pursuant to Section 4.10, the Company shall be required to commence a Net Proceeds Offer, it shall follow the procedures specified
below. 
  
 Each Net Proceeds Offer will be mailed to the record
Holders as shown on the register of Holders within 30 days following the Net Proceeds Offer Trigger Date, with a copy to the Trustee. The notice shall contain all instructions and materials necessary to enable such Holders to tender Notes pursuant
to the Net Proceeds Offer. The Net Proceeds Offer shall be made to all Holders. Upon receiving notice of the Net Proceeds Offer, Holders may elect to tender their Notes in whole or in part in integral multiples of $1,000 in exchange for cash. A Net
Proceeds Offer shall remain open for a period of 20 Business Days or such longer period as may be required by law. The notice, which shall govern the terms of the Net Proceeds Offer, shall state: 
  
 (a) that the Net Proceeds Offer is being made pursuant to
this Section 3.10 and Section 4.10; 
  
 (b) the
Net Proceeds Offer Amount, the Purchase Price and the Purchase Date (which Purchase Date shall not be less than 45 nor more than 60 days following the applicable Net Proceeds Offer Trigger Date); 
  
 (c) that any Note not properly tendered or otherwise not
accepted for repurchase shall remain outstanding and continue to accrue interest and Additional Interest, if any; 
  
 (d) that, unless the Company defaults in the payment of the amount due on the Purchase Date, all Notes or portions thereof accepted for
repurchase pursuant to the Net Proceeds Offer shall cease to accrue interest and Additional Interest, if any, after the Purchase Date; 
  
 (e) that Holders electing to have any Notes repurchased pursuant to any Net Proceeds Offer shall be required to tender the Notes, with the
form entitled “Option of Holder to Elect Purchase” on the reverse of the Notes completed, or transfer by book-entry transfer, to the Company, a Depositary, if appointed by the Company, or a Paying Agent at the address specified in the
notice prior to the close of business on the third Business Day preceding the Purchase Date; 
  
 (f) that Holders will be entitled to withdraw their election if the Company, the Depositary or the Paying Agent, as the case may be,
receives, not later than two business days prior to the Purchase Date, a facsimile transmission or letter setting forth the name of the Holder, the principal amount of the Notes delivered for repurchase, certification 

  

 -47- 

 
numbers if applicable, and a statement that such Holder is withdrawing his election to have such Notes repurchased in whole or in part; 
  
 (g) that, to the extent Holders properly tender Notes and
holders of Indebtedness of the Company and the Guarantors that ranks pari passu in right of payment with the Notes or the Guarantees properly tender such Indebtedness in an amount exceeding the Net Proceeds Offer Amount, the tendered Notes
and such other pari passu Indebtedness will be purchased on a pro rata basis based on the aggregate principal amounts of Notes and such other pari passu Indebtedness tendered (and the Trustee shall select the tendered Notes of
tendering Holders on a pro rata basis based on the amount of Notes tendered); and 
  
 (h) that Holders whose Notes are being repurchased only in part will be issued new Notes equal in principal amount to the portion of the
Notes tendered (or transferred by book-entry transfer) that is not to be repurchased, which portion must be equal to $1,000 in principal amount or an integral multiple thereof. 
  
 On or before the Purchase Date, the Company shall to the extent lawful, (i) accept for payment, on a pro rata basis
in accordance with this Indenture to the extent necessary, the Net Proceeds Offer Amount of (A) Notes or portions thereof properly tendered pursuant to the Net Proceeds Offer and (B) properly tendered other Indebtedness of the Company and the
Guarantors that ranks pari passu in right of payment with the Notes or the Guarantees, or if less than the Net Proceeds Offer Amount has been tendered, all Notes and such other pari passu Indebtedness properly tendered, (ii) deposit
with the Paying Agent an amount equal to the Purchase Price, plus accrued and unpaid interest and Additional Interest, if any, thereon to the Purchase Date in respect of all Notes or portions thereof so tendered and accepted for repurchase
and (iii) deliver or cause to be delivered to the Trustee the Notes so accepted together with an Officer’s Certificate stating the aggregate principal amount of Notes or portions thereof being repurchased by the Company. The Paying Agent shall
promptly (but in any case not later than five business days after the Purchase Date) mail to each Holder of Notes so repurchased the amount due in connection with such Notes, and the Company shall promptly issue a new Note, and the Trustee, upon
written request from the Company in the form of an Officer’s Certificate shall authenticate and mail or deliver such new Note to such Holder, in a principal amount equal to any unpurchased portion to the Holder thereof; provided that
each such new Note shall be in a principal amount of $1,000 or an integral multiple thereof. 
  
 If the Purchase Date is on or after an interest record date and on or before the related interest payment date, any accrued and unpaid interest and Additional Interest, if any, in each case to the Purchase Date, shall
be paid to the Person in whose name a Note is registered at the close of business on such record date, and no additional interest shall be payable to Holders to the Net Proceeds Offer. 
  

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 ARTICLE IV. 
  
 COVENANTS 
  

	 	Section 4.1.	Payment of Principal and Interest. 

  
 The Company shall duly and punctually pay or cause to be paid the principal, Redemption Price or Purchase Price, if applicable, of, and interest on the
Notes on the dates, in the amounts and in the manner provided herein and in the Notes. Principal, Redemption Price, Purchase Price and interest shall be considered paid on the date due if the Paying Agent, if other than the Company, holds as of
10:00 a.m. Eastern Time on the due date money deposited by the Company in immediately available funds and designated for and sufficient to pay the aggregate amount then due. The Company shall pay Additional Interest, if any, on the dates, in the
amounts and in the manner set forth in the Registration Rights Agreement and in the Notes. 
  
 The Company shall pay interest (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue principal, Redemption Price and Purchase Price at the same rate per annum on the Notes to the
extent lawful; it shall pay interest (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue installments of interest and Additional Interest (without regard to any applicable grace period) at the same rate to the
extent lawful. 
  

	 	Section 4.2.	Maintenance of Office or Agency. 

  
 The Company shall maintain in the Borough of Manhattan, the City of New York, an office or agency (which may be an office of the Trustee or an affiliate
of the Trustee, Registrar or co-registrar) where Notes may be surrendered for registration of transfer or for exchange and where notices and demands to or upon the Company in respect of the Notes and this Indenture may be served. The Company shall
give prompt written notice to the Trustee of the location, and any change in the location, of such office or agency. If at any time the Company shall fail to maintain any such required office or agency or shall fail to furnish the Trustee with the
address thereof, such presentations, surrenders, notices and demands may be made or served at the Corporate Trust Office of the Trustee. 
  
 The Company may also from time to time designate one or more other offices or agencies where the Notes may be presented or surrendered for any or all such
purposes and may from time to time rescind such designations; provided, however, that no such designation or rescission shall in any manner relieve the Company of its obligations to maintain an office or agency in the Borough of
Manhattan, the City of New York, for such purposes. The Company shall give prompt written notice to the Trustee of any such designation or rescission and of any change in the location of any such other office or agency. 
  
 The Company hereby designates the Corporate Trust Office of the Trustee as
one such office or agency of the Company in accordance with Section 2.3. The Trustee may resign 

  

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such agency at any time by giving written notice to the Company no later than 30 days prior to the effective date of such resignation. 
  

	 	Section 4.3.	Reports to Holders. 

  
 Whether or not required by the rules and regulations of the Commission, so long as any Notes are outstanding, the Company will furnish or make available
to the Holders of Notes, with a copy to the Trustee: 
  
 (1) beginning with the report for the year ended April 30, 2004, all quarterly and annual financial information that would be required to be contained in a filing with the Commission on Forms 10-Q and 10-K if the Company were required to
file such Forms, including a “Management’s Discussion and Analysis of Financial Condition and Results of Operations” that describes the financial condition and results of operations of the Company and its consolidated Subsidiaries
(showing in reasonable detail, either on the face of the financial statements or in the footnotes thereto and in Management’s Discussion and Analysis of Financial Condition and Results of Operations, the financial condition and results of
operations of the Company and its Restricted Subsidiaries separate from the financial condition and results of operations of the Unrestricted Subsidiaries of the Company, if any) and, with respect to the annual information only, a report thereon by
the Company’s certified independent accountants; 
  
 (2) the information that would be required to be included in all current reports that would be required to be filed with the Commission on Form 8-K if the Company were required to file such reports, in each case within the time periods
specified in the Commission’s rules and regulations; and 
  
 (3) on or before March 31, 2004, the unaudited consolidated financial results of the Company and its Subsidiaries for the nine and three month periods ended January 31, 2004 and 2003, together with a narrative
description of the consolidated results of operations of the Company to include consolidated revenues, EBITDA and earnings. 
  
 In addition, following the consummation of the Exchange Offer contemplated by the Registration Rights Agreement, whether or not required by the rules and
regulations of the Commission, the Company will file a copy of all such information and reports with the Commission for public availability within the time periods specified in the Commission’s rules and regulations (unless the Commission will
not accept such a filing) and make such information available to securities analysts and prospective investors upon request. In addition, the Company has agreed that, for so long as any Notes remain outstanding, it will furnish to the Holders and to
securities analysts and prospective investors, upon their request, the information required to be delivered pursuant to Rule 144A(d)(4) under the Securities Act. 
  
 Delivery of such reports, information and documents to the Trustee is for informational purposes only and the Trustee’s
receipt of such shall not constitute constructive notice of any information contained therein or determinable from information contained therein, including the Company’s compliance with any of its covenants hereunder (as to which the Trustee is
entitled to rely exclusively on Officer’s Certificates). 
  

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	 	Section 4.4.	Compliance Certificate. 

  
 The Company shall deliver to the Trustee, within 120 days after the end of each fiscal year, an Officer’s Certificate stating that a review of the
activities of the Company and its Subsidiaries during the preceding fiscal year has been made under the supervision of the signing Officers with a view to determining whether the Company has kept, observed, performed and fulfilled its obligations
under this Indenture in all material respects, and further stating, as to each such Officer signing such certificate, that to the best of his or her knowledge the Company has kept, observed, performed and fulfilled each and every covenant contained
in this Indenture in all material respects and is not in Default in the performance or observance of any of the terms, provisions and conditions of this Indenture (and, if a Default or an Event of Default shall have occurred, describing all such
Defaults or Events of Default) of which he or she may have knowledge, and that to the best of his or her knowledge no event has occurred and remains in existence by reason of which, payments on account of the principal of or interest, if any, on the
Notes is prohibited or if such event has occurred, a description of the event. 
  
 The Company shall, so long as any of the Notes are outstanding, deliver to a Responsible Officer of the Trustee, forthwith (and in any event within five Business Days) upon any Officer of the Company becoming aware of
any Default or Event of Default, an Officer’s Certificate specifying such Default or Event of Default. 
  

	 	Section 4.5.	Taxes. 

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

	 	Section 4.6.	Stay, Extension and Usury Laws. 

  
 The Company covenants (to the extent that it may lawfully do so) that it shall not at any time insist upon, plead, or in any manner whatsoever claim or
take the benefit or advantage of, any stay, extension or usury law wherever enacted, now or at any time hereafter in force, that may affect the covenants or the performance of this Indenture; and the Company (to the extent that it may lawfully do
so) hereby expressly waives all benefit or advantage of any such law, and covenants it shall not, by resort to any such law, hinder, delay or impede the execution of any power herein granted to the Trustee, but shall suffer and permit the execution
of every such power as though such law has not been enacted. 
  

 -51- 

	 	Section 4.7.	Limitation on Restricted Payments. 

  
 The Company will not, and will not cause or permit any of its Restricted Subsidiaries to, directly or indirectly: 
  
 (1) declare or pay any dividend or make any distribution
(other than dividends or distributions payable in the Qualified Capital Stock of the Company) on or in respect of shares of the Company’s Capital Stock to holders of such Capital Stock; 
  
 (2) purchase, redeem or otherwise acquire or retire for
value any Capital Stock of the Company or any warrants, rights or options to purchase or acquire shares of any class of such Capital Stock; 
  
 (3) make any principal payment on, purchase, defease, redeem, prepay, decrease or otherwise acquire or retire for value, prior to (a) any
scheduled final maturity, (b) any scheduled or mandatory repayment or (c) any scheduled sinking fund payment, any Indebtedness of the Company that is subordinate or junior in right of payment to the Notes; or 
  
 (4) make any Investment (other than Permitted Investments)
(each of the foregoing actions set forth in clauses (1), (2), (3) and (4) (other than the exceptions set forth therein) being referred to as a “Restricted Payment”); if at the time of such Restricted Payment or immediately after
giving effect thereto: 
  
 (A) a Default shall
have occurred and be continuing; or 
  
 (B) the
Company is not able to incur at least $1.00 of additional Indebtedness (other than Permitted Indebtedness) in compliance with paragraph (a) of Section 4.9; or 
  

(C) the aggregate amount of Restricted Payments (including such proposed Restricted Payment) made subsequent to the Issue Date (the
amount expended for such purposes, if other than in cash, being the fair market value of such property as determined reasonably and in good faith by the Board of Directors of the Company) shall exceed the sum of, without duplication: 
  
 (i) 50% of the cumulative Consolidated Net Income (or if
cumulative Consolidated Net Income shall be a loss, minus 100% of such loss) of the Company earned subsequent to the end of the most recent fiscal quarter immediately prior to the Issue Date and on or prior to the end of the most recently ended
fiscal quarter for which internal financial statements are available as of the date the Restricted Payment occurs (treating such period as a single accounting period); plus 
  
 (ii) 100% of the aggregate net cash proceeds received by the Company from any Person (other than a
Subsidiary of the Company) from the issuance and sale subsequent to the Issue Date and on or prior to the 

  

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date the Restricted Payment occurs of Qualified Capital Stock of the Company, plus 
  
 (iii) without duplication of any amounts included in clause (C)(ii) above, 100% of the aggregate net cash
proceeds of any equity contribution received by the Company from a holder of the Company’s Capital Stock subsequent to the Issue Date and on or prior to the date the Restricted Payment occurs, plus 
  
 (iv) without duplication, an amount equal to the sum of

  
 (x) the net reduction in Investments in
Unrestricted Subsidiaries resulting from dividends, repayments of loans or advances or other transfers of assets by any Unrestricted Subsidiary to the Company or any Restricted Subsidiary or the receipt of proceeds by the Company or any Restricted
Subsidiary from the sale or other disposition of any portion of the Capital Stock of any Unrestricted Subsidiary, in each case occurring subsequent to the Issue Date and 
  
 (y) the consolidated net Investments on the date of Revocation made by the Company or any of its Restricted
Subsidiaries in any Subsidiary of the Company that has been designated an Unrestricted Subsidiary after the Issue Date upon its redesignation as a Restricted Subsidiary in accordance with Section 4.18. 
  
 Notwithstanding the foregoing, the provisions set forth in the immediately
preceding paragraph will not prohibit: 
  
 (1)
the payment of any dividend or redemption payment within 60 days after the date of declaration of such dividend or the mailing of such irrevocable redemption notice if the dividend or redemption payment, as the case may be, would have been permitted
on the date of declaration or the date of mailing of such notice; 
  
 (2) if no Default shall have occurred and be continuing, the acquisition of any shares of Capital Stock of the Company, either 
  

(a) solely in exchange for shares of Qualified Capital Stock of the Company or 
  
 (b) through the application of net proceeds of a
substantially concurrent sale for cash (other than to a Restricted Subsidiary of the Company) of shares of Qualified Capital Stock of the Company; 
  

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 (3) if no Default shall have occurred and be continuing, the acquisition of any
Indebtedness of the Company that is subordinate or junior in right of payment to the Notes either 
  
 (a) solely in exchange for shares of Qualified Capital Stock of the Company, or 
  
 (b) through the application of net proceeds of a
substantially concurrent sale for cash (other than to a Restricted Subsidiary of the Company) of 
  
 (x) shares of Qualified Capital Stock of the Company or 
  
 (y) Refinancing Indebtedness; 
  
 (4) if no Default shall have occurred and be continuing, repurchases by the Company of Capital Stock of the
Company or options or warrants to purchase Capital Stock of the Company, stock appreciation rights or any similar equity interest in the Company from directors and officers of the Company or any of its Subsidiaries or their authorized
representatives upon the death, disability, retirement or termination of employment of such directors or officers in an aggregate amount not to exceed $5.0 million in any fiscal year; 
  
 (5) if no Default shall have occurred and be continuing, repurchases by the Company in connection with an
employee stock ownership program or similar program of Capital Stock of the Company or options or warrants to purchase Capital Stock of the Company, stock appreciation rights or any similar equity interest in the Company from employees of the
Company or any of its Subsidiaries or their authorized representatives upon the death, disability, retirement or termination of employment of such employees in an aggregate amount not to exceed $7.0 million in any fiscal year (with unused amounts to
be available for use in the following fiscal year, but not in any succeeding fiscal year); 
  
 (6) if no Default shall have occurred and be continuing, the purchase, redemption, defeasance or other acquisition or retirement of
Indebtedness of the Company that is subordinate or junior in right of payment to the Notes in connection with an asset sale net proceeds amount offer or Change of Control Offer after complying with Section 4.10 and Section 4.15; and 
  
 (7) if no Default shall have occurred and be continuing,
Restricted Payments in an aggregate amount since the Issue Date not to exceed $15.0 million. 
  
 In determining the aggregate amount of Restricted Payments made subsequent to the Issue Date in accordance with clause (C) of the second preceding paragraph, amounts expended pursuant to clauses (1), (2)(b),
(3)(b)(x), (4), (5) and (7) of the immediately preceding paragraph shall be included in such calculation. 
  

	 	Section 4.8.	Limitation on Dividend and Other Payment Restrictions Affecting Subsidiaries. 

  
 The Company will not, and will not cause or permit any of its Restricted Subsidiaries to, directly or indirectly, create or
otherwise cause or permit to exist or become effective any encumbrance or restriction on the ability of any Restricted Subsidiary to: 
  
 (1) pay dividends or make any other distributions on or in respect of its Capital Stock; 
  

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 (2) make loans or advances or pay any Indebtedness or other obligation owed to the
Company or any other Restricted Subsidiary; or 
  
 (3) transfer any of its property or assets to the Company or any other Restricted Subsidiary, in each case, except for such encumbrances or restrictions existing under or by reason of: 
  
 (a) applicable law, rule or regulation; 
  
 (b) this Indenture, the Notes and the Guarantees;

  
 (c) customary non-assignment provisions of
any contract or any lease governing a leasehold interest of any Restricted Subsidiary; 
  
 (d) any instrument governing Acquired Indebtedness, which encumbrance or restriction was in existence at the time of such acquisition (but
not created in contemplation thereof or to provide all or any portion of the funds or credit support utilized to consummate such acquisition) and is not applicable to any Person, or the properties or assets of any Person, other than the Person or
the properties or assets of the Person so acquired (including, but not limited to, such Person’s direct and indirect Subsidiaries); 
  
 (e) agreements existing on the Issue Date (other than the Credit Agreement) to the extent and in the manner such agreements are in effect
on the Issue Date; 
  
 (f) the Credit Agreement
or an agreement governing any other Indebtedness of the Company or any Restricted Subsidiary permitted to be incurred under this Indenture; provided that, with respect to any agreement governing such other Indebtedness, the provisions
relating to such encumbrance or restriction are no less favorable to the Company in any material respect than the provisions contained in the Credit Agreement as in effect on the Issue Date; 
  
 (g) restrictions on the transfer of assets subject to any
Lien permitted under this Indenture imposed by the holder of such Lien; 
  
 (h) restrictions imposed by any agreement to sell assets or Capital Stock permitted under this Indenture to any Person pending the closing of such sale; 
  
 (i) restrictions on the ability of any Foreign Restricted Subsidiary to make dividends or other
distributions resulting from the operations of covenants contained in documentation governing Indebtedness of such Subsidiary permitted under this Indenture; and 
  
 (j) an agreement governing Indebtedness incurred to Refinance the Indebtedness issued, assumed or incurred
pursuant to an agreement referred to in clauses (b) and 

  

 -55- 

 
(d) through (f) above; provided, however, that the provisions relating to such encumbrance or restriction contained in any such Indebtedness
are no less favorable to the Company in any material respect as determined by the Board of Directors of the Company in its reasonable and good faith judgment than the provisions relating to such encumbrance or restriction contained in agreements
referred to in such clause (b) and (d) through (f) above. 
  

	 	Section 4.9.	Limitation on Incurrence of Additional Indebtedness. 

  
 (a) The Company will not, and will not permit any of its Restricted Subsidiaries to, directly or indirectly, create, incur, issue, assume, guarantee,
acquire, become liable, contingently or otherwise, with respect to, or otherwise become responsible for payment of (collectively, “incur”) any Indebtedness other than Permitted Indebtedness; provided, however, that the
Company or any Subsidiary that is, or concurrently with such incurrence becomes, a Guarantor may incur Indebtedness, in each case if on the date of the incurrence of such Indebtedness, after giving effect to the incurrence thereof and the receipt
and application of the proceeds thereof, the Consolidated Fixed Charge Coverage Ratio of the Company is (i) greater than 2.00 to 1 if such Indebtedness is incurred on or before April 30, 2006, or (ii) greater than 2.25 to 1 if such Indebtedness is
incurred after April 30, 2006. The foregoing proviso is referred to as the “Coverage Ratio Exception.” 
  
 (b) Notwithstanding the provisions of the preceding paragraph, the Company will not incur any Indebtedness if such Indebtedness is by its express terms
subordinate in right of payment to any other Indebtedness of the Company, unless such Indebtedness is also by its express terms made subordinate in right of payment to the Notes to the same extent and in the same manner as such Indebtedness is
subordinated to other Indebtedness of the Company; provided that Indebtedness shall not be considered subordinate in right of payment solely by reason of being unsecured (or not guaranteed) or being secured (or guaranteed) to a greater or
lesser extent. 
  

	 	Section 4.10.	Limitation on Asset Sales. 

  
 The Company will not, and will not permit any of its Restricted Subsidiaries to, consummate an Asset Sale unless: 
  
 (1) the Company or the applicable Restricted Subsidiary, as
the case may be, receives consideration at the time of such Asset Sale at least equal to the fair market value of the assets sold or otherwise disposed of (as determined in good faith by the Board of Directors of the Company); and 
  
 (2) at least 75% of the consideration received by the
Company or the applicable Restricted Subsidiary, as the case may be, from such Asset Sale shall be in the form of cash or Cash Equivalents and shall be received at the time of such disposition; provided, however, that the amount of (a)
any liabilities (as shown on the Company’s or such Restricted Subsidiary’s most recent balance sheet or the notes thereto) of the Company or any Restricted Subsidiary (other than liabilities that are by their terms subordinated to the
Notes) that are assumed by the transferee in such Asset Sale and from which 

  

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the Company or such Restricted Subsidiary is released and (b) any notes or other obligations received by the Company or by any such Restricted Subsidiary
from such transferee that are immediately converted by the Company or by such Restricted Subsidiary into cash or Cash Equivalents (to the extent of the cash or Cash Equivalents received) shall be deemed to be cash for purposes of this provision.

  
 Upon the consummation of an Asset Sale, the Company shall
apply, or cause the applicable Restricted Subsidiary to apply, the Net Cash Proceeds relating to such Asset Sale within 360 days of receipt thereof either: 
  
 (1) to (i) permanently reduce Senior Debt or Guarantor Senior Debt (and to correspondingly reduce commitments if the Senior Debt or
Guarantor Senior Debt repaid is revolving credit borrowings), or (ii) permanently reduce Indebtedness of a Restricted Subsidiary that is not a Guarantor, 
  
 (2) to make an investment in properties and assets that replace the properties and assets that were the subject of such Asset Sale or in
properties and assets that will be used in the business of the Company and its Restricted Subsidiaries as existing on the Issue Date or in businesses reasonably related thereto (“Replacement Assets”), 
  
 (3) to make capital expenditures in properties and assets
that will be used in the business of the Company and its Restricted Subsidiaries as existing on the Issue Date or in businesses reasonably related thereto, or 
  

(4) a combination of prepayment and investment permitted by the foregoing clauses (1), (2) and (3). 
  
 On the 361st day after an Asset Sale or such earlier date, if any, as the
Board of Directors of the Company or of such Restricted Subsidiary determines not to apply the Net Cash Proceeds relating to such Asset Sale as set forth in the preceding paragraph (each, a “Net Proceeds Offer Trigger Date”), such
aggregate amount of Net Cash Proceeds that have not been applied on or before such Net Proceeds Offer Trigger Date as permitted in the preceding paragraph (each a “Net Proceeds Offer Amount”) shall be applied by the Company or such
Restricted Subsidiary to make an offer to purchase (the “Net Proceeds Offer”) on a date not less than 45 nor more than 60 days following the applicable Net Proceeds Offer Trigger Date, the maximum principal amount of Notes and other
Indebtedness of the Company and the Guarantors that ranks pari passu in right of payment with the Notes or the Guarantees, as the case may be (to the extent required by the instrument governing such other Indebtedness), that may be
purchased out of the Net Proceeds Offer Amount. Any Notes and other Indebtedness to be purchased pursuant to a Net Proceeds Offer shall be purchased pro rata based on the aggregate principal amount of Notes and such other Indebtedness
outstanding and all Notes shall be purchased at an offer price in cash in an amount equal to 100% of the principal amount thereof, plus accrued and unpaid interest to the date of purchase. To the extent the aggregate principal amount of Notes and
other Indebtedness validly tendered and not withdrawn by holders exceeds the Net Proceeds Offer Amount, Notes and other Indebtedness, if any, shall be purchased pro rata based on the aggregate principal amount of tendered Notes and other
Indebtedness, if any. The Net Proceeds Offer 

  

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shall be made in compliance with the applicable procedures set forth in Article III and shall include all instructions and materials necessary to enable
Holders to tender their Notes. 
  
 The Company may defer the Net
Proceeds Offer until there is an aggregate unutilized Net Proceeds Offer Amount equal to or in excess of $15.0 million resulting from one or more Asset Sales (at which time, the entire unutilized Net Proceeds Offer Amount, and not just the amount in
excess of $15.0 million, shall be applied as required pursuant to this Section 4.10). In the event of the transfer of substantially all (but not all) of the property and assets of the Company and its Restricted Subsidiaries as an entirety to a
Person in a transaction permitted under this Section 4.10, the successor corporation shall be deemed to have sold the properties and assets of the Company and its Restricted Subsidiaries not so transferred for purposes of this Section 4.10, and
shall comply with the provisions of this Section 4.10 with respect to such deemed sale as if it were an Asset Sale. In addition, the fair market value of such properties and assets of the Company or its Restricted Subsidiaries deemed to be sold
shall be deemed to be Net Cash Proceeds for purposes of this Section 4.10. 
  
 Notwithstanding the four preceding paragraphs of this Section 4.10, the Company and its Restricted Subsidiaries will be permitted to consummate an Asset Sale without complying with such paragraphs to the extent:

  
 (1) at least 75% of the consideration for
such Asset Sale constitutes Replacement Assets; and 
  
 (2) the Company or the applicable Restricted Subsidiary, as the case may be, receives consideration at the time of such Asset Sale at least equal to the fair market value of the assets sold or otherwise disposed of (as determined in good
faith by the Board of Directors of the Company); 
  
 provided that any
consideration not constituting Replacement Assets received by the Company or any of its Restricted Subsidiaries in connection with any Asset Sale permitted to be consummated under this paragraph shall constitute Net Cash Proceeds subject to the
provisions of the four preceding paragraphs of this Section 4.10. 
  
 The Company shall comply with the requirements of Rule 14e-1 under the Exchange Act and any other securities laws and regulations thereunder to the extent such laws and regulations are applicable in connection with the repurchase of Notes
pursuant to a Net Proceeds Offer. To the extent that the provisions of any securities laws or regulations conflict with this Section 4.10, the Company shall comply with the applicable securities laws and regulations and shall not be deemed to have
breached its obligations under this Section 4.10 by virtue thereof. 
  

	 	Section 4.11.	Limitations on Transactions with Affiliates. 

  
 (a) The Company will not, and will not permit any of its Restricted Subsidiaries to, directly or indirectly, enter into or permit to exist any transaction
or series of related transactions (including, without limitation, the purchase, sale, lease or exchange of any property or 

  

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the rendering of any service) with, or for the benefit of, any of its Affiliates (each, an “Affiliate Transaction”), other than: 

 
 (1) Affiliate Transactions permitted under paragraph (b)
below; and 
  
 (2) Affiliate Transactions on
terms that are no less favorable than those that might reasonably have been obtained in a comparable transaction at such time on an arm’s-length basis from a Person that is not an Affiliate of the Company or such Restricted Subsidiary.

  
 All Affiliate Transactions (and each series of related
Affiliate Transactions which are similar or part of a common plan) involving aggregate payments or other property with a fair market value in excess of $5.0 million will be approved by the Board of Directors of the Company, such approval to be
evidenced by a Board Resolution stating that such Board of Directors has determined that such transaction complies with the foregoing provisions. If the Company or any Restricted Subsidiary enters into an Affiliate Transaction (or a series of
related Affiliate Transactions related to a common plan) that involves an aggregate fair market value of more than $10.0 million, the Company will, prior to the consummation thereof, obtain an opinion from an Independent Financial Advisor stating
that such transaction or series of related transactions are fair to the Company or to the relevant Restricted Subsidiary, as the case may be, from a financial point of view. 
  
 (b) The restrictions set forth in Section 4.11(a) shall not apply to: 
  
 (1) reasonable fees and compensation paid to and indemnity
provided on behalf of our officers, directors, employees or consultants or those of any Restricted Subsidiary as determined in good faith by the Company’s Board of Directors; 
  
 (2) transactions exclusively between or among the Company and any of its Restricted Subsidiaries or
exclusively between or among such Restricted Subsidiaries; provided that such transactions are not otherwise prohibited by this Indenture; 
  
 (3) any agreement or instrument as in effect as of the Issue Date or any amendment or replacement thereof or any transaction contemplated
thereby (including pursuant to any amendment or replacement thereof) so long as any such amendment or replacement agreement or instrument is, in the good faith judgment of the Board of Directors of the Company, not more disadvantageous to the
Holders of Notes in any material respect than the original agreement or instrument as in effect on the Issue Date; and 
  
 (4) Restricted Payments and Permitted Investments permitted by this Indenture. 
  

	 	Section 4.12.	Limitation on Liens. 

  
 The Company will not, and will not cause or permit any of its Restricted Subsidiaries to, directly or indirectly, create, incur, assume or permit or
suffer to exist any Liens upon any property or assets of the Company or any of its Restricted Subsidiaries whether owned on the Issue Date or acquired after the Issue Date, or any proceeds therefrom, or assign or otherwise 

  

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convey any right to receive income or profits therefrom (other than Permitted Liens) unless effective provision for securing the Notes or, with respect to
Liens on any Guarantor’s property or assets, the Guarantee of such Guarantor, and: 
  
 (1) if such Lien secures Indebtedness which is subordinate in right of payment to the Notes or any Guarantee of any Guarantor, as the case
may be, any such Lien shall be subordinate to the Lien granted to Holders to the same extent as such Indebtedness is subordinate in right of payment to the Notes or the Guarantee of such Guarantor, as the case may be; and 
  
 (2) in all other cases, the Notes or any Guarantees, as the
case may be, are secured on at least an equal and ratable basis, except for Permitted Liens. 
  

	 	Section 4.13.	Continued Existence. 

  
 Subject to Article V, each of the Company and the Guarantors shall do or cause to be done all things reasonably necessary to preserve and keep in full
force and effect (i) its corporate or other existence in accordance with the organizational documents (as the same may be amended from time to time) of the Company or such Guarantor and (ii) the material rights (charter and statutory), licenses and
franchises of the Company or such Guarantor, except to the extent that the applicable Board of Directors determines in good faith that the preservation of such right, license or franchise, or the existence of any such Guarantor, in either case is no
longer necessary or desirable in the conduct of the business of the Company or such Guarantor and that the loss thereof is not disadvantageous in any material respect to the Holders. 
  

	 	Section 4.14.	Insurance Matters. 

  
 The Company shall provide or cause to be provided, for itself and each of its Subsidiaries, insurance (including appropriate self-insurance) against loss
or damage of the kinds that, in the reasonable, good faith opinion of the Company, are adequate and appropriate for the conduct of the business of the Company and its Subsidiaries in a prudent manner, with reputable insurers or with the government
of the United States of America or an agency or instrumentality thereof, in such amounts, with such deductibles, and by such methods as shall be either (i) consistent with past practices of the Company or the applicable Subsidiary or (ii) customary,
in the reasonable, good faith opinion of the Company, for corporations similarly situated in the industry, unless the failure to provide such insurance (together with all other such failures) would not have a material adverse effect on the financial
condition or results of operations of the Company and its Subsidiaries, taken as a whole. 
  

	 	Section 4.15.	Offer to Repurchase upon Change of Control. 

  
 Upon the occurrence of a Change of Control, each Holder will have the right to require that the Company purchase all or a portion (equal to $1,000 or an
integral multiple thereof) of such Holder’s Notes (a “Change of Control Offer”) at a Purchase Price equal to 101% of the principal amount thereof, plus accrued and unpaid interest and Additional Interest, if any, thereon to the
Change of Control Payment Date. 
  

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 The Company will not be required to make a Change of Control Offer upon a Change of Control if a third
party makes the Change of Control Offer in the manner, at the times and otherwise in compliance with the requirements set forth in this Indenture applicable to a Change of Control Offer made by the Company and purchases all Notes validly tendered
and not withdrawn under such Change of Control Offer. 
  
 The
Company will comply with the requirements of Rule 14e-1 under the Exchange Act and any other securities laws and regulations thereunder to the extent such laws and regulations are applicable in connection with the repurchase of Notes pursuant to a
Change of Control Offer. To the extent that the provisions of any securities laws or regulations conflict with this Section 4.15, the Company shall comply with the applicable securities laws and regulations and shall not be deemed to have breached
its obligations under this Section 4.15 by virtue thereof. 
  

	 	Section 4.16.	Future Subsidiary Guarantees. 

  
 If (a) any Subsidiary of the Company guarantees any of the Company’s Indebtedness (including under the Credit Agreement) or becomes otherwise
obligated with respect to any of the Company’s Indebtedness (including the Company’s obligations under the Credit Agreement) or (b) any Restricted Subsidiary of the Company incurs Indebtedness other than Permitted Indebtedness, then such
Subsidiary shall: 
  
 (1) execute and deliver to
the Trustee a supplemental indenture in form reasonably satisfactory to the Trustee pursuant to which such Subsidiary shall unconditionally guarantee all of the Company’s obligations under the Notes and this Indenture on the terms set forth in
this Indenture; and 
  
 (2) deliver to the
Trustee an Opinion of Counsel to the effect that such supplemental indenture has been duly authorized, executed and delivered by such Subsidiary and constitutes a legal, valid, binding and enforceable obligation of such Subsidiary. 
  
 Thereafter, such Subsidiary shall be a Guarantor for all purposes of this
Indenture; provided, however, that to the extent that a Subsidiary is subject to any instrument governing Acquired Indebtedness, as in effect at the time of acquisition thereof, that prohibits such Subsidiary from issuing a Guarantee,
such Subsidiary shall not be required to execute such a supplemental indenture until it is permitted to issue such Guarantee pursuant to the terms of such Acquired Indebtedness. 
  
 The Guarantee of such Guarantor will be subordinated to all Indebtedness under the Credit Agreement and all other Senior
Debt of each Guarantor to the same extent as the Notes are subordinated to the Senior Debt of the Company. 
  

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	 	Section 4.17.	Limitation on Preferred Stock of Restricted Subsidiaries. 

  
 The Company will not permit any of its Restricted Subsidiaries that are not Guarantors to issue any Preferred Stock (other than to the Company or to a
Wholly Owned Restricted Subsidiary) or permit any Person (other than the Company or a Wholly Owned Restricted Subsidiary) to own any Preferred Stock of any Restricted Subsidiary that is not a Guarantor. 
  

	 	Section 4.18.	Limitation on Designations of Unrestricted Subsidiaries. 

  
 The Company may designate any Subsidiary of the Company (other than a Subsidiary of the Company that owns Capital Stock of a Restricted Subsidiary) as an
“Unrestricted Subsidiary” under this Indenture (a “Designation”) only if: 
  
 (1) no Default shall have occurred and be continuing at the time of or after giving effect to such Designation; 
  
 (2) the Company would be permitted under this Indenture to
make an Investment at the time of Designation (assuming the effectiveness of such Designation) in an amount (the “Designation Amount”) equal to the sum of: 
  
 (a) the fair market value of the Capital Stock of such Subsidiary owned by the Company and its Restricted
Subsidiaries on such date and 
  
 (b) the
aggregate amount of other Investments of the Company and its Restricted Subsidiaries in such Subsidiary on such date; and 
  
 (3) the Company would be permitted to incur $1.00 of additional Indebtedness pursuant to the Coverage Ratio Exception at the time of
Designation (assuming the effectiveness of such Designation). 
  
 In the event of any such Designation, the Company shall be deemed to have made an Investment constituting a Restricted Payment pursuant to Section 4.7 for all purposes of this Indenture in the Designation Amount. This Indenture will further
provide that the Company shall not, and shall not permit any Restricted Subsidiary to, at any time: 
  
 (1) provide direct or indirect credit support for or a guarantee of any Indebtedness of any Unrestricted Subsidiary (including of any
undertaking, agreement or instrument evidencing such Indebtedness); or 
  
 (2) be directly or indirectly liable for any Indebtedness of any Unrestricted Subsidiary. 
  
 The Company may revoke any Designation of a Subsidiary as an Unrestricted Subsidiary (a “Revocation”), whereupon such Subsidiary shall
then constitute a Restricted Subsidiary, if: 
  
 (1) no Default shall have occurred and be continuing at the time of and after giving effect to such Revocation; and 
  

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 (2) all Liens and Indebtedness of such Unrestricted Subsidiary outstanding immediately
following such Revocation would, if incurred at such time, have been permitted to be incurred for all purposes of this Indenture. 
  
 All Designations and Revocations must be evidenced by Board Resolutions of the Company certifying compliance with the foregoing provisions. 
  

	 	Section 4.19.	Limitation on Other Senior Subordinated Indebtedness. 

  
 The Company will not, and will not cause or permit any Guarantor to, directly or indirectly, incur any Indebtedness (other than the Notes and the
Guarantees, as the case may be) that is both: 
  
 (1) subordinate in right of payment to any Senior Debt of the Company or any Guarantor Senior Debt of such Guarantor, as the case may be; and 
  
 (2) senior in right of payment to the Notes or the Guarantee of such Guarantor, as the case may be. 
  
 For purposes of this Section 4.19, Indebtedness is deemed to be senior in
right of payment to the Notes or a Guarantee, as the case may be, if it is not explicitly subordinated in right of payment to the Senior Debt of the Company or the Guarantor Senior Debt of such Guarantor, as the case may be, to at least the same
extent as the Notes or the applicable Guarantee is subordinated to such Senior Debt or Guarantor Senior Debt. This Indenture will not treat unsecured Indebtedness as subordinated or junior to Senior Debt or Guarantor Senior Debt merely because it is
unsecured. This Indenture will not treat Senior Debt or Guarantor Senior Debt as subordinated or junior to any other Senior Debt merely because it has a junior priority with respect to the same collateral. 
  

	 	Section 4.20.	Liquidated Damages Notice. 

  
 In the event that the Company is required to pay Liquidated Damages to holders of Notes pursuant to the Registration Rights Agreement, the Company will
provide written notice (“Liquidated Damages Notice”) to the Trustee of its obligation to pay Liquidated Damages no later than fifteen days prior to the proposed payment date for the Liquidated Damages, and the Liquidated Damages
Notice shall set forth the amount of Liquidated Damages to be paid by the Company on such payment date. The Trustee shall not at any time be under any duty or responsibility to any holder of Notes to determine the Liquidated Damages, or with respect
to the nature, extent, or calculation of the amount of Liquidated Damages owed, or with respect to the method employed in such calculation of the Liquidated Damages. 
  

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 ARTICLE V. 
  
 SUCCESSORS 
  

	 	Section 5.1.	Merger, Consolidation and Sale of Assets. 

  
 The Company will not, in a single transaction or series of related transactions, consolidate or merge with or into any Person, or sell, assign, transfer,
lease, convey or otherwise dispose of (or cause or permit any Restricted Subsidiary to sell, assign, transfer, lease, convey or otherwise dispose of) all or substantially all of the Company’s assets (determined on a consolidated basis for the
Company and its Restricted Subsidiaries) whether as an entirety or substantially as an entirety to any Person, unless: 
  
 (1) either: 
  
 (a) the Company will be the surviving or continuing corporation; or 
  
 (b) the Person (if other than the Company) formed by such consolidation or into which the Company is merged
or the Person which acquires by sale, assignment, transfer, lease, conveyance or other disposition of properties and assets of the Company and of its Restricted Subsidiaries substantially as an entirety (the “Surviving Entity”):

  
 (x) will be a corporation organized and
validly existing under the laws of the United States or any State thereof or the District of Columbia; and 
  
 (y) will expressly assume, by supplemental indenture (in form and substance satisfactory to the Trustee), executed and delivered to the
Trustee, the due and punctual payment of the principal of, and premium, if any, and interest on all of the Notes and the performance of every covenant of the Notes, this Indenture and the Registration Rights Agreement on the part of the Company to
be performed or observed; 
  
 (2) immediately
after giving effect to such transaction and the assumption contemplated by clause (1)(b)(y) above (including giving effect to any Indebtedness and Acquired Indebtedness incurred or anticipated to be incurred in connection with or in respect of such
transaction), the Company or such Surviving Entity, as the case may be, shall be able to incur at least $1.00 of additional Indebtedness (other than Permitted Indebtedness) in compliance with paragraph (a) of Section 4.9; 
  
 (3) immediately before and immediately after giving effect
to such transaction and the assumption contemplated by clause (1)(b)(y) above (including, without limitation, giving effect to any Indebtedness and Acquired Indebtedness incurred or anticipated to be incurred and any Lien granted in connection with
or in respect of the transaction), no Default shall have occurred or be continuing; and 
  

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 (4) the Company or the Surviving Entity shall have delivered to the Trustee an
Officer’s Certificate and an Opinion of Counsel, each stating that such consolidation, merger, sale, assignment, transfer, lease, conveyance or other disposition and, if a supplemental indenture is required in connection with such transaction,
such supplemental indenture complies with the applicable provisions of this Indenture and an officer’s certificate that all conditions precedent in this Indenture relating to such transaction have been satisfied. 
  
 For purposes of the foregoing, the transfer (by lease, assignment, sale or
otherwise, in a single transaction or series of transactions) of all or substantially all of the properties or assets of one or more Restricted Subsidiaries, the Capital Stock of which constitutes all or substantially all of the properties and
assets of the Company, will be deemed to be the transfer of all or substantially all of the properties and assets of the Company. 
  
 Notwithstanding the foregoing clauses (1), (2) and (3), the Company may merge with an Affiliate that is a Person that has no material assets or
liabilities and which was organized solely for the purpose of reorganizing the Company in another jurisdiction. 
  
 Upon any consolidation, combination or merger or any transfer of all or substantially all of the assets of the Company in accordance with the foregoing in
which the Company is not the continuing corporation, the Surviving Entity shall succeed to, and be substituted for, and may exercise every right and power of, the Company under this Indenture and the Notes with the same effect as if such Surviving
Entity had been named as such. 
  
 Each Guarantor, if any (other
than any Guarantor whose Guarantee is to be released in accordance with the terms of the Guarantee and this Indenture in connection with any transaction complying with the provisions of Section 4.10), will not, and the Company will not cause or
permit any Guarantor to, consolidate with or merge with or into any Person other than the Company or any other Guarantor unless: 
  
 (1) the entity formed by or surviving any such consolidation or merger (if other than the Guarantor) or to which such sale, lease,
conveyance or other disposition shall have been made is a corporation, limited liability company or partnership organized and existing under the laws of the United States or any State thereof or the District of Columbia; 
  
 (2) such entity assumes by supplemental indenture all of the
obligations of the Guarantor on the Guarantee; 
  
 (3) immediately after giving effect to such transaction, no Default or Event of Default shall have occurred and be continuing; and 
  
 (4) immediately after giving effect to such transaction and the use of any net proceeds therefrom on a pro forma basis, the Company could
satisfy the provisions of clause (2) of the first paragraph of this Section 5.1. 
  

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 Any merger or consolidation of a Guarantor with and into the Company (with the Company being the
surviving entity) or another Guarantor that is a Restricted Subsidiary of the Company need only comply with clause (4) of the first paragraph of this Section 5.1. 
  

	 	Section 5.2.	Successor Corporation Substituted. 

  
 Upon any consolidation, combination or merger or any transfer of all or substantially all of the assets of the Company in accordance with Section 5.1 in
which the Company is not the continuing corporation, the Surviving Entity shall succeed to, and be substituted for, and may exercise every right and power of, the Company under this Indenture and the Notes with the same effect as if such Surviving
Entity had been named as such. Thereafter the predecessor Company shall be relieved of all obligations and covenants under this Indenture, except that the predecessor Company in the case of a lease of all or substantially all of its assets will not
be released from the obligation to pay the principal of and interest on the Notes. 
  
 ARTICLE VI. 
  
 DEFAULTS AND
REMEDIES 
  

	 	Section 6.1.	Events of Default. 

  
 Each of the following constitutes an “Event of Default”: 
  
 (a) the failure to pay interest on any Note when the same becomes due and payable and the default continues
for a period of 30 days; 
  
 (b) the failure to
pay the principal on any Note, when such principal becomes due and payable, at maturity, upon redemption or otherwise (including the failure to make a payment to purchase Notes tendered pursuant to a Change of Control Offer or a Net Proceeds Offer)
on the date specified for such payment in the applicable offer to purchase; 
  
 (c) a default in the observance or performance of any other covenant or agreement contained herein which default continues for a period of 30 days after the Company receives written notice specifying the default (and
demanding that such default be remedied) from the Trustee or the Holders of at least 25% of the outstanding principal amount of the Notes (except in the case of a default with respect to Section 5.1, which will constitute an Event of Default with
such notice requirement but without such passage of time requirement); 
  
 (d) the failure to pay at final maturity (giving effect to any applicable grace periods and any extensions thereof) the principal amount of any Indebtedness of the Company or any Restricted Subsidiary, or the
acceleration of the final stated maturity of any such Indebtedness (which acceleration is not rescinded, annulled or otherwise cured 

  

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within 20 days of receipt by the Company or such Restricted Subsidiary of notice of any such acceleration), if the aggregate principal amount of such
Indebtedness, together with the principal amount of any other such Indebtedness in default for failure to pay principal at final stated maturity or which has been accelerated (in each case with respect to which the 20-day period described above has
passed), aggregates $10.0 million or more at any time; 

  
 (e) one or more judgments in an aggregate amount in excess of $10.0 million (to the extent not covered by insurance) shall have been rendered against the Company or any of its Significant Subsidiaries and such
judgments remain undischarged, unpaid or unstayed for a period of 60 days after such judgment or judgments become final and non-appealable; 
  
 (f) the Company or any Significant Subsidiary of the Company: 
  
 (i) commences a voluntary case under any Bankruptcy Law, 
  
 (ii) consents to the entry of an order for relief against it
in an involuntary case, 
  
 (iii) consents to the
appointment of a custodian or receiver of it or for all or substantially, all of its property, or 
  
 (iv) makes a general assignment for the benefit of its creditors; or 
  
 (g) a court of competent jurisdiction enters an order or decree under any Bankruptcy Law that: 

 
 (i) is for relief in an involuntary case against the
Company or any Significant Subsidiary of the Company, 
  
 (ii) appoints a custodian or receiver of the Company or any Significant Subsidiary or for all or substantially all of the property of any of the foregoing, or 
  
 (iii) orders the liquidation of the Company or any of its Significant Subsidiaries, and the order or decree
remains unstayed and in effect for 60 consecutive days; or 
  
 (h) any Guarantee of a Significant Subsidiary required pursuant to this Indenture ceases to be in full force and effect or any Guarantee of a Significant Subsidiary is declared to be null and void and unenforceable or
any Guarantee of a Significant Subsidiary is found to be invalid or any Guarantor that is a Significant Subsidiary denies its liability in writing under its Guarantee required pursuant to this Indenture (other than by reason of release of a
Guarantor in accordance with the terms of this Indenture). 
  

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	 	Section 6.2.	Acceleration. 

  
 (a) If an Event of Default (other than an Event of Default specified in clause (f) or (g) of Section 6.1 with respect to the Company) shall occur and be
continuing, the Trustee or the Holders of at least 25% in principal amount of outstanding Notes may declare the principal of and accrued interest on all the Notes to be due and payable by notice in writing to the Company and the Trustee specifying
the respective Event of Default and that it is a “notice of acceleration” and the same shall become immediately due and payable. If an Event of Default specified in clause (f) or (g) of Section 6.1 with respect to the Company occurs and is
continuing, then all unpaid principal of, and premium, if any, and accrued and unpaid interest on all of the outstanding Notes shall ipso facto become and be immediately due and payable without any declaration or other act on the part of the
Trustee or any Holder. 
  
 The Holders of not less than a majority
in principal amount of the Notes by written notice to the Company and the Trustee may, on behalf of the Holders of all of the Notes, rescind and cancel such declaration and its consequences: 
  
 (1) if the rescission would not conflict with any judgment
or decree; 
  
 (2) if all existing Events of
Default have been cured or waived except nonpayment of principal or interest that has become due solely because of the acceleration; 
  
 (3) to the extent the payment of such interest is lawful, if interest on overdue installments of interest and overdue principal that has
become due otherwise than by such declaration of acceleration has been paid; 
  
 (4) if the Company has paid the Trustee its reasonable compensation and reimbursed the Trustee for its expenses, disbursements and advances; and 
  
 (5) in the event of the cure or waiver of an Event of Default of the type described in clause (f) or (g) of
Section 6.1, the Trustee shall have received an Officer’s Certificate and an Opinion of Counsel stating that such Event of Default has been cured or waived. 
  
 No such rescission shall affect any subsequent Default or impair any right consequent thereto. 
  
 (b) The Issuer shall provide prompt written notice to the Holders of Senior
Debt and Guarantor Senior Debt of any acceleration pursuant to Section 6.2(a). 
  

	 	Section 6.3.	Other Remedies. 

  
 If an Event of Default occurs and is continuing, the Trustee may pursue any available remedy to collect the payment of principal, premium, if any,
interest or Additional Interest, 

  

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if any, on the Notes or to enforce the performance of any provision of the Notes or this Indenture. 
  
 The Trustee may maintain a proceeding even if it does not possess any of the
Notes or does not produce any of them in the proceeding, and any recovery or judgment shall, after provision for the payment of the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel, be for the
ratable benefit of the Holders of the Notes. A delay or omission by the Trustee or any Holder in exercising any right or remedy accruing upon an Event of Default shall not impair the right or remedy or constitute a waiver of or acquiescence in the
Event of Default. All remedies are cumulative to the extent permitted by law. 
  

	 	Section 6.4.	Waiver of Existing Defaults. 

  
 The Holders of a majority in aggregate principal amount of the Notes may waive any existing Default under this Indenture, and its consequences, except a
default in the payment of the principal of or interest or Additional Interest, if any, on any Notes. Upon any such waiver, such Default shall cease to exist, and any Event of Default arising therefrom shall be deemed to have been cured for every
purpose of this Indenture; but no such waiver shall extend to any subsequent or other Default or impair any right consequent thereon. 
  

	 	Section 6.5.	Control by Majority. 

  
 Holders of a majority in aggregate principal amount of the then outstanding Notes may direct the time, method and place of conducting any proceeding for
exercising any remedy available to the Trustee or exercising any trust or power conferred on it. However, the Trustee may refuse to follow any direction that conflicts with applicable law or this Indenture that the Trustee reasonably determines may
be unduly prejudicial to the rights of other Holders of Notes or that may result in the incurrence of liability by the Trustee and shall be entitled to the benefit of Sections 7.1(c)(iii) and (e). 
  

	 	Section 6.6.	Limitation on Suits. 

  
 A Holder of a Note may pursue a remedy with respect to this Indenture or the Notes only if: 
  
 (a) the Holder of a Note gives to the Trustee written notice of a continuing Event of Default; 

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

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 (c) such Holder or Holders of Notes offer and, if requested, provide to the Trustee
indemnity satisfactory to the Trustee against any loss, liability or expense; 
  
 (d) the Trustee does not comply with the request within 60 days after receipt of the request and the offer and, if requested, the provision of indemnity; and 
  
 (e) during such 60-day period the Holders of a majority in
principal amount of the then outstanding Notes do not give the Trustee a direction inconsistent with the request. 
  
 A Holder of a Note may not use this Indenture to prejudice the rights of another Holder of a Note or to obtain a preference or priority over another Holder of a Note (it
being understood that the Trustee does not have an affirmative duty to ascertain whether or not such actions or forbearances are unduly prejudicial to such Holders). 
  

	 	Section 6.7.	Rights of Holders of Notes to Receive Payment. 

  
 Notwithstanding any other provision of this Indenture, the right of any Holder of a Note to receive payment of principal of, or premium, if any, interest
or Additional Interest, if any, on the Note, on or after the respective due dates thereon (including in connection with an offer to repurchase), or to bring suit for the enforcement of any such payment on or after such respective dates, shall not be
impaired or affected without the written consent of such Holder. 
  

	 	Section 6.8.	Collection Suit by Trustee. 

  
 If an Event of Default specified in Section 6.1(a) or (b) occurs and is continuing, the Trustee is authorized to recover judgment in its own name and as
trustee of an express trust against the Company for the whole amount of principal of, premium and Additional Interest, if any, and interest remaining unpaid on the Notes and interest on overdue principal and, to the extent lawful, interest and
Additional Interest, if any, and such further amounts as shall be sufficient to cover the costs and expenses of collection, including the reasonable compensation, expense, disbursements and advances of the Trustee, its agents and counsel.

  

	 	Section 6.9.	Notice. 

  
 The Company shall provide an Officer’s Certificate to a Responsible Officer of the Trustee promptly upon any such Officer obtaining knowledge of any
Default or Event of Default (provided that such Officers shall provide such certification pursuant to Section 4.4 hereof whether or not such Officers know of any Default or Event of Default) that has occurred and, if applicable, describe such
Default or Event of Default and the status thereof. 
  

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	 	Section 6.10.	Trustee May File Proofs of Claim. 

  
 The Trustee is authorized to file such proofs of claim and other papers or documents as may be necessary or advisable in order to have the claims of the
Trustee (including any claim for the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents (including accountants, experts or such other professionals as the Trustee deems necessary, advisable or appropriate) and
counsel and the Holders of the Notes allowed in any judicial proceedings relative to the Company (or any other obligor upon the Notes), its creditors or its property and shall be entitled and empowered to collect, receive and distribute any money or
other property payable or deliverable on any such claims, and any custodian in any such judicial proceeding is hereby authorized by each Holder to make such payments to the Trustee, and in the event that the Trustee shall consent to the making of
such payments directly to the Holders, to pay to the Trustee any amount due to it for the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel, and any other amounts due the Trustee under Section 7.7.
To the extent that the payment of any such compensation, expenses, disbursements and advances of the Trustee, its agents and counsel, and any other amounts due the Trustee under Section 7.7 out of the estate in any such proceeding, shall be denied
for any reason, payment of the same shall be secured by a lien on, and shall be paid out of, any and all distributions, dividends, money, securities and other properties that the Holders may be entitled to receive in such proceeding whether in
liquidation or under any plan of reorganization or arrangement or otherwise. Nothing herein contained shall be deemed to authorize the Trustee to authorize or consent to or accept or adopt on behalf of any Holder any plan of reorganization,
arrangement, adjustment or composition affecting the Notes or the rights of any Holder, or to authorize the Trustee to vote in respect of the claim of any Holder in any such proceeding. 
  

	 	Section 6.11.	Priorities. 

  
 If the Trustee collects any money pursuant to this Article VI, it shall pay out the money in the following order: 
  
 First: to the Trustee, its agents and attorneys for
amounts due under Section 7.7; 
  
 Second:
to Holders of Notes for amounts due and unpaid on the Notes for principal, Purchase Price or Redemption Price, if any, and Additional Interest, if any, and interest, ratably, without preference or priority of any kind, according to the amounts due
and payable on the Notes for principal, Purchase Price, Redemption Price and Additional Interest, if any, and interest, respectively; and 
  
 Third: to the Company, the Guarantors or to such party as a court of competent jurisdiction shall direct. 
  
 The Trustee may fix a special record date and payment date for any payment to Holders of
Notes pursuant to this Section 6.11. 
  

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	 	Section 6.12.	Undertaking for Costs. 

  
 In any suit for the enforcement of any right or remedy under this Indenture or in any suit against the Trustee for any action taken or omitted by it as a
Trustee, a court in its discretion may require the filing by any party litigant in the suit of an undertaking to pay the costs of the suit, and the court in its discretion may assess reasonable costs, including reasonable attorneys’ fees and
expenses against any party litigant in the suit, having due regard to the merits and good faith of the claims or defenses made by the party litigant. This Section 6.12 shall not apply to a suit by the Trustee, a suit by a Holder pursuant to Section
6.7, or a suit by Holders of more than 10% in aggregate principal amount of the then outstanding Notes. 
  
 ARTICLE VII. 
  
 TRUSTEE 
  

	 	Section 7.1.	Duties of Trustee. 

  
 (a) If an Event of Default has occurred and is continuing, the Trustee shall exercise such rights and powers vested in it by this Indenture, and use the
same degree of care and skill in its exercise thereof, as a prudent Person would exercise or use under the circumstances in the conduct of such Person’s own affairs. 
  
 (b) Except during the continuance of an Event of Default: 
  
 (i) the duties of the Trustee shall be determined solely by the express provisions of this Indenture and the
TIA and the Trustee need perform only those duties that are specifically set forth in this Indenture and no others, and no implied covenants or obligations shall be read into this Indenture or the TIA against the Trustee; and 
  
 (ii) in the absence of bad faith on its part, the Trustee
may conclusively rely, without investigation, as to the truth or the statements and the correctness of the opinions expressed therein, upon and statements, certificates or opinions furnished to the Trustee and conforming to the requirements of this
Indenture but need not verify the contents thereof. 
  
 However, the Trustee shall
examine the certificates and opinions to determine whether or not they conform on their face to the requirements of this Indenture (but need not confirm or investigate the accuracy of mathematical calculations or other facts stated therein).

  
 (c) The Trustee may not be relieved from liabilities for its
own negligent action, its own negligent failure to act, or its own willful misconduct, except that: 
  
 (i) this paragraph does not limit the effect of paragraph (b) of this Section; 
  

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 (ii) the Trustee shall not be liable for any error of judgment made in good faith by a
Responsible Officer, unless it is proved that the Trustee was negligent in ascertaining the pertinent facts; and 
  
 (iii) the Trustee shall not be liable with respect to any action it takes or omits to take in good faith in accordance with a direction
received by it pursuant to Section 6.2, 6.4 or 6.5. 
  
 (d)
Whether or not therein expressly so provided, every provision of this Indenture that in any way relates to the Trustee is subject to this paragraphs (a), (b) and (c) of Section 7.1 and Section 7.2. 
  
 (e) No provision of this Indenture shall require the Trustee to expend or
risk its own funds or otherwise incur any liability. The Trustee shall be under no obligation to exercise any of its rights and powers under this Indenture at the request of any Holders, pursuant to the provisions of this Indenture, including,
without limitation, Section 6.5, unless such Holder shall have offered to the Trustee security and indemnity satisfactory to it against any loss, liability or expense which might be incurred by it in compliance with such request or direction.

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

	 	Section 7.2.	Rights of Trustee. 

  
 (a) The Trustee may conclusively rely and shall be protected in acting or refraining from acting upon any document believed by it to be genuine and to
have been signed or presented by the proper Person. The Trustee need not investigate any fact or matter stated in the document. 
  
 (b) Before the Trustee acts or refrains from acting, it may require an Officer’s Certificate or an Opinion of Counsel or both. The Trustee shall not
be liable for any action it takes or omits to take in good faith in reliance on such Officer’s Certificate or Opinion of Counsel. The Trustee may consult with counsel of its own selection and the advice of such counsel and Opinions of Counsel
with respect to legal matters relating to this Indenture and the Notes shall be full and complete authorization and protection from liability in respect of any action taken, suffered or omitted by it hereunder in good faith and in reliance thereon.

  
 (c) The Trustee may act through its attorneys, accountants,
experts and such other professionals as the Trustee deems necessary, advisable or appropriate and shall not be responsible for the misconduct or negligence of any attorney, accountant, expert or other such professional appointed with due care.

  
 (d) The Trustee shall not be liable for any action it takes or
omits to take in good faith that it believes to be authorized or within the rights or powers conferred upon it by this Indenture. 
  

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 (e) Unless otherwise specifically provided in this Indenture, any demand, request, direction or notice
from the Company shall be sufficiently evidenced by a written order signed by one Officer of the Company. 
  
 (f) The Trustee shall not be charged with knowledge of any Default or Event of Default under Section 6.1 (other than under Section 6.1(a) (subject to the
following sentence) or Section 6.1(b)) unless either (i) a Responsible Officer shall have actual knowledge thereof, or (ii) the Trustee shall have received notice thereof in accordance with Section 13.2 from the Company or any Holder of the Notes.
The Trustee shall not be charged with knowledge of the Company’s obligation to pay Additional Interest, or the cessation of such obligation, unless the Trustee receives written notice thereof from the Company or any Holder. 
  
 (g) The rights, privileges, protections, immunities and benefits given to the
Trustee, including, without limitation, its right to be indemnified, are extended to, and shall be enforceable by, the Trustee in each of its capacities hereunder, and each agent, custodian and other Person employed to act hereunder. 
  
 (h) In no event shall the Trustee be responsible or liable for special,
indirect, or consequential loss or damage of any kind whatsoever (including, but not limited to, loss of profit) irrespective of whether the Trustee has been advised of the likelihood of such loss or damage and regardless of the form of action.

  
 (i) The Trustee may request that the Company deliver an
Officer’s Certificate setting forth the names of individuals and/or titles of officers authorized at such time to take specified actions pursuant to this Indenture, which Officer’s Certificate may be signed by any person specified as so
authorized in any such certificate previously delivered and not superseded. 
  

	 	Section 7.3.	Individual Rights of Trustee. 

  
 The Trustee may become the owner or pledgee of Notes and may otherwise deal with the Company or any Affiliate of the Company with the same rights it would
have if it were not Trustee. However, in the event that the Trustee acquires any conflicting interest within the meaning of the TIA it must eliminate such conflict within 90 days, or apply (subject to the consent of the Company) to the Commission
for permission to continue as trustee or resign. Any Agent may do the same with like rights and duties. The Trustee is also subject to Sections 7.10 and 7.11. 
  

	 	Section 7.4.	Trustee’s Disclaimer. 

  
 The Trustee shall not be responsible for and makes no representation as to the validity or adequacy of this Indenture, or the Notes, it shall not be
accountable for the Company’s use of the proceeds from the Notes or any money paid to the Company or upon the Company’s direction under any provision of this Indenture, it shall not be 

  

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responsible for the use or application of any money received by any Paying Agent other than the Trustee, and it shall not be responsible for any statement or
recital herein or any statement in the Notes or any other document in connection with the sale of the Notes or pursuant to this Indenture other than its certificate of authentication. 
  

	 	Section 7.5.	Notice of Defaults. 

  
 If a Default or Event of Default occurs and is continuing, the Trustee shall mail to Holders of Notes a notice of the Default or Event of Default within
90 days after such Event of Default becomes known to the Trustee. Except in the case of a Default in payment on any Note (including the failure to make a mandatory repurchase pursuant hereto), the Trustee may withhold the notice if and so long as a
committee of its Responsible Officers in good faith determines that withholding the notice is in the interests of the Holders of the Notes. 
  

	 	Section 7.6.	Reports by Trustee to Holder of the Notes. 

  
 Within 60 days after each February 15 beginning with the February 15 following the date of this Indenture, and for so long as Notes remain outstanding,
the Trustee shall mail to the Holders of the Notes a brief report dated as of such reporting date that complies with TIA § 313(a) (but if no event described in TIA § 313(a) has occurred within the twelve months preceding the reporting
date, no report need be transmitted). The Trustee also shall comply with TIA § 313(b). The Trustee shall also transmit by mail all reports as required by TIA § 313(c). 
  
 A copy of each report at the time of its mailing to the Holders of Notes shall be mailed to the Company and filed with the
Commission and each stock exchange on which the Notes are listed in accordance with TIA § 313(d). The Company shall promptly notify the Trustee in writing when the Notes are listed on any stock exchange or of any delisting thereof. 

 

	 	Section 7.7.	Compensation, Reimbursement and Indemnity. 

  
 The Company shall pay to the Trustee from time to time such compensation for its acceptance of this Indenture and the rendering by it of the services
required hereunder as shall be agreed upon in writing by the Company and the Trustee. The Trustee’s compensation shall not be limited by any law on compensation of a trustee of an express trust. The Company shall reimburse the Trustee promptly
upon request for all reasonable disbursements, advances and expenses incurred or made by or on behalf of it in addition to the compensation for its services. Such expenses shall include the reasonable compensation, disbursements and expenses of the
Trustee’s attorneys, accountants, experts and such other professionals as the Trustee deems necessary, advisable or appropriate. 
  
 The Company and the Guarantors shall jointly and severally indemnify the Trustee and any predecessor Trustee (which for purposes of this Section 7.7 shall
include its officers, directors, employees, agents and shareholders), and hold it harmless against, any and all losses, 

  

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liabilities, claims, damages or expenses, including taxes (other than taxes based upon, measured by or determined by the income of the Trustee) and
reasonable attorneys’ fees and expenses, incurred by it arising out of or in connection with the acceptance or administration of its duties under this Indenture (including its duties under Section 9.6), including the costs and expenses of
enforcing this Indenture or any Guarantee against the Company or a Guarantor (including this Section 7.7) and defending itself against or investigating any claim (whether asserted by the Company, any Guarantor, any Holder or any other Person) or
liability in connection with the exercise or performance of any of its powers or duties hereunder, except to the extent any such loss, damage, claim, liability or expense may be attributable to its negligence, willful misconduct or bad faith. The
Trustee shall notify the Company promptly of any claim for which it may seek indemnity. Failure by the Trustee to so notify the Company shall not relieve the Company of its obligations hereunder. At the Trustee’s sole discretion, the Company
shall defend any claim or threatened claim asserted against the Trustee, with counsel reasonably satisfactory to the Trustee, and the Trustee shall cooperate in the defense at the Company’s expense. The Trustee may have separate counsel and the
Company shall pay the reasonable fees and expenses of such counsel. The Company need not pay for any settlement made without its consent, which consent shall not be unreasonably withheld. 
  
 The obligations of the Company and the Guarantors under this Section 7.7 shall survive the resignation or removal of the
Trustee, the satisfaction and discharge of this Indenture and the termination of this Indenture. 
  
 To secure the Company’s payment obligations in this Section 7.7, the Trustee shall have a Lien prior to the Notes on all money or property held or
collected by the Trustee, except that held in trust to pay principal, Redemption Price or Purchase Price of or Additional Interest, if any, or interest on, particular Notes. Such Lien shall survive the resignation or removal of the Trustee, the
satisfaction and discharge of this Indenture and the termination of this Indenture. 
  
 When the Trustee incurs expenses or renders services after an Event of Default specified in Section 6.1(f) or (g) occurs, the expenses and the compensation for the services (including the fees and expenses of its
agents and counsel) are intended to constitute expenses of administration under any Bankruptcy Law. 
  
 In no event shall the Trustee be liable for any indirect, special, punitive or consequential loss or damage of any kind whatsoever, including, but not
limited to, lost profits, even if the Trustee has been advised of the likelihood of such loss or damage and regardless of the form of action. 
  
 In no event shall the Trustee be liable for any failure or delay in the performance of its obligations hereunder because of circumstances beyond its
control, including, but not limited to, acts of God, flood, war (whether declared or undeclared), terrorism, fire, riot, embargo, government action, including any laws, ordinances, regulations, governmental action or the like which delay, restrict
or prohibit the providing of the services contemplated by this Agreement. 
  

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	 	Section 7.8.	Replacement of Trustee. 

  
 A resignation or removal of the Trustee and appointment of a successor Trustee shall become effective only upon the successor Trustee’s acceptance of
appointment as provided in this Section. 
  
 The Trustee may
resign in writing at any time and be discharged from the trust hereby created by so notifying the Company. The Holders of Notes of a majority in principal amount of the then outstanding Notes may remove the Trustee by so notifying the Trustee and
the Company in writing. The Company may remove the Trustee if: 
  
 (a) the Trustee fails to comply with Section 7.10; 
  
 (b) the Trustee is adjudged a bankrupt or an insolvent or an order for relief is entered with respect to the Trustee under any Bankruptcy
Law; 
  
 (c) a custodian, receiver or public
officer takes charge of the Trustee or its property for the purpose of rehabilitation, conversation or liquidation; or 
  
 (d) the Trustee becomes incapable of acting. 
  
 If the Trustee resigns or is removed or if a vacancy exists in the office of Trustee for any reason, the Company shall promptly appoint a successor
Trustee. Within one year after the date on which the successor Trustee takes office, the Holders of a majority in principal amount of the then outstanding Notes may appoint a successor Trustee to replace the successor Trustee appointed by the
Company. 
  
 If a successor Trustee does not take office within 30
days after the retiring trustee resigns or is removed, the retiring Trustee, the Company, or the Holders of Notes of at least 10% in principal amount of the then outstanding Notes may petition any court of competent jurisdiction, in the case of the
Trustee, at the expense of the Company, for the appointment of a successor Trustee. 
  
 If the Trustee, after written request by any Holder of a Note who has been a bona fide holder of a Note or Notes for at least six months, fails to comply with Section 7.10, such Holder of a Note may petition any court
of competent jurisdiction for the removal of the Trustee and the appointment of a successor Trustee. 
  
 A successor Trustee shall deliver a written acceptance of its appointment to the retiring Trustee and to the Company. Thereupon, the resignation or
removal of the retiring Trustee shall become effective, and the successor Trustee shall have all the rights, powers and duties of the Trustee under this Indenture. The Company shall mail a notice of its succession to each Holder of a Note. The
retiring Trustee shall promptly transfer all property held by it as Trustee to the successor Trustee; provided all sums owing to the Trustee hereunder have been paid and subject to the Lien provided for in Section 7.7. Notwithstanding
replacement of the Trustee 

  

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pursuant to this Section 7.8, the Company’s obligations under Section 7.7 shall continue for the benefit of the retiring Trustee. 
  

	 	Section 7.9.	Successor Trustee by Merger, Etc. 

  
 If the Trustee consolidates, merges or converts into, or transfers all or substantially all of its corporate trust business to, another corporation that
is eligible under Section 7.10, the successor corporation without any further act shall be the successor Trustee. 
  

	 	Section 7.10.	Eligibility; Disqualification. 

  
 There shall at all times be a Trustee hereunder that is a corporation organized and doing business under the laws of the United States of America or of
any state thereof (including the District of Columbia) that is authorized under such laws to exercise corporate trust power, that is subject to supervision or examination by federal or state authorities and that has (or, in the case of a corporation
included in a bank holding company system, the related bank holding company shall have) a combined capital and surplus of at least $50.0 million as set forth in its (or its related bank holding company’s) most recent published annual report of
condition. 
  
 This Indenture shall always have a Trustee who
satisfies the requirements of TIA §§ 310(a)(1), (2) and (5). The Trustee is subject to TIA § 310(b). 
  

	 	Section 7.11.	Preferential Collection of Claims Against Company. 

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

  

	 	Section 8.1.	Option to Effect Legal Defeasance or Covenant Defeasance. 

  
 The Company may, at the option of its Board of Directors evidenced by a Board Resolution set forth in an Officer’s Certificate, at any time, elect to
have either Section 8.2 or 8.3 applied to all outstanding Notes upon compliance with the conditions set forth below in this Article VIII. 
  

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	 	Section 8.2.	Legal Defeasance and Discharge. 

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

	 	Section 8.3.	Covenant Defeasance. 

  
 Upon the Company’s exercise under Section 8.1 of the option applicable to this Section 8.3, the Company shall, subject to the satisfaction of the
conditions set forth in Section 8.4, be released from its obligations under the covenants contained in Sections 3.9, 3.10, 4.5, 4.7 through 4.12, 4.13 (except to the extent that it applies to the Company’s existence), and 4.14 through 4.19,
both inclusive, and Section 5.1 with respect to the outstanding Notes on and after the date the conditions set forth below are satisfied (hereinafter, “Covenant Defeasance”), and the Notes shall thereafter be deemed not
“outstanding” for the purposes of any direction, waiver, consent or declaration or act of Holders (and the consequences of any thereof) in connection with such covenants, but shall continue to be deemed “outstanding” for all
other purposes hereunder (it being understood that such Notes shall not be deemed outstanding for accounting purposes, unless the Company has been advised by its independent public accountants that, under the accounting literature in effect at such
time, the Notes must continue to be treated as outstanding for accounting purposes). For this purpose, Covenant Defeasance means that, with respect to the 

  

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outstanding Notes, the Company may omit to comply with and shall have no liability in respect of any term, condition or limitation set forth in any such
covenant, whether directly or indirectly, by reason of any reference elsewhere herein to any such covenant or by reason of any reference in any such covenant to any other provision herein or in any other document, and such omission to comply shall
not constitute a Default or an Event of Default under Section 6.1, but, except as specified above, the remainder of this Indenture and such Notes shall be unaffected thereby. In addition, upon the Company’s exercise under Section 8.1 of the
option applicable to this Section 8.3, subject to the satisfaction of the conditions set forth in Section 8.4, Sections 6.1(c) through 6.1(e) and 6.1(h) shall not constitute Events of Default. 
  

	 	Section 8.4.	Conditions to Legal or Covenant Defeasance. 

  
 The following are the conditions precedent to the application of either Section 8.2 or 8.3 to the outstanding Notes: 
  
 In order to exercise either Legal Defeasance or Covenant Defeasance:

  
 (1) the Company must irrevocably deposit with
the Trustee, in trust, for the benefit of the Holders cash in U.S. dollars, non-callable U.S. Government Obligations, or a combination thereof, in such amounts as will be sufficient, in the written opinion of a nationally recognized firm of
independent public accountants (a copy of which shall be provided to the Trustee), to pay the principal of, premium, if any, and interest on the Notes on the stated date for payment thereof or on the applicable redemption date, as the case may be;

  
 (2) in the case of Legal Defeasance, the
Company shall have delivered to the Trustee an Opinion of Counsel in the United States reasonably acceptable to the Trustee confirming that: 
  
 (a) the Company has received from, or there has been published by, the Internal Revenue Service a ruling; or 
  
 (b) since the date of this Indenture, there has been a
change in the applicable federal income tax law, 
  
 in either
case to the effect that, and based thereon such Opinion of Counsel in the United States reasonably acceptable to the Trustee shall confirm that, the Holders will not recognize income, gain or loss for federal income tax purposes as a result of such
Legal Defeasance and will be subject to federal income tax on the same amounts, in the same manner and at the same times as would have been the case if such Legal Defeasance had not occurred; 
  
 (3) in the case of Covenant Defeasance, the Company shall
have delivered to the Trustee an Opinion of Counsel in the United States reasonably acceptable to the Trustee confirming that the Holders will not recognize income, gain or loss for federal income tax purposes as a result of such Covenant Defeasance
and will be subject to federal 

  

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income tax on the same amounts, in the same manner and at the same times as would have been the case if such Covenant Defeasance had not occurred;

  
 (4) no Default shall have occurred and be
continuing on the date of such deposit (other than a Default or Event of Default resulting from the borrowing of funds to be applied to such deposit and the grant of any Lien securing such borrowings); 
  
 (5) such Legal Defeasance or Covenant Defeasance shall not
result in a breach or violation of, or constitute a default under, this Indenture (other than a Default or an Event or Default resulting from the borrowing of funds to be applied to such deposit and the grant of any Lien securing such borrowings) or
any other material agreement or instrument to which the Company or any of its Subsidiaries is a party or by which the Company or any of its Subsidiaries is bound; 
  
 (6) the Company shall have delivered to the Trustee an Officer’s Certificate stating that the deposit
was not made by the Company with the intent of preferring the Holders over any other creditors of the Company or with the intent of defeating, hindering, delaying or defrauding any other creditors of the Company or others; 
  
 (7) the Company shall have delivered to the Trustee an
Officer’s Certificate and an Opinion of Counsel, each stating that all conditions precedent provided for or relating to the Legal Defeasance or the Covenant Defeasance have been complied with; 
  
 (8) the Company shall have delivered to the Trustee an
Opinion of Counsel to the effect that: 
  
 (a)
the trust funds will not be subject to any rights of holders of senior debt, including, without limitation, those arising under this Indenture; and 
  
 (b) assuming no intervening bankruptcy of the Company between the date of deposit and the 91st day following the date of deposit and that
no Holder is an insider of the Company, after the 91st day following the date of deposit, the trust funds will not be subject to the effect of any applicable bankruptcy, insolvency, reorganization or similar laws affecting creditors’ rights
generally; and 
  
 Notwithstanding the foregoing, the Opinion of
Counsel required by clauses (2)(a) and (3) above need not be delivered if all Notes not theretofore delivered to the Trustee for cancellation (1) have become due and payable, (2) will become due and payable on the maturity date within one year or
(3) are to be called for redemption within one year under arrangements satisfactory to the Trustee for the giving of notice of redemption by the Trustee in the name, and at the expense, of the Company. 
  

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	 	Section 8.5.	Deposited Money and U.S. Government Obligations to Be Held in Trust; Other Miscellaneous Provisions. 

  
 Subject to Section 8.6, all money and U.S. Government Obligations (including
the proceeds thereof) deposited with the Trustee (or other qualifying trustee, collectively for purposes of this Section 8.5 only, the “Trustee”) pursuant to Section 8.4 in respect of the outstanding Notes shall be held in trust and
applied by the Trustee, in accordance with the provisions of such Notes and this Indenture, to the payment, either directly or through any Paying Agent (other than the Company) as the Trustee may determine, to the Holders of such Notes of all sums
due and to become due thereon in respect of principal or Redemption Price of, and Additional Interest, if any, interest on, the Notes, that such money need not be segregated from other funds except to the extent required by law. 
  
 The Company shall pay and indemnify the Trustee against any tax, fee or other
charge imposed on or assessed against the cash or U.S. Government Obligations deposited pursuant to Section 8.4 or the principal and interest received in respect thereof other than any such tax, fee or other charge which by law is for the account of
the Holders of the outstanding Notes. 
  
 Anything in this Article
VIII to the contrary notwithstanding, the Trustee shall deliver or pay to the Company from time to time upon the request of the Company any money or U.S. Government Obligations held by it as provided in Section 8.4 which, in the opinion of a
nationally recognized firm of independent public accountants expressed in a written certification thereof delivered to the Trustee (which may be the opinion delivered under Section 8.4(a)), are in excess of the amount thereof that would then be
required to be deposited to effect an equivalent Legal Defeasance or Covenant Defeasance. 
  

	 	Section 8.6.	Repayment to the Company. 

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

	 	Section 8.7.	Reinstatement. 

  
 If the Trustee or Paying Agent is unable to apply any United States dollars or U.S. Government Obligations in accordance with Section 8.2 or 8.3, as the
case may be, by reason of any order of judgment of any court or governmental authority enjoining, restraining or otherwise 

  

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prohibiting such application, then the obligations of the Company and the Guarantors under this Indenture, and the Notes and the Guarantees shall be revived
and reinstated as though no deposit had occurred pursuant to Section 8.2 or 8.3 until such time as the Trustee or Paying Agent is permitted to apply all such money in accordance with Section 8.2 or 8.3, as the case may be; provided,
however, that if the Company makes any payment with respect to any Note following the reinstatement of its obligations, the Company shall be subrogated to the rights of the Holders of such Notes to receive such payment from the money held by
the Trustee or Paying Agent. 
  
 ARTICLE IX. 
  
 AMENDMENT, SUPPLEMENT AND WAIVER 
  

	 	Section 9.1.	Without Consent of Holders of Notes. 

  
 Notwithstanding Section 9.2, the Company, the Guarantors and the Trustee may amend or supplement this Indenture or the Notes without the consent of any
Holder of a Note: 
  
 (a) to cure any ambiguity,
defect or inconsistency; 
  
 (b) to provide for
uncertificated notes in addition to or in place of certificated Notes; 
  
 (c) to provide for the assumption of the Company’s obligations to the Holders of the Notes in the case of a merger or consolidation or sale of all or substantially all of the Company’s assets pursuant to
Article V; 
  
 (d) to comply with the
requirements of the Commission in order to effect or maintain the qualification of this Indenture under the TIA; 
  
 (e) to provide for or confirm the issuance of Additional Notes in accordance with the other provisions of this Indenture; 
  
 (f) to add Guarantees with respect to the Notes (including
Guarantees pursuant to Section 4.16 and Article X) or to secure the Notes; or 
  
 (g) to make any change that would provide any additional rights or benefits to the Holders of the Notes or that does not adversely affect the rights hereunder of any Holder of the Notes in any material respect.

  
 Upon the request of the Company, accompanied by a Board
Resolution (evidenced by an Officer’s Certificate) (a copy of which shall be provided to the Trustee) authorizing the execution of any such amended or supplemental indenture, and upon receipt by the Trustee of an Officer’s Certificate and
an Opinion of Counsel in compliance with Section 9.6, the Trustee shall join with the Company in the execution of any amended or supplemental indenture authorized or permitted by the terms of this Indenture and to make any further appropriate
agreements and stipulations that may be therein contained, but the Trustee shall not be obligated to enter into 

  

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such amended or supplemental Indenture that affects its own rights, duties or immunities under this Indenture or otherwise. 
  

	 	Section 9.2.	With Consent of Holders of Notes. 

  
 Except as provided below in this Section 9.2, the Company and the Trustee may amend or supplement this Indenture and the Notes may be amended or
supplemented with the consent of the Holders of at least a majority in principal amount of the Notes then outstanding (including, without limitation, consents obtained in connection with a tender offer or exchange offer for the Notes), and, subject
to Sections 6.2, 6.4 and 6.7, any existing Default or compliance with any provision of this Indenture or the Notes may be waived with the consent of the Holders of a majority in principal amount of the then outstanding Notes (including consents
obtained in connection with a tender offer or exchange offer for the Notes). 
  
 Without the consent of each Holder affected, an amendment or waiver may not: 
  
 (1) reduce the amount of Notes whose Holders must consent to an amendment; 
  
 (2) reduce the rate of or change or have the effect of changing the time for payment of interest, including
defaulted interest, on any Notes; 
  
 (3) reduce
the principal of or change or have the effect of changing the fixed maturity of any Notes, or change the date on which any Notes may be subject to redemption or repurchase, or reduce the redemption or repurchase price therefor; 
  
 (4) make any Notes payable in money other than that stated
in the Notes; 
  
 (5) make any change in
provisions of this Indenture protecting the right of each Holder to receive payment of principal of and interest on such Note on or after the due date thereof or to bring suit to enforce such payment, or permitting Holders of a majority in principal
amount of Notes to waive Defaults or Events of Default; 
  
 (6) after the Company’s obligation to purchase Notes arises under this Indenture, amend, change or modify in any material respect the obligation of the Company to make and consummate a Change of Control Offer in
the event of a Change of Control or make and consummate a Net Proceeds Offer with respect to any Asset Sale that has been consummated or modify any of the provisions or definitions with respect thereto; 
  
 (7) modify or change any provision of this Indenture or the
related definitions affecting the ranking of the Notes or any Guarantee in a manner that adversely affects the Holders; provided that ranking shall not be affected by the existence or lack thereof of a security interest or by priority with
respect to a security interest; or 
  

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 (8) release any Guarantor that is a Significant Subsidiary from any of its obligations
under its Guarantee or this Indenture otherwise than in accordance with the terms of this Indenture. 
  
 No amendment of, or supplement or waiver to this Indenture shall adversely affect the rights of any holders of Senior Debt or Guarantor Senior Debt under
the subordination provisions of this Indenture (including any defined terms as used therein) without the consent of each holder of Senior Debt or Guarantor Senior Debt affected thereby. 
  
 Upon the written request of the Company accompanied by a Board Resolution (evidenced by an Officer’s Certificate) (a
copy of which shall be provided to the Trustee) authorizing the execution of any such amended or supplemental indenture, and upon the filing with the Trustee of evidence satisfactory to the Trustee of the consent of the Holders of Notes as
aforesaid, and upon receipt by the Trustee of an Officer’s Certificate and an Opinion of Counsel in compliance with Section 9.6, the Trustee shall join with the Company in the execution of such amended or supplemental indenture unless such
amended or supplemental Indenture affects the Trustee’s own rights, duties or immunities under this Indenture or otherwise, in which case the Trustee may in its discretion, but shall not be obligated to, enter into such amended or supplemental
indenture. 
  
 It shall not be necessary for the consent of the
Holders of Notes under this Section 9.2 to approve the particular form of any proposed amendment or waiver, but it shall be sufficient if such consent approves the substance thereof. 
  
 After an amendment, supplement or waiver under this Section 9.2 becomes effective, the Company shall mail to the Holders of
Notes affected thereby a notice briefly describing the amendment, supplement or waiver. Any failure of the Company to mail such notice, or any defect therein, shall not, however, in any way impair or affect the validity of any such amended or
supplemental Indenture or waiver. 
  

	 	Section 9.3.	Compliance with Trust Indenture Act. 

  
 Every amendment or supplement to this Indenture or the Notes shall be set forth in an amended or supplemental indenture that complies with the TIA as then
in effect. 
  

	 	Section 9.4.	Revocation and Effect of Consents. 

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

  

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amendment, supplement or waiver becomes effective in accordance with its terms and thereafter binds every Holder. 
  
 The Company may, but shall not be obligated to, fix a record date for the
purpose of determining the Holders of Notes entitled to give their consent or take any other action described above or required or permitted to be taken pursuant to this Indenture. If a record date is fixed, then notwithstanding the immediately
preceding paragraph, those Persons who were Holders of Notes at such record date (or their duly designated proxies), and only those Persons, shall be entitled to give such consent or to revoke any consent previously given or to take any such action,
whether or not such Persons continue to be Holders after such record date, and no such consent shall be valid or effective for more than 120 days after such record date. 
  

	 	Section 9.5.	Notation on or Exchange of Notes. 

  
 The Trustee may place an appropriate notation about an amendment, supplement or waiver on any Note thereafter authenticated. The Company in exchange for
all Notes may issue and the Trustee shall authenticate new Notes that reflect the amendment, supplement or waiver. 
  
 Failure to make the appropriate notation or issue a new Note shall not affect the validity and effect of such amendment, supplement or waiver. 

 

	 	Section 9.6.	Trustee to Sign Amendment, Etc. 

  
 The Trustee shall sign any amended or supplemental indenture authorized pursuant to this Article IX if the amendment or supplement does not adversely
affect the rights, duties, liabilities or immunities of the Trustee. The Company may not sign an amended or supplemental indenture until the Board of Directors approves such amended or supplemental indenture. In executing any amended or supplemental
indenture, the Trustee shall be entitled to receive the documents required by Sections 13.4 and 13.5, and, subject to Section 7.1, shall be fully protected in relying upon such documents. 
  
 ARTICLE X. 
  
 SUBORDINATION 
  

	 	Section 10.1.	Notes Subordinated to Senior Debt. 

  
 The payment of all Obligations on or relating to the Notes (including any obligation to repurchase the Notes) will be, to the extent and in the manner
provided in this Indenture, subordinated in right of payment to the prior payment in full in cash of all Obligations under the Credit Agreement and all other Senior Debt of the Company (including all Obligations with 

  

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respect to the Credit Agreement). Notwithstanding the foregoing, payments and distributions made relating to the Notes pursuant to the trust established
pursuant to Article VIII shall not be so subordinated in right of payment so long as the payments into the trust were made in accordance with the requirements established pursuant to Article VIII and did not violate the subordination provisions when
they were made. 
  

	 	Section 10.2.	Suspension of Payment When Senior Debt Is in Default. 

  
 (a) The Company may not make any payment or distribution of any kind or character with respect to any Obligations on, or relating to, the Notes (other
than a payment in the form of Permitted Junior Securities or from the trust described under Article VIII) or acquire any Notes for cash or property or otherwise if: 
  
 (1) a Payment Default on any Designated Senior Debt occurs; or 
  
 (2) any other default on Designated Senior Debt occurs and
is continuing that permits holders of that series of Designated Senior Debt to accelerate its maturity and the Trustee receives a notice of such default (a “Payment Blockage Notice”) from (x) with respect to Designated Senior Debt
arising under the Credit Agreement, the Agent for the lenders thereunder or (y) with respect to any other Designated Senior Debt, the holders of such Designated Senior Debt (a “non-payment default”). 
  
 (b) Payments on and distributions with respect to any Obligations on, or with
respect to, the Notes may and shall be resumed: 
  
 (1) in the case of a Payment Default, upon the date on which such Payment Default is cured or waived in writing or otherwise ceases to exist; and 
  
 (2) in case of a non-payment default, the earliest of (x) the date on which all non-payment defaults are cured or waived in writing or
otherwise cease to exist (so long as no other Payment Default has occurred and is continuing), (y) 179 days after the date on which the applicable Payment Blockage Notice is received or (z) the date on which a Responsible Officer of the Trustee
receives notice from the Representative for such Designated Senior Debt rescinding the Payment Blockage Notice, unless the maturity of any Designated Senior Debt has been accelerated. 
  
 (c) No new Payment Blockage Notice may be delivered unless and until both (1) 360 days have elapsed since the effectiveness
of the immediately prior Payment Blockage Notice and (2) all scheduled payments of principal, premium and interest on the Notes that have come due have been paid in full in cash. 
  
 (d) No non-payment default that existed or was continuing on the date of delivery of any Payment Blockage Notice to the
Trustee (to the extent the holder of Designated Senior Debt, or any trustee or agent therefor, giving such Payment Blockage Notice, had knowledge of such default at the time such Payment Blockage Notice was delivered) shall be, or be made, the basis
for a subsequent Payment Blockage Notice unless such default shall have been 

  

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cured or waived for a period of not less than 90 consecutive days (it being acknowledged that any subsequent action, or any breach of any financial covenants
for a period commencing after the date of delivery of such initial Payment Blockage Notice that in either case would give rise to a default pursuant to any provisions under which a default previously existed or was continuing shall constitute a new
default for this purpose). 
  
 (e) When the payment blockages
described above are no longer in effect, the Company must resume making any and all required payments on the Notes, including any missed payments. If the Company fails to make any payment on the Notes when due or within any applicable grace period,
whether or not on account of the payment blockage provisions, such failure will constitute a Default under this Indenture, and will enable the Holders to accelerate the maturity thereof as described in Section 6.1. 
  

	 	Section 10.3.	Notes Subordinated to Prior Payment of All Senior Debt on Dissolution, Liquidation or Reorganization of the Company. 

  
 (a) Upon any payment or distribution of assets of the Company of any kind or
character, whether in cash, assets or securities, to creditors upon any total or partial liquidation, dissolution, winding-up, reorganization, assignment for the benefit of creditors or marshaling of assets and liabilities of the Company or in a
bankruptcy, reorganization, insolvency, receivership or other similar proceeding relating to the Company or its assets, whether voluntary or involuntary, all Obligations due or to become due upon all Senior Debt shall first be paid in full in cash,
or such payment duly provided for to the satisfaction of the holders of Senior Debt, before any payment or distribution of any kind or character is made on account of any Obligations on or relating to the Notes, or for the acquisition of any of the
Notes for cash or assets or otherwise. Upon any such dissolution, winding-up, liquidation, reorganization, receivership or similar proceeding, any payment or distribution of assets of the Company of any kind or character, whether in cash, assets or
securities, to which the Holders or the Trustee under this Indenture would be entitled, except for the provisions hereof, shall be paid by the Company or by any receiver, trustee in bankruptcy, liquidating trustee, agent or other Person making such
payment or distribution, or by the Holders or by the Trustee under this Indenture if received by them, directly to the holders of Senior Debt (pro rata to such holders on the basis of the respective amounts of Senior Debt held by such
holders) or their respective Representatives, or to the trustee or trustees under any indenture pursuant to which any of such Senior Debt may have been issued, as their respective interests may appear, for application to the payment of Senior Debt
remaining unpaid until all such Senior Debt has been paid in full in cash after giving effect to any concurrent payment, distribution or provision therefor to or for the holders of Senior Debt. 
  
 (b) To the extent any payment of Senior Debt (whether by or on behalf of the
Company, as proceeds of security or enforcement of any right of setoff or otherwise) is declared to be fraudulent or preferential, set aside or required to be paid to any receiver, trustee in bankruptcy, liquidating trustee, agent or other similar
Person under any bankruptcy, insolvency, receivership, fraudulent conveyance or similar law, then, if such payment is recovered by, or paid over to, such receiver, trustee in bankruptcy, liquidating trustee, agent or other similar Person, 

  

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the Senior Debt or part thereof originally intended to be satisfied shall be deemed to be reinstated and outstanding as if such payment had not occurred.

  
 It is further agreed that any diminution (whether pursuant to
court decree or otherwise, including without limitation for any of the reasons described in the preceding sentence) of the Company’s obligation to make any distribution or payment pursuant to any Senior Debt, except to the extent such
diminution occurs by reason of the repayment (which has not been disgorged or returned) of such Senior Debt in cash, shall have no force or effect for purposes of the subordination provisions contained in this Article X, with any turnover of
payments as otherwise calculated pursuant to this Article X to be made as if no such diminution had occurred. 
  
 (c) In the event that, notwithstanding the foregoing, any payment or distribution of assets of the Company of any kind or character, whether in cash,
assets or securities, shall be received by any Holder when such payment or distribution is prohibited by this Section 10.3, such payment or distribution shall be held in trust for the benefit of, and shall be paid over or delivered to, the holders
of Senior Debt (pro rata to such holders on the basis of the respective amount of Senior Debt held by such holders) or their respective Representatives, or to the trustee or trustees under any indenture pursuant to which any of such
Senior Debt may have been issued, as their respective interests may appear, for application to the payment of Senior Debt remaining unpaid until all such Senior Debt has been paid in full in cash, after giving effect to any concurrent payment,
distribution or provision therefor to or for the holders of such Senior Debt. 
  
 (d) The consolidation of the Company with, or the merger of the Company with or into, another corporation, partnership, trust or limited liability company or the liquidation or dissolution of the Company following the
conveyance or transfer of all or substantially all of its assets, to another corporation, partnership, trust or limited liability company upon the terms and conditions provided in Article V hereof and as long as permitted under the terms of the
Senior Debt shall not be deemed a dissolution, winding-up, liquidation or reorganization for the purposes of this Section 10.3 if such other corporation shall, as a part of such consolidation, merger, conveyance or transfer, assume the
Company’s obligations hereunder in accordance with Article V hereof. 
  

	 	Section 10.4.	Payments May Be Made Prior to Dissolution. 

  
 Nothing contained in this Article X or elsewhere in this Indenture shall prevent (i) the Company, except under the conditions described in Sections 10.2
and 10.3, from making payments at any time for the purpose of making payments of principal of and interest on the Notes, or from depositing with the Trustee any moneys for such payments, or (ii) in the absence of actual knowledge by the Trustee that
a given payment would be prohibited by Section 10.2 or 10.3, the application by the Trustee of any moneys deposited with it for the purpose of making such payments of principal of, and interest on, the Notes to the Holders entitled thereto unless at
least two Business Days prior to the date upon which such payment would otherwise become due and payable, a Responsible Officer of the Trustee shall have actually received the written notice provided for in Section 10.2(b) or (c) or in Section 10.7
(provided that, notwithstanding the foregoing, the Holders receiving any payments made in contravention of Section 10.2 and/or 10.3 

  

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(and the respective such payments) shall otherwise be subject to the provisions of Section 10.2 and Section 10.3). The Company shall give prompt written
notice to the Trustee of any dissolution, winding-up, liquidation or reorganization of the Company, although any delay or failure to give any such notice shall have no effect on the subordination provisions contained herein. 
  

	 	Section 10.5.	Holders To Be Subrogated to Rights of Holders of Senior Debt. 

  
 Subject to the payment in full in cash of all Senior Debt, the Holders of the Notes shall be subrogated to the rights of the holders of Senior Debt to
receive payments or distributions of cash, assets or securities of the Company applicable to the Senior Debt until the Notes shall be paid in full; and, for the purposes of such subrogation, no such payments or distributions to the holders of the
Senior Debt by or on behalf of the Company, or by or on behalf of the Holders by virtue of this Article X, which otherwise would have been made to the Holders shall, as between the Company and the Holders, be deemed to be a payment by the Company to
or on account of the Senior Debt, it being understood that the provisions of this Article X are and are intended solely for the purpose of defining the relative rights of the Holders, on the one hand, and the holders of Senior Debt, on the other
hand. 
  

	 	Section 10.6.	Obligations of the Company Unconditional. 

  
 Nothing contained in this Article X or elsewhere in this Indenture or in the Notes is intended to or shall impair, as among the Company, its creditors
other than the holders of Senior Debt, and the Holders, the obligation of the Company, which is absolute and unconditional, to pay to the Holders the principal of and any interest on the Notes as and when the same shall become due and payable in
accordance with their terms, or is intended to or shall affect the relative rights of the Holders and creditors of the Company other than the holders of the Senior Debt, nor shall anything herein or therein prevent the Holder of any Note or the
Trustee on its behalf from exercising all remedies otherwise permitted by applicable law upon default under this Indenture, subject to the rights, if any, in respect of cash, assets or securities of the Company received upon the exercise of any such
remedy. 
  

	 	Section 10.7.	Notice to Trustee. 

  
 The Company shall give prompt written notice to a Responsible Officer of the Trustee of any fact known to the Company which would prohibit the making of
any payment to or by the Trustee in respect of the Notes pursuant to the provisions of this Article X, although any delay or failure to give any such notice shall have no effect on the subordination provisions contained herein. Regardless of
anything to the contrary contained in this Article X or elsewhere in this Indenture, the Trustee shall not be charged with knowledge of the existence of any default or event of default with respect to any Senior Debt or of any other facts which
would prohibit the making of any payment to or by the Trustee unless and until a Responsible Officer of the Trustee shall have received notice in writing from the Company, or from a holder of Senior Debt or a 

  

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Representative therefor and, prior to the receipt of any such written notice, the Trustee shall be entitled to assume (in the absence of actual knowledge to
the contrary) that no such facts exist. The Trustee shall be entitled to conclusively rely on the delivery to it of any notice pursuant to this Section 10.7 to establish that such notice has been given by a holder of Senior Debt (or a trustee
thereof). 
  
 In the event that the Trustee determines in good
faith that any evidence is required with respect to the right of any Person as a holder of Senior Debt to participate in any payment or distribution pursuant to this Article X, the Trustee may request such Person to furnish evidence to the
satisfaction of the Trustee as to the amounts of Senior Debt held by such Person, the extent to which such Person is entitled to participate in such payment or distribution and any other facts pertinent to the rights of such Person under this
Article X, and if such evidence is not furnished the Trustee may defer any payment to such Person pending judicial determination as to the right of such Person to receive such payment. 
  

	 	Section 10.8.	Reliance on Judicial Order or Certificate of Liquidating Agent. 

  
 Upon any payment or distribution of assets of the Company referred to in this Article X, the Trustee, subject to the provisions of Article VII, and the
Holders of the Notes shall be entitled to conclusively rely upon any order or decree made by any court of competent jurisdiction in which any insolvency, bankruptcy, receivership, dissolution, winding-up, liquidation, reorganization or similar case
or proceeding is pending, or upon a certificate of the receiver, trustee in bankruptcy, liquidating trustee, assignee for the benefit of creditors, agent or other person making such payment or distribution, delivered to the Trustee or the Holders,
for the purpose of ascertaining the persons entitled to participate in such payment or distribution, the holders of the Senior Debt and other Indebtedness of the Company, the amount thereof or payable thereon, the amount or amounts paid or
distributed thereon and all other facts pertinent thereto or to this Article X. 
  

	 	Section 10.9.	Trustee’s Relation to Senior Debt. 

  
 (a) The Trustee and any agent of the Company or the Trustee shall be entitled to all the rights set forth in this Article X with respect to any Senior
Debt which may at any time be held by it in its individual or any other capacity to the same extent as any other holder of Senior Debt and nothing in this Indenture shall deprive the Trustee or any such agent of any of its rights as such holder.

  
 (b) With respect to the holders of Senior Debt, the Trustee
undertakes to perform or to observe only such of its covenants and obligations as are specifically set forth in this Article X, and no implied covenants or obligations with respect to the holders of Senior Debt shall be read into this Indenture
against the Trustee. The Trustee shall not be deemed to owe any fiduciary duty to the holders of Senior Debt. 
  

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 Whenever a distribution is to be made or a notice given to holders or owners of Senior Debt, the
distribution may be made and the notice may be given to their Representative, if any. 
  

	 	Section 10.10.	Subordination Rights Not Impaired by Acts or Omissions of the Company or Holders of Senior Debt. 

  
 No right of any present or future holders of any Senior Debt to enforce subordination as provided herein shall at any time
in any way be prejudiced or impaired by any act or failure to act on the part of the Company or by any act or failure to act, in good faith, by any such holder, or by any noncompliance by the Company with the terms of this Indenture, regardless of
any knowledge thereof which any such holder may have or otherwise be charged with. 
  
 Without in any way limiting the generality of the foregoing paragraph, the holders of Senior Debt may, at any time and from time to time, without the consent of or notice to the Trustee, without incurring
responsibility to the Trustee or the Holders and without impairing or releasing the subordination provided in this Article X or the obligations hereunder of the Holders to the holders of the Senior Debt, do any one or more of the following: (i)
change the manner, place or terms of payment or extend the time of payment of, or renew or alter, Senior Debt, or otherwise amend or supplement in any manner Senior Debt, or any instrument evidencing the same or any agreement under which Senior Debt
is outstanding; (ii) sell, exchange, release or otherwise deal with any property pledged, mortgaged or otherwise securing Senior Debt; (iii) release any Person liable in any manner for the payment or collection of Senior Debt; and (iv) exercise or
refrain from exercising any rights against the Company and any other Person. 
  

	 	Section 10.11.	Noteholders Authorize Trustee To Effectuate Subordination of Notes. 

  
 Each Holder by its acceptance of them authorizes and expressly directs the Trustee on its behalf to take such action as may be necessary or appropriate to
effectuate, as between the holders of Senior Debt and the Holders, the subordination provided in this Article X, and appoints the Trustee its attorney-in-fact for such purposes, including, in the event of any dissolution, winding-up, liquidation or
reorganization of the Company (whether in bankruptcy, insolvency, receivership, reorganization or similar proceedings or upon an assignment for the benefit of credits or otherwise) tending towards liquidation of the business and assets of the
Company, the filing of a claim for the unpaid balance of its Notes and accrued interest in the form required in those proceedings. 
  
 If the Trustee does not file a proper claim or proof of debt in the form required in such proceeding prior to 30 days before the expiration of the time to
file such claim or claims, then the holders of the Senior Debt or their Representative are or is hereby authorized to have the right to file and are or is hereby authorized to file an appropriate claim for and on behalf of the Holders of said Notes.
Nothing herein contained shall be deemed to authorize the Trustee or the holders of Senior Debt or their Representative to authorize or consent to or accept or adopt on 

  

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behalf of any Holder any plan of reorganization, arrangement, adjustment or composition affecting the Notes or the rights of any Holder thereof, or to
authorize the Trustee or the holders of Senior Debt or their Representative to vote in respect of the claim of any Holder in any such proceeding. 
  

	 	Section 10.12.	This Article X Not To Prevent Events of Default. 

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

	 	Section 10.13.	Trustee’s Compensation Not Prejudiced. 

  
 Nothing in this Article X will apply to amounts due to the Trustee (other than payments of Obligation owing to Holders in respect of Notes) pursuant to
other sections of this Indenture. 
  
 ARTICLE XI. 
  
 GUARANTEE 
  

	 	Section 11.1.	Unconditional Guarantee. 

  
 Each Guarantor hereby unconditionally guarantees (such guarantee to be referred to herein as a “Guarantee”), on a senior unsecured basis
jointly and severally, to each Holder of a Note authenticated and delivered by the Trustee and to the Trustee and its successors and assigns, the Notes or the obligations of the Company hereunder or thereunder, that: (i) the principal of and
interest on the Notes will be promptly paid in full when due, subject to any applicable grace period, whether at maturity, by acceleration or otherwise and interest on the overdue principal, if any, and interest on any interest, to the extent
lawful, of the Notes and all other obligations of the Company to the Holders or the Trustee hereunder or thereunder will be promptly paid in full or performed, all in accordance with the terms hereof and thereof; and (ii) in case of any extension of
time of payment or renewal of any Notes or of any such other obligations, the same will be promptly paid in full when due or performed in accordance with the terms of the extension or renewal, subject to any applicable grace period, whether at
stated maturity, by acceleration or otherwise, subject, however, in the case of clauses (i) and (ii) above, to the limitations set forth in Section 11.4. Each Guarantor hereby agrees that (to the extent permitted by law) its obligations hereunder
shall be unconditional, irrespective of the validity, regularity or enforceability of the Notes or this Indenture, the absence of any action to enforce the same, any waiver or consent by any Holder of the Notes with respect to any provisions hereof
or thereof, the recovery of any judgment against the Company, and action to enforce the same or any other circumstance which might otherwise constitute a legal or equitable discharge or defense of a guarantor. Each Guarantor hereby waives (to the
extent permitted by law) diligence, 

  

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presentment, demand of payment, filing of claims with a court in the event of insolvency or bankruptcy of the Company, any right to require a proceeding
first against the Company, protest, notice and all demands whatsoever and covenants that this Guarantee will not be discharged except by complete performance of the obligations contained in the Notes, this Indenture and in this Guarantee. If any
Holder or the Trustee is required by any court or otherwise to return to the Company, any Guarantor, or any custodian, trustee, liquidator or other similar official acting in relation to the Company or any Guarantor, any amount paid by the Company
or any Guarantor to the Trustee or such Holder, this Guarantee, to the extent theretofore discharged, shall be reinstated in full force and effect. Each Guarantor further agrees that, as between each Guarantor, on the one hand, and the Holders and
the Trustee, on the other hand, (x) the maturity of the obligations guaranteed hereby may be accelerated as provided in Article VI for the purposes of this Guarantee, notwithstanding any stay, injunction or other prohibition preventing such
acceleration in respect of the obligations guaranteed hereby, and (y) in the event of any acceleration of such obligations as provided in Article VI, such obligations (whether or not due and payable) shall forthwith become due and payable by each
Guarantor for the purpose of this Guarantee. 
  

	 	Section 11.2.	Subordination of Note Guarantee. 

  
 The obligations of each Guarantor under its Note Guarantee pursuant to this Article XI shall be junior and subordinated to the prior payment in full of
the Guarantor Senior Debt of such Guarantor in cash or cash equivalents on the same basis as the Notes are junior and subordinated to Senior Debt of the Company. For the purposes of the foregoing sentence, the Trustee and the Holders shall have the
right to receive and/or retain payments by any of the Guarantors only at such times as they may receive and/or retain payments in respect of the Notes pursuant to this Indenture, including Article X. 
  

	 	Section 11.3.	Severability. 

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

	 	Section 11.4.	Limitation of Guarantor’s Liability. 

  
 Each Guarantor and by its acceptance hereof each Holder hereby confirms that it is the intention of all such parties that the guarantee by such Guarantor
pursuant to its Guarantee not constitute a fraudulent transfer or conveyance for purposes of any Bankruptcy Law, the Uniform Fraudulent Conveyance Act, the Uniform Fraudulent Transfer Act or any similar Federal or state law. To effectuate the
foregoing intention, the Holders and such Guarantor hereby irrevocably agree that the obligations of such Guarantor under its Guarantee shall be limited to the maximum amount as will, after giving effect to all other contingent and fixed liabilities
(including all of its obligations under or with respect to the Credit Agreement and all Interest Swap Obligations and obligations under Currency Agreements) of such Guarantor and after giving effect to any collections from or payments made by or on
behalf of any other Guarantor in respect of 

  

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the obligations of such other Guarantor under its Guarantee or pursuant to Section 11.5, result in the obligations of such Guarantor under the Guarantee not
constituting such fraudulent transfer or conveyance. 
  

	 	Section 11.5.	Release of Guarantor. 

  
 (a) The Guarantee of a Guarantor will be automatically and unconditionally released without any action on the part of the Trustee or the Holders of the
Notes: (1) in connection with any sale or other disposition of all or substantially all of the assets of that Guarantor (including, without limitation, by way of merger or consolidation), if the Company applies the Net Cash Proceeds of that sale or
other disposition in accordance with the applicable provisions of this Indenture; (2) in connection with any sale of all of the Capital Stock of that Guarantor, if the Company applies the Net Cash Proceeds of that sale in accordance with the
applicable provisions of this Indenture; (3) if the Company designates that Guarantor as an Unrestricted Subsidiary in accordance with the applicable provisions of this Indenture; (4) upon merger or consolidation of such Guarantor with and into the
Company or another Guarantor that is the surviving Person in such merger or consolidation; or (5) upon the payment in full of the Notes. 
  
 In addition, concurrently with any Legal Defeasance or Covenant Defeasance, the Guarantors shall be released from all of their Obligations under their
respective applicable Guarantees. 
  
 (b) The Trustee shall
deliver an appropriate instrument evidencing such release upon receipt of a request by the Company accompanied by an Officer’s Certificate and Opinion of Counsel certifying as to the compliance with this Section 11.5. 
  

	 	Section 11.6.	Contribution. 

  
 Each Guarantor that makes a payment or distribution under any Guarantee shall have the right to seek contribution from the Company or any non-paying
Guarantor that has also Guaranteed the Notes in respect of which such payment or distribution is made, so long as the exercise of such right does not impair the rights of the Holders under this Guarantee. 
  

	 	Section 11.7.	Waiver of Subrogation. 

  
 Until all Obligations are paid in full, each Guarantor hereby irrevocably waives any claims or other rights which it may now or hereafter acquire against
the Company that arise from the existence, payment, performance or enforcement of such Guarantor’s obligations under its Guarantee and this Indenture, including, without limitation, any right of subrogation, reimbursement, exoneration,
indemnification, and any right to participate in any claim or remedy of any Holder against the Company, whether or not such claim, remedy or right arises in equity, or under contract, statute or common law, including, without limitation, the right
to take or receive 

  

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from the Company, directly or indirectly, in cash or other property or by set-off or in any other manner, payment or security on account of such claim or
other rights. If any amount shall be paid to any Guarantor in violation of the preceding sentence and the Notes shall not have been paid in full, such amount shall have been deemed to have been paid to such Guarantor for the benefit of, and held in
trust for the benefit of, the Holders, and shall, forthwith be paid to the Trustee for the benefit of such Holders to be credited and applied upon the Notes, whether matured or unmatured, in accordance with the terms of this Indenture. Each
Guarantor acknowledges that it will receive direct and indirect benefits from the financing arrangements contemplated by this Indenture and that the waiver set forth in this Section 11.7 is knowingly made in contemplation of such benefits.

  

	 	Section 11.8.	Notation Not Required. 

  
 Neither the Company nor any Guarantor shall be required to make a notation on the Notes to reflect any Guarantee or any release, termination or discharge
thereof. 
  
 The Company shall cause each Restricted Subsidiary
that is required to become a Guarantor pursuant to Section 4.16 to execute and deliver to the Trustee a supplemental indenture substantially in the form set forth in Exhibit C evidencing its Guarantee on the terms and subject to the
conditions set forth in this Article XI. Concurrently therewith, the Company shall deliver to the Trustee an Opinion of Counsel to the effect that such supplemental indenture has been duly authorized, executed and delivered by such Restricted
Subsidiary and that, subject to the applicable bankruptcy, insolvency, fraudulent transfer, fraudulent conveyance, reorganization, moratorium and other laws now or hereafter in effect affecting creditors’ rights or remedies generally and
general principles of equity, whether considered in a proceeding at law or at equity, such supplemental indenture is a valid and binding agreement of such Restricted Subsidiary, enforceable against such Restricted Subsidiary in accordance with its
terms. 
  

	 	Section 11.9.	Waiver of Stay, Extension or Usury Laws. 

  
 Each Guarantor covenants (to the extent that it may lawfully do so) that it will not at any time insist upon, plead, or in any manner whatsoever claim or
take the benefit or advantage of, any stay or extension law or any usury law or other law that would prohibit or forgive each such Guarantor from performing its Guarantee as contemplated herein, wherever enacted, now or at any time hereafter in
force, or which may affect the covenants or the performance of this Indenture; and (to the extent that it may lawfully do so) each such Guarantor hereby expressly waives all benefit or advantage of any such law, and covenants that it will not
hinder, delay or impede the execution of any power herein granted to the Trustee, but will suffer and permit the execution of every such power as though no such law had been enacted. 
  

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 ARTICLE XII. 
  
 SATISFACTION AND DISCHARGE 
  

	 	Section 12.1.	Satisfaction and Discharge. 

  
 This Indenture will be discharged and will cease to be of further effect (except as set forth below) and the Trustee, at the expense of the Company, shall
execute proper instruments acknowledging satisfaction and discharge of this Indenture when: 
  
 (1) either: 
  
 (a) all the Notes theretofore authenticated and delivered (except lost, stolen or destroyed Notes which have been replaced or paid as
provided in Section 2.7 and Notes for whose payment money has theretofore been deposited in trust or segregated and held in trust by the Company and thereafter repaid to the Company or discharged from such trust) have been delivered to the Trustee
for cancellation, or 
  
 (b) all Notes not
theretofore delivered to the Trustee for cancellation have become due and payable and the Company has irrevocably deposited or caused to be deposited with the Trustee funds in an amount sufficient to pay and discharge the entire Indebtedness on the
Notes not theretofore delivered to the Trustee for cancellation, for principal of, premium, if any, and interest on the Notes to the date of deposit together with irrevocable instructions from the Company directing the Trustee to apply such funds to
the payment thereof at maturity or redemption, as the case may be; 
  
 (2) the Company has paid all other sums payable by the Company under this Indenture; and 
  
 (3) the Company has delivered to the Trustee an Officer’s Certificate and an Opinion of Counsel stating that all conditions precedent
under this Indenture relating to the satisfaction and discharge of this Indenture have been complied with. 
  
 Notwithstanding the satisfaction and discharge of this Indenture, the Company’s obligations in Sections 2.3, 2.4, 2.6, 2.7, 2.11, 7.7, 7.8, 13.2,
13.3 and 13.4 and the Trustee’s and Paying Agent’s obligations in Section 12.2 shall survive until the Notes are no longer outstanding. Thereafter, only the Company’s obligations in Section 7.7 shall survive. 
  

	 	Section 12.2.	Application of Trust. 

  
 All money deposited with the Trustee pursuant to Section 12.1 shall be held in trust and, at the written direction of the Company, be invested prior to
maturity in U.S. 

  

 -97- 

 
Government Obligations, and applied by the Trustee in accordance with the provisions of the Notes and this Indenture, to the payment, either directly or
through any Paying Agent as the Trustee may determine, to the Persons entitled thereto, of the principal (and premium, if any) and interest for the payment of which money has been deposited with the Trustee; but such money need not be segregated
from other funds except to the extent required by law. 
  
 ARTICLE
XIII. 
  
 MISCELLANEOUS 
  

	 	Section 13.1.	Trust Indenture Act Controls. 

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

	 	Section 13.2.	Notices. 

  
 Any notice or communication by the Company or the Trustee to others is duly given if in writing and delivered in Person or mailed by first class mail
(postage prepaid), telecopier or overnight air courier guaranteeing next day delivery, to the others’ address: 
  
 If to the Company: 
  
 The Newark Group, Inc. 
 20 Jackson Drive

 Cranford, NJ 07016 
 Attention:
Chief Financial Officer 
 Fax: (908) 276-2888 
  
 With a copy to: 
  
 Lowenstein Sandler PC 
 65 Livingston Avenue

 Roseland, NJ 07068 
 Attention:
Benedict M. Kohl 
 Fax: (973) 597-2400 
  

 -98- 

 If to the Trustee: 
  
 The Bank of New York 
 101 Barclay Street 
 Floor 8 West 
 New York, New York, 10286 
 Attention: Corporate Trust Administration 
 Fax: (212) 815-5704 
  
 The Company or the Trustee, by notice to the others may designate additional or different addresses for subsequent notices or communications. 

 
 All notices and communications (other than those sent to Holders) shall be
deemed to have been duly given: at the time delivered by hand, if personally delivered; five Business Days after being deposited in the mail, postage prepaid, if mailed; when receipt acknowledged, if telecopied; and the next Business Day after
timely delivery to the courier, if sent by overnight air courier guaranteeing next day delivery. 
  
 Any notice or communication to a Holder shall be mailed by first class mail (postage prepaid), or by overnight air courier guaranteeing next day delivery
to its address shown on the register kept by the Registrar. Any notice or communication shall also be so mailed to any Person described in TIA § 313(c), to the extent required by the TIA. Failure to mail a notice or communication to a Holder or
any defect in it shall not affect its sufficiency with respect to other Holders. 
  
 If a notice or communication is mailed in the manner provided above within the time prescribed, it is duly given, whether or not the address receives it. 
  
 If the Company mails a notice or communication to Holders, it shall mail a copy to the Trustee and each Agent at the same
time. 
  

	 	Section 13.3.	Communication by Holders of Notes with Other Holders of Notes. 

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

	 	Section 13.4.	Certificate and Opinion as to Conditions Precedent. 

  
 Upon any request or application by the Company and/or any Guarantor to the Trustee to take any action under this Indenture, the Company and/or any
Guarantor shall furnish to the Trustee: 
  
 (a)
an Officer’s Certificate to the effect that, in the opinion of the signers, all conditions precedent and covenants, if any, provided for in this Indenture relating to the proposed action have been satisfied; and 
  

 -99- 

 (b) an Opinion of Counsel to the effect that, in the opinion of such counsel, all such
conditions precedent and covenants have been satisfied. 
  

	 	Section 13.5.	Statements Required in Certificate or Opinion. 

  
 Each certificate or opinion with respect to compliance with a condition or covenant provided for in this Indenture (other than a certificate provided
pursuant to TIA § 314(a)(4)) shall comply with the provisions of TIA § 314(e) and shall include: 
  
 (a) a statement that the Person making such certificate or opinion has read such covenant or condition; 
  
 (b) a brief statement as to the nature and scope of the
examination or investigation upon which the statements or opinions contained in such certificate or opinion are based; 
  
 (c) a statement that, in the opinion of such Person, he or she has made such examination or investigation as is necessary to enable him to
express an informed opinion as to whether or not such covenant or condition has been satisfied; and 
  
 (d) a statement as to whether or not, in the opinion of such Person, such condition or covenant has been satisfied. 
  

	 	Section 13.6.	Rules by Trustee and Agents. 

  
 The Trustee may make reasonable rules for action by or at a meeting of Holders. The Registrar or Paying Agent may make reasonable rules and set reasonable
requirements for its functions. 
  

	 	Section 13.7.	No Personal Liability of Directors, Officers, Employees and Stockholders. 

  
 No past, present or future director, officer, employee, incorporator, agent or stockholder or Affiliate of the Company, as
such, shall have any liability for any obligations of the Company under the Notes, this Indenture or for any claim based on, in respect of, or by reason of, such obligations or their creation. No past, present or future director, officer, employee,
incorporator, agent or stockholder or Affiliate of any of the Guarantors, as such, shall have any liability for any obligations of the Guarantors under the Guarantees, this Indenture or for any 

  

 -100- 

 
claim based on, in respect of, or by reason of, such obligations or their creation. Each Holder of Notes and Guarantees by accepting a Note and a Guarantee
waives and releases all such liabilities. The waiver and release are part of the consideration for issuance of the Notes and the Guarantees. Such waiver may not be effective to waive liabilities under the federal securities law and it is the view of
the Commission that such a waiver is against public policy. 
  

	 	Section 13.8.	Governing Law; Submission to Jurisdiction; Waiver of Jury Trial. 

  
 THIS INDENTURE, THE GUARANTEES AND THE NOTES SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, BUT WITHOUT GIVING
EFFECT TO APPLICABLE PRINCIPLES OF CONFLICTS OF LAW TO THE EXTENT THAT SUCH PRINCIPLES ARE NOT MANDATORILY APPLICABLE BY STATUTE AND THE APPLICATION OF THE LAW OF ANOTHER JURISDICTION WOULD BE REQUIRED THEREBY. THE COMPANY AND EACH GUARANTOR HEREBY
IRREVOCABLY SUBMITS TO THE JURISDICTION OF ANY NEW YORK STATE COURT SITTING IN THE BOROUGH OF MANHATTAN IN THE CITY OF NEW YORK OR ANY FEDERAL COURT SITTING IN THE BOROUGH OF MANHATTAN IN THE CITY OF NEW YORK IN RESPECT OF ANY SUIT, ACTION OR
PROCEEDING ARISING OUT OF OR RELATING TO THIS INDENTURE, THE GUARANTEES AND THE NOTES, AND IRREVOCABLY ACCEPTS FOR ITSELF AND IN RESPECT OF ITS PROPERTY, GENERALLY AND UNCONDITIONALLY, JURISDICTION OF THE AFORESAID COURTS. THE COMPANY AND EACH
GUARANTOR IRREVOCABLY WAIVES, TO THE FULLEST EXTENT THAT IT MAY EFFECTIVELY DO SO UNDER APPLICABLE LAW, TRIAL BY JURY AND ANY OBJECTION WHICH IT MAY NOW OR HEREAFTER HAVE TO THE LAYING OF THE VENUE OF ANY SUCH SUIT, ACTION OR PROCEEDING BROUGHT IN
ANY SUCH COURT AND ANY CLAIM THAT ANY SUCH SUIT, ACTION OR PROCEEDING BROUGHT IN ANY SUCH COURT HAS BEEN BROUGHT IN AN INCONVENIENT FORUM. NOTHING HEREIN SHALL AFFECT THE RIGHT OF THE TRUSTEE OR ANY HOLDER OF THE NOTES TO SERVE PROCESS IN ANY OTHER
MANNER PERMITTED BY LAW OR TO COMMENCE LEGAL PROCEEDINGS OR OTHERWISE PROCEED AGAINST THE COMPANY OR ANY GUARANTOR IN ANY OTHER JURISDICTION. 
  

	 	Section 13.9.	No Adverse Interpretation of Other Agreements. 

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

 -101- 

	 	Section 13.10.	Successors. 

  
 All agreements of the Company in this Indenture and the Notes shall bind their successors. All agreements of the Trustee in this Indenture shall bind its
successors. 
  

	 	Section 13.11.	Severability. 

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

	 	Section 13.12.	Counterpart Originals. 

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

  

	 	Section 13.13.	Table of Contents, Headings, Etc. 

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

	 	Section 13.14.	Qualification of Indenture. 

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

	 	Section 13.15.	Force Majeure. 

  
 In no event shall the Trustee be responsible or liable for any failure or delay in the performance of its obligations hereunder arising out of or caused
by, directly or indirectly, forces beyond its control, including, without limitation strikes, work stoppages, accidents, acts of war or terrorism, civil or military disturbances, nuclear or natural catastrophes or acts of God, and interruptions,
loss or malfunctions of utilities, communications or computer (software and hardware) services; it being understood that the Trustee shall use reasonable efforts which are consistent with accepted practices in the banking industry to resume
performance as soon as practicable under the circumstances. 
  
 [Signatures on following page] 
  

 -102- 

 SIGNATURES 
  

			
	THE NEWARK GROUP, INC.
		
	By:	 	 /s/    Joseph E. Byrne

	 	 	 Name: Joseph E. Byrne

	 	 	 Title:   Vice President, Planning
             and Finance and Treasurer

  

 S-1 

					
	 THE BANK OF NEW YORK,
 as
Trustee

		
	By:	 	/s/    Paul Schmalzel
	 	 	 Name:
	 	 Paul Schmalzel

	 	 	 Title:
	 	 Vice President

  

 S-2 

 EXHIBIT A 
  
 FORM OF SERIES A NOTE 
  
 (Face of Note) 
  
 THE NEWARK GROUP, INC. 
  
 9-3/4% SENIOR SUBORDINATED NOTE DUE 2014 
  
 [THIS
NOTE IS A GLOBAL NOTE WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITARY OR A NOMINEE OF A DEPOSITARY OR A SUCCESSOR DEPOSITARY. THIS NOTE IS NOT EXCHANGEABLE FOR NOTES REGISTERED IN THE NAME OF
A PERSON OTHER THAN THE DEPOSITARY OR ITS NOMINEE EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE, AND NO TRANSFER OF THIS NOTE (OTHER THAN A TRANSFER OF THIS NOTE AS A WHOLE BY THE DEPOSITARY TO A NOMINEE OF THE DEPOSITARY OR BY A
NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY) MAY BE REGISTERED EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE. 
  
 UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION
(“DTC”), TO THE COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC
(AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED
OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.] 1 
  
 THIS NOTE (OR ITS PREDECESSOR) EVIDENCED HEREBY WAS ORIGINALLY ISSUED IN A TRANSACTION EXEMPT
FROM REGISTRATION UNDER SECTION 5 OF THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”). THIS NOTE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT, AND ACCORDINGLY, MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE
TRANSFERRED EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER, OR AN EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF, THE SECURITIES ACT, IN ACCORDANCE WITH ANY APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES OR ANY OTHER
JURISDICTION AND 

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

  

 A-1 

 IN ACCORDANCE WITH TRANSFER RESTRICTIONS CONTAINED IN THE INDENTURE UNDER WHICH THIS NOTE WAS ISSUED AND THE OFFERING
MEMORANDUM PURSUANT TO WHICH THIS NOTE WAS ORIGINALLY SOLD. THE HOLDER OF THE NOTE WILL, AND EACH SUBSEQUENT HOLDER IS REQUIRED TO, NOTIFY A PROPOSED TRANSFEREE OF THE NOTICE OF THE RESALE RESTRICTIONS APPLICABLE TO THE NOTE. 
  
 THIS SECURITY MAY NOT BE ACQUIRED OR HELD WITH THE ASSETS OF (I) AN “EMPLOYEE BENEFIT
PLAN” (AS DEFINED IN THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”)) THAT IS SUBJECT TO ERISA, (II) A “PLAN” DESCRIBED IN SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE
“CODE”), (III) ANY ENTITY DEEMED TO HOLD “PLAN ASSETS” OF ANY OF THE FOREGOING BY REASON OF AN EMPLOYEE BENEFIT PLAN’S OR PLAN’S INVESTMENT IN SUCH ENTITY, OR (IV) A GOVERNMENTAL PLAN OR CHURCH PLAN SUBJECT TO
APPLICABLE LAW THAT IS SUBSTANTIALLY SIMILAR TO THE FIDUCIARY RESPONSIBILITY OR PROHIBITED TRANSACTION PROVISIONS OF ERISA OR SECTION 4975 OF THE CODE (“SIMILAR LAW”), UNLESS THE ACQUISITION AND HOLDING OF THIS SECURITY BY THE PURCHASER OR
TRANSFEREE, THROUGHOUT THE PERIOD THAT IT HOLDS THIS SECURITY, DOES NOT AND WILL NOT CONSTITUTE A NON-EXEMPT PROHIBITED TRANSACTION UNDER ERISA AND/OR SECTION 4975 OF THE CODE OR UNDER ANY PROVISIONS OF SIMILAR LAW. BY ITS ACQUISITION OR HOLDING OF
THIS SECURITY, EACH PURCHASER AND TRANSFEREE WILL BE DEEMED TO HAVE REPRESENTED AND WARRANTED THAT THE FOREGOING REQUIREMENTS HAVE BEEN SATISFIED. 
  
 [Temporary Regulation S Global Note Legend] 
  
 BENEFICIAL OWNERSHIP INTERESTS IN THIS TEMPORARY REGULATION S GLOBAL NOTE WILL NOT BE EXCHANGEABLE FOR INTERESTS IN THE RULE 144A GLOBAL NOTE OR THE PERMANENT REGULATION
S GLOBAL NOTE OR ANY OTHER NOTE REPRESENTING AN INTEREST IN THE NOTES REPRESENTED HEREBY WHICH DO NOT CONTAIN A LEGEND CONTAINING RESTRICTIONS ON TRANSFER, UNTIL THE EXPIRATION OF THE “40-DAY DISTRIBUTION COMPLIANCE PERIOD” (WITHIN THE
MEANING OF RULE 903 OF REGULATION S UNDER THE SECURITIES ACT) AND THEN ONLY UPON CERTIFICATION IN FORM REASONABLY SATISFACTORY TO THE TRUSTEE THAT SUCH BENEFICIAL INTERESTS ARE OWNED EITHER BY NON-U.S. PERSONS OR U.S. PERSONS WHO PURCHASED SUCH
INTERESTS IN A TRANSACTION THAT DID NOT REQUIRE REGISTRATION UNDER THE SECURITIES ACT. DURING SUCH 40-DAY DISTRIBUTION COMPLIANCE PERIOD, BENEFICIAL OWNERSHIP INTERESTS IN THIS TEMPORARY REGULATION S GLOBAL NOTE MAY ONLY BE SOLD, PLEDGED OR
TRANSFERRED THROUGH THE EUROCLEAR SYSTEM OR CLEARSTREAM BANKING, S.A. AND ONLY (A)(1) TO A PERSON WHO THE SELLER REASONABLY BELIEVES IS A QUALIFIED INSTITUTIONAL BUYER WITHIN THE MEANING OF RULE 144A UNDER THE SECURITIES ACT PURCHASING FOR ITS OWN
ACCOUNT OR FOR THE ACCOUNT OF A QUALIFIED INSTITUTIONAL BUYER IN A TRANSACTION MEETING THE REQUIREMENTS OF RULE 144A, (2) IN AN OFFSHORE TRANSACTION COMPLYING WITH RULE 903 OR RULE 904 OF REGULATION S 

  

 A-2 

 
UNDER THE SECURITIES ACT, (3) TO AN INSTITUTIONAL ACCREDITED INVESTOR IN A TRANSACTION EXEMPT FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT, (4)
PURSUANT TO AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT PROVIDED BY RULE 144 THEREUNDER (IF AVAILABLE) OR (5) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT AND (B) IN ACCORDANCE WITH ALL APPLICABLE SECURITIES
LAWS OF THE STATES OF THE UNITED STATES. HOLDERS OF INTERESTS IN THIS TEMPORARY REGULATIONS GLOBAL NOTE WILL NOTIFY ANY PURCHASER OF SUCH RESALE RESTRICTIONS, IF THEN APPLICABLE. 
  
 [Definitive Note Legend] 
  
 IN CONNECTION WITH ANY TRANSFER, THE HOLDER WILL DELIVER TO THE REGISTRAR AND TRANSFER AGENT SUCH CERTIFICATES AND OTHER INFORMATION AS SUCH TRANSFER AGENT MAY REASONABLY
REQUIRE TO CONFIRM THAT THE TRANSFER COMPLIES WITH THE FOREGOING RESTRICTIONS. 
  

 A-3 

 THE NEWARK GROUP, INC. 
  
 9-3/4% SENIOR SUBORDINATED NOTE DUE 2014 
  

					
	 	  	 	  	CUSIP No. ________________________
	No.                     	  	 	  	$_________________________________

  
 Interest Payment Dates: March 15 and
September 15 
 Record Dates: March 1 and September 1 
  
 THE NEWARK GROUP, INC., a New Jersey corporation (the “Company,” which term includes any successor corporation under the indenture
hereinafter referred to), for value received promises to pay to
                                        
        , or registered assigns, the principal sum of                      Dollars on March 15,
2014. 
  
 Reference is hereby made to the further provisions of
this Note set forth on the reverse hereof, which further provisions shall for all purposes have the same effect as set forth at this place. 
  
 Unless the certificate of authentication hereon has been executed by the Trustee referred to on the reverse hereof by manual signature, this Note shall
not be entitled to any benefits under the Indenture referred to on the reverse hereof or be valid or obligatory for any purpose. 
  
 IN WITNESS WHEREOF, the Company has caused this Note to be duly executed. 
  

			
	 THE NEWARK GROUP, INC.

		
	 By:
	 	 
	 	 	 Name:

	 	 	 Title:

  
 Dated: 
  

			
	This is one of the Notes referred to in the within-mentioned Indenture:
	
	 THE BANK OF NEW YORK, as Trustee

		
	 By:
	 	 
	 	 	 Authorized Signatory

  

 A-4 

 (Back of Note) 
  
 9-3/4% Senior Subordinated Notes due 2014 
  
 Capitalized terms used herein shall have the meanings assigned to them in the Indenture referred to below unless otherwise indicated. 
  
 (1) (a) Interest. The Company promises to pay interest on the
principal amount of this Note at the rate of 9-3/4% per annum from March 12, 2004 until maturity. The Company will pay interest semi-annually on March 15 and September 15 of each year, or if any such day is not a Business Day, on the next succeeding
Business Day (each an “Interest Payment Date”). Interest on the Note will accrue from the most recent date to which interest has been paid or, if no interest has been paid, from the date of issuance; provided that if there is
no existing Default in the payment of interest, and if this Note is authenticated between a record date referred to on the face hereof and the next succeeding Interest Payment Date, interest shall accrue from such next succeeding Interest Payment
Date; provided, further, that the first Interest Payment Date shall be September 15, 2004. The Company shall pay interest (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue payments of the
principal, Purchase Price and Redemption Price of this Note from time to time at the same rate per annum on the Notes to the extent lawful. Interest will be computed on the basis of a 360-day year of twelve 30-day months. 
  
 (b) Additional Interest. The Holder of this Note is entitled to the
benefits of a Registration Rights Agreement, dated March 12, 2004, among the Company and the Initial Purchasers named therein (the “Registration Rights Agreement”). Capitalized terms used in this paragraph (b) but not defined herein
have the meanings assigned to them in the Registration Rights Agreement. Additional Interest will be payable in cash semi-annually on March 15 and September 15 of each year, or if any such date is not a Business Day, on the next succeeding business
day. The Company shall pay interest (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue installments of Additional Interest, if any, hereon from time to time on demand at the same rate to the extent lawful.

  
 (2) Method of Payment. The Company will pay interest on
the Notes (except defaulted interest) and Additional Interest, if any, to the Persons who are registered Holders of Notes at the close of business on the March 1 and September 1 next preceding the Interest Payment Date, even if such Notes are
canceled after such record date and on or before such Interest Payment Date, except as provided in Section 2.12 of the Indenture with respect to defaulted interest. Any such installment of interest or Additional Interest, if any, not punctually paid
or duly provided for shall forthwith cease to be payable to the registered Holders on such Interest Payment Date, and may be paid to the registered Holders at the close of business on a special interest payment date to be fixed by the Trustee for
the payment of such defaulted interest, notice whereof shall be given to the registered Holders not less than 10 days prior to such special interest payment date, or may be paid at any time in any other lawful manner not inconsistent with the
requirements of any securities exchange on which the Notes may be listed, and upon such notice as may be required by such exchange, all as more fully provided in the Indenture. The Notes will be payable as to principal, Redemption Price, Purchase
Price, interest and Additional Interest, if any, at the office or agency of the Company maintained for such purpose within or 

  

 A-5 

 
without the City and State of New York, or, at the option of the Company. Payment of interest and Additional Interest may be made by check mailed to the
Holders at their addresses set forth in the register of Holders, provided that payment by wire transfer of immediately available funds will be required with respect to principal, Redemption Price and Purchase Price of, and interest and
Additional Interest (if any) on, all Global Notes and all other Notes the Holders of which shall have provided wire transfer instructions to the Trustee or the Paying Agent ten days prior to the Record Date. Such payment shall be in such coin or
currency of the United States of America as at the time of payment is legal tender for payment of public and private debts. 
  
 (3) Paying Agent and Registrar. Initially, The Bank of New York, the Trustee under the Indenture, will act as Paying Agent and Registrar. The
Company may change any Paying Agent or Registrar without notice to any Holder. The Company or a domestically incorporated wholly-owned subsidiary may act in any such capacity. 
  
 (4) Indenture and Guarantees. The Company issued the Notes under an Indenture dated as of March 12, 2004 (as in
effect from time to time, the “Indenture”) between the Company, the Guarantors party thereto from time to time and the Trustee. The terms of the Notes include those stated in the Indenture and those made part of the Indenture by
reference to the Trust Indenture Act of 1939, as amended (15 U.S.C. Code §§ 77aaa-77bbbb). The Notes are subject to all such terms, and Holders are referred to the Indenture and such Act for a statement of such terms. The Notes are general
obligations of the Company. If any of the terms or provisions contained in the Notes conflict with any of the terms or provisions of the Indenture, those contained in the Indenture shall govern. 
  
 (5) Optional Redemption. The Company may redeem the Notes, at the
Company’s option, in whole at any time, or in part from time to time, on or after March 15, 2009, upon not less than 30 nor more than 60 days’ notice at the following Redemption Prices (expressed as a percentage of the principal amount),
if redeemed during the 12-month period commencing on March 15 of the year set forth below, plus, in each case, accrued and unpaid interest thereon, if any, to the date of redemption: 
  

				
	 Year

	  	Redemption
Price

	 
	 2009
	  	104.875	%
	 2010
	  	103.250	%
	 2011
	  	101.625	%
	 2012 and thereafter
	  	100.000	%

  
 If less than all the
Notes are to be redeemed, the Trustee will select the particular Notes or portions thereof to be redeemed by lot, pro rata or by any other method the Trustee shall deem fair and reasonable. 
  
 (6) Optional Redemption upon Public Equity Offerings. At any time, or
from time to time, on or prior to March 15, 2007, the Company may, at its option, use the net cash proceeds of one or more Equity Offerings to redeem up to 35% of the Notes issued under the Indenture at a Redemption Price equal to 109.75% of the
principal amount thereof, plus accrued 

  

 A-6 

 
and unpaid interest and Additional Interest (if any), to the date of redemption, provided that at least 65% of the principal amount of Notes issued
under the Indenture remains outstanding immediately after any such redemption; and provided, further, that the Company shall make such redemption not more than 120 days after the consummation of any such Equity Offering. If less than
all the Notes are to be redeemed, the Trustee will select the particular Notes or portions thereof to be redeemed by lot, only on a pro rata basis or on as nearly a pro rata basis as is practicable (subject to DTC procedures).

  
 (7) Mandatory Redemption. Except as set forth in
Paragraph 9 below with respect to repurchases of Notes in certain events, the Company shall not be required to make mandatory redemption payments with respect to the Notes. 
  
 (8) Notice of Redemption. Subject to the provisions of the Indenture, a notice of redemption will be mailed at least
30 days but not more than 60 days (or in the case of a Change of Control Offer, at least 30 days but not more than 45 days, or in the case of a Net Proceeds Offer, within 30 days) before the applicable redemption date to each Holder whose Notes are
to be redeemed at its registered address. Notes in denominations larger than $1,000 may be redeemed in part but only in whole multiples of $1,000, unless all of the Notes held by a Holder are to be redeemed. On and after the redemption date interest
ceases to accrue on Notes or portions thereof called for redemption. 
  
 (9) Repurchase at Option of Holder. 
  
 (a) If
there is a Change of Control, the Company shall be required to make an offer (a “Change of Control Offer”) to repurchase all or any part (equal to $1,000 or an integral multiple thereof) of each Holder’s Notes at a Purchase
Price equal to 101% of the principal amount thereof plus accrued and unpaid interest and Additional Interest, if any, to the date of repurchase, in accordance with the procedures set forth in the Indenture; provided that the Company
shall not be obligated to make a Change of Control Offer if, no later than the 30th day after the Change of Control, it has mailed an irrevocable notice of redemption for all of the Notes pursuant to the procedures set forth in the Indenture for an
Optional Redemption and the Company subsequently has not failed to consummate such Optional Redemption. Upon any failure by the Company to consummate the Optional Redemption for which such irrevocable notice of redemption was given, the
Company’s obligation to offer to repurchase Notes shall be reinstated. Within 30 days following any Change of Control, the Company shall send, by first class mail, a notice to each Holder setting forth the procedures governing the Change of
Control Offer as required by the Indenture. 
  
 (b) On the 361st
day after an Asset Sale or such earlier date, if any, as the Board of Directors of the Company or of such Restricted Subsidiary determines not to apply the Net Cash Proceeds relating to such Asset Sale as set forth in the second paragraph of Section
4.10 of the Indenture (each, a “Net Proceeds Offer Trigger Date”), such aggregate amount of Net Cash Proceeds which have not been applied on or before such Net Proceeds Offer Trigger Date as permitted in the second paragraph of
Section 4.10 of the Indenture (each, a “Net Proceeds Offer Amount”) shall be applied by the Company or such Restricted Subsidiary to make an offer to purchase (the “Net Proceeds Offer”) on a date not less than 45
nor more than 60 days following the applicable Net Proceeds Offer Trigger Date, the maximum principal amount of 

  

 A-7 

 
Notes and if the Company so elects, other Indebtedness of the Company that ranks pari passu in right of payment with the Notes (to the extent
required by the instrument governing such other Indebtedness), that may be purchased out of the Net Proceeds Offer Amount. Any Notes and other Indebtedness to be purchased pursuant to a Net Proceeds Offer shall be purchased pro rata based on
the aggregate principal amount of Notes and such other Indebtedness outstanding and all Notes shall be purchased at an offer price in cash in an amount equal to 100% of the principal amount thereof, plus accrued and unpaid interest to the date of
purchase. To the extent the aggregate principal amount of Notes and other Indebtedness validly tendered and not withdrawn by holders exceeds the Net Proceeds Offer Amount, Notes and other Indebtedness, if any, shall be purchased pro rata
based on the aggregate principal amount of tendered Notes and other Indebtedness, if any. Each Net Proceeds Offer will be mailed to the record Holders as shown on the register of Holders within 30 days following the Net Proceeds Offer Trigger Date,
with a copy to the Trustee, and shall comply with the procedures set forth in the Indenture. Upon receiving notice of the Net Proceeds Offer, Holders may elect to tender their Notes in whole or in part in integral multiples of $1,000 in exchange for
cash. To the extent Holders properly tender Notes in an amount exceeding the Net Proceeds Offer Amount, Notes of tendering Holders will be purchased on a pro rata basis (based on amounts tendered). A Net Proceeds Offer shall remain open for a
period of 20 Business Days or such longer period as may be required by law. 
  
 (10) Denominations, Transfer, Exchange. The Notes are in registered form without coupons in denominations of $1,000 and integral multiples of $1,000. The transfer of Notes may be registered and Notes may be
exchanged as provided in the Indenture. The Registrar and the Trustee may require a Holder, among other things, to furnish appropriate endorsements and transfer documents and the Company may require a Holder to pay any taxes and fees required by law
or permitted by the Indenture. The Company need not exchange or register the transfer of any Note or portion of a Note selected for redemption, except for the unredeemed portion of any Note being redeemed in part. Also, it need not exchange or
register the transfer of any Notes for a period of 15 days before the mailing of a notice of redemption of Notes to be redeemed or during the period between a record date and the corresponding Interest Payment Date. 
  
 (11) Persons Deemed Owners. The registered Holder of a Note may be
treated as its owner for all purposes. 
  
 (12) Amendment,
Supplement and Waiver. Subject to certain exceptions, the Indenture and the Notes may be amended or supplemented with the consent of the Holders of at least a majority in principal amount of the then outstanding Notes, and any existing default
or compliance with any provision of the Indenture or the Notes may be waived with the consent of the Holders of a majority in principal amount of the then outstanding Notes. Without the consent of any Holder of a Note, the Indenture and the Notes
may be amended or supplemented to cure any ambiguity, defect or inconsistency, to provide for uncertificated Notes in addition to or in place of certificated Notes, to provide for the assumption of the Company’s obligations to Holders of the
Notes in case of a merger or consolidation or sale of all or substantially all of the Company’s assets pursuant to Article V of the Indenture, to make any change that would provide any additional rights or benefits to the Holders of the Notes
or that does not adversely affect the rights under the Indenture of any such Holder in any material respect, or to comply with the requirements of the Commission in order to effect or maintain the qualification of the Indenture under the Trust
Indenture Act. 
  

 A-8 

 (13) Defaults and Remedies. Events of Default include: (i) default for 30 days in the payment when
due of interest or Additional Interest, if any, on the Notes; (ii) default in payment when due of principal, Redemption Price or Purchase Price of the Notes when the same becomes due and payable at maturity, upon redemption, repurchase or otherwise
(including the failure to make a payment to purchase Notes tendered pursuant to a Change of Control Offer or a Net Proceeds Offer); (iii) failure by the Company to comply with any covenant contained in the Indenture for 30 days after notice to the
Company specifying the default (and demanding that such default be remedied) from the Trustee or the Holders of at least 25% of the aggregate principal amount of the Notes outstanding (except in the case of a default referred to in Section 5.1 of
the Indenture, which will constitute an Event of Default with such notice requirement but without such passage of time requirement); (iv) default under certain other agreements relating to Indebtedness of the Company which default (a) is caused by a
failure to pay any amount due at the final stated maturity thereof or (b) results in the acceleration of such Indebtedness prior to its express final stated maturity and, in each case, the principal amount of such Indebtedness, together with the
principal amount of any other such Indebtedness under which there has been a default for failure to pay principal at final stated maturity or the final stated maturity of which has been so accelerated, aggregates $10.0 million or more and such
failure shall not have been cured or waived within 20 days thereof; (v) certain final judgments of the Company or any Significant Subsidiary for the payment of money that remain undischarged for a period of 60 days, provided that the
aggregate of all such undischarged judgments exceeds $10.0 million; (vi) certain events of bankruptcy or insolvency with respect to the Company or any Significant Subsidiary of the Company; and (vii) a Guarantee of a Guarantor that is a Significant
Subsidiary ceases to be in full force and effect or is declared null and void and unenforceable or is found to be invalid or a Guarantor that is a Significant Subsidiary denies its liability, in writing, under its Guarantee (other than by reason of
release of a Guarantor in accordance with the Indenture). If any Event of Default occurs and is continuing, the Trustee or the Holders of at least 25% in principal amount of the then outstanding Notes may declare all the Notes to be due and payable
immediately. Upon any such declaration, the entire principal amount of, and accrued and unpaid interest and Additional Interest, if any, on the Notes shall become immediately due and payable. Notwithstanding the foregoing, in the case of an Event of
Default arising from certain events of bankruptcy or insolvency with respect to the Company, all outstanding Notes will become due and payable without further action or notice. Holders may not enforce the Indenture or the Notes except as provided in
the Indenture and under the TIA. Subject to certain limitations, Holders of a majority in principal amount of the then outstanding Notes may direct the Trustee in its exercise of any trust or power. The Trustee may withhold from Holders of the Notes
notice of any continuing Default or Event of Default (except a Default or Event of Default relating to payment on any Note) if it determines that withholding notice is in their interest. The Holders of a majority in principal amount of the Notes may
waive any existing Default under the Indenture, and its consequences, except a default in the payment of the principal of, or interest on any Notes. The Company is required to deliver to the Trustee annually a statement regarding compliance with the
Indenture, and the Company is required upon becoming aware of any Default or Event of Default, to deliver to the Trustee a statement specifying such Default or Event of Default. 
  
 (14) Trustee Dealings with Company. Subject to certain limitations, the Trustee under the Indenture, in its
individual or any other capacity, may become owner or pledge of Notes and may otherwise deal with the Company or its Affiliates as if it were not Trustee. 
  

 A-9 

 (15) No Recourse Against Others. No past, present or future director, officer, employee,
incorporator or stockholder of the Company, as such, shall have any liability for any obligations of the Company under the Notes or the Indenture or for any claim based on, in respect of, or by reason of, such obligations or their creation. Each
Holder by accepting a Note waives and releases all such liability. The waiver and release are part of the consideration for the issuance of the Notes. 
  
 (16) Authentication. This Note shall not be valid until authenticated by the manual signature of the Trustee or an authenticating agent.

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

 A-10 

 (21) Registration Rights. Pursuant to the Registration Rights Agreement, the Company will be
obligated upon the occurrence of certain events to consummate an exchange offer pursuant to which the Holder of this Note shall have the right to exchange this Series A Note for the Company’s 9-3/4% Senior Subordinated Notes due 2014, Series B,
which have been registered under the Securities Act, in like principal amount and having terms identical in all material respects as the Series A Notes. The Holders shall be entitled to receive certain additional interest payments in the event such
exchange offer is not consummated and upon certain other conditions, all pursuant to and in accordance with the terms of the Registration Rights Agreement. 
  
 (22) Request for Indenture. The Company will furnish to any Holder upon written request and without charge a copy of the Indenture. Request may be
made to: 
  
 The Newark Group, Inc. 
 20 Jackson Drive 
 Cranford, NJ 07016

 Attention: Chief Financial Officer 
  

 A-11 

 ASSIGNMENT FORM 
  

To assign this Note, fill in the form below: 
  
 I or we assign and transfer this Note to 
  
 ___________________________________________________________________________________________________________ 

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

  
 ___________________________________________________________________________________________________________ 

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

  
 and irrevocably appoint
                                        
as agent to transfer this Note on the books of the Company. The agent may substitute another to act for him or her. 
  
 Date:                      
  

			
		
	Your Signature:	 	 
	Sign exactly as your name appears on the other side of this Note.

  

									
	 Signature Guarantee:
	 	 	 	 	 	 
					
	Date:	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 Signature of Signature Guarantee

  
 Signature must be guaranteed by a
participant in a recognized signature guaranty medallion program or other signature guarantor acceptable to the Trustee. 
  

 A-12 

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

			
	  ̈ Net Proceeds
Offer:
	    	  ̈ Change of Control
Offer:

		
	     in whole              ̈	    	     in whole              ̈
		
	     in part                 ̈	    	     in part                 ̈
		
	      Amount to be
      purchased: $________
	    	      Amount to be
      purchased: $________

  

					
			
	 	 	Date:	 	 
	 	 	 	 	 

  

					
			
	 	 	Your Signature:	 	 

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

					
			
	 	 	Date:	 	 

  

					
			
	 	 	Signature Guarantee:	 	 

  
 Signature must be
guaranteed by a participant in a recognized signature guaranty medallion program or other signature guarantor acceptable to the Trustee. 
  
 Social Security Number or Taxpayer Identification Number:
                                        
                             
  

 A-13 

 EXHIBIT B 
  
 FORM OF SERIES B NOTE 
  
 (Face of Note) 
  
 THE NEWARK GROUP, INC. 
  
 9-3/4% SENIOR SUBORDINATED NOTE DUE 2014 
  
 [THIS
NOTE IS A GLOBAL NOTE WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITARY OR A NOMINEE OF A DEPOSITARY OR A SUCCESSOR DEPOSITARY. THIS NOTE IS NOT EXCHANGEABLE FOR NOTES REGISTERED IN THE NAME OF
A PERSON OTHER THAN THE DEPOSITARY OR ITS NOMINEE EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE, AND NO TRANSFER OF THIS NOTE (OTHER THAN A TRANSFER OF THIS NOTE AS A WHOLE BY THE DEPOSITARY TO A NOMINEE OF THE DEPOSITARY OR BY A
NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY) MAY BE REGISTERED EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE. 
  
 UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION
(“DTC”), TO THE COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC
(AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED
OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.] 2 

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

  

 B-1 

 THE NEWARK GROUP, INC. 
  
 9-3/4% SENIOR SUBORDINATED NOTE DUE 2014 
  

			
	 	  	CUSIP No.                     
	No.                     	  	$                                   
 

  
 Interest Payment Dates: March 15 and
September 15 
 Record Dates: March 1 and September 1 
  
 THE NEWARK GROUP, INC., a New Jersey corporation (the “Company,” which term includes any successor corporation under the indenture
hereinafter referred to), for value received promises to pay to
                                        
            , or registered assigns, the principal sum of                     
Dollars on March 15, 2014. 
  
 Reference is hereby made to the
further provisions of this Note set forth on the reverse hereof, which further provisions shall for all purposes have the same effect as set forth at this place. 
  
 Unless the certificate of authentication hereon has been executed by the Trustee referred to on the reverse hereof by manual
signature, this Note shall not be entitled to any benefits under the Indenture referred to on the reverse hereof or be valid or obligatory for any purpose. 
  
 IN WITNESS WHEREOF, the Company has caused this Note to be duly executed. 
  

			
	Dated:
	
	THE NEWARK GROUP, INC.
		
	By:	 	 
	 	 	Name:
	 	 	Title:

  

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

	
	THE BANK OF NEW YORK,
	as Trustee
		
	By:	 	 
	 	 	 Authorized Signatory

  

 B-2 

 (Back of Note) 
  
 9-3/4% Senior Subordinated Notes due 2014 
  
 Capitalized terms used herein shall have the meanings assigned to them in the Indenture referred to below unless otherwise indicated. 
  
 1. Interest. The Company promises to pay interest on the principal
amount of this Note at the rate of 9-3/4% per annum from March 12, 2004 until maturity. The Company will pay interest semi-annually March 15 and September 15 of each year, or if any such day is not a Business Day, on the next succeeding Business Day
(each an “Interest Payment Date”). Interest on the Note will accrue from the most recent date to which interest has been paid or, if no interest has been paid, from the date of issuance; provided that if there is no existing
Default in the payment of interest, and if this Note is authenticated between a record date referred to on the face hereof and the next succeeding Interest Payment Date, interest shall accrue from such next succeeding Interest Payment Date;
provided, further, that the first Interest Payment Date shall be September 15, 2004. The Company shall pay interest (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue payments of the principal,
Purchase Price and Redemption Price of this Note from time to time at the same rate per annum on the Notes to the extent lawful. Interest will be computed on the basis of a 360-day year of twelve 30-day months. 
  
 2. Method of Payment. The Company will pay interest on the Notes
(except defaulted interest) to the Persons who are registered Holders of Notes at the close of business on the March 1 and September 1 next preceding the Interest Payment Date, even if such Notes are canceled after such record date and on or before
such Interest Payment Date, except as provided in Section 2.12 of the Indenture with respect to defaulted interest. Any such installment of interest not punctually paid or duly provided for shall forthwith cease to be payable to the registered
Holders on such Interest Payment Date, and may be paid to the registered Holders at the close of business on a special interest payment date to be fixed by the Trustee for the payment of such defaulted interest, notice whereof shall be given to the
registered Holders not less than 10 days prior to such special interest payment date, or may be paid at any time in any other lawful manner not inconsistent with the requirements of any securities exchange on which the Notes may be listed, and upon
such notice as may be required by such exchange, all as more fully provided in the Indenture. The Notes will be payable as to principal, Redemption Price, Purchase Price, interest at the office or agency of the Company maintained for such purpose
within or without the City and State of New York, or, at the option of the Company. Payment of interest may be made by check mailed to the Holders at their addresses set forth in the register of Holders, provided that payment by wire transfer
of immediately available funds will be required with respect to principal, Redemption Price and Purchase Price of, and interest on, all Global Notes and all other Notes the Holders of which shall have provided wire transfer instructions to the
Trustee or the Paying Agent. Such payment shall be in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and private debts. 
  
 3. Paying Agent and Registrar. Initially, The Bank of New York, the
Trustee under the Indenture, will act as Paying Agent and Registrar. The Company may change any 

  

 B-3 

 
Paying Agent or Registrar without notice to any Holder. The Company or any domestically incorporated wholly-owned subsidiary may act in any such capacity.

  
 4. Indenture and Guarantees. The Company issued the
Notes under an Indenture dated as of March 12, 2004 (as in effect from time to time, the “Indenture”) between the Company, the Guarantors party thereto from time to time and the Trustee. The terms of the Notes include those stated
in the Indenture and those made part of the Indenture by reference to the Trust Indenture Act of 1939, as amended (15 U.S.C. Code §§ 77aaa-77bbbb). The Notes are subject to all such terms, and Holders are referred to the Indenture and such
Act for a statement of such terms. The Notes are general obligations of the Company. If any of the terms or provisions contained in the Notes conflict with any of the terms or provisions of the Indenture, those contained in the Indenture shall
govern. 
  
 5. Optional Redemption. The Company may redeem
the Notes, at the Company’s option, in whole at any time, or in part from time to time, on or after March 15, 2009, upon not less than 30 nor more than 60 days’ notice at the following Redemption Prices (expressed as a percentage of the
principal amount), if redeemed during the 12-month period commencing on March 15 of the year set forth below, plus, in each case, accrued and unpaid interest thereon, if any, to the date of redemption: 
  

				
	 Year

	  	Redemption
Price

	 
	 2009
	  	104.875	%
	 2010
	  	103.250	%
	 2011
	  	101.625	%
	 2012 and thereafter
	  	100.000	%

  
 If less than all the
Notes are to be redeemed, the Trustee will select the particular Notes or portions thereof to be redeemed by lot, pro rata or by any other method the Trustee shall deem fair and reasonable. 
  
 6. Optional Redemption upon Public Equity Offerings. At any time, or
from time to time, on or prior to March 15, 2007, the Company may, at its option, use the net cash proceeds of one or more Equity Offerings to redeem up to 35% of the Notes issued under the Indenture at a Redemption Price equal to 109.75% of the
principal amount thereof, plus accrued and unpaid interest, to the date of redemption, provided that at least 65% of the principal amount of Notes issued under the Indenture remains outstanding immediately after any such redemption; and
provided, further, that the Company shall make such redemption not more than 120 days after the consummation of any such Equity Offering. If less than all the Notes are to be redeemed, the Trustee will select the particular Notes or
portions thereof to be redeemed by lot, only on a pro rata basis or on as nearly a pro rata basis as is practicable (subject to DTC procedures). 
  

7. Mandatory Redemption. Except as set forth in Paragraph 9 below with respect to repurchases of Notes in certain events, the Company shall not
be required to make mandatory redemption payments with respect to the Notes. 
  

 B-4 

 8. Notice of Redemption. Subject to the provisions of the Indenture, a notice of redemption will
be mailed at least 30 days but not more than 60 days (or in the case of a Change of Control Offer, at least 30 days but not more than 45 days, or in the case of a Net Proceeds Offer, within 30 days) before the applicable redemption date to each
Holder whose Notes are to be redeemed at its registered address. Notes in denominations larger than $1,000 may be redeemed in part but only in whole multiples of $1,000, unless all of the Notes held by a Holder are to be redeemed. On and after the
redemption date interest ceases to accrue on Notes or portions thereof called for redemption. 
  
 9. Repurchase at Option of Holder. 
  
 (a) If there is a Change of Control, the Company shall be required to make an offer (a “Change of Control Offer”) to repurchase all or any part (equal to $1,000 or an integral multiple thereof) of
each Holder’s Notes at a Purchase Price equal to 101% of the principal amount thereof plus accrued and unpaid interest to the date of repurchase, in accordance with the procedures set forth in the Indenture; provided that the
Company shall not be obligated to make a Change of Control Offer if, no later than the 30th day after the Change of Control, it has mailed an irrevocable notice of redemption for all of the Notes pursuant to the procedures set forth in the Indenture
for an Optional Redemption and the Company subsequently has not failed to consummate such Optional Redemption. Upon any failure by the Company to consummate the Optional Redemption for which such irrevocable notice of redemption was given, the
Company’s obligation to offer to repurchase Notes shall be reinstated. Within 30 days following any Change of Control, the Company shall send, by first class mail, a notice to each Holder setting forth the procedures governing the Change of
Control Offer as required by the Indenture. 
  
 (b) On the 361st
day after an Asset Sale or such earlier date, if any, as the Board of Directors of the Company or of such Restricted Subsidiary determines not to apply the Net Cash Proceeds relating to such Asset Sale as set forth in the second paragraph of Section
4.10 of the Indenture (each, a “Net Proceeds Offer Trigger Date”), such aggregate amount of Net Cash Proceeds which have not been applied on or before such Net Proceeds Offer Trigger Date as permitted in the second paragraph of
Section 4.10 of the Indenture (each, a “Net Proceeds Offer Amount”) shall be applied by the Company or such Restricted Subsidiary to make an offer to purchase (the “Net Proceeds Offer”) on a date not less than 45
nor more than 60 days following the applicable Net Proceeds Offer Trigger Date, the maximum principal amount of Notes and if the Company so elects, other Indebtedness of the Company that ranks pari passu in right of payment with the
Notes (to the extent required by the instrument governing such other Indebtedness), that may be purchased out of the Net Proceeds Offer Amount. Any Notes and other Indebtedness to be purchased pursuant to a Net Proceeds Offer shall be purchased
pro rata based on the aggregate principal amount of Notes and such other Indebtedness outstanding and all Notes shall be purchased at an offer price in cash in an amount equal to 100% of the principal amount thereof, plus accrued and unpaid
interest to the date of purchase. To the extent the aggregate principal amount of Notes and other Indebtedness validly tendered and not withdrawn by holders exceeds the Net Proceeds Offer Amount, Notes and other Indebtedness, if any, shall be
purchased pro rata based on the aggregate principal amount of tendered Notes and other Indebtedness, if any. Each Net Proceeds Offer will be mailed to the record Holders as shown on the register of Holders within 30 days following the Net
Proceeds Offer Trigger Date, with a copy to the Trustee, and shall comply with the procedures set forth in the Indenture. Upon receiving 

  

 B-5 

 
notice of the Net Proceeds Offer, Holders may elect to tender their Notes in whole or in part in integral multiples of $1,000 in exchange for cash. To the
extent Holders properly tender Notes in an amount exceeding the Net Proceeds Offer Amount, Notes of tendering Holders will be purchased on a pro rata basis (based on amounts tendered). A Net Proceeds Offer shall remain open for a period of 20
Business Days or such longer period as may be required by law. 
  
 10. Denominations, Transfer, Exchange. The Notes are in registered form without coupons in denominations of $1,000 and integral multiples of $1,000. The transfer of Notes may be registered and Notes may be exchanged as provided in
the Indenture. The Registrar and the Trustee may require a Holder, among other things, to furnish appropriate endorsements and transfer documents and the Company may require a Holder to pay any taxes and fees required by law or permitted by the
Indenture. The Company need not exchange or register the transfer of any Note or portion of a Note selected for redemption, except for the unredeemed portion of any Note being redeemed in part. Also, it need not exchange or register the transfer of
any Notes for a period of 15 days the mailing of a notice of redemption of Notes to be redeemed or during the period between a record date and the corresponding Interest Payment Date. 
  
 11. Persons Deemed Owners. The registered Holder of a Note may be treated as its owner for all purposes. 

 
 12. Amendment, Supplement and Waiver. Subject to certain
exceptions, the Indenture and the Notes may be amended or supplemented with the consent of the Holders of at least a majority in principal amount of the then outstanding Notes, and any existing default or compliance with any provision of the
Indenture or the Notes may be waived with the consent of the Holders of a majority in principal amount of the then outstanding Notes. Without the consent of any Holder of a Note, the Indenture and the Notes may be amended or supplemented to cure any
ambiguity, defect or inconsistency, to provide for uncertificated Notes in addition to or in place of certificated Notes, to provide for the assumption of the Company’s obligations to Holders of the Notes in case of a merger or consolidation or
sale of all or substantially of the Company’s assets pursuant to Article V of the Indenture, to make any change that would provide any additional rights or benefits to the Holders of the Notes or that does not adversely affect the rights under
the Indenture of any such Holder in any material respect, or to comply with the requirements of the Commission in order to effect or maintain the qualification of the Indenture under the Trust Indenture Act. 
  
 13. Defaults and Remedies. Events of Default include: (i) default for
30 days in the payment when due of interest on the Notes; (ii) default in payment when due of principal, Redemption Price or Purchase Price of the Notes when the same becomes due and payable at maturity, upon redemption, repurchase or otherwise
(including the failure to make a payment to purchase Notes tendered pursuant to a Change of Control Offer or a Net Proceeds Offer); (iii) failure by the Company to comply with any covenant contained in the Indenture for 30 days after notice to the
Company specifying the default (and demanding that such default be remedied) from the Trustee or the Holders of at least 25% of the aggregate principal amount of the Notes outstanding (except in the case of a default referred to in Section 5.1 of
the Indenture, which will constitute an Event of Default with such notice requirement but without such passage of time requirement); (iv) default under certain other agreements relating to Indebtedness of the Company which default (a) is caused by a
failure to pay any amount due at the final stated 

  

 B-6 

 
maturity thereof or (b) results in the acceleration of such Indebtedness prior to its express final stated maturity and, in each case, the principal amount
of such Indebtedness, together with the principal amount of any other such Indebtedness under which there has been a default for failure to pay principal at final stated maturity or the final stated maturity of which has been so accelerated,
aggregates $10.0 million or more and such failure shall not have been cured or waived within 20 days thereof; (v) certain final judgments of the Company or any Significant Subsidiary for the payment of money that remain undischarged for a period of
60 days, provided that the aggregate of all such undischarged judgments exceeds $10.0 million; (vi) certain events of bankruptcy or insolvency with respect to the Company or any Significant Subsidiary of the Company; and (vii) a Guarantee of
a Guarantor that is a Significant Subsidiary ceases to be in full force and effect or is declared null and void and unenforceable or is found to be invalid or a Guarantor that is a Significant Subsidiary denies its liability, in writing, under its
Guarantee (other than by reason of release of a Guarantor in accordance with the Indenture). If any Event of Default occurs and is continuing, the Trustee or the Holders of at least 25% in principal amount of the then outstanding Notes may declare
all the Notes to be due and payable immediately. Upon any such declaration, the entire principal amount of, and accrued and unpaid interest on the Notes shall become immediately due and payable. Notwithstanding the foregoing, in the case of an Event
of Default arising from certain events of bankruptcy or insolvency with respect to the Company, all outstanding Notes will become due and payable without further action or notice. Holders may not enforce the Indenture or the Notes except as provided
in the Indenture and under the TIA. Subject to certain limitations, Holders of a majority in principal amount of the then outstanding Notes may direct the Trustee in its exercise of any trust or power. The Trustee may withhold from Holders of the
Notes notice of any continuing Default or Event of Default (except a Default or Event of Default relating to payment on any Note) if it determines that withholding notice is in their interest. The Holders of a majority in principal amount of the
Notes may waive any existing Default under the Indenture, and its consequences, except a default in the payment of the principal of, or interest on any Notes. The Company is required to deliver to the Trustee annually a statement regarding
compliance with the Indenture, and the Company is required upon becoming aware of any Default or Event of Default, to deliver to the Trustee a statement specifying such Default or Event of Default. 
  
 14. Trustee Dealings with Company. Subject to certain limitations, the
Trustee under the Indenture, in its individual or any other capacity, may become owner or pledgee of Notes and may otherwise deal with the Company or its Affiliates as if it were not Trustee. 
  
 15. No Recourse Against Others. No past, present or future director,
officer, employee, incorporator or stockholder of the Company, as such, shall have any liability for any obligations of the Company under the Notes or the Indenture or for any claim based on, in respect of, or by reason of, such obligations or their
creation. Each Holder by accepting a Note waives and releases all such liability. The waiver and release are part of the consideration for the issuance of the Notes. 
  
 16. Authentication. This Note shall not be valid until authenticated by the manual signature of the Trustee or an
authenticating agent. 
  
 17. Abbreviations. Customary
abbreviations may be used in the name of a Holder or an assignee, such as: TEN COM (= tenants in common), TEN ENT (= tenants by the 

  

 B-7 

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

 Cranford, NJ 07016 
 Attention:
Chief Financial Officer 
  

 B-8 

 ASSIGNMENT FORM 
  

To assign this Note, fill in the form below: 
  
 I or we assign and transfer this Note to 
  
 __________________________________________________________________________________________________________ 

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

  
 __________________________________________________________________________________________________________ 

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

  
 and irrevocably appoint
                                        
                        as agent to transfer this Note on the books of the Company. The agent may substitute another to act
for him or her. 
  
 Date:
                     
  

			
		
	Your Signature:	 	 
	Sign exactly as your name appears on the other side of this Note.

  

									
	 Signature Guarantee:
	 	 	 	 	 	 
					
	Date:	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 Signature of Signature Guarantee

  
 Signature must be guaranteed by a
participant in a recognized signature guaranty medallion program or other signature guarantor acceptable to the Trustee. 
  

 B-9 

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

			
	 ̈ Net Proceeds Offer:	    	 ̈ Change of Control Offer:
		
	     in whole              ̈	    	     in whole              ̈
		
	     in part                 ̈	    	     in part                 ̈
		
	      Amount to be
      purchased: $________
	    	      Amount to be
      purchased: $________

  

					
			
	 	 	Date:	 	 

  

					
			
	 	 	Your Signature:	 	 

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

					
			
	 	 	Date:	 	 

  

					
			
	 	 	Signature Guarantee:	 	 

  
 Signature must be
guaranteed by a participant in a recognized signature guaranty medallion program or other signature guarantor acceptable to the Trustee. 
  
 Social Security Number or Taxpayer Identification Number:
                                        
                                        
     
  

 B-10 

 EXHIBIT C 
  
 FORM OF SUPPLEMENTAL INDENTURE IN RESPECT OF GUARANTEE 
  
 SUPPLEMENTAL INDENTURE, dated as of
[                    ] (this “Supplemental Indenture”), among [name of Guarantor[s]] (the “Guarantor[s]”),
The Newark Group, Inc., a New Jersey corporation (together with its successors and assigns, the “Company”), and The Bank of New York, a New York banking corporation, as Trustee (the “Trustee”) under the Indenture
referred to below. 
  
 W I T N E S S E T H: 
  
 WHEREAS, the Company and the Trustee are parties to an Indenture, dated as of
March 12, 2004 (as amended, supplemented, waived or otherwise modified, the “Indenture”), providing for the issuance of 9-3/4% Senior Subordinated Notes due 2014 of the Company (the “Notes”); 
  
 WHEREAS, Section 4.16 of the Indenture provides that the Company is required
to cause the Guarantor[s] to execute and deliver to the Trustee a supplemental indenture pursuant to which the Guarantor[s] shall guarantee the Notes pursuant to [a] Guarantee[s] on the terms and conditions set forth herein and in Article XI of the
Indenture; 
  
 WHEREAS, [the] [each] Guarantor desires to enter
into this Supplemental Indenture for good and valuable consideration, including substantial economic benefit in that the financial performance and condition of such Guarantor is dependent on the financial performance and condition of the Company;
and 
  
 WHEREAS, pursuant to Section 9.1 of the Indenture, the
parties hereto are authorized to execute and deliver this Supplemental Indenture to amend the Indenture, without the consent of any Holder; 
  
 NOW, THEREFORE, in consideration of the foregoing and for other good and valuable consideration, the receipt of which is hereby acknowledged, the
Guarantor[s], the Company and the Trustee mutually covenant and agree for the benefit of the Holders of the Notes as follows: 
  
 1. Defined Terms. As used in this Supplemental Indenture, terms defined in the Indenture or in the preamble or recital hereto are used herein as
therein defined. The words “herein,” “hereof” and “hereby” and other words of similar import used in this Supplemental Indenture refer to this Supplemental Indenture as a whole and not to any particular section hereof.

  
 2. Agreement to Guarantee. [The] [Each] Guarantor
hereby agree[s], jointly and severally with [all] [any] other Guarantor[s], fully and unconditionally, to guarantee the Notes and the obligations of the Company under the Indenture and the Notes on the terms and subject to the conditions set forth
in Article XI of the Indenture and to be bound by (and shall be entitled to the benefits of) all other applicable provisions of the Indenture as a Guarantor. 
  

 C-1 

 3. Termination, Release and Discharge. [The] [Each] Guarantor’s Guarantee shall terminate and
be of no further force or effect, and [the] [each] Guarantor shall be released and discharged from all obligations in respect of its Guarantee, only as and when provided in Section 11.5 of the Indenture. 
  
 4. Parties. Nothing in this Supplemental Indenture is intended or
shall be construed to give any Person, other than the Holders and the Trustee, any legal or equitable right, remedy or claim under or in respect of [the] [each] Guarantor’s Guarantee or any provision contained herein or in Article XI of the
Indenture. 
  
 5. Governing Law. THIS SUPPLEMENTAL
INDENTURE, THE INDENTURE, THE GUARANTEES AND THE NOTES SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, BUT WITHOUT GIVING EFFECT TO APPLICABLE PRINCIPLES OF CONFLICTS OF LAW TO THE EXTENT THAT SUCH PRINCIPLES
ARE NOT MANDATORILY APPLICABLE BY STATUTE AND THE APPLICATION OF THE LAW OF ANOTHER JURISDICTION WOULD BE REQUIRED THEREBY. THE COMPANY AND EACH GUARANTOR HEREBY IRREVOCABLY SUBMITS TO THE JURISDICTION OF ANY NEW YORK STATE COURT SITTING IN THE
BOROUGH OF MANHATTAN IN THE CITY OF NEW YORK OR ANY FEDERAL COURT SITTING IN THE BOROUGH OF MANHATTAN IN THE CITY OF NEW YORK IN RESPECT OF ANY SUIT, ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS INDENTURE, THE GUARANTEES AND THE NOTES,
AND IRREVOCABLY ACCEPTS FOR ITSELF AND IN RESPECT OF ITS PROPERTY, GENERALLY AND UNCONDITIONALLY, JURISDICTION OF THE AFORESAID COURTS. THE COMPANY AND EACH GUARANTOR IRREVOCABLY WAIVES, TO THE FULLEST EXTENT THAT IT MAY EFFECTIVELY DO SO UNDER
APPLICABLE LAW, TRIAL BY JURY AND ANY OBJECTION WHICH IT MAY NOW OR HEREAFTER HAVE TO THE LAYING OF THE VENUE OF ANY SUCH SUIT, ACTION OR PROCEEDING BROUGHT IN ANY SUCH COURT AND ANY CLAIM THAT ANY SUCH SUIT, ACTION OR PROCEEDING BROUGHT IN ANY SUCH
COURT HAS BEEN BROUGHT IN AN INCONVENIENT FORUM. NOTHING HEREIN SHALL AFFECT THE RIGHT OF THE TRUSTEE OR ANY HOLDER OF THE NOTES TO SERVE PROCESS IN ANY OTHER MANNER PERMITTED BY LAW OR TO COMMENCE LEGAL PROCEEDINGS OR OTHERWISE PROCEED AGAINST THE
COMPANY OR ANY GUARANTOR IN ANY OTHER JURISDICTION. 
  
 6.
Ratification of Indenture; Supplemental Indentures Part of Indenture. Except as expressly amended hereby, the Indenture is in all respects ratified and confirmed and all the terms, conditions and provisions thereof shall remain in full force
and effect. This Supplemental Indenture shall form a part of the Indenture for all purposes, and every Holder of Notes heretofore or hereafter authenticated and delivered shall be bound hereby. The Trustee makes no representation or warranty as to
the validity or sufficiency of this Supplemental Indenture. 
  
 7.
Counterparts. The parties hereto may sign one or more copies of this Supplemental Indenture in counterparts, all of which together shall constitute one and the same agreement. 
  

 C-2 

 8. Headings. The section headings herein are for convenience of reference only and shall not be
deemed to alter or affect the meaning or interpretation of any provisions hereof. 
  

 C-3 

 IN WITNESS WHEREOF, the parties hereto have caused this Supplemental Indenture to be duly executed as of
the date first above written. 
  

			
	[NAME OF GUARANTOR], as Guarantor
		
	By:	 	 
	 	 	 Name:

	 	 	 Title:

	
	 THE NEWARK GROUP, INC.

		
	By:	 	 
	 	 	 Name:

	 	 	 Title:

	
	 THE BANK OF NEW YORK, as Trustee

		
	By:	 	 
	 	 	 Name:

	 	 	 Title:

  

 C-4 

 EXHIBIT D(1) 
  
 FORM OF REGULATION S CERTIFICATE 
  
                             ,         
    
  
 The Bank of New York 
 101 Barclay Street 
 Floor 8 West 
 New York, New York 10286 
 Attention: Corporate Trust Administration

 Fax: (212) 815-5704 
  
 Attention: Robert McIntyre 
  

	 	Re:	The Newark Group, Inc. (the “Company”) 

 9-3/4% Senior Subordinated Notes due 2014 (the “Notes”) 
  
 Dear Sirs: 
  
 This letter relates to U.S. $
             principal amount at maturity of Notes represented by a certificate (the “Legended Certificate”) which bears a legend outlining restrictions upon
transfer of such Legended Certificate. Pursuant to Section 2.1 of the Indenture (the “Indenture”) dated as of March 12, 2004 relating to the Notes, we hereby certify that we are (or we will hold such securities on behalf of) a
person outside the United States to whom the Notes could be transferred in accordance with Rule 904 of Regulation S promulgated under the U.S. Securities Act of 1933, as amended. 
  
 You and the Company are entitled to rely upon this letter and are irrevocably authorized to produce this letter or a copy
hereof to any interested party in any administrative or legal proceedings or official inquiry with respect to the matters covered hereby. Terms used in this letter have the meanings set forth in Regulation S). 
  

			
	 Very truly yours,

	
	 [Name of Holder]

		
	By:	 	 
	 	 	 Authorized Signature

  

 D(1)-1 

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

  
 The Bank of New York 
 101 Barclay Street 
 Floor 8 West 
 New York, New York 10286 
 Attention: Corporate Trust Administration

 Fax: (212) 815-5704 
  
 Attention: Robert McIntyre 
  

	 	Re:	The Newark Group, Inc. (the “Company”) 

 9-3/4% Senior Subordinated Notes due 2014 (the “Notes”) 
  
 Dear Sirs: 
  
 This Certificate relates to $
             principal amount of Notes held in *             book-entry or *
             certificated form by              (the “Transferor”). 
  
 The Transferor:* 
  
  ̈ has requested the Trustee by written order to deliver in exchange for its beneficial interest in the Global Note held by the Depositary a Note or Notes in certificated, registered form of authorized denominations in
an aggregate principal amount equal to its beneficial interest in such Global Note (or the portion thereof indicated above); or 
  
  ̈ has requested the Trustee by written order to
exchange or register the transfer of a Note or Notes. 
  
 In
connection with such request and in respect of each such Note, the Transferor does hereby certify that Transferor is familiar with the Indenture relating to the above captioned Notes and as provided in Section 2.6 of such Indenture, the transfer of
this Note does not require registration under the Securities Act (as defined below) because: * 
  
  ̈ Such Note is being acquired for the Transferor’s own account, without transfer. 

	*	Check applicable box 

  

 D(2)-1 

  ̈ Such Note is being transferred to a “qualified institutional buyer” (as defined in Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”)) in reliance on Rule 144A. 
  
  ̈ Such Note is being transferred to an “accredited investor” (as defined in Rule 501(a)(1), (2), (3) or (7) under the Securities Act) in accordance with Regulation D under the Securities Act. 
  
  ̈ Such Note is being transferred pursuant to an exemption from registration in accordance with Regulation S under the Securities Act. 
  
  ̈ Such Note is
being transferred in accordance with Rule 144 under the Securities Act, or pursuant to an effective registration statement under the Securities Act. 
  
  ̈ Such Note is being transferred in reliance on
and in compliance with an exemption from the registration requirements of the Securities Act, other than Rule 144A, 144 or Rule 904 under the Securities Act. An Opinion of Counsel to the effect that such transfer does not require registration under
the Securities Act accompanies this Certificate. 
  

			
	 Very truly yours,

		
	 	 	 
	
	 [INSERT NAME OF TRANSFEROR]

		
	By:	 	 
	 	 	 Name:

	 	 	 Title:

  
 Date:
                     
  

 D(2)-2 

 EXHIBIT E 
  
 FORM OF CERTIFICATE TO BE 
 DELIVERED
IN CONNECTION WITH 
 TRANSFERS TO NON QIB ACCREDITED INVESTORS 
  
                     ,             
  
 The Bank of New York 
 101 Barclay Street 
 Floor 8 West 
 New York, New York 10286 
 Attention: Corporate Trust Administration 
 Fax: (212) 815-5704 
  
 Attention: Robert McIntyre

  

	 	Re:	The Newark Group, Inc. (the “Company”) 

 9-3/4% Senior Subordinated Notes due 2014 (the “Notes”) 
  
 Dear Sirs: 
  
 In connection with our proposed purchase
of 9-3/4% Senior Subordinated Notes due 2014 (the “Notes”) of the Company, we confirm that: 
  
 We understand that any subsequent transfer of the Notes is subject to certain restrictions and conditions set forth in the Indenture dated as of March 12,
2004 relating to the Notes (the “Indenture”) and the undersigned agrees to be bound by, and not to resell, pledge or otherwise transfer the Notes except in compliance with such restrictions and conditions and the Securities Act of
1933, as amended (the “Securities Act”). 
  
 We
understand that the Notes have not been registered under the Securities Act or any other applicable securities law, and that the Notes may not be offered, sold or otherwise transferred except as permitted in the following sentence. We agree, on our
own behalf and on behalf of any accounts for which we are acting as hereinafter stated, that if we should offer, sell, transfer, pledge, hypothecate or otherwise dispose of any Notes within two years after the original issuance of the Notes, we will
do so only (A) to the Company or any Subsidiary thereof, (B) inside the United States to a “qualified institutional buyer” in compliance with Rule 144A under the Securities Act, (C) inside the United States to an institutional
“accredited investor” (as defined below) that, prior to such transfer, furnishes to you a signed letter substantially in the form of this letter, (D) outside the United States to a foreign person in compliance with Rule 904 of Regulation S
under the Securities Act, (E) pursuant to the exemption from registration provided by Rule 144 under the Securities Act (if available), (F) in accordance with another exemption from the registration requirements of the Securities Act, or (G)
pursuant to an effective registration statement under the Securities Act, and we further agree to provide to any person purchasing 

  

 E-1 

 
any of the Notes from us a notice advising such purchaser that resales of the Notes are restricted as stated herein and in the Indenture. 
  
 We understand that, on any proposed transfer of any Notes prior to the later
of the original issue date of the Notes and the last date the Notes were held by an affiliate of the Company pursuant to paragraphs 2(C), 2(D) and 2(E) above, we will be required to furnish to you and the Company such certifications, legal opinions
and other information as you and the Company may reasonably require to confirm that the proposed transfer complies with the foregoing restrictions. We further understand that the Notes purchased by us will bear a legend to the foregoing effect.

  
 We are an institutional “accredited investor” (as
defined in Rule 501(a)(1), (2), (3) or (7) under the Securities Act) and have such knowledge and experience in financial and business matters as to be capable of evaluating the merits and risks of our investment in the Notes, and we and any accounts
for which we are acting are acquiring the Notes for investment purposes and not with a view to, or offer of sale in connection with, any distribution in violation of the Securities Act, and we are each able to bear the economic risk of our or its
investment. 
  
 We are acquiring the Notes purchased by us for our
own account or for one or more accounts (each of which is an institutional “accredited investor”) as to each of which we exercise sole investment discretion. 
  
 You and the Company are entitled to rely upon this letter and are irrevocably authorized to produce this letter or a copy
hereof to any interested party in any administrative or legal proceedings or official inquiry with respect to the matters covered hereby. 
  

			
	 Very truly yours,

	
	 (Name of Transferee)

		
	By:	 	 
	 	 	 Name:

	 	 	 Title:

  

 E-2 

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

  
 The Bank of New York 
 101 Barclay Street 
 Floor 8 West 
 New York, New York 10286 
 Attention: Corporate Trust Administration

 Fax: (212) 815-5704 
  
 Attention: Robert McIntyre 
  

	 	Re:	The Newark Group, Inc. (the “Company”) 

 9-3/4% Senior Subordinated Notes due 2014 (the “Notes”) 
  
 Dear Sirs: 
  
 In connection with our proposed sale of
$             aggregate principal amount at maturity of the Notes, we confirm that such sale has been effected pursuant to and in accordance with Regulation S under the Securities
Act of 1933, as amended, and, accordingly, we represent that: 
  
 (1) the offer of the Notes was not made to a person in the United States; 
  
 (2) at the time the buy order was originated, the transferee was outside the United States or we and any person acting on our behalf
reasonably believed that the transferee was outside the United States; 
  
 (3) no directed selling efforts have been made by us in the United States in contravention of the requirements of Rule 903(b) or Rule 904(b) of Regulation S, as applicable; and 
  
 (4) the transaction is not part of a plan or scheme to evade
the registration requirements of the U.S. Securities Act of 1933. 
  

 F-1 

 You and the Company are entitled to rely upon this letter and are irrevocably authorized to produce this
letter or a copy hereof to any interested party in any administrative or legal proceedings or official inquiry with respect to the matters covered hereby. Terms used in this letter have the meanings set forth in Regulation S. 
  

			
	 Very truly yours,

	
	 [Name of Transferor]

		
	By:	 	 
	 	 	Authorized Signature

  

 F-2 

 Exhibit G 
  
 FORM OF INCUMBENCY CERTIFICATE 
  
 The undersigned,             , being the
             of              (the “Company”) does hereby certify that the individuals listed below are
qualified and acting officers of the Company as set forth in the right column opposite their respective names and the signatures appearing in the extreme right column opposite the name of each such officer is a true specimen of the genuine signature
of such officer and such individuals have the authority to execute documents to be delivered to, or upon the request of, The Bank of New York, as Trustee under the Indenture dated as of
                         , 20    , by and between the Company and The Bank of New York.

  

					
	 Name

	  	 Title

	  	 Signature

	 ______________________
	  	 ______________________
	  	 ____________________

	 ______________________
	  	 ______________________
	  	 ____________________

	 ______________________
	  	 ______________________
	  	 ____________________

  
 IN WITNESS WHEREOF,
the undersigned has duly executed and delivered this Certificate as of the              day of             ,
20    . 
  

	
	
	 
	 Name:

	 Title:

  

 G-1

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