Document:

EXECUTION COPY 

       

      STANDBY PURCHASE AGREEMENT 

       

      This STANDBY PURCHASE AGREEMENT (this “Agreement”) dated as of September 17, 2007, by and among Patrick Industries, Inc., an Indiana corporation (the “Company”), Tontine Capital Partners, L.P., a Delaware limited partnership (“TCP”), and Tontine Capital Overseas Master Fund, L.P., a Cayman Islands limited partnership (“TCO” and collectively with TCP, the “Standby Purchasers”). 

      W I T N E S S E T H:

      WHEREAS, the Company proposes, as soon as practicable after the Rights Offering Registration Statement (as defined herein) becomes effective, to distribute to holders of its common stock (the “Common Stock”) of record as of the close of business on the record date of the Rights Offering (the “Record Date”), non-transferable rights (the “Rights”) to subscribe for and purchase additional shares of Common Stock (the “New Shares”) at a subscription price (the “Subscription Price”) in accordance with the term sheet attached hereto as Annex A and incorporated herein by reference (such term sheet, the
      “Term Sheet” and such offering, the “Rights Offering”); and 

      WHEREAS, pursuant to the Rights Offering, shareholders of record will receive a fraction of a Right, as determined in accordance with the Term Sheet, for each share of Common Stock held by them as of the Record Date, and each whole Right will entitle the holder to purchase one New Share, at the Subscription Price (the “Basic Subscription Privilege”); and 

      WHEREAS, the Company has requested the Standby Purchasers to agree to purchase from the Company upon expiration of the Rights Offering, and the Standby Purchasers are willing to so purchase, New Shares, at the Subscription Price, to the extent such New Shares are not purchased by shareholders pursuant to the exercise of Rights; 

      WHEREAS, the Company and the Standby Purchasers entered into an Amended and Restated Registration Rights Agreement, dated May 18, 2007 (the “Registration Rights Agreement”) pursuant to which the Company has agreed under certain circumstances to register the resale of shares of Common Stock held by the Standby Purchasers and whereby the Securities (as defined herein) purchased by the Standby Purchasers  pursuant to this Agreement would also be eligible to be registered for resale under the Registration Rights Agreement; and

      WHEREAS, the Company also intends to sell up to 130,000 shares of Common Stock at $11.25 per share to certain management employees of the Company (the “Management Purchase”); 

      NOW THEREFORE, in consideration of the foregoing and the mutual covenants herein contained, the parties hereto hereby agree as follows: 

      Section 1.     Certain Other Definitions.  The following terms used herein shall have the meanings set forth below: 

      “Action” shall mean any action, suit claim, inquiry, notice of violation, proceeding (including any partial proceeding such as a deposition) or investigation against or affecting the Company, any of its Subsidiaries or any of their respective properties before or by any court, arbitrator, governmental or administrative agency, regulatory authority (federal, state, county, local or foreign), public board, stock market, stock exchange or trading facility.

       

      “Affiliate” shall have the meaning set forth in Rule 12b-2 under the Exchange Act. 

       

      
      

      

      

      “Agreement” shall have the meaning set forth in the preamble hereof. 

      “Basic Subscription Privilege” shall have the meaning set forth in the recitals hereof. 

      “Board” shall mean the board of directors of the Company.

      “Business Day” shall mean any day that is not a Saturday, a Sunday or a day on which banks are required or permitted to be closed in the State of Indiana. 

      “Closing” shall mean the closing of the purchases described in Section 2 hereof, which shall be held at 10:00 a.m. (Chicago time) on the Closing Date at the offices of Barack Ferrazzano Kirschbaum and Nagelberg located at 200 West Madison Street, Suite 3900, Chicago, Illinois 60606, or such other time and place as may be agreed to by the parties hereto. 

      “Closing Date” shall mean the date that is three (3) Business Days after the Rights Offering Expiration Date, or such other date as may be agreed to by the parties hereto. 

      “Code” shall have the meaning set forth in Section 3(q) hereof.

      “Commission” shall mean the United States Securities and Exchange Commission, or any successor agency thereto. 

      “Common Stock” shall have the meaning set forth in the recitals hereof. 

      “Company” shall have the meaning set forth in the preamble hereof. 

      “Company Indemnified Persons” shall have the meaning set forth in Section 9(b) hereof. 

       “Company Shareholder Approval” shall have the meaning set forth in Section 3(h) hereof. 

      “Environmental Laws” shall have the meaning set forth in Section 3(o) hereof.

      “ERISA” shall have the meaning set forth in Section 3(y) hereof.

      “Exchange Act” shall mean the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated by the Commission thereunder. 

      “Expenses” shall have the meaning set forth in Section 6(b) hereof. 

      “Hazardous Materials” shall have the meaning set forth in Section 3(o) hereof.

      “GAAP” shall have the meaning set forth in Section 3(e) hereof.

      “IBCL” shall mean the Indiana Business Corporation Law; as amended.

      “Indemnified Persons” shall have the meaning set forth in Section 9(b) hereof. 

      “Intellectual Property” shall have the meaning set forth in Section 3(l) hereof.

      “Investment Company” shall have the meaning set forth in Section 3(q) hereof.

      “Legal Requirement” means any federal, state, local, municipal, foreign, international, multinational or other law, rule, regulation, order, judgment, decree, ordinance, policy or directive, 

       

      

      	
                   
 	
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      including those entered, issued, made, rendered or required by any court, administrative or other governmental body, agency or authority, or any arbitrator.

       

      “Management Purchase” shall have the meaning set forth in the recitals hereof.

       

       “Market Adverse Effect” shall have the meaning set forth in Section 7(a)(iii) hereof. 

      “Material Adverse Effect” shall mean a material adverse effect on the financial condition, or on the earnings, financial position, operations, assets, results of operation, business or prospects of the Company and its Subsidiaries taken as a whole.  

      “New Shares” shall have the meaning set forth in the recitals hereof. 

      “Permits” shall have the meaning set forth in Section 3(n) hereof.

      “Person” shall mean an individual, corporation, partnership, association, joint stock company, limited liability company, joint venture, trust, governmental entity, unincorporated organization or other legal entity. 

      “Prospectus” shall mean a prospectus, as defined in Section 2(10) of the Securities Act, that meets the requirements of Section 10 of the Securities Act and is current with respect to the securities covered thereby. 

      “Proxy Statement” shall mean a definitive proxy statement filed with the Commission relating to the Rights Offering and the transactions contemplated hereunder, together with all amendments, supplements and exhibits thereto. 

      “Registration Rights Agreement” shall have the meaning set forth in the recitals hereof. 

      “Record Date” shall have the meaning set forth in the recitals hereof. 

       “Rights” shall have the meaning set forth in the recitals hereof. 

      “Rights Agreement” shall have the meaning set forth in Section 3(x) hereof. 

      “Rights Offering” shall have the meaning set forth in the recitals hereof. 

      “Rights Offering Expiration Date” shall mean the date on which the subscription period under the Rights Offering expires. 

      “Rights Offering Prospectus” shall mean the final Prospectus included in the Rights Offering Registration Statement for use in connection with the issuance of the Rights. 

      “Rights Offering Registration Statement” shall mean the Company’s Registration Statement on Form S-1 under the Securities Act or such other appropriate form under the Securities Act, pursuant to which the Rights and underlying shares of Common Stock will be registered pursuant to the Securities Act. 

       “SEC Documents” shall have the meaning set forth in Section 3(e) hereof.

      “Securities” shall mean those of the New Shares and Unsubscribed Shares that are purchased by the Standby Purchasers pursuant to Section 2 hereof. 

       

      

      	
                   
 	
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      “Securities Act” shall mean the Securities Act of 1933, as amended, and the rules and regulations promulgated by the Commission thereunder. 

      “Standby Indemnified Persons” shall have the meaning set forth in Section 9(a) hereof. 

      “Standby Purchasers” shall have the meaning set forth in the preamble hereof. 

      “Subscription Agent” shall have the meaning set forth in Section 6(a)(vii) hereof. 

      “Subscription Price” shall have the meaning set forth in the recitals hereof. 

      “Subsidiaries” shall mean with respect to the Company, Machinery Inc., Harlan Machinery Inc., Adorn Holdings Inc. and Adorn, L.L.C.

       “Term Sheet” shall have the meaning set forth in the recitals hereof. 

       “Unsubscribed Shares” shall have the meaning set forth in Section 2(b) hereof. 

      

      	
                  Section 2.
 	
                  Standby Purchase Commitment.
 

      

      (a)           The Standby Purchasers hereby agree to purchase from the Company, and the Company hereby agrees to sell to the Standby Purchasers, at the Subscription Price, all of the New Shares that will be available for purchase by the Standby Purchasers pursuant to their Basic Subscription Privilege. 

      (b)           Standby Purchasers hereby agree to purchase from the Company, and the Company hereby agrees to sell to the Standby Purchasers, at the Subscription Price, any and all New Shares if and to the extent such New Shares are not purchased by the Company’s shareholders (the “Unsubscribed Shares”) pursuant to the exercise of Rights.  It is understood and agreed that if, and to the extent that the Standby Purchasers are required to purchase Unsubscribed Shares pursuant to this subsection (b), the Standby Purchasers reserve the right to determine the allocation of Unsubscribed Shares to be purchased by each of them, so long as they purchase 100% of the Unsubscribed Shares in the aggregate. 

      (c)           Payment of the Subscription Price for the Securities shall be made, on the Closing Date, against delivery of certificates evidencing the Securities, in United States dollars by means of certified or cashier’s checks, bank drafts, money orders or wire transfers. 

      Section 3.              Representations and Warranties of the Company.  Except as set forth in the Company’s Disclosure Schedule attached hereto, the Company represents and warrants to the Standby Purchasers that: 

      (a)           Organization and Qualification.  The Company has no subsidiaries other than the Subsidiaries.  The Company and each of its Subsidiaries is a corporation or limited liability company, duly organized, validly existing and in good standing under the laws of the jurisdiction in which it is incorporated or organized, with corporate power and authority to own, lease, use and operate its properties and to carry on its business as now operated and conducted.  The Company and each of its Subsidiaries is duly qualified as a foreign corporation or limited liability company to do business and is in good standing in each jurisdiction in which its ownership or use of property or the nature of the business conducted by it makes such qualification necessary,
      except where the failure to be so qualified or in good standing would not have a Material Adverse Effect.  Neither the Company nor any Subsidiary is in violation of any provision of its respective certificate or articles of incorporation, articles of organization, partnership agreement, bylaws or other organizational or charter documents, as the same may have been amended. 

       

      

      	
                   
 	
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      (b)           Authorization; Enforcement.  This Agreement has been duly and validly authorized, executed and delivered by the Company and, subject to approval by the Company’s shareholders, constitutes a binding obligation of the Company enforceable against it in accordance with its terms, subject to applicable bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium and similar laws affecting creditors’ rights and remedies generally, and subject, as to enforceability, to general principles of equity, including principles of commercial reasonableness, good faith and fair dealing (regardless of whether enforcement is sought in a proceeding at law or in equity).

      (c)           Capitalization.  The authorized capital stock of the Company consists of (i) 12,000,000 shares of Common Stock, of which, (A) 5,997,177 shares are issued and outstanding, as of September 17, 2007, and (B) 805,014 shares are reserved for issuance upon exercise of options and other awards granted under the Company’s stock option and incentive plans, as of the date hereof; and (ii) 1,000,000 shares of Preferred Stock, of which no shares are issued and outstanding, as of the date hereof. All of the outstanding shares of Common Stock have been duly authorized, are validly issued, fully paid and nonassessable and were offered, sold and issued in compliance with all applicable federal and state securities laws and without violating any
      contractual obligation or any other preemptive or similar rights.

      (d)           No Conflicts.  The execution, delivery and performance of this Agreement by the Company and the consummation by the Company of the transactions contemplated hereby will not (i) conflict with or result in a violation of any provision of the Articles of Incorporation, as amended, of the Company or the Bylaws, as amended, of the Company, (ii) violate or conflict with, or result in a breach of any provision of, or constitute a default (or an event which with notice or lapse of time or both could become a default) under, or give to others any rights of termination, amendment, acceleration or cancellation of, any material agreement, indenture, patent, patent license or instrument to which the Company or any of its Subsidiaries is a party, or (iii)
      result in a violation of any Legal Requirement (including federal and state securities laws and regulations and regulations of any self-regulatory organizations to which the Company or its securities are subject) applicable to the Company or any of its Subsidiaries or by which any property or asset of the Company or any of its Subsidiaries is bound or affected (except for such conflicts, defaults, terminations, amendments, accelerations, cancellations and violations as would not, individually or in the aggregate, have a Material Adverse Effect).  Neither the Company nor any of its Subsidiaries is in violation of its Certificate or Articles of Incorporation, bylaws or other organizational documents and neither the Company nor any of its Subsidiaries is in default (and no event has occurred which with notice or lapse of time would result in a default) under, and neither the Company nor any of its Subsidiaries has taken any action or failed to take any action that would give to others
      any rights of termination, amendment, acceleration or cancellation of, any agreement or instrument to which the Company or any of its Subsidiaries is a party or by which any property or assets of the Company or any of its Subsidiaries is bound or affected, except for possible defaults as would not, individually or in the aggregate, have a Material Adverse Effect.  Except with respect to any filings or notices related to the issuance of the New Shares and the Securities to be filed with Nasdaq, if any, and as required under the Securities Act and any applicable state securities laws, the Company is not required to obtain any consent, authorization or order of, or make any filing or registration with, any court, governmental agency, regulatory agency, self regulatory organization or stock market or any third party in order for it to execute, deliver or perform any of its obligations under this Agreement.  All consents, authorizations, orders, filings and registrations that the Company
      is required to effect or obtain pursuant to the preceding sentence have been obtained or effected on or prior to the date hereof.  

      

      	
                   
  	
                  (e)
 	
                  SEC Documents; Financial Statements.  
 

      

      (i)             Since December 31, 2005, the Company has timely filed all reports, schedules, forms, statements and other documents required to be filed by it with the Commission pursuant to the reporting requirements of the Securities Act and the Exchange Act (all of the foregoing filed prior to the 

       

      

      	
                   
 	
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      date hereof and all exhibits included therein and financial statements and schedules thereto and documents (other than exhibits to such documents) incorporated by reference therein, being hereinafter referred to herein as the “SEC Documents”), or has timely filed for a valid extension of such time of filing and has filed any such SEC Documents prior to the expiration of any such extension.  As of their respective dates, the SEC Documents complied in all material respects with the requirements of the Securities Act and the Exchange Act and the rules and regulations of the Commission promulgated thereunder applicable to the SEC Documents, and none of the SEC Documents, at the time they were filed with the Commission, contained any untrue statement of a material fact or omitted to state a material fact required to be stated therein or necessary in order
      to make the statements therein, in light of the circumstances under which they were made, not misleading.

      (ii)              As of their respective dates, the financial statements of the Company included in the SEC Documents complied as to form in all material respects with applicable accounting requirements and the published rules and regulations of the Commission with respect thereto.  Such financial statements have been prepared in accordance with United States generally accepted accounting principles (“GAAP”), consistently applied, during the periods involved (except (i) as may be otherwise indicated in such financial statements or the notes thereto, or (ii) in the case of unaudited interim statements, to the extent they may not include footnotes, year end adjustments or may be condensed or summary statements) and
      fairly present in all material respects the consolidated financial position of the Company and its consolidated Subsidiaries as of the dates thereof and the consolidated results of their operations and cash flows for the periods then ended (subject, in the case of unaudited statements, to normal year-end audit adjustments).  Except as set forth in the financial statements of the Company included in the SEC Documents, the Company has no liabilities, contingent or otherwise, other than (i) liabilities incurred in the ordinary course of business subsequent to December 31, 2006, and (ii) obligations under contracts and commitments incurred in the ordinary course of business and not required under generally accepted accounting principles to be reflected in such financial statements, which, individually or taken in the aggregate would not reasonably be expected to have a Material Adverse Effect.

      (iii)              Except as set forth on Schedule 3(e), the Company has established and maintains disclosure controls and procedures (as such term is defined in Rule 13a-15(e) under the Exchange Act).

      (f)           Absence of Certain Changes.  Since December 31, 2006, other than circumstances affecting the recreational vehicle and manufactured housing industries generally, there has not occurred any event or circumstance that has had, resulted in, or would reasonably be expected to have, a Material Adverse Effect.  Except with respect to the transactions contemplated hereby and except as set forth on Schedule 3(f), since December 31, 2006, the Company has not incurred any liabilities (contingent or otherwise) other than (A) trade payables, accrued expenses and other liabilities incurred in the ordinary course of business consistent with past practice and (B) liabilities not required to be reflected on the
      Company’s financial statements pursuant to GAAP or required to be disclosed in filings made with the Commission. 

      (g)           Rights Offering Registration Statement.  At the time the Rights Offering Registration Statement becomes effective, the Rights Offering Registration Statement will comply in all material respects with the requirements of the Securities Act and will not contain an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein not misleading. The Prospectus, at the time the Rights Offering Registration Statement becomes effective and at the Closing Date, will not include an untrue statement of a material fact or omit to state a material fact necessary in order to make the statements therein, in light of the circumstances under which they were made, not misleading;
      provided, however, that the representations and warranties in this subsection shall not apply to statements in or omissions from the Rights Offering Registration Statement or the Prospectus made in reliance upon and in conformity with the information furnished to the 

       

      

      	
                   
 	
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      Company in writing by the Standby Purchasers for use in the Rights Offering Registration Statement or in the Prospectus. 

      (h)           Proxy Statement.  The Proxy Statement will not, on the date it is first mailed to shareholders of the Company, contain any untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary in order to make the statements therein, in light of the circumstances under which they are made, not misleading and will not, at the time the shareholders of the Company vote at a meeting of the shareholders of the Company, to approve (i) the Rights Offering, (ii) this Agreement and the transactions hereunder, (iii) an amendment to the Company’s Articles of Incorporation to increase the number of authorized shares of Common Stock to 20,000,000 and (iv) the Management Purchase (the “Company Shareholder Approval”) omit to state any material fact necessary to correct any statement in any earlier communication from the Company with respect to the solicitation of proxies for the Company Shareholder Approval which shall have become false or misleading in any material respect. The Proxy Statement will comply as to form in all material respects with the applicable requirements of the Exchange Act. Notwithstanding the foregoing, the Company makes no representation or warranty with respect to information furnished to the Company in writing by the Standby Purchasers for inclusion or incorporation by reference in any of the foregoing documents.  

      (i)            Prospectus.  The documents incorporated by reference into the Prospectus pursuant to Item 12 of Form S-1 under the Securities Act, when they become effective or at the time they are filed with the Commission, as the case may be, will comply in all material respects with the applicable provisions of the Exchange Act. 

      (j)           Valid Issuance.  All of the Securities and New Shares will have been duly authorized for issuance prior to the Closing (assuming Company Shareholder Approval has been obtained), and, when issued and distributed as set forth in the Prospectus, will be validly issued, fully paid and non-assessable; and none of the Securities or New Shares will have been issued in violation of the preemptive rights of any security holders of the Company arising as a matter of law or under or pursuant to the Company’s Articles of Incorporation, as amended, the Company’s Bylaws, as amended, or any agreement or instrument to which the Company is a party or by which it is bound. 

      (k)           Absence of Litigation.  There is no Action pending or, to the knowledge of the Company or any of its Subsidiaries, threatened against or affecting the Company or any of its Subsidiaries that (i) adversely affects or challenges the legality, validity or enforceability of this Agreement, or (ii) would, if there were an unfavorable decision, have or reasonably be expected to have a Material Adverse Effect.  Neither the Company nor any of its Subsidiaries, nor any director or officer thereof (in his or her capacity as such), is or has been the subject of any Action involving a claim of violation of or liability under federal or state securities laws or a claim of breach of fiduciary duty.  There has not been, and to the knowledge of the Company, there
      is not pending any investigation by the Commission involving the Company or any current or former director or officer of the Company (in his or her capacity as such).  The Commission has not issued any stop order or other order suspending the effectiveness of any registration statement filed by the Company under the Exchange Act or the Securities Act.

      (l)            Intellectual Property.  The Company and each of its Subsidiaries owns or possesses the requisite licenses or rights to use all patents, patent applications, patent rights, inventions, know-how, trade secrets, copyrights, trademarks, trademark applications, service marks, service names, trade names and copyrights (“Intellectual Property”) necessary to enable it to conduct its business as now operated (and, to the Company’s knowledge, as presently contemplated to be operated in the future); except as set forth on Schedule 3(l), there is no claim or Action by any person pertaining to, or proceeding pending, or to the Company’s
      knowledge threatened, which challenges the right of the Company or of a Subsidiary with respect to any Intellectual Property necessary to enable it to conduct its business as now operated and to the Company’s knowledge, the Company’s or its Subsidiaries’ current products and processes do 

       

      

      	
                   
 	
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      not infringe on any Intellectual Property or other rights held by any person, except where any such infringement would not reasonably be expected to have a Material Adverse Effect.

      (m)         Tax Status.  The Company and each of its Subsidiaries has made or filed all federal, state and foreign income and all other material tax returns, reports and declarations required by any jurisdiction to which it is subject (unless and only to the extent that the Company and each of its Subsidiaries has set aside on its books provisions reasonably adequate for the payment of all unpaid and unreported taxes) and has paid all taxes and other governmental assessments and charges that are material in amount, shown or determined to be due on such returns, reports and declarations, except those being contested in good faith and has set aside on its books provisions reasonably adequate for the payment of all taxes for periods subsequent to the periods to which such
      returns, reports or declarations apply.  There are no unpaid taxes in any material amount claimed to be due by the taxing authority of any jurisdiction, and the officers of the Company know of no basis for any such claim.  The Company has not executed a waiver with respect to the statute of limitations relating to the assessment or collection of any foreign, federal, state or local tax.  

      

      	
                   
  	
                  (n)
 	
                  Permits; Compliance.  
 

      

      (i)              The Company and each of its Subsidiaries is in possession of all franchises, grants, authorizations, licenses, permits, easements, variances, exemptions, consents, certificates, approvals and orders necessary to own, lease and operate its properties and to carry on its business as it is now being conducted (collectively, “Permits”), and there is no Action pending or, to the knowledge of the Company, threatened regarding suspension or cancellation of any of the Permits.  Neither the Company nor any of its Subsidiaries is in conflict with, or in default or violation of, any of the Permits, except for any such conflicts, defaults or violations which, individually or in the aggregate, would not
      reasonably be expected to have a Material Adverse Effect.

      (ii)              Except as set forth on Schedule 3(n), since December 31, 2006, no event has occurred or, to the knowledge of the Company, circumstance exists that (with or without notice or lapse of time): (a) would reasonably be expected to constitute or result in a violation by the Company or any of its Subsidiaries, or a failure on the part of the Company or its Subsidiaries to comply with, any Legal Requirement; or (b) would reasonably be expected to give rise to any obligation on the part of the Company or any of its Subsidiaries to undertake, or to bear all or any portion of the cost of, any remedial action of any nature in connection with a failure to comply with any Legal Requirement, except in either case that would
      not reasonably be expected to have a Material Adverse Effect.  Except as set forth on Schedule 3(n), neither the Company nor any of its Subsidiaries has received any notice or other communication from any regulatory authority or any other person, nor does the Company have any knowledge regarding: (x) any actual, alleged, possible or potential violation of, or failure to comply with, any Legal Requirement, or (y) any actual, alleged, possible or potential obligation on the part of the Company or any of its Subsidiaries to undertake, or to bear all or any portion of the cost of, any remedial action of any nature in connection with a failure to comply with any Legal Requirement, except in either case that would not reasonably be expected to have a Material Adverse Effect. 

      (iii)              The Company is in compliance in all material respects with the provisions of the Sarbanes-Oxley Act of 2002 and the rules and regulations promulgated thereunder that are applicable to it and has taken reasonable steps such that the Company expects to be in a position to comply with the requirements of Section 404 of the Sarbanes-Oxley Act of 2002 and the rules and regulations promulgated thereunder at such time as Section 404 becomes applicable to the Company. 

      (iv)              The Company is, and has reason to believe that for the foreseeable future it will continue to be, in compliance with all applicable rules of the Nasdaq Stock Market.  The Company has 

       

      

      	
                   
 	
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      not received notice from Nasdaq that the Company is not in compliance with the rules or requirements thereof.  The issuance and sale of the Securities under this Agreement does not contravene the rules and regulations of the Nasdaq Stock Market.

      (o)           Environmental Matters.  “Environmental Laws” shall mean, collectively, all Legal Requirements, including any federal, state, local or foreign statute, laws, rule, regulation, ordinance, code, policy or rule of common law or any judicial or administrative interpretation thereof, including any judicial or administrative order, consent, decree or judgment issued against the Company or its Subsidiaries, relating to pollution or protection of human health, the environment (including, without limitation, ambient air, surface water, groundwater, land surface or subsurface strata) or wildlife, including, without limitation, laws and regulations relating to the release or threatened release of
      chemicals, pollutants, contaminants, wastes, toxic substances, hazardous substances, petroleum or petroleum products (collectively, “Hazardous Materials”) or to the manufacture, processing, distribution, use, treatment, storage, disposal, transport or handling of Hazardous Materials.  Except for such matters as could not, singly or in the aggregate, reasonably be expected to result in a Material Adverse Effect: (i) the Company and its Subsidiaries have complied and are in compliance with all applicable Environmental Laws; (ii) without limiting the generality of the foregoing, the Company and its Subsidiaries have obtained, have complied, and are in compliance with all Permits that are required pursuant to Environmental Laws for the occupation of their respective facilities and the operation of their respective businesses; (iii) none of the Company or its Subsidiaries has received any written notice, report or other information
      regarding any actual or alleged violation of Environmental Laws, or any liabilities or potential liabilities (including fines, penalties, costs and expenses), including any investigatory, remedial or corrective obligations, relating to any of them or their respective facilities arising under Environmental Laws, nor, to the knowledge of the Company is there any factual basis therefore; (iv) there are no underground storage tanks, polychlorinated biphenyls, urea formaldehyde or other hazardous substances (other than small quantities of hazardous substances for use in the ordinary course of the operation of the Company’s and its Subsidiaries’ respective businesses, which are stored and maintained in accordance and in compliance with all applicable Environmental Laws), in, on, over, under or at any real property owned or operated by the Company and/or its Subsidiaries; (v) there are no conditions existing at any real property or with respect to the Company or any of its
      Subsidiaries that require remedial or corrective action, removal, monitoring or closure pursuant to the Environmental Laws and (vi) to the knowledge of the Company, neither the Company nor any of its Subsidiaries has contractually, by operation of law, or otherwise amended or succeeded to any liabilities arising under any Environmental Laws of any predecessors or any other Person.

      (p)           Title to Property.  Except for any lien for current taxes not yet delinquent or which are being contested in good faith and by appropriate proceedings and except as set forth on Schedule 3(p), the Company and its Subsidiaries have good and marketable title to all real property and all personal property owned by them which is material to the business of the Company and its Subsidiaries.  Any leases of real property and facilities of the Company and its Subsidiaries are valid and effective in accordance with their respective terms, except as would not have a Material Adverse Effect. 

      (q)           No Investment Company or Real Property Holding Company.  The Company is not, and upon the issuance and following the transactions contemplated by this Agreement will not be, an “investment company” as defined under the Investment Company Act of 1940 (“Investment Company”).  The Company is not controlled by an Investment Company.  The Company is not a United States real property holding company, as defined under the Internal Revenue Code of 1986, as amended (the “Code”).

      (r)           No Brokers.  The Company has taken no action which would give rise to any claim by any person for brokerage commissions, transaction fees or similar payments relating to this Agreement or the transactions contemplated hereby. 

       

      

      	
                   
 	
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      (s)           Registration Rights.  Except pursuant to the Registration Rights Agreement and this Agreement, neither the Company nor any Subsidiary is currently subject to any agreement providing any person or entity any rights (including piggyback registration rights) to have any securities of the Company or any Subsidiary registered with the Commission or registered or qualified with any other governmental authority.

      (t)            Exchange Act Registration.  The Common Stock is registered pursuant to the Exchange Act, and the Company has taken no action designed to, or which, to the knowledge of the Company, is likely to have the effect of, terminating the registration of the Common Stock.

      (u)           Labor Relations.  No labor or employment dispute exists or, to the knowledge of the Company, is imminent or threatened, with respect to any of the employees of the Company that has, or could reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect.

      (v)           Transactions with Affiliates and Employees.  Except as set forth in the SEC Documents, none of the officers or directors of the Company, and to the knowledge of the Company, none of the employees of the Company, is presently a party to any transaction or agreement with the Company (other than for services as employees, officers and directors) exceeding $100,000, including any contract, agreement or other arrangement providing for the furnishing of services to or by, providing for rental of real or personal property to or from, or otherwise requiring payments to or from any officer, director or such employee or, to the knowledge of the Company, any entity in which any officer, director, or any such employee has a substantial interest or is an
      officer, director, trustee or partner.

      (w)          Insurance.  The Company and its Subsidiaries have insurance policies in full force and effect of a type, covering such risks and in such amounts, and having such deductibles and exclusions as are customary for conducting businesses and owning assets similar in nature and scope to those of the Company and its Subsidiaries.  The amounts of all such insurance policies and the risks covered thereby are in accordance in all material respects with all material contracts and agreements to which the Company and/or its Subsidiaries is a party and with all applicable Legal Requirements.  With respect to each such insurance policy:  (i) the policy is valid, outstanding and enforceable in accordance with its terms, except as such enforceability may be limited by
      applicable bankruptcy, insolvency, reorganization, moratorium or other similar laws in effect that limit creditors’ rights generally, equitable limitations on the availability of specific remedies and principles of equity (regardless of whether such enforcement is considered in a proceeding in law or in equity); (ii) neither the Company nor any of its Subsidiaries is in breach or default with respect to its obligations thereunder in any material respect; and (iii) no party to the policy has repudiated, or given notice of an intent to repudiate, any provision thereof.

      (x)           Approved Acquisitions of Securities; No Anti-Takeover Provisions.  Prior to Closing, the Company will have taken all necessary action, if any, required under the laws of the State of Indiana or otherwise to allow the Standby Purchasers to acquire the Securities pursuant to this Agreement, including the adoption of irrevocable resolutions approving and exempting from the restrictions in Section 18 and Section 19 of Chapter 43 of the IBCL the transactions contemplated by this Agreement.  Without limitation of the foregoing, the Company will have not amended its Bylaws to opt in to the provisions of the IBCL pertaining to the acquisition of a controlling interest (IBCL 23-1-42-1 through 23-1-42-11) with respect to the acquisition by the Standby
      Purchasers of the Securities.  Except for the Rights Agreement, the Company has no control share acquisition, business combination, poison pill (including any distribution under a rights agreement) or other similar anti-takeover provision under the Company’s Articles of Incorporation or Bylaws, each as amended (or similar charter documents), that is or could become applicable to the Standby Purchasers as a result of the Standby Purchasers and the Company fulfilling their obligations or exercising their rights under this Agreement, including without limitation the Company’s issuance of the Securities and the Standby Purchasers’ ownership of the Securities.  Prior to Closing, the Company will have amended the Rights Agreement, dated March 21, 

       

      

      	
                   
 	
                  10
 

      

       

      
      

      

      

      2006, as amended, by and between the Company and National City Bank, as Rights Agent (the “Rights Agreement”), to accommodate the issuance and sale of the Securities to the Standby Purchasers, in a form reasonably acceptable to the Standby Purchasers. 

      (y)           ERISA.  Based upon the Employee Retirement Income Security Act of 1974, as amended (“ERISA”), and the regulations and published interpretations thereunder: (i) neither the Company nor any of its Subsidiaries has engaged in any Prohibited Transactions (as defined in Section 406 of ERISA and Section 4975 of the Code); (ii) the Company and each of its Subsidiaries has met all applicable minimum funding requirements under Section 302 of ERISA in respect to its plans; (iii) neither the Company nor any of its Subsidiaries has any knowledge of any event or occurrence which would cause the Pension Benefit Guaranty Corporation to institute proceedings under Title IV of ERISA to terminate any employee
      benefit plan(s); neither the Company nor any of its Subsidiaries has any fiduciary responsibility for investments with respect to any plan existing for the benefit of persons other than its or such Subsidiary’s employees; and (v) neither the Company nor any of its Subsidiaries has withdrawn, completely or partially, from any multi-employer pension plan so as to incur liability under the Multiemployer Pension Plan Amendments Act of 1980.

      (z)           Disclosure.  The Company understands and confirms that the Standby Purchasers will rely on the representations and covenants contained herein in effecting the transactions contemplated by this Agreement.  All representations and warranties provided to the Standby Purchasers including the disclosures in the Company’s disclosure schedules attached hereto furnished by or on behalf of the Company, taken as a whole are true and correct and do not contain any untrue statement of material fact or omit to state any material fact necessary in order to make the statements made therein, in the light of the circumstances under which they were made, not misleading.  No event or circumstance has occurred or information exists with respect to the Company or
      its Subsidiaries or its or their businesses, properties, prospects, operations or financial conditions, which, under applicable law, rule or regulation, requires public disclosure or announcement by the Company but which has not been so publicly announced or disclosed.  

      Section 4.              Representations and Warranties of Standby Purchasers.  Each Standby Purchaser, severally and not jointly, represents and warrants to the Company, as to itself only, as follows: 

      (a)           Organization.  Such Standby Purchaser is a partnership duly organized, validly existing and in good standing under the laws of its jurisdiction of organization. 

      (b)           Authorization.  This Agreement has been duly and validly authorized, executed and delivered by such Standby Purchaser and constitutes a binding obligation of such Standby Purchaser enforceable against it in accordance with its terms, subject to applicable bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium and similar laws affecting creditors’ rights and remedies generally, and subject, as to enforceability, to general principles of equity, including principles of commercial reasonableness, good faith and fair dealing (regardless of whether enforcement is sought in a proceeding at law or in equity). 

      (c)           Accredited Investor.  Such Standby Purchaser is an “accredited investor” within the meaning of Rule 501(a) under the Securities Act and is acquiring the Securities for investment for its own account, with no present intention of dividing its participation with others (other than in accordance with Section 12 hereof) or reselling or otherwise distributing the same in violation of the Securities Act or any applicable state securities laws. 

      (d)           Resale of Securities.  Such Standby Purchaser understands that: (i) other than pursuant to the Registration Rights Agreement, the resale of the Securities has not been and is not being registered under the Securities Act or any applicable state securities laws, and the Securities may not be sold or 

       

      

      	
                   
 	
                  11
 

      

       

      
      

      

      

      otherwise transferred unless (a) the Securities are sold or transferred pursuant to an effective registration statement under the Securities Act, (b) at the Company’s request, such Standby Purchaser shall have delivered to the Company an opinion of counsel (which opinion shall be in form, substance and scope reasonably satisfactory to the Company’s counsel) to the effect that the Securities to be sold or transferred may be sold or transferred pursuant to an exemption from such registration, or (c) the Securities are sold pursuant to Rule 144 promulgated under the Securities Act; (ii) any sale of such Securities made in reliance on Rule 144 under the Securities Act may be made only in accordance with the terms of such Rule; and (iii) except as set forth in the Registration Rights Agreement, neither the Company nor any other Person is under any obligation to
      register such Securities under the Securities Act or any state securities laws or to comply with the terms and conditions of any exemption thereunder. Such Standby Purchaser acknowledges that an appropriate restrictive legend will be placed on the certificate or certificates representing the Securities that may be issued pursuant to this Agreement in a form substantially similar to the legend set forth below (and a stop-transfer order may be placed against transfers of the certificates evidencing such Securities).  The legend shall be removed upon the effectiveness of a registration statement filed pursuant to the Registration Rights Agreement. 

      “THE SHARES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933 (THE “ACT”).  THE SHARES MAY NOT BE OFFERED FOR SALE, SOLD, OR OTHERWISE TRANSFERRED EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE ACT, OR PURSUANT TO AN EXEMPTION FROM REGISTRATION UNDER THE ACT, THE AVAILABILITY OF WHICH IS TO BE ESTABLISHED TO THE SATISFACTION OF THE CORPORATION.”

      

      	
                  Section 5.
 	
                  Deliveries at Closing.
 

      

      

      	
                   
  	
                  (a)
 	
                  At the Closing, the Company shall deliver to each Standby Purchaser the following:
 

      

      (i)              A certificate or certificates representing the number of shares of Common Stock issued to such Standby Purchaser pursuant to Section 2 hereof; and 

      (ii)              A certificate of an officer of the Company on its behalf to the effect that the representations and warranties of the Company contained in this Agreement are true and correct in all material respects on and as of the Closing Date, with the same effect as if made on the Closing Date. 

      

      	
                   
  	
                  (b)
 	
                  At the Closing, each Standby Purchaser shall deliver to the Company the following:
 

      

      (i)              Payment of the Subscription Price of the Securities purchased by such Standby Purchaser, as set forth in Section 2(c) hereof; and 

      (ii)              A certificate of such Standby Purchaser to the effect that the representations and warranties of such Standby Purchaser contained in this Agreement are true and correct in all material respects on and as of the Closing Date with the same effect as if made on the Closing Date. 

      

      	
                  Section 6.
 	
                  Covenants.
 

      

      (a)           Covenants. The Company agrees as follows between the date hereof and the Closing Date: 

      (i)              To use its reasonable best efforts to have the Board recommend to the shareholders of the Company to approve this Agreement and the transactions contemplated hereunder; 

       

      

      	
                   
 	
                  12
 

      

       

      
      

      

      

      (ii)              To as soon as reasonably practicable (A) seek the Company Shareholder Approval and (B) file with the Commission the Rights Offering Registration Statement and the Proxy Statement; 

      (iii)              To use reasonable best efforts to cause the Rights Offering Registration Statement, and any amendments thereto to become effective as promptly as possible, and to cause the Proxy Statement to be cleared by the Commission as promptly as practicable; 

      

      	
                   
  	
                  (iv)
 	
                  To use reasonable best efforts to effectuate the Rights Offering;
 

      

      (v)              As soon as reasonably practicable after the Company is advised or obtains knowledge thereof, to advise the Standby Purchasers with a confirmation in writing, of (A) the time when the Rights Offering Registration Statement, or any amendment thereto has been filed or declared effective or the Prospectus or any amendment or supplement thereto has been filed, (B) the issuance by the Commission of any stop order, or of the initiation or threatening of any proceeding, suspending the effectiveness of the Rights Offering Registration Statement, or any amendment thereto or any order preventing or suspending the use of any preliminary prospectus or the Prospectus or any amendment or supplement thereto, (C) the issuance by any state securities
      commission of any notice of any proceedings for the suspension of the qualification of the New Shares for offering or sale in any jurisdiction or of the initiation, or the threatening, of any proceeding for that purpose, (D) the receipt of any comments from the Commission, and (E) any request by the Commission for any amendment to the Rights Offering Registration Statement, or any amendment or supplement to the Prospectus or for additional information. The Company will use its reasonable best efforts to prevent the issuance of any such order or the imposition of any such suspension and, if any such order is issued or suspension is imposed, to obtain the withdrawal thereof as promptly as possible; 

      (vi)              To operate the Company’s business in the ordinary course of business consistent with past practice; 

      (vii)              To notify, or to cause the subscription agent for the Rights Offering (the “Subscription Agent”) to notify the Standby Purchasers, on each Friday during the exercise period of the Rights, or more frequently if reasonably requested by the Standby Purchasers, of the aggregate number of Rights known by the Company or the Subscription Agent to have been exercised pursuant to the Rights Offering as of the close of business on the preceding Business Day or the most recent practicable time before such request, as the case may be; 

      (viii)              Not to issue any shares of capital stock of the Company, or options, warrants, purchase rights, subscription rights, conversion rights, exchange rights, securities convertible into or exchangeable for capital stock of the Company, or other agreements or rights to purchase or otherwise acquire capital stock of the Company, except for (A) shares of Common Stock issuable upon exercise of stock options existing on the date hereof or pursuant to the Management Purchase, and (B) in excess of an additional 50,000 shares of Common Stock in connection with a stock bonus program established by the Company for the benefit for certain Company employees in connection with integration activities relating to the Company’s acquisition of Adorn  Holdings,
      Inc. 

      (ix)              Not to authorize any stock split, stock dividend, stock combination or similar transaction affecting the number of issued and outstanding shares of Common Stock; 

      (x)              Not to declare or pay any dividends or repurchase any shares of Common Stock; and 

       

      

      	
                   
 	
                  13
 

      

       

      
      

      

      

      (xi)              Not to incur any indebtedness or guarantees thereof, other than borrowings in the ordinary course of business and consistent with past practice. 

      (b)           Expense Reimbursement. The Company agrees to promptly reimburse the Standby Purchasers for all of their reasonable out-of-pocket costs and expenses and reasonable attorneys’ fees (collectively, “Expenses”) incurred by the Standby Purchasers in connection with this Agreement, the drafting and negotiation of documentation in connection with the transactions contemplated hereunder and all other activities relating to the transactions contemplated hereunder upon the Company’s receipt of all reasonably requested documentation to support the incurrence by the Standby Purchasers of such Expenses. 

      (c)           Public Statements. Neither the Company nor the Standby Purchasers shall issue any public announcement, statement or other disclosure with respect to this Agreement or the transactions contemplated hereby without the prior consent of the other party hereto, which consent shall not be unreasonably withheld or delayed, except (i) if such public announcement, statement or other disclosure is required by applicable law or applicable stock market regulations, in which case the disclosing party shall consult in advance with respect to such disclosure with the other parties to the extent reasonably practicable, or (ii) the filing of an amendment or amendments to Schedule 13D of the Standby Purchasers, to which a copy of this Agreement may be
      attached as an exhibit thereto. 

      (d)           Rights Agreement. As soon as practicable after the date hereof, the Company shall amend the Rights Agreement to permit the acquisition by the Standby Purchasers and their respective Affiliates of the shares of Common Stock contemplated by Section 2 of this Agreement.

      (e)           Access to Information.  Between the date hereof and the Closing Date, the Company will afford, to the officers, accountants, attorneys and authorized representatives of the Standby Purchasers, reasonable access during normal business hours to the corporate and other offices, personnel, advisors, consultants, properties, contracts, commitments, books and records of the Company and its Subsidiaries, whether such documents are located on the premises of the Company or elsewhere.  The Company shall furnish the Standby Purchasers with all such statements (financial and otherwise), records and documents or copies thereof, and other information concerning the business and affairs of the Company and its Subsidiaries as the Standby Purchasers shall from time to
      time reasonably request.  The Company further agrees to cause its accountants, attorneys and other representatives to fully cooperate with Standby Purchasers and their representatives in connection with the right of access granted herein.  

      

      	
                  Section 7.
 	
                  Conditions to Closing.
 

      

      (a)           The obligations of each Standby Purchaser to consummate the transactions contemplated hereunder are subject to the fulfillment, prior to or on the Closing Date, of the following conditions: 

      (i)              The representations and warranties of the Company in Section 3 shall be true and correct in all material respects as of the date hereof and at and as of the Closing Date as if made on such date (except for representations and warranties made as of a specified date, which shall be true and correct in all material respects as of such specified date); 

      (ii)             Subsequent to the execution and delivery of this Agreement and prior to the Closing Date, there shall not have been any Material Adverse Effect and no event shall have occurred or circumstance shall exist which would reasonably likely result in a Material Adverse Effect; 

      (iii)              As of the Closing Date, none of the following events shall have occurred and be continuing: (A) trading in the Common Stock shall have been suspended by the Commission or the 

       

      

      	
                   
 	
                  14
 

      

       

      
      

      

      

      Nasdaq Stock Market or trading in securities generally on the Nasdaq Stock Market, the New York Stock Exchange or the American Stock Exchange shall have been suspended or limited or minimum prices shall have been established on either such exchange or the Nasdaq Stock Market, (B) a banking moratorium shall have been declared either by U.S. federal or New York State authorities, or (C) there shall have occurred any material new outbreak or material escalation of hostilities, declaration by the United States of a national emergency or war or other calamity or crisis which has a material adverse effect on the U.S. financial markets (collectively, a “Market Adverse Effect”); 

      (iv)              As of the Closing Date, the Company shall not have amended its Bylaws to opt back in to the provisions of the IBCL pertaining to the acquisition of a controlling interest (IBCL 23-1-42-1 through 23-1-42-11); provided, however, that the Company may so amend its Bylaws to opt into the provisions of Chapter 42 of the IBCL once the purchase and issuance of the Securities hereunder is complete; 

      (v)              The Board shall have adopted irrevocable resolutions approving and exempting from the restrictions in Section 18 and Section 19 of Chapter 43 of the IBCL the transactions contemplated by this Agreement.

      (vi)              As of the Closing Date, the amendment to the Rights Agreement referenced in Section 6(d) shall continue to be in full force and effect to accommodate the issuance and sale of the Securities to the Standby Purchasers and to allow the Standby Purchasers to purchase all of the Securities issued pursuant to this Agreement; and

      (vii)              The Company shall have increased the number of authorized shares of Common Stock in its Articles of Incorporation to 20,000,000.

      (b)           The obligations of the Company to consummate the transactions contemplated hereunder are subject to the representations and warranties of the Standby Purchasers in Section 4 being true and correct in all material respects as of the date hereof and at and as of the Closing Date as if made as of such date (except for representations and warranties made as of a specified date, which shall be true and correct in all material respects as of such specified date).

      (c)           The obligations of each of the Company and the Standby Purchasers to consummate the transactions contemplated hereunder in connection with the Rights Offering are subject to the fulfillment, prior to or on the Closing Date, of the following conditions: 

      (i)              No judgment, injunction, decree or other legal restraint shall prohibit, or have the effect of rendering unachievable, the consummation of the Rights Offering or the transactions contemplated by this Agreement; 

      (ii)              The Rights Offering Registration Statement shall have been filed with the Commission and declared effective; no stop order suspending the effectiveness of the Rights Offering Registration Statement or any part thereof shall have been issued and no proceeding for that purpose shall have been initiated or threatened by the Commission; and any request of the Commission for inclusion of additional information in the Registration Statement or otherwise shall have been complied with; 

      (iii)              The Rights Offering and the transactions contemplated hereunder shall have been approved by the affirmative vote of a majority of the shares of the Company’s securities present in person or by proxy at the meeting of shareholders and entitled to vote on the matter; and

       

      

      	
                   
 	
                  15
 

      

       

      
      

      

      

      (iv)              The New Shares and the Securities shall have been authorized for listing on the Nasdaq Stock Market. 

       

      

      	
                  Section 8.
 	
                  Termination.
 

      

      (a)           This Agreement may be terminated at any time prior to the Closing Date, by either Standby Purchaser by written notice to the other parties hereto if there is a Material Adverse Effect or a Market Adverse Effect, in either case that is not cured within fifteen (15) days after the occurrence thereof. 

      (b)           This Agreement may be terminated at any time prior to the Closing Date, by the Company on one hand or by either of the Standby Purchasers on the other hand by written notice to the other parties hereto: 

      (i)             if there is a material breach of this Agreement by the other party that is not cured within fifteen (15) days after receipt of written notice by such breaching party; or 

      (ii)             if the Closing has not occurred on or prior to March 31, 2008 for any reason whatsoever, other than a material breach hereunder by such terminating party or failure of the closing condition specified in Section 7(a)(iii). 

      

      	
                  Section 9.
 	
                  Indemnification and Contribution.
 

      

      (a)           In the event of any registration of any Securities under the Securities Act pursuant to this Agreement, the Company shall indemnify and hold harmless the Standby Purchasers and each other Person who participated in the offering of such Securities and each other Person, if any, who controls either Standby Purchaser or such participating Person within the meaning of the Securities Act (all such Persons being hereinafter referred to, collectively, as the “Standby Indemnified Persons”), against any losses, claims, damages or liabilities, joint or several, to which any of the Standby Indemnified Persons may become subject (i) as a result of any breach by the Company of any of its representations or warranties contained
      herein or in any certificate delivered hereunder or (ii) under the Securities Act or any other statute or at common law, insofar as such losses, claims, damages or liabilities (or actions in respect thereof) arise out of or are based upon (A) any alleged untrue statement of any material fact contained, on the effective date thereof, in any registration statement under which such securities were registered under the Securities Act, any preliminary prospectus or final prospectus contained therein, or any amendment or supplement thereto, or (B) any alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein not misleading, and shall reimburse each such Standby Indemnified Person for any reasonable legal or any other expenses reasonably incurred by such Standby Indemnified Person in connection with investigating or defending any such loss, claim, damage, liability or action; provided, however, that the Company shall not be liable in any such case to any Standby Indemnified Person to the extent that any such loss, claim, damage or liability arises out of or is based upon any actual or alleged untrue statement or actual or alleged omission made in such registration statement, preliminary prospectus, prospectus or amendment or supplement in reliance upon and in conformity with written information furnished to the Company by such Standby Indemnified Person specifically for use therein. Such indemnity shall remain in full force and effect regardless of any investigation made by or on behalf of such Standby Indemnified Person, and shall survive the transfer of such Securities or New Shares by such Standby Indemnified Person. 

       

      

      	
                   
 	
                  16
 

      

       

      
      

      

      

      (b)           Each Standby Purchaser, severally, and not jointly, agrees to indemnify and hold harmless the Company, its directors and officers and each other Person, if any, who controls the Company within the meaning of the Securities Act (all such Persons being hereinafter referred to, collectively, as the “Company Indemnified Persons” and together with the Standby Indemnified Persons, the “Indemnified Persons”) against any losses, claims, damages or liabilities to which any of the Company Indemnified Persons may become subject (i) as a result of any breach by such Standby Purchaser of any of its representations or warranties contained herein or in any certificate delivered
      hereunder or (ii) under the Securities Act or any other statute or at common law, insofar as such losses, claims, damages or liabilities (or actions in respect thereof) arise out of or are based upon information provided in writing to the Company by such Standby Purchaser specifically for use in any registration statement under which Securities are registered under the Securities Act at the request of such Standby Purchaser, any preliminary prospectus or final prospectus contained therein, or any amendment or supplement thereto. 

      (c)           Any Person entitled to indemnification hereunder will (i) give prompt written notice to the indemnifying party of any claim with respect to which it seeks indemnification (provided that the failure to give such notice shall not limit the rights of such Person, except to the extent the indemnifying party is actually prejudiced thereby) and (ii) unless in such indemnified party’s reasonable judgment a conflict of interest between such indemnified and indemnifying parties may exist with respect to such claim, permit such indemnifying party to assume the defense of such claim with counsel reasonably satisfactory to the indemnified party; provided, however, that any person entitled to indemnification hereunder shall have the right to employ separate counsel and to participate in the defense of such claim, but the fees and expenses of such counsel shall be at the expense of such Person unless (A) the indemnifying party has agreed to pay such fees or expenses or (B) the indemnifying party shall have failed to assume the defense of such claim and employ counsel reasonably satisfactory to such Person. If such defense is not assumed by the indemnifying party as permitted hereunder, the indemnifying party will not be subject to any liability for any settlement made by the indemnified party without its consent (but such consent will not be unreasonably withheld or delayed). If such defense is assumed by the indemnifying party pursuant to the provisions hereof, such indemnifying party shall not settle or otherwise compromise the applicable claim unless (i) such settlement or compromise
      contains a full and unconditional release of the indemnified party or (ii) the indemnified party otherwise consents in writing, which consent shall not be unreasonably withheld or delayed. An indemnifying party who is not entitled to, or elects not to, assume the defense of a claim will not be obligated to pay the fees and expenses of more than one counsel for all parties indemnified by such indemnifying party with respect to such claim, unless in the reasonable judgment of any indemnified party, a conflict of interest may exist between such indemnified party and any other of such indemnified parties with respect to such claim, in which event the indemnifying party shall be obligated to pay the reasonable fees and disbursements of such additional counsel or counsels. 

      

      	
                   
  	
                  (d)
  

      

      (i)              If the indemnification provided for in this Section 9 is unavailable to an Indemnified Person hereunder in respect of any losses, claims, damages, liabilities or expenses referred to therein, then the indemnifying party, in lieu of indemnifying such Indemnified Person, shall contribute to the amount paid or payable by such Indemnified Person as a result of such losses, claims, damages, liabilities or expenses in such proportion as is appropriate to reflect the relative fault of the indemnifying party and Indemnified Person in connection with the actions which resulted in such losses, claims, damages, liabilities or expenses, as well as any other relevant equitable considerations. The relative fault of such indemnifying party and Indemnified Persons shall
      be determined by reference to, among other things, whether any action in question, including any untrue or alleged untrue statement of a material fact or omission or alleged omission to state a material fact, has been made by, or relates to information supplied by, the indemnifying party or the Indemnified Persons, and their relative intent, knowledge, access to information and opportunity to correct or prevent such action. The amount paid or payable by a 

       

      

      	
                   
 	
                  17
 

      

       

      
      

      

      

      party as a result of the losses, claims, damages, liabilities and expenses referred to above shall be deemed to include any legal or other fees or expenses reasonably incurred by such party in connection with any investigation or proceeding. 

      (ii)              The parties hereto agree that it would not be just and equitable if contribution pursuant to this Section 9(d) were determined by pro rata allocation or by any other method of allocation which does not take account of the equitable considerations referred to in the immediately preceding paragraph. No Person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution from any Person who was not guilty of such fraudulent misrepresentation. 

      Section 10.              Survival. The representations and warranties of the Company and the Standby Purchasers contained in this Agreement or in any certificate delivered hereunder shall survive the Closing hereunder. 

      Section 11.              Notices. Any notices required or permitted to be given under the terms of this Agreement shall be delivered personally or by courier (including a recognized, receipted overnight delivery service) or by facsimile (with a copy delivered by receipted overnight delivery service) and shall be effective upon receipt, if delivered personally or by courier (including a recognized, receipted overnight delivery service) or by facsimile, in each case addressed to a party.  The addresses for such communications shall be:

      If to the Company:

      Patrick Industries, Inc.

      107 West Franklin Street

      Elkhart, Indiana 46516

      Attention:  Andy Nemeth

      Telephone: (574) 294-7511

      Facsimile:  (574) 522-5213

       

      With copy to:

      McDermott Will & Emery LLP

      227 West Monroe Street

      Chicago, Illinois 60606-5096

      Attention:  Robert A. Schreck, Jr., Esq.

      

      	
                   
 	
                  Telephone:
 	
                  (312) 984-7582
 

      

      

      	
                   
 	
                  Facsimile:  
 	
                  (312) 984-7700
 

      

       

      If to the Standby Purchasers:

       

      Tontine Capital Partners, L.P.

      55 Railroad Avenue, 1st Floor

      Greenwich, Connecticut 06830

      Attention: Mr. Joseph V. Lash

      

      	
                   
 	
                  Telephone:
 	
                  (203) 769-2000
 

      

      

      	
                   
 	
                  Facsimile:
 	
                  (203) 769-2010
 

      

       

      Tontine Capital Overseas Master Fund, L.P.

      55 Railroad Avenue, 1st Floor

      Greenwich, Connecticut 06830

      Attention: Mr. Joseph V. Lash

      

      	
                   
 	
                  Telephone:
 	
                  (203) 769-2000
 

      

      

      	
                   
 	
                  Facsimile:
 	
                  (203) 769-2010
 

      

       

      

      	
                   
 	
                  18
 

      

       

      
      

      

      

       

      With copy to:

      Barack Ferrazzano Kirschbaum & Nagelberg LLP

      200 W. Madison Street, Suite 3900

      Chicago, Illinois  60606

      Attention: Sarah M. Bernstein, Esq.

      

      	
                   
 	
                  Telephone:
 	
                  (312) 984-3100
 

      

      

      	
                   
 	
                  Facsimile:
 	
                  (312) 984-3150
 

      

       

      Each party shall provide notice to the other parties of any change in address.

       

      Section 12.              Assignment.  This Agreement will be binding upon, and will inure to the benefit of and be enforceable by, the parties hereto and their respective successors and assigns, including any person to whom Securities are transferred in accordance herewith. This Agreement, or the Standby Purchasers’ obligations and rights hereunder, may be assigned, delegated or transferred, in whole or in part, by either Standby Purchaser to any Affiliate of such Standby Purchaser over which such Standby Purchaser or any of its Affiliates exercises investment authority, including, without limitation, with respect to voting and dispositive rights, provided that any such assignee assumes the obligations of such Standby Purchaser hereunder and agrees to be
      bound by the terms of this Agreement in the same manner as such Standby Purchaser. Either Standby Purchaser or any of such Standby Purchaser’s Affiliates may assign, delegate or transfer, in whole or in part, its Basic Subscription Privilege to any other Affiliate or to the Standby Purchasers.  Notwithstanding the foregoing or any other provisions herein, no such assignment will relieve such Standby Purchaser of its obligations hereunder if such assignee fails to perform such obligations. 

      Section 13.              Entire Agreement. This Agreement embodies the entire agreement and understanding between the parties hereto in respect of the subject matter contained herein. This Agreement supersedes all prior agreements and understandings between the parties with respect to the subject matter of this Agreement. 

      Section 14.              Governing Law. This Agreement shall be governed by, construed and enforced in accordance with the laws of the State of Indiana, without giving effect to the conflict of laws provisions thereof. 

      Section 15.              Severability. If any provision of this Agreement or the application thereof to any person or circumstances is determined by a court of competent jurisdiction to be invalid, void or unenforceable, the remaining provisions hereof, or the application of such provision to persons or circumstances other than those as to which it has been held invalid or unenforceable, shall remain in full force and effect and shall in no way be affected, impaired or invalidated thereby, so long as the economic or legal substance of the transactions contemplated hereby is not affected in any manner adverse to any party. Upon such determination, the parties shall negotiate in good faith in an effort to agree upon a suitable and equitable substitute provision to
      effect the original intent of the parties. 

      Section 16.              Extension or Modification of Rights Offering. Without the prior written consent of the Standby Purchasers, the Company may (i) waive irregularities in the manner of exercise of the Rights, and (ii) waive conditions relating to the method (but not the timing) of the exercise of the Rights to the extent that such waiver does not materially adversely affect the interests of the Standby Purchasers. 

       

      

      	
                   
 	
                  19
 

      

       

      
      

      

      

      

      	
                  Section 17.
 	
                  Miscellaneous.
 

      

      (a)           The Company shall not after the date of this Agreement enter into any agreement with respect to its securities which is inconsistent with or violates the rights granted to holders of Securities in this Agreement. 

      (b)           The headings in this Agreement are for purposes of reference only and shall not limit or otherwise affect the meaning of this Agreement. 

      (c)           This Agreement may be executed in any number of counterparts, each of which shall be deemed to be an original, but all of which, when taken together, shall constitute one and the same instrument.  This Agreement, once executed by a party, may be delivered to the other party hereto by electronic transmission of a copy of this Agreement bearing the signature of the party so delivering this Agreement.

       

      [Remainder of this page intentionally left blank.] 

       

      

      	
                   
 	
                  20
 

      

       

      
      

      

      

      IN WITNESS WHEREOF, the parties have caused this Agreement to be duly executed and delivered as of the date first above written. 

       

      PATRICK INDUSTRIES, INC.

       

      

      	
                   
 	
                  By: 
 

      

      

      	
                   
 	
                  Paul E. Hassler, President
 

      

       

       

       

      TONTINE CAPITAL PARTNERS, L.P.  

       

      

      	
                   
 	
                  By:
 	
                  TONTINE CAPITAL MANAGEMENT, L.L.C.,
 

      

      

      	
                   
 	
                  its general partner  
 

      

       

       

      By:        

      

      	
                   
 	
                  Jeffrey L. Gendell, its managing member
 

      

       

       

       

      TONTINE CAPITAL OVERSEAS MASTER FUND, L.P.

       

      

      	
                   
 	
                  By:
 	
                  TONTINE CAPITAL OVERSEAS GP, L.L.C., 
 

      

      

      	
                   
 	
                  its general partner
 

      

       

       

      By:   

      

      	
                   
 	
                  Jeffrey L. Gendell, its managing member
 

      

       

      

      	
                   
 	
                  S-1
 

      

       

      
      

      

      

      ANNEX A 

       

      PATRICK INDUSTRIES, INC.

       

      Term Sheet 

       

       

      

      	
                   
 	
                   
 
	
                  Issuer: 
 	
                  Patrick Industries, Inc. (the “Company”)
 
	
                   
 	
                   
 
	
                  Offering Size: 
 	
                  Common equity rights offering of approximately $13.5 million
 
	
                   
 	
                   
 
	
                  Authorization: 
 	
                  Prior approval of the Company’s Board of Directors and subject to shareholder approval
 
	
                   
 	
                   
 
	
                  Rights Offering: 
 	
                  The Company will distribute to holders of its common stock (the “Eligible Participants”), at no charge, one subscription right for each share of the Company’s common stock that Eligible Participants own as of the Record Date
 
	
                   
 	
                   
 
	
                  Basic Subscription Privilege: 
 	
                  Each subscription right will entitle Eligible Participants to purchase 0.20 of a share of common stock, upon payment of the Subscription Price in cash
 
	
                   
 	
                   
 
	
                  Subscription Commitment: 
 	
                  Tontine Capital Partners, L.P. (“TCP”) and Tontine Capital Overseas Master Fund, L.P. (“TCO,” and collectively with TCP, “Tontine”) and/or their affiliates will act as standby purchasers in the rights offering for all of the unsubscribed shares
 
	
                   
 	
                   
 
	
                   
 	
                   
 
	
                  Launch Date: 
 	
                  To be determined
 
	
                   
 	
                   
 
	
                  Record Date: 
 	
                  The Record Date is to be the Launch Date at 5:00 p.m. Chicago time
 
	
                   
 	
                   
 
	
                  Expiration Date: 
 	
                  The rights would expire no later than 30 days after the Launch Date. Rights not exercised by the Expiration Date will be null and void
 
	
                   
 	
                   
 
	
                  Subscription Price: 
 	
                  The Subscription Price shall be $11.25 per share and will be paid in cash. All payments must be cleared on or before the Expiration Date
 
	
                   
 	
                   
 
	
                  Transferability of Rights: 
 	
                  The subscription rights may not be sold, transferred or assigned
 
	
                   
 	
                   
 
	
                  Use of Proceeds: 
 	
                  Together with the proceeds of the management purchase described below, to prepay the 9.5% Senior Subordinated Promissory Notes in the aggregate principal amount of $13,975,000 issued to Tontine, to pay related accrued interest and to reduce borrowings under the Company’s senior secured credit facility.
 
	
                   
 	
                   
 
	
                   
 	
                   
 
	
                  Subscription Agent: 
 	
                  National City Bank
 
	
                   
 	
                   
 
	
                  Registration Rights: 
 	
                  Pursuant to the Amended and Restated Registration Rights Agreement
 

      

       

       

      

      	
                   
 	
                  A-1
 

      

       

      
      

      

      

       

      

      	
                   
 	
                   
 
	
                  Other Conditions: 
 	
                  Subject to the following conditions: (i) satisfactory negotiation and execution of definitive documentation; (ii) amendment of the Company’s Shareholder Rights Plan to accommodate Tontine’s potential pro forma ownership after giving effect to the rights offering and the purchase of any unsubscribed shares; (iii) amendment to the Company’s articles of incorporation to increase the authorized number of shares of is common stock to 20,000,000; and (iv) irrevocable resolutions adopted by the Company’s board approving and exempting from the restrictions in Section 18 and Section 19 of Chapter 43 of the IBCL the transactions contemplated hereby
 
	
                   
 	
                   
 
	
                  Expenses: 
 	
                  All of the expenses incurred by Tontine are to be reimbursed by the Company
 
	
                   
 	
                   
 
	
                  Management Purchase:
 	
                  Sale of up to 130,000 shares of common stock to certain management employees at $11.25 per share, or an aggregate purchase price of up to $1,462,500 
 

      

       

       

      

      	
                   
 	
                  A-2Exhibit 4.1

EXECUTION COPY

	

INDENTURE 

MOBILE SERVICES GROUP, INC.

and

MOBILE STORAGE GROUP, INC.

as Issuers

and the SUBSIDIARY GUARANTORS named herein

Dated as of August 1, 2006

WELLS FARGO BANK, N.A., as

Trustee

9 3/4% SENIOR NOTES DUE 2014

	

TABLE OF CONTENTS

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
Page

	
 

	
 

	
 

	
 

	

	
ARTICLE I DEFINITIONS AND INCORPORATION BY REFERENCE

	
 

	
1

	
 

	
 

	
 

	
 

	
1.1

	
Definitions

	
 

	
1

	
 

	
1.2

	
Other
  Definitions

	
 

	
24

	
 

	
1.3

	
Incorporation
  by Reference of Trust Indenture Act

	
 

	
24

	
 

	
1.4

	
Rules of
  Construction

	
 

	
25

	
 

	
1.5

	
One Class
  of Notes

	
 

	
25

	
 

	
 

	
 

	
 

	
 

	
ARTICLE II THE NOTES

	
 

	
25

	
 

	
 

	
 

	
 

	
2.1

	
Form and
  Dating

	
 

	
25

	
 

	
2.2

	
Execution
  and Authentication

	
 

	
26

	
 

	
2.3

	
Registrar
  and Paying Agent

	
 

	
27

	
 

	
2.4

	
Paying
  Agent to Hold Money in Trust

	
 

	
27

	
 

	
2.5

	
Holder
  Lists

	
 

	
28

	
 

	
2.6

	
Transfer
  and Exchange

	
 

	
28

	
 

	
2.7

	
Replacement
  Notes

	
 

	
39

	
 

	
2.8

	
Outstanding
  Notes

	
 

	
40

	
 

	
2.9

	
Treasury
  Notes

	
 

	
40

	
 

	
2.10

	
Temporary
  Notes

	
 

	
40

	
 

	
2.11

	
Cancellation

	
 

	
41

	
 

	
2.12

	
Defaulted
  Interest

	
 

	
41

	
 

	
2.13

	
CUSIP or
  Other Similar Numbers

	
 

	
41

	
 

	
2.14

	
Issuance
  of Additional Notes

	
 

	
41

	
 

	
2.15

	
Computation
  of Interest

	
 

	
42

	
 

	
 

	
 

	
 

	
 

	
ARTICLE III REDEMPTION AND PREPAYMENT

	
 

	
42

	
 

	
 

	
 

	
 

	
3.1

	
Notices
  to Trustee

	
 

	
42

	
 

	
3.2

	
Selection
  of Notes to be Redeemed

	
 

	
42

	
 

	
3.3

	
Notice of
  Redemption

	
 

	
42

	
 

	
3.4

	
Effect of
  Notice of Redemption

	
 

	
43

	
 

	
3.5

	
Deposit
  of Redemption Price

	
 

	
43

	
 

	
3.6

	
Notes
  Redeemed in Part

	
 

	
44

	
 

	
3.7

	
Optional
  Redemption

	
 

	
44

	
 

	
3.8

	
Mandatory
  Redemption

	
 

	
44

	
 

	
3.9

	
Offer to
  Purchase by Application of Excess Proceeds

	
 

	
45

	
 

	
 

	
 

	
 

	
 

	
ARTICLE IV COVENANTS

	
 

	
46

	
 

	
 

	
 

	
 

	
4.1

	
Payment
  of Notes

	
 

	
46

	
 

	
4.2

	
Maintenance
  of Office or Agency

	
 

	
47

	
 

	
4.3

	
Reports

	
 

	
47

	
 

	
4.4

	
Compliance
  Certificate

	
 

	
48

	
 

	
4.5

	
Taxes

	
 

	
49

	
 

	
4.6

	
Stay,
  Extension and Usury Laws

	
 

	
49

	
 

	
4.7

	
Restricted
  Payments

	
 

	
49

-i-

	
 

	
 

	
 

	
 

	
 

	
 

	
4.8

	
Dividend and Other Payment Restrictions Affecting Subsidiaries

	
 

	
52

	
 

	
4.9

	
Incurrence of Indebtedness

	
 

	
54

	
 

	
4.10

	
Asset Sales

	
 

	
57

	
 

	
4.11

	
Transactions With Affiliates

	
 

	
59

	
 

	
4.12

	
Liens

	
 

	
60

	
 

	
4.13

	
Business Activities

	
 

	
61

	
 

	
4.14

	
Corporate Existence

	
 

	
61

	
 

	
4.15

	
Offer to Repurchase upon Change of Control

	
 

	
61

	
 

	
4.16

	
Future Subsidiary Guarantees

	
 

	
62

	
 

	
4.17

	
Designation of Restricted and Unrestricted Subsidiaries

	
 

	
63

	
 

	
4.18

	
Payments for Consent

	
 

	
63

	
 

	
 

	
 

	
 

	
 

	
ARTICLE V SUCCESSORS

	
 

	
63

	
 

	
 

	
 

	
 

	
5.1

	
Merger, Consolidation, or Sale of Assets

	
 

	
63

	
 

	
5.2

	
Successor Corporation Substituted

	
 

	
64

	
 

	
 

	
 

	
 

	
 

	
ARTICLE VI EVENTS OF DEFAULT

	
 

	
64

	
 

	
 

	
 

	
 

	
6.1

	
Events of
  Default

	
 

	
64

	
 

	
6.2

	
Acceleration

	
 

	
65

	
 

	
6.3

	
Other
  Remedies

	
 

	
66

	
 

	
6.4

	
Waiver of
  Past Defaults

	
 

	
66

	
 

	
6.5

	
Control
  By Majority

	
 

	
66

	
 

	
6.6

	
Limitation
  on Suits

	
 

	
66

	
 

	
6.7

	
Rights of
  Holders of Notes to Receive Payment

	
 

	
67

	
 

	
6.8

	
Collection
  Suit by Trustee

	
 

	
67

	
 

	
6.9

	
Trustee
  May File Proofs of Claim

	
 

	
67

	
 

	
6.10

	
Priorities

	
 

	
68

	
 

	
6.11

	
Undertaking
  for Costs

	
 

	
68

	
 

	
 

	
 

	
 

	
 

	
ARTICLE VII TRUSTEE

	
 

	
68

	
 

	
 

	
 

	
 

	
7.1

	
Duties of
  Trustee

	
 

	
68

	
 

	
7.2

	
Rights of
  Trustee

	
 

	
69

	
 

	
7.3

	
Individual
  Rights of Trustee

	
 

	
70

	
 

	
7.4

	
Trustee’s
  Disclaimer

	
 

	
71

	
 

	
7.5

	
Notice of
  Defaults

	
 

	
71

	
 

	
7.6

	
Reports
  by Trustee to Holders of the Notes

	
 

	
71

	
 

	
7.7

	
Compensation
  and Indemnity

	
 

	
71

	
 

	
7.8

	
Replacement
  of Trustee

	
 

	
72

	
 

	
7.9

	
Successor
  Trustee by Merger, Etc

	
 

	
73

	
 

	
7.10

	
Eligibility;
  Disqualification

	
 

	
73

	
 

	
7.11

	
Preferential
  Collection of Claims Against Company

	
 

	
73

	
 

	
7 12

	
Other
  Capacities

	
 

	
73

	
 

	
 

	
 

	
 

	
 

	
ARTICLE VIII
  LEGAL DEFEASANCE AND COVENANT DEFEASANCE

	
 

	
74

	
 

	
 

	
 

	
 

	
8.1

	
Option to
  Effect Legal Defeasance or Covenant Defeasance

	
 

	
74

	
 

	
8.2

	
Legal
  Defeasance and Discharge

	
 

	
74

	
 

	
8.3

	
Covenant
  Defeasance

	
 

	
74

-ii-

	
 

	
 

	
 

	
 

	
 

	
 

	
8.4

	
Conditions
  to Legal or Covenant Defeasance

	
 

	
75

	
 

	
8.5

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

	
 

	
76

	
 

	
8.6

	
Repayment
  to Issuers

	
 

	
76

	
 

	
8.7

	
Reinstatement

	
 

	
76

	
 

	
 

	
 

	
 

	
 

	
ARTICLE IX AMENDMENT, SUPPLEMENT AND WAIVER

	
 

	
77

	
 

	
 

	
 

	
 

	
9.1

	
Without
  Consent of Holders of Notes

	
 

	
77

	
 

	
9.2

	
With
  Consent of Holders of Notes

	
 

	
78

	
 

	
9.3

	
Compliance
  With Trust Indenture Act

	
 

	
79

	
 

	
9.4

	
Revocation
  and Effect of Consents

	
 

	
79

	
 

	
9.5

	
Notation
  on or Exchange of Notes

	
 

	
79

	
 

	
9.6

	
Trustee
  to Sign Amendments, Etc

	
 

	
79

	
 

	
 

	
 

	
 

	
 

	
ARTICLE X GUARANTEES

	
 

	
80

	
 

	
 

	
 

	
 

	
10.1

	
Guarantee

	
 

	
80

	
 

	
10.2

	
Limitation
  on Guarantor Liability

	
 

	
81

	
 

	
10.3

	
Guarantors
  May Consolidate, etc., on Certain Terms

	
 

	
81

	
 

	
10.4

	
Releases
  of Guarantees

	
 

	
81

	
 

	
10.5

	
Notation
  of Guarantee

	
 

	
82

	
 

	
 

	
 

	
 

	
 

	
ARTICLE XI SATISFACTION AND DISCHARGE

	
 

	
82

	
 

	
 

	
 

	
 

	
11.1

	
Satisfaction
  and Discharge

	
 

	
82

	
 

	
11.2

	
Application
  of Trust Funds

	
 

	
83

	
 

	
11.3

	
Repayment
  to Company

	
 

	
83

	
 

	
11.4

	
Reinstatement

	
 

	
83

	
 

	
 

	
 

	
 

	
 

	
ARTICLE XII MISCELLANEOUS

	
 

	
84

	
 

	
 

	
 

	
 

	
12.1

	
Trust
  Indenture Act Controls

	
 

	
84

	
 

	
12.2

	
Notices

	
 

	
84

	
 

	
12.3

	
Communication
  by Holders of Notes With Other Holders of Notes

	
 

	
85

	
 

	
12.4

	
Certificate
  and Opinion as to Conditions Precedent

	
 

	
85

	
 

	
12.5

	
Statements
  Required in Certificate or Opinion

	
 

	
85

	
 

	
12.6

	
Rules by
  Trustee and Agents

	
 

	
86

	
 

	
12.7

	
No
  Personal Liability of Directors, Officers, Employees and Shareholders

	
 

	
86

	
 

	
12.8

	
Governing
  Law

	
 

	
86

	
 

	
12.9

	
No
  Adverse Interpretation of Other Agreements

	
 

	
86

	
 

	
12.10

	
Successors

	
 

	
86

	
 

	
12.11

	
Severability

	
 

	
86

	
 

	
12.12

	
Counterpart
  Originals

	
 

	
86

	
 

	
12.13

	
Table of
  Contents, Headings, Etc

	
 

	
86

	
 

	
12.14

	
Benefits
  of Indenture

	
 

	
87

	
 

	
12.15

	
Legal
  Holidays

	
 

	
87

-iii-

	
 

	
 

	
EXHIBITS:

	
A

	
Form of Note

	
B

	
Form of
  Certificate of Transfer

	
C

	
Form of Certificate
  of Exchange

	
D

	
Form of
  Supplemental Indenture to be Delivered by Subsequent Guarantors

iv

CROSS-REFERENCE
TABLE*

	
 

	
 

	
 

	
 

	
Trust
  Indenture Act Section

	
 

	
Indenture Section

	

	
 

	

	
 

	
 

	
 

	
 

	
310

	
(a)(l)

	
 

	
7.10
  

	
 

	
(a)(2)

	
 

	
7.10
  

	
 

	
(a)(3)

	
 

	
N.A.
  

	
 

	
(a)(4)

	
 

	
N.A.
  

	
 

	
(a)(5)

	
 

	
7.10
  

	
 

	
(b)

	
 

	
7.10
  

	
 

	
(c)

	
 

	
N.A.
  

	
311

	
(a)

	
 

	
7.11
  

	
 

	
(b)

	
 

	
7.11
  

	
312

	
(a)

	
 

	
2.5
  

	
 

	
(b)

	
 

	
12.3
  

	
 

	
(c)

	
 

	
12.3
  

	
313

	
(a)

	
 

	
7.6
  

	
 

	
(b)(l)

	
 

	
N.A.
  

	
 

	
(b)(2)

	
 

	
7.6;
  7.7 

	
 

	
(c)

	
 

	
7.6;
  12.2 

	
 

	
(d)

	
 

	
7.6
  

	
314

	
(a)

	
 

	
4.3;
  12.2 

	
 

	
(b)

	
 

	
N.A.
  

	
 

	
(c)(1)

	
 

	
12.4
  

	
 

	
(c)(2)

	
 

	
12.4
  

	
 

	
(c)(3)

	
 

	
N.A.
  

	
 

	
(e)

	
 

	
12.5
  

	
 

	
(f)

	
 

	
N.A.
  

	
315

	
(a)

	
 

	
7.1
  

	
 

	
(b)

	
 

	
7.5;
  12.2 

	
 

	
(c)

	
 

	
7.1
  

	
 

	
(d)

	
 

	
7.1
  

	
 

	
(e)

	
 

	
6.11
  

	
316

	
(a)(last
  sentence)

	
 

	
2.9
  

	
 

	
(a)(1)(A)

	
 

	
6.5
  

	
 

	
(a)(1)(B)

	
 

	
6.4
  

	
 

	
(a)(2)

	
 

	
N.A.
  

	
 

	
(b)

	
 

	
6.7
  

	
 

	
(c)

	
 

	
2.12
  

	
317

	
(a)(l)

	
 

	
6.8
  

	
 

	
(a)(2)

	
 

	
6.9
  

	
 

	
(b)

	
 

	
2.4
  

	
318

	
(a)

	
 

	
12.1 

	
 

	
(b)

	
 

	
N.A. 

	
 

	
(c)

	
 

	
12.1 

N.A. means
not applicable.

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

v

                    INDENTURE
dated as of August 1, 2006 among Mobile Services Group, Inc., a Delaware
corporation (the “Company”), Mobile Storage Group, Inc., a Delaware
corporation (“MSG” and, together with the Company, the “Issuers”), and
Wells Fargo Bank, N.A., as trustee (the “Trustee”).

                    The
Issuers, the Guarantors (as defined herein) and the Trustee agree as follows
for the benefit of the other parties and for the equal and ratable benefit of
the Holders of the Initial Notes, the Additional Notes and the Exchange Notes
(in each case as defined herein):

ARTICLE 1

DEFINITIONS AND INCORPORATION BY REFERENCE

                    1.1 Definitions.

                    “Acquired
Debt” means, with respect to any specified Person: (i) Indebtedness of any
other Person (a) existing at the time such other Person is merged or
consolidated with or into or became a Subsidiary of such specified Person, or
(b) assumed by such specified Person in connection with an acquisition of any
Equity Interests or assets of such other Person, whether or not such
Indebtedness is incurred in connection with, or in contemplation of, such other
Person merging with or into, or becoming a Subsidiary of, such specified
Person; and (ii) Indebtedness secured by a Lien encumbering any asset acquired
by such specified Person.

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

                    “Additional
Notes” means 9 3/4% Senior Notes due 2014 of the Issuers issued in
compliance with and under this Indenture after the Issue Date and having
identical terms to the Initial Notes or the Exchange Notes, other than with
respect to the date of issuance and issue price, first payment of interest and
rights under a related Registration Rights Agreement, if any.

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

                    “Agent”
means any Registrar, Paying Agent, co-registrar, authenticating agent or
securities custodian.

                    “Applicable
Premium” means, with respect to a Note at any redemption date, the excess
of (i) the present value at such time of (a) the redemption price of such Note
at August 1, 2010 (such redemption price being described in Section 3.7 hereof
plus (b) all required interest payments (excluding accrued and unpaid interest)
due on such Note through August 1, 2010, computed using a discount rate equal
to the Treasury Rate plus 50 basis points, over (ii) the outstanding principal
amount of such Note.

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

                    “Asset
Sale” means: (i) the sale, lease (other than operating leases), sublease,
conveyance or other disposition of any assets or rights, other than sales of
assets in the ordinary course of business;

1

provided that the
sale, lease, sublease, conveyance or other disposition of all or substantially
all of the assets of the Company and its Restricted Subsidiaries taken as a
whole will be governed by the provisions of this Indenture described under
Section 4.15 and Section 5.1 hereof and not by the provisions of Section 4.10
hereof; and (ii) the issuance of Equity Interests in any of the Company’s
Restricted Subsidiaries or the sale of Equity Interests in any of the Company’s
Restricted Subsidiaries. Notwithstanding the preceding, the following items
will not be deemed to be Asset Sales: (i) any single transaction or series of
related transactions that involves assets having a fair market value of less
than $2.5 million; (ii) a transfer of assets (a) between or among the Company
and its Restricted Subsidiaries (other than a Receivables Entity) or (b)
between the Company or its Restricted Subsidiary, on the one hand, and another
Person, on the other hand, if after giving effect to such transaction, the
other Person becomes a Restricted Subsidiary (other than a Receivables Entity)
of the Company; (iii) the sale, lease, sublease, conveyance or other
disposition of equipment (including lease equipment), assets, inventory,
accounts receivable or other assets from the lease fleet and the sales
inventory of the Company and its Restricted Subsidiaries in the ordinary course
of business; (iv) the sale, transfer or other disposition of obsolete, damaged
or worn-out equipment, lease fleet and sales inventory; (v) an issuance of
Equity Interests by a Restricted Subsidiary to the Company or to another Restricted
Subsidiary (other than a Receivables Entity) of the Company; (vi) a Restricted
Payment that is permitted by Section 4.7 hereof or a Permitted Investment;
(vii) any conversion of Cash Equivalents into cash or any form of Cash
Equivalents; (viii) any surrender or waiver of contract rights or the
settlement, release or surrender of contract, tort or other litigation claims;
(ix) any termination or expiration of any lease or sublease of real property in
accordance with its terms; (x) creating or granting of Liens (and any sale or
disposition thereof or foreclosure thereon) not prohibited by the Indenture;
(xi) any sublease of real property in the ordinary course of business; (xii)
grants of credits and allowances in the ordinary course of business; (xiii)
sales of accounts receivable and related assets or an interest therein of the
type specified in the definition of “Qualified Receivables Transaction” to a
Receivables Entity; and (xiv) condemnations on or the taking by eminent domain
of property or assets.

                    “Attributable
Debt” in respect of a sale and leaseback transaction means, at the time of
determination, the present value of the obligation of the lessee for net rental
payments during the remaining term of the lease included in such sale and
leaseback transaction including any period for which such lease has been
extended or may, at the option of the lessor, be extended. Such present value
shall be calculated using a discount rate equal to the rate of interest
implicit in such transaction, determined in accordance with GAAP.

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

                    “Beneficial
Owner” has the meaning assigned to such term in Rule 13d -3 and Rule 13d-5
under the Exchange Act (as in effect on the date hereof). The terms
“Beneficially Owns” and “Beneficially Owned” have a corresponding meaning.

                    “Board
of Directors” means: (i) with respect to a corporation, the board of
directors of the corporation; (ii) with respect to a partnership, the board of
directors of the general partner of the partnership; and (iii) with respect to
any other Person, the board of directors or committee of such Person serving a
similar function.

                    “Board
Resolution” means, with respect to any Person, a copy of a resolution
certified by the Secretary or an Assistant Secretary 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.

                    “Borrowing
Base” means, as of any date, on a consolidated basis and without
duplication, the sum of (i) 85.0% of the net book value of accounts receivable
of the Company and its Restricted Subsidiaries, plus (ii) the lesser of 100.0% of the net book value and
90.0% of the net appraised recovery.

2

value of lease
fleet assets of the Company and its Restricted Subsidiaries, plus (iii) the lesser of 90.0% of the net
book value and 80.0% of the net appraised recovery value of machinery and
equipment of the Company and its Restricted Subsidiaries, plus (iv) 90.0% of the net book value of
inventory of the Company and its Restricted Subsidiaries (subject to an aggregate
$25.0 million inventory sublimit); provided,
however, that if Indebtedness is being incurred to finance an
acquisition pursuant to which any accounts receivable, lease fleet assets,
machinery and equipment or inventory will be acquired (whether through the
direct acquisition of assets or the acquisition of Capital Stock of a Person),
the Borrowing Base shall include the applicable percentage of any accounts
receivable, lease fleet assets, machinery and equipment and inventory to be
acquired in connection with such acquisition.

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

                    “Business
Day” means each day that is not a Saturday, Sunday or other day on which
banking institutions in New York, New York are authorized or required by law to
close.

                    “Capital
Lease Obligation” means, at the time any determination is to be made, the
amount of the liability in respect of a capital lease that would at that time
be required to be capitalized on a balance sheet in accordance with GAAP.

                    “Capital
Stock” means: (i) in the case of a corporation, corporate stock; (ii) in
the case of an association or business entity, any and all shares, interests,
participations, rights or other equivalents (however designated) of corporate
stock; (iii) in the case of a partnership or limited liability company,
partnership or membership interests (whether general or limited); and (iv) any
other interest or participation that confers on a Person the right to receive a
share of the profits and losses of, or distributions of assets of, the issuing
Person.

                    “Cash
Equivalents” means: (i) United States dollars, Canadian dollars, British
pounds or Euros and, in the case of any Foreign Subsidiary that is a Restricted
Subsidiary, such local currencies held by it from time to time in the ordinary
course of business; (ii) securities issued or directly and fully guaranteed or
insured by the United States government or any agency or instrumentality of the
United States government (provided that the full faith and credit of the United
States is pledged in support of those securities) having maturities of not more
than one year from the date of acquisition; (iii) certificates of deposit and
eurodollar time deposits with maturities of one year or less from the date of
acquisition, bankers’ acceptances with maturities not exceeding one year and
overnight bank deposits, in each case, with any lender party to the Credit
Agreement or with any domestic commercial bank having capital and surplus in
excess of $250.0 million and a Thomson Bank Watch Rating of “B” or better; (iv)
repurchase obligations with a term of not more than seven days for underlying
securities of the types described in clauses (ii) and (iii) above entered into
with any financial institution meeting the qualifications specified in clause
(iii) above; (v) commercial paper having a rating of at least “P-2” (or the
equivalent thereof) from Moody’s Investors Service, Inc. or at least “A-2” (or
the equivalent thereof) from Standard & Poor’s Rating Services and in each
case maturing within one year after the date of acquisition; and (vi) money
market funds at least 95% of the assets of which constitute Cash Equivalents of
the kinds described in clauses (i) through (v) of this definition.

                    “Change
of Control” means the occurrence of any of the following: (i) the direct or
indirect sale, lease, transfer, conveyance or other disposition (other than by
way of merger or consolidation), in one or a series of related transactions, of
all or substantially all of the properties or assets of the Company and its
Restricted Subsidiaries taken as a whole to any “person” (as that term is used
in Section 13(d)(3) of the Exchange Act) other than a Principal or a Related
Party; (ii) the adoption of a plan relating to the liquidation or dissolution
of the Company; (iii) any “person” (as defined above) other than any Principal
or Related Party becomes the Beneficial Owner, directly or indirectly, of more
than 50% of the Voting Stock of the Company, measured by voting power rather
than number of shares;

3

or (iv) the
first day on which a majority of the members of the Board of Directors of the
Company or any Parent Entity are not Continuing Directors.

                    “Clearstream”
means Clearstream Banking, société anonyme, or
any successor securities clearing agency.

                    “Company”
has the meaning set forth to it in the preamble to this Indenture. 

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

                    “Comparable
Treasury Issue” means the United States Treasury security selected by an
Independent Investment Banker, having a maturity comparable to the first
redemption date of the Notes, that would be utilized, at the time of selection
and in accordance with customary financial practice, in pricing new issues of
corporate debt securities of a comparable maturity to the first redemption date
of the Notes, “Independent Investment Banker” means one of the Reference
Treasury Dealers appointed by the Trustee after consultation with the Company,

                    “Comparable
Treasury Price” means, with respect to any redemption date, (i) the average
of the Reference Treasury Dealer Quotations for such redemption date, after
excluding the highest and lowest such Reference Treasury Dealer Quotations, or
(ii) if the Trustee obtains fewer than four such Reference Treasury Dealer
Quotations, the average of all such quotations, “Reference Treasury Dealer
Quotations” means, with respect to each Reference Treasury Dealer and any
redemption date, the average, as determined by the Trustee, of the bid and
asked prices for the Comparable Treasury Issue (expressed in each case as a
percentage of its principal amount) quoted in writing to the Trustee by such
Reference Treasury Dealer at 3:30 p.m. New York time, on the third Business Day
preceding such redemption date.

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

	
 

	
 

	
 

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

	
 

	
 

	
 

	
          (ii)
  the interest expense of such Person and its Restricted Subsidiaries for such
  period, to the extent that such interest expense was deducted in computing such
  Consolidated Net Income; plus

	
 

	
 

	
 

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

	
 

	
 

	
 

	
          (iv)
  losses arising from foreign currency or foreign currency exchange
  fluctuations related to Investments of the Company or its Restricted
  Subsidiaries in the Company or its Restricted Subsidiaries (other than
  Receivables Entities); plus

	
 

	
 

	
 

	
          (v)
  any fees, charges and expenses incurred in connection with any Equity
  Offering, Permitted Investment, acquisition, recapitalization or issuance or
  repayment of Indebtedness permitted to be incurred under the Indenture (in
  each case whether or not consummated) or the

4

	
 

	
 

	
 

	
Transactions (including,
  without limitation, the fees payable to the Principal pursuant to the
  Management Agreement in connection with the Transactions) and, in each case,
  deducted in such period in computing Consolidated Net Income; minus

	
 

	
 

	
 

	
          (vi)
  gains arising from foreign currency or foreign currency exchange fluctuations
  related to Investments of the Company or its Restricted Subsidiaries in the
  Company or its Restricted Subsidiaries (other than Receivables Entities);
  minus

	
 

	
 

	
 

	
          (vii)
  non-cash items increasing such Consolidated Net Income for such period, other
  than the accrual of revenue in the ordinary course of business (excluding any
  items which represent the reversal of any accrual of, or cash reserve for,
  anticipated cash charges made in any prior period that reduced Consolidated
  Cash Flow or which will result in the receipt of cash in a future period or
  the amortization of lease incentives),

	
 

	
 

	
 

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

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

	
 

	
 

	
 

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

	
 

	
 

	
 

	
          (ii)
  the Net Income of any Restricted Subsidiary will be excluded to the extent
  that the declaration or payment of dividends or similar distributions by that
  Restricted Subsidiary of that Net Income is not at the date of determination
  permitted without any prior governmental approval (that has not been
  obtained) or, directly or indirectly, by operation of the terms of its
  charter or any agreement, instrument, judgment, decree, order, statute, rule
  or governmental regulation applicable to that Restricted Subsidiary or its
  shareholders unless such restriction with respect to the payment of dividends
  or similar distributions has been legally waived; provided that the Consolidated Net Income of such Person
  shall be increased by the amount of dividends or similar distributions that
  are actually paid in cash (or to the extent converted into cash) to such
  Person or a Restricted Subsidiary thereof in respect of such period, to the
  extent not already included therein;

	
 

	
 

	
 

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

	
 

	
 

	
 

	
          (iv)
  any net after-tax gains or losses (less all fees and expenses relating
  thereto) attributable to asset dispositions other than in the ordinary course
  of business (as determined in good faith by the Board of Directors of the
  Company) and any gain (or loss) realized upon the sale or other disposition
  of any Capital Stock of any Person shall be excluded;

	
 

	
 

	
 

	
          (v)
  any non-cash compensation expense, including any such expense arising from
  stock options, restricted stock grants or other equity-incentive programs
  shall be excluded;

	
 

	
 

	
 

	
          (vi)
  any net after-tax gains or losses attributable to the early extinguishment of
  Indebtedness shall be excluded;

	
 

	
 

	
 

	
          (vii)
  the effect of any non-cash items resulting from any amortization, write-up,
  write-down or write-off of assets (including intangible assets, goodwill and
  deferred financing costs in connection with the Transactions or any future
  acquisition, disposition, merger,

5

	
 

	
 

	
 

	
consolidation
  or similar transaction or any other non-cash impairment charges incurred
  subsequent to the date of the Indenture resulting from the application at
  SFAS Nos. 141, 142 or 144 (excluding any such non-cash item to the extent
  that it represents an accrual of or reserve for cash expenditures in any
  future period except to the extent such item is subsequently reversed) shall
  be excluded; and

	
 

	
 

	
 

	
          (viii)
  any net gain or loss resulting from Hedging Obligations (including pursuant
  to the application of SFAS No. 133) shall be excluded.

                    “Continuing
Directors” means, as of any date of determination, any member of the Board
of Directors of the Company who: (i) was a member of such Board of Directors on
the date hereof; or (ii) was nominated for election or elected to such Board of
Directors with the approval of a majority of the Continuing Directors who were
members of such Board of Directors at the time of such nomination or election;
or (iii) was nominated by a Principal or Related Party pursuant to a
shareholders, voting or similar agreement.

                    “Contribution
Indebtedness” means Indebtedness of the Company or any Restricted
Subsidiary of the Company in an aggregate principal amount not greater than two
times the net cash proceeds received by the Company after the date of the
Indenture from the issue or sale of Equity Interests of the Company or cash
contributions made to the capital of the Company (in each case, other than
proceeds of Disqualified Stock or sales of Equity Interests to the Company or
any of its Subsidiaries) (collectively, “Contribution Indebtedness Equity”) provided that such Contribution
Indebtedness: (i) if the aggregate principal amount of such Contribution
Indebtedness is greater than one times the net cash proceeds of such
Contribution Indebtedness Equity, the amount of such excess shall be (a)
subordinated Indebtedness (other than secured Indebtedness) and (b)
Indebtedness with a Stated Maturity at least 91 days later than the Stated
Maturity of the Notes, and (ii) (a) is incurred within 180 days alter the
making of such cash contributions and (b) is so designated as Contribution
Indebtedness (and the related Contribution Indebtedness Equity is so designated
as Contribution Indebtedness Equity) pursuant to an Officers’ Certificate on
the date of the incurrence thereof.

                    “Corporate
Trust Office of the Trustee” shall be at the address of the Trustee
specified in Section 12.2 hereof or such other address as to which the Trustee
may give notice to the Issuers.

                    “Credit
Agreement” means each of (i) the U.S. Credit Agreement and (ii) the U.K.
Credit Agreement.

                    “Credit
Agreement Note” means that certain Revolving Subordinated Intercompany
Demand Note dated as of the date hereof by the Company in favor of Ravenstock
MSG Limited in an amount not to exceed $15.0 million pursuant to the Credit
Agreement and any Permitted Refinancing Indebtedness in respect thereof.

                    “Credit
Facilities” means one or more debt facilities or agreements (including,
without limitation, the Credit Agreement) or commercial paper facilities or
indentures, in each case with banks or other institutional lenders or investors
providing for revolving credit loans, term loans, debt securities, receivables
financing (including through the sale of receivables to such lenders or to
special purpose entities formed to borrow from such lenders against such
receivables) or letters of credit, in each case, as amended, restated,
modified, renewed, refunded, extended, replaced, restructured or refinanced in
whole or in part from time to lime under the same or any other agent, lender or
group of lenders.

                    “Custodian”
means any receiver, trustee, assignee, liquidator, sequestrator or similar
official under any Bankruptcy Law.

6

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

                    “Definitive
Note” means a certificated Note registered in the name of the Holder
thereof and issued in accordance with Section 2.1(b) hereof, in the form of
Exhibit A hereto except that such Note shall not bear the Global Note Legend
and shall not have the “Schedule of Exchanges of Interests in the Global Note”
attached thereto.

                    “Depositary”
means, with respect to the Notes issuable or issued in whole or in part in
global form, the Person specified in Section 2.3 hereof as the Depositary with
respect to the Notes, and any and all successors thereto appointed as
depositary hereunder and having become such pursuant to the applicable provision
of this Indenture.

                    “Designated
Non-cash Consideration” means the fair market value of non-cash
consideration received by the Company or a Restricted Subsidiary in connection
with an Asset Sale that is so designated as Designated Non-cash Consideration
pursuant to an Officers’ Certificate, setting forth the basis of such
valuation, less the amount of cash or Cash Equivalents received in connection
with a subsequent sale of or collection on such Designated Non-cash
Consideration; provided such cash
proceeds are applied pursuant to Section 4.10 hereof.

                    “Disqualified
Stock” means any Capital Stock that, by its terms (or by the terms of any
security into which it is convertible, or for which it is exchangeable, in each
case at the option of the holder of the Capital Stock), or upon the happening
of any event, matures or is mandatorily redeemable, pursuant to a sinking fund
obligation or otherwise, or redeemable at the option of the holder of the
Capital Stock, in whole or in part, on or prior to the dale that is 91 days
after the date on which the Notes mature. Notwithstanding the preceding
sentence, any Capital Stock that would constitute Disqualified Stock solely
because the holders of the Capital Stock have the right to require the Issuers
to repurchase such Capital Stock upon the occurrence of a change of control or
an asset sale will not constitute Disqualified Stock if the terms of such
Capital Stock provide that the Issuers may not repurchase or redeem any such
Capital Stock pursuant to such provisions unless such repurchase or redemption
complies with Section 4.7 hereof.

                    “Domestic
Subsidiary” means any Restricted Subsidiary of the Company that was formed
under the laws of the United States or any state of the United States or the
District of Columbia, other than (a) MSG Investments, Inc. and (b) any
Subsidiary that is a direct or indirect Subsidiary of a Foreign Subsidiary.

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

                    “Equity
Offering” means any public offering or private sale for cash on a primary
basis by the Company or any Parent Entity of the Company or private sale of
Capital Stock (other than Disqualified Stock) after the date of the Indenture
(other than any issuance (i) pursuant to employee benefit plans or otherwise in
compensation to officers, directors or employees, (ii) made in connection with
Change of Control transactions or (iii) constituting Contribution Indebtedness
Equity).

                    “Euroclear”
means Euroclear Bank S.A./N.V., as operator of the Euroclear system, or any
successor securities clearing agency.

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

7

                    “Exchange
Notes” means the 9 3/4% Senior Notes due 2014 to be issued by the Issuers
upon the expiration of an Exchange Offer pursuant to the terms of a
Registration Rights Agreement containing terms substantially identical to the
Initial Notes (except that (i) the transfer restrictions thereon shall be
eliminated (other than as may be imposed by state securities laws) and (ii)
there will be no provision for the payment of Additional Interest).

                    “Exchange
Offer” means, subject to the terms of a Registration Rights Agreement, the
offer by the Issuers to the Holders of the opportunity to exchange their Initial
Notes (or Additional Notes) for Exchange Notes pursuant to a registration
statement Filed with the Commission.

                    “Exchange
Offer Registration Statement” has the meaning set forth for such term in a
Registration Rights Agreement.

                    “Existing
Indebtedness” means Indebtedness of the Issuers and their Restricted
Subsidiaries (other than Indebtedness under the Credit Agreement) in existence
on the date of the Indenture, until such amounts are repaid (unless replaced by
Permitted Refinancing Indebtedness at the time of repayment).

                    “Fixed
Charge Coverage Ratio” means with respect to any specified Person for any
period. the ratio of the Consolidated Cash Flow of such Person for such period
to the Fixed Charges of such Person for such period. In the event that the
specified Person or any of its Restricted Subsidiaries incurs, assumes,
guarantees, repays, repurchases, redeems, defeases or otherwise discharges any
Indebtedness (other than ordinary working capital borrowings) or issues,
repurchases or redeems preferred stock (or any preferred stock permanently
ceases to accrue dividends or is converted into, or exchanged for, Capital
Stock (other than Disqualified Stock)) subsequent to the commencement of the period
for which the Fixed Charge Coverage Ratio is being calculated and on or prior
to the date on which the event for which the calculation of the Fixed Charge
Coverage Ratio is made (the “Calculation Date”), then the Fixed Charge Coverage
Ratio will be calculated giving pro forma effect to such incurrence,
assumption, guarantee, repayment, repurchase, redemption, conversion, exchange,
cessation of dividends, defeasance or other discharge of Indebtedness, or such
issuance, repurchase or redemption of preferred stock, and the use of the
proceeds therefrom as if the same had occurred at the beginning of the
applicable four-quarter reference period.

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

	
 

	
 

	
 

	
          (i)
  acquisitions that have been made by the specified Person or any of its
  Restricted Subsidiaries, including through mergers or consolidations and
  including any related financing transactions and including increases in
  ownership of Restricted Subsidiaries, during the four-quarter reference
  period or subsequent to such reference period and on or prior to the
  Calculation Date will be given pro forma effect as if they had occurred on
  the first day of the four-quarter reference period and Consolidated Cash Flow
  for such reference period will be calculated on a pro forma basis; provided that such pro forma
  calculations shall be determined in good faith by the Chief Financial Officer
  of the Company and shall be set forth in an Officers’ Certificate signed by
  the Company’s Chief Financial Officer which states (a) the amount of such
  adjustment or adjustments, (b) that such adjustment or adjustments are based
  on the reasonable good faith belief of the Company at the time of such
  execution, and (c) that the steps necessary for the realization of such
  adjustments have been or are reasonably expected to be taken within 12 months
  following such transaction;

	
 

	
 

	
 

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

8

	
 

	
 

	
 

	
 

	
 

	
          (iii)
  the Fixed Charges attributable to discontinued operations, as determined in
  accordance with GAAP, and operations or businesses disposed of on or prior to
  the Calculation Date, will be excluded, but only to the extent that the
  obligations giving rise to such Fixed Charges will not be obligations of the
  specified Person or any of its Restricted Subsidiaries following the
  Calculation Date; and

	
 

	
 

	
 

	
          (iv)
  any interest expense of such Person attributable to interest on any
  Indebtedness or dividends on any Disqualified Stock bearing a floating
  interest (or dividend) rate will be computed on a pro forma basis as if the
  average rate of interest (or dividend) in effect from the beginning of the
  period referenced to the Calculation Date had been the applicable rate of
  interest (or dividend) for the entire period, unless such Person or any of
  its Restricted Subsidiaries is a party to a Hedging Obligation (which will
  remain in effect for the twelve-month period immediately following the
  Calculation Date) that has the effect of fixing the rate of interest on the
  date of determination, in which case such rate (whether higher or lower) will
  be used.

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

	
 

	
 

	
 

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

	
 

	
 

	
 

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

	
 

	
 

	
 

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

	
 

	
 

	
 

	
          (iv)
  Receivables Fees; plus

	
 

	
 

	
 

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

                    “Foreign
Subsidiary” means a Restricted Subsidiary that is not a Domestic
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 have been approved by a significant segment of the accounting
profession, which are in effect as of the date of the Indenture.

9

                    “Global
Note Legend” means the legend set forth in Section 2.6(g)(ii), which is
required to be placed on all Global Notes issued under this Indenture.

                    “Global
Notes” means one or more global notes deposited with or on behalf of, and
registered in the name of, the Depositary or its nominee and issued in
accordance with Sections 2.1 and 2.7 hereof.

                    “Government
Securities” means direct obligations of, or obligations guaranteed by, the
United States of America, and the payment for which the United States pledges
its full faith and credit.

                    “guarantee”
means a guarantee other than by endorsement of negotiable instruments for
collection in the ordinary course of business, direct or indirect, in any
manner including, without limitation, by way of a pledge of assets or through
letters of credit or reimbursement agreements in respect thereof, of all or any
part of any Indebtedness.

                    “Guarantee”
means each Subsidiary Guarantee. 

                    
“Guarantors” means each Subsidiary Guarantor.

                    “Hedging
Obligations” means, with respect to any specified Person, the obligations
of such Person incurred not for speculative purposes under: (i) interest rate
swap agreements (whether from fixed to floating or from floating to fixed),
interest rate cap agreements and interest rate collar agreements; (ii) foreign
exchange contracts and currency protection agreements entered into with one or
more financial institutions designed to protect the person or entity entering
into the agreement against fluctuations in interest rates or currency exchanges
rates with respect to Indebtedness incurred; (iii) any commodity futures contract,
commodity option or other similar agreement or arrangement designed to protect
against fluctuations in the price of commodities used by that entity at the
time; and (iv) other agreements or arrangements designed to protect such person
against fluctuations in interest rates or currency exchange rates.

                    “Holder”
means any Person (which may include the Depositary or its nominee) in whose
name the Notes are registered.

                    “Immaterial
Subsidiary” means, as of any date, any Restricted Subsidiary whose total
assets (other than Capital Stock of a Foreign Subsidiary), as of the last day
of the most recently ended four full fiscal quarter period for which internal
financial statements are available immediately preceding such date, are less
than $250,000 and whose total revenues (other than revenues attributable to a
Foreign Subsidiary owned by such Restricted Subsidiary) for the most recently
ended four full fiscal quarters for which internal financial statements are
available immediately preceding such date do not exceed $50,000; provided that a Restricted Subsidiary will
not be considered to be an Immaterial Subsidiary if it, directly or indirectly,
guarantees or otherwise provides direct credit support for any Indebtedness of
the Issuers or any Guarantor.

                    “Indebtedness”
means (without duplication), with respect to any specified Person, any
indebtedness of such Person (it being understood that Indebtedness shall not
include, among other things, deferred taxes, customer deposits, accrued
expenses and trade payables), whether or not contingent: (i) in respect of
borrowed money; (ii) evidenced by bonds, notes, debentures or similar
instruments or letters of credit (or reimbursement agreements in respect thereof);
(iii) in respect of letters of credit, banker’s acceptances or other similar
instruments; (iv) representing Capital Lease Obligations and Attributable Debt;
(v) representing the balance of the deferred and unpaid portion of the purchase
price of any property except (a) any portion thereof that constitutes an
accrued expense or trade payable, (b) obligations to consignors to pay under
normal trade terms for consigned goods and (c) earn-out obligations; (vi) all
obligations of such Person with respect to the redemption, repayment or other

10

repurchase of any
Disqualified Stock or, with respect to any Restricted Subsidiary that is not a
Subsidiary Guarantor, any preferred stock (but excluding, in each case, any
accrued dividends); (vii) representing any Hedging Obligations; or (viii) to
the extent not otherwise included in this definition, the Receivables
Transaction Amount outstanding relating to a Qualified Receivables Transaction,
if and to the extent any of the preceding items (other than letters of credit
and Hedging Obligations) would appear as a liability upon a balance sheet of
the specified Person prepared in accordance with GAAP. In addition, the term
“Indebtedness” includes, without duplication, all Indebtedness of others
secured by a Lien on any asset of the specified Person (whether or not such
Indebtedness is assumed by the specified Person) and, to the extent not
otherwise included, the guarantee by the specified Person of any Indebtedness
of any other Person. The amount of any Indebtedness outstanding as of any date
will be: (i) the accreted value of the Indebtedness, in the case of any
Indebtedness issued with original issue discount; (ii) in the case of any
Disqualified Stock of the specified Person or any Subsidiary Guarantor or
preferred stock of a Restricted Subsidiary that is not a Subsidiary Guarantor,
the repurchase price calculated in accordance with the terms of such
Disqualified Stock or preferred stock as if such Disqualified Stock or
preferred stock were repurchased on the date on which Indebtedness is required
to be determined pursuant to the Indenture; provided
that if such Disqualified Stock or preferred stock is not then
permitted to be repurchased, the greater of the liquidation preference and the
book value of such Disqualified Stock or preferred stock; (iii) in the case of
Indebtedness of others secured by a Lien on any asset of the specified Person,
the lesser of (A) the fair market value of such asset on the date on which
Indebtedness is required to be determined pursuant to the Indenture and (B) the
amount of the Indebtedness so secured; (iv) in the case of the guarantee by the
specified Person of any Indebtedness of any other Person, the maximum liability
to which the specified Person may be subject upon the occurrence of the
contingency giving rise to the obligation; (v) in the case of any Hedging
Obligations, the net amount payable if such Hedging Obligations were terminated
at that time due to default by such Person (after giving effect to any
contractually permitted set-off); (vi) the principal amount of the
Indebtedness, together with any interest on the Indebtedness that is more than
30 days past due, in the case of any other Indebtedness; and (vii) the
principal amount of any Indebtedness outstanding in connection with a Qualified
Receivables Transaction is the Receivables Transaction Amount relating to such
Qualified Receivables Transaction.

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

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

                    “Initial
Notes” means the $200.0 million aggregate principal amount of 9 3/4% Senior
Notes Due 2014 issued by the Issuers on the Issue Date.

                    “Investments”
means, with respect to any Person, all direct or indirect investments by such
Person in other Persons (including Affiliates) in the forms of loans (including
guarantees or other obligations), advances or capital contributions (excluding
commission, travel and similar advances to officers and employees, and
deposits, extensions of trade credits and allowances on commercially reasonable
terms, in each case, made in the ordinary course of business), purchases or other
acquisitions for consideration of Indebtedness, Equity Interests or other
securities, together with all items that are or would be classified as
investments on a balance sheet prepared in accordance with GAAP. If the Company
or any Restricted Subsidiary of the Company sells or otherwise disposes of any
Equity Interests of any direct or indirect Restricted Subsidiary of the Company
such that, after giving effect to any such sale or disposition, such Person is
no longer a Restricted Subsidiary of the Company, the Company shall be deemed
to have made an Investment on the date of any such sale or disposition in an
amount equal to the fair market value of the Equity Interests of such
Restricted Subsidiary not sold or disposed of in an amount determined as provided
in the final paragraph of Section 4.7 hereof. The acquisition by the Company or
any Restricted Subsidiary of the Company of a Person that holds an Investment
in a third Person shall be deemed to be an Investment by the Company or such
Restricted Subsidiary in such third Person in an amount equal to the fair
market value of the Investment held by the acquired Person in such

11

third Person on the date of
any such acquisition in an amount determined as provided in the final paragraph
of Section 4.7 hereof; provided that
investments held by the acquired Person in such third person that do not exceed
$1.0 million will not be deemed to be an Investment by the Company or any such
Subsidiary for the purposes of this definition. 

                    “Issue
Date” means the date on which the Notes are originally issued under this
Indenture.

                    “Issuers”
has the meaning set forth to it in the preamble to this Indenture.

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

                    “Leverage
Ratio” means, with respect to any Person, at any date the ratio of (i)
Indebtedness of such Person and its Restricted Subsidiaries as of such date of
calculation (determined on a consolidated basis in accordance with GAAP) to
(ii) Consolidated Cash Flow of such Person for the four full fiscal quarters
For which internal financial statements are available immediately preceding
such date on which such additional Indebtedness is incurred. In the event that
such Person or any of its Restricted Subsidiaries incurs or redeems any
Indebtedness subsequent to the commencement of the period for which the
Leverage Ratio is being calculated but prior to the event for which the
calculation of the Leverage Ratio is made, then the Leverage Ratio shall be
calculated giving pro forma effect to such incurrence or redemption of
Indebtedness as if the same had occurred at the beginning of the applicable
four-quarter period. For purposes of making the computation referred to above,
Consolidated Cash Flow of such Person shall be determined in accordance with
the second paragraph of the definition of “Fixed Charge Coverage Ratio.”

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

                    “Management
Agreement” means the Management Agreement among the Company, MSG WC
Holdings Corp. and WCAS Management Corporation dated the date of the Indenture.

                    “MSG”
has the meaning set forth to it in the preamble to this Indenture.

                    “Net
Income” means, with respect to any specified Person, the net income (loss)
of such Person, determined in accordance with GAAP and before any reduction in
respect of preferred stock dividends; provided,
that “Net Income” shall exclude: (i) any gain (or loss), together
with any related provision for taxes on such gain (or loss), realized in
connection with: (a) any Asset Sale or other disposition not in the ordinary
course of business (including, without limitation, dispositions pursuant to
sale and leaseback transactions); or (b) the disposition of any securities by
such Person or any of its Restricted Subsidiaries or the extinguishment of any
Indebtedness of such Person or any of its Restricted Subsidiaries; (ii) any
extraordinary, unusual or non-recurring gain (or loss), charge, cost or
expense, together with any related provision for taxes on such extraordinary,
unusual or non-recurring gain (or loss), charge, cost or expense; and (iii) any
(a) non-cash charges relating to the grant, exercise or repurchase of options
for, or shares of, the Capital Stock (other than Disqualified Stock) of such
Person to any employee or director of such Person, (b) non-cash charges relating
to the write-down of goodwill or other intangibles to the extent such items
reduced the Net Income of such Person during any period and (c) non-cash gains
or losses related to Hedging Obligations.

12

                    “Net
Proceeds” means the aggregate cash proceeds received by the Company or any
of its Restricted Subsidiaries in respect of any Asset Sale (including, without
limitation, any cash received upon the sale or other disposition of any
non-cash consideration received in any Asset Sale, including any Designated
Non-cash Consideration), net of the direct costs relating to such Asset Sale,
including, without limitation, legal, accounting and investment banking fees,
and sales commissions, and any relocation expenses incurred as a result of the Asset
Sale, taxes paid or payable as a result of the Asset Sale including any
withholding taxes imposed on the repatriation of such proceeds, in each case,
after taking into account any available tax credits or deductions and any tax
sharing arrangements, and amounts required to be applied to the repayment of
Indebtedness (including any interest or premium) and any reserve for adjustment
in respect of the sale price of such asset or assets established in accordance
with GAAP.

                    “Non-Recourse
Debt” means Indebtedness: (i) as to which neither the Company nor any of
its Restricted Subsidiaries (a) provides credit support of any kind (including
any undertaking, agreement or instrument that would constitute Indebtedness),
(b) is directly or indirectly liable as a guarantor or otherwise, or (c)
constitutes the lender (in each case, except for a pledge of the Equity
Interests of Unrestricted Subsidiaries); and (ii) no default with respect to
which (including any rights that the holders of the Indebtedness may have to
lake enforcement action against an Unrestricted Subsidiary) would permit upon
notice, lapse of time or both any holder of any other Indebtedness (other than
the Notes) of the Company or any of its Restricted Subsidiaries to declare a default
on such other Indebtedness or cause the payment of the Indebtedness to be
accelerated or payable prior to its Stated Maturity.

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

                    “Note
Custodian” means Wells Fargo Bank, N.A., as custodian for the Depositary
with respect to the Notes in global form, or any successor entity thereto.

                    “Notes”
means the Initial Notes, the Exchange Notes and any Additional Notes issued
under this Indenture.

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

                    “Offering”
means the offering of the Initial Notes by the Issuers.

                    “Offering
Memorandum” means the Offering Memorandum relating to the Notes and dated
July 20, 2006, as amended or supplemented.

                    “Officer”
means, with respect to any Person, the Chairman of the Board, the Chief
Executive Officer, the President, the Chief Financial Officer, any Vice
President, the Treasurer or the Secretary of such Person.

                    “Officers’
Certificate” means a certificate signed by two Officers of each Issuer or
by one Officer and any Assistant Treasurer or Assistant Secretary of each
Issuer and which complies with the provisions of Section 12.5 hereof.

                    “144A
Global Note” means one or more global notes in the form of Exhibit A hereto
bearing the Global Note Legend and the Private Placement Legend and deposited
with or on behalf of, and registered in the name of, the Depositary or its
nominee that shall represent the aggregate principal amount of the Notes sold
in reliance on Rule 144A.

13

                    “Opinion
of Counsel” means a written opinion from legal counsel which meets the
requirements of Section 12.5 hereof. The counsel may be an employee of or
counsel to the Issuers.

                    “Parent
Entity” means any Person that is a direct or indirect parent of the
Company.

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

                    “Parent
Subordinated Notes” means the $90.0 million in aggregate principal amount
of Subordinated Notes due 2015 issued by MSG WC Holdings Corp. on the date of the
Indenture.

                    “Permitted
Business” means (i) the lines of business conducted by the Company and its
Restricted Subsidiaries on the date of the Indenture and any business
incidental or reasonably related thereto or which is a reasonable extension
thereof as determined in good faith by the Company’s Board of Directors and
(ii) any business which forms a part of a business (the “Acquired Business”)
which is acquired by the Company or any of its Restricted Subsidiaries if the
primary intent of the Company or such Restricted Subsidiary was to acquire that
portion of the Acquired Business which meets the requirements of clause (i) of
this definition and the portion of the Acquired Business which meets the
requirements of clause (i) of this definition constitutes a majority of the
Acquired Business.

                    “Permitted
Investments” means:

	
 

	
 

	
 

	
          (i)
  any Investment in the Company or in a Restricted Subsidiary (other than a
  Receivables Entity) of the Company;

	
 

	
 

	
 

	
          (ii)
  any Investment in Cash and Cash Equivalents;

	
 

	
 

	
 

	
          (iii)
  any Investment by the Company or any Restricted Subsidiary of the Company in
  a Person, if as a result of such Investment: (a) such Person becomes a
  Restricted Subsidiary (other than a Receivables Entity) of the Company; or
  (b) such Person is merged, consolidated or amalgamated with or into, or
  transfers or conveys substantially all of its assets to, or is liquidated
  into, the Company or a Restricted Subsidiary (other than a Receivables Entity)
  of the Company;

	
 

	
 

	
 

	
          (iv)
  any Investment made as a result of the receipt of non-cash consideration from
  an Asset Sale that was made pursuant to and in compliance with Section 4.10
  hereof or any non-cash consideration received in connection with a
  disposition of assets excluded from the definition of “Asset Sales;”

	
 

	
 

	
 

	
          (v)
  workers’ compensation, utility, lease and similar deposits and prepaid
  expenses in the ordinary course of business and endorsements of negotiable
  instruments and documents in the ordinary course of business;

	
 

	
 

	
 

	
          (vi)
  any investments in any Person solely in exchange For the issuance of Equity
  Interests (other than Disqualified Stock) of the Company;

	
 

	
 

	
 

	
          (vii)
  any Investments arising from agreements of the Company or a Restricted
  Subsidiary of the Company providing for adjustment of purchase price,
  deferred payment, earn out or similar obligations, in each case acquired in
  connection with the disposition or acquisition of any business or assets of the
  Company or a Restricted Subsidiary (other than in connection with a Qualified
  Receivables Transaction);

14

	
 

	
 

	
 

	
          (viii)
  any Investments received in compromise of obligations of any Person to the
  Company or any Restricted Subsidiary of the Company incurred in the ordinary
  course of business, including pursuant to any plan of reorganization or
  similar arrangement upon the bankruptcy, insolvency, reorganization, or
  liquidation of such Person or the good faith settlement of debts of such
  Person to the Company or a Restricted Subsidiary of the Company, as the case
  may be;

	
 

	
 

	
 

	
          (ix)
  Hedging Obligations permitted to be incurred under Section 4.9 hereof;

	
 

	
 

	
 

	
          (x)
  loans and advances made in settlement of accounts receivable, all in the
  ordinary course of business;

	
 

	
 

	
 

	
          (xi)
  guarantees of Indebtedness to the extent permitted by clause (ix) of the
  second paragraph of Section 4.9 hereof;

	
 

	
 

	
 

	
          (xii)
  Investments by the Company or a Restricted Subsidiary in a Receivables Entity
  or any Investment by a Receivables Entity in any other Person, in each case,
  in connection with a Qualified Receivables Transaction, provided, however, that any Investment
  in any such Person is in the form of a Purchase Money Note, or any equity interest
  or interests in Receivables and related assets generated by the Company or a
  Restricted Subsidiary and transferred to any Person in connection with a
  Qualified Receivables Transaction or any such Person owning such Receivables;

	
 

	
 

	
 

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

	
 

	
 

	
 

	
          (xiv)
  any Investments in payroll, travel and similar advances to cover matters that
  are expected at the time of such advances ultimately to be treated as
  expenses for accounting purposes;

	
 

	
 

	
 

	
          (xv)
  any Investments existing on the date of the Indenture;

	
 

	
 

	
 

	
          (xvi)
  loans and advances to employees (other than executive officers) of the
  Company and its Restricted Subsidiaries in the ordinary course of business
  for bona fide business purposes;

	
 

	
 

	
 

	
          (xvii)
  Investments consisting of licensing of intellectual property pursuant to
  joint marketing arrangements with other Persons;

	
 

	
 

	
 

	
          (xviii)
  Investments consisting of earnest money deposits required in connection a
  purchase agreement or other acquisition; and

	
 

	
 

	
 

	
          (xix)
  other Investments in any Person having an aggregate fair market value
  (measured on the date each such Investment was made and without giving effect
  to subsequent changes in value), when taken together with all other
  Investments made pursuant to this clause (xix) that are at the time
  outstanding, not to exceed the greater of (a) $7.5 million and (b) 1.0% of
  Total Assets of the Company, provided that
  if such Investment is in Capital Stock of a Person that subsequently becomes
  a Restricted Subsidiary, such Investment shall thereafter be deemed permitted
  under clause (i) above and shall not be included as having been made pursuant
  to this clause (xix).

15

                    “Permitted
Liens” means:

	
 

	
 

	
 

	
          (i)
  Liens of the Company and any Restricted Subsidiary of the Company securing
  Indebtedness and other Obligations under the Credit Facilities,
  including the Credit Agreement, that were incurred and remain outstanding
  under clause (i) of the second paragraph of Section 4.9 hereof, or any
  exercise of remedies in connection therewith;

	
 

	
 

	
 

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

	
 

	
 

	
 

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

	
 

	
 

	
 

	
          (iv)
  Liens on property (including Capital Stock) existing at the time of acquisition
  of the property by the Company or any Restricted Subsidiary of the Company, provided that such Liens were in
  existence prior to the contemplation of such acquisition;

	
 

	
 

	
 

	
          (v)
  Liens to secure the performance of statutory obligations, surety or appeal
  bonds, performance bonds or other obligations of a like nature incurred in
  the ordinary course of business;

	
 

	
 

	
 

	
          (vi)
  Liens to secure Indebtedness (including Capital Lease Obligations) permitted
  by clause (iv) of the second paragraph of Section 4.9 hereof covering only
  the assets acquired with such Indebtedness;

	
 

	
 

	
 

	
          (vii)
  Liens existing on the date of the Indenture or that remain in place in
  connection with the incurrence of Permitted Refinancing Indebtedness;

	
 

	
 

	
 

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

	
 

	
 

	
 

	
          (ix)
  Liens on assets of Unrestricted Subsidiaries that secure Non-Recourse Debt of
  Unrestricted Subsidiaries;

	
 

	
 

	
 

	
          (x)
  Liens in favor of customs and revenue authorities in connection with custom
  duties;

	
 

	
 

	
 

	
          (xi)
  Liens incurred or deposits made in the ordinary course of business in
  connection with workers’ compensation, unemployment insurance, social
  security and other statutory obligations, including any Lien securing letters
  of credit issued in the ordinary course of business in connection therewith,
  or to secure the performance of tenders, statutory obligations, surety and
  appeal bonds, bids, leases, governmental contracts, performance and return-of-money
  bonds and other similar obligations (exclusive of obligations for the payment
  of borrowed money);

	
 

	
 

	
 

	
          (xii)
  Liens imposed by law, such as carriers’, landlords’, material men’s,
  repairmen’s warehouse-men’s and mechanics’ Liens, in each case, for sums not
  yet due or being contested in good faith through diligent proceedings;

16

	
 

	
 

	
 

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

	
 

	
 

	
 

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

	
 

	
 

	
 

	
          (xv)
  Liens securing Hedging Obligations;

	
 

	
 

	
 

	
          (xvi)
  minor survey exceptions, minor encumbrances, easements or reservations of, or
  rights of others for, licenses, rights-of-way, sewers, electric lines,
  telegraph and telephone lines and other similar purposes, or zoning, building
  or other restrictions or any similar laws, ordinances, orders, rules or
  regulations as to the use of real properties or Liens incidental to the
  conduct of the business of such Person or to the ownership of its properties
  that do not, in the aggregate, materially adversely affect the value of said
  properties or materially impair their use in the operation of the business of
  such Person;

	
 

	
 

	
 

	
          (xvii)
  Liens encumbering property or assets under construction arising from progress
  or partial payments by a customer of the Company or one of its Subsidiaries
  relating to such property or assets;

	
 

	
 

	
 

	
          (xviii)
  Liens on assets that are the subject of a sale and leaseback transaction
  permitted by the provisions of the Indenture;

	
 

	
 

	
 

	
          (xix)
  Liens arising from licenses, leases and subleases entered into the ordinary
  course of business, provided such Liens are limited to the specific property
  that is the subject of such license, lease, or sublease;

	
 

	
 

	
 

	
          (xx)
  judgment Liens not giving rise to an Event of Default; and

	
 

	
 

	
 

	
          (xxi)
  Liens securing insurance premium financing; provided
  that such Liens do not extend to any property or assets other than
  the insurance policies and proceeds thereof;

	
 

	
 

	
 

	
          (xxii)
  Liens on assets transferred to a Receivables Entity or on assets of a
  Receivables Entity, in either case incurred in connection with a Qualified
  Receivables Transaction; and 

	
 

	
 

	
 

	
          (xxiii) other Liens incurred in the ordinary
  course of business of the Company or any Subsidiary of the Company with
  respect to obligations that do not exceed $10.0 million at any one time outstanding.

	
 

	
 

	
 

	
          “Permitted
  Payments to Parent Entity” means without duplication as to amounts:

	
 

	
 

	
 

	
          (i)
  payments to the Parent Entity in an amount sufficient to permit the Parent
  Entity to pay reasonable accounting, legal, board and administrative expenses
  and other reasonable holding company expenses of the Parent Entity, and

	
 

	
 

	
 

	
          (ii)
  payments to the Parent Entity in respect of the United States, federal,
  state, local or non-United States tax liabilities of the Company and its Subsidiaries
  to the extent that the Parent Entity has an obligation to pay such tax
  liabilities (“Tax Payments”). Tax Payments shall not exceed the tax
  liabilities (including any penalties or interest for taxes and costs to
  contest any tax liability) that would otherwise be payable by the Company and
  its Subsidiaries to the

17

	
 

	
 

	
 

	
appropriate taxing
  authorities if the Company was not a Subsidiary of the Parent Entity (a “Tax
  Liability”). The amount of any Tax Payment that may be made with respect to a
  Tax Liability shall be reduced by any amount paid directly by the Company or
  any of its Subsidiaries to a taxing authority in satisfaction of such Tax
  Liability;

	
 

	
 

	
 

	
          (iii)
  payments to reimburse the Parent Entity for costs, fees and expenses incident
  to any debt or equity financing, to the extent that (a) the net proceeds of a
  primary offering (if it is completed) are, or the net proceeds from original
  issuance of such securities in the case of a secondary offering, were,
  contributed to, or otherwise used for the benefit of, the Company or any of
  its Restricted Subsidiaries, and (b) the costs, fees and expenses are
  allocated among the Parent Entity and any selling shareholders in such
  proportion as is required by an applicable shareholders agreement or, to the
  extent no applicable shareholders agreement exists, as is appropriate to
  reflect the relative proceeds received by the Parent Entity and such selling
  shareholders;

	
 

	
 

	
 

	
          (iv)
  obligations under the Management Agreement; and

	
 

	
 

	
 

	
          (v)
  payments to fund interest payments not in excess of 10% per annum on the
  outstanding Parent Subordinated Notes; provided,
  however, that a payment under this clause (v) will only be
  permitted (a) on and with respect to periods after the second anniversary of
  the date of the Indenture, (b) at the time of such payment and after giving
  pro forma effect thereto, no Default or Event of Default shall have occurred
  and be continuing or would occur as a result of such payment, (c) the Company
  would, at the time of such payment and after giving pro forma effect thereto
  as if such payment had been made at the beginning of the applicable
  four-quarter period, have been permitted to incur at least $1.00 of
  additional Indebtedness pursuant to the Fixed Charge Coverage Ratio test set
  forth in the first paragraph of Section 4.9 hereof; and (d) the Leverage
  Ratio of the Company as of the most recent fiscal quarter end, after giving
  effect to such payments on a pro forma basis, shall not exceed 4.75:1.

                    “Permitted
Refinancing Indebtedness” means any Indebtedness of the Company or any of
its Restricted Subsidiaries issued in exchange for, or the net proceeds of
which are used to repay, redeem, extend, refinance, renew, replace, defease,
discharge, refund or otherwise retire for value other Indebtedness of the
Company or any of its Subsidiaries (other than intercompany Indebtedness
between and among the Company and its Restricted Subsidiaries); provided that: (i) the principal amount
(or accreted value, if applicable) of such Permitted Refinancing Indebtedness
does not exceed the principal amount (or accreted value, if applicable) of the
Indebtedness repaid, redeemed, extended, refinanced, renewed, replaced,
defeased, discharged, refunded, or retired (plus all accrued interest on the
Indebtedness and the amount of all fees and expenses and premiums and penalties
incurred in connection therewith); (ii) such Permitted Refinancing Indebtedness
has a final maturity date of or later than the final maturity dale of, and has
a Weighted Average Life to Maturity equal to or greater than the Weighted
Average Life to Maturity of, the Indebtedness being repaid, redeemed, extended,
refinanced, renewed, replaced, defeased, discharged, or refunded or retired;
(iii) if the Indebtedness being repaid, redeemed, extended, refinanced,
renewed, replaced, defeased, discharged, refunded or retired is subordinated in
right of payment to the Notes or any Guarantee, such Permitted Refinancing
Indebtedness is subordinated in right of payment to the Notes or the
Guarantees, as the case may be, on terms at least as favorable to the Holders
of Notes as those contained in the documentation governing the Indebtedness
being repaid, redeemed, extended, refinanced, renewed, replaced, defeased, refunded,
discharged or retired; and (iv) such Indebtedness is incurred either by an
Issuer or a Guarantor or if a Restricted Subsidiary that is not a Guarantor is
the obligor on the Indebtedness being repaid, redeemed, extended, refinanced,
renewed, replaced, defeased, refunded or discharged, then by any Restricted
Subsidiary.

18

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

                    “Principal
or Related Party” means Welsh Carson and its Affiliates.

                    “Private
Placement Legend” means the legend set forth in Section 2.6(g)(i) to be
placed on all Notes issued under this Indenture except where otherwise
permitted by the provisions of this Indenture.

                    “Purchase
Money Note” means a promissory note of a Receivables Entity evidencing the
deferred purchase price of Receivables (and related assets) and a line of
credit, which may be irrevocable, from the Company or any Restricted Subsidiary
of the Company in connection with a Qualified Receivables Transaction with a
Receivables Entity, which deferred purchase price or line is repayable from
cash available to the Receivables Entity, other than amounts required to be
established as reserves pursuant to agreements, amounts paid to investors in
respect of interest, principal and other amounts owing to such investors and
amounts owing to such investors and amounts paid in connection with the
purchase of newly generated Receivables.

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

                    “Qualified
Proceeds” means any of the following or any combination of the following:
(i) cash, (ii) Cash Equivalents, (iii) assets that are used or useful in a
Permitted Business (excluding Permitted Investments made in Persons other than
Restricted Subsidiaries pursuant to clause (vi) of the definition of  “Permitted
Investments”) by the Company or any Restricted Subsidiary of the Company and
(iv) the Capital Stock of any Person engaged in a Permitted Business that
becomes a Restricted Subsidiary of the Company as a result of the acquisition
of such Capital Stock by the Company or any Restricted Subsidiary of the
Company.

                    “Qualified
Receivab1es Transaction” means any transaction or series of transactions
that may be entered into by the Company or any of its Restricted Subsidiaries
pursuant to which the Company or any of its Restricted Subsidiaries may sell,
convey or otherwise transfer to (i) a Receivables Entity (in the case of a
transfer by the Company or any of its Restricted Subsidiaries) and (ii) any
other Person (in the case of a transfer by a Receivables Entity), or may grant
a security interest in, any Receivables (whether now existing or arising in the
future) of the Company or any of its Restricted Subsidiaries, and any assets
related thereto including, without limitation, all collateral securing such
Receivables, all contracts and all guarantees or other obligations in respect
of such accounts receivable, the proceeds of such Receivables and other assets
which are customarily transferred, or in respect of which security interests
are customarily granted, in connection with asset securitization involving
Receivables.

                    “Receivable”
means a right to receive payment arising from a sale or lease of goods or the
performance of services by a Person pursuant to an arrangement with another
Person pursuant to which such other Person is obligated to pay for goods or
services under terms that permit the purchase of such goods and services on
credit and shall include, in any event, any items of property that would be
classified as an “account,” “chattel paper,” “payment intangible” or
“instrument” under the Uniform Commercial Code as in effect in the Stale of New
York and any “supporting obligations” as so defined.

                    “Receivables
Entity” means a wholly-owned Subsidiary (or another Person in which the
Company or any Restricted Subsidiary makes an Investment and to which the
Company or any Restricted Subsidiary transfers Receivables and related assets)
which engages in no activities other than in connection with the financing of Receivables
and which is designated by the Board of Directors of the Company (as provided
below) as a Receivables Entity: (i) no portion of the Indebtedness or any other
obligations (contingent or otherwise) of which: (a) is guaranteed by the
Company or any Restricted

19

Subsidiary
(excluding guarantees of Obligations (other than the principal of, and interest
on, Indebtedness) pursuant to Standard Securitization Undertakings); (b) is
recourse to or obligates the Company or any Restricted Subsidiary in any way
other than pursuant to Standard Securitization Undertakings; or (c) subjects
any property or asset of the Company or any Restricted Subsidiary, directly or
indirectly, contingently or otherwise, to the satisfaction thereof, other than
pursuant to Standard Securitization Undertakings; (ii) with which neither the
Company nor any Restricted Subsidiary has any material contract, agreement,
arrangement or understanding (except in connection with a Purchase Money Note
or Qualified Receivables Transaction) other than on terms no less favorable to
the Company or such Restricted Subsidiary than those that might be obtained at
the time from Persons that are not Affiliates of the Company, other than fees
payable in the ordinary course of business in connection with servicing
Receivables; and (iii) to which neither the Company nor any Restricted
Subsidiary has any obligation to maintain or preserve such entity’s financial
condition or cause such entity to achieve certain levels of operating results.
Any such designation by the Board of Directors of the Company shall be
evidenced to the trustee by filing with the trustee a certified copy of the
Board Resolution of the Company giving effect to such designation and an
Officers’ Certificate certifying that such designation complied with the
foregoing conditions.

                    “Receivables
Fees” means any fees or interest paid to purchasers or lenders providing
the financing in connection with a Qualified Receivables Transaction, factoring
agreement or other similar agreement, including any such amounts paid by
discounting the face amount of Receivables or participations therein
transferred in connection with a Qualified Receivables Transaction, factoring
agreement or other similar arrangement, regardless of whether any such
transaction is structured as on-balance sheet or off-balance sheet or through a
Restricted Subsidiary or an Unrestricted Subsidiary.

                    “Receivables
Transaction Amount” means the amount of obligations outstanding under the
legal documents entered into as part of such Qualified Receivables Transaction
on any date of determination that would be characterized as principal if such
Qualified Receivables Transaction were structured as a secured lending
transaction rather than as a purchase.

                    “Reference
Treasury Dealer” means Lehman Brothers Inc. and three other primary U.S.
government securities dealers in The City of New York to be selected by the
Company, and their respective successors.

                    “Registration
Rights Agreement” means (a) with respect to the Initial Notes issued on the
Issue Date, the Registration Rights Agreement, dated as of the date hereof,
among the Issuers and the Initial Purchasers and (b) with respect to each
issuance of Additional Notes issued in a transaction exempt from the
registration requirements of the Securities Act, the registration rights
agreement, if any, among the Issuers, the Guarantors and the Persons purchasing
such Additional Notes under the related purchase agreement.

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

                    “Regulation
S Global Note” means the Regulation S Temporary Global Note or the
Regulation S Permanent Global Note, as the case may be.

                    “Regulation
S Permanent Global Note” means a permanent global note bearing the Global
Note Legend and the Private Placement Legend and deposited with, or on behalf
of, and registered in the name of, the
Depositary or its nominee, that shall equal the outstanding principal amount of
the Regulation S Temporary Global Note upon expiration of the Restricted
Period.

                    “Regulation
S Temporary Global Note” means one or more global notes bearing the Global
Note Legend, the Temporary Global Note Legend and the Private Placement Legend
and

20

deposited with, or on behalf
of, and registered in the name of, the Depositary or its nominee, that shall
represent the aggregate principal amount of the Notes sold in reliance on
Regulation S.

                    “Responsible
Officer” means, when used with respect to the Trustee, an officer within
the Corporate Trust Office of the Trustee (or any successor unit, department or
division of the Trustee) or any other officer of the Trustee customarily performing
functions similar to those performed by any of the above designated officers
and also means, with respect to a particular corporate trust matter, any other
officer to whom such matter is referred because of his knowledge of and
familiarity with the particular subject and who shall have direct
responsibility for the administration of this Indenture.

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

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

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

                    “Restricted
Subsidiary” of a Person means any Subsidiary of the referent Person that is
not an Unrestricted Subsidiary.

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

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

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

                    “Rule
144A Global Note” means one or more Restricted Global Notes that shall
represent the aggregate principal amount of Notes sold in reliance on Rule
144A.

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

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

                    “Securities”
means the Notes and the Guarantees issued under this Indenture.

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

                    “Shelf
Registration Statement” has the meaning set forth for such term in the
Registration Rights Agreement.

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

                    “Standard
Securitization Undertakings” means representations, warranties, covenants
and indemnities entered into by the Company or any Restricted Subsidiary which
are reasonably customary in securitization of Receivables transactions.

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

21

                    “Subsidiary”
means, with respect to any specified Person: (i) any corporation, association
or other business entity of which more than 50% of the total voting power of
shares of Capital Stock entitled (without regard to the occurrence of any
contingency and after giving effect to any voting agreement or stockholders’
agreement that effectively transfers voting power) to vote in the election of directors,
managers or trustees of the corporation, association or other business entity
is at the time owned or controlled, directly or indirectly, by that Person or
one or more of the other Subsidiaries of that Person (or a combination
thereof); and (ii) any partnership (a) the sole general partner or the managing
general partner of which is such Person or a Subsidiary of such Person or (b)
the only general partners of which are that Person or one or more Subsidiaries
of that Person (or any combination thereof).

                    “Subsidiary
Guarantee” means the guarantee by each Subsidiary Guarantor of all
Obligations of the Issuers under the Indenture and the Notes.

                    “Subsidiary
Guarantor” means each of the Issuers’ current and future Domestic
Subsidiaries (other than MSG Investments, Inc. and Immaterial Subsidiaries).

                    “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.

                    “Total
Assets” means, with respect to any Person, the total assets of such Person
and its Restricted Subsidiaries on a consolidated basis, as shown on the most
recent balance sheet of such Person as determined in accordance with GAAP.

                    “Transactions”
shall have the meaning specified in the Offering Memorandum.

                    “Treasury
Rate” means, with respect to any redemption date, the rate per annum equal
to the semiannual equivalent yield to maturity of the Comparable Treasury
Issue, assuming a price for the Comparable Treasury Issue (expressed as a
percentage of its principal amount) equal to the Comparable Treasury Price for
such redemption date.

                    “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.

                    “U.K.
Credit, Agreement” means that certain Credit Agreement, dated as of the
dale of this Indenture, by and among Ravenstock MSG Limited, The CIT
Group/Business Credit, Inc., as administrative agent, Lehman Brothers Inc., as
sole bookrunner and syndication agent, the lenders party from time to time
thereto and the agents named therein, providing for up to £85.0 million of
revolving credit borrowings (as a sublimit to the Credit Agreement), including
any related notes, guarantees, collateral documents, instruments and agreements
executed in connection therewith, and in each case as amended, restated,
modified, renewed, refunded, extended, replaced, restructured or refinanced in
whole or in part from time to time under the same or any other agent, lender or
group of lenders.

                    “U.S.
Credit Agreement” means that certain Credit Agreement, dated as of the date
of this Indenture, by and among the Issuers, The CIT Group/Business Credit,
Inc., as administrative agent, Lehman Brothers Inc., as sole bookrunner and
syndication agent, the lenders party from time to time thereto, and the agents
named therein providing for up to $300.0 million of revolving credit
borrowings, including any related notes, guarantees, collateral documents,
instruments and agreements executed in connection therewith, and in each case
as amended, restated, modified, renewed, refunded, extended, replaced,
restructured or refinanced in whole or in part from time to time under the same
or any other agent, lender or group of lenders,

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

22

                    “Unrestricted
Definitive Note” means one or more Definitive Notes that do not bear and
are not required to bear the Private Placement Legend.

                    “Unrestricted
Global Note” means a permanent global Note in the form of Exhibit A
attached hereto that bears the Global Note Legend and that has the “Schedule of Exchanges of Interests in the Global
Note” attached thereto, and that is deposited with or on behalf of
and registered in the name of the Depositary, representing a series of Notes
that do not bear the Private Placement Legend.

                    “Unrestricted
Subsidiary” means any Subsidiary of the Company (other than MSG) that is
designated by the Board of Directors of the Company as an Unrestricted
Subsidiary pursuant to a Board Resolution, but only to the extent that such
Subsidiary, at the time of such designation: (i) has no Indebtedness other than
Non-Recourse Debt; (ii) except as permitted by Section 4.11 hereof, is not
party to any agreement, contract, arrangement or understanding with the Company
or any Restricted Subsidiary of the Company unless the terms of any such
agreement, contract, arrangement or understanding are no less favorable to the
Company or such Restricted Subsidiary than those that might be obtained at the
time from Persons who are not Affiliates of the Company; (iii) is a Person with
respect to which neither the Company nor any of its Restricted Subsidiaries has
any direct or indirect obligation (a) to subscribe for additional Equity
Interests or (b) to maintain or preserve such Person’s financial condition or
to cause such Person to achieve any specified levels of operating results; and
(iv) has not guaranteed or otherwise directly or indirectly provided credit support
for any Indebtedness of the Company or any of its Restricted Subsidiaries.

                    Any
designation of a Subsidiary of the Company as an Unrestricted Subsidiary shall
be evidenced to the Trustee by filing with the Trustee a certified copy of the
Board Resolution giving effect to such designation and an Officers’ Certificate
certifying that such designation complied with the preceding conditions and was
permitted by Section 4.17 hereof. If, at any time, any Unrestricted Subsidiary
would fail to meet the preceding requirements as an Unrestricted Subsidiary, it
shall thereafter cease to be an Unrestricted Subsidiary for purposes of this
Indenture and any Indebtedness of such Subsidiary shall be deemed to be
incurred by a Restricted Subsidiary of the Company as of such date and, if such
Indebtedness is not permitted to be incurred as of such date under Section 4.9,
the Company shall be in default of such covenant. The Board of Directors of the
Company may at any time designate any Unrestricted Subsidiary to be a
Restricted Subsidiary; provided that
such designation shall be deemed to be an incurrence of Indebtedness by a
Restricted Subsidiary of the Company of any outstanding Indebtedness of such
Unrestricted Subsidiary and such designation shall only be permitted if (1)
such Indebtedness is permitted under Section 4.9 hereof, calculated on a pro
forma basis as if such designation had occurred at the beginning of the
four-quarter reference period; and (2) no Default or Event of Default would be
in existence following such designation.

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

                    “Weighted
Average Life to Maturity” means, when applied to any Indebtedness at any
date, the number of years obtained by dividing: (i) the sum of the products
obtained by multiplying (a) the amount of each then remaining installment,
sinking fund, serial maturity or other required payments of principal,
including payment at final maturity, in respect of the Indebtedness, by (b) the
number of years (calculated to the nearest one-twelfth) that shall elapse
between such date and the making of such payment; by (ii) the then outstanding
principal amount of such Indebtedness.

                    “Welsh
Carson” means Welsh, Carson, Anderson & Stowe X, L.P. and Affiliates of
the foregoing that are directly or indirectly controlling or controlled by
Welsh, Carson, Anderson & Stowe X, L.P. or under direct or indirect common
control with Welsh, Carson, Anderson & Stowe X, L.P.,

23

                    1.2
Other Definitions.

	
 

	
 

	
 

	
Term

	
Defined in

  Section

	
 

	
 

	
 

	
“Affiliate Transaction”

	
 

	
4.11

	
“Asset Sale Offer”

	
 

	
4.10

	
“Authentication Order”

	
 

	
2.2

	
“Authenticating Agent”

	
 

	
2.2

	
“Change of Control Offer”

	
 

	
4.15

	
“Change of Control
  Payment”

	
 

	
4.15

	
“Change of Control Payment
  Date”

	
 

	
4.15

	
“Covenant Defeasance”

	
 

	
8.3

	
“DTC”

	
 

	
2.1

	
“Event of Default”

	
 

	
6.1

	
“Excess Proceeds”

	
 

	
4.10

	
“incur”

	
 

	
4.9

	
“incurrence”

	
 

	
4.9

	
“Legal Defeasance”

	
 

	
8.2

	
“Offer Amount”

	
 

	
3.9

	
“Offer Period”

	
 

	
3.9

	
“Paying Agent”

	
 

	
2.3

	
“Payment Default”

	
 

	
6.1

	
“Permitted Debt”

	
 

	
4.9

	
“Purchase Date”

	
 

	
3.9

	
“Registrar”

	
 

	
2.3

	
“Restricted Payments”

	
 

	
4.7

	
“Special Record Date”

	
 

	
2.12

	
“Special Payment Date”

	
 

	
2.12

                    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.

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

                    “indenture
securities” means the Notes and
the Guarantees;

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

                    “indenture
to be qualified” means this
Indenture;

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

                    “Obligor”
on the indenture securities
means the Issuers, the Guarantors and any successor obligor upon the indenture
securities.

                    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.

24

                    1.4
Rules of Construction.

                    Unless
the context otherwise requires:

	
 

	
 

	
 

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

	
 

	
 

	
 

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

	
 

	
 

	
 

	
          (3)
  “or” is not exclusive;

	
 

	
 

	
 

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

	
 

	
 

	
 

	
          (5)
  provisions apply to successive events and transactions;

	
 

	
 

	
 

	
          (6)
  “herein,” “hereof,” “hereunder” and other words of similar import refer to
  this Indenture (as amended or supplemented from time to time) and not to any
  particular Article, Section or other subdivision; and

	
 

	
 

	
 

	
          (7)
  references to sections of or rules under the Securities Act shall be deemed
  to include substitute, replacement or successor sections or rules adopted by
  the Commission from time to time,

                    1.5 One Class of Notes.

                    The
Initial Notes and any Additional Notes (and any related Exchange Notes) shall
vote and consent together on all matters as one class and none of the Initial
Notes or any Additional Notes (and any related Exchange Notes) shall have the
right to vote or consent as a separate class on any matter.

ARTICLE II

THE NOTES

                    2.1 Form and Dating.

          (a)
General.

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

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

          (b)
Global Notes

                    Notes
issued in global form shall be substantially in the form of Exhibit A; provided that only Global Notes shall have
the Global Note Legend thereon and the “Schedule
of Exchanges of Interests in the Global Note” attached thereto. Each
Global Note shall be deposited with the Note Custodian and

25

registered in
the name of the Depositary or the nominee of the Depositary and shall represent
such of the outstanding Notes as shall be specified therein, and each shall
provide that it shall represent the aggregate principal amount of outstanding
Notes from time to time endorsed thereon and that the aggregate principal
amount of outstanding Notes represented thereby may from time to time be
reduced or increased, as appropriate, to reflect exchanges and redemptions. Any
endorsement of a Global Note to reflect the amount of any increase or decrease
in the aggregate principal amount of outstanding Notes represented thereby
shall be made by the Trustee or the Note Custodian, at the direction of the
Trustee, in accordance with written instructions given by the Holder thereof as
required by Section 2.6 hereof. The Issuers initially appoint The Depository
Trust Company (“DTC”) to act as Depositary with respect to the Global Notes.
The Trustee shall initially act as Note Custodian with respect to the Global
Notes in accordance with its agreement with DTC.

                    Notes
initially offered and sold to QIBs in reliance on Rule 144A shall be issued in
the form of one or more Rule 144A Global Notes.

          (c)
Temporary Global Notes

                    Notes
initially offered and sold outside the United States in reliance on Regulation
S shall be initially issued in the form of one or more Regulation S Temporary
Global Notes, which shall be deposited with the Note Custodian and registered
in the name of the Depositary or the nominee of the Depositary for the accounts
of designated agents holding on behalf of Euroclear or Clearstream, and duty
executed by the Issuers and authenticated by the Trustee as hereinafter
provided. The Restricted Period shall be terminated upon the receipt by the
Trustee of a written certificate from the Depositary, together with copies of
certificates from Euroclear and Clearstream certifying that they have received
certification of non-United States beneficial ownership of 100% of the
aggregate principal amount of the Regulation S Temporary Global Note (except to
the extent of any beneficial owners thereof who acquired an interest therein
during the Restricted Period pursuant to another exemption from registration
under the Securities Act and who will lake delivery of a beneficial ownership
interest in a 144A Global Note bearing a Private Placement Legend, all as
contemplated by Section 2.6(e)(i) hereof). Following the termination of the
Restricted Period, beneficial interests in the Regulation S Temporary Global
Note shall be exchanged for an equal amount of beneficial interests in the
Regulation S Permanent Global Note pursuant to the Applicable Procedures.
Simultaneously with the authentication of the Regulation S Permanent Global
Note, the Trustee shall cancel the Regulation S Temporary Global Note. The
aggregate principal amount of the Regulation S Temporary Global Note and the
Regulation S Permanent Global Notes may from time to time be increased or
decreased by adjustments made on the records of the Trustee and the Depositary
or its nominee, as the case may be, in connection with transfers of interest as
hereinafter provided.

          (d)
Euroclear Clearstream Procedures Applicable.

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

                    2.2
Execution and Authentication.

                    The
aggregate principal amount of Notes that may be authenticated and delivered
under this Indenture is unlimited. The Trustee shall, upon a written order of
each of the Issuers signed by two Officers of each Issuer (an “Authentication
Order”), authenticate (i) on the Issue Date, the Initial Notes in aggregate
principal amount of $200,000,000, (ii) subject to the provisions of Section
2.14, at any time and from time to time thereafter, Additional Notes in an
aggregate principal amount specified in such authentication order and (iii)
subject to the provisions of Section 2.6(f), Exchange Notes issued in

26

exchange for a
like principal amount of Initial Notes or Additional Notes tendered pursuant to
an Exchange Offer. Such authentication order shall specify (i) the amount of
the Notes to be authenticated, (ii) the date on which the Notes are to be
authenticated, (iii) whether the Notes are to be Initial Notes, Exchange Notes
or Additional Notes and (iv) whether such Notes shall bear the Global Note
Legend, the Regulation S Temporary Global Note Legend and/or the Private
Placement Legend. Furthermore, Notes may be authenticated and delivered upon
registration or transfer, or in lieu of, other Notes pursuant to Section 2.6,
2.7, 2.10 or 9.5 or in connection with a Change of Control Offer pursuant to
Section 4.15.

                    An
Officer of each Issuer shall sign the Notes by manual or facsimile signature.
If an Officer whose signature is on a Note no longer holds that office at the
time a Note is authenticated, the Note shall nevertheless be valid. A Note
shall not be valid until an authorized signatory of the Trustee manually
authenticates the Note. The signature of the Trustee on a Note shall be
conclusive evidence that the Note has been duly and validly authenticated and
issued under this Indenture.

                    The
Trustee may (at the expense of the Issuers) appoint an authenticating agent
(the “Authenticating Agent”) acceptable to the Issuers to authenticate Notes.
An Authenticating Agent may authenticate Notes whenever the Trustee may do so.
Each reference in this Indenture to authentication by the Trustee includes
authentication by such Authenticating Agent. An Authenticating Agent has the
same rights as an Agent to deal with Holders or an Affiliate of the Issuers and
has the same protections under Article VII herein.

                    2.3
Registrar and Paying Agent.

                    The
Issuers shall maintain an office or agency where Notes may be presented for
registration of transfer or for exchange (“Registrar”) and an office or agency
where Notes may be presented for payment (“Paying Agent”). The Issuers shall
cause each of the Registrar and the Paying Agent to maintain an office or
agency in the United States of America. The Registrar shall keep a register of
the Notes and of their transfer and exchange. The Issuers 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
Issuers shall enter into an appropriate agency agreement with any Registrar or
Paying Agent not a party to this Indenture, which shall incorporate the terms
of the TIA. The agreement shall implement the provisions of this Indenture that
relate to such agent. The Issuers may change any Paying Agent or Registrar
without notice to any Holder. The Issuers shall notify the Trustee in writing
of the name and address of any Agent not a party to this Indenture. If the
Issuers fail to appoint or maintain another entity as Registrar or Paying
Agent, the Trustee shall act as such. The Issuers or any of their Subsidiaries
may act as Paying Agent or Registrar.

                    The
Issuers initially appoint the Trustee to act as the Registrar and Paying Agent.

                    2.4
Paying Agent to Hold Money in Trust.

                    By
no later than 11:00 a.m. (New York City time) on the date on which any
principal of, premium or Additional Interest, if any, or interest on any Notes
is due and payable, the Issuers shall deposit with the Paying Agent a sum
sufficient in immediately available funds to pay such amount when due. The
Issuers shall require each Paying Agent other than the Trustee to agree in writing
that 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 of,
premium or Additional Interest, if any, or interest on the Notes, and shall
notify the Trustee in writing of any default by the Issuers 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 Issuers at any time may
require a Paying Agent to pay all money held by it to the Trustee and to
account for any funds disbursed by such Paying Agent. Upon payment over to the
Trustee, the Paying

27

Agent (if other than an
Issuer or a Subsidiary) shall have no further liability for the money. If an
Issuer or a Subsidiary acts as Paying Agent, it shall segregate and hold in a
separate trust funds for the benefit of the Holders all money held by it as
Paying Agent. Upon any bankruptcy or reorganization proceedings relating to the
Issuers, the Trustee shall serve as Paying Agent for the Notes.

                    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 Issuers shall furnish to the Trustee at least seven Business Days before
each interest payment date and at such other times as the Trustee may request
in writing, a list in such form and as of such date as the Trustee may
reasonably require of the names and addresses of the Holders of Notes and the
Issuers shall otherwise comply with TIA §312(a).

                    2.6
Transfer and Exchange.

          (a)
Transfer and Exchange of Global Notes.

                    A
Global Note may not be transferred as a whole except by the Depositary to a
nominee of the Depositary, by a nominee of the Depositary to the Depositary or
to another nominee of the Depositary, or by the Depositary or any such nominee
to a successor Depositary or a nominee of such successor Depositary. All Global
Notes will be exchanged by the Issuers for Definitive Notes if (i) the Issuers
deliver to the Trustee written notice from the Depositary that it is unwilling
or unable to continue to act as Depositary or that it is no longer a clearing
agency registered under the Exchange Act and, in either case, a successor
Depositary is not appointed by the Issuers within 120 days after the date of
such notice from the Depositary, (ii) the Issuers in their sole discretion
determine that the Global Notes (in whole but not in part) should be exchanged
for Definitive Notes and deliver a written notice to such effect to the Trustee
or (iii) there shall have occurred and be continuing a Default or Event of
Default with respect to the Notes; provided that
in no event shall the Regulation S Temporary Global Note be exchanged by the
Issuers for Definitive Notes prior to (x) the expiration of the Restricted
Period and (y) the receipt by the Registrar of any certificates required
pursuant to Rule 903(c)(3)(ii)(B) under the Securities Act. Upon the occurrence
of any of the preceding events in (i), (ii) or (iii) above, Definitive Notes
shall be issued in such names as the Depositary shall instruct the Trustee in
writing. Global Notes also may be exchanged or replaced, in whole or in part,
as provided in Sections 2.7 and 2.10 hereof. Every Note authenticated and
delivered in exchange for, or in lieu of, a Global Note or any portion thereof,
pursuant to this Section 2.6 or Section 2.7, 2.10 or 9.5 hereof, shall be
authenticated and delivered in the form of, and shall be, a Global Note. A
Global Note may not be exchanged for another Note other than as provided in
this Section 2.6(a), however, beneficial interests in a Global Note may be
transferred and exchanged as provided in Section 2.6(b), (c) or (f) hereof.

          (b)
Transfer and Exchange of Beneficial
Interests in the Global Notes.

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

	
 

	
 

	
 

	
                    (i)
  Transfer of Beneficial Interests in the
  Same Global Note. Beneficial interests in any Restricted Global
  Note may be transferred to Persons who take delivery thereof in the form of a
  beneficial interest in the same Restricted Global Note in accordance with the
  transfer restrictions set forth in the Private Placement Legend and any
  Applicable Procedures;

28

	
 

	
 

	
 

	
 

	
provided,
  however, that prior
  to the expiration of the Restricted Period, transfers of beneficial interests
  in the Temporary Regulation S Global Note may not be made to a U.S. Person or
  for the account or benefit of a U.S. Person (other than an Initial Purchaser
  or a “distributor” (as defined in Rule 902(d) of Regulation S)). Beneficial
  interests in any Unrestricted Global Note may be transferred to Persons who
  take delivery thereof in the form of a beneficial interest in an Unrestricted
  Global Note. Except as may be required by Applicable Procedures, no written
  orders or instructions shall be required to be delivered to the Registrar to
  effect the transfers described in this Section 2.6(b)(i).

	
 

	
 

	
 

	
 

	
                    (ii)
  All Other Transfers and Exchanges of
  Beneficial Interests in Global Notes. In connection with all
  transfers and exchanges of beneficial interests that are not subject to
  Section 2.6(b)(i) above, the transferor of such beneficial interest must
  deliver to the Registrar either (A) (1) a written order from a Participant or
  an Indirect Participant given to the Depositary in accordance with the
  Applicable Procedures directing the Depositary to credit or cause to be
  credited a beneficial interest in another Global Note in an amount equal to
  the beneficial interest to be transferred or exchanged and (2) instructions
  given in accordance with the Applicable Procedures containing information
  regarding the Participant account to be credited with such increase or (B) if
  permitted under Section 2.6(a) hereof (1) a written order from a Participant
  or an Indirect Participant given to the Depositary in accordance with the
  Applicable Procedures directing the Depositary to cause to be issued a
  Definitive Note in an amount equal to the beneficial interest to be
  transferred or exchanged and (2) instructions given by the Depositary to the
  Registrar containing information regarding the Person in whose name such
  Definitive Note shall be registered to effect the transfer or exchange
  referred to in (1) above; provided that
  in no event shall Definitive Notes be issued upon the transfer or exchange of
  beneficial interests in the Regulation S Temporary Global Note prior to (x)
  the expiration of the Restricted Period and (y) the receipt by the Registrar
  of any certificates required pursuant to Rule 903 under the Securities Act.
  Upon consummation of an Exchange Offer by the Issuers in accordance with
  Section 2.6(f) hereof, the requirements of this Section 2.6(b)(ii) shall be
  deemed to have been satisfied upon receipt by the Registrar of the
  instructions contained in the Letter of Transmittal delivered by the Holder
  of such beneficial interests in the Restricted Global Notes. Upon
  notification from the Registrar that all of the requirements for transfer or
  exchange of beneficial interests in Global Notes contained in this Indenture
  and the Notes or otherwise applicable under the Securities Act have been
  satisfied, the Trustee shall adjust the principal amount of the relevant
  Global Note(s) pursuant to Section 2.6(h) hereof.

	
 

	
 

	
 

	
 

	
                    (iii)
  Transfer of Beneficial Interests in a
  Restricted Global Note to Another Restricted Global Note. A
  beneficial interest in any Restricted Global Note may be transferred to a
  Person who takes delivery thereof in the form of a beneficial interest in
  another Restricted Global Note if the transfer complies with the requirements
  of Section 2.6(b)(ii) above and the Registrar receives the following:

	
 

	
 

	
 

	
 

	
 

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

	
 

	
 

	
 

	
 

	
 

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

	
 

	
 

	
 

	
 

	
                    (iv)
  Transfer and Exchange of Beneficial
  Interests in a Restricted Global Note for Beneficial Interests in an Unrestricted
  Global Note. A beneficial interest in any Restricted Global Note
  may be exchanged by any holder thereof for a beneficial interest in an

29

	
 

	
 

	
 

	
 

	
 

	
Unrestricted Global Note
  or transferred to a Person who takes delivery thereof in the form of a beneficial
  interest in an Unrestricted Global Note only if the exchange or transfer
  complies with the requirements of Section 2.6(b)(ii) above and:

	
 

	
 

	
 

	
 

	
 

	
 

	
          (A)
  such exchange or transfer is effected pursuant to an Exchange Offer in
  accordance with a Registration Rights Agreement and the holder of the
  beneficial interest to be transferred, in the case of an exchange, or the
  transferee, in the case of a transfer, makes any and all certifications in
  the applicable Letter of Transmittal or is deemed to have made such
  certifications if delivery is made through the Applicable Procedures as may
  be required by a Registration Rights Agreement;

	
 

	
 

	
 

	
 

	
 

	
 

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

	
 

	
 

	
 

	
 

	
 

	
 

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

	
 

	
 

	
 

	
 

	
 

	
 

	
          (D)
  the Registrar receives the following:

	
 

	
 

	
 

	
 

	
 

	
 

	
 

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

	
 

	
 

	
 

	
 

	
 

	
 

	
 

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

	
 

	
 

	
 

	
 

	
 

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

                    If
any such transfer is effected pursuant to subparagraph (B) or (D) above at a
time when an Unrestricted Global Note has not yet been issued, the Issuers
shall issue and, upon receipt of an Authentication Order in accordance with
Section 2.2 hereof or in accordance with a previously delivered Authentication
Order, the Trustee shall authenticate one or more Unrestricted Global Notes in
an aggregate principal amount equal to the aggregate principal amount of
beneficial interests transferred pursuant to subparagraph (B) or (D) above.

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

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

	
 

	
 

	
 

	
                    (i)
  Beneficial Interests in Restricted Global
  Notes to Restricted Definitive Notes. Subject to Section 2.6
  hereof, if any holder of a beneficial interest in a Restricted Global Note
  proposes to exchange such beneficial interest for a Restricted Definitive
  Note or to transfer

30

	
 

	
 

	
 

	
 

	
 

	
such
  beneficial interest to a Person who takes delivery thereof in the form of a
  Restricted Definitive Note, then, upon receipt by the Registrar of the
  following documentation:

	
 

	
 

	
 

	
 

	
 

	
 

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

	
 

	
 

	
 

	
 

	
 

	
 

	
          (B)
  if such beneficial interest is being transferred to a QIB in accordance with
  Rule 144A under the Securities Act, a certificate to the effect set forth in
  Exhibit B hereto, including the certifications in item (1) thereof;

	
 

	
 

	
 

	
 

	
 

	
 

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

	
 

	
 

	
 

	
 

	
 

	
 

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

	
 

	
 

	
 

	
 

	
 

	
 

	
          (E)
  if such beneficial interest is being transferred to the Issuers or any of
  their Subsidiaries, a certificate to the effect set forth in Exhibit B
  hereto, including the certifications in item (3)(b) thereof; or

	
 

	
 

	
 

	
 

	
 

	
 

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

	
 

	
 

	
 

	
 

	
the Trustee
  shall cause the aggregate principal amount of the applicable Global Note to
  be reduced accordingly pursuant to Section 2.6(h) hereof, and the Issuers
  shall execute, and, upon receipt of an Authentication Order in accordance
  with Section 2.2 hereof or in accordance with a previously delivered
  Authentication Order, the Trustee shall authenticate and deliver to the
  Person designated in the instructions a Definitive Note in the appropriate
  principal amount. Any Definitive Note issued in exchange for a beneficial
  interest in a Restricted Global Note pursuant to this Section 2.6(c) shall be
  registered in such name or names and in such authorized denomination or
  denominations as the holder of such beneficial interest shall instruct the
  Registrar through instructions from the Depositary and the Participant or
  Indirect Participant. The Trustee shall (at the expense of the Issuers)
  deliver such Restricted Definitive Notes to the Persons in whose names such
  Notes are so registered. Any Restricted Definitive Note issued in exchange
  for a beneficial interest in a Restricted Global Note pursuant to this
  Section 2.6(c)(i) shall bear the Private Placement Legend and shall be subject
  to all restrictions on transfer contained therein.

	
 

	
 

	
 

	
 

	
 

	
                    (ii)
  Notwithstanding Sections 2.6(c)(i)(A) and (C) hereof, a beneficial interest
  in the Regulation S Temporary Global Note may not be exchanged for a
  Definitive Note or transferred to a Person who takes delivery thereof in the
  form of a Definitive Note prior to (x) the expiration of the Restricted
  Period and (y) the receipt by the Registrar of any certificates required
  pursuant to Rule 903(b)(3)(ii)(B) under the Securities Act, except in the
  case of a transfer pursuant to an exemption from the registration
  requirements of the Securities Act other than Rule 903 or Rule 904.

31

	
 

	
 

	
 

	
 

	
 

	
                    (iii)
  Beneficial Interests in Restricted Global
  Notes to Unrestricted Definitive Notes. Subject to Section 2.6(a)
  hereof, a holder of a beneficial interest in a Restricted Global Note may
  exchange such beneficial interest for an Unrestricted Definitive Note or may
  transfer such beneficial interest to a Person who takes delivery thereof in
  the form of an Unrestricted Definitive Note only if:

	
 

	
 

	
 

	
 

	
 

	
 

	
          (A)
  such exchange or transfer is effected pursuant to an Exchange Offer in
  accordance with a Registration Rights Agreement and the holder of such
  beneficial interest, in the case of an exchange, or the transferee, in the
  case of a transfer, makes any and all certifications in the applicable Letter
  of Transmittal or is deemed to have made such certifications if delivery is
  made through the Applicable Procedures as may be required by a Registration
  Rights Agreement;

	
 

	
 

	
 

	
 

	
 

	
 

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

	
 

	
 

	
 

	
 

	
 

	
 

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

	
 

	
 

	
 

	
 

	
 

	
 

	
          (D)
  the Registrar receives the following:

	
 

	
 

	
 

	
 

	
 

	
 

	
 

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

	
 

	
 

	
 

	
 

	
 

	
 

	
 

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

	
 

	
 

	
 

	
 

	
 

	
 

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

                    Upon
satisfaction of the conditions of any of the clauses of this Section
2.6(c)(iii), the Issuers shall execute, and, upon receipt of an Authentication
Order in accordance with Section 2.2 hereof or in accordance with a previously
delivered Authentication Order, the Trustee shall authenticate and deliver to
the Person designated in the instructions an Unrestricted Definitive Note in
the appropriate principal amount, and the Trustee shall cause the aggregate
principal amount of the applicable Restricted Global Note to be reduced in a
corresponding amount pursuant to Section 2.6(h) hereof.

	
 

	
 

	
 

	
 

	
 

	
                    (iv)
  Beneficial Interests in Unrestricted
  Global Notes to Unrestricted Definitive Notes. Subject to Section
  2.6(a) hereof, if any holder of a beneficial interest in an Unrestricted
  Global Note proposes to exchange such beneficial interest for an Unrestricted
  Definitive Note or to transfer such beneficial interest to a Person who takes
  delivery thereof in the form of an Unrestricted Definitive Note, then, upon
  satisfaction of the applicable conditions set forth in Section 2.6(b)(ii)
  hereof, the Trustee shall cause the aggregate principal amount of the

32

	
 

	
 

	
 

	
 

	
applicable
  Unrestricted Global Note to be reduced accordingly pursuant to Section 2.6(h)
  hereof, and the Issuers shall execute, and, upon receipt of an Authentication
  Order in accordance with Section 2.2 hereof or in accordance with a
  previously delivered Authentication Order, the Trustee shall authenticate and
  (at the expense of the Issuers) deliver to the Person designated in the
  instructions an Unrestricted Definitive Note in the appropriate principal
  amount. Any Unrestricted Definitive Note issued in exchange for a beneficial
  interest pursuant to this Section 2.6(c)(iii) shall be registered in such
  name or names and in such authorized denomination or denominations as the
  holder of such beneficial interest shall instruct the Registrar through
  instructions from the Depositary and the Participant or Indirect Participant.
  The Trustee shall (at the expense of the Issuers) deliver such Unrestricted
  Definitive Notes to the Persons in whose names such Notes are so registered.
  Any Unrestricted Definitive Note issued in exchange for a beneficial interest
  pursuant to this Section 2.6(c)(iii) shall not bear the Private Placement
  Legend.

	
 

	
 

	
 

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

	
 

	
 

	
 

	
 

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

	
 

	
 

	
 

	
 

	
 

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

	
 

	
 

	
 

	
 

	
 

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

	
 

	
 

	
 

	
 

	
 

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

	
 

	
 

	
 

	
 

	
 

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

	
 

	
 

	
 

	
 

	
 

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

	
 

	
 

	
 

	
 

	
 

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

	
 

	
 

	
 

	
 

	
the Trustee shall cancel the Restricted Definitive Note
  and increase or cause to be increased the aggregate principal amount of the
  appropriate Restricted Global Note pursuant to Section 2.6(h) hereof.

	
 

	
 

	
 

	
 

	
 

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

33

	
 

	
 

	
 

	
 

	
in an
  Unrestricted Global Note or transfer such Restricted Definitive Note to a
  Person who takes delivery thereof in the form of a beneficial interest in an
  Unrestricted Global Note only if:

	
 

	
 

	
 

	
 

	
 

	
          (A)
  such exchange or transfer is effected pursuant to an Exchange Offer in
  accordance with a Registration Rights Agreement and the Holder, in the case
  of an exchange, or the transferee, in the case of a transfer, makes any and
  all certifications in the applicable Letter of Transmittal;

	
 

	
 

	
 

	
 

	
 

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

	
 

	
 

	
 

	
 

	
 

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

	
 

	
 

	
 

	
 

	
 

	
          (D)
  the Registrar receives the following:

	
 

	
 

	
 

	
 

	
 

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

	
 

	
 

	
 

	
 

	
 

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

	
 

	
 

	
 

	
 

	
 

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

	
 

	
 

	
 

	
 

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

	
 

	
 

	
 

	
 

	
                    (iii)
  Unrestricted Definitive Notes to
  Beneficial Interests in Unrestricted Global Notes. A Holder of an
  Unrestricted Definitive Note may exchange such Note for a beneficial interest
  in an Unrestricted Global Note or transfer such Unrestricted Definitive Note to
  a Person who takes delivery thereof in the form of a beneficial interest in
  an Unrestricted Global Note at any time. Upon receipt of a written request
  for such an exchange or transfer, the Trustee shall cancel the applicable
  Unrestricted Definitive Note and increase or cause to be increased the
  aggregate principal amount of the Unrestricted Global Note.

                    All
Unrestricted Definitive Note may not be exchanged for, or transferred to
Persons who take delivery thereof in the form of beneficial interests in a
Restricted Global Note.

                    If
any such exchange or transfer from a Definitive Note to a beneficial interest
in an Unrestricted Global Note is effected pursuant to subparagraphs (ii)(B),
(ii)(D) or (iii) above at a time when an Unrestricted Global Note has not yet
been issued, the Issuers shall issue, and, upon receipt of an Authentication
Order in accordance with Section 2.2 hereof or in accordance with a previously
delivered

34

Authentication
Order, the Trustee shall authenticate one or more Unrestricted Global Notes in
an aggregate principal amount equal to the principal amount of Definitive Notes
so transferred.

          (e)
Transfer and Exchange of Definitive Notes
for Definitive Notes.

                    Upon
request by a Holder of Definitive Notes and such Holder’s compliance with the
provisions of this Section 2.6(e), the Registrar shall register the transfer or
exchange of Definitive Notes. Prior to such registration of transfer or
exchange, the requesting Holder shall present or surrender to the Registrar the
Definitive Notes duly endorsed or accompanied by a written instruction of
transfer in form satisfactory to the Registrar duly executed by such Holder or
by such Holder’s attorney, duly authorized in writing, In addition, the
requesting Holder shall provide any additional certifications, documents and
information, as applicable, required pursuant to the following provisions of
this Section 2.6(e).

	
 

	
 

	
 

	
 

	
 

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

	
 

	
 

	
 

	
 

	
 

	
 

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

	
 

	
 

	
 

	
 

	
 

	
 

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

	
 

	
 

	
 

	
 

	
 

	
 

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

	
 

	
 

	
 

	
 

	
 

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

	
 

	
 

	
 

	
 

	
 

	
 

	
          (A)
  such exchange or transfer is effected pursuant to an Exchange Offer in
  accordance with a Registration Rights Agreement and the Holder, in the case
  of an exchange, or the transferee, in the case of a transfer, makes any and
  all certifications in the applicable Letter of Transmittal;

	
 

	
 

	
 

	
 

	
 

	
 

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

	
 

	
 

	
 

	
 

	
 

	
 

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

	
 

	
 

	
 

	
 

	
 

	
 

	
          (D)
  the Registrar receives the following:

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
          (1)
  if the Holder of such Restricted Definitive Notes proposes to exchange such
  Notes for an Unrestricted Definitive Note, a certificate from such

35

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
Holder
  in the form of Exhibit C hereto, including the certifications in item (l)(d)
  thereof; or

	
 

	
 

	
 

	
 

	
 

	
 

	
 

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

	
 

	
 

	
 

	
 

	
 

	
 

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

          Upon
satisfaction of the conditions of any of the clauses of Section 2.6(e)(ii), the
Trustee shall cancel the prior Restricted Definitive Note and the Issuers shall
execute, and, upon receipt of an Authentication Order in accordance with
Section 2.2 hereof or in
accordance with a previously delivered Authentication Order, the Trustee shall
authenticate and deliver to the Person designated in the instructions an
Unrestricted Definitive Note in the appropriate principal amount.

	
 

	
 

	
 

	
 

	
 

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

          (f)
Exchange Offer.

                    Upon
the occurrence of an Exchange Offer in accordance with a Registration Rights
Agreement, the Issuers shall issue, and, upon receipt of an Authentication
Order in accordance with Section 2.2, the Trustee shall authenticate (i) one or
more Unrestricted Global Notes in an aggregate principal amount equal to the
principal amount of the beneficial interests in the applicable Restricted
Global Notes tendered for acceptance by Persons that make any and all
certifications in the applicable Letters of Transmittal or are deemed to have
made such certifications if delivery is made through the Applicable Procedures
as may be required by such Registration Rights Agreement and accepted for
exchange in the Exchange Offer and (ii) Unrestricted Definitive Notes in an
aggregate principal amount equal to the principal amount of the Restricted
Definitive Notes tendered for acceptance by Persons who made the foregoing
certifications and accepted for exchange in the Exchange Offer. Concurrently
with the issuance of such Notes, the Trustee shall cause the aggregate
principal amount of the applicable Restricted Global Notes to be reduced
accordingly, and the Issuers shall execute and the Trustee shall authenticate
and (at the expense of the Issuers) deliver to the Persons designated by the
Holders of Restricted Definitive Notes so accepted Unrestricted Definitive
Notes in the appropriate principal amount.

          (g)
Legends.

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

	
 

	
 

	
 

	
 

	
 

	
                    (i)
  Private Placement Legend.

36

	
 

	
 

	
 

	
 

	
 

	
 

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

	
 

	
 

	
 

	
 

	
 

	
“THE
  NOTES EVIDENCED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF
  1933, AS AMENDED (THE “SECURITIES ACT”), OR OTHER SECURITIES LAWS. NEITHER THIS
  NOTE NOR ANY INTEREST OR PARTICIPATION HEREIN MAY BE REOFFERED, SOLD,
  ASSIGNED, TRANSFERRED, PLEDGED, ENCUMBERED OR OTHERWISE DISPOSED OF IN THE
  ABSENCE OF SUCH REGISTRATION OR UNLESS THE TRANSACTION IS EXEMPT FROM, OR NOT
  SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT. EACH
  PURCHASER OF THE SECURITY EVIDENCED HEREBY IS NOTIFIED THAT THE SELLER MAY BE
  RELYING ON THE EXEMPTION FROM SECTION 5 OF THE SECURITIES ACT PROVIDED BY
  RULE 144A THEREUNDER, THE HOLDER OF THIS SECURITY BY ITS ACCEPTANCE HEREOF
  (1) REPRESENTS THAT (A) IT IS A “QUALIFIED INSTITUTIONAL BUYER” (AS DEFINED
  IN RULE 144A UNDER THE SECURITIES ACT) OR (B) IT IS NOT A U.S. PERSON AND IS
  ACQUIRING ITS NOTE IN AN “OFFSHORE TRANSACTION” PURSUANT TO RULE 904 OF
  REGULATION S UNDER THE SECURITIES ACT, (2) AGREES THAT IT WILL, NOT PRIOR TO
  (X) THE DATE WHICH IS TWO YEARS (OR SUCH SHORTER PERIOD OF TIME AS PERMITTED
  BY RULE 144(K) UNDER THE SECURITIES ACT OR ANY SUCCESSOR PROVISION
  THEREUNDER) AFTER THE LATER OF THE ORIGINAL ISSUE DATE HEREOF (OR OF ANY
  PREDECESSOR OF THIS NOTE) OR THE LAST DAY ON WHICH THE ISSUERS OR ANY
  AFFILIATE OF ANY ISSUER WAS THE OWNER OF THIS NOTE (OR ANY PREDECESSOR OF
  THIS NOTE) AND (Y) SUCH LATER DATE, IF ANY, AS MAY BE REQUIRED BY APPLICABLE
  LAW (THE “RESALE RESTRICTION TERMINATION DATE”), OFFER, SELL OR OTHERWISE
  TRANSFER THIS NOTE EXCEPT (A) TO THE ISSUERS, (B) PURSUANT TO A REGISTRATION
  STATEMENT WHICH HAS BEEN DECLARED EFFECTIVE UNDER THE SECURITIES ACT, (C) FOR
  SO LONG AS THE NOTES ARE ELIGIBLE FOR RESALE PURSUANT TO RULE 144A, TO A
  PERSON IT REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” AS DEFINED
  IN RULE 144A UNDER THE SECURITIES ACT THAT PURCHASES FOR ITS OWN ACCOUNT OR
  FOR THE ACCOUNT OF A QUALIFIED INSTITUTIONAL BUYER TO WHOM NOTICE IS GIVEN
  THAT THE TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, (D) PURSUANT TO
  OFFERS AND SALES TO NON-U.S. PERSONS THAT OCCUR OUTSIDE. THE UNITED STATES
  WITHIN THE MEANING OF REGULATION S UNDER THE SECURITIES ACT OR (E) PURSUANT
  TO ANY OTHER AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE
  SECURITIES ACT AND (3) AGREES THAT IT WILL GIVE TO EACH PERSON TO WHOM THIS
  NOTE IS TRANSFERRED A NOTICE SUBSTANTIALLY TO THE EFFECT OF THIS LEGEND;
  PROVIDED THAT THE ISSUERS, THE TRUSTEE AND THE REGISTRAR SHALL HAVE THE RIGHT
  PRIOR TO ANY SUCH OFFER, SALE OR TRANSFER PURSUANT TO CLAUSE (D) OR (E) TO
  REQUIRE THE DELIVERY OF AN OPINION OF COUNSEL, CERTIFICATION AND/OR OTHER
  INFORMATION SATISFACTORY TO EACH OF THEM. THIS LEGEND WILL BE REMOVED UPON
  THE REQUEST OF THE HOLDER AFTER THE RESALE RESTRICTION TERMINATION DATE, AS
  USED HEREIN, THE TERMS “OFFSHORE TRANSACTION”, “UNITED STATES” AND “U.S.
  PERSON” HAVE THE MEANINGS GIVEN TO THEM BY REGULATIONS UNDER THE SECURITIES
  ACT.”

	
 

	
 

	
 

	
 

	
 

	
 

	
          (B)
  Notwithstanding the foregoing, any Global Note or Definitive Note issued
  pursuant to subparagraphs (b)(iv), (c)(ii), (c)(iii), (c)(iv), (d)(ii),
  (d)(iii), (e)(ii), (e)(iii) or (f) of this Section 2.6, and any Additional
  Notes issued pursuant to a

37

	
 

	
 

	
 

	
 

	
 

	
 

	
registration statement
  that has been declared effective under the Securities Act, shall not bear the
  Private Placement Legend.

	
 

	
 

	
 

	
 

	
 

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

	
 

	
 

	
 

	
 

	
 

	
“UNLESS
  AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR SECURITIES IN DEFINITIVE
  FORM, THIS NOTE MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITARY TO
  A NOMINEE OF THE DEPOSITARY, OR BY ANY SUCH NOMINEE OF THE DEPOSITARY, OR BY
  THE DEPOSITARY OR NOMINEE OF A SUCCESSOR DEPOSITARY, OR ANY NOMINEE TO A
  SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITARY. TRANSFERS OF
  THE GLOBAL NOTE SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO
  NOMINEES OF CEDE & CO., OR TO A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S
  NOMINEE, AND TRANSFERS OF PORTIONS OF THE GLOBAL NOTE SHALL BE LIMITED TO
  TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS SET FORTH IN THE
  INDENTURE.”

	
 

	
 

	
 

	
 

	
 

	
“UNLESS
  THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
  TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE ISSUERS OR THEIR AGENT
  FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED
  IS REGISTERED IN THE NAME OF CEDE & CO. OR SUCH OTHER NAME AS IS
  REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT HEREON 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.”

	
 

	
 

	
 

	
 

	
 

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

	
 

	
 

	
 

	
 

	
 

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

          (h)
Cancellation and/or Adjustment of Global
Notes.

                    At
such time as all beneficial interests in a particular Global Note have been
exchanged for Definitive Notes or a particular Global Note has been redeemed,
repurchased or canceled in whole and not in part, each such Global Note shall
be returned to or retained and canceled by the Trustee in accordance with
Section 2.11 hereof. At any time prior to such cancellation, if any beneficial
interest in a Global Note is exchanged for or transferred to a Person who shall
take delivery thereof in the form of a beneficial interest in another Global
Note or for Definitive Notes, the principal amount of Notes represented by such
Global Note shall be reduced accordingly and an endorsement shall be made on
such Global Note by the Trustee or by the Depositary at the direction of the
Trustee to reflect such reduction; and if the beneficial interest is being exchanged
for or transferred to a Person who shall take delivery thereof in the form of a
beneficial interest in another Global Note, such other Global Note shall be

38

increased
accordingly and an endorsement shall be made on such Global Note by the Trustee
or by the Depositary at the direction of the Trustee to reflect such increase.

          (i)
General Provisions Relating to Transfers and
Exchanges.

	
 

	
 

	
 

	
 

	
 

	
                    (i)
  To permit registrations of transfers and exchanges, the Issuers shall execute
  and the Trustee shall authenticate Global Notes and Definitive Notes upon
  receipt of an Authentication Order in accordance with Section 2.2 hereof or
  upon receipt of a written request of the Registrar.

	
 

	
 

	
 

	
 

	
 

	
                    (ii)
  No service charge shall be made to a holder of a beneficial interest in a
  Global Note or to a Holder of a Definitive Note for any registration of
  transfer or exchange, but the Issuers may require payment of a sum sufficient
  to cover any transfer tax or similar governmental charge payable in
  connection therewith (other than any such transfer taxes or similar
  governmental charge payable upon exchange or transfer pursuant to Sections
  2.10, 3.6, 3.9, 4.10, 4.15 and 9.5 hereof).

	
 

	
 

	
 

	
 

	
 

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

	
 

	
 

	
 

	
 

	
 

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

	
 

	
 

	
 

	
 

	
 

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

	
 

	
 

	
 

	
 

	
 

	
                    (vii)
  The Trustee shall authenticate Global Notes and Definitive Notes in
  accordance with the provisions of Section 2.2 hereof.

	
 

	
 

	
 

	
 

	
 

	
                    (viii)
  All certifications, certificates and Opinions of Counsel required to be
  submitted to the Registrar pursuant to this Section 2.6 to effect a
  registration of transfer or exchange may be submitted by facsimile.

                    2.7
Replacement Notes.

                    If
any mutilated Note is surrendered to the Trustee or the Issuers and the Trustee
receives evidence to its satisfaction of the destruction, loss or theft of any
Note, the Issuers shall issue, and, upon receipt of an Authentication Order,
the Trustee shall authenticate a replacement Note if the Trustee’s requirements
are met. If required by the Trustee or the Issuers, an indemnity bond must be
supplied by

39

the
Holder that is sufficient in the judgment of the Trustee and the Issuers to
protect the Issuers, the Trustee, any Agent and any Authenticating Agent from
any loss that any of them may suffer if a Note is replaced. The Issuers and the
Trustee may charge for their expenses in replacing a Note.

                    Every
replacement Note issued in accordance with this Section 2.7 is an additional
obligation of the Issuers and shall be entitled to all of the benefits of this
Indenture equally and proportionately with all other Notes duly issued
hereunder.

                    2.8
Outstanding Notes.

                    The
Notes outstanding at any time are all the Notes authenticated by the Trustee
except for those canceled by it, those delivered to it for cancellation, those
reductions in the interest in a Global Note effected by the Trustee in
accordance with the provisions hereof, and those described in this Section 2.8
as not outstanding. Except as set forth in Section 2.9 hereof, a Note does not
cease to be outstanding because the Issuers or an Affiliate of the Issuers
holds the Note; however, Notes held by the Issuers or a Subsidiary of the
Issuers shall not be deemed to be outstanding for purposes of Section 3.7(b)
hereof.

                    If
a Note is replaced pursuant to Section 2.7 hereof, it ceases to be outstanding
unless the Trustee receives proof satisfactory to it that the replaced Note is
held by a bona fide purchaser.

                    If
the principal amount of any Note is considered paid under Section 4.1 hereof,
it ceases to be outstanding and interest on it ceases to accrue.

                    If
the Paying Agent (other than an Issuer, a Subsidiary or an Affiliate of any
thereof) segregates and holds in trust, on a redemption date or other maturity
date, money sufficient to pay all principal, premium and Additional Interest,
if any, and interest payable on that date with respect to the Notes (or
portions thereof) to be redeemed or maturing, as the case may be, then on and
after that date such Notes (or portions thereof) cease to be outstanding and interest
on them ceases to accrue.

                    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 any Issuer or any
Guarantor or by any Affiliate of any Issuer or any Guarantor shall be deemed
not to be outstanding, except that for the purposes of determining whether the
Trustee shall be protected in relying on any such direction, waiver or consent,
only Notes that a Responsible Officer of the Trustee actually knows are so
owned shall be so disregarded.

                    2.10 Temporary Notes.

                    In
the event that Definitive Notes are to be issued under the terms of this
Indenture, until such Definitive Notes are ready for delivery, the Issuers may
prepare and the Trustee, upon receipt of an Authentication Order, shall
authenticate temporary Notes. Temporary Notes shall be substantially in the
form, and shall carry all rights, of Definitive Notes but may have variations
that the Issuers consider appropriate for temporary Notes and as shall be
reasonably acceptable to the Trustee.

                    Without
unreasonable delay, the Issuers shall prepare and the Trustee shall
authenticate Definitive Notes. After the preparation of Definitive Notes, the
temporary Notes shall be exchangeable for Definitive Notes upon surrender of
the temporary Notes at any office or agency maintained by the Issuers for that
purpose and such exchange shall be without charge to the Holder. Upon surrender
for cancellation of any one or more temporary Notes, the Issuers shall execute,
and the Trustee shall authenticate and make available for delivery in exchange
therefor, one or more Definitive Notes

40

representing
an equal principal amount of Notes. Until so exchanged, the Holder of temporary
Notes shall in all respects be entitled to the same benefits under this
Indenture as a Holder of Definitive Notes.

                    2.11
Cancellation.

                    The
Issuers 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, and no
one else, shall cancel and destroy all Notes surrendered for registration of
transfer, exchange, payment, replacement or cancellation in accordance with
customary practices (subject to the record retention requirement of the
Exchange Act) and, upon request, deliver a certificate of such destruction to
the Issuers unless the Issuers direct the Trustee to deliver canceled Notes to
the Issuers. The Issuers may not issue new Notes to replace Notes that it has
paid or that have been delivered to the Trustee for cancellation.

                    2.12
Defaulted Interest.

                    If
the Issuers default in a payment of interest on the Notes, they shall pay the
defaulted interest in any lawful manner plus, to the extent lawful, interest
payable on the defaulted interest, to the Persons who are Holders on a
subsequent Special Record Date (as defined below), in each case at the rate
provided in the Notes and in Section 4.1 hereof. The Issuers shall notify the
Trustee in writing of the amount of defaulted interest proposed to be paid on
each Note, the proposed record date of the proposed payment (the “Special
Record Date”) and the date of the proposed payment (the “Special Payment
Date”). The Issuers shall fix or cause to be fixed each such Special Record
Date and Special Payment Date, provided that
no such Special Record Date shall be less than 10 days prior to the related
Special Payment Date for such defaulted interest. At least 15 days before the
Special Record Date, the Issuers (or, upon the written request of the Issuers,
the Trustee in the name and at the expense of the Issuers) shall mail or cause
to be mailed to Holders a notice that states the Special Record Date, the
related Special Payment Date and the amount of such interest to be paid.

                    2.13
CUSIP or Other Similar Numbers.

                    The
Issuers in issuing the Notes may use “CUSIP,” “ISIN” or other similar numbers
(if then generally in use) and, if so, the Trustee shall use “CUSIP,” “ISIN” or
other similar numbers in notices of redemption or offers to purchase as a
convenience to Holders, provided, that
any such notice may state that no representation is made as to the correctness
of such numbers either as printed on the Notes or as contained in any notice of
a redemption or offer to purchase and that reliance may be placed only on the
other identification numbers printed on the Notes, and any such redemption or
offer to purchase shall not be affected by any defect in or omission of such
numbers.

                    In
the event that the Issuers shall issue and the Trustee shall authenticate any
Additional Notes pursuant to this Indenture, the Issuers shall use their best
efforts to obtain the same CUSIP number for such Additional Notes as is printed
on the Notes outstanding at such time; provided,
however, that if any series of Additional Notes is determined, as
evidenced by an Officers’ Certificate, to be a different class of security than
the Notes outstanding at such time for federal income tax purposes, the Issuers
may obtain a CUSIP number for such series of Additional Notes that is different
from the CUSIP number printed on the Notes then outstanding.

                    2.14
Issuance of Additional Notes.

                    The
Issuers shall be entitled, subject to their compliance with Section 4.9, to issue
Additional Notes under this Indenture which shall have identical terms as the
Initial Notes issued on the Issue Date or the Exchange Notes, other than with
respect to the date of issuance and issue price, first payment of interest and
rights under a related Registration Rights Agreement, if any.

41

                    With
respect to any Additional Notes, each Issuer shall set forth in a resolution of
the Board of Directors and an Officers’ Certificate, a copy of each which shall
be delivered to the Trustee, the following information:

	
 

	
 

	
 

	
 

	
 

	
          (a)
  the aggregate principal amount at maturity of such Additional Notes to be
  authenticated and delivered pursuant to this Indenture;

	
 

	
 

	
 

	
 

	
 

	
          (b)
  the issue price, the issue date and the CUSIP number and corresponding ISIN
  of such Additional Notes; and

	
 

	
 

	
 

	
 

	
 

	
          (c)
  whether such Additional Notes shall be transfer restricted notes or shall be
  issued in the form of Exchange Notes.

                    2.15
Computation of Interest.

                    Interest
on the Notes shall be computed on the basis of a 360-day year comprised of
twelve 30-day months.

ARTICLE III

REDEMPTION AND PREPAYMENT

                    3.1
Notices to Trustee.

                    If
the Issuers elect to redeem Notes pursuant to the optional redemption
provisions of Section 3.7 hereof, they shall furnish the notice to the
Depositary and furnish to the Trustee, at least 30 days but not more than 60
days before a redemption date, an Officers’ Certificate setting forth (i) the
provision of this Indenture and the Notes pursuant to which the redemption
shall occur, (ii) the redemption date, (iii) the principal amount of Notes to
be redeemed and (iv) the redemption price (expressed as a percentage of
principal amount).

                    3.2
Selection of Notes to be Redeemed.

                    If
less than all of the Notes are to be redeemed at any time, the Trustee shall
select the Notes to be redeemed or purchased among the Holders of the Notes 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 so listed, on a pro rata basis, by lot or by such method
as the Trustee deems fair and appropriate; provided
that no Notes of $2,000 or less shall be redeemed in part.

                    The
Trustee shall promptly notify the Issuers in writing of the Notes selected for
redemption and, in the case of any Note selected for partial redemption, the
principal amount thereof to be redeemed. Notes and portions of Notes selected
shall be in amounts of $2,000 or whole integrals of $1,000 in excess thereof;
except that if all of the Notes of a Holder are to be redeemed, the entire
outstanding amount of Notes held by such Holder, even if not a multiple of
$1,000, shall be redeemed. Except as provided in the preceding sentence,
provisions of this Indenture that apply to Notes called for redemption also
apply to portions of Notes called for redemption.

                    3.3
Notice of Redemption.

                    Subject
to the provisions of Section 3.9 hereof, at least 30 days but not more than 60
days before a redemption date, the Issuers shall mail or cause to be mailed, by
first class mail, a notice of redemption to each Holder whose Notes are to be
redeemed at its registered address, except that

42

redemption
notices may be mailed more than 60 days prior to a redemption date if the
notice is issued in connection with a defeasance of the Notes or a satisfaction
and discharge of this Indenture.

	
 

	
 

	
 

	
 

	
 

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

	
 

	
 

	
 

	
 

	
 

	
          (a)
  the redemption date;

	
 

	
 

	
 

	
 

	
 

	
          (b)
  the redemption price;

	
 

	
 

	
 

	
 

	
 

	
          (c)
  if any Note is 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 of the original Note shall be issued upon cancellation of the
  original Note;

	
 

	
 

	
 

	
 

	
 

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

	
 

	
 

	
 

	
 

	
 

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

	
 

	
 

	
 

	
 

	
 

	
          (f)
  that, unless the Issuers default in making such redemption payment, interest
  on Notes called for redemption ceases to accrue on and after the redemption
  date;

	
 

	
 

	
 

	
 

	
 

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

	
 

	
 

	
 

	
 

	
 

	
          (h)
  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.

                    At
the Issuers’ request, the Trustee shall give the notice of redemption in the
Issuers’ name and at their expense; provided,
however, that the Issuers shall have delivered to the Trustee, at
least 45 days prior to the redemption date, an Officers’ Certificate requesting
that the Trustee give such notice and setting forth the information to be
stated in such notice as provided in the preceding paragraph.

                    3.4
Effect of Notice of Redemption.

                    Once
notice of redemption is mailed in accordance with Section 3.3 hereof, Notes
called for redemption become irrevocably due and payable on the redemption date
at the redemption price. A notice of redemption may not be conditional.

                    3.5
Deposit of Redemption Price.

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

                    If
the Issuers comply with the provisions of the preceding paragraph, on and after
the redemption date, interest shall cease to accrue on the Notes or the
portions of Notes called for redemption. If the redemption date is on or after
an interest payment record date and on or before the related interest payment
date, the accrued and unpaid interest and Additional Interest, if any, shall be
paid to the Holder in whose name the Note is registered at the close of
business on such record date and no additional

43

interest
or Additional Interest, if any, will be payable to Holders whose Notes will be
subject to redemption by the Issuers. If any Note called for redemption shall
not be so paid upon surrender for redemption because of the failure of the
Issuers to comply with the preceding paragraph, interest shall be paid on the
unpaid principal, from the redemption date until such principal is paid, and to
the extent lawful on any interest not paid on such unpaid principal, in each
case at the rate provided in the Notes and in Section 4.1 hereof.

                    3.6
Notes Redeemed in Part.

                    Upon
surrender of a Note that is redeemed in part, the Issuers shall issue, and,
upon receipt of an Authentication Order, the Trustee shall authenticate for the
Holder at the expense of the Issuers a new Note equal in principal amount to
the unredeemed portion of the Note surrendered.

                    3.7
Optional Redemption.

                    (a)
At any time prior to August 1, 2010, the Issuers may redeem all or a part of
the Notes, upon not less than 30 nor more than 60 days’ notice, at a redemption
price equal to 100% of the principal amount thereof plus the Applicable Premium
as of, and accrued and unpaid interest and Additional Interest, if any, to, the
date of redemption.

                    (b)
In addition to clause (a) of this Section 3.7, at any time prior to August 1,
2009, the Issuers may on any one or more occasions redeem up to 35% of the
aggregate principal amount of Notes issued under this Indenture, upon not less
than 30 nor more than 60 days’ notice, at a redemption price equal to 109.750%
of the principal amount, plus accrued and unpaid interest and Additional
Interest, if any, to the redemption date, with the net cash proceeds of one or
more Equity Offerings by the Company or the net proceeds of any Equity
Offerings by any Parent Entity that are contributed to common equity capital of
the Company; provided that: (i)
at least 65% of the aggregate principal amount of Notes issued under this Indenture
remains outstanding immediately after the occurrence of such redemption
(excluding Notes held by any Parent Entity, any Issuer and any Subsidiary of
any Issuer); and (ii) the such redemption shall occur within 90 days of the
date of the closing of such Equity Offering.

                    (c)
Except as set forth in clauses (a) and (b) of this Section 3.7, the Issuers
shall not have the option to redeem the Notes pursuant to this Section 3.7
prior to August 1, 2010. On or after August 1, 2010, the Issuers shall have the
option to redeem all or a part of the Notes upon not less than 30 nor more than
60 days’ notice, at the redemption prices (expressed as percentages of
principal amount) set forth below, plus accrued and unpaid interest and
Additional Interest, if any, on the Notes redeemed, to the applicable
redemption date, if redeemed during the twelve-month period beginning on August
1 of the years indicated below:

	
 

	
 

	
 

	
 

	
 

	
 Year

	
 

	
 

	
Redemption
  Price

	

	
 

	
 

	

	
2010

	
 

	
 

	
104.875

	
%

	
2011

	
 

	
 

	
102.438

	
%

	
2012
  and thereafter

	
 

	
 

	
100.000

	
%

                    (d)
Any redemption pursuant to this Section 3.7 shall be made in accordance with
the provisions of Section 3.1 through 3.6 hereof. 

                    3.8
Mandatory Redemption.

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

44

                    3.9
Offer to Purchase by Application of Excess Proceeds.

                    In
the event that, pursuant to Section 4.10 hereof, the Issuers shall be required
to commence an Asset Sale Offer, they shall follow the procedures specified
below.

                    The
Asset Sale Offer shall remain open for a period of 20 Business Days following
its commencement and no longer, except to the extent that a longer period is
required by applicable law (the “Offer Period”). No later than five
Business Days after the termination of the Offer Period (the “Purchase Date”),
the Issuers shall purchase the principal amount of Notes required to be purchased
pursuant to Section 4.10 hereof (the “Offer Amount”) or, if less than
the Offer Amount has been tendered, all Notes tendered in response to the Asset
Sale Offer, Payment for any Notes so purchased shall be made in the same manner
as interest payments are made. 

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

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

	
 

	
 

	
 

	
          (a)
  that the Asset Sale Offer is being made pursuant to this Section 3.9 and
  Section 4.10 hereof and the length of time the Asset Sale Offer shall remain
  open;

	
 

	
 

	
 

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

	
 

	
 

	
 

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

	
 

	
 

	
 

	
          (d)
  that Holders electing to have a Note purchased pursuant to an Asset Sale
  Offer may only elect to have all of such Note purchased and may not elect to
  have only a portion of such Note purchased;

	
 

	
 

	
 

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

	
 

	
 

	
 

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

	
 

	
 

	
 

	
          (g)
  that, if the aggregate accreted value of Notes and aggregate principal amount
  of such other pari passu Indebtedness
  tendered by Holders exceeds the Offer Amount, the Issuers shall select the
  Notes and such other pari passu Indebtedness
  to be purchased on a pro rata basis
  on the basis of the aggregate accreted value of Notes and the aggregate
  principal amount of such

45

	
 

	
 

	
 

	
other pari passu Indebtedness tendered (with
  such adjustments as may be deemed appropriate by the Issuers so that only
  Notes in denominations of $2,000 aggregate principal amount at maturity, or
  integral multiples of $1,000 in excess thereof, shall be purchased); and

	
 

	
 

	
 

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

                    On
or before the Purchase Date, the Issuers shall, to the extent lawful, accept
for payment, on a pro rata basis
to the extent necessary, the Offer Amount of Notes and such other pari passu Indebtedness or portions
thereof tendered pursuant to the Asset Sale Offer, or if less than the Offer
Amount has been tendered, all Notes, and such other pari passu Indebtedness or portions thereof tendered, and
shall deliver to the Trustee an Officers’ Certificate stating that such Notes,
and such other pari passu Indebtedness
or portions thereof were accepted for payment by the Issuers in accordance with
the terms of this Section 3.9. The Issuers, the Depositary or the Paying Agent,
as the case may be, shall on the Purchase Date mail or deliver to each
tendering Holder an amount equal to the purchase price of the Notes tendered by
such Holder and accepted by the Issuers for purchase, and the Issuers shall
promptly issue a new Note, and the Trustee, upon written request from the
Issuers shall authenticate and mail or deliver such new Note to such Holder, in
a principal amount at maturity equal to any unpurchased portion of the Note
surrendered. Any Note not so accepted shall be promptly mailed or delivered by
the Issuers to the Holder thereof. The Issuers shall publicly announce the
results of the Asset Sale Offer on the Purchase Date.

                    Other
than as specifically provided in this Section 3.9, any purchase pursuant to
this Section 3.9 shall be made pursuant to the provisions of Sections 3.1
through 3.6 hereof.

ARTICLE IV

COVENANTS

                    4.1
Payment of Notes.

                    The
Issuers shall pay or cause
to be paid the principal of or premium, if any, and interest and Additional
Interest, if any, on the Notes on the dates and in the manner provided in the
Notes Principal, premium, if any, and interest and Additional Interest, if any,
shall be considered paid on the date due if the Paying Agent, if other than the
Issuers or a Subsidiary thereof, holds as of 10:00 a.m. (New York City time) on
the due date money deposited by the Issuers in immediately available funds and
designated for and sufficient to pay all principal of or premium, if any, and
interest and Additional Interest, if any, on the Notes then due. The Issuers
shall pay all Additional Interest, if any, in the same manner on the dates and
in the amounts set forth in a Registration Rights Agreement.

                    The
Issuers shall pay interest
(including post-petition interest in any proceeding under any Bankruptcy Law)
on overdue principal at the rate equal to 1% per annum in excess of the then
applicable interest rate on the Notes to the extent lawful; they 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.

                    The
Issuers shall make all
interest, premium, if any, Additional Interest, if any, and principal payments
by wire transfer of immediately available funds to any Holder who shall have
given written directions to such effect and reasonably satisfactory on or prior
to the applicable record date. All other payments on Notes shall be made at the
office or agency of the Paying Agent and Registrar unless the Issuers elect to
make interest payments by check mailed to the Holders at their address set
forth in the register of Holders.

46

                    Payments
in respect of Notes represented by a Global Note (including interest, premium,
if any, Additional Interest, if any, and principal payments) shall be made by
wire transfer of immediately available funds to the accounts specified by DTC.

                    4.2
Maintenance of Office or Agency.

                    The
Issuers shall maintain in the United States of America 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 Issuers in
respect of the Notes and this Indenture may be served. The Issuers 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 Issuers 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
Issuers 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 Issuers of their
obligation to maintain an office or agency in the United States of America for
such purposes. The Issuers 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
Issuers hereby designate the Corporate Trust Office of the Trustee as one such
office or agency of the Company in accordance with Section 2.3.

                    4.3
Reports.

                    (a)
The Company shall furnish to the Trustee and, upon request, to beneficial
owners of, and prospective investors (that are qualified institutional buyers
as defined in Rule 144A under the Securities Act or non-U.S. persons (as
defined in Regulation S under the Securities Act)) in, the Notes a copy of all
of the information and reports referred to in clauses (i) and (ii) below:

	
 

	
 

	
 

	
          (i)
  (A) within 90 days of the end of each fiscal year, annual audited financial
  statements for such fiscal year (along with customary comparative results)
  and (B), within 45 days of the end of each of the first three fiscal quarters
  of every fiscal year, unaudited financial statements for the interim period
  as of, and for the period ending on, the end of such fiscal quarter (along
  with comparative results for the corresponding interim period in the prior
  year), in each case, including a “Management’s Discussion and Analysis of
  Financial Condition and Results of Operations” with respect to the periods
  presented and, with respect to the annual information only, a report on the
  annual financial statements by the Company’s certified independent
  accountants (all of the foregoing financial information to be prepared on a
  basis substantially consistent with the corresponding financial information
  included the Offering Memorandum or the then applicable Commission
  requirements);

	
 

	
 

	
 

	
          (ii)
  within 10 Business Days of the occurrence of an event required to be therein
  reported, such other reports containing substantially the same information
  required to be contained in a Current Report on Form 8-K under the Exchange
  Act (other than Items 3.01 (Notice of delisting or failure to satisfy a
  continued listing rule or standard; transfer of listing), 3.02 (Unregistered
  sales of equity securities) and 5.04 (Temporary suspension of trading under
  registrant’s employee benefit plans) thereof).

                    If
the Company has designated any of its Subsidiaries as Unrestricted
Subsidiaries, then

47

the
quarterly and annual financial information required by clause (a)(i) of this
Section 4.3 shall include a reasonably detailed presentation, 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,”
of 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.

	
 

	
 

	
 

	
(b)
  The Company shall:

	
 

	
 

	
 

	
          (i)
  hold a quarterly conference call to discuss the information contained in the
  annual and quarterly reports required under clause (a)(i) of this Section 4.3
  not later than five Business Days from the time the Company furnishes such
  reports to the Trustee;

	
 

	
 

	
 

	
          (ii)
  no fewer than three Business Days prior to the date of the conference call
  required to be held in accordance with clause (b)(i) above, issue a press
  release to the appropriate U.S. wire services announcing the time and date of
  such conference call and directing the beneficial owners of, and prospective
  investors in, the Notes and securities analysts to contact an individual at
  the Company (for whom contact information shall be provided in such press
  release) to obtain the financial reports and information on how to access
  such conference call; and

	
 

	
 

	
 

	
          (iii)
  (A) (1) maintain a non-public website to which beneficial owners of, and
  prospective investors in, the Notes and securities analysts are given access
  and to which the reports required by this Section 4.3 are posted along with,
  as applicable, details on the time and date of the conference call required
  by clause (b)(i) of this paragraph and information on how to access that
  conference call and (2) distribute via electronic mail such reports and
  conference call details to beneficial owners of, and prospective investors
  in, the Notes and securities analysts who request to receive such
  distributions or (B) file such reports electronically with the Commission
  through its Electronic Data Gathering, Analysis and Retrieval System (or any
  successor system).

                    (c)
In addition, the Company shall furnish to the Holders of the Notes and to
securities analysts and prospective investors, upon their request, any
information required to be delivered pursuant to Rule 144A(d)(4) under the
Securities Act so long as the Notes are not freely transferable under the
Securities Act.

                    (d)
The Company shall be entitled to require certification as to a person’s bona fide status as a beneficial owner,
prospective investor or securities analyst, as applicable, prior to
distributing to such person the reports and other information to be provided by
the Company.

                    4.4
Compliance Certificate.

                    (a)
The Issuers and each Guarantor (to the extent that such Guarantor is so
required under the TIA) shall deliver to the Trustee annually, within 120 days
after the end of each fiscal year of the Company, an Officers’ Certificate
stating that a review of the activities of the Issuers and their Subsidiaries
during the preceding fiscal year has been made under the supervision of the
signing Officers with a view to determining whether the Issuers have kept,
observed, performed and fulfilled their obligations under this Indenture, and
farther stating that to the best of his or her knowledge the Issuers have kept,
observed, performed and fulfilled each and every covenant contained in this
Indenture and are not in default in the performance or observance of any of the
terms, provisions and conditions of this Indenture (or, if a Default or Event
of Default shall have occurred, describing all such Defaults or Events of
Default of which he or she may have knowledge and what action the Issuers are taking
or propose to take with respect thereto) 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

48

the
principal of or interest, if any, on the Notes is prohibited or if such event
has occurred, a description of the event and what action the Issuers are taking
or propose to take with respect thereto.

                    (b)
The Issuers shall, so long as any of the Notes are outstanding, deliver to the
Trustee, as soon as possible and in any event within five Business Days after
becoming aware of any Default or Event of Default, a written notice specifying
such Default or Event of Default and what action the Issuers are taking or
propose to take with respect thereto, unless such default shall have been
previously cured or waived.

                    4.5
Taxes.

                    The
Issuers shall pay or discharge, and shall cause each of their Subsidiaries to
pay or discharge, before the same shall become delinquent, all material taxes,
assessments, and governmental levies except such as are contested in good faith
and by appropriate proceedings or where the failure to pay or discharge the
same would not have a material adverse effect on the ability of the Issuers to
perform their obligations under the Notes or this Indenture.

                    4.6
Stay, Extension and Usury Laws.

                    Each
of the Issuers and the Guarantors 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 Issuers and
each Guarantor (to the extent that they may lawfully do so) hereby expressly
waive all benefit or advantage of any such law, and covenant that they shall
not, by resort to any such law, hinder, delay or impede the execution of any
power herein granted to the Trustee, but shall suffer and permit the execution
of every such power as though no such law had been enacted.

                    4.7
Restricted Payments.

                    The
Company shall not, and shall not permit any of its Restricted Subsidiaries to,
directly or indirectly:

	
 

	
 

	
 

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

	
 

	
 

	
 

	
          (ii)
  purchase, redeem or otherwise acquire or retire for value (including, without
  limitation, in connection with any merger or consolidation involving the
  Company) any Equity Interests of any Issuer or any Parent Entity of the
  Company;

	
 

	
 

	
 

	
          (iii)
  make any payment on or with respect to, or purchase, redeem, defease or
  otherwise acquire or retire for value any Indebtedness that is contractually
  subordinated to the Notes or any Guarantee, except any payment of interest or
  principal at the Stated Maturity thereof; or

	
 

	
 

	
 

	
          (iv)
  make any Restricted Investment (all such payments and other actions set forth
  in clauses (i) through (iv) above being collectively referred to as “Restricted
  Payments”),

49

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

	
 

	
 

	
 

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

	
 

	
 

	
 

	
          (b)
  the Company would, at the time of such Restricted Payment and after giving
  pro forma effect thereto as if such Restricted Payment had been made at the
  beginning of the applicable four-quarter period, have been permitted to incur
  at least $1.00 of additional Indebtedness pursuant to the Fixed Charge
  Coverage Ratio test set forth in the first paragraph of Section 4.9 hereof;
  and

	
 

	
 

	
 

	
          (c)
  such Restricted Payment, together with the aggregate amount of all other
  Restricted Payments declared or made by the Company and its Restricted
  Subsidiaries after the Issue Date (excluding Restricted Payments permitted by
  clauses (i) (but only to the extent the declaration of such Restricted
  Payment shall have already reduced such amount), (ii), (iii), (iv), (vi),
  (vii), (viii), (ix), (xii) and (xiii) of the next succeeding paragraph), is
  less than the sum, without duplication, of:

	
 

	
 

	
 

	
 

	
 

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

	
 

	
 

	
 

	
 

	
 

	
          (ii)
  100% of the fair market value of the Qualified Proceeds received by the
  Company since the Issue Date as a contribution to its common equity capital
  from the issue or sale of Equity Interests (other than Disqualified Stock) of
  the Company or from the issue or sale of convertible or exchangeable
  Disqualified Stock or convertible or exchangeable debt securities of the
  Company that have been converted or exchanged for such Equity Interests
  (other than Equity Interests or Disqualified Stock or debt securities sold to
  a Subsidiary of the Company or an employee stock ownership plan, option plan
  or similar trust to the extent such sale to an employee stock ownership plan
  or similar trust is financed by loans from or guaranteed by the Company or
  any Restricted Subsidiary unless such loans have been repaid with cash on or
  prior to the date of determination); provided,
  however, that this clause (ii) shall not include the proceeds from
  Contributions Indebtedness Equity; plus

	
 

	
 

	
 

	
 

	
 

	
          (iii)
  to the extent that any Restricted Investment that was made after the Issue
  Date is sold or otherwise liquidated or repaid 100% of the Qualified Proceeds
  received with respect to such Restricted Investment (less the cost of
  disposition, if any); plus

	
 

	
 

	
 

	
 

	
 

	
          (iv)
  to the extent that any Unrestricted Subsidiary of the Company designated as
  such after the Issuer Date is redesignated as a Restricted Subsidiary after
  the Issue Date, the fair market value of the Company’s Investment in such
  Subsidiary as of the date of such redesignation.

	
 

	
 

	
 

	
 

	
 

	
The
  preceding provisions shall not prohibit:

	
 

	
 

	
 

	
 

	
          (i)
  the payment of any dividend or the making of any distribution or other
  payment on account of any Equity Interest of the Company or any of its
  Restricted Subsidiaries within 60 days after the date of declaration of such
  payment, if at the date of declaration such payment would have complied with
  the provisions of this Indenture;

50

	
 

	
 

	
 

	
 

	
          (ii)
  the making of any Restricted Payment in exchange for, or out of the net cash
  proceeds of the substantially concurrent sale (other than to a Subsidiary of
  the Company) of, Equity Interests (other than Disqualified Stock and other
  than Equity Interests issued or sold to an employee stock ownership plan or
  similar trust to the extent such sale to an employee stock ownership plan or
  similar trust is financed by loans from or guaranteed by the Company or any
  Restricted Subsidiary unless such loans have been repaid with cash on or
  prior to the date of determination) of the Company; provided that the amount of any such net
  cash proceeds that are utilized for any such redemption, repurchase,
  retirement, defeasance, replacement, extension, renewal, or other acquisition
  shall be excluded from clause (c)(ii) of the preceding paragraph;

	
 

	
 

	
 

	
 

	
          (iii)
  the defeasance, redemption, repurchase replacement, extension, renewal,
  refinancing or retirement, or other acquisition of subordinated Indebtedness
  of the Company or any Guarantor in exchange for, or with the net cash
  proceeds from, an incurrence (other than to a Subsidiary of the Company) of
  Permitted Refinancing Indebtedness;

	
 

	
 

	
 

	
 

	
          (iv)
  the payment of any dividend or distribution by a Restricted Subsidiary of the
  Company to the holders of its Equity Interests on a pro rata basis;

	
 

	
 

	
 

	
 

	
          (v)
  so long as no Default or Event of Default shall have occurred and be
  continuing or would be caused thereby, the repurchase, redemption or other
  acquisition or retirement for value of any Equity Interests of any Parent
  Entity, the Company or any Restricted Subsidiary of the Company or any Parent
  Entity of the Company held by any current or former employee, officer,
  director or agent of the Company or any Restricted Subsidiary of the Company
  (including the heirs and estates of such Persons) pursuant to any management
  equity subscription agreement, stock option plan or agreement, shareholders
  agreement, or similar agreement, plan or arrangement, including amendments
  thereto; provided, however, that
  the aggregate price paid for all such Equity Interests repurchased, redeemed,
  acquired or retired pursuant to this clause (v) may not exceed $2.0 million
  in any fiscal year; provided that unused amounts in any fiscal year may be
  carried forward and utilized in any subsequent fiscal year up to a maximum
  (without giving effect to the following proviso) of all such repurchases not
  to exceed $6.0 million in any fiscal year; provided
  further that such amount in any fiscal year may be increased in an
  amount not to exceed (a) the net cash proceeds from the sale of Equity
  Interests (other than Disqualified Stock) of the Company and, to the extent
  contributed to the Company, Equity Interests of any Parent Entity of the
  Company, in each case to any employee, officer, director or agent of the
  Company or any Restricted Subsidiary of the Company that occurs after the
  date of the Indenture, to the extent such net cash proceeds have not
  otherwise been applied to make Restricted Payments pursuant to clause (c)(ii)
  of the preceding paragraph, plus (b) the net cash proceeds of key man life
  insurance policies received by the Company or its Restricted Subsidiaries
  subsequent to the date of the Indenture, less (c) the amount of any
  Restricted Payments previously made with the cash proceeds described in
  clauses (a) and (b) of this clause (v);

	
 

	
 

	
 

	
 

	
          (vi)
  any Permitted Payments to a Parent Entity;

	
 

	
 

	
 

	
 

	
          (vii)
  the repurchase of Equity Interests deemed to occur upon the exercise of stock
  options, warrants or other convertible securities to the extent such Equity
  Interests represents a portion of the exercise price thereof and the
  repurchase of fractional shares;

	
 

	
 

	
 

	
 

	
          (viii)
  the declaration and payment of dividends to holders of any class or series of
  Disqualified Stock of the Company or any of its Restricted Subsidiaries
  issued in accordance with and to the extent permitted by Section 4.9 hereof
  to the extent such dividends are included in the definition of “Fixed
  Charges;”

	
 

	
 

	
 

	
 

	
          (ix)
  any payments made in connection with the consummation of the Transactions on

51

	
 

	
 

	
 

	
 

	
substantially
  the terms described in the Offering Memorandum;

	
 

	
 

	
 

	
 

	
          (x)
  so long as no Default or Event of Default shall have occurred and be
  continuing, the payment of dividends on the Company’s common Capital Stock
  (or the payment of dividends to any Parent Entity to fund the payment by such
  Parent Entity of dividends on such entity’s common Capital Stock) following
  the consummation of an underwritten public Equity Offering of the Company’s
  or any Parent Entity’s common Capital Stock of up to 6% per annum of the net
  cash proceeds received by the Company from any public Equity Offering of
  common Capital Stock of the Company or contributed to the Company by any
  Parent Entity from any public Equity Offering of common Capital Stock of the
  Parent Entity;

	
 

	
 

	
 

	
 

	
          (xi)
  the purchase, repurchase, redemption, defeasance or other acquisition or
  retirement for value of any Indebtedness subordinated to the Notes or the
  Guarantees (a) at a purchase price not greater than 101% of the principal
  amount of such Indebtedness in the event of a change of control as defined
  under such Indebtedness in accordance with provisions similar to the Section
  4.15 hereof or (b) at a purchase price not greater than 100% of the principal
  amount thereof in accordance with provisions similar to Section 4.10 hereof;
  provided that, prior to such purchase, repurchase, redemption, defeasance or
  acquisition or retirement, the Company has made the Change of Control Offer
  or Asset Sale Offer, as applicable, as provided in such covenant, and has
  completed, if applicable, the repurchase or redemption of all Notes validly
  tendered for payment in connection with such Change of Control Offer or Asset
  Sale Offer;

	
 

	
 

	
 

	
          (xii)
  distributions of Capital Stock of Unrestricted Subsidiaries; or

	
 

	
 

	
 

	
          (xiii)
  other Restricted Payments made pursuant to this clause (xiii) in an aggregate
  amount since the Issue Date not to exceed $20.0 million (or the equivalent
  thereof, at the time of incurrence, in applicable foreign currency).

                    The
amount of all Restricted Payments (other than cash) shall be the fair market
value on the date of the Restricted Payment of the assets or securities
proposed to be transferred or issued by the Company or such Restricted
Subsidiary, as the case may be, pursuant to the Restricted Payment. The fair
market value of any non-cash Restricted Payment shall be determined by the
Board of Directors of the Company, whose resolution with respect thereto shall
be delivered to the Trustee. Not later than the date of making any Restricted
Payment, the Issuers shall deliver to the Trustee an Officers’ Certificate
stating that such Restricted Payment is permitted and setting forth the basis
upon which the calculations required by this Section 4.7 were computed,
together with a copy of any fairness opinion or appraisal required by this
Indenture.

                    4.8
Dividend and Other Payment Restrictions
Affecting Subsidiaries.

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

	
 

	
 

	
 

	
 

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

	
 

	
 

	
 

	
 

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

	
 

	
 

	
 

	
 

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

52

	
 

	
 

	
 

	
          However,
  the preceding restrictions will not apply to encumbrances or restrictions
  existing under or by reason of:

	
 

	
 

	
 

	
          (a)
  any agreement in effect on or entered into on the Issue Date, including,
  without limitation, the Credit Agreement and any agreement governing Hedging
  Obligations entered into with respect to Indebtedness under the Credit
  Agreement (as amended, modified, restated, renewed, increased, supplemented,
  refunded, replaced or refinanced in accordance with this clause (a)) so long
  as the encumbrances and restrictions under such agreement governing the
  Hedging Obligations are no more restrictive than those under such Credit
  Agreement, and any amendments, modifications, restatements, renewals,
  increases, supplements, refundings, replacements or refinancings of those
  agreements; provided that the
  amendments, modifications, restatements, renewals, increases, supplements,
  refundings, replacements or refinancings are no more restrictive, taken as a
  whole, with respect to such dividend and other payment restrictions than
  those contained in those agreements on the date of the Indenture;

	
 

	
 

	
 

	
          (b)
  this Indenture, the Notes and the related Guarantees to be issued on the
  Issue Date and the Exchange Notes and the related Guarantees to be issued in
  exchange therefor pursuant to the Registration Rights Agreement;

	
 

	
 

	
 

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

	
 

	
 

	
 

	
          (d)
  any instrument governing Indebtedness (including Acquired Debt) or Capital
  Stock of the Company or any of its Restricted Subsidiaries or of a Person
  acquired by the Company or any of its Restricted Subsidiaries as in effect at
  the time of such acquisition (except to the extent such Indebtedness or
  Capital Stock was incurred in connection with or in contemplation of such
  acquisition), which encumbrance or restriction is not applicable to any
  Person, or the properties or assets of any Person, other than the Person, or
  the property or assets of the Person, so acquired, including any amendments,
  modifications, restatements, renewals, supplements, refundings, replacements
  or refinancings of any such agreements or instruments, provided that the amendments,
  modifications, restatements, renewals, supplements, refundings, replacements
  or refinancings are no more restrictive, taken as a whole, than those
  contained in the agreements governing such original agreement or instrument, provided, further, that, in the case of
  Indebtedness, such Indebtedness was permitted by the terms of this Indenture
  to be incurred;

	
 

	
 

	
 

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

	
 

	
 

	
 

	
          (f)
  capital leases or purchase money obligations for property acquired or leased
  in the ordinary course of business that impose restrictions on that property
  of the nature described in clause (iii) of the preceding paragraph;

	
 

	
 

	
 

	
          (g)
  any Purchase Money Note or other Indebtedness or contractual requirements
  incurred with respect to a Qualified Receivables Transaction relating
  exclusively to a Receivables Entity that, in the good faith determination of
  the Board of Directors of the Company, are necessary to effect such Qualified
  Receivables Transaction;

	
 

	
 

	
 

	
          (h)
  any agreement for the sale or other disposition of assets or Capital Stock of
  a Restricted Subsidiary permitted under this Indenture that restricts the
  sale of assets, distributions, loans or transfers by that Restricted
  Subsidiary pending its sale or other disposition;

	
 

	
 

	
 

	
          (i)
  Permitted Refinancing Indebtedness, provided
  that the restrictions contained in the agreements governing such
  Permitted Refinancing Indebtedness are no more restrictive, taken as a whole,
  than those contained in the agreements governing the Indebtedness being
  refinanced;

53

	
 

	
 

	
 

	
          (j)
  leases or licenses entered into in the ordinary course of business that
  impose restrictions solely on the property so leased;

	
 

	
 

	
 

	
          (k)
  Liens securing Indebtedness otherwise permitted to be incurred pursuant to
  Section 4.12 hereof that limit the right of the debtor to dispose of the
  assets subject to such Liens;

	
 

	
 

	
 

	
          (l)
  provisions with respect to the disposition or distribution of assets or
  property in joint venture agreements and other similar agreements; provided that such restrictions apply
  only to the assets or property subject to such joint venture;

	
 

	
 

	
 

	
          (m)
  restrictions on cash or other deposits or net worth under contracts or leases
  entered into in the ordinary course of business; and

	
 

	
 

	
 

	
          (n)
  any agreement relating to a sale and leaseback transaction or Capital Lease
  Obligation otherwise permitted by the Indenture, but only on the assets
  subject to such transaction or lease and only to the extent that such
  restrictions or encumbrances are customary with respect to a sale and
  leaseback transaction or a capital lease.

                    4.9
Incurrence of Indebtedness.

                    The
Company shall not, and shall not permit any of its Restricted Subsidiaries to,
directly or indirectly, create, incur, issue, assume, guarantee or otherwise
become directly or indirectly liable, contingently or otherwise, with respect
to (collectively, “incur”, and “incurrence” shall have a
correlative meaning) any Indebtedness (including Acquired Debt); provided, however, that the Issuers
and any Guarantor may incur Indebtedness (including Acquired Debt) if the Fixed
Charge Coverage Ratio for the Company’s most recently ended four full fiscal
quarters for which internal financial statements are available immediately
preceding the date on which such additional Indebtedness is incurred would have
been at least 2.0 to 1.0, determined on a pro forma basis (including a pro
forma application of the net proceeds therefrom), as if the additional
Indebtedness had been incurred at the beginning of such four-quarter period.

                    The
first paragraph of this Section 4.9 shall not prohibit the incurrence of any of
the following items of Indebtedness (collectively, “Permitted Debt”):

	
 

	
 

	
 

	
          (i)
  the incurrence by the Company and any Restricted Subsidiary of Indebtedness
  and letters of credit under one or more Credit Facilities together with the
  principal component of amounts outstanding under Qualified Receivables
  Transactions in an aggregate principal amount at any one time outstanding
  under this clause (i) (with letters of credit being deemed to have a
  principal amount equal to the maximum potential liability of the Company and
  the Restricted Subsidiaries thereunder) not to exceed the greater of (a)
  $300.0 million and (b) the Borrowing Base; provided, that the maximum amount
  permitted to be outstanding under this clause (i) shall not be deemed to
  limit additional Indebtedness under one or more Credit Facilities that is
  permitted to be incurred pursuant to any of the other provisions of this
  Section 4.9;

	
 

	
 

	
 

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

	
 

	
 

	
 

	
          (iii)
  the incurrence by the Issuers and the Guarantors of Indebtedness represented by the Notes (other than Additional Notes) and
  the related Guarantees to be issued on the Issue Date and the Exchange Notes
  and the related Guarantees to be issued in exchange therefor pursuant to the
  Registration Rights Agreement;

54

	
 

	
 

	
 

	
          (iv)
  the incurrence by the Company and its Restricted Subsidiaries of Indebtedness
  represented by Capital Lease Obligations, mortgage financings or purchase
  money obligations, in each case, incurred for the purpose of financing all or
  any part of the purchase price or cost of design, construction, installation,
  repair, or improvement of property, plant or equipment or lease fleet
  (including through the purchase of Equity Interests of a Person up to the
  amount of the fair market value of such assets held by such Person) used in a
  Permitted Business, in an aggregate principal amount at any time outstanding
  pursuant to this clause (iv) not to exceed the greater of (a) $15.0 million
  (or the equivalent thereof, at the time of incurrence, in applicable foreign
  currency) and (b) 2.0% of the Total Assets of the Company (determined as of
  the time of incurrence);

	
 

	
 

	
 

	
          (v)
  the incurrence by the Company or any of its Restricted Subsidiaries of
  Permitted Refinancing Indebtedness in exchange for, or the net proceeds of
  which are used to refund, refinance, defease, renew, extend or replace
  Indebtedness, other than intercompany Indebtedness between or among the
  Company and any of its Restricted Subsidiaries, that was permitted by the
  Indenture to be incurred under the first paragraph of this Section 4.9 or
  clauses (ii), (iii), (iv) or (v) of this paragraph;

	
 

	
 

	
 

	
          (vi)
  the incurrence by any Foreign Subsidiary of any Indebtedness, together with
  the amount of any other outstanding Indebtedness incurred pursuant to this
  clause (vi), in an aggregate principal amount not to exceed the greater of
  $7.5 million (or the equivalent thereof, at the time of incurrence, in the
  applicable foreign currency) and 1.0% of Total Assets of the Company;

	
 

	
 

	
 

	
          (vii)
  the incurrence by the Company or any of its Restricted Subsidiaries (other
  than a Receivables Entity) of intercompany Indebtedness between or among the
  Company and any of its Restricted Subsidiaries (other than a Receivables Entity); provided, however, that:

	
 

	
 

	
 

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

	
 

	
 

	
 

	
                    (b)
  (i) any subsequent issuance or transfer of Equity Interests that results in
  any such Indebtedness being held by a Person other than the Company or a
  Restricted Subsidiary (other than a Receivables Entity) of the Company, (ii)
  any sale or other transfer of any such Indebtedness to a Person that is
  neither the Company nor a Restricted Subsidiary (other than a Receivables
  Entity) of the Company or (iii) the designation of a Restricted Subsidiary
  which holds Indebtedness as an Unrestricted Subsidiary shall be deemed, in
  each case, to constitute an incurrence of such Indebtedness by the Company or
  such Restricted Subsidiary, as the case may be, that was not permitted by
  this clause (vii);

	
 

	
 

	
 

	
          (viii)
  the incurrence by the Company or any of its Restricted Subsidiaries of
  Hedging Obligations;

	
 

	
 

	
 

	
          (ix)
  the guarantee by any Issuer or any of the Guarantors of Indebtedness of the
  Company or any Restricted Subsidiary of the Company,
  provided that, in each case, the Indebtedness was permitted to be
  incurred by another provision of this Section 4.9; provided further that in the event such Indebtedness that
  is being guaranteed is (a) pari passu in
  right of payment to the Notes or any Guarantee, then the related guarantee
  shall rank equally in right of payment to the Notes or such Guarantee, as the
  case may be, or (b) subordinated in right of

55

	
 

	
 

	
 

	
payment
  to the Notes or any Guarantee, then the related guarantee shall be
  subordinated in right of payment to the same extent to the Notes or such
  Guarantee, as the case may be;

	
 

	
 

	
 

	
          (x)
  Indebtedness arising from agreements of the Company or a Restricted
  Subsidiary of the Company providing for adjustment of purchase price,
  deferred payment, earn out or similar obligations, in each case, incurred or
  assumed in connection with the disposition or acquisition of any business or
  assets of the Company or a Restricted Subsidiary;

	
 

	
 

	
 

	
          (xi)
  Indebtedness incurred in respect of workers’ compensation claims,
  self-insurance obligations, bankers’ acceptances, letters of credit (not
  supporting Indebtedness for borrowed money), performance, surety, appeal and
  similar bonds and completion guarantees or similar obligations provided by an
  Issuer or a Guarantor in the ordinary course of business;

	
 

	
 

	
 

	
          (xii)
  Indebtedness arising from (a) agreements of the Company or any Restricted
  Subsidiary of the Company pursuant to which the Company or any such
  Restricted Subsidiary incurs an indemnification obligation or (b) the
  honoring by a bank or other financial institution of a check, draft or
  similar instrument inadvertently drawn against insufficient funds, so long as
  such Indebtedness is covered within five Business Days of the later of such
  honoring or notice thereof;

	
 

	
 

	
 

	
          (xiii)
  obligations with respect to letters of credit issued in the ordinary course
  of business and securing obligations for trade payables to the extent such
  letters of credit are not drawn and have not remained outstanding for more
  than 180 days from the date of issuance (including letters of credit issued
  in substitution therefor);

	
 

	
 

	
 

	
          (xiv)
  Indebtedness of a Person incurred and outstanding on or prior to the date on
  which such Person was acquired by the Company or any Restricted Subsidiary of
  the Company or merged into the Company or a Restricted Subsidiary of the
  Company in accordance with the terms of this Indenture; provided that such Indebtedness is not
  incurred in connection with or in contemplation of, or to provide all or any
  portion of the funds or credit support utilized to consummate, such
  acquisition or merger; and provided,
  further, that after giving pro forma effect to such incurrence of
  Indebtedness the Company would have been permitted to incur at least $1.00 of
  additional Indebtedness pursuant to the first paragraph of this Section 4.9;

	
 

	
 

	
 

	
          (xv)
  Indebtedness of the Company or any Restricted Subsidiary to the extent the
  proceeds of such Indebtedness are deposited and used to defease the Notes as
  described under Articles VIII and XI;

	
 

	
 

	
 

	
          (xvi)
  the incurrence by the Company or any Restricted Subsidiary of the Company of
  Contribution Indebtedness; and

	
 

	
 

	
 

	
          (xvii)
  the incurrence by the Company or any Restricted Subsidiary of the Company of
  additional Indebtedness, together with the amount of any other outstanding
  Indebtedness incurred pursuant to this clause (xvii), in an aggregate
  principal amount (or accreted value, as applicable) not to exceed $20.0
  million (or the equivalent thereof, at the time of incurrence, in the
  applicable foreign currency).

          For
purposes of determining compliance with this Section 4.9, in the event that an
item of proposed Indebtedness (including Acquired Debt) meets the criteria of
more than one of the categories of Permitted Debt described in clauses (i)
through (xvii) above, or is entitled to be incurred pursuant to the first paragraph
of this Section 4.9, the Issuers shall be permitted to classify all or a
portion of that item of Indebtedness on the date of its incurrence in their
sole discretion (or on a later date reclassify in whole or in part so long as
such Indebtedness is permitted to be incurred pursuant to such provision at the
time of reclassification) in any manner that complies with this Section 4.9; provided that Indebtedness under the

56

Credit
Agreement outstanding on the Issue Date shall initially be deemed to have been
incurred in reliance on the exception provided by clause (i) of the second
paragraph of this Section 4.9. Notwithstanding any other provision of this
Section 4.9, the maximum amount of Indebtedness that the Company or any
Restricted Subsidiary of the Company may incur pursuant to this Section 4.9
shall not be deemed to be exceeded solely as a result of fluctuations in
exchange rates or currency values.

          Accrual
of interest, the accretion or amortization of original issue discount, the payment
of interest on any Indebtedness in the form of additional Indebtedness with the
same terms and the payment of dividends on Disqualified Stock or preferred
stock of a Restricted Subsidiary that is not a Guarantor in the form of
additional shares of the same class of Disqualified Stock or preferred stock
will not be deemed to be an incurrence of Indebtedness or an issuance of
Disqualified Stock or preferred stock for purposes of this Section 4.9; provided, in each such case, that the
amount thereof is included in Fixed Charges of the Company as accrued.

                    4.10
Asset Sales.

                    The
Company shall not, and shall not permit any of its Restricted Subsidiaries to,
consummate an Asset Sale unless:

	
 

	
 

	
 

	
 

	
 

	
          (1)
  the Company (or the Restricted Subsidiary, as the case may be) receives
  consideration at least equal to the fair market value of the assets or Equity
  Interests issued or sold or otherwise disposed of (such fair market value to
  be determined on the date of contractually agreeing to such Asset Sale);

	
 

	
 

	
 

	
          (2)
  the fair market value is determined by the Company’s Board of Directors and
  evidenced by a resolution of the Board of Directors of the Company set forth
  in an Officers’ Certificate delivered to the Trustee; and

	
 

	
 

	
 

	
          (3)
  at least 75% of the consideration received in the Asset Sale by the Company
  or such Restricted Subsidiary is in the form of cash or Cash Equivalents.

	
 

	
 

	
 

	
 

	
For
  purposes of this provision, each of the following shall be deemed to be cash:

	
 

	
 

	
 

	
 

	
 

	
          (a)
  the amount of any liabilities, as shown on the Company’s most recent
  consolidated balance sheet or in the notes thereto, of the Company or any
  such Restricted Subsidiary (other than contingent liabilities and liabilities
  that are by their terms subordinated to the Notes or any Guarantee) that are
  assumed by the transferee of any such assets; provided, that the Company or such Restricted Subsidiary
  is contractually released from further liability with respect to such
  liabilities;

	
 

	
 

	
 

	
 

	
 

	
          (b)
  any securities, notes or other obligations received by the Company or any
  such Restricted Subsidiary from such transferee that are promptly, but in any
  event within 120 days after the date of the Asset Sale, converted by the
  Company or such Restricted Subsidiary into cash or Cash Equivalents, to the
  extent of the cash or Cash Equivalents received in that conversion;

	
 

	
 

	
 

	
 

	
 

	
          (c)
  property received as consideration for such Asset Sale that would otherwise
  constitute a permitted application of Net Proceeds (or other cash in such
  amount) under clauses (3), (4) and (6) under the next succeeding paragraph
  below; and

	
 

	
 

	
 

	
 

	
 

	
          (d)
  any Designated Non-cash Consideration received by the Company or such
  Restricted Subsidiary having an aggregate fair market value (as determined in
  good faith by the Company), taken together with all other Designated Non-cash
  Consideration

57

	
 

	
 

	
 

	
 

	
 

	
 

	
received
  pursuant to this clause (d), not exceeding the greater of $15.0 million and
  2.0% of the Total Assets of the Company at the time of the receipt of such
  Designated Non-cash Consideration, with the fair market value of each item of
  Designated Non-cash Consideration being measured at the time received and
  without giving effect to subsequent changes in value.

          Within
365 days after the receipt of any Net Proceeds from an Asset Sale, the Company
or any of its Restricted Subsidiaries may apply those Net Proceeds at the
option of the Company to:

	
 

	
 

	
 

	
          (1)
  permanently repay Indebtedness and other Obligations under the revolving loan
  portion of any Credit Facility;

	
 

	
 

	
 

	
          (2)
  repay (a) the term loan portion of any Credit Facility, (b) any Indebtedness
  secured by a Lien, (c) repay other Indebtedness ranking pari passu with the Notes that has a
  Stated Maturity prior to the Stated Maturity of the Notes or (d) any
  Indebtedness of a Restricted Subsidiary that is not a Guarantor;

	
 

	
 

	
 

	
          (3)
  acquire all or substantially all of the assets of, or a majority of the
  Voting Stock of, another Permitted Business;

	
 

	
 

	
 

	
          (4)
  acquire Capital Stock constituting a minority interest in any Person that at
  such time is a Restricted Subsidiary of the Company;

	
 

	
 

	
 

	
          (5)
  make a capital expenditure relating to an asset used or useful in a Permitted
  Business; or

	
 

	
 

	
 

	
          (6)
  acquire non-current assets (including lease fleet and transportation
  equipment) that are used or useful in a Permitted Business

Pending the
final application of any Net Proceeds, the Company or any of its Restricted
Subsidiaries may temporarily reduce other borrowings or otherwise invest the
Net Proceeds in any manner that is not prohibited by this Indenture.

                    Any
Net Proceeds from an Asset Sale not applied in accordance with the preceding
paragraph within 365 days from the date of the receipt of such Net Proceeds (or
at the Issuers’ option, an earlier date) shall constitute “Excess Proceeds”
unless binding contractual commitments to apply such Net Proceeds in accordance
with the preceding paragraph have been entered into prior to the end of such
365-day period and shall not have been completed or abandoned; provided, however, that the amount of any
Net Proceeds that is not actually reinvested within 545 days from the date of
the receipt of such Net Proceeds shall also constitute “Excess Proceeds.” When
the aggregate amount of Excess Proceeds exceeds $10.0 million, the Issuers
shall make an offer (an “Asset Sale Offer”) to all Holders of Notes and
all holders of other Indebtedness that is
pari passu with the Notes containing provisions similar to those set
forth in this Indenture with respect to offers to purchase or redeem with the
proceeds of sales of assets to purchase the maximum principal amount of Notes
and such other pari passu Indebtedness
that may be purchased out of the Excess Proceeds. The offer price in any Asset
Sale Offer shall be equal to 100% of the principal amount (or accreted value,
as applicable) of the Notes and such other pari
passu Indebtedness in each case equal to $2,000 or an integral
multiple of $1,000 in excess thereof, plus accrued and unpaid interest and
Additional Interest, if any, to the date of purchase, and shall be payable in
cash. If any Excess Proceeds remain after the consummation of an Asset Sale
Offer, the Company or any of its Restricted Subsidiaries may use those Excess
Proceeds for any purpose not otherwise prohibited by this Indenture. If the
aggregate principal amount of Notes and other pari
passu Indebtedness tendered in such Asset Sale Offer exceeds the
amount of Excess Proceeds, the Excess Proceeds shall be allocated by the
Issuers to the Notes and such other pari
passu Indebtedness on a pro rata basis
(based upon the respective 

58

principal
amounts (or accreted value, if applicable) of the Notes and such other pari passu Indebtedness tendered into such
Asset Sale Offer) and the portion of each Note to be purchased shall thereafter
be determined by the Trustee on a pro rata basis
among the Holders of such Notes with appropriate adjustments such that the
Notes may only be purchased in integral multiples of $1,000. Upon completion of
each Asset Sale Offer, the amount of Excess Proceeds shall be reset at zero.

                    If
the Asset Sale purchase date is on or after an interest payment record date and
on or before the related interest payment date, any accrued and unpaid interest
and Additional Interest, if any, shall be paid to the Holder in whose name a
Note is registered at the close of business on such record date, and no
interest or Additional Interest, if any, shall be payable to Holders who tender
Notes pursuant to the Asset Sale Offer.

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

                    4.11
Transactions With Affiliates.

                    The
Company shall not, and shall not permit any of its Restricted Subsidiaries to,
directly or indirectly, make any payment to, or sell, lease, transfer or
otherwise dispose of any of its properties or assets to, or purchase any
property or assets from, or enter into or make or amend any transaction,
contract, agreement, understanding, loan, advance or guarantee with, or for the
benefit of, any Affiliate of any Issuer (each, an “Affiliate Transaction”),
unless:

	
 

	
 

	
 

	
          (i)
  the Affiliate Transaction is on terms that are no less favorable to the
  Company or the relevant Restricted Subsidiary than those that would have been
  obtained in a comparable transaction in arm’s-length dealings by the Company
  or such Restricted Subsidiary with an unrelated Person; and

	
 

	
 

	
 

	
          (ii)
  the Company delivers to the Trustee: (a) with respect to any Affiliate
  Transaction or series of related Affiliate Transactions involving aggregate
  consideration in excess of $5.0 million, a resolution of the Board of
  Directors of the Company set forth in an Officers’ Certificate certifying
  that such Affiliate Transaction complies with this Section 4.11 and that such
  Affiliate Transaction has been approved by a majority of the disinterested
  members, if any, of the Board of Directors of the Company; and (b) with
  respect to any Affiliate Transaction or series of related Affiliate
  Transactions involving aggregate consideration in excess of $20.0 million, a
  written opinion as to the fairness to the Company or such Restricted
  Subsidiary of such Affiliate Transaction from a financial point of view
  issued by an independent accounting, appraisal or investment banking firm of
  national standing.

	
 

	
 

	
          The
  following items shall not be deemed to be Affiliate Transactions and,
  therefore, will not be subject to the provisions of the prior paragraph:

	
 

	
 

	
 

	
          (i)
  reasonable and customary (a) directors’ fees and indemnification and similar
  arrangements, (b) employee, officer or director loans, advances, salaries,
  bonuses and employment, non-competition and confidentiality agreements
  (including indemnification arrangements), and (c) compensation,
  confidentiality or employee benefit arrangements (including stock option
  plans) and incentive arrangements with any officer, director or employee
  entered into in the ordinary course of business (including customary benefits
  thereunder);

59

	
 

	
 

	
 

	
          (ii)
  transactions between or among the Company and its Restricted Subsidiaries
  (other than a Receivables Entity);

	
 

	
 

	
 

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

	
 

	
 

	
 

	
          (iv)
  the pledge of Equity Interests of Unrestricted Subsidiaries to support the
  Indebtedness thereof;

	
 

	
 

	
 

	
          (v)
  issuances and sales of Equity Interests (other than Disqualified Stock) of
  the Company to Affiliates of the Company or the receipt of the proceeds of
  capital contributions in respect of Equity Interests;

	
 

	
 

	
 

	
          (vi)
  Restricted Payments permitted by the provisions of this Indenture described
  in Section 4.7 hereof or Permitted Investments (other than pursuant to clause
  (iii) of such definition);

	
 

	
 

	
 

	
          (vii)
  sales or other transfers or dispositions of accounts receivable and other
  related assets customarily transferred in an asset securitization transaction
  involving accounts receivable to a Receivables Entity in a Qualified
  Receivables Transaction, and acquisitions of Permitted Investments in
  connection with a Qualified Receivables Transaction;

	
 

	
 

	
 

	
          (viii)
  transactions pursuant to agreements or other arrangements, each as in effect
  on the Issue Date, as described in the Offering Memorandum in the section
  entitled “Certain Relationships and Related Party Transactions” and as the
  same may be amended, modified or replaced from time to time so long as such
  amendment, modification or replacement is no less favorable to the Company
  and the Restricted Subsidiaries in any material respect than the original
  agreement or arrangement in effect on the date of the Indenture;

	
 

	
 

	
 

	
          (ix)
  payments made by the Company or any Restricted Subsidiary to any Principal
  Related Party for any financial advisory, financing, underwriting or
  placement services or in respect of other investment banking activities,
  including, without limitation, in connection with acquisitions or
  divestitures, which payments are approved by a majority of the disinterested
  members, if any, of the Board of Directors of the Company in good faith; and

	
 

	
 

	
 

	
          (x)
  transactions with customers, clients, suppliers, or purchasers or sellers of
  goods or services, in each case in the ordinary course of business and
  otherwise in compliance with the terms of the Indenture that are fair to the
  Company and its Restricted Subsidiaries, in the reasonable determination of
  the Board of Directors of the Company, or are on terms at least as favorable
  as would reasonably have been entered into at such time with an unaffiliated
  party.

                    4.12
Liens.

                    The
Company shall not and shall not permit any of its Restricted Subsidiaries to,
directly or indirectly, incur or otherwise cause or suffer to exist or become
effective any Lien of any kind securing Indebtedness or Attributable Debt
(other than Permitted Liens) upon any of their property or assets, now owned or
hereafter acquired, unless all payments due under this Indenture and the Notes
are contemporaneously secured on an equal and ratable basis with the
Obligations so secured until such time as such Obligations are no longer
secured by a Lien; provided that to the extent any such Lien secures
Indebtedness that is subordinate to the Notes or the Guarantees, such Lien
shall be subordinate to the Lien on such property or assets granted to the
Holders of the Notes to the same extent as such Indebtedness is subordinate to
the Notes or such Guarantee, as the case may be.

60

                    4.13
Business Activities.

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

                    4.14
Corporate Existence.

                    Subject
to Article V hereof, the Issuers shall do or cause to be done all things
necessary to preserve and keep in full force and effect (i) their corporate
existence, and the corporate, partnership, limited liability company or other
existence of each of their Subsidiaries, in accordance with the respective
organizational documents (as the same may be amended from time to time) of the
Issuers or any such Subsidiary and (ii) the rights (charter and statutory),
licenses and franchises of the Issuers and their Subsidiaries; provided, however, that the Issuers shall
not be required to preserve any such right, license or franchise, or the
corporate, partnership, limited liability company or other existence of any of
their Subsidiaries, if the Board of Directors of the Company shall determine
that the preservation thereof is no longer desirable in the conduct of the
business of the Issuers and their Subsidiaries, taken as a whole, and that the
loss thereof is not adverse in any material respect to the Holders of the
Notes.

                    4.15
Offer to Repurchase upon Change of Control.

                    If
a Change of Control occurs, the Issuers shall be required to make an offer (a “Change
of Control Offer”) to each Holder of Notes, unless the Issuers have
exercised their right to redeem all the Notes pursuant to Section 3.7 hereof,
to repurchase all or any part (equal to $2,000 or an integral multiple of $1,000
in excess thereof) of that Holder’s Notes on the terms set forth in this
Section 4.15. In the Change of Control Offer, the Issuers shall offer a payment
in cash (the “Change of Control Payment”) equal to 101% of the aggregate
principal amount of Notes repurchased, plus accrued and unpaid interest and
Additional Interest, if any, on the Notes repurchased, to the date of purchase
(the “Change of Control Payment Date”). Within 30 days following any
Change of Control, the Issuers shall mail a notice to each Holder describing
the transaction or transactions that constitute the Change of Control and
offering to repurchase Notes on the Change of Control Payment Date specified in
the notice, which date shall be no earlier than 30 days and no later than 60 days
from the date such notice is mailed, pursuant to the procedures required by
this Indenture and described in such notice.

                    The
Issuers shall comply with the requirements of Rule 14e-l under the Exchange Act
and any other securities laws and regulations thereunder to the extent those
laws and regulations are applicable in connection with the repurchase of the
Notes as a result of a Change of Control. To the extent that the provisions of
any securities laws or regulations conflict with the Change of Control
provisions of this Indenture, the Issuers shall comply with the applicable
securities laws and regulations and shall not be deemed to have breached their
obligations under the Change of Control provisions of this Indenture by virtue
of such conflict.

                    On
the Change of Control Payment Date, the Issuers shall, to the extent lawful:

	
 

	
 

	
 

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

	
 

	
 

	
 

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

	
 

	
 

	
 

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

61

                    The
Paying Agent shall promptly
mail to each Holder of Notes properly tendered the Change of Control Payment
for such Notes, and the Trustee shall promptly authenticate and mail (or cause
to be transferred by book entry) to each Holder a new Note equal in principal
amount to any unpurchased portion of the Notes surrendered, if any; provided
that each new Note will be in a minimum principal amount of $2,000 or an
integral multiple of $1,000 in excess thereof. The Issuers shall publicly
announce the results of the Change of Control Offer on or as soon as
practicable after the Change of Control Payment Dale.

                    If the
Change of Control Payment
Date is on or after an interest payment record date and on or before the
related interest payment date, any accrued and unpaid interest and Additional
Interest, if any, will be paid to the Holder in whose name a Note is registered
at the close of business on such record date, and no other interest or
Additional Interest, if any, will be payable to Holders who tender pursuant to
the Change of Control Offer.

                    The
provisions described above
that require the Issuers to make a Change of Control Offer following a Change
of Control will be applicable whether or not any other provisions of this
Indenture are applicable. Except as described above with respect to a Change of
Control, this Indenture does not contain provisions that permit the Holders of
the Notes to require that the Issuers repurchase or redeem the Notes in the
event of a takeover, recapitalization or similar transaction.

                    The
Issuers shall 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 Issuers and purchases all
Notes properly tendered and not withdrawn under the Change of Control Offer.

                    4.16
Future Subsidiary Guarantees.

                    If the
Company or any of its
Restricted Subsidiaries (other than a Receivables Entity) acquire or create
another Domestic Subsidiary after the date hereof or an Immaterial Subsidiary
ceases to qualify as an Immaterial Subsidiary, then that newly acquired or
created Domestic Subsidiary or such former Immaterial Subsidiary shall on the
date on which it was acquired, created or ceased to so qualify become a
Guarantor and promptly execute a supplemental indenture in form and substance
set forth in Exhibit D pursuant to which such Subsidiary shall guarantee, on a
joint and several basis, the full and prompt payment of the principal of,
premium, if any, and interest and Additional Interest, if any, on the Notes on
a senior basis; provided that any
Domestic Subsidiary that constitutes an Immaterial Subsidiary need not become a
Guarantor until such time as it ceases to be an Immaterial Subsidiary. In
addition, if any of the Company’s Foreign Subsidiaries or Immaterial
Subsidiaries guarantee any Indebtedness of any Issuer or any Guarantor, such
Foreign Subsidiary or Immaterial Subsidiary, as the case may be, shall
simultaneously become a Guarantor and promptly execute a supplemental indenture
in form and substance set forth in Exhibit D pursuant to which such Person
shall guarantee, on a joint and several basis, the prompt payment of the
principal of, premium, if any, and interest and Additional Interest, if any, on
the Notes on a senior basis and to the same extent as such Person’s guarantee
of such other Indebtedness.

                    The
foregoing provisions shall
not apply to Subsidiaries that have been properly designated as Unrestricted
Subsidiaries in accordance with this Indenture for so long as they continue to
constitute Unrestricted Subsidiaries.

                    Each
Guarantee shall be limited
to an amount not to exceed the maximum amount that can be guaranteed by that
Guarantor without rendering the Guarantee, as it relates to such Guarantor,
voidable under applicable law relating to fraudulent conveyance or fraudulent
transfer or similar laws affecting the rights of creditors generally.

62

                    4.17
Designation of Restricted and Unrestricted Subsidiaries.

                    The
Board of Directors of the
Company may designate any Restricted Subsidiary of the Company to be an
Unrestricted Subsidiary (other than MSG) if that designation would not cause a
Default. If a Restricted Subsidiary is designated as an Unrestricted
Subsidiary, the aggregate fair market value of all outstanding Investments
owned by the Company and its Restricted Subsidiaries in the Subsidiary properly
designated shall be deemed to be an Investment made as of the time of the
designation and shall reduce the amount available for Restricted Payments under
the first paragraph (or clause (xiii) of the second paragraph) of Section 4.7
or under one or more clauses of the definition of Permitted Investments, as
determined by the Company. Such designation shall only be permitted if the
Investment would be permitted at that time and if the Restricted Subsidiary
otherwise meets the definition of an Unrestricted Subsidiary. The Board of
Directors of the Company may redesignate any Unrestricted Subsidiary to be a
Restricted Subsidiary if the redesignation would not cause a Default.

                    All
Subsidiaries of Unrestricted
Subsidiaries shall be automatically deemed to be Unrestricted Subsidiaries. All
designations of Subsidiaries as Unrestricted Subsidiaries and revocations
thereof must be evidenced by filing with the Trustee resolutions of the Board
of Directors of the Company and an Officers’ Certificate certifying compliance
with the foregoing provisions.

                    4.18
Payments for Consent.

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

ARTICLE V

SUCCESSORS

                    5.1
Merger, Consolidation, or Sale of Assets.

                    Neither
Issuer may, directly or
indirectly: (A) consolidate or merge with or into another Person (whether or
not such Issuer is the surviving corporation) or (B) sell, assign, transfer,
lease, convey or otherwise dispose of all or substantially all of its
properties or assets in one or more related transactions, to another Person;
unless:

	
 

	
 

	
 

	
          (i) either: (a) such Issuer is
  the surviving corporation or (b) the Person formed by or surviving any such
  consolidation or merger (if other than such Issuer) or to which such sale,
  assignment, transfer, lease, conveyance or other disposition shall have been
  made is a corporation or limited liability company organized or existing
  under the laws of the United States, any state of the United States or the
  District of Columbia and assumes all of the obligations of such Issuer under
  the Notes, this Indenture and the Registration Rights Agreement pursuant to
  agreements reasonably satisfactory to the Trustee; provided, that at all times at least one Issuer shall be a
  corporation organized or existing under the laws of the United States, any
  state of the United States or the District of Columbia;

	
 

	
 

	
 

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

	
 

	
 

	
 

	
          (iii) (a) such Issuer or the
  Person formed by or surviving any such consolidation or merger (if other than
  such Issuer), or to which such sale, assignment, transfer, conveyance or

63

	
 

	
 

	
 

	
other
  disposition has been made shall, on the date of such transaction after giving
  pro forma effect thereto and any related financing transactions as if the
  same had occurred at the beginning of the applicable four-quarter period, (a)
  be permitted to incur at least $1.00 of additional Indebtedness pursuant to
  the Fixed Charge Coverage Ratio test set forth in the first paragraph of
  Section 4.9 hereof or (b) have
  a Fixed Charge Coverage Ratio equal to or greater than the Fixed Charge
  Coverage Ratio of such Issuer immediately prior to such transaction.

                    In
no event shall the Company or MSG enter into any transaction that results in,
or otherwise permit, MSG to cease being a Restricted Subsidiary of the Company.
For purposes of this Section 5.1, the sale, assignment, transfer, conveyance,
lease or other disposition of all or substantially all of the properties and
assets of one or more Restricted Subsidiaries of any Issuer, which properties
and assets, if held by such Issuer instead of such Restricted Subsidiaries,
would constitute all or substantially all of the properties and assets of such
Issuer on a consolidated basis, shall be deemed to be the transfer of all or
substantially all of the properties and assets of such Issuer.

                    Notwithstanding
the preceding clause (iii), (x) any Restricted Subsidiary may consolidate with,
merge into, sell, assign, convey, lease or otherwise transfer all or part of
its properties and assets to any Issuer or to any Guarantor and (y) an Issuer
may merge with an Affiliate incorporated solely for the purpose of
reincorporating such Issuer in another jurisdiction so long as such
jurisdiction is the United States, any state of the United States or the
District of Columbia.

                    5.2
Successor Corporation Substituted.

                    Upon
any transfer, consolidation or merger in accordance with Section 5.1 hereof,
the successor entity in such transaction shall succeed to and (except in the
case of a lease) be substituted for, and may exercise every right and power of,
such Issuer under this Indenture and the Registration Rights Agreement with the
same effect as if such successor entity had been named herein as an Issuer, and
(except in the case of a lease) such Issuer shall be released from the
obligations under the Notes, the Indenture and the Registration Rights
Agreement except with respect to any obligations that arise from, or are
related to, such transaction.

ARTICLE VI

EVENTS OF DEFAULT

                    6.1
Events of Default.

                    Each
of the following is an “Event of Default”:

	
 

	
 

	
 

	
          (a)
  default for 30 days in the payment when due of interest on, or Additional
  Interest, if any, with respect to, the Notes;

	
 

	
 

	
 

	
          (b)
  default in payment when due of the principal of, or premium, if any, on the
  Notes;

	
 

	
 

	
 

	
          (c)
  failure by the Company or any of its Restricted Subsidiaries for 30 days or
  more to comply with the provisions of Sections 4.15 or 5.1 hereof;

	
 

	
 

	
 

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

	
 

	
 

	
 

	
          (e)
  default under any mortgage, indenture or instrument under which there may be
  issued or by which there may be secured or evidenced any Indebtedness by the
  Company or any of its

64

	
 

	
 

	
 

	
Restricted
Subsidiaries (or the payment of which is guaranteed by the Company or any of
its Restricted Subsidiaries) whether such Indebtedness or guarantee now
exists, or is created after the Issue Date, if that default (i) is caused by
a failure to pay principal of such Indebtedness at final maturity prior to
the expiration of the grace period provided in such Indebtedness (a “Payment
Default”) or (ii) results in the acceleration of such Indebtedness prior to
its Stated Maturity and, in each case, the principal amount of any such
Indebtedness, together with the principal amount of any other such Indebtedness
under which there has been a Payment Default or the maturity of which has
been so accelerated, aggregates $12.5 million or more; 

	
 

	
 

	
 

	
          (f)
  failure by the Company or any of its Restricted Subsidiaries to pay final
  judgments entered by a court or courts of competent jurisdiction (not subject
  to appeal) aggregating in excess of $12.5 million (net of any amounts covered
  by a reputable and creditworthy insurance company), which judgments are not
  paid, discharged or stayed for a period of 60 days after the date on which
  the right to appeal has expired;

	
 

	
 

	
 

	
          (g)
  any Issuer or any of their Restricted Subsidiaries that is a Significant
  Subsidiary or any group of Restricted Subsidiaries that, taken together,
  would constitute a Significant Subsidiary, pursuant to or within the meaning
  of Bankruptcy Law: (i) commence a voluntary case, (ii) consent to the entry
  of an order for relief against them in an involuntary case, (iii) consent to
  the appointment of a Custodian of them or for all or substantially all of
  their property, (iv) make a general assignment for the benefit of their
  creditors, or (v) generally are not paying their debts as they become due;

	
 

	
 

	
 

	
          (h)
  a court of competent jurisdiction enters an order or decree under any Bankruptcy
  Law that: (i) is for relief against any Issuer or any of their Restricted
  Subsidiaries that is a Significant Subsidiary or any group of Restricted
  Subsidiaries that, taken together, would constitute a Significant Subsidiary
  in an involuntary case; (ii) appoints a Custodian of any Issuer or any of
  their Restricted Subsidiaries that is a Significant Subsidiary or any group
  of Restricted Subsidiaries that, taken together, would constitute a
  Significant Subsidiary or for all or substantially all of the property of any
  Issuer or any of their Restricted Subsidiaries that is a Significant
  Subsidiary or any group of Restricted Subsidiaries that, taken together,
  would constitute a Significant Subsidiary; or (iii) orders the liquidation of
  any Issuer or any of their Restricted Subsidiaries that is a Significant
  Subsidiary or any group of Restricted Subsidiaries that, taken together,
  would constitute a Significant Subsidiary; and the order or decree remains
  unstayed and in effect for 60 consecutive days; and

	
 

	
 

	
 

	
          (i)
  except as permitted by this Indenture, any Guarantee shall be held in any
  judicial proceeding to be unenforceable or invalid or shall cease for any
  reason to be in full force and effect or any Guarantor, or any Person acting
  on behalf of any Guarantor; shall deny or disaffirm its obligations under its
  Guarantee.

                    6.2
Acceleration.

                    In
the case of an Event of Default specified in clauses (g) or (h) of Section 6.1
hereof, with respect to the Issuers, any Restricted Subsidiary that is a
Significant Subsidiary or any group of Restricted Subsidiaries that, taken
together, would constitute a Significant Subsidiary, all outstanding Notes
shall become due and payable immediately without further action or notice. If
any other Event of Default occurs and is continuing, the Trustee or the Holders
of at least 25% in aggregate principal amount of the then outstanding Notes, by
notice in writing to the Trustee and the Issuers, may declare all the Notes to
be due and payable.

                    In
the event of a declaration of acceleration of the Notes because an Event of
Default described in Section 6.1(e) has occurred and is continuing, the
declaration of acceleration of the Notes

65

shall
be automatically annulled if the event of default or payment default triggering
such Event of Default pursuant to Section 6.1(e) shall be remedied or cured by
the Issuers or a Restricted Subsidiary or waived by the holders of the relevant
Indebtedness within 30 days after the declaration of acceleration with respect
thereto and if (i) the annulment of the acceleration of the Notes would not
conflict with any judgment or decree of a court of competent jurisdiction and
(ii) all existing Events of Default, except nonpayment of principal, premium,
or interest or Additional Interest on the Notes that became due solely because
of the acceleration of the Notes, have been cured or waived. In the event of an
Event of Default pursuant to Section 6.0l(c) or Section 6.0l(d) caused solely
by a breach of the specified covenant resulting from the existence of an
unknown Default under another covenant, such Event of Default shall be deemed
remedied or cured by the Issuers if the underlying Default is promptly remedied
upon becoming known to the Issuers.

                    6.3
Other Remedies.

                    If
an Event of Default occurs and is continuing, the Trustee, in its sole
discretion, may pursue any available remedy to collect the payment of
principal, premium, if any, interest and Additional Interest, 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. A delay or omission by the
Trustee or any Holder of a Note in exercising any right or remedy accruing upon
an Event of Default shall not impair the right or remedy or constitute a waiver
of or acquiescence in the Event of Default. All remedies are cumulative to the
extent permitted by law.

                    6.4
Waiver of Past Defaults.

                    Holders
of not less than a majority in aggregate principal amount of the then
outstanding Notes by written notice to the Trustee may on behalf of the Holders
of all of the Notes waive any existing Default or Event of Default and its
consequences hereunder, except a continuing Default or Event of Default in the
payment of the principal of, premium or Additional Interest, if any, or
interest on, the Notes (including in connection with an offer to purchase) (provided, however, that the Holders of a
majority in aggregate principal amount of the then outstanding Notes may
rescind an acceleration and its consequences, including any related payment default
that resulted from such acceleration). Upon any such waiver, such Default shall
cease to exist, and any Event of Default arising therefrom shall be deemed to
have been cured for every purpose of this Indenture; but no such waiver shall
extend to any subsequent or other Default or impair any right consequent
thereon.

                    6.5
Control By Majority.

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

                    6.6
Limitation on Suits.

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

66

	
 

	
 

	
 

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

	
 

	
 

	
 

	
          (b)
  Holders of at least 25% in aggregate principal amount of the then outstanding
  Notes have requested the Trustee to pursue the remedy;

	
 

	
 

	
 

	
          (c)
  such Holders have offered the Trustee reasonable security or indemnity
  against any loss, liability or expense;

	
 

	
 

	
 

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

	
 

	
 

	
 

	
          (e)
  Holders of a majority in aggregate principal amount of the then outstanding
  Notes have not given the Trustee a direction inconsistent with such request
  within such 60-day period.

                    A
Holder of a Note may not use this Indenture to prejudice the rights of another
Holder of a Note or to obtain a preference or priority over another Holder of a
Note.

                    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, premium and Additional Interest, if any, and
interest on the Note, on or after the respective due dates expressed in the Note
(including in connection with an offer to purchase), or to bring suit for the
enforcement of any such payment on or after such respective dates, shall not be
impaired or affected without the consent of such Holder.

                    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 Issuers 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 such further amount as shall be sufficient to cover the
costs and expenses of collection, including the compensation, fees, expenses,
disbursements and advances of the Trustee, its agents and counsel.

                    6.9
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 compensation, fees, expenses,
disbursements and advances of the Trustee, its agents and counsel) and the
Holders of the Notes allowed in any judicial proceedings relative to the
Issuers (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 compensation, fees, expenses,
disbursements and advances of the Trustee, its agents and counsel, and any
other amounts due the Trustee under or in connection with this Indenture To the
extent that the payment of any such compensation, fees, expenses, disbursements
and advances of the Trustee, its agents and counsel, and any other amounts due
the Trustee under or in connection with this Indenture out of the estate in any
such proceeding, shall be denied for any reason, payment of the same shall be
secured by a perfected, first priority 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

67

otherwise,
and such Lien in favor of a predecessor Trustee shall be senior to the Lien in
favor of the current Trustee. 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.

                    6.10
Priorities.

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

                    First:
to the Trustee (including any predecessor
Trustee), its agents and attorneys for amounts due under Section 7.7 hereof,
including payment of all compensation, fees, expenses and liabilities incurred,
and all advances made, by the Trustee and the costs and expenses of collection;

                    Second:
to Holders of Notes for amounts due
and unpaid on the Notes for principal, premium and 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, premium and Additional
Interest, if any and interest, respectively; and

                    Third:
to the Issuers or to such party as
a court of competent jurisdiction shall direct.

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

                    6.11
Undertaking for Costs.

                    In
any suit for the enforcement of any right or remedy under this Indenture or in
any suit against the Trustee for any action taken or omitted by it as a
Trustee, a court in its discretion may require the filing by any party litigant
in the suit of an undertaking to pay the costs of the suit, and the court in
its discretion may assess reasonable costs, including reasonable attorneys’
fees and expenses, against any party litigant in the suit, having due regard to
the merits and good faith of the claims or defenses made by the party litigant.
This Section 6.11 does not apply to a suit by the Trustee, a suit by a Holder
of a Note pursuant to Section 6.7 hereof, or a suit by Holders of more than 10%
in principal amount of the then outstanding Notes.

ARTICLE VII

TRUSTEE

                    7.1
Duties of Trustee.

                    (a)
If an Event of Default has occurred and is continuing, the Trustee shall
exercise such of the rights and powers vested in it by this Indenture, and use
the same degree of care and skill in its exercise, as a prudent person would
exercise or use under the circumstances in the conduct of such person’s own
affairs.

                    (b)
Except during the continuance of an Event of Default:

	
 

	
 

	
 

	
                    (i)
  the duties of the Trustee shall be determined solely by the express
  provisions of this Indenture and the Trustee need perform only those duties
  that are specifically set forth in this Indenture and no others, and no
  implied covenants or obligations shall be read into this Indenture against
  the Trustee; and

68

	
 

	
 

	
 

	
                    (ii)
  in the absence of bad faith on its part, the Trustee may conclusively rely,
  as to the truth of the statements and the correctness of the opinions
  expressed therein, upon certificates or opinions furnished to the Trustee and
  conforming to the requirements of this Indenture. However, in the case of
  opinions or certificates specifically required by any provision hereof to be
  provided to it, the Trustee shall examine the certificates and opinions to
  determine whether or not they conform to the requirements of this Indenture.

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

	
 

	
 

	
 

	
                    (i)
  this paragraph does not limit the effect of paragraph (b) or (d) of this
  Section 7.1;

	
 

	
 

	
 

	
                    (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 6.5 hereof.

                    (d)
Whether or not therein expressly so provided, every provision of this Indenture
that in any way relates to the Trustee is subject to paragraphs (a), (b), (c)
and (e) of this Section 7.1.

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

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

                    7.2
Rights of Trustee.

                    (a)
The Trustee may conclusively rely upon any document believed by it to be
genuine and to have been signed or presented by the proper Person. The Trustee
need not investigate any fact or matter stated in the document, but the
Trustee, in its discretion, may make such further inquiry or investigation into
such facts or matters as it may see fit, and if the Trustee shall determine to
make such further inquiry or investigation, it shall be entitled to examine the
books, records and premises of the Issuers, personally or by agent or attorney
at the expense of the Issuers and shall incur no liability by reason of such
inquiry or investigation, except as provided in Section 7.1.

                    (b)
Before the Trustee acts or refrains from acting, it may require an Officers’
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
Officers’ Certificate or Opinion of Counsel. The Trustee may consult with
counsel and the advice of such counsel or any Opinion of Counsel shall be full
and complete authorization and protection from liability in respect of any
action taken, suffered or omitted by it hereunder in good faith and in reliance
thereon.

                    (c)
The Trustee may act through its attorneys and agents and shall not be
responsible for the misconduct or negligence of any agent appointed with due
care.

69

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

                    (e)
Unless otherwise specifically provided in this Indenture, any demand, request,
direction or notice from the Issuers shall be sufficient if signed by an
Officer of each of the Issuers.

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

                    (g) No
permissive right of the Trustee to act hereunder shall be construed as a duty.

                     (h)
Whenever in the administration of this Indenture the Trustee shall deem it
desirable that a matter be proved or established prior to taking, suffering or
omitting any action hereunder, the Trustee (unless other evidence be herein
specifically prescribed) may, in the absence of bad faith on its part, rely
upon an Officers’ Certificate, an Opinion of Counsel, or both.

                    (i)
Except with respect to Section 4.1 hereof, the Trustee shall have no duty to
inquire as to the performance of the Issuers’ covenants in Article IV hereof.
In addition, the Trustee shall not be deemed to have knowledge (including
actual knowledge) of any Default or Event of Default except (i) any Event of
Default occurring pursuant to Sections 6.1(a) and 6.1(b) hereof or (ii) any
Default or Event of Default of which a Responsible Officer of the Trustee shall
have received written notification or obtained actual knowledge. The Trustee
may withhold from Holders of the Notes notice of any continuing Default or
Event of Default if it determines that withholding notice is in their interest,
except a Default or Event of Default relating to the payment of principal or
interest or Additional Interest.

                    (j)
The Trustee shall not be deemed to have notice or knowledge (including actual
knowledge) of any matter unless a Responsible Officer has actual knowledge
thereof or unless written notice thereof is received by the Trustee at the
Corporate Trust Office of the Trustee and such notice references the Notes
generally, the Issuers or this Indenture.

                    (k) 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.

                    (l)
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.

                    7.3
Individual Rights of Trustee.

                    The
Trustee in its individual or any other capacity may become the owner or pledgee
of Notes and may otherwise deal with the Issuers or any Affiliate of the
Issuers with the same rights it would have if it were not Trustee, However, in
the event that the Trustee acquires any conflicting interest as described in
the TIA (as in effect at such time) it must eliminate such conflict within 90
days, apply 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 hereof.

70

                    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, the Notes, any Registration Rights
Agreement or the Offering Memorandum; it shall not be accountable for the
Issuers’ use of the proceeds from the Notes or any money paid to the Issuers or
upon the Issuers’ direction under any provision of this Indenture; it shall not
be 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.

                    7.5
Notice of Defaults.

                    If a
Default or Event of Default occurs and is continuing and if the Trustee
receives written notice thereof, the Trustee shall (at the expense of the
Issuers) mail to Holders of Notes a notice of the Default or Event of Default
within 90 days after it occurs. Except in the case of a Default or Event of Default
in payment of principal of, premium, if any, Additional Interest, if any, or
interest on any Note, the Trustee may withhold the notice if and so long as a
committee of its Responsible Officers in good faith determines that withholding
the notice is in the interests of the Holders of the Notes.

                    7.6
Reports by Trustee to Holders of the Notes.

                    Within
60 days after each May 15 beginning with the May 15 following the Issue Date,
and for so long as Notes remain outstanding, the Trustee shall (at the expense
of the Issuers) 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)(2). 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 Issuers and filed with the Commission and each stock exchange on
which the Notes are listed in accordance with TIA § 313(d). The Issuers shall
promptly notify the Trustee when the Notes are listed on any stock exchange or
any delisting thereof.

                    7.7
Compensation and Indemnity.

                    The
Issuers and the Guarantors jointly and severally agree to pay to the Trustee
from time to time compensation as agreed upon by the Trustee and the Issuers,
and, in the absence of any such agreement, reasonable compensation for its
acceptance of this Indenture and services hereunder. The Trustee’s compensation
shall not be limited by any law on compensation of a trustee of an express
trust. The Issuers and the Guarantors shall reimburse the Trustee promptly upon
request for all disbursements, advances and expenses incurred or made by it in
addition to the compensation for its services. Such expenses shall include the
reasonable compensation, disbursements and expenses of the Trustee’s agents and
counsel.

                    The
Issuers and the Guarantors, jointly and severally, shall indemnify the Trustee
against any and all losses, liabilities, claims, damages or expenses incurred
by if arising out of or In connection with the acceptance or administration of
its duties under this Indenture, including the costs and expenses of enforcing
this Indenture against the Issuers and the Guarantors (including this Section
7.7) and defending itself against any claim (whether asserted by the Issuers,
the Guarantors or any Holder or any other person) or liability in connection
with, relating to, or arising out of (i) the exercise or performance of any of
its powers or duties hereunder, or in connection herewith, and (ii) the
validity, invalidity, adequacy or inadequacy of this Indenture, the Guarantees,
the Notes, any Registration Rights Agreement

71

and
the Offering Memorandum, except to the extent any such loss, liability or
expense shall be determined to have been caused by its own negligence, bad
faith or willful misconduct. The Trustee shall notify the Issuers and the
Guarantors promptly of any claim for which it intends to seek indemnity.
Failure by the Trustee to so notify the Issuers and the Guarantors shall not
relieve the Issuers and the Guarantors of their obligations hereunder unless
the failure to notify the Issuers and the Guarantors materially impairs the
Issuers’ and Guarantors’ ability to defend the claim and the Trustee shall
cooperate in the defense. The Trustee may have separate counsel and the Issuers
and the Guarantors shall pay the reasonable fees and expenses of such counsel.
The Issuers and the Guarantors need not pay for any settlement made without
their consent, which consent shall not be unreasonably withheld.

                    The
obligations of the Issuers and the Guarantors to the Trustee under this Section
7.7 shall survive the satisfaction and discharge of this Indenture and shall be
secured by a Lien as provided in Section 6.9
hereof.

                    To
secure the Issuers’ and the Guarantors’ 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
and interest on particular Notes. Such Lien shall survive the satisfaction and
discharge of this Indenture.

                    When
the Trustee incurs expenses or renders services after an Event of Default
specified in Section 6.1(g) or (h) hereof occurs, the expenses and the
compensation for the services (including the fees and expenses of its agents
and counsel) are intended to constitute expenses of administration under any
Bankruptcy Law.

                    The
Trustee shall comply with the provisions of TIA § 313(b)(2) to the extent
applicable.

                    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 7.8.

                    The
Trustee may resign in writing at any time and be discharged from the trust
hereby created by so notifying the Issuers. The Holders of Notes of a majority
in principal amount of the then outstanding Notes may remove the Trustee by
providing 30 days prior written notice of such removal to the Trustee and the
Issuers. The Issuers may by a Board Resolution remove the Trustee if:

	
 

	
 

	
 

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

	
 

	
 

	
 

	
          (b)
  the Trustee is adjudged a bankrupt or an insolvent or an order for relief is
  entered with respect to the Trustee under any Bankruptcy Law;

	
 

	
 

	
 

	
          (c)
  a Custodian or public officer takes charge of the Trustee or its property; or

	
 

	
 

	
 

	
          (d)
  the Trustee becomes incapable of acting.

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

                    If a
successor Trustee does not take office within 60 days after the retiring
Trustee resigns or is removed, the retiring Trustee, the Issuers, or the
Holders of Notes of at least 10% in principal

72

amount
of the then outstanding Notes may petition at the expense of the Issuers any
court of competent jurisdiction for the appointment of a successor Trustee.

                    If
the Trustee, after receiving a written request by any Holder of a Note who has
been a bona fide Holder of a Note
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 Issuers. Thereupon, the resignation or removal of
the retiring Trustee shall become effective, and the successor Trustee shall
have all the rights, powers and duties of the Trustee under this Indenture. The
successor Trustee shall mail a notice of its succession to Holders of the
Notes. The retiring Trustee shall, upon payment of its charges hereunder,
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
hereof. Notwithstanding replacement of the Trustee pursuant to this Section
7.8, the Issuers’ and the Guarantors’ obligations under Section 7.7 hereof
shall continue for the benefit of the retiring Trustee.

                    7.9
Successor Trustee by Merger, Etc.

                    If
the Trustee or any Agent consolidates, merges or converts into, or transfers
all or substantially all of its corporate trust business to, another Person,
the successor Person without any further act shall be the successor Trustee or
Agent, as the case may be.

                    7.10
Eligibility; Disqualification.

                    There
shall at all times be a Trustee hereunder that is a corporation organized and
doing business under the laws of the United States of America or of any state
thereof that is authorized under such laws to exercise corporate trustee power,
that is subject to supervision or examination by federal or state authorities
and that together with its direct parent, if any, or in the case of a
corporation included in a bank holding company system, its related bank holding
company, has a combined capital and surplus of at least $50 million as set
forth in its most recent published annual report of condition.

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

                    7.11
Preferential Collection of Claims Against Company.

                    The
Trustee is subject to TIA § 31l(a), excluding any creditor relationship listed
in TIA § 31l(b). A Trustee who has resigned or been removed shall be subject
to TIA § 31l(a) to the extent indicated therein.

                    7.12
Other Capacities.

                    All
references in this Indenture to the Trustee shall be deemed to refer to the
Trustee in its capacity as Trustee and in its capacities as any Agent, to the
extent acting in such capacities, and every provision of this Indenture
relating to the conduct or affecting the liability or offering protection,
immunity or indemnity to the Trustee shall be deemed to apply with the same
force and effect to the Trustee acting in its capacities as any Agent.

73

ARTICLE VIII 

LEGAL
DEFEASANCE AND COVENANT DEFEASANCE

                    8.1
Option to Effect Legal Defeasance or Covenant
Defeasance.

                    The
Issuers may, at their option and at any time, elect to have either Section 8.2
or 8.3 hereof be applied to all outstanding Notes and the Guarantees upon
compliance with the conditions set forth below in this Article VIII.

                    8.2
Legal Defeasance and Discharge.

                    Upon
the Issuers’ exercise under Section 8.1 hereof of the option applicable to this
Section 8.2, the Issuers shall, subject to the satisfaction of the conditions
set forth in Section 8.4 hereof, be deemed to have been discharged from their
obligations with respect to all outstanding Notes and to have each Guarantor’s obligations
discharged with respect to its Guarantee on the date the conditions set forth
below are satisfied (hereinafter, “Legal Defeasance”). For this
purpose, Legal Defeasance means that the Issuers 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 hereof and the other Sections
of this Indenture referred to in (a) and (b) below, and to have satisfied all
its other obligations under such Notes and this Indenture (and the Trustee, on
demand of and at the expense of the Issuers, shall execute proper instruments
acknowledging the same), except for the following provisions which shall
survive until otherwise terminated or discharged hereunder: (a) the rights of
Holders of outstanding Notes to receive solely from the trust fund described in
Section 8.4 hereof, and as more fully set forth in Section 8.4, payments in
respect of the principal of or interest or premium and Additional Interest, if
any, on such Notes when such payments are due, (b) the Issuers’ 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 payment and money for security payments held in trust, (c) the
rights, powers, trusts, duties and immunities of the Trustee, and the Issuers’
and the Guarantors’ obligations in connection therewith; and (d) this Article
VIII. Subject to compliance with this Article VIII, the Issuers may exercise
their option under this Section 8.2 notwithstanding the prior exercise of its
option under Section 8.3 hereof.

                    8.3
Covenant Defeasance.

                    Upon
the Issuers’ exercise under Section 8.1 hereof of the option applicable to
this Section 8.3, the Issuers and each Guarantor shall, subject to the
satisfaction of the conditions set forth in Section 8.4 hereof, be released
from its obligations under the covenants contained in Sections 4.7, 4.8, 4.9,
4.10, 4.11, 4.12, 4.13, 4.15, 4.16, 4.17, 4.18 and 5.1 hereof with respect to
the outstanding Notes on and after the date the conditions set forth in Section
8.4 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). For this purpose, Covenant Defeasance means that,
with respect to the outstanding Notes, the Issuers 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 hereof, but, except as specified above, the remainder of this
Indenture and such Notes shall be unaffected thereby. In addition, upon the
Issuers’ exercise under Section 8.1 hereof of the option applicable to this
Section 8.3 hereof, subject to the satisfaction of the conditions set forth in
Section 8.4 hereof, Sections 6.l(d) and 6.1(e) hereof shall not constitute
Events of Default.

74

                    8.4
Conditions to Legal or Covenant Defeasance.

                    The
following shall be the
conditions to the application of either Section 8.2 or 8.3 hereof to the
outstanding Notes:

                    In
order to exercise either
Legal Defeasance or Covenant Defeasance:

	
 

	
 

	
 

	
          (a)
  (i) the Issuers must irrevocably deposit with the Trustee, in trust, for the
  benefit of the Holders of the Notes, cash in U.S. dollars, non-callable
  Government Securities, or a combination of cash in U.S. dollars and
  non-callable Government Securities, in amounts as will be sufficient, in the
  opinion of a nationally recognized investment bank or firm of independent
  public accountants, to pay the principal of, or interest and premium and
  Additional Interest, if any, on the outstanding Notes on the Stated Maturity
  or on the applicable redemption date, as the case may be, (ii) the Issuers
  must specify whether the Notes are being defeased to maturity or
  to a particular redemption date and (iii) the Trustee must have, for the
  benefit of the Holders, a valid, perfected, exclusive security interest in
  the trust;

	
 

	
 

	
 

	
          (b)
  in the case of an election under Section 8.2 hereof, the Issuers shall have
  delivered to the Trustee an Opinion of Counsel reasonably acceptable to the
  Trustee (subject to customary exceptions) to the effect that (i) the Issuers
  have received from, or there has been published by, the Internal Revenue
  Service a ruling or (ii) since the Issue Date, there has been a change in the
  applicable federal income tax law, in either case to the effect that, and
  based thereon such Opinion of Counsel shall confirm that, the Holders of the
  outstanding Notes will not recognize income, gain or loss for federal income
  tax purposes as a result of such Legal Defeasance and will be subject to
  federal income lax 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;

	
 

	
 

	
 

	
          (c)
  in the case of an election under Section 8.3 hereof, the Issuers shall have
  delivered to the Trustee an Opinion of Counsel reasonably acceptable to the
  Trustee confirming that the Holders of the outstanding Notes will not
  recognize income, gain or loss for federal income tax purposes as a result of
  such Covenant Defeasance and will be subject to federal income tax on the
  same amounts, in the same manner and at the same times as would have been the
  case if such Covenant Defeasance had not occurred;

	
 

	
 

	
 

	
          (d)
  the deposit will not result in a breach or violation of, or constitute a
  default under, any agreement or instrument to which the Issuers or any
  Guarantor is a party or by which the Issuers or any Guarantor is bound (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 borrowing)
  or insofar as Sections 6.1(g) or 6.1(h) hereof are concerned, at any time in
  the period ending on the 91st day after the date of deposit;

	
 

	
 

	
 

	
          (e)
  such Legal Defeasance or Covenant Defeasance shall not result in a breach or
  violation of, or constitute a default under any material agreement or
  instrument (other than this Indenture) to which the Issuers or any of their
  Subsidiaries are a party or by which the Issuers or any of their Subsidiaries
  are bound;

	
 

	
 

	
 

	
          (f)
  the Issuers shall have delivered to the Trustee an Opinion of Counsel to the
  effect that after the 91st day following the deposit, no trust funds will be
  subject to the effect of any applicable bankruptcy, insolvency,
  reorganization or similar laws affecting creditors’ rights generally;

	
 

	
 

	
 

	
          (g)
  the Issuers shall have delivered to the Trustee an Officers’ Certificate
  stating that the deposit was not made by the Issuers with the intent of
  preferring the Holders of Notes over the

75

	
 

	
 

	
 

	
other
  creditors of the Issuers or with the intent of defeating, hindering, delaying
  or defrauding creditors of the Issuers or others; and

	
 

	
 

	
 

	
          (h)
  the Issuers shall have delivered to the Trustee an Officers’ Certificate and
  an Opinion of Counsel, stating that all conditions precedent relating to the
  Legal Defeasance or the Covenant Defeasance have been complied with.

                    8.5
Deposited Money and Government Securities
to be Held in Trust; Other Miscellaneous Provisions.

                    Subject
to Section 8.6 hereof, all money and non-callable Government Securities
(including the proceeds thereof) deposited with the Trustee (or other
qualifying trustee, collectively For purposes of this Section 8.5, the
“Trustee”) pursuant to Section 8.4 hereof in respect of the outstanding Notes
shall be held in trust and applied by the Trustee, in accordance with the
provisions of such Notes and this Indenture, to the payment, either directly or
through any Paying Agent (including an Issuer acting as Paying Agent), to the
Holders of such Notes of all sums due and to become due thereon in respect of
principal, premium, if any, and interest, but such money need not be segregated
from other funds except to the extent required by law. 

                    The
Issuers and the Guarantors jointly and severally agree to pay and indemnify the
Trustee against any tax, fee or other charge imposed on or assessed against the
cash or non-callable Government Securities deposited pursuant to Section 8.4
hereof or the principal and interest received in respect thereof other than any
such tax, fee or other charge which by law is for the account of the Holders of
the outstanding Notes.

                    Anything
in this Article VIII to the contrary notwithstanding, the Trustee shall deliver
or pay to the Issuers from time to time upon the request of the Issuers any
money or non-callable Government Securities held by it as provided in Section
8.4 hereof which, in the opinion of a nationally recognized firm of independent
public accountants expressed in a written certification thereof delivered to
the Trustee (which may be the opinion delivered under Section 8.4(a)(i)
hereof), are in excess of the amount thereof that would then be required to be
deposited to effect an equivalent Legal Defeasance or Covenant Defeasance.

                    8.6
Repayment to Issuers.

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

                    8.7
Reinstatement.

                    If
the Trustee or Paying Agent is unable to apply any United States dollars or
non-callable Government Securities in accordance with Section 8.2 or 8.3
hereof, as the case may be, by reason of any order or judgment of any court or
governmental authority enjoining, restraining or

76

otherwise
prohibiting such application, then the Issuers’ obligations under this Indenture
and the Notes shall be revived and reinstated as though no deposit had occurred
pursuant to Section 8.2 or 8.3 hereof until such time as the Trustee or Paying
Agent is permitted by such court or governmental authority to apply all such
money in accordance with Section 8.2 or 8.3 hereof, as the case may be; provided, however, that, if the
Issuers make any payment of principal of, premium, if any, Additional Interest,
if any, or interest on any Note following the reinstatement of their
obligations, the Issuers 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

                    9.1
Without Consent of Holders of Notes.

                    Notwithstanding
Section 9.2 of this Indenture, the Issuers and the Trustee may amend or
supplement this Indenture, the Guarantees 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 obligations of the Issuers or any
  Guarantor to Holders of Notes in the case of a merger or consolidation or
  sale of all or substantially all of their assets in accordance with this
  Indenture;

	
 

	
 

	
 

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

	
 

	
 

	
 

	
          (e)
  to provide for the issuance of Additional Notes in accordance with the
  provisions set forth in this Indenture;

	
 

	
 

	
 

	
          (f)
  to evidence and provide for the acceptance of an appointment of a successor
  trustee;

	
 

	
 

	
 

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

	
 

	
 

	
 

	
          (h)
  secure the Notes;

	
 

	
 

	
 

	
          (i)
  add to the covenants of the Issuers and their Restricted Subsidiaries for the
  benefit of the Holders or to surrender any rights or power herein conferred
  upon the Issuers and their Restricted Subsidiaries;

	
 

	
 

	
 

	
          (j)
  to provide for additional Guarantors in accordance with the terms of the
  Indenture; or

	
 

	
 

	
 

	
          (k)
  to conform the text of this Indenture, the Guarantees or the Notes to any
  provision of the “Description of Notes” section of the Offering Memorandum.

                    Upon
the request of the Issuers accompanied by a resolution of their respective
Boards of Directors authorizing the execution of any such amended or
supplemental Indenture, and upon receipt by the Trustee of the documents
described in Section 7.2 hereof,
the Trustee shall join with the Issuers in the

77

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

                    9.2
With Consent of Holders of Notes.

                    Except
as provided in Section 9.1 hereof and as provided below in this Section 9.2,
the Issuers and the Trustee may amend, supplement or waive any provision of
this Indenture or the Notes or the Guarantees with the consent of the Holders
of at least a majority in aggregate principal amount of the Notes then
outstanding voting as a single class (including, without limitation, consents
obtained in connection with a purchase of, or tender offer or exchange offer
for, Notes), and, subject to Sections 6.4 and 6.7 hereof, any existing Default
or Event of Default or compliance with any provision of this Indenture or the
Notes or the Guarantees may be waived by the consent of the Holders (other than
the Issuers and their Affiliates) of a majority in aggregate principal amount
of the then outstanding Notes voting as a single class (including, without
limitation, consents obtained in connection with a purchase of, or tender offer
or exchange offer for, Notes). Section 2.8 hereof shall determine which Notes
are considered to be “outstanding” for purposes of this Section 9.2.

                    Without
the consent of each Holder affected, an amendment or waiver under this Section
9.2 may not (with respect to any Notes held by a non-consenting Holder):

	
 

	
 

	
 

	
          (a)
  reduce the principal amount of Notes whose Holders must consent to an
  amendment, supplement or waiver;

	
 

	
 

	
 

	
          (b)
  reduce the principal of (or the premium on) or change the fixed maturity of
  any Note or alter the provisions with respect to the redemption of the Notes
  (other than provisions relating to the covenants described in Sections 4.10
  and 4.15 hereof);

	
 

	
 

	
 

	
          (c)
  reduce the rate of or change the time for payment of interest or Additional
  Interest on any Note;

	
 

	
 

	
 

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

	
 

	
 

	
 

	
          (e)
  make any Note payable in currency other than that stated in the Notes;

	
 

	
 

	
 

	
          (f)
  make any change in the provisions of this Indenture relating to waivers of
  past Defaults or impair the rights of Holders of Notes to receive payments of
  principal of, or interest or premium or Additional Interest, if any, on the
  Notes;

	
 

	
 

	
 

	
          (g)
  waive a redemption payment with respect to any Note (other than a payment
  required by one of the covenants described in 4.10 and 4.15 hereof);

	
 

	
 

	
 

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

	
 

	
 

	
 

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

                    Upon
the request of the Issuers accompanied by a resolution of their respective
Boards of Directors, as the case may be, authorizing the execution of any such
amended or supplemental Indenture

78

or waiver, and
upon receipt by the Trustee of evidence satisfactory to the Trustee of the
consent of the Holders of Notes as aforesaid, and upon receipt by the Trustee
of the documents described in Section 9.6 hereof, the Trustee shall join with
the Issuers in the execution of such amended or supplemental Indenture or
waiver unless such amended or supplemental Indenture or waiver directly affects
the Trustee’s own rights, duties or immunities under this Indenture or
otherwise, in which case the Trustee may in its discretion, but shall not be
obligated to, enter into such amended or supplemental Indenture waiver.

                    It
shall not be necessary for the consent of the Holders of Notes under each of
Section 9.1 and this Section 9.2 to
approve the particular form of any proposed amendment, supplement 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 Issuers shall mail to the Holders of Notes affected thereby a notice
briefly describing the amendment, supplement or waiver. Any failure of the
Issuers 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.

                    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.

                    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 amendment, supplement or waiver becomes effective in accordance
with its terms and thereafter binds every Holder.

                    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 Issuers in exchange for all
Notes may issue and the Trustee shall, upon receipt of an Authentication Order,
authenticate new Notes that reflect the amendment, supplement or waiver.

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

                    9.6
Trustee to Sign Amendments, Etc.

                    The
Trustee shall sign any amended or supplemental Indenture or waiver authorized
pursuant to this Article IX if the amendment or supplement or waiver does not
adversely affect the rights, duties, liabilities or immunities of the Trustee.
The Issuers may not sign an amendment or supplemental Indenture or waiver until
the Board of Directors of the Company approves it in writing. In executing any
amended or supplemental indenture or waiver, the Trustee shall be provided to
it and (subject to Section 7.1 hereof) shall be fully protected in relying
upon, in addition to the documents required by Section 12.4 hereof, an Officer’s
Certificate and an Opinion of Counsel stating that the execution of such
amended or supplemental indenture or waiver is authorized or permitted by this
Indenture.

79

ARTICLE X

GUARANTEES

                    10.1
Guarantee.

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

	
 

	
 

	
 

	
                    (i)
  the principal of, premium and Additional Interest, if any, and interest on
  the Notes will be promptly paid in full when due, whether at maturity, by
  acceleration, redemption or otherwise, and interest on the overdue principal
  of and interest on the Notes, if any, if lawful, and all other obligations of
  the Issuers 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 any of
  such other obligations, that same will be promptly paid in full when due or
  performed in accordance with the terms of the extension or renewal, whether
  at Stated Maturity, by acceleration or otherwise.

                    (b)
The Guarantors hereby agree that, subject to Section 10.2 hereof, their
obligations hereunder are unconditional, irrespective of the validity,
regularity or enforceability of the Notes or this Indenture, the absence of any
action to enforce the same, any waiver or consent by any Holder with respect to
any provisions hereof or thereof, the recovery of any judgment against any
Issuer, any action to enforce the same or any other circumstance which might
otherwise constitute a legal or equitable discharge or defense of a Guarantor.

                    (c)
Each Guarantor hereby waives diligence, presentment, demand of payment, filing
of claims with a court in the event of insolvency or bankruptcy of any Issuer,
any right to require a proceeding first against any Issuer, protest, notice and
all demands whatsoever and covenant that this Guarantee will not be discharged except
by complete performance of the obligations contained in the Notes and this
Indenture.

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

                    (e)
Each Guarantor agrees that it will not be entitled to any right of subrogation
in relation to the Holders in respect of any obligations guaranteed hereby
until payment in full of all obligations guaranteed hereby. Each Guarantor
further agrees that, as between the Guarantors, on the one hand, and the
Holders and the Trustee, on the other hand, (1) the maturity of the obligations
guaranteed hereby may be accelerated as provided in Article VI hereof for the
purposes of this Guarantee, notwithstanding any stay, injunction or other
prohibition preventing such acceleration in respect of the obligations
guaranteed hereby, and (2) in the event of any declaration of acceleration of
such obligations as provided in Article VI hereof, such obligations (whether or
not due and payable) will forthwith become due and payable by the Guarantors
for the purpose of this Guarantee.

80

                    (f)
The Guarantors will have the right to seek contribution from any non-paying
Guarantor so long as the exercise of such right does not impair the rights of
the Holders under the Guarantee.

                    10.2
Limitation on Guarantor Liability.

                    Each
Guarantor, and by its acceptance of Notes, each Holder and the Trustee, hereby
confirms that it is the intention of all such parties that the Guarantee of
such Guarantor not constitute a fraudulent transfer or conveyance for purposes
of Bankruptcy Law, the Uniform Fraudulent Conveyance Act, the Uniform
Fraudulent Transfer Act or any similar federal or state law to the extent
applicable to any Guarantee. To effectuate the foregoing intention, the
Trustee, the Holders and the Guarantors hereby irrevocably agree that the
obligations of such Guarantor will be limited to the maximum amount that will,
after giving effect to such maximum amount and all other contingent and fixed
liabilities of such Guarantor that are relevant under such laws, and after
giving effect to any collections from, rights to receive contribution from or
payments made by or on behalf of any other Guarantor in respect of the
obligations of such other Guarantor under this Article X, result in the
obligations of such Guarantor under its Guarantee not constituting a fraudulent
transfer or conveyance.

                    10.3
Guarantors May Consolidate, etc., on Certain Terms.

          A
Guarantor may not sell, assign, transfer, convey, lease or otherwise dispose of
all or substantially all of its properties or assets to, or consolidate with or
merge with or into (whether or riot such Guarantor is the surviving Person),
another Person, other than either Issuer or another Guarantor, unless:

	
 

	
 

	
 

	
 

	
 

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

	
 

	
 

	
 

	
 

	
 

	
(2) either:

	
 

	
 

	
 

	
 

	
 

	
 

	
(a)

	
the Person
  acquiring the property in any such sale or disposition or the Person formed
  by or surviving any such consolidation or merger assumes all of the
  obligations of that Guarantor under this Indenture, its Guarantee and the
  Registration Rights Agreement pursuant to agreements satisfactory to the
  Trustee; or

	
 

	
 

	
 

	
 

	
 

	
 

	
(b)

	
the sale or
  other disposition is in compliance with this Indenture, including Section
  4.10 hereof.

                    10.4
Releases of Guarantees.

          The
Guarantee of a Guarantor may be released at the option of the Issuers:

          (1)
in connection with any sale, disposition or other transfer (including through
merger or consolidation) of the Equity Interests of such Guarantor following
which such Guarantor is no longer a Subsidiary of either Issuer to a Person
that is not (either before or after giving effect to such transaction) a
Subsidiary of an Issuer (other than a Receivables Entity) if such sale,
disposition or other transfer is made in compliance with the applicable
provisions of this Indenture;

          (2)
with respect to any Foreign Subsidiary, if the guarantee which resulted in the
creation of the Guarantee of such Foreign Subsidiary is released or discharged,
except a discharge or release by or as a result of payment under such
guarantee;

81

          (3)
if the Issuers designate any Restricted Subsidiary that is a Guarantor as an
Unrestricted Subsidiary in accordance with the applicable provisions of this
Indenture; or

          (4)
upon the Legal Defeasance, Covenant Defeasance or satisfaction and discharge of
the Notes and the Subsidiary Guarantees as pursuant to Article VIII and Article
XI hereof.

                    10.5
 Notation of Guarantee.

          Nothing
herein shall require that the Notes bear a notation evidencing any Guarantee
and the failure of a Note to bear such a notation shall not impair or affect
the validity of any Guarantee.

ARTICLE XI

SATISFACTION AND
DISCHARGE  

                    11.1
Satisfaction and Discharge.

                    This
Indenture shall be discharged and will cease to be of further effect as to all
Notes and Guarantees issued hereunder, except as to surviving rights of
registration of transfer or exchange of the Notes, when:

                    (a)
either:

	
 

	
 

	
 

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

	
 

	
 

	
 

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

                    (b)
no Default or Event of Default has occurred and is continuing on the date of
the deposit or shall occur as a result 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 borrowing) and the deposit
shall not result in a breach or violation of, or constitute a default under,
any other material instrument to which the Issuers or any Guarantor is a party
or by which the Issuers or any Guarantor is bound;

                    (c)
the Trustee, for the benefit of the Holders, has a valid, perfected, first
priority security interest in the trust;

                    (d)
the Issuers or any Guarantor has paid or caused to be paid all sums payable by
it under this Indenture; and

82

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

                    In
addition, the Issuers must deliver an Officers’ Certificate and an Opinion of
Counsel to the Trustee stating that all conditions precedent under this
Indenture relating to the satisfaction and discharge of this Indenture have
been satisfied.

                    Notwithstanding
the satisfaction and discharge of this Indenture, the obligations of the
Issuers to the Trustee under Section 7.7 and, if money shall have been
deposited with the Trustee pursuant to subclause (C) of Clause (ii) of this
Section 11.1, the obligations of the Trustee under Section 11.3 shall survive
such satisfaction and discharge.

                    11.2
Application of Trust Funds.

                    Subject
to Section 11.4 hereof, all cash and non-callable Government Securities
(including the proceeds thereof) deposited with the Trustee pursuant to Section
11.1 hereof in respect of the outstanding Notes shall be held in trust and
applied by the Trustee, in accordance with the provisions of such Notes and
this Indenture, to the payment, either directly or through any Paying Agent
(including the Issuers acting as Paying Agent) as the Trustee may determine, to
the Holders of such Notes of all sums due and to become due thereon in respect
of principal, premium, if any, and interest and Additional Interest, if any,
but such cash and securities need not be segregated from other funds except to
the extent required by law.

                    11.3
Repayment to Company.

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

                    11.4
Reinstatement.

                    If
the Trustee or Paying Agent is unable to apply any United States dollars or
non-callable Government Securities in accordance with Section 11.2, as the case
may be, by reason of any order or judgment of any court or governmental
authority enjoining, restraining or otherwise prohibiting such application,
then the Issuers’ and any Guarantor’s obligations under this Indenture and the
Notes shall be revived and reinstated as though no deposit had occurred
pursuant to Section 11.2 hereof until such time as the Trustee or Paying Agent
is permitted to apply all such money in accordance with Section 11.2 hereof; provided that, if the Issuers makes any
payment of principal of, premium on, if any, or interest or Additional
Interest, if any, on any Note following the reinstatement of its obligations,
the Issuers 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.

83

ARTICLE XII

MISCELLANEOUS

                    12.1
Trust Indenture Act Controls.

                    If
any provision hereof limits, qualifies or conflicts with a provision of the TIA
which is required under the TIA to be a part of and govern this Indenture, the
latter provision shall control. If any provision of this Indenture modifies or
excludes any provision of the TIA which 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.

                    12.2
Notices.

                    Any
notice or communication by the Issuers, the Guarantors or the Trustee to the
others is duly given if in writing and delivered in Person or mailed by first
class mail (registered or certified, return receipt requested), telex,
telecopier or overnight air courier guaranteeing next day delivery, to the
others’ address

	
 

	
 

	
 

	
If to the
  Issuers and/or any Guarantor:

	
 

	
 

	
 

	
Mobile
  Services Group, Inc.

  Mobile Storage Group, Inc.

  7590 North Glenoaks Boulevard

  Burbank, California 91504

  Facsimile No.: (818) 253-3154

  Attention: Chief Financial Officer

	
 

	
 

	
 

	
With a copy
  to:

	
 

	
 

	
 

	
Kirkland
  & Ellis LLP 

  153 East 53rd Street

  New York, New York 10022

  Facsimile No.: (212) 446-6460

  Attention: Joshua N. Korff, Esq.

	
 

	
 

	
 

	
If to the
  Trustee:

	
 

	
 

	
 

	
Wells Fargo
  Bank, N.A.

  Corporate Trust Services

  MAC N9303-120

  Sixth & Marquette

  Minneapolis, Minnesota 55479

  Facsimile No.: (612) 667-9825

  Attention: MSG Account Manager

                    The
Issuers, the Guarantors 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 answered back, if telexed; when receipt

84

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,
certified or registered, return receipt requested, or by overnight air courier
guaranteeing next day delivery to its address shown on the register kept by the
Registrar. Any notice or communication shall also be so mailed to any Person
described in 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 addressee receives it,
except for notices or communications to the Trustee, which shall be effective
only upon actual receipt thereof.

                    If
the Issuers mail a notice or communication to Holders, it shall mail a copy to
the Trustee and each Agent at the same time.

                    12.3
Communication by Holders of Notes With
Other Holders Notes.

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

                    12.4
Certificate and Opinion as to Conditions
Precedent.

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

	
 

	
 

	
 

	
          (a)
  an Officers’ Certificate in form and substance reasonably satisfactory to the
  Trustee (which shall include the statements set forth in Section 12.5 hereof)
  stating that, in the opinion of the signers, all conditions precedent and
  covenants, if any, provided for in this Indenture relating to the proposed
  action have been satisfied; and

	
 

	
 

	
 

	
          (b)
  an Opinion of Counsel in form and substance reasonably satisfactory to the
  Trustee (which shall include the statements set forth in Section 12.5 hereof)
  stating that, in the opinion of such counsel, all such conditions precedent
  and covenants, if any, have been satisfied.

                    12.5
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 or her to express
  an informed opinion as to whether or not such covenant or condition has been
  satisfied; and

85

	
 

	
 

	
 

	
          (d)
  a statement as to whether or not, in the opinion of such Person, such
  condition or covenant has been satisfied.

                    12.6
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.

                    12.7
No Personal Liability of Directors,
Officers, Employees and Shareholders.

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

                    12.8
Governing Law.

                    THIS
INDENTURE, THE GUARANTEES AND THE NOTES SHALL BE
GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW
YORK.

                    12.9
No Adverse Interpretation of Other
Agreements.

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

                    12.10
Successors.

                    All
agreements of the Issuers in this Indenture and the Notes shall bind its
successors. All agreements of the Trustee in this Indenture shall bind its
successors. All agreements of each Guarantor under this Indenture shall bind
its successors.

                    12.11
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 to the extent
permitted by applicable law.

                    12.12
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.

                    12.13
Table of Contents, Headings, Etc.

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

86

                    12.14
Benefits of Indenture.

                    Nothing
in this Indenture or in the Notes, express or implied, shall give to any
Person, other than the parties hereto and their successors hereunder, and the
Holders, any benefit or any legal or equitable right, remedy or claim under
this Indenture, except as may otherwise be provided pursuant to this Indenture
with respect to such Notes.

                    12.15
Legal Holidays.

                    In
any case where any interest payment date, redemption date or maturity of any
Note, or any date on which a Holder has the right to convert his Note, shall
not be a Business Day at any place of payment, then (notwithstanding any other
provision of this Indenture or of the Notes (other than a provision of any Note
which specifically states that such provision shall apply in lieu of this
Section 12.15) payment of principal of or premium, if any, and interest and
Additional Interest, if any, or conversion of such Note need not be made at
such place of payment on such date, but may be made on the next succeeding
Business Day at such place of payment with the same force and effect as if made
on the interest payment date or redemption date, or at the maturity, or on such
date for conversion, as the case may be.

[Signatures on following page]

87

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

	
 

	
 

	
 

	
 

	
 

	
MOBILE
  SERVICES GROUP, INC.

	
 

	
 

	
 

	
 

	
By: 

	
 

	
 

	

	
 

	
   Name:
  Christopher A. Wilson

	
 

	
   Title:
  General Counsel and Assistant Secretary

	
 

	
 

	
 

	
 

	
MOBILE
  STORAGE GROUP, INC.

	
 

	
 

	
 

	
 

	
By: 

	
 

	
 

	

	
 

	
   Name:
  Christopher A. Wilson

	
 

	
   Title:
  General Counsel and Assistant Secretary

	
 

	
 

	
 

	
 

	
A BETTER
  MOBILE STORAGE COMPANY

	
 

	
 

	
 

	
 

	
By: 

	
 

	
 

	

	
 

	
   Name:
  Christopher A. Wilson

	
 

	
   Title:
  General Counsel and Assistant Secretary

	
 

	
 

	
 

	
 

	
MOBILE
  STORAGE GROUP (TEXAS), L.P.

	
 

	
 

	
 

	
 

	
By: MOBILE STORAGE GROUP, INC.

  its General Partner

	
 

	
 

	
 

	
 

	
 

	
By: 

	
 

	

	
 

	
 

	
   Name:
  Christopher A. Wilson

    Title: General Counsel and Assistant

    Secretary

	
 

	
 

	
 

	
 

	
WELLS FARGO
  BANK, N.A.,

  as Trustee

	
 

	
 

	
 

	
 

	
By:

	
 

	
 

	

	
 

	
 

	
Name: Lynn
  M. Steiner

  Title: Vice President

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

	
 

	
 

	
 

	
 

	
 

	
 

	
MOBILE
  SERVICES GROUP, INC.

	
 

	
 

	
 

	
By:

	
 

	
 

	
 

	

	
 

	
   Name:
  Christopher A. Wilson

	
 

	
   Title:
  General Counsel and Assistant Secretary

	
 

	
 

	
 

	
 

	
 

	
MOBILE
  STORAGE GROUP, INC.

	
 

	
 

	
 

	
 

	
 

	
By:

	
 

	
 

	
 

	

	
 

	
   Name:
  Christopher A. Wilson

	
 

	
   Title:
  General Counsel and Assistant Secretary

	
 

	
 

	
 

	
A BETTER
  MOBILE STORAGE COMPANY

	
 

	
 

	
 

	
 

	
 

	
By:

	
 

	
 

	
 

	

	
 

	
   Name:
  Christopher A. Wilson

	
 

	
   Title:
  General Counsel and Assistant Secretary

	
 

	
 

	
 

	
 

	
 

	
MOBILE
  STORAGE GROUP (TEXAS), L.P.

	
 

	
 

	
 

	
 

	
 

	
By: MOBILE STORAGE GROUP, INC.

  its General Partner

	
 

	
 

	
 

	
 

	
 

	
 

	
By:

	
 

	
 

	
 

	

	
 

	
 

	
 

	
Name:
  Christopher A. Wilson

  Title: General Counsel and Assistant

  Secretary

	
 

	
 

	
 

	
 

	
 

	
WELLS FARGO
  BANK, N.A.,
as Trustee

	
 

	
 

	
 

	
 

	
 

	
By: 

	

	
 

	
 

	

	
 

	
 

	
Name: Lynn
  M. Steiner

  Title: Vice President

EXHIBIT A

[Insert the Global Note Legend, if
applicable, pursuant to the provisions of the Indenture]

[Insert the Private Placement Legend, if
applicable, pursuant to the provisions of the Indenture]

[Insert the Regulation S Temporary Global
Note Legend, if applicable, pursuant to the provisions of the

Indenture]

[FACE OF NOTE]

CUSIP No. ______

ISIN No. ______

9 3/4% Senior Notes due 2014

	
 

	
 

	
No. _____

	
Principal amount at Maturity $_________

MOBILE SERVICES GROUP, INC.

MOBILE STORAGE GROW, INC.

Mobile
Services Group, Inc., a Delaware corporation (the “Company”), and Mobile
Storage Group, Inc., a Delaware corporation (“MSG” and, together with the
Company, the “Issuers”), promise to pay to ______________, or registered
assigns, the principal sum of ______________ Dollars on August 1, 2014 [or such
greater or lesser amount as may be indicated on Schedule A hereto]1.  

Interest
Payment Dates: February 1 and August 1, commencing February 1, 2007.

Record Dates:
January 15 and July 15.

Additional
provisions of this Note are set forth on the reverse of this Note.

	
 

	
 

	
1

	
If this Note
  is a Global Note, include this provision.

1

Dated:

	
 

	
 

	
 

	
 

	
MOBILE
  SERVICES GROUP, INC.

	
 

	
 

	
 

	
 

	
By: 

	
 

	
 

	
 

	

	
 

	
 

	
Name:

  Title:

	
 

	
 

	
 

	
 

	
MOBILE
  STORAGE GROUP, INC.

	
 

	
 

	
 

	
 

	
By: 

	
 

	
 

	
 

	

	
 

	
 

	
Name:

  Title:

TRUSTEE’S
CERTIFICATE OF AUTHENTICATION

This is one of
the [Global] Notes referred

to in the within-mentioned Indenture:

WELLS FARGO BANK, N.A.,

as Trustee

	
 

	
 

	
 

	
By:

	
 

	
 

	
 

	

	
 

	
 

	
Authorized Signatory

	
 

2

[FORM OF REVERSE OF NOTES]

9 3/4% Senior 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. Mobile Services Group, Inc., a Delaware corporation (the “Company”),
and Mobile Storage Group, Inc., a Delaware corporation (“MSG” and,
together with the Company, the “Issuers”), promise to pay interest on
the principal amount of this Note at 9 3/4% per annum until maturity and shall
pay Additional Interest, to the extent required by the Registration Rights
Agreement. The Issuers shall pay interest and Additional Interest, if any,
semi-annually in arrears on February 1 and August 1 of each such year,
commencing February 1, 2007 or if any such day is not a Business Day, on the
next succeeding Business Day (each an “Interest Payment Date”). Interest
on the Notes shall 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 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. Interest shall be computed on
the basis of a 360-day year comprised of twelve 30-day months.

                    (2)
Method of Payment. The Issuers shall pay interest on the Notes (except
defaulted interest) and Additional Interest, if any, to the Persons in whose
name(s) this Note is registered at the close of business on the January 15 or
July 15 next preceding the Interest Payment Date (each, a “Record Date”),
even if such Notes are canceled after such record date and on or before such
Interest Payment Date, except as provided in Section 2.12 of the Indenture with
respect to defaulted interest. The Notes will be payable as to principal,
premium, if any, and Additional Interest, if any, and interest at the office or
agency of the Issuers maintained for such purpose within the United States of
America, or, at the option of the Issuers, payment of interest and Additional
Interest, if any, may be made by check mailed to the Holders at their addresses
set forth in the register of Holders, and provided that all payments of $1,000 or
more principal, premium, if any, interest and Additional Interest, if any, with
respect to Notes the Holders of which have given wire transfer instructions to
the Issuers at least ten Business Days prior to the applicable payment date
will be required to be made by wire transfer of immediately available funds to
the accounts specified by the Holders thereof. 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, Wells Fargo Bank, N.A, the
Trustee under the Indenture, shall act as Paying Agent and Registrar. The
Issuers may change any Paying Agent or Registrar without notice to any Holder.
The Issuers or any of its Subsidiaries may act in any such capacity.

                    (4)
Indenture. The Issuers issued the Notes under an Indenture, dated as of
August 1, 2006 (the “Indenture”), among the Issuers, the Guarantors and
the Trustee. The terms of the Notes include those stated in the Indenture and
those made part of the Indenture by reference to the Trust Indenture Act of
1939, as amended (15 U.S. 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. To the extent any provision of this Note conflicts
with the express provisions of the Indenture, the provisions of the Indenture
shall govern and be controlling. The Notes are obligations of the Issuers
initially in the aggregate principal amount of $200,000,000.

3

                    (5)
Guarantees. Subject to the conditions set forth in Article X of the
Indenture, the payment of the Issuers of the principal of, and premium, if any,
interest and Additional Interest, if any, on, the Notes will be fully and
unconditionally guaranteed on a joint and several senior unsecured basis by
each of the Guarantors to the extent set forth in the Indenture.

                    (6)
Optional Redemption.

                    (a)
At any time prior to August 1, 2010, the Issuers may redeem all or a part of
the Notes, upon not less than 30 nor more than 60 days’ notice, at a redemption
price equal to 100% of the principal amount thereof plus the Applicable Premium
as of, and accrued and unpaid interest and Additional Interest, if any, to, the
date of redemption.

                    (b)
In addition to clause (a) of this Paragraph 6, at any time prior to August 1,
2009, the Issuers may on any one or more occasions redeem up to 35% of the
aggregate principal amount of Notes issued under the Indenture, upon not less
than 30 nor more than 60 days’ notice, at a redemption price equal to 109.750%
of the principal amount, plus accrued and unpaid interest and Additional
Interest, if any, to the redemption date, with the net cash proceeds of one or
more Equity Offerings by the Company or the net proceeds of any Equity
Offerings by any Parent Entity that are contributed to common equity capital of
the Company; provided that: (i)
at least 65% of the aggregate principal amount of Notes issued under the
Indenture remains outstanding immediately after the occurrence of such
redemption (excluding Notes held by any Parent Entity, any Issuer and any
Subsidiary of any Issuer); and (ii) the such redemption shall occur within 90
days of the date of the closing of such Equity Offering.

                    (c)
Except as set forth in clauses (a) and (b) of this Paragraph 6, the Issuers
shall not have the option to redeem the Notes pursuant to Section 3.7 of the
Indenture prior to August 1, 2010. On or after August 1, 2010, the Issuers
shall have the option to redeem all or a part of the Notes upon not less than
30 nor more than 60 days’ notice, at the redemption prices (expressed as
percentages of principal amount) set forth below, plus accrued and unpaid
interest and Additional Interest, if any, on the Notes redeemed, to the
applicable redemption date, if redeemed during the twelve-month period
beginning on August 1 of the years indicated below:

	
 

	
 

	
 

	
 

	
 

	
 Year

	
 

	
 

	
Redemption
  Price

	
 

	

	
 

	
 

	

	
 

	
2010

	
 

	
 

	
104.875%

	
 

	
2011

	
 

	
 

	
102.438%

	
 

	
2012 and
  thereafter

	
 

	
 

	
100.000%

	
 

                    (7)
Mandatory Redemption.

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

                    (8)
Repurchase at Option of Holder.

                    (a)
If a Change of Control occurs, the Issuers shall be required to make a Change
of Control Offer to each Holder of Notes, unless the Issuers have exercised
their right to redeem all the Notes pursuant to Section 3.7 of the Indenture,
to repurchase all or any part (equal to $2,000 or an integral multiple of
$1,000 in excess thereof) of that Holder’s Notes at an offer payment in cash
equal to 101% of the aggregate principal amount of Notes repurchased, plus
accrued and unpaid interest and Additional Interest, if any, on the Notes
repurchased, to the date of purchase. Within 30 days following any Change

4

of Control,
the Issuers shall mail a notice to each Holder describing the transaction or
transactions that constitute the Change of Control and offering to repurchase
Notes on the Change of Control Payment Date specified in the notice, which date
shall be no earlier than 30 days and no later than 60 days from the date such
notice is mailed, pursuant to the procedures required by the Indenture and
described in such notice.

                    (b)
If the Issuers or a Restricted Subsidiary consummate any Asset Sales, when the
aggregate amount of Excess Proceeds exceeds $10.0 million, the Issuers shall
commence an Asset Sale Offer to all Holders of Notes and all holders of other
Indebtedness that is pari passu with
the Notes containing provisions similar to those set forth in the Indenture
with respect to offers to purchase or redeem with the proceeds of sales of
assets to purchase the maximum principal amount of Notes and such other pari passu Indebtedness that may be
purchased out of the Excess Proceeds. The offer price in any Asset Sale Offer
shall be equal to 100% of the principal amount (or accreted value, as
applicable) of the Notes and such other pari
passu Indebtedness in each case equal to $2,000 or an integral
multiple of $1,000 in excess thereof, plus accrued and unpaid interest and
Additional Interest, if any, to the date of purchase, and shall be payable in
cash. If any Excess Proceeds remain after the consummation of an Asset Sale
Offer, the Company or any of its Restricted Subsidiaries may use those Excess
Proceeds for any purpose not otherwise prohibited by the Indenture. If the
aggregate principal amount of Notes and other pari
passu Indebtedness tendered in such Asset Sale Offer exceeds the
amount of Excess Proceeds, the Excess Proceeds shall be allocated by the
Issuers to the Notes and such other pari
passu Indebtedness on a pro rata basis
(based upon the respective principal amounts (or accreted value, if applicable)
of the Notes and such other pari passu Indebtedness
tendered into such Asset Sale Offer) and the portion of each Note to be purchased
shall thereafter be determined by the Trustee on a pro rata basis among the Holders of such Notes with
appropriate adjustments such that the Notes may only be purchased in integral
multiples of $1,000. Upon completion of each Asset Sale Offer, the amount of
Excess Proceeds shall be reset at zero. Holders of Notes that are the subject
of an offer to purchase shall receive an Asset Sale Offer from the Issuers
prior to any related purchase date and may elect to have such Notes purchased
by completing the form entitled “Option of Holder to Elect Purchase” on the
reverse of the Notes.

                    (9)
Notice of Redemption. Except as otherwise specified in the Indenture,
notice of redemption shall be mailed at least 30 days but not more than 60 days
before the redemption date to each Holder whose Notes are to be redeemed at its
registered address. Notes in denominations larger than $2,000 may be redeemed
in part but only in integral multiples of $1,000 in excess thereof, unless all
of the Notes held by a Holder are to be redeemed on the basis of the aggregate
principal amount (or accreted value, as applicable) of Notes and other pari passu Indebtedness tendered. On and
after the redemption date, interest ceases to accrue on Notes or portions
thereof called for redemption.

                    (10)
Denominations, Transfer, Exchange. The Notes are in registered form
without coupons in minimum denominations of $2,000 and integral multiples of
$1,000 in excess thereof. The transfer of Notes may be registered and Notes may
be exchanged as provided in the Indenture. The Registrar and the Trustee may
require a Holder, among other things, to furnish appropriate endorsements and
transfer documents and the Issuers may require a Holder to pay any taxes and
fees required by law or permitted by the Indenture. The Issuers need not
exchange or register the transfer of any Note or portion of a Note selected for
redemption, except for the unredeemed portion of any Note being redeemed in
part. Also, the Issuers need not exchange or register the transfer of any Notes
for a period of 15 days before a selection of Notes to be redeemed or during
the period between a record date and the corresponding Interest Payment Date.

                    (11)
Persons Deemed Owners. The registered Holder of a Note may be treated as
its owner for all purposes.

5

                    (12)
Amendment, Supplement and Waiver. Subject to certain exceptions, the
Indenture, the Guarantees or 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 voting as a single class, and any existing default or
compliance with any provision of the Indenture, the Guarantees or the Notes 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 voting as a single class. Without the consent of any Holder
of a Note, the Indenture or the Notes may be amended or supplemented to cure
any ambiguity, defect or inconsistency; provide for uncertificated Notes in
addition to or in place of certificated Notes; provide for the assumption of
the obligations of the Issuers or any Guarantor to Holders of Notes in the case
of a merger or consolidation or sale of all or substantially all of their
assets in accordance with the Indenture; make any change that would provide any
additional rights or benefits to the Holders of Notes or that does not
adversely affect the legal rights under the Indenture of any Holder; provide
for the issuance of Additional Notes in accordance with the provisions set
forth in the Indenture; evidence and provide for the acceptance of an
appointment of a successor trustee; comply with requirements of the Commission
in order to effect or maintain the qualification of the Indenture under the
TIA; secure the Notes; add to the covenants of the Issuers and their Restricted
Subsidiaries for the benefit of Holders or to surrender any rights or power
conferred in the Indenture upon the Issuers and their Restricted Subsidiaries;
provide for additional Guarantors in accordance with the terms of the
Indenture; or conform the text of the Indenture, the Guarantees or the Notes to
any provision of the “Description of Notes” section of the Offering Memorandum.

                    (13)
Events of Default. Each of the following is an “Event of Default”:
(a) default for 30 days in the payment when due of interest on, or Additional
Interest, if any, with respect to, the Notes; (b) default in payment when due
of the principal of, or premium, if any, on the Notes; (c) failure by the
Company or any of its Restricted Subsidiaries for 30 days or more to comply
with the provisions of Sections 4.15 or 5.1 of the Indenture; (d) failure by
the Company or any of its Restricted Subsidiaries for 60 days after written
notice by the Trustee or Holders of at least 25% in principal amount of the
then outstanding Notes to comply with any of the other covenants or agreements
in the Indenture; (e) default under any mortgage, indenture or instrument under
which there may be issued or by which there may be secured or evidenced any
Indebtedness by the Company or any of its Restricted Subsidiaries (or the
payment of which is guaranteed by the Company or any of its Restricted
Subsidiaries) whether such Indebtedness or guarantee now exists, or is created
after the Issue Date, if that default (i) is caused by a failure to pay
principal of such Indebtedness at final maturity prior to the expiration of the
grace period provided in such Indebtedness (a “Payment Default”) or (ii)
results in the acceleration of such Indebtedness prior to its Stated Maturity
and, in each case, the principal amount of any such Indebtedness, together with
the principal amount of any other such Indebtedness under which there has been
a Payment Default or the maturity of which has been so accelerated, aggregates
$12.5 million or more; (f) failure by the Company or any of its Restricted
Subsidiaries to pay final judgments entered by a court or courts of competent
jurisdiction (not subject to appeal) aggregating in excess of $12.5 million
(net of any amounts covered by a reputable and creditworthy insurance company),
which judgments are not paid, discharged or stayed for a period of 60 days
after the date on which the right to appeal has expired; (g) any Issuer or any
of their Restricted Subsidiaries that is a Significant Subsidiary or any group
of Restricted Subsidiaries that, taken together, would constitute a Significant
Subsidiary, pursuant to or within the meaning of Bankruptcy Law: (i) commence a
voluntary case, (ii) consent to the entry of an order for relief against them
in an involuntary case, (iii) consent to the appointment of a Custodian of them
or for all or substantially all of their property, (iv) make a general
assignment for the benefit of their creditors, or (v) generally are not paying
their debts as they become due; (h) a court of competent jurisdiction enters an
order or decree under any Bankruptcy Law that: (i) is for relief against any
Issuer or any of their Restricted Subsidiaries that is a Significant Subsidiary
or any group of Restricted Subsidiaries that, taken together, would constitute
a Significant Subsidiary in an involuntary case; (ii) appoints a Custodian of
any Issuer or any of their Restricted Subsidiaries that is a Significant
Subsidiary or any group of Restricted

6

Subsidiaries
that, taken together, would constitute a Significant Subsidiary or for all or
substantially all of the property of any Issuer or any of their Restricted
Subsidiaries that is a Significant Subsidiary or any group of Restricted
Subsidiaries that, taken together, would constitute a Significant Subsidiary;
or (iii) orders the liquidation of any Issuer or any of their Restricted
Subsidiaries that is a Significant Subsidiary or any group of Restricted
Subsidiaries that, taken together, would constitute a Significant Subsidiary;
and the order or decree remains unstayed and in effect for 60 consecutive days;
and (i) except as permitted by this Indenture, any Guarantee shall be held in
any judicial proceeding to be unenforceable or invalid or shall cease for any
reason to be in full force and effect or any Guarantor, or any Person acting on
behalf of any Guarantor, shall deny or disaffirm its obligations under its
Guarantee.

                    In
the case of an Event of Default specified in clauses (g) and (h) above, with
respect to the Issuers, any Restricted Subsidiary that is a Significant
Subsidiary or any group of Restricted Subsidiaries that, taken together, would
constitute a Significant Subsidiary, all outstanding Notes shall become due and
payable immediately without further action or notice. If any other Event of
Default occurs and is continuing, the Trustee or the Holders of at least 25% in
aggregate principal amount of the then outstanding Notes, by notice in writing
to the Trustee and the Issuers, may declare all the Notes to be due and
payable.

                    Subject
to certain limitations, Holders of a majority in principal amount of the then
outstanding Notes may in writing 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 if it determines that withholding
notice is in their interest, except a Default or Event of Default relating to
the payment of principal, premium, interest or Additional Interest. The Holders
of not less than a majority in aggregate principal amount of the then
outstanding Notes by written notice to the Trustee may on behalf of the Holders
of all of the Notes waive an existing Default or Event of Default and its
consequences under the Indenture except a continuing Default or Event of
Default in the payment of the principal of, premium and Additional Interest, if
any, or interest on, or the principal of, the Notes. The Issuers and each
Guarantor (to the extent that such Guarantor is so required under the TIA)
shall deliver to the Trustee annually a statement regarding compliance with the
Indenture, and the Issuers are 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 and what action the Issuers are taking or propose to take
with respect thereto.

                    (14)
Defeasance and Discharge; Satisfaction and Discharge. The Notes are
subject to defeasance and discharge and satisfaction and discharge upon the
terms and conditions specified in the Indenture.

                    (15)
Trustee Dealings with Issuers. The Trustee, in its individual or any
other capacity, may make loans to, accept deposits from, and perform services
for the Issuers or their Affiliates, and may otherwise deal with the Issuers or
their Affiliates, as if it were not the Trustee.

                    (16)
No Recourse Against Others. No director, officer, employee, incorporator
or stockholder of the Issuers or any Guarantor, as such, shall have any
liability for any obligations of the Issuers or the Guarantors under the Notes,
the Indenture, the Guarantees or for any claim based on, in respect of, or by
reason of, such obligations or their creation. Each Holder of Notes by
accepting a Note waives and releases all such liability. The waiver and release
are part of the consideration for issuance of the Notes.

                    (17)
Authentication. This Note shall not be valid until authenticated by the
manual signature of the Trustee or an Authenticating Agent.

7

                    (18)
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 rights of survivorship
and not as tenants in common), CUST (= Custodian), and U/G/M/A (= Uniform Gifts
to Minors Act).

                    (19)
Registration Rights Agreement. In addition to the rights provided to
Holders of Notes under the Indenture, Holders of Restricted Global Notes and
Restricted Definitive Notes shall have all the rights set forth in a
Registration Rights Agreement dated as of_______ ___, 2___ among the Issuers,
the Guarantors and the Initial Purchasers.

                    (20)
CUSIP, ISIN or Other Similar Numbers. Pursuant to a recommendation
promulgated by the Committee on Uniform Security Identification Procedures, the
Issuers have caused CUSIP, ISIN or other similar numbers to be printed on the
Notes and the Trustee may use CUSIP, ISIN or other similar numbers in notices
of redemption as a convenience to Holders, No representation is made as to the
accuracy of such numbers either as printed on the Notes or as contained in any
notice of redemption and reliance may be placed only on the other
identification numbers placed thereon.

                    (21)
Governing Law. This Note shall be governed by and construed in
accordance with the laws of the State of New York.

8

ASSIGNMENT FORM

	
 

	
 

	
 

	
 

	
To assign
  this Note, fill in the form below and have your signature guaranteed: (I) or
  (we) assign and transfer this Note to

	
 

	
 

	
 

	

	
 

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

	
 

	
 

	
 

	

	
 

	
 

	
 

	

	
 

	
 

	
 

	

	
 

	
 

	
 

	

	
 

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

	
 

	
 

	
 

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

	
 

	
 

	
 

	

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
Date:

	
 

	
 

	
Your Name:

	
 

	

	
 

	
 

	

	
 

	
 

	
 

	
(Print your name exactly as it appears on the face

	
 

	
 

	
          of this
  Note)

	
 

	
 

	
 

	
 

	
 

	
Your
  Signature:

	
 

	
 

	
 

	
 

	
 

	

	
 

	
 

	
 

	
 

	
(Sign
  exactly as your name appears on the face 

	
 

	
 

	
          of this
  Note)

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
Signature
  Guarantee*:

	
 

	
 

	
 

	

	
 

	
 

	
*

	
Participant
  in a recognized Signature Guarantee Medallion Program (or other signature
  guarantor acceptable to the Trustee).

9

OPTION OF HOLDER TO ELECT PURCHASE

          If
you want to elect to have this Note purchased by the Issuers pursuant to
Section 4.10 or 4.15 of the Indenture, check the box below:

          [_]
Section 4.10 [_] Section 4.15

          If
you want to elect to have only part of the Note purchased by the Issuers
pursuant to Section 4.10 or Section 4.15 of the Indenture, state the amount you
elect to have purchased:

	
 

	
 

	
 

	
 

	
$ __________

	
 

	
 

	
 

	
 

	
 

	
Date: __________

	
Your
  Signature:

	
 

	
 

	
 

	

	
 

	
 

	
(Sign
  exactly as your name appears on the face 

	
 

	
 

	
of this
  Note)

	
 

	
 

	
 

	
 

	
Tax
  Identification No:

	
 

	
 

	
 

	

	
 

	
 

	
 

	
Signature
  Guarantee*:

	
 

	
 

(*Participant
in a Recognized Signature

Guarantee Medallion Program)

10

SCHEDULE OF EXCHANGES OF INTERESTS IN THE
GLOBAL NOTE2

                    The
following exchanges of a part of this Global Note for an interest in another Global
Note or for a Definitive Note, or exchanges of a part of another Global Note or
Definitive Note for an interest in this Global Note, have been made:

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
Date of Exchange

	
 

	
Amount of

  decrease in

  Principal Amount

  of this Global Note

	
 

	
Amount of

  increase in

  Principal Amount

  of this Global Note

	
 

	
Principal Amount

  of this Global Note

  following such

  decrease (or
increase)

	
 

	
Signature of

  authorized officer

  of Trustee or

  Note Custodian

	

	
 

	

	
 

	

	
 

	

	
 

	

	
 

	
 

	
2

	
If this Note
  is a Global Note, include this schedule.

11

EXHIBIT B - FORM OF CERTIFICATE OF TRANSFER

Mobile
Services Group, Inc.

Mobile Storage Group, Inc.

7590 North Glenoaks Boulevard

Burbank, California 91504

Attention: Chief Financial Officer

Wells Fargo
Bank, N.A.

Corporate Trust Services

MAC N9303-120

Sixth & Marquette

Minneapolis, Minnesota 55479

Attention: MSG Account Manager

                    Re:          9
3/4% Senior Notes due 2014

                    Reference
is hereby made to the Indenture, dated as of August 1, 2006 (the “Indenture”),
among Mobile Services Group, Inc. and Mobile Storage Group, Inc., as issuers
(the “Issuers”), the guarantors named therein and Wells Fargo Bank,
N.A., as trustee. Capitalized terms used but not defined herein shall have the
meanings given to them in the Indenture.

                    ______,
(the “Transferor”) owns and proposes to transfer the Note[s] or interest
in such Note[s] specified in Annex A hereto, in the principal amount at
maturity of $____ in such Note[s] or interests (the “Transfer”), to
___________ (the “Transferee”), as further specified in Annex A hereto.
In connection with the Transfer, the Transferor hereby certifies that:

1. [_] CHECK
IF TRANSFEREE WILL TAKE DELIVERY OF A BENEFICIAL INTEREST IN THE 144A GLOBAL
NOTE OR A DEFINITIVE NOTE PURSUANT TO RULE 144A. The Transfer is being
effected pursuant to and in accordance with Rule 144A under the United States
Securities Act of 1933, as amended (the “Securities Act”), and,
accordingly, the Transferor hereby further certifies that the beneficial interest
or Definitive Note is being transferred to a Person that the Transferor
reasonably believed and believes is purchasing the beneficial interest or
Definitive Note for its own account, or for one or more accounts with respect
to which such Person exercises sole investment discretion, and such Person and
each such account is a “qualified institutional buyer” within the meaning of
Rule 144A in a transaction meeting the requirements of Rule 144A and such
Transfer is in compliance with any applicable blue sky securities laws of any
state of the United States. Upon consummation of the proposed Transfer in
accordance with the terms of the Indenture, the transferred beneficial interest
or Definitive Note will be subject to the restrictions on transfer enumerated
in the Private Placement Legend printed on the 144A Global Note and/or the
Definitive Note and in the Indenture and the Securities Act.

2. [_] CHECK
IF TRANSFEREE WILL TAKE DELIVERY OF A BENEFICIAL INTEREST IN THE REGULATIONS
TEMPORARY GLOBAL NOTE; THE REGULATION S GLOBAL NOTE OR A DEFINITIVE NOTE
PURSUANT TO REGULATION S. The Transfer is being effected pursuant to and in
accordance with Rule 903 or Rule 904 under the Securities Act and, accordingly,
the Transferor hereby further certifies that (i) the Transfer is not being made
to a person in the United States and (x) at the time the buy order was
originated, the Transferee was outside the United States or such Transferor and
any Person acting on its behalf reasonably believed and believes that the Transferee
was outside the United States or (y) the transaction was executed in, on or
through the facilities of a designated offshore securities market and neither
such Transferor nor any Person acting on its behalf knows that the transaction
was prearranged with a buyer in the United States, (ii) no directed selling
efforts have been 

B-1

made in
contravention of the requirements of Rule 903(b) or Rule 904(b) of Regulation S
under the Securities Act (iii) the transaction is not part of a plan or scheme
to evade the registration requirements of the Securities Act and (iv) if the
proposed transfer is being made prior to the expiration of the Distribution
Compliance Period, the transfer is not being made to a U.S. Person or for the
account or benefit of a U.S. Person (other than an Initial Purchaser). Upon
consummation of the proposed transfer in accordance with the terms of the
Indenture, the transferred beneficial interest or Definitive Note will be
subject to the restrictions on Transfer enumerated in the Private Placement
Legend printed on the Regulation S Global Note, the Temporary Regulation S
Global Note and/or the Definitive Note and in the Indenture and the Securities
Act.

3. [_] CHECK
AND COMPLETE IF TRANSFEREE WILL TAKE DELIVERY OF A BENEFICIAL INTEREST IN AN
IAI GLOBAL NOTE OR A DEFINITIVE NOTE PURSUANT TO ANY PROVISION OF THE
SECURITIES ACT OTHER THAN RULE I44A OR REGULATION S. The Transfer is being
effected in compliance with the transfer restrictions applicable to beneficial
interests in Restricted Global Notes and Restricted Definitive Notes and
pursuant to and in accordance with the Securities Act and any applicable blue
sky securities laws of any state of the United States, and accordingly the
Transferor hereby further certifies that (check one):

                    (a)
[_] such Transfer is being effected pursuant to and in accordance with Rule 144
under the Securities Act;

or

                    (b)
[_] such Transfer is being effected to the Company or a subsidiary thereof;

or

                    (c)
[_] such Transfer is being effected pursuant to an effective registration
statement under the Securities Act and in compliance with the prospectus
delivery requirements of the Securities Act.

or

                    (d)
[_] such Transfer is being effected to an Accredited Investor or an
Institutional Accredited Investor and pursuant to an exemption from the
registration requirements of the Securities Act other than Rule 144A, Rule 144
or Rule 904, and the Transferor hereby further certifies that it has not
engaged in any general solicitation within the meaning of Regulation D under
the Securities Act and the Transfer complies with the transfer restrictions
applicable to beneficial interests in a Restricted Global Note or Restricted
Definitive Notes and the requirements of the exemption claimed, which
certification is supported by (1) a certificate executed by the Transferee in
the form of Exhibit D to the Indenture and (2) an Opinion of Counsel provided
by the Transferor or the Transferee (a copy of which the Transferor has
attached to this certification), to the effect that such Transfer is in
compliance with the Securities Act. Upon consummation of the proposed transfer
in accordance with the terms of the Indenture, the transferred beneficial
Interest or Definitive Note will be subject to the restrictions on transfer
enumerated in the Private Placement Legend printed on the IAI Global Note and
in the Indenture and the Securities Act.

4. [_] Check if
Transferee will take delivery of a beneficial interest in an Unrestricted
Global Note or of an Unrestricted Definitive Note.

B-2

                    (a)
[_] CHECK IF TRANSFER IS PURSUANT TO RULE 144. (i) The Transfer is being
effected pursuant to and in accordance with Rule 144 under the Securities Act
and in compliance with the transfer restrictions contained in the Indenture and
any applicable blue sky securities laws of any state of the United States and
(ii) the restrictions on transfer contained in the Indenture and the Private
Placement Legend are not required in order to maintain compliance with the
Securities Act. Upon consummation of the proposed Transfer in accordance with
the terms of the Indenture, the transferred beneficial interest or Definitive
Note will no longer be subject to the restrictions on transfer enumerated in
the Private Placement Legend printed on the Restricted Global Notes, on
Restricted Definitive Notes and in the Indenture.

                    (b)
[_] CHECK IF TRANSFER IS PURSUANT TO REGULATION S. (i) The Transfer is
being effected pursuant to and in accordance with Rule 903 or Rule 904 under
the Securities Act and in
compliance with the transfer restrictions contained in the Indenture and any
applicable blue sky securities taws of any state of the United States and (ii)
the restrictions on transfer contained in the Indenture and the Private
Placement Legend are not required in order to maintain compliance with the
Securities Act. Upon consummation of the proposed Transfer in accordance with
the terms of the Indenture, the transferred beneficial interest or Definitive
Note will no longer be subject to the restrictions on transfer enumerated in
the Private Placement Legend printed on the Restricted Global Notes, on
Restricted Definitive Notes and in the Indenture.

                    (c)
[_] CHECK IF TRANSFER IS PURSUANT TO OTHER EXEMPTION. (i) The Transfer
is being effected pursuant to and in compliance with an exemption from the
registration requirements of the Securities Act other than Rule 144, Rule 903
or Rule 904 and in compliance with the transfer restrictions contained in the
Indenture and any applicable blue sky securities laws of any Stale of the
United States and (ii) the restrictions on transfer contained in the Indenture
and the Private Placement Legend are not required in order to maintain
compliance with the Securities Act. Upon consummation of the proposed Transfer
in accordance with the terms of the Indenture, the transferred beneficial
interest or Definitive Note will not be subject to the restrictions on transfer
enumerated in the Private Placement Legend printed on the Restricted Global
Notes or Restricted Definitive Notes and in the Indenture.

                    This
certificate and the statements contained herein are made for your benefit and
the benefit of the Issuers.

	
 

	
 

	
 

	
 

	
 

	

	
 

	
[Insert Name
  of Transferor]

	
 

	
 

	
 

	
 

	
 

	
By:

	
 

	
 

	
 

	
 

	

	
 

	
 

	
 

	
Name:

  Title: 

	
 

	
Dated:
  ________, ___

	
 

	
 

	
 

B-3

ANNEX A TO CERTIFICATE OF TRANSFER

	
 

	
 

	
 

	
 

	
 

	
1.

	
The
  Transferor owns and proposes to transfer the following:

	
 

	
 

	
 

	
 

	
[CHECK ONE]

	
 

	
 

	
 

	
 

	
 

	
 

	
(a)

	
[_]

	
a beneficial
  interest in the:

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
(i)

	
[_]

	
144A Global
  Note (CUSIP _______); or

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
(ii)

	
[_]

	
Regulation S
  Global Note (CUSIP _______); or

	
 

	
 

	
 

	
 

	
 

	
 

	
(b)

	
[_]

	
a Restricted
  Definitive Note; or

	
 

	
 

	
 

	
 

	
 

	
2.

	
After the
  Transfer the Transferee will hold:

	
 

	
 

	
 

	
 

	
[CHECK ONE]

	
 

	
 

	
 

	
 

	
 

	
 

	
(a)

	
[_]

	
a beneficial
  interest in the:

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
(i)

	
[_]

	
144A Global
  Note (CUSIP _______); or

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
(ii)

	
[_]

	
Regulation S
  Global Note (CUSIP _______); or

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
(iii)

	
[_]

	
IAI Global
  Note (CUSIP _______); or

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
(iv)

	
[_]

	
Unrestricted
  Global Note (CUSIP _______); or

	
 

	
 

	
 

	
 

	
 

	
 

	
(b)

	
[_]

	
a Restricted
  Definitive Note; or

	
 

	
 

	
 

	
 

	
 

	
 

	
(c)

	
[_]

	
an
  Unrestricted Definitive Note,

	
 

	
 

	
 

	
 

	
in
  accordance with the terms of the Indenture.

B-4

EXHIBIT C - FORM OF CERTIFICATE OF EXCHANGE

Mobile
Services Group, Inc.

Mobile Storage Group, Inc.

7590 North Glenoaks Boulevard

Burbank, California 91504

Attention: Chief Financial Officer

Wells Fargo
Bank, N.A.

Corporate Trust Services

MAC N9303-120

Sixth & Marquette

Minneapolis, Minnesota 55479

Attention: MSG Account Manager

          Re:          9
3/4% Senior Notes due 2014

(CUSIP __________________)

                    Reference
is hereby made to the Indenture, dated as of August 1, 2006 (the “Indenture”),
among Mobile Services Group, Inc. and Mobile Storage Group, Inc. (the “Issuers”),
the guarantors named therein and Wells Fargo Bank, N.A., as trustee.
Capitalized terms used but not defined herein shall have the meanings given to
them in the Indenture.

                    ________,
(the “Owner”) owns and proposes to exchange the Note[s] or interest in
such Note[s] specified herein, in the principal amount of $______ in such
Note[s] or interests (the “Exchange”). In connection with the Exchange,
the Owner hereby certifies that:

1. EXCHANGE OF
RESTRICTED DEFINITIVE NOTES OR BENEFICIAL INTERESTS IN A RESTRICTED GLOBAL NOTE
FOR UNRESTRICTED DEFINITIVE NOTES OR BENEFICIAL INTERESTS IN AN UNRESTRICTED
GLOBAL NOTE

                    (a)
[_] CHECK IF EXCHANGE IS FROM BENEFICIAL INTEREST IN A RESTRICTED GLOBAL
NOTE TO BENEFICIAL INTEREST IN AN UNRESTRICTED GLOBAL NOTE. In connection
with the Exchange of the Owner’s beneficial interest in a Restricted Global
Note for a beneficial interest in an Unrestricted Global Note in an equal
principal amount, the Owner hereby certifies (i) the beneficial interest is
being acquired for the Owner’s own account without transfer, (ii) such Exchange
has been effected in compliance with the transfer restrictions applicable to
the Global Notes and pursuant to and in accordance with the United States
Securities Act of 1933, as amended (the “Securities Act”), (iii) the
restrictions on transfer contained in the Indenture and the Private Placement
Legend are not required in order to maintain compliance with the Securities Act
and (iv) the beneficial interest in an Unrestricted Global Note is being
acquired in compliance with any applicable blue sky securities laws of any
state of the United States.

                    (b)
[_] CHECK IF EXCHANGE IS FROM BENEFICIAL INTEREST IN A RESTRICTED GLOBAL
NOTE TO UNRESTRICTED DEFINITIVE NOTE. In connection with the Exchange of
the Owner’s beneficial interest in a Restricted Global Note for an Unrestricted
Definitive Note, the Owner hereby certifies (i) the Definitive Note is being
acquired for the Owner’s own account without transfer, (ii) such Exchange has
been effected in compliance with the transfer restrictions applicable to the
Restricted Global Notes and pursuant to and in accordance with the Securities
Act, (iii)

C-1

the
restrictions on transfer contained in the Indenture and the Private Placement
Legend are not required in order to maintain compliance with the Securities Act
and (iv) the Definitive Note is being acquired in compliance with any
applicable blue sky securities laws of any state of the United States.

                    (c)
[_] CHECK IF EXCHANGE IS FROM RESTRICTED DEFINITIVE NOTE TO BENEFICIAL INTEREST
IN AN UNRESTRICTED GLOBAL NOTE. In connection with the Owner’s Exchange of a
Restricted Definitive Note for a beneficial interest in an Unrestricted Global
Note, the Owner hereby certifies (i) the beneficial interest is being acquired
for the Owner’s own account without transfer, (ii) such Exchange has been
effected in compliance with the transfer restrictions applicable to Restricted
Definitive Notes and pursuant to and in accordance with the Securities Act,
(iii) the restrictions on transfer contained in the Indenture and the Private
Placement Legend are not required in order to maintain compliance with the
Securities Act and (iv) the beneficial interest is being acquired in compliance
with any applicable blue sky securities laws of any state of the United States.

                    (d)
[_] CHECK IF EXCHANGE IS FROM RESTRICTED DEFINITIVE NOTE TO UNRESTRICTED
DEFINITIVE NOTE. In connection with the Owner’s Exchange of a Restricted
Definitive Note for an Unrestricted Definitive Note, the Owner hereby certifies
(i) the Unrestricted Definitive Note is being acquired for the Owner’s own
account without transfer, (ii) such Exchange has been effected in compliance
with the transfer restrictions applicable to Restricted Definitive Notes and
pursuant to and in accordance with the Securities Act, (iii) the restrictions
on transfer contained in the Indenture and the Private Placement Legend are not
required in order to maintain compliance with the Securities Act and (iv) the
Unrestricted Definitive Note is being acquired in compliance with any
applicable blue sky securities laws of any state of the United States.

2. EXCHANGE OF
RESTRICTED DEFINITIVE NOTES OR BENEFICIAL, INTERESTS IN RESTRICTED GLOBAL NOTES
FOR RESTRICTED DEFINITIVE NOTES OR BENEFICIAL INTERESTS IN RESTRICTED GLOBAL
NOTES

                    (a)
[_] CHECK IF EXCHANGE IS FROM BENEFICIAL INTEREST IN A RESTRICTED GLOBAL
NOTE TO RESTRICTED DEFINITIVE NOTE. In connection with the Exchange of the
Owner’s beneficial interest in a Restricted Global Note for a Restricted
Definitive Note with an equal principal amount, the Owner hereby certifies that
the Restricted Definitive Note is being acquired for the Owner’s own account
without transfer. Upon consummation of the proposed Exchange in accordance with
the terms of the Indenture, the Restricted Definitive Note issued will continue
to be subject to the restrictions on transfer enumerated in the Private
Placement Legend printed on the Restricted Definitive Note and in the Indenture
and the Securities Act.

                    (b)
[_] CHECK IF EXCHANGE IS FROM RESTRICTED DEFINITIVE NOTE TO BENEFICIAL
INTEREST IN A RESTRICTED GLOBAL NOTE. In connection with the Exchange of
the Owner’s Restricted Definitive Note for a beneficial interest in the [CHECK
ONE] 144A Global Note, Regulation S Global Note, IAI Global Note with an equal
principal amount, the Owner hereby certifies (i) the beneficial interest is
being acquired for the Owner’s own account without transfer and (ii) such
Exchange has been effected in compliance with the transfer restrictions
applicable to the Restricted Global Notes and pursuant to and in accordance
with the Securities Act, and in compliance with any applicable blue sky
securities laws of any state of the United States. Upon consummation of the
proposed Exchange in accordance with the terms of the Indenture, the beneficial
interest issued will be subject to the restrictions on transfer enumerated in
the Private Placement Legend printed on the relevant Restricted Global Note and
in the Indenture and the Securities Act.

D-2

                    This
certificate and the statements contained herein are made for your benefit and
the benefit of the Issuers.

	
 

	
 

	
 

	
 

	

	
 

	
[Insert Name
  of Transferor]

	
 

	
 

	
 

	
By: 

	
 

	
 

	
 

	

	
 

	
 

	
Name:

  Title:

	
 

	
 

	
 

	
Dated:
  ________, ____

	
 

	
 

D-3

EXHIBIT D - FORM OF SUPPLEMENTAL INDENTURE

TO BE DELIVERED BY SUBSEQUENT GUARANTORS

                    This
SUPPLEMENTAL INDENTURE, dated as of _______________, 200__, among
_______________ (the “New Guarantor”), a subsidiary of Mobile Services Group,
Inc. (or its permitted successor), a Delaware corporation (the “Company”) and
Mobile Storage Group, Inc. (or its permitted successor), a Delaware corporation
(“MSG” and, together with the Company, the “Issuers”), the Issuers, the other
Guarantors (as defined in the Indenture referred to herein) and Wells Fargo
Bank, N.A., as Trustee.

WITNESSETH

                    WHEREAS,
the Company, Mobile Storage Group, Inc. (“MSG” and, together with the Company,
the “Issuers”) and the Trustee entered into an Indenture (the “Indenture”),
dated as of August 1, 2006, pursuant to which the Company and MSG have issued
$200,000,000 in principal amount of 93⁄4% Senior Notes due 2014 (the “Notes”);

                    WHEREAS,
Section 4.16 of the Indenture provides that under certain circumstances the
Issuers are required to cause the New Guarantor to execute and deliver to the
Trustee a supplemental indenture pursuant to which the New Guarantor shall
unconditionally guarantee all of the Issuers’ obligations under the Notes
pursuant to a Guarantee on the terms and conditions set forth in the Indenture;

                    WHEREAS,
Section 9.l(j) of the Indenture provides that the Issuers, the Guarantors and
the Trustee may amend or supplement the Indenture in order to provide for
additional Guarantors in accordance with the terms of the Indenture, without
the consent of the Holders of the Notes; and

                    WHEREAS,
all acts and things prescribed by the Indenture, by law and by the Certificate
of incorporation and the Bylaws (or comparable constituent documents) of the
Issuers, the Guarantors and the Trustee necessary to make this Supplemental
Indenture a valid instrument legally binding on the Issuers, the Guarantors and
the Trustee, in accordance with its terms, have been duly done and performed;

                    NOW
THEREFORE, to comply with the provisions of the Indenture, and in consideration
of the foregoing, the New Guarantors, the Issuers and the Trustee mutually
covenant and agree for the equal and ratable benefit of the Holders of the
Notes as follows:

ARTICLE 1

                    Section
1.01. This Supplemental Indenture is supplemental to the Indenture and does and
shall be deemed to form a part of, and shall be construed in connection with
and as part of, the Indenture for any and all purposes.

                    Section
1.02. This Supplemental Indenture shall become effective immediately upon its
execution and delivery by each of the New Guarantors, the Issuers and the
Trustee.

ARTICLE 2

                    Section
2.01. Each of the New Guarantors hereby agrees to be bound by the terms,
conditions and other provisions of the Indenture with all attendant rights,
duties and obligations stated therein, on a joint and several basis with the
parties hereto and thereto, with the same force and effect as if originally
named as a Guarantor therein and as if such party executed the Indenture on the
date thereof.

D-l

ARTICLE 3

                    Section
3.01. Except as specifically modified herein, the Indenture and the Notes are
in all respects ratified and confirmed (mutatis
mutandis) and shall remain in full force and effect in accordance
with their terms.

                    Section
3.02. All capitalized terms used but not defined herein shall have the same
respective meanings ascribed to them in the Indenture,

                    Section
3.03. Except as otherwise expressly provided herein, no duties, responsibilities
or liabilities are assumed, or shall be construed to be assumed, by the Trustee
by reason of this Supplemental Indenture. This Supplemental Indenture is
executed and accepted by the Trustee subject to all of the terms and conditions
set forth in the Indenture with the same force and effect as if those terms and
conditions were repeated at length herein and made applicable to the Trustee
with respect hereto.

                    Section
3.04. THIS SUPPLEMENTAL INDENTURE SHALL BE GOVERNED BY, AND CONSTRUED IN
ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.

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

                    Section
3.06. The headings herein are inserted for convenience of reference only and
are not intended to be part of, or to affect the meaning or interpretation of,
this letter agreement.

                    Section
3.07. The recitals hereto are statements only of the Issuers and the New
Guarantors and shall not be considered statements of or attributable to the
Trustee.

D-2

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

	
 

	
 

	
 

	
 

	
[NEW
  GUARANTOR]

	
 

	
 

	
 

	
 

	
By: 

	
 

	
 

	
 

	

	
 

	
 

	
Name:

  Title:

	
 

	
 

	
 

	
 

	
MOBILE
  SERVICES GROUP, INC.

	
 

	
 

	
 

	
 

	
By:

	
 

	
 

	
 

	

	
 

	
 

	
Name:

  Title:

	
 

	
 

	
 

	
 

	
MOBILE
  STORAGE GROUP, INC.

	
 

	
 

	
 

	
 

	
By:

	
 

	
 

	
 

	

	
 

	
 

	
Name:

  Title:

	
 

	
 

	
 

	
 

	
WELLS FARGO
  BANK, N.A.,
as Trustee

	
 

	
 

	
 

	
 

	
By:

	
 

	
 

	
 

	

	
 

	
 

	
Name:

  Title:

D-3

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