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EXHIBIT 10.14    
    

February 27,
2004 

LaSalle
Business Credit, LLC, as Agent

135 South LaSalle Street

Chicago, Illinois 60603 

Ladies
and Gentlemen: 

        Reference
is made to (i) the Receivables Purchase Agreement dated as of March 21, 2003 (the "RPA") among AAR Receivables Corporation II, an Illinois
corporation (the "ARC II"), AAR CORP., a Delaware corporation, as initial servicer, ("AAR"), and LaSalle Business Credit, LLC, a Delaware limited liability company, as agent (the
"Agent") and (ii) the Purchase and Sale Agreement dated as of March 21, 2003 (the "PSA") among AAR Distribution, Inc., an Illinois corporation ("Distribution"),
AAR Parts Trading, Inc., an Illinois corporation ("Parts"), AAR Manufacturing, Inc., an Illinois corporation ("Manufacturing"), AAR Engine Services, Inc., an
Illinois corporation ("Engine") and AAR Allen Services, Inc., an Illinois corporation ("Allen", and together with Distribution, Parts, Manufacturing and Engine, being hereinafter
referred to, individually as a "Originator, and collectively, as the "Originators"), ARC II and AAR. Capitalized terms used herein and not otherwise defined have the meaning given in RPA. 

        Upon
the acceptance hereof by the Agent, ARC II, AAR, the Agent and the Originators agree as follows: 

        1.     Effective
on February 27, 2004 and until five (5) Business Days after ARC II, AAR and the Originators give the Agent the notice described in
Section 2 of this letter, the Purchase Limit shall be reduced to zero. Concurrently therewith (and as a condition thereto), ARC II shall pay to Agent, in immediately available funds by
wire transfer as provided in the RPA, the aggregate outstanding Capital of the Purchased Interests, together with all accrued and unpaid Discount thereon and any unpaid expenses through such date. The
parties hereto agree that such reduction to the Purchase Limit shall be effective notwithstanding the provisions of Section 1.1(b) of the RPA. 

        2.     Effective
five (5) Business Days after ARC II, AAR and the Originators provide notice to the Agent of the restoration of the Purchase Limit pursuant to this
Section 2 and subject to (i) the other terms and conditions herein or in the RPA, the PSA and/or the other Transaction Documents and (ii) no Termination Event or Unmatured
Termination Date shall have occurred, be continuing or would result therefrom, the Purchase Limit shall be restored to an amount not less than the amount of the Purchase Limit as in effect on
February 27, 2004. No restoration pursuant to this Section 2 shall be effective if it were to occur after the Termination Day. 

        3.     Until
such time as the Purchase Limit has been restored pursuant to Section 2 of this letter (the "Restoration Date"), no Receivables created by any Originator
from and including February 27, 2004 to and including the Restoration Date (the "Interim Liquidation Period"), nor any other Purchased Assets related thereto, shall be sold by any Originator to
ARC II pursuant to Section 1.1(b) of the PSA (such Receivables are herein called the "Interim Receivables"). Effective upon the Restoration Date, each Originator agrees that all of such
Originator's right, title and interest in each Interim Receivable then existing and owing to such Originator or thereafter arising (until the Termination Day), and all other Purchased Assets related
thereto, shall thereupon commence being sold to and purchased by ARC II pursuant to and in accordance with the terms of the PSA. During the Interim Liquidation Period, ARC II shall
continue to be the owner of all Purchased Assets acquired prior to February 27, 2004, and any purchases to be made by ARC II on or subsequent to the Restoration Date shall be made
pursuant to true sales for good and equivalent consideration. Agent shall have the right, as a condition to the Restoration Date, to review the purchase and reinstatement procedures relating to the
restoration of the Purchase Limit and the resumption of purchases under the RPA and the PSA and, to the extent Agent determines they are inconsistent with those procedures and limitations described in
the opinion of counsel relating to "true sale" and "non-consolidation" matters delivered at the time of closing of the RPA, to require an updated opinion of counsel relating to such
matters, in form and substance and from such counsel as shall be satisfactory to it. 

        4.     Notwithstanding
anything contained in the Transaction Documents to the contrary, the reduction of the Purchase Limit and the other transactions contemplated hereunder
shall not constitute a Termination Event. Except as otherwise set forth herein, the RPA, the PSA and the other Transaction Documents shall remain in full force and effect and are hereby ratified and
confirmed by each of the Originators, the Servicer and ARC II, including, without limitation, the obligation of ARC II to pay to the Agent the Unused Line Fee in accordance 

 

with
the terms of the RPA and to maintain its corporate existence. ARC II agrees to maintain sufficient net worth to continue to pay its obligations as they become due. 

	 	 	 	Very truly yours,
	

 	
 	

 	
AAR DISTRIBUTION, INC.

AAR PARTS TRADING INC.

AAR MANUFACTURING, NC.

AAR ALLEN SERVICES, INC.

AAR ENGINE SERVICES, INC.
	

 	
 	

 	

By:	
 	

/s/  TIMOTHY J. ROMENESKO      
 Timothy J. Romenesko

Vice President
	

 	
 	

 	
AAR RECEIVABLES CORPORATION II
	

 	
 	

 	

By:	
 	

/s/  TIMOTHY J. ROMENESKO      
 Timothy J. Romenesko

Vice President
	

 	
 	

 	
AAR CORP.
	

 	
 	

 	

By:	
 	

/s/  TIMOTHY J. ROMENESKO      
 Timothy J. Romenesko

Vice President
	

Accepted and Agreed:	

 	
 	

 
	

LASALLE BUSINESS CREDIT, LLC,

as Agent	

 	
 	

 
	

By:	
 	

/s/  JOHN MOSTOFI      
 John Mostofi

Senior Vice President	

 	
 	

 

2

November 30, 2004 

AAR Receivables
Corporation II and AAR Corp.

1100 North Wood Dale Road

Wood Dale, IL. 60191 

Gentlemen:

        AAR Receivables Corporation II, an Illinois corporation ("Seller"),  AAR CORP., a Delaware corporation,
individually ("AAR") and as initial servicer (in such
capacity, together with its successors and permitted assigns in such capacity, the "Servicer"), LaSalle Business
Credit, LLC, a Delaware limited liability company ("LaSalle"), as agent for itself and the Purchasers referred to below
(in such capacity, together with its successors and assigns in such capacity, the "Agent"), and The Financial Institutions From
Time to Time Parties Thereto as "Purchasers" have entered into that certain Receivables Purchase Agreement dated as of
March 21, 2003 (the "Purchase Agreement"; capitalized terms used and not otherwise defined herein shall have the meanings ascribed to them in the
Purchase Agreement). The Seller, the Servicer and the Agent now desire to further amend the Agreement as provided herein, subject to the terms and conditions hereinafter set forth. 

        In
addition, AAR executed and delivered a certain Performance Guaranty dated as of March 21, 2003 (the "Performance Guaranty"),
which the Agent and Purchasers require to be reaffirmed as a condition to the effectiveness hereof. 

        NOW,
THEREFORE, in consideration of the foregoing recitals, the mutual covenants and agreements set forth herein and other good and valuable consideration, the receipt and sufficiency of
which are hereby acknowledged, the parties hereto hereby agree as follows: 

        1.     The
Agreement hereby is amended as follows: 

	(a)
	Exhibit 1 of the Purchase Agreement is hereby amended by amending and restating the existing definition of "Facility Termination
Date" in its entirety to read as follows: 

        "'Facility
Termination Date' means the earlier to occur of: (a) November 29, 2004 (b) the date determined pursuant to  Section 2.2 of the Agreement, and (c) the date the Purchase Limit
reduces to zero pursuant to  Section 1.1(b) of the Agreement."
 

        2.     AAR
expressly reaffirms, ratifies and assumes all of its obligations and liabilities to the Agent as set forth in the Performance Guaranty. AAR further agrees to be bound
by and abide by and operate and perform under and pursuant to and comply fully with all of the terms, conditions, provisions, agreements, representations, undertakings, warranties, obligations and
covenants contained in the Performance Guaranty, in so far as such obligations and liabilities may be modified by this Amendment, as though such Performance Guaranty were being re-executed
on the date hereof, except to the.extent that such terms expressly relate to an earlier date. 

        3.     Except
as expressly amended hereby and by any other supplemental documents or instruments executed by either party hereto in order to effectuate the transactions
contemplated hereby, the Agreement, the Exhibits thereto and other Transaction Documents are hereby reaffirmed, ratified and confirmed by the parties hereto and remain in full force and effect in
accordance with the terms thereof. The Seller and the Servicer expressly ratify, confirm and reaffirm without condition, all liens and security interests granted to the Agent pursuant to the Purchase
Agreement and the other Transaction Documents and to all extensions, renewals, refinancings, amendments or modifications of any of the foregoing. 

        4.     This
Amendment shall not become effective until fully executed by all parties hereto. 

        5.     This
Amendment may be executed in one or more counterparts, each of which shall constitute an original, but all of which taken together shall be one and the same
instrument. This Amendment may also be executed by facsimile and each facsimile signature hereto shall be deemed for all purposes to be an original signatory page. 

        6.     This
Amendment shall be construed in accordance with and governed by the internal laws (as distinguished from the conflicts of law provisions) of the State of Illinois. 

        7.     The
Seller and the Servicer agree to reimburse the Agent for all of its out-of-pocket legal fees and expenses incurred in the preparation and
documentation of this Amendment and related documents. 

	 	 	 	LASALLE BUSINESS CREDIT, LLC, as agent as sole Purchaser and as Agent
	

 	
 	

 	

By:	
 	

/s/  JOHN MOSTOFI      
 John Mostofi

Senior Vice President
	

ACKNOWLEDGED AND AGREED TO THIS 30TH DAY OF NOVEMBER, 2003:	

 	
 	

 
	
AAR RECEIVABLES CORPORATION II, as seller	

 	
 	

 
	

By:	
 	

/s/  TIMOTHY J. ROMENESKO      
 Timothy J. Romenesko

Vice President	

 	
 	

 
	

Consented and agreed to by the

Following guarantor of the

Obligations of AAR Receivables Corporation II to
 LaSalle Business Credit, LLC	

 	
 	

 
	
AAR CORP., as Servicer and Performance Guarantor	

 	
 	

 
	

By:	
 	

/s/  TIMOTHY J. ROMENESKO      
 Timothy J. Romenesko

Vice President

Date: November 30, 2003	

 	
 	

 

QuickLinks

EXHIBIT 10.14Exhibit
4.1

 

EXECUTION
VERSION

 

 

 

BUHRMANN US
INC.,

 

 

as Issuer,

 

 

BUHRMANN N.V.,

 

 

and

 

 

the other
GUARANTORS named herein,

 

 

as Guarantors,

 

 

and

 

 

THE BANK OF
NEW YORK,

 

 

as Trustee

 

 

INDENTURE

 

Dated as of July 1,
2004

 

 

$150,000,000

 

 

81/4%
Senior Subordinated Notes due 2014

 

 

 

 

CROSS-REFERENCE
TABLE

 

	
  TIA

  Section

  	
   

  	
  Indenture

  Section

  
	
   

  	
   

  	
   

  
	
  310(a)(1)

  	
   

  	
  7.10

  
	
  (a)(2)

  	
   

  	
  7.10

  
	
  (a)(3)

  	
   

  	
  N.A.

  
	
  (a)(4)

  	
   

  	
  N.A.

  
	
  (a)(5)

  	
   

  	
  7.08; 7.10

  
	
  (b)

  	
   

  	
  7.08; 7.10; 13.02

  
	
  (c)

  	
   

  	
  N.A.

  
	
  311(a)

  	
   

  	
  7.11

  
	
  (b)

  	
   

  	
  7.11

  
	
  (c)

  	
   

  	
  N.A.

  
	
  312(a)

  	
   

  	
  2.05

  
	
  (b)

  	
   

  	
  13.03

  
	
  (c)

  	
   

  	
  13.03

  
	
  313(a)

  	
   

  	
  7.06

  
	
  (b)(1)

  	
   

  	
  7.06

  
	
  (b)(2)

  	
   

  	
  7.06

  
	
  (c)

  	
   

  	
  7.06; 13.02

  
	
  (d)

  	
   

  	
  7.06

  
	
  314(a)

  	
   

  	
  4.06(a), 4.19; 13.02

  
	
  (b)

  	
   

  	
  N.A.

  
	
  (c)(1)

  	
   

  	
  7.02; 13.04; 13.05

  
	
  (c)(2)

  	
   

  	
  7.02; 13.04; 13.05

  
	
  (c)(3)

  	
   

  	
  N.A.

  
	
  (d)

  	
   

  	
  N.A.

  
	
  (e)

  	
   

  	
  13.05

  
	
  (f)

  	
   

  	
  N.A.

  
	
  315(a)

  	
   

  	
  7.01(b)

  
	
  (b)

  	
   

  	
  7.05

  
	
  (c)

  	
   

  	
  7.01

  
	
  (d)

  	
   

  	
  6.05; 7.01(c)

  
	
  (e)

  	
   

  	
  6.11

  
	
  316(a)(last sentence)

  	
   

  	
  2.09

  
	
  (a)(1)(A)

  	
   

  	
  6.05

  
	
  (a)(1)(B)

  	
   

  	
  6.04

  
	
  (a)(2)

  	
   

  	
  9.02

  
	
  (b)

  	
   

  	
  6.07

  
	
  (c)

  	
   

  	
  9.05

  
	
  317(a)(1)

  	
   

  	
  6.08

  
	
  (a)(2)

  	
   

  	
  6.09

  
	
  (b)

  	
   

  	
  2.04

  
	
  318(a)

  	
   

  	
  13.01

  
	
  (c)

  	
   

  	
  13.01

  

 

N.A.
means Not Applicable

 

Note:        This Cross-Reference
Table shall not, for any purpose, be deemed to be a part of the Indenture

 

 

TABLE OF CONTENTS

 

	
  ARTICLE ONE

  
	
   

  	
   

  	
   

  
	
  DEFINITIONS
  AND INCORPORATION BY REFERENCE

  
	
   

  	
   

  	
   

  
	
  SECTION 1.01.

  	
  Definitions

  	
   

  
	
  SECTION 1.02.

  	
  Other Definitions

  	
   

  
	
  SECTION 1.03.

  	
  Incorporation by
  Reference of TIA

  	
   

  
	
  SECTION 1.04.

  	
  Rules of Construction

  	
   

  
	
   

  	
   

  	
   

  
	
  ARTICLE TWO

  
	
   

  	
   

  	
   

  
	
  THE SECURITIES

  
	
   

  	
   

  	
   

  
	
  SECTION 2.01.

  	
  Form and Dating

  	
   

  
	
  SECTION 2.02.

  	
  Execution and
  Authentication

  	
   

  
	
  SECTION 2.03.

  	
  Registrar and Paying
  Agent

  	
   

  
	
  SECTION 2.04.

  	
  Paying Agent To Hold
  Assets in Trust

  	
   

  
	
  SECTION 2.05.

  	
  Holder Lists

  	
   

  
	
  SECTION 2.06.

  	
  Transfer and Exchange

  	
   

  
	
  SECTION 2.07.

  	
  Replacement Securities

  	
   

  
	
  SECTION 2.08.

  	
  Outstanding Securities

  	
   

  
	
  SECTION 2.09.

  	
  Treasury Securities

  	
   

  
	
  SECTION 2.10.

  	
  Temporary Securities

  	
   

  
	
  SECTION 2.11.

  	
  Cancellation

  	
   

  
	
  SECTION 2.12.

  	
  Defaulted Interest

  	
   

  
	
  SECTION 2.13.

  	
  CUSIP Number

  	
   

  
	
  SECTION 2.14.

  	
  Deposit of Moneys

  	
   

  
	
  SECTION 2.15.

  	
  Book-Entry Provisions
  for Global Securities

  	
   

  
	
  SECTION 2.16.

  	
  Special Transfer
  Provisions

  	
   

  
	
   

  	
   

  	
   

  
	
  ARTICLE THREE

  
	
   

  	
   

  	
   

  
	
  REDEMPTION

  
	
   

  	
   

  	
   

  
	
  SECTION 3.01.

  	
  Notices to Trustee

  	
   

  
	
  SECTION 3.02.

  	
  Selection of
  Securities To Be Redeemed

  	
   

  
	
  SECTION 3.03.

  	
  Notice of Redemption

  	
   

  
	
  SECTION 3.04.

  	
  Effect of Notice of
  Redemption

  	
   

  
	
  SECTION 3.05.

  	
  Deposit of
  Redemption Price

  	
   

  
	
  SECTION 3.06.

  	
  Securities Redeemed
  in Part

  	
   

  

 

i

 

	
  ARTICLE FOUR

  
	
   

  	
   

  	
   

  
	
  COVENANTS

  
	
   

  	
   

  	
   

  
	
  SECTION 4.01.

  	
  Payment of Securities

  	
   

  
	
  SECTION 4.02.

  	
  Maintenance of Office
  or Agency

  	
   

  
	
  SECTION 4.03.

  	
  Corporate Existence

  	
   

  
	
  SECTION 4.04.

  	
  Payment of Taxes and
  Other Claims

  	
   

  
	
  SECTION 4.05.

  	
  [Reserved]

  	
   

  
	
  SECTION 4.06.

  	
  Compliance
  Certificate; Notice of Default

  	
   

  
	
  SECTION 4.07.

  	
  [Reserved]

  	
   

  
	
  SECTION 4.08.

  	
  Waiver of Stay,
  Extension or Usury Laws

  	
   

  
	
  SECTION 4.09.

  	
  Change of Control

  	
   

  
	
  SECTION 4.10.

  	
  Limitation on
  Incurrence of Additional Indebtedness

  	
   

  
	
  SECTION 4.11.

  	
  Limitation on
  Restricted Payments

  	
   

  
	
  SECTION 4.12.

  	
  Limitation on Liens

  	
   

  
	
  SECTION 4.13.

  	
  Limitation on Asset
  Sales

  	
   

  
	
  SECTION 4.14.

  	
  Limitations on
  Transactions with Affiliates

  	
   

  
	
  SECTION 4.15.

  	
  Limitation on Dividend
  and Other Payment Restrictions Affecting Restricted Subsidiaries

  	
   

  
	
  SECTION 4.16.

  	
  Additional
  Subsidiary Guarantees

  	
   

  
	
  SECTION 4.17.

  	
  Limitation on
  Preferred Stock of Non-Guarantors

  	
   

  
	
  SECTION 4.18.

  	
  Prohibition on
  Incurrence of Senior Subordinated Debt

  	
   

  
	
  SECTION 4.19.

  	
  Reports to Holders

  	
   

  
	
   

  	
   

  	
   

  
	
  ARTICLE FIVE

  
	
   

  	
   

  	
   

  
	
  SUCCESSOR CORPORATION

  
	
   

  	
   

  	
   

  
	
  SECTION 5.01.

  	
  Merger, Consolidation
  and Sale of Assets

  	
   

  
	
   

  	
   

  	
   

  
	
  ARTICLE SIX

  
	
   

  	
   

  	
   

  
	
  DEFAULT AND REMEDIES

  
	
   

  	
   

  	
   

  
	
  SECTION 6.01.

  	
  Events of Default

  	
   

  
	
  SECTION 6.02.

  	
  Acceleration

  	
   

  
	
  SECTION 6.03.

  	
  Other Remedies

  	
   

  
	
  SECTION 6.04.

  	
  Waiver of Past
  Defaults

  	
   

  
	
  SECTION 6.05.

  	
  Control by Majority

  	
   

  
	
  SECTION 6.06.

  	
  Limitation on Suits

  	
   

  
	
  SECTION 6.07.

  	
  Rights of Holders To
  Receive Payment

  	
   

  
	
  SECTION 6.08.

  	
  Collection Suit by
  Trustee

  	
   

  
	
  SECTION 6.09.

  	
  Trustee May File
  Proofs of Claim

  	
   

  
	
  SECTION 6.10.

  	
  Priorities

  	
   

  
	
  SECTION 6.11.

  	
  Undertaking for
  Costs

  	
   

  

 

ii

 

	
  ARTICLE SEVEN

  
	
   

  	
   

  	
   

  
	
  TRUSTEE

  
	
   

  	
   

  	
   

  
	
  SECTION 7.01.

  	
  Duties of Trustee

  	
   

  
	
  SECTION 7.02.

  	
  Rights of Trustee

  	
   

  
	
  SECTION 7.03.

  	
  Individual Rights of
  Trustee

  	
   

  
	
  SECTION 7.04.

  	
  Trustee’s Disclaimer

  	
   

  
	
  SECTION 7.05.

  	
  Notice of Default

  	
   

  
	
  SECTION 7.06.

  	
  Reports by Trustee
  to Holders

  	
   

  
	
  SECTION 7.07.

  	
  Compensation and
  Indemnity

  	
   

  
	
  SECTION 7.08.

  	
  Replacement of
  Trustee

  	
   

  
	
  SECTION 7.09.

  	
  Successor Trustee by
  Merger, Etc.

  	
   

  
	
  SECTION 7.10.

  	
  Eligibility;
  Disqualification

  	
   

  
	
  SECTION 7.11.

  	
  Preferential
  Collection of Claims Against Company

  	
   

  
	
   

  	
   

  	
   

  
	
  ARTICLE EIGHT

  
	
   

  	
   

  	
   

  
	
  DISCHARGE OF
  INDENTURE; DEFEASANCE

  
	
   

  	
   

  	
   

  
	
  SECTION 8.01.

  	
  Termination of the
  Company’s Obligations

  	
   

  
	
  SECTION 8.02.

  	
  Legal Defeasance and
  Covenant Defeasance

  	
   

  
	
  SECTION 8.03.

  	
  Conditions to Legal
  Defeasance or Covenant Defeasance

  	
   

  
	
  SECTION 8.04.

  	
  Application of Trust
  Money

  	
   

  
	
  SECTION 8.05.

  	
  Repayment to the
  Company

  	
   

  
	
  SECTION 8.06.

  	
  Reinstatement

  	
   

  
	
   

  	
   

  	
   

  
	
  ARTICLE NINE

  
	
   

  	
   

  	
   

  
	
  AMENDMENTS, SUPPLEMENTS AND WAIVERS

  
	
   

  	
   

  	
   

  
	
  SECTION 9.01.

  	
  Without Consent of
  Holders

  	
   

  
	
  SECTION 9.02.

  	
  With Consent of
  Holders

  	
   

  
	
  SECTION 9.03.

  	
  Effect on Senior
  Debt

  	
   

  
	
  SECTION 9.04.

  	
  Compliance with TIA

  	
   

  
	
  SECTION 9.05.

  	
  Revocation and
  Effect of Consents

  	
   

  
	
  SECTION 9.06.

  	
  Notation on or
  Exchange of Securities

  	
   

  
	
  SECTION 9.07.

  	
  Trustee To Sign
  Amendments, Etc.

  	
   

  
	
   

  	
   

  	
   

  
	
  ARTICLE TEN

  
	
   

  	
   

  	
   

  
	
  SUBORDINATION OF SECURITIES

  
	
   

  	
   

  	
   

  
	
  SECTION 10.01.

  	
  Securities
  Subordinated to Senior Debt

  	
   

  
	
  SECTION 10.02.

  	
  Suspension of
  Payment When Senior Debt Is in Default

  	
   

  
	
  SECTION 10.03.

  	
  Securities
  Subordinated to Prior Payment of All Senior Debt on Dissolution, Liquidation
  or Reorganization of Company

  	
   

  
	
  SECTION 10.04.

  	
  Payments May Be
  Paid Prior to Dissolution

  	
   

  
	
  SECTION 10.05.

  	
  Holders To Be
  Subrogated to Rights of Holders of Senior Debt

  	
   

  

 

iii

 

	
  SECTION 10.06.

  	
  Obligations of the
  Company Unconditional

  	
   

  
	
  SECTION 10.07.

  	
  Notice to Trustee

  	
   

  
	
  SECTION 10.08.

  	
  Reliance on
  Judicial Order or Certificate of Liquidating Agent

  	
   

  
	
  SECTION 10.09.

  	
  Trustee’s Relation
  to Senior Debt

  	
   

  
	
  SECTION 10.10.

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

  	
   

  
	
  SECTION 10.11.

  	
  Securityholders
  Authorize Trustee To Effectuate Subordination of Securities

  	
   

  
	
  SECTION 10.12.

  	
  This Article Ten
  Not To Prevent Events of Default

  	
   

  
	
  SECTION 10.13.

  	
  Trustee’s
  Compensation Not Prejudiced

  	
   

  
	
   

  	
   

  	
   

  
	
  ARTICLE ELEVEN

  
	
   

  	
   

  	
   

  
	
  GUARANTEE OF SECURITIES

  
	
   

  	
   

  	
   

  
	
  SECTION 11.01.

  	
  Unconditional
  Guarantee

  	
   

  
	
  SECTION 11.02.

  	
  Limitations on
  Guarantees

  	
   

  
	
  SECTION 11.03.

  	
  Additional Amounts

  	
   

  
	
  SECTION 11.04.

  	
  Execution and
  Delivery of Guarantee

  	
   

  
	
  SECTION 11.05.

  	
  Release of a
  Guarantor

  	
   

  
	
  SECTION 11.06.

  	
  Waiver of
  Subrogation

  	
   

  
	
  SECTION 11.07.

  	
  Immediate Payment

  	
   

  
	
  SECTION 11.08.

  	
  No Set-Off

  	
   

  
	
  SECTION 11.09.

  	
  Guarantee
  Obligations Absolute

  	
   

  
	
  SECTION 11.10.

  	
  Guarantee
  Obligations Continuing

  	
   

  
	
  SECTION 11.11.

  	
  Guarantee
  Obligations Not Reduced

  	
   

  
	
  SECTION 11.12.

  	
  Guarantee
  Obligations Reinstated

  	
   

  
	
  SECTION 11.13.

  	
  Guarantee
  Obligations Not Affected

  	
   

  
	
  SECTION 11.14.

  	
  Waiver

  	
   

  
	
  SECTION 11.15.

  	
  No Obligation To
  Take Action Against the Company

  	
   

  
	
  SECTION 11.16.

  	
  Dealing with the
  Company and Others

  	
   

  
	
  SECTION 11.17.

  	
  Default and
  Enforcement

  	
   

  
	
  SECTION 11.18.

  	
  Amendment, Etc.

  	
   

  
	
  SECTION 11.19.

  	
  Acknowledgment

  	
   

  
	
  SECTION 11.20.

  	
  Costs and Expenses

  	
   

  
	
  SECTION 11.21.

  	
  No Merger or
  Waiver; Cumulative Remedies

  	
   

  
	
  SECTION 11.22.

  	
  Survival of
  Guarantee Obligations

  	
   

  
	
  SECTION 11.23.

  	
  Guarantee in Addition
  to Other Guarantee Obligations

  	
   

  
	
  SECTION 11.24.

  	
  Severability

  	
   

  
	
  SECTION 11.25.

  	
  Successors and
  Assigns

  	
   

  
	
   

  	
   

  	
   

  
	
  ARTICLE TWELVE

  
	
   

  	
   

  	
   

  
	
  SUBORDINATION OF GUARANTEE

  
	
   

  	
   

  	
   

  
	
  SECTION 12.01.

  	
  Guarantee Obligations
  Subordinated to Guarantor Senior Debt

  	
   

  
	
  SECTION 12.02.

  	
  Suspension of
  Guarantee Obligations When Guarantor Senior Debt Is in Default

  	
   

  

 

iv

 

	
  SECTION 12.03.

  	
  Guarantee
  Obligations Subordinated to Prior Payment of All Guarantor Senior

  Debt on Dissolution, Liquidation or Reorganization of Such Guarantor

  	
   

  
	
  SECTION 12.04.

  	
  Payments May Be
  Paid Prior to Dissolution

  	
   

  
	
  SECTION 12.05.

  	
  Holders of
  Guarantee Obligations To Be Subrogated to Rights of Holders of Guarantor
  Senior Debt.

  	
   

  
	
  SECTION 12.06.

  	
  Guarantee
  Obligations of the Guarantors Unconditional

  	
   

  
	
  SECTION 12.07.

  	
  Notice to Trustee

  	
   

  
	
  SECTION 12.08.

  	
  Reliance on
  Judicial Order or Certificate of Liquidating Agent

  	
   

  
	
  SECTION 12.09.

  	
  Trustee’s Relation
  to Guarantor Senior Debt

  	
   

  
	
  SECTION 12.10.

  	
  Subordination
  Rights Not Impaired by Acts or Omissions of the Guarantors or

  Holders of Guarantor Senior Debt

  	
   

  
	
  SECTION 12.11.

  	
  Holders Authorize
  Trustee To Effectuate Subordination of Guarantee Obligations

  	
   

  
	
  SECTION 12.12.

  	
  This Article
  Twelve Not To Prevent Events of Default

  	
   

  
	
  SECTION 12.13.

  	
  Trustee’s
  Compensation Not Prejudiced

  	
   

  
	
   

  	
   

  	
   

  
	
  ARTICLE THIRTEEN

  
	
   

  	
   

  	
   

  
	
  MISCELLANEOUS

  
	
   

  	
   

  	
   

  
	
  SECTION 13.01.

  	
  TIA Controls

  	
   

  
	
  SECTION 13.02.

  	
  Notices

  	
   

  
	
  SECTION 13.03.

  	
  Communications by
  Holders with Other Holders

  	
   

  
	
  SECTION 13.04.

  	
  Certificate and
  Opinion as to Conditions Precedent

  	
   

  
	
  SECTION 13.05.

  	
  Statements
  Required in Certificate or Opinion

  	
   

  
	
  SECTION 13.06.

  	
  Rules by Trustee,
  Paying Agent, Registrar

  	
   

  
	
  SECTION 13.07.

  	
  Agent for Service;
  Submission to Jurisdiction; Waiver of Immunities

  	
   

  
	
  SECTION 13.08.

  	
  Judgment Currency

  	
   

  
	
  SECTION 13.09.

  	
  Legal Holidays

  	
   

  
	
  SECTION 13.10.

  	
  Governing Law

  	
   

  
	
  SECTION 13.11.

  	
  No Adverse
  Interpretation of Other Agreements

  	
   

  
	
  SECTION 13.12.

  	
  No Recourse
  Against Others

  	
   

  
	
  SECTION 13.13.

  	
  Successors

  	
   

  
	
  SECTION 13.14.

  	
  Duplicate
  Originals

  	
   

  
	
  SECTION 13.15.

  	
  Severability

  	
   

  
	
   

  	
   

  	
   

  
	
  Signatures

  	
   

  	
   

  

 

	
  Exhibit A

  	
  -

  	
  Form of Note

  	
   

  
	
  Exhibit B

  	
  -

  	
  Form of Legends

  	
   

  
	
  Exhibit C

  	
  -

  	
  Form of Certificate To Be
  Delivered in Connection with Transfers to Non-QIB Accredited Investors

  	
   

  
	
  Exhibit D

  	
  -

  	
  Form of Certificate To Be
  Delivered in Connection with Transfers Pursuant to Regulation S

  	
   

  
	
  Exhibit E

  	
  -

  	
  Form of Notation of
  Guarantee

  	
   

  

 

v

 

	
  Note:

  	
  This Table of
  Contents shall not, for any purpose, be deemed to be part of the Indenture

  	
   

  

 

vi

 

INDENTURE dated as of July 1, 2004 among BUHRMANN
US INC., a Delaware corporation (the “Company”), as issuer, Buhrmann N.V., a
public company with limited liability under the laws of the Netherlands
(“Parent”), and each of the other Guarantors named herein, as Guarantors, and
THE BANK OF NEW YORK, a New York banking corporation, as Trustee (the “Trustee”).

 

The Company has duly authorized the creation of an
issue of 81/4% Senior Subordinated Notes due 2014 and, to
provide therefor, the Company has duly authorized the execution and delivery of
this Indenture.  All things necessary to
make the Securities, when duly issued and executed by the Company and
authenticated and delivered hereunder, the valid and binding obligations of the
Company and to make this Indenture a valid and binding agreement of the Company
have been done.

 

Each party hereto agrees as follows for the benefit of
each other party and for the equal and ratable benefit of the Holders of the
Securities:

ARTICLE ONE

DEFINITIONS AND INCORPORATION BY
REFERENCE

 

SECTION 1.01.            Definitions.

 

“Acquired Indebtedness” means Indebtedness of a
Person or any of its Subsidiaries existing at and prior to the time such Person
becomes a Restricted Subsidiary of Parent or at the time it merges or
consolidates with or into Parent or any of its Subsidiaries or assumed in
connection with the acquisition of assets from such Person; provided that such Indebtedness shall not have been incurred
by such Person in connection with, or in anticipation or contemplation of, such
Person becoming a Restricted Subsidiary of Parent or such acquisition, merger
or consolidation.

 

“Additional Interest” has the meaning given to
such term in the Registration Rights Agreement.

 

“Additional Securities” means any securities
originally issued under the terms of this Indenture after the Issue Date in addition
to the Initial Securities (but, for the avoidance of doubt, excluding any
Securities issued pursuant to Sections 2.07, 2.10, 2.15(d) or 3.06).

 

“Adjusted Net Assets” of a Guarantor at any
date shall mean the lesser of the amount by which (x) the fair value of the assets
of such Guarantor exceeds the total amount of liabilities, including, without
limitation, contingent liabilities, but excluding liabilities under its
Guarantee, of such Guarantor at such date and (y) the present fair salable
value of the assets of such Guarantor at such date exceeds the amount that will
be required to pay the probable liability of such Guarantor on its debts (after
giving effect to all other fixed and contingent liabilities and after giving
effect to any collection from any Subsidiary of such Guarantor in respect of
the obligations of such Guarantor under its Guarantee), excluding Indebtedness
in respect of its Guarantee, as they become absolute and matured.

 

“Affiliate” means, with respect to any
specified Person, any other Person who directly or indirectly through one or
more intermediaries controls, or is controlled by, or is under common control
with, such specified Person.  The term “control”
means the possession, directly or indirectly, of the power to direct or cause
the direction of the management and policies of a Person, whether through the

 

 

ownership of voting securities, by contract or otherwise;
and the terms “controlling” and “controlled” have meanings
correlative of the foregoing.

 

“Agent” means any Registrar, Paying Agent or
co-Registrar.

 

“Applicable Premium” means, with respect to any
note on any redemption date, the greater of: (1) 1.0% of the principal
amount of the Securities; or (2) the excess of: (a) the present value
at such redemption date of (i) the redemption price of the Securities at
July 1, 2009 (such redemption price being set forth in Paragraph 6 of the
Securities) plus (ii) all required interest payments due on the Securities
through July 1, 2009 (excluding accrued but unpaid interest to the redemption
date), computed using a discount rate equal to the Treasury Rate as of such
redemption date plus 50 basis points; over (b) the principal amount of the
Securities, if greater.

 

“Asset Acquisition” means (1) an Investment by
Parent or any Restricted Subsidiary in any other Person pursuant to which such
Person shall become a Restricted Subsidiary, or shall be merged with or into
Parent or any Restricted Subsidiary, or (2) the acquisition by Parent or
any Restricted Subsidiary of the assets of any Person (other than a Restricted
Subsidiary) which constitute all or substantially all of the assets of such
Person or comprises any division or line of business of such Person or any
other assets of such Person other than in the ordinary course of business.

 

“Asset Sale” means any Transfer by Parent or
any of its Restricted Subsidiaries of (x) any Equity Interests of any Restricted
Subsidiary or (y) any other assets of Parent or any Restricted Subsidiary other
than sales of inventory in the ordinary course of business; provided that the term “Asset Sale” shall not include any of
the following:

 

(a)           any Transfer between or among Parent
and/or one or more Restricted Subsidiaries;

 

(b)           any transaction or series of related
transactions for which Parent and its Restricted Subsidiaries receive aggregate
consideration of less than $15.0 million;

 

(c)           any Transfer covered by, and made in
compliance with Section 5.01;

 

(d)           sales of accounts receivable and
related assets of the type specified in the definition of Qualified Receivables
Transaction to a Receivables Subsidiary for the fair market value thereof,
including cash in an amount at least equal to 75% of the book value thereof as
determined in accordance with GAAP, and transfers of accounts receivable and
related assets of the type specified in the definition of Qualified Receivables
Transaction (or a fractional undivided interest therein) by a Receivables
Subsidiary in a Qualified Receivables Transaction;

 

(e)           surrender or waiver of contract
rights or settlement of claims;

 

(f)            Liens not prohibited by this
Indenture;

 

(g)           the Transfer of Cash Equivalents;

 

(h)           any Transfer of damaged, worn-out or
obsolete equipment in the ordinary course of business;

 

2

 

(i)            the lease or sublease of any real or
personal property in the ordinary course of business;

 

(j)            the licensing of intellectual
property in the ordinary course of business;

 

(k)           any Restricted Payment permitted by
Section 4.11; and

 

(l)            Permitted Investments.

 

“Australian Subsidiary” shall mean Corporate
Express Australia Ltd. (or any successor) or any of its Subsidiaries.

 

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

 

“Board of Directors” means (1) with respect to
Parent, (x) for purposes of the definitions of “Change of Control,” “Continuing
Directors” and “Independent Financial Advisor,” its board of supervisory directors
and (y) for all other purposes, its board of managing directors and (2)
with respect to any other Person, the board of directors or similar governing
body of such Person.

 

“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.

 

“Business Day” means any day other than a
Saturday, Sunday or any other day on which banking institutions in the City of
New York are required or authorized by law or other governmental action to be
closed.

 

“Capitalized Lease Obligation” means, as to any
Person, the obligations of such Person under a lease that are required to be
classified and accounted for as capital lease obligations under GAAP and, for
purposes of this definition, the amount of such obligations at any date shall
be the capitalized amount of such obligations at such date, determined in
accordance with GAAP.

 

“Capital Stock” means:

 

(a)           with respect to any Person that is a
corporation, any and all shares, interests, participations or other equivalents
(however designated and whether or not voting) of corporate stock, including
each class of Common Stock and Preferred Stock of such Person; and

 

(b)           with respect to any Person that is
not a corporation, any and all partnership, membership or other equity interests
of such Person.

 

“Cash Equivalents” means:

 

(1)           cash;

 

(2)           debt securities denominated in euro,
pounds sterling, Swiss francs, Canadian dollars or U.S. dollars, as applicable,
to be issued or directly and fully guaranteed or insured by the

 

3

 

government of a Participating Member State (on the
Issue Date), the U.K., Switzerland, Canada or the U.S., as applicable, where
the debt securities have not more than twelve months to final maturity and are
not convertible into any other form of security;

 

(3)           debt securities denominated in euro,
pounds sterling, Swiss francs, Canadian dollars or U.S. dollars which have not
more than twelve months to final maturity, are not convertible into any other
form of security, are rated P-1 by Moody’s or A-1 by Standard & Poor’s
and are not issued or guaranteed by Parent or any of its Subsidiaries;

 

(4)           commercial paper denominated in euro,
pounds sterling, Swiss francs, Canadian dollars or U.S. dollars maturing no
more than one year from the date of creation thereof and, at the time of
acquisition, having a rating of at least P-1 from Moody’s and A-1 from
Standard & Poor’s;

 

(5)           certificate of deposit denominated in
euro, pounds sterling, Swiss franc, Canadian dollars or U.S. dollars having not
more than twelve months to maturity issued by a bank or financial institution
incorporated or having a branch in a Participating Member State (on the Issue
Date) in the United Kingdom, Switzerland, Canada or the United States, provided that the bank is rated P-1 by Moody’s or A-1 by
Standard & Poor’s;

 

(6)           any cash deposit denominated in euro,
pounds sterling, Swiss francs, Canadian dollars or U.S. dollars with any
commercial bank or other financial institution, in each case whose long term
unsecured, unsubordinated debt rating is a least Aa3 by Moody’s or AA by
Standard & Poor’s;

 

(7)           repurchase obligations with a term of
not more than seven days for underlying securities of the types described in
clause (2) above entered into with any bank or financial institution
meeting the qualifications specified in clause (6) above; and

 

(8)           investments in money market funds
which invest substantially all their assets in securities of the types described
in clauses (2) through (7) above.

 

“Change of Control” means the occurrence of one
or more of the following events (whether or not otherwise in compliance with
the provisions of this Indenture):

 

(a)           any transaction (including any merger
or consolidation) shall be consummated after which any Person or Group,
together with any Affiliates thereof, shall become the owner, directly or
indirectly, beneficially or of record, of Equity Interests representing 50% or
more of the aggregate ordinary voting power of the Equity Interests of Parent; provided that (x) such ownership by Stichting B solely
by reason of the issuance of Parent’s Preference Shares B pursuant to Section
4.10(b)(xi) shall not result in a Change of Control under this clause (a) so
long as Stichting B Continuing Directors shall not cease to constitute a majority
of the executive committee of Stichting B and (y) ownership of record of
Parent’s Preference Shares A by Stichting shall not result in a Change of
Control under this clause (a) so long as the Stichting A Continuing Directors
shall not cease to constitute a majority of the executive committee of
Stichting A;

 

(b)           Parent shall cease to own, directly
or indirectly, beneficially and of record, 100% of the Equity Interests of the
Company;

 

4

 

(c)           the approval by the holders of Equity
Interests of Parent of any plan or proposal for the liquidation or dissolution
of Parent; or

 

(d)           Continuing Directors cease to
constitute a majority of the Board of Directors of Parent.

 

For purposes of this definition, “Group” means
a group for purposes of Section 13(d) of the Exchange Act, and “beneficial”
ownership has the meaning under Rule 13d-3 under the Exchange Act.

 

“Commission” means the Securities and Exchange
Commission.

 

“Common Stock” of any Person means any and all
shares, interests or other participations in, and other equivalents (however
designated and whether voting or non-voting) of such Person’s common stock,
whether outstanding on the Issue Date or issued after the Issue Date, and
includes, without limitation, all series and classes of such common stock.

 

“Company” means the party named as such in this
Indenture until a successor replaces it pursuant to this Indenture and
thereafter shall mean such successor corporation.

 

“Consolidated EBITDA” means, with respect to
any Person, for any period, the sum (without duplication) of:

 

(a)           Consolidated Net Income; and

 

(b)           to the extent Consolidated Net Income
has been reduced thereby:

 

(i)            all income taxes of such Person and
its Restricted Subsidiaries paid or accrued in accordance with GAAP for such
period (other than income taxes attributable to extraordinary, unusual or
nonrecurring gains or losses or taxes attributable to sales or dispositions
outside the ordinary course of business);

 

(ii)           Consolidated Interest Expense;

 

(iii)          Consolidated Non-cash Charges less
any non-cash items increasing Consolidated Net Income for such period; and

 

(iv)          cash dividends on Designated Preferred
Stock for such period;

 

all as determined on a consolidated basis for such
Person and its Restricted Subsidiaries in accordance with GAAP.

 

“Consolidated Fixed Charge Coverage Ratio”
means, with respect to any Person, the ratio of Consolidated EBITDA of such
Person during the four full fiscal quarters (the “Four Quarter Period”)
ending on or prior to the date of the transaction giving rise to the need to
calculate the Consolidated Fixed Charge Coverage Ratio for which financial
statements are available (the “Transaction Date”) to Consolidated Fixed
Charges of such Person for the Four Quarter Period.  In addition to and without limitation of the
foregoing, for purposes of this definition, “Consolidated EBITDA” and
“Consolidated Fixed Charges” shall be calculated after giving effect on a pro
forma basis for the period of such calculation to:

 

5

 

(a)           the incurrence or repayment of any
Indebtedness of such Person or any of its Restricted Subsidiaries (and the
application of the proceeds thereof) giving rise to the need to make such
calculation and any incurrence or repayment of other Indebtedness (and the
application of the proceeds thereof), other than the incurrence or repayment of
Indebtedness in the ordinary course of business for working capital purposes
pursuant to working capital facilities, occurring at any time on or after the
first day of the Four Quarter Period and on or prior to the Transaction Date,
as if such incurrence or repayment, as the case may be (and the application of
the proceeds thereof), occurred on the first day of the Four Quarter Period;
and

 

(b)           any asset sales or other dispositions
outside the ordinary course of business or Asset Acquisitions (including,
without limitation, any Asset Acquisition giving rise to the need to make such
calculation as a result of such Person or one of its Restricted Subsidiaries
(including any Person who becomes a Restricted Subsidiary as a result of the
Asset Acquisition) incurring, assuming or otherwise being liable for
Indebtedness and also including any Consolidated EBITDA (including any Pro Forma
Cost Savings) attributable to the assets which are the subject of the Asset
Acquisition or asset sale or other disposition during the Four Quarter Period)
occurring at any time on or after the first day of the Four Quarter Period and
on or prior to the Transaction Date, as if such asset sale or other disposition
or Asset Acquisition (including the incurrence, assumption or liability for any
such Indebtedness) occurred on the first day of the Four Quarter Period.

 

If such Person or any of its Restricted Subsidiaries
directly or indirectly guarantees Indebtedness of a third Person, the preceding
sentence shall give effect to the incurrence of such guaranteed Indebtedness as
if such Person or any Restricted Subsidiary of such Person had directly
incurred or otherwise assumed such guaranteed Indebtedness.  The foregoing adjustments shall be made with
respect to any such incurrences, repayments, asset sales or other dispositions
or Asset Acquisitions by any Person that becomes a Restricted Subsidiary, or
any Restricted Subsidiary that ceases to be a Restricted Subsidiary, as the
case may be, at any time on or after the first day of the Four Quarter Period
and on or prior to the Transaction Date.

 

Furthermore, in calculating “Consolidated Fixed
Charges” for purposes of determining the denominator (but not the numerator) of
this “Consolidated Fixed Charge Coverage Ratio”:

 

(a)           interest on outstanding Indebtedness
determined on a fluctuating basis as of the Transaction Date and which will
continue to be so determined thereafter shall be deemed to have accrued at a
fixed rate per annum equal to the rate of interest on such Indebtedness in
effect on the Transaction Date; and

 

(b)           notwithstanding clause (1) above,
interest on Indebtedness determined on a fluctuating basis, to the extent such
interest is covered by agreements relating to Interest Hedging Agreements,
shall be deemed to accrue at the rate per annum resulting after giving effect
to the operation of such agreements.

 

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

 

(a)           Consolidated Interest Expense; plus

 

6

 

(b)           without duplication the product of
(x) the amount of all dividend payments on any series of Preferred Stock of
such Person and, to the extent permitted under this Indenture, its Restricted
Subsidiaries (other than dividends paid in Qualified Equity Interests) paid
during such period times (y) a fraction, the numerator of which is one and the
denominator of which is one minus the then current effective consolidated tax
rate of such Person, expressed as a decimal.

 

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

 

(a)           the aggregate of the interest expense
of such Person and its Restricted Subsidiaries for such period determined on a
consolidated basis in accordance with GAAP, including without limitation:  (a) any amortization of debt discount;
(b) the net costs under Interest Hedging Agreements; (c) all
capitalized interest; and (d) the interest portion of any deferred payment
obligation (but excluding amortization or write-off of debt issuance costs);
and

 

(b)           the interest component of Capitalized
Lease Obligations paid, accrued and/or scheduled to be paid or accrued by such
Person and its Restricted Subsidiaries during such period as determined on a
consolidated basis in accordance with GAAP.

 

“Consolidated Leverage Ratio” with respect to
any Person as of any date of determination means, the ratio of
(1) consolidated Indebtedness of such person as of the end of the most
recent fiscal quarter for which internal financial statements are available to
(2) the aggregate amount of the Consolidated EBITDA of such Person during
the four full fiscal quarters ending on or prior to the date of the transaction
giving rise to the need to calculate the Consolidated Leverage Ratio for which
financial statements are available, in each with such pro forma adjustments to consolidated
Indebtedness and Consolidated EBITDA as are appropriate and consistent with the
pro forma provisions set forth in
the definition of Consolidated Fixed Charge Coverage Ratio.

 

“Consolidated Net Income” means, with respect
to any Person, for any period, the aggregate net income (or loss) of such
Person and its Restricted Subsidiaries for such period on a consolidated basis,
determined in accordance with GAAP; provided that
there shall be excluded therefrom:

 

(a)           after-tax gains and losses from Asset
Sales (without regard to the exceptions in clauses (2) and (4) in the proviso
of the definition thereof) or abandonments or reserves relating thereto;

 

(b)           after-tax items classified as
extraordinary or nonrecurring gains or losses;

 

(c)           the net income (or loss) of any
Person acquired in a “pooling of interests” transaction accrued prior to the
date it becomes a Restricted Subsidiary of the referent Person or is merged or
consolidated with the referent Person or any Restricted Subsidiary of the
referent Person;

 

(d)           the net income (but not loss) of any
Restricted Subsidiary of the referent Person to the extent that the declaration
of dividends or similar distributions by that Restricted Subsidiary of that
income is restricted by contract, operation of law or otherwise;

 

7

 

(e)           the net income of any Person, other
than a Restricted Subsidiary of the referent Person, except to the extent of
cash dividends or distributions paid to the referent Person or to a Restricted
Subsidiary of the referent Person by such Person;

 

(f)            any restoration to income of any
contingency reserve, except to the extent that provision for such reserve was
made out of Consolidated Net Income accrued at any time following the Issue
Date;

 

(g)           income or loss attributable to
discontinued operations (including, without limitation, operations disposed of
during such period whether or not such operations were classified as discontinued
but excluding Parent’s information systems division);

 

(h)           the cumulative effect of a change in
accounting principles;

 

(i)            one-time non-cash compensation
charges; and

 

(j)            in the case of a successor to the
referent Person by consolidation or merger or as a transferee of the referent
Person’s assets, any earnings of the successor corporation prior to such
consolidation, merger or transfer of assets;

 

provided further that any cash
dividends on Designated Preferred Stock for such period shall decrease
Consolidated Net Income.

 

“Consolidated Non-cash Charges” means, with
respect to any Person, for any period, the aggregate depreciation, amortization
and other non-cash expenses of such Person and its Restricted Subsidiaries
reducing Consolidated Net Income of such Person and its Restricted Subsidiaries
for such period, determined on a consolidated basis in accordance with GAAP
(excluding any such charges constituting an extraordinary item or loss or any
such charge which requires an accrual of or a reserve for cash charges for any
future period).

 

“Continuing Director” means a director who
either was a member of the Board of Directors of Parent on the Issue Date or
who became a director of Parent subsequent to the Issue Date and whose
election, or nomination for election by Parent’s stockholders, was duly
approved by a majority of the Continuing Directors then on the Board of
Directors of Parent, either by a specific vote or by approval of the proxy
statement issued by Parent on behalf of the entire Board of Directors of Parent
in which such individual is named as nominee for director.

 

“Corporate Trust Office” means the principal
office of the Trustee at which at any time its corporate trust business shall
be administered, which office at the dated hereof is located at 101 Barclay
Street, Floor 8 West, New York, New York 10286, Attention:  Corporate Trust Administration, or such other
address as the Trustee may designate from time to time by notice to the Holders
and the Company, or the principal corporate trust office of any successor
Trustee (or such other address as such successor Trustee may designate from
time to time by notice to the Holders and the Company).

 

“Credit Agreement” means the Credit Agreement
dated as of December 23, 2003, between Parent, the Company, the lenders
party thereto in their capacities as lenders thereunder and Deutsche Bank AG
London, as administrative agent, together with the related documents thereto
(including, without limitation, any guarantee agreements and security
documents), in each case as such agreements

 

8

 

may be amended (including
any amendment and restatement thereof), supplemented or otherwise modified from
time to time, including any agreement extending the maturity of, refinancing,
replacing or otherwise restructuring (including increasing the amount of available
borrowings thereunder or adding Restricted Subsidiaries of Parent as additional
borrowers or guarantors thereunder) all or any portion of the Indebtedness
under such agreement or any successor or replacement agreement and whether by
the same or any other agent, lender or group of lenders.

 

“Credit Facilities” means one or more debt
facilities (including, without limitation, the Credit Agreement) or commercial
paper facilities, in each case, with banks or other institutional lenders
providing for revolving credit loans, term loans, 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, replaced (whether upon or after termination or otherwise) or
refinanced (including by means of sales of debt securities to institutional
investors) in whole or in part from time to time.

 

“Currency/Commodity Hedging Agreement” means
any agreement entered into between the Parent or any Restricted Subsidiary of
the Parent and a bank or financial institution in respect of any currency swap
agreements, commodity agreements or other similar agreements or arrangements.

 

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

 

“Default” means an event or condition the
occurrence of which is, or with the lapse of time or the giving of notice or
both would be, an Event of Default.

 

“Depository” shall mean The Depository Trust
Company, New York, New York, or a successor thereto registered under the
Exchange Act or other applicable statute or regulation.

 

“Designated Preferred Stock” means preferred
stock that is so designated as Designated Preferred Stock, pursuant to an
Officers’ Certificate executed by the principal executive officer and the
principal financial officer of the Company, on the issuance date thereof, the
Net Cash Proceeds of which are excluded from the calculation set forth in
Section 4.11(a)(3) and are not used for purposes of Section 4.11(b)(iv) or (v).

 

“Designated Senior Debt” means (1) Indebtedness
under or in respect of the Credit Agreement and (2) any other Indebtedness
constituting Senior Debt which, at the time of determination, has an aggregate
principal amount of at least $25.0 million and is specifically designated
in the instrument evidencing such Senior Debt as “Designated Senior Debt” by
Parent.

 

“Disqualified Equity Interests” means that portion
of any Capital Stock which, by its terms (or by the terms of any security into
which it is convertible or for which it is exchangeable at the option of the
holder thereof), or upon the happening of any event (other than an event which
would constitute a Change of Control), matures or is mandatorily redeemable,
pursuant to a sinking fund obligation or otherwise, or is redeemable at the
sole option of the holder thereof (except, in each case, upon the occurrence of
a Change of Control) on or prior to the date which is 91 days after the final
maturity date of the Securities.

 

9

 

“Equity Interests” means, with respect to any
Person, the Capital Stock of such Person, any warrants, options or other options
to purchase or acquire such Capital Stock and any securities convertible into
or exchangeable for such Capital Stock.

 

“Equity Offering” means any issuance and sale
of Qualified Equity Interests of Parent.

 

“Exchange Act” means the Securities Exchange
Act of 1934, as amended, or any successor statute or statutes thereto.

 

“fair market value” means, with respect to any
asset, the price which could be negotiated in an arm’s-length, free market
transaction, for cash, between a willing seller and a willing and able buyer,
neither of whom is under undue pressure or compulsion to complete the
transaction.  Fair market value (other
than of any asset with a public trading market) in excess of $10.0 million
shall be determined by the Board of Directors of Parent acting reasonably and
in good faith and shall be evidenced by a Board Resolution of the Board of
Directors of Parent delivered to the Trustee. 
For purposes of Section 4.11, fair market value (other than of any asset
with a public trading market) in excess of $25.0 million shall be determined by
an Independent Financial Advisor.

 

“GAAP” means generally accepted accounting
principles in the Netherlands as consistently applied by Parent for all applicable
periods, which are in effect as of the Issue Date. At any time after the Issue
Date, the Parent, if required by applicable law to adopt International
Financial Reporting Standards (“IFRS”), may elect to apply for all
purposes of the Indenture IFRS, in lieu of GAAP, and, upon any such election,
references therein to GAAP shall be construed to mean IFRS, provided that (1) any such election
once made shall be irrevocable, (2) all financial statements and reports
required to be provided, after such election, pursuant to this Indenture shall
be prepared on the basis of IFRS and (3) from and after such election, all
ratios, computations and other determinations based on GAAP contained in this
Indenture shall be computed in conformity with IFRS.

 

“Global Security” shall mean one or more
Regulation S Global Securities and 144A Global Securities.

 

“Guarantee” means a guarantee, by a Guarantor
pursuant to the provisions of this Indenture of (x) the Company’s obligations
under this Indenture and the Securities and (y) each other such guarantee.

 

“Guarantor Senior Debt” means, with respect to
any Guarantor:  the principal of,
premium, if any, and interest (including any interest accruing subsequent to
the filing of a petition of bankruptcy at the rate provided for in the
documentation with respect thereto, whether or not such interest is an allowed
claim under applicable law) on any Indebtedness of a Guarantor, whether
outstanding on the Issue Date or thereafter created, incurred or assumed,
unless, in the case of any particular Indebtedness, the instrument creating or
evidencing the same or pursuant to which the same is outstanding expressly
provides that such Indebtedness shall not be senior in right of payment to the
Guarantee of such Guarantor.  Without
limiting the generality of the foregoing, “Guarantor Senior Debt” shall also include
the principal of, premium, if any, interest (including any interest accruing
subsequent to the filing of a petition of bankruptcy at the rate provided for
in the documentation with respect thereto, whether or not such interest is an
allowed claim under applicable law) on, and all other amounts owing in respect
of:

 

10

 

(x)            all
monetary obligations (including guarantees thereof) of every nature of such
Guarantor under, or with respect to, the Credit Agreement, including, without
limitation, obligations to pay principal and interest, reimbursement obligations
under letters of credit, fees, expenses and indemnities (and guarantees
thereof);

 

(y)           all
Interest Hedging Agreements (and guarantees thereof); and

 

(z)            all
obligations (and guarantees thereof) under Currency/Commodity Hedging
Agreements;

 

in each case whether outstanding on the Issue Date or
thereafter incurred.

 

Notwithstanding the foregoing, “Guarantor Senior Debt”
shall not include:

 

(a)           any Indebtedness of such Guarantor to
Parent or any of its Subsidiaries;

 

(b)           Indebtedness to, or guaranteed on
behalf of, any director, officer or employee of such Guarantor or any Subsidiary
of such Guarantor (including, without limitation, amounts owed for compensation);

 

(c)           obligations to trade creditors and
other amounts incurred (but not under the Credit Agreement) in connection with
obtaining goods, materials or services;

 

(d)           Indebtedness represented by
Disqualified Equity Interests;

 

(e)           any liability for taxes owed or owing
by such Guarantor;

 

(f)            that portion of any Indebtedness
incurred in violation of Section 4.10 (but, as to any such obligation, no such
violation shall be deemed to exist for purposes of this clause (f) if the
holder(s) of such obligation or their representative shall have received an
Officers’ Certificate of the Company to the effect that the incurrence of such
Indebtedness does not (or, in the case of revolving credit indebtedness, that
the incurrence of the entire committed amount thereof at the date on which the
initial borrowing thereunder is made would not) violate such provisions of this
Indenture);

 

(g)           Indebtedness which, when incurred and
without respect to any election under Section 1111(b) of Title 11,
United States Code, is without recourse to such Guarantor; and

 

(h)           any Indebtedness which is, by its
express terms, subordinated in right of payment to any other Indebtedness of
such Guarantor.

 

“Guarantors” means: (1) Parent,
(2) ASAP Software Express, Inc., BTOP USA Corp., BTOPI Holding
(U.S.), Buhrmann Swaps, Inc., Corporate Express Document & Print
Management, Inc., Corporate Express Office Products, Inc., CE Philadelphia
Real Estate, Inc., Corporate Express Promotional Marketing, Inc.,
Corporate Express Real Estate, Inc., Corporate Express of
Texas, Inc., Corporate Express, Inc., License Technologies
Group, Inc., Moore Labels, Inc., Buhrmann Financieringen B.V., Buhrmann
Fined B.V., Buhrmann II B.V., Buhrmann International B.V., Buhrmann Nederland
B.V., Buhrmann Nederland Holding B.V., Tetterode-Nederland B.V., Veenman B.V.
(formerly known as Corporate Express 

 

11

 

Document Automatisering
B.V.), Buhrmann Office Products Nederland B.V., Buhrmann Europcenter N.V.,
Buhrmann Luxembourg S.á.r.l. and (3) each Restricted Subsidiary of Parent
that, after the date of this Indenture, executes a supplemental indenture in
which such Restricted Subsidiary agrees to be bound by the terms of this
Indenture as a Guarantor; provided
that any Person constituting a Guarantor as described above shall cease to
constitute a Guarantor when its respective Guarantee is released in accordance
with the terms of the Indenture.

 

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

 

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

 

(a)           all indebtedness of such Person for
borrowed money;

 

(b)           all indebtedness of such Person
evidenced by bonds, debentures, notes or other similar instruments;

 

(c)           all Capitalized Lease Obligations of
such Person;

 

(d)           all obligations of such Person issued
or assumed as the deferred purchase price of property, all conditional sale
obligations and all obligations under any title retention agreement (but
excluding trade accounts payable and other accrued liabilities arising in the
ordinary course of business);

 

(e)           all obligations for the reimbursement
of any obligor on any letter of credit, banker’s acceptance or similar credit
transaction;

 

(f)            guarantees and other contingent
obligations in respect of Indebtedness referred to in clauses (a) through (e)
above and clause (h) below, other than Standard Securitization Undertakings;

 

(g)           all obligations of any other Person
of the type referred to in clauses (a) through (f) that are secured by any Lien
on any asset of such Person, the amount of such Obligation being deemed to be
the lesser of the fair market value of such asset or the amount of the Obligation
so secured;

 

(h)           all obligations under Currency/Commodity
Hedging Agreements, Interest Hedging Agreements and other hedging arrangements
of such Person; and

 

(i)            all Disqualified Equity Interests
issued by such Person with the amount of Indebtedness represented by such
Disqualified Equity Interests being equal to the greater of its voluntary or
involuntary liquidation preference and its maximum fixed repurchase price, but
excluding accrued dividends, if any.

 

The amount of any Indebtedness outstanding as of any
date will be the accreted value of the Indebtedness, in the case of any
Indebtedness issued with original issue discount, and the principal amount of
the Indebtedness, in the case of any other Indebtedness.  For purposes hereof, the “maximum fixed repurchase
price” of any Disqualified Equity Interests which does not have a fixed
repurchase price shall

 

12

 

be calculated in
accordance with the terms of such Disqualified Equity Interests as if such
Disqualified Equity Interests were purchased on any date on which Indebtedness
shall be required to be determined pursuant to this Indenture, and if such
price is based upon, or measured by, the fair market value of such Disqualified
Equity Interests, such fair market value shall be determined reasonably and in
good faith by the Board of Directors of the issuer of such Disqualified Equity
Interests.

 

“Indenture” means this Indenture, as amended or
supplemented from time to time in accordance with the terms hereof.

 

“Independent Financial Advisor” means a
firm:  (1) which does not, and whose directors,
officers and employees or Affiliates do not, have a direct or indirect
financial interest in Parent; and (2) which, in the judgment of the Board of
Directors of Parent, is otherwise independent and qualified to perform the task
for which it is to be engaged.

 

“Initial Purchasers” means Deutsche Bank
Securities Inc., BNP Paribas Securities Corp. and ING Bank N.V.

 

“Initial Securities” means the Company’s 81/4%
Senior Subordinated Notes due 2014 issued on the Issue Date (and any Securities
issued in respect thereof pursuant to Section 2.07, 2.10, 2.15(d) or
3.06).

 

“Institutional Accredited Investor” or “IAI”
means an institution that is an “accredited investor” as that term is defined
in Rule 501(a)(1), (2), (3) or (7) under the Securities Act.

 

“interest” means, with respect to the
Securities, interest and any Additional Interest on the Securities.

 

“Interest Payment Date” means the stated
maturity of an installment of interest on the Securities.

 

“Interest Hedging Agreement” means any
agreement entered into between the Parent or a Restricted Subsidiary of the
Parent and a bank or financial institution in respect of any interest rate
swap, currency swap, foreign exchange contracts, cap, floor, collar or optional
transaction or any other treasury transaction or any combination of it or any
other transaction entered into in connection with protection against or benefit
from fluctuating in any rate or price.

 

“Investment” means, with respect to any Person,
any direct or indirect loan or other extension of credit (including, without
limitation, a guarantee) or capital contribution to (by means of any transfer
of cash or other property to others or any payment for property or services for
the account or use of others), or any purchase or acquisition by such Person of
any Capital Stock, bonds, notes, debentures or other securities or evidences of
Indebtedness issued by, any Person. 
“Investment” shall exclude extensions of trade credit by Parent and its
Restricted Subsidiaries on commercially reasonable terms in accordance with
normal trade practices of Parent or such Restricted Subsidiary, as the case may
be.  If Parent or any Restricted
Subsidiary of Parent sells or otherwise disposes of any Common Stock of any
direct or indirect Restricted Subsidiary of Parent such that, after giving
effect to any such sale or disposition, Parent no longer owns, directly or indirectly,
greater than 50% of the outstanding Common Stock of such Restricted Subsidiary,
Parent shall be deemed to have made an Investment on the date of any such sale
or disposition equal to the fair market value of the Common Stock of such
Restricted Subsidiary not sold or

 

13

 

disposed of.  Other than in the case of any designation of
an Australian Subsidiary, upon designation of any Subsidiary as an Unrestricted
Subsidiary in accordance with the definition thereof, Parent shall be deemed to
have made an Investment equal to the fair market value of such Subsidiary at
that time.

 

“Issue Date” means July 1, 2004, the date
of original issuance of the Securities.

 

“Lien” means any lien, mortgage, deed of trust,
pledge, security interest, charge or encumbrance of any kind (including any
conditional sale or other title retention agreement, any lease in the nature
thereof and any agreement to give any security interest), but not including any
interests in accounts receivable and related assets conveyed by Parent or any
of its Subsidiaries in connection with a Qualified Receivables Transaction.

 

“Maturity Date” means July 1, 2014.

 

“Net Cash Proceeds” means

 

(A)          with respect to any Asset Sale, the
proceeds in the form of cash or Cash Equivalents including payments in respect
of deferred payment obligations when received in the form of cash or Cash
Equivalents (other than the portion of any such deferred payment constituting
interest) received by Parent or any of its Restricted Subsidiaries from such
Asset Sale, net of:

 

(i)            reasonable out-of-pocket fees and
expenses relating to such Asset Sale (including, without limitation, legal,
accounting and investment banking fees and sales commissions);

 

(ii)           taxes paid or payable with respect to
such Asset Sale after taking into account any reduction in consolidated tax
liability due to available tax credits or deductions and any tax sharing
arrangements;

 

(iii)          repayment of Indebtedness that is
secured by the assets that are the subject of such Asset Sale; and

 

(iv)          appropriate amounts to be provided by
Parent or any Restricted Subsidiary, as the case may be, as a reserve, in
accordance with GAAP, against any liabilities associated with such Asset Sale
and retained by Parent or any Restricted Subsidiary, as the case may be, after
such Asset Sale, including, without limitation, pension and other post-employment
benefit liabilities, liabilities related to environmental matters and
liabilities under any indemnification obligations associated with such Asset
Sale; and

 

(B)           with respect to any issuance and sale
of Equity Interests or any capital contribution, the proceeds in the form of
cash or Cash Equivalents received by Parent therefrom, net of out-of-pocket
fees and expenses, including underwriting commissions and discounts and any
other investment banking fees in respect thereof.

 

“Non-Guarantor Restricted Subsidiary” means any
Restricted Subsidiary that is not a Guarantor at the time of determination.

 

“Non-U.S. Person” has the meaning assigned to
such term in Regulation S.

 

14

 

“Obligations” means all obligations for
principal, premium, interest, penalties, fees, indemnifications, reimbursements,
damages and other liabilities payable under the documentation governing any
Indebtedness, and all guarantees of any of the foregoing.

 

“Offering Memorandum” means the offering
memorandum of the Company and the Guarantors dated June 28, 2004 relating
to the Securities.

 

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

 

“Officers’ Certificate” means a certificate
signed by two Officers of the Company satisfying the requirements of Section
13.05.

 

“144A Global Security” means a permanent global
security in registered form representing the aggregate principal amount of
Securities sold in reliance on Rule 144A under the Securities Act.

 

“Opinion of Counsel” means a written opinion
from legal counsel which opinion and counsel are reasonably acceptable to the
Trustee satisfying the requirements of Section 13.05.

 

“Parent” means Buhrmann N.V., a Dutch limited
liability company, and its successors.

 

“Participating Member State” means each state
so described in any European Monetary Union legislation.

 

“Permitted Investments” means:

 

(a)           loans made pursuant to Section
4.10(b)(vi) or (vii);

 

(b)           Investments (other than loans) in the
Company or any Guarantor or any Person that will become immediately after such
Investment the Company or a Guarantor or that will merge or consolidate into
the Company or a Guarantor;

 

(c)           Investments by Parent or any
Restricted Subsidiary in any Restricted Subsidiary;

 

(d)           investments in cash and Cash
Equivalents;

 

(e)           loans and advances to employees and
officers of Parent and its Restricted Subsidiaries in the ordinary course of
business for bona fide business purposes not in excess of $10.0 million at any
one time outstanding;

 

(f)            Interest Hedging Agreements in
compliance with Section 4.10(b)(iv) and Currency/Commodity Hedging Agreements
in compliance with Section 4.10(b)(v);

 

(g)           Investments in securities of trade
creditors or customers received pursuant to any plan of reorganization or similar
arrangement upon the bankruptcy or insolvency of such trade creditors or customers;

 

15

 

(h)           Investments made by Parent or any
Restricted Subsidiary as a result of consideration received in an Asset Sale
made in compliance with Section 4.13;

 

(i)            any Investment by the Company or any
Guarantor in a Receivables Subsidiary or any Investment by a Receivables
Subsidiary in any other Person, in each case in connection with a Qualified
Receivables Transaction; provided that
the foregoing Investment is in the form of a note that the Receivables
Subsidiary or other Person is required to repay as soon as practicable from
available cash collections less amounts required to be established as reserves
pursuant to contractual arrangements with entities that are not Affiliates
entered into as part of a Qualified Receivables Transaction;

 

(j)            accounts receivable created or
acquired in the ordinary course of business;

 

(k)           guarantees permitted by Section
4.10(b)(xiv);

 

(l)            Investments, payment for which
consists exclusively of Qualified Equity Interests of Parent;

 

(m)          Investments in Unrestricted
Subsidiaries made after the Issue Date in an aggregate amount not to exceed
$25.0 million at any one time outstanding;

 

(n)           Investments in Permitted Joint
Ventures in an aggregate amount not to exceed $25.0 million at any one time outstanding;
and

 

(o)           additional Investments not to exceed
$75.0 million at any one time outstanding.

 

“Permitted Joint Venture” means an entity
characterized as a joint venture (however structured) engaged in a business in
which Parent and its Subsidiaries are engaged on the date of this Indenture and
in which Parent or a Restricted Subsidiary (a) owns at least 20% of the
ownership interest or (b) has the right to receive at least 20% of the profits
or distributions; provided that such joint venture
is not a Subsidiary.

 

“Permitted Liens” means the following types of
Liens:

 

(a)           Liens for taxes, assessments or
governmental charges or claims either (a) not delinquent or (b) contested in
good faith by appropriate proceedings and as to which Parent or its Restricted
Subsidiaries shall have set aside on its books such reserves as may be required
pursuant to GAAP;

 

(b)           statutory Liens of landlords and
Liens of carriers, warehousemen, mechanics, suppliers, materialmen, repairmen
and other Liens imposed by law incurred in the ordinary course of business for
sums not yet delinquent or being contested in good faith, if such reserve or
other appropriate provision, if any, as shall be required by GAAP shall have
been made in respect thereof;

 

(c)           Liens incurred or deposits made in
the ordinary course of business in connection with workers’ compensation,
unemployment insurance and other types of social security, including any Lien
securing letters of credit issued in the ordinary course of business consistent
with

 

16

 

past practice in
connection therewith, or to secure the performance of tenders, statutory obligations,
surety and appeal bonds, bids, leases, government contracts, performance and
return-of-money bonds and other similar obligations (exclusive of obligations
for the payment of borrowed money);

 

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

 

(e)           Liens securing reimbursement
obligations with respect to commercial letters of credit which encumber
documents and other property relating to such letters of credit and products
and proceeds thereof;

 

(f)            Liens encumbering deposits made to
secure obligations arising from statutory, regulatory, contractual or warranty
requirements of Parent or any of its Restricted Subsidiaries, including rights
of offset and set-off; and

 

(g)           bankers’ liens, rights of setoff and
other similar liens existing solely with respect to cash and Cash Equivalents
on deposit in one or more of accounts maintained by Parent or any of its
Restricted Subsidiaries, in each case granted in the ordinary course of
business in favor of the bank or banks with which such accounts are maintained,
securing amounts owing to such bank with respect to cash management and
operating account arrangements, including those involving pooled accounts and
netting arrangements; provided that
in no case shall any such Liens secure (either directly or indirectly) the repayment
of any Indebtedness.

 

“Person” means an individual, partnership,
corporation, unincorporated organization, trust or joint venture, or a governmental
agency or political subdivision thereof.

 

“Preferred Stock” of any Person means any
Capital Stock of such Person that has preferential rights to any other Capital
Stock of such Person with respect to dividends or redemptions or upon
liquidation.

 

“Private Placement Legend” means the legends
initially set forth on the Securities in the form set forth in Exhibit B.

 

“Pro Forma Cost Savings” means, with respect to
any period, the reduction in costs that occurred during the Four Quarter Period
that were (1) directly attributable to an Asset Acquisition and calculated on a
basis that is consistent with Article 11 of Regulation S-X under the Securities
Act as in effect on the date of this Indenture or (2) implemented by the business
that was the subject of any such Asset Acquisition within one year of the date
of the Asset Acquisition and that are supportable and quantifiable by the
underlying accounting records of such business, as if, in the case of each of
clauses (1) and (2), all such reductions in costs had been effected as of the
beginning of such period, decreased by any incremental expenses (except to the
extent capitalized on Parent’s consolidated balance sheet) incurred or to be
incurred during the Four Quarter Period in order to achieve such reduction in
costs.

 

“Purchase Money Indebtedness” means
Indebtedness of Parent and its Restricted Subsidiaries incurred in the normal
course of business for the purpose of financing all or any part of the purchase

 

17

 

price, or the cost of
installation, construction or improvement, of property or equipment (whether
through the direct purchase of assets or the Capital Stock of any Person owning
such assets).

 

“Qualified Equity Interests” means any Equity
Interests other than (1) any Disqualified Equity Interests and
(2) any debt securities convertible into or exchangeable for Capital
Stock.

 

“Qualified Institutional Buyer” or “QIB”
shall have the meaning specified in Rule 144A under the Securities Act.

 

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

 

“Receivables Subsidiary” means a Wholly Owned
Restricted Subsidiary of Parent which engages in no activities other than in
connection with the financing of accounts receivable and which is designated by
the Board of Directors of Parent (as provided below) as a Receivables
Subsidiary (a) no portion of any Indebtedness or any other obligations
(contingent or otherwise) of which, directly or indirectly, contingently or
otherwise, (1) is guaranteed by Parent or any other Subsidiary of Parent
(excluding Standard Securitization Undertakings), (2) is recourse to or
obligates Parent or any other Subsidiary of Parent in any way other than pursuant
to Standard Securitization Undertakings, or (3) subjects any asset of
Parent or any other Subsidiary of Parent to the satisfaction thereof, other
than Standard Securitization Undertakings, (b) with which neither Parent
nor any other Subsidiary of Parent has any material contract, agreement,
arrangement or understanding other than those customarily entered into in
connection with Qualified Receivables Transactions or those related to the remitting
of the proceeds received from a Qualified Receivables Transaction by such
Wholly Owned Restricted Subsidiary to the Parent or one or more Guarantors in
the form of payments by such Wholly Owned Restricted Subsidiary of the purchase
price of accounts receivables acquired from the Parent or any Guarantor, and
(c) with which neither Parent nor any other Subsidiary of Parent has any
obligation, directly or indirectly, contingently or otherwise, to maintain or
preserve such Subsidiary’s financial condition or cause such Subsidiary to
achieve certain levels of operating results. 
Any such designation by the Board of Directors of Parent shall be
evidenced to the Trustee by the filing with the Trustee a Board Resolution of
the Board of Directors of Parent giving effect to such designation and an
Officers’ Certificate certifying that such designation complied with the
foregoing conditions.

 

“Record Date” means the applicable Record Date
specified in the Securities; provided that
if any such date is not a Business Day, the Record Date shall be the first day
immediately preceding such specified day that is a Business Day.

 

18

 

“Redemption Date,” when used with respect to
any Security to be redeemed, means the date fixed for such redemption pursuant
to this Indenture and the Securities.

 

“Redemption Price,” when used with respect to
any Security to be redeemed, means the price fixed for such redemption, payable
in immediately available funds, pursuant to this Indenture and the Securities.

 

“Refinance” means, in respect of any security
or Indebtedness, to refinance, extend, renew, refund, repay, prepay, redeem,
defease or retire, or to issue a security or Indebtedness in exchange or
replacement for, such security or Indebtedness in whole or in part.  “Refinanced” and “Refinancing”
shall have correlative meanings.

 

“Refinancing Indebtedness” means any
Refinancing by Parent or any Restricted Subsidiary of Parent of Indebtedness incurred
in accordance with Section 4.10(b)(i) or (iii) or pursuant to the Coverage
Ratio Exception, in each case that does not:

 

(a)           result in an increase in the
aggregate principal amount of Indebtedness of such Person as of the date of
such proposed Refinancing (plus the amount of any premium required to be paid
under the terms of the instrument governing such Indebtedness and plus the
amount of reasonable expenses incurred by Parent in connection with such
Refinancing); or

 

(b)           create Indebtedness with:  (a) a Weighted Average Life to Maturity
that is less than the Weighted Average Life to Maturity of the Indebtedness
being Refinanced; or (b) a final maturity earlier than the final maturity
of the Indebtedness being Refinanced; provided that
(x) no Subsidiary of the Company that is not an obligor with respect to
such Indebtedness being Refinanced shall be an obligor with respect to such
Refinancing Indebtedness and (y) if such Indebtedness being Refinanced is
subordinate or junior to the Securities or the Guarantees, then such
Refinancing Indebtedness shall be subordinate to the Securities or the Guarantees,
as the case may be, at least to the same extent and in the same manner as the
Indebtedness being Refinanced.

 

“Registration Rights Agreement” means the
Registration Rights Agreement dated as of the Issue Date among the Company, the
Guarantors and the Initial Purchasers.

 

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

 

“Regulation S Global Security” means a
permanent global security in registered form representing the aggregate
principal amount of Securities sold in reliance on Regulation S under the
Securities Act.

 

“Representative” means the indenture trustee or
other trustee, agent or representative in respect of any Designated Senior
Debt; provided that if, and for so long as,
any Designated Senior Debt lacks such a representative, then the Representative
for such Designated Senior Debt shall at all times constitute the holders of a
majority in outstanding principal amount of such Designated Senior Debt in
respect of any Designated Senior Debt.

 

“Responsible Officer” means, when used with
respect to the Trustee, any officer in the Corporate Trust Office of the Trustee
including any vice president, assistant vice president, treasurer,

 

19

 

assistant treasurer, or
any other officer of the Trustee who customarily performs functions similar to
those performed by the Persons who at the time shall be such officers,
respectively, or to whom any corporate trust matter is referred because of such
officer’s knowledge of and familiarity with the particular subject and who
shall have direct responsibility for the administration of this Indenture.

 

“Restricted Security” means a Security that
constitutes a “Restricted Security” within the meaning of Rule 144(a)(3) under
the Securities Act; provided, however, that the Trustee shall be entitled to request and
conclusively rely on an Opinion of Counsel with respect to whether any Security
constitutes a Restricted Security.

 

“Restricted Subsidiary” of any Person means any
Subsidiary of such Person which at the time of determination is not an
Unrestricted Subsidiary.  Unless
otherwise indicated, references to Restricted Subsidiaries shall be to
Restricted Subsidiaries of Parent, including the Company.

 

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

 

“Sale and Leaseback Transaction” means any
direct or indirect arrangement with any Person or to which any such Person is a
party, providing for the leasing to Parent or a Restricted Subsidiary of any
assets, whether owned by Parent or any Restricted Subsidiary at the Issue Date
or later acquired, which has been or is to be sold or transferred by Parent or
such Restricted Subsidiary to such Person or to any other Person from whom
funds have been or are to be advanced by such Person on the security of such assets.

 

“Securities” means the Initial Securities and
any Additional Securities (and any Securities issued pursuant to Section 2.07,
2.10, 2.15(d) or 3.06).

 

“Securities Act” means the Securities Act of
1933, as amended, or any successor statute or statutes thereto.

 

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

 

“Senior Debt” means the principal of, premium,
if any, and interest (including any interest accruing subsequent to the filing
of a petition of bankruptcy at the rate provided for in
the documentation with respect thereto, whether or not such interest is an
allowed claim under applicable law) on any Indebtedness of the Company, whether
outstanding on the Issue Date or thereafter created, incurred or assumed,
unless, in the case of any particular Indebtedness, the instrument creating or
evidencing the same or pursuant to which the same is outstanding expressly
provides that such Indebtedness shall not be senior in right of payment to the
Securities.  Without limiting the generality
of the foregoing, “Senior Debt” shall also include the principal of, premium,
if any, interest (including any interest accruing subsequent to the filing of a
petition of bankruptcy at the rate provided for in
the documentation with respect thereto, whether or not such interest is an
allowed claim under applicable law) on, and all other amounts owing in respect
of:

 

(a)           all monetary obligations of every
nature of the Company under, or with respect to, the Credit Agreement, including,
without limitation, obligations to pay principal and interest, reimbursement
obligations under letters of credit, fees, expenses and indemnities (and
guarantees thereof);

 

20

 

(b)           all Interest Hedging Agreements (and
guarantees thereof); and

 

(c)           all obligations (and guarantees
thereof) under Currency/Commodity Hedging Agreements;

 

in each case whether outstanding on the Issue Date or
thereafter incurred.

 

Notwithstanding the foregoing, “Senior Debt” shall not
include:

 

(a)           any Indebtedness of the Company to
Parent or any of its Subsidiaries;

 

(b)           Indebtedness to, or guaranteed on
behalf of, any director, officer or employee of Parent or any of its Subsidiaries
(including, without limitation, amounts owed for compensation);

 

(c)           obligations to trade creditors and
other amounts incurred (but not under the Credit Agreement) in connection with
obtaining goods, materials or services;

 

(d)           Indebtedness represented by
Disqualified Equity Interests;

 

(e)           any liability for taxes owed or owing
by the Company;

 

(f)            that portion of any Indebtedness
incurred in violation of Section 4.10 (but, as to any such obligation, no such
violation shall be deemed to exist for purposes of this clause (f) if the
holder(s) of such obligation or their representative shall have received an
Officers’ Certificate of the Company to the effect that the incurrence of such
Indebtedness does not (or, in the case of revolving credit indebtedness, that
the incurrence of the entire committed amount thereof at the date on which the
initial borrowing thereunder is made would not) violate such provisions of this
Indenture);

 

(g)           Indebtedness which, when incurred and
without respect to any election under Section 1111(b) of Title 11,
United States Code, is without recourse to the Company; and

 

(h)           any Indebtedness which is, by its
express terms, subordinated in right of payment to any other Indebtedness of
the Company.

 

“Significant Subsidiary”, means (a) any
Restricted Subsidiary of Parent that satisfies the criteria for a “significant
subsidiary” set forth in Rule 1.02(w) of Regulation S-X under the Exchange Act
or (b) any one or more Restricted Subsidiaries of Parent that (1) are not
otherwise Significant Subsidiaries, (2) as to which any event described in
Section 6.01 (e), (f) or (g) has occurred and is continuing and (3) would
together constitute a Significant Subsidiary under clause (a) of this
definition.

 

“Standard Securitization Undertakings” means
representations, warranties, covenants and indemnities entered into by the
Company or any Guarantor which are reasonably customary in an accounts
receivable securitization transaction.

 

“Stichting A”
means Stichting Administratiekantoor Preferente Aandelen Buhrmann N.V. and its
successors.

 

21

 

“Stichting A
Continuing Director” means a member of the executive committee of Stichting
A on the Issue Date or who became a member of such executive committee
subsequent to the Issue Date and who was appointed by a majority of the Stichting
A Continuing Directors then on the executive committee of Stichting A.

 

“Stichting B”
means Stichting Preferente Aandelen Buhrmann N.V. and its successors.

 

“Stichting B Continuing Director” means a
member of the executive committee of Stichting B on the Issue Date or who became
a member of such executive committee subsequent to the Issue Date and who was
appointed by a majority of the Stichting B Continuing Directors then on the
executive committee of Stichting B.

 

“Subsidiary”, with respect to any Person,
means:

 

(a)           any corporation of which the
outstanding Capital Stock having at least a majority of the votes entitled to
be cast in the election of directors under ordinary circumstances shall at the
time be owned, directly or indirectly, by such Person; or

 

(b)           any other Person of which at least a
majority of the voting interest under ordinary circumstances is at the time, directly
or indirectly, owned by such Person.

 

“Subsidiary Guarantor” means any Guarantor
other than any direct or indirect parent company of the Company.

 

“Tax” means any tax, duty, levy, impost,
assessment or other governmental charge (including penalties, interest and any
other liabilities related thereto).

 

“Taxing Authority” means any government or
political subdivision or territory or possession of any government or any
authority or agency therein or thereof having power to tax.

 

“TIA” means the Trust Indenture Act of 1939 (15
U.S.C. §§ 77aaa-77bbbb), as amended, as in effect on the date of the execution
of this Indenture until such time as this Indenture is qualified under the TIA,
and thereafter as in effect on the date on which this Indenture is qualified
under the TIA, except as otherwise provided in Section 9.04.

 

“Total Assets” means the total assets of Parent
and its Restricted Subsidiaries on a consolidated basis determined in accordance
with GAAP, as shown on the most recently available consolidated balance sheet
of Parent.

 

“Transfer” means to sell, assign, transfer,
lease (other than pursuant to an operating lease entered into in the ordinary
course of business), convey or otherwise dispose of, including by Sale and
Leaseback Transaction, consolidation, merger or otherwise.

 

“Treasury Rate” means, as of any redemption
date, the yield to maturity as of such redemption date of United States
Treasury securities with a constant maturity (as compiled and published in the
most recent Federal Reserve Statistical Release H.15 (519) that has become
publicly available at least two business days prior to the redemption date (or,
if such Statistical Release is no longer published, any publicly available
source of similar market data)) most nearly equal to the period from the
redemption date to

 

22

 

July 1, 2009; provided, however, that if
the period from the redemption date to July 1, 2009 is less than one year, the
weekly average yield on actually traded United States Treasury securities
adjusted to a constant maturity of one year will be used.

 

“Trustee” means the party named as such in this
Indenture until a successor replaces it in accordance with the provisions of
this Indenture and thereafter means such successor.

 

“Unrestricted Securities” means one or more
Securities that do not and are not required to bear the Private Placement Legend
in the form set forth in Exhibit B, including, without limitation,
the Exchange Securities.

 

“Unrestricted Subsidiary” of any Person means:

 

(a)           any Subsidiary of such Person that at
the time of determination shall be or continue to be designated an Unrestricted
Subsidiary by the Board of Directors of such Person in the manner provided below;
and

 

(b)           any Subsidiary of an Unrestricted
Subsidiary.

 

The Board of Directors may designate any Subsidiary of
Parent (including any newly acquired or newly formed Subsidiary but excluding
the Company) to be an Unrestricted Subsidiary unless such Subsidiary owns any
Capital Stock of, or owns or holds any Lien on any assets of, Parent or any
other Subsidiary of Parent that is not a Subsidiary of the Subsidiary to be so
designated; provided that:

 

(a)           Parent certifies to the Trustee that
such designation complies with Section 4.11; provided, however,
that the Australian Subsidiaries may be designated as Unrestricted Subsidiaries
without complying with such covenant if, after giving pro forma effect to such designation, the
Parent is able to incur $1.00 of additional Indebtedness pursuant to the
Coverage Ratio Exception; and

 

(b)           each Subsidiary to be so designated
and each of its Subsidiaries has not at the time of designation, and does not
thereafter, create, incur, issue, assume, guarantee or otherwise become
directly or indirectly liable with respect to any Indebtedness pursuant to
which the lender has recourse to any of the assets of Parent or any of its
Restricted Subsidiaries; provided,
however, that Parent and its
Restricted Subsidiaries may guarantee Indebtedness incurred by Unrestricted
Subsidiaries to the extent permitted by Section 4.11.

 

The Board of Directors may designate any Unrestricted
Subsidiary to be a Restricted Subsidiary only if:

 

(a)           immediately after giving effect to
such designation, Parent is able to incur at least $1.00 of additional Indebtedness
pursuant to the Coverage Ratio Exception; and

 

(b)           immediately before and immediately
after giving effect to such designation, no Default shall have occurred and be
continuing.  Any such designation by the
Board of Directors shall be evidenced to the Trustee by promptly filing with
the Trustee a copy of the Board Resolution giving effect to such designation
and an Officers’ Certificate certifying that such designation complied with the
foregoing provisions.

 

23

 

As of the Issue Date, none of the Parent’s
Subsidiaries are designated as Unrestricted Subsidiaries.

 

“U.S. Government Obligations” means direct
obligations of, and obligations guaranteed by, the United States of America for
the payment of which the full faith and credit of the United States of America
is pledged and which are not callable or redeemable at the issuer’s option.

 

“U.S. Legal Tender” means such coin or currency
of the United States of America as at the time of payment shall be legal tender
for the payment of public and private debts.

 

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

 

“Wholly Owned Guarantor” means any Guarantor
that is a Wholly Owned Restricted Subsidiary of Parent.

 

“Wholly Owned Restricted Subsidiary” of any
Person means any Wholly Owned Subsidiary of such Person which at the time of
determination is a Restricted Subsidiary of such Person.

 

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

 

SECTION 1.02.                                    Other
Definitions.

 

	
  Term

  	
   

  	
  Defined in Section

  
	
   

  	
   

  	
   

  
	
  “Acceleration Notice”

  	
   

  	
  6.02

  
	
  “Additional Amounts”

  	
   

  	
  11.03

  
	
  “Affiliate Transaction”

  	
   

  	
  4.14

  
	
  “Change of Control
  Date”

  	
   

  	
  4.09

  
	
  “Change of Control
  Offer”

  	
   

  	
  4.09

  
	
  “Change of Control
  Payment Date”

  	
   

  	
  4.09

  
	
  “Company Surviving
  Entity”

  	
   

  	
  5.01

  
	
  “Covenant Defeasance”

  	
   

  	
  8.02

  
	
  “Coverage Ratio
  Exception”

  	
   

  	
  4.10

  
	
  “Event of Default”

  	
   

  	
  6.01

  
	
  “Four Quarter Period”

  	
   

  	
  1.01

  

 

24

 

	
  “Guarantee Obligations”

  	
   

  	
  11.01

  
	
  “incur”

  	
   

  	
  4.10

  
	
  “Judgment Currency”

  	
   

  	
  13.08

  
	
  “Legal Defeasance”

  	
   

  	
  8.02

  
	
  “Net Proceeds Offer”

  	
   

  	
  4.13

  
	
  “Net Proceeds Offer
  Payment Date”

  	
   

  	
  4.13

  
	
  “Net Proceeds Offer
  Trigger Date”

  	
   

  	
  4.13

  
	
  “Non-Payment Default”

  	
   

  	
  10.02

  
	
  “Non-US Guarantor”

  	
   

  	
  11.03

  
	
  “Other Debt”

  	
   

  	
  4.13

  
	
  “Parent Surviving
  Entity”

  	
   

  	
  5.01

  
	
  “Participants”

  	
   

  	
  2.15

  
	
  “Paying Agent”

  	
   

  	
  2.03

  
	
  “Payment Blockage
  Notice”

  	
   

  	
  10.02

  
	
  “Payment Blockage
  Period”

  	
   

  	
  10.02

  
	
  “Payment Default”

  	
   

  	
  10.02

  
	
  “Physical Securities”

  	
   

  	
  2.01

  
	
  “Reference Date”

  	
   

  	
  4.11

  
	
  “Registrar”

  	
   

  	
  2.03

  
	
  “Relevant Party”

  	
   

  	
  4.14

  
	
  “Replacement Assets”

  	
   

  	
  4.13

  
	
  “Restricted Payment”

  	
   

  	
  4.11

  
	
  “Security Amount”

  	
   

  	
  4.13

  
	
  “Security Portion of
  Unutilized Net Cash Proceeds”

  	
   

  	
  4.13

  
	
  “spot rate of exchange”

  	
   

  	
  13.08

  
	
  “Surviving Entity”

  	
   

  	
  5.01

  
	
  “Taxing Jurisdiction”

  	
   

  	
  11.03

  
	
  “Transaction Date”

  	
   

  	
  1.01

  
	
  “Unutilized Net Cash
  Proceeds”

  	
   

  	
  4.13

  

 

25

 

SECTION 1.03.                                    Incorporation
by Reference of TIA.

 

Whenever this Indenture refers to a provision of the
TIA, such 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 Securities.

 

“indenture security holder” means a Holder or a Securityholder.

 

“indenture to be qualified” means this Indenture.

 

“indenture trustee” or “institutional trustee” means the
Trustee.

 

“obligor” on the indenture securities means the Company, any
Guarantor or any other obligor on the Securities.

 

All other TIA terms used in this Indenture that are
defined by the TIA, defined by TIA reference to another statute or defined by
Commission rule and not otherwise defined herein have the meanings assigned to
them therein.

 

SECTION 1.04.                                    Rules
of Construction.

 

Unless the context otherwise requires:

 

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

 

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

 

(3)           “or” is not exclusive;

 

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

 

(5)           provisions apply to successive events
and transactions;

 

(6)           “herein,” “hereof” and other words of
similar import refer to this Indenture as a whole and not to any particular
Article, Section or other subdivision; and

 

(7)           the words “including,” “includes” and
similar words shall be deemed to be followed by “without limitation.”

 

26

 

ARTICLE TWO

THE SECURITIES

 

SECTION 2.01.                                    Form
and Dating.

 

The Securities and the Trustee’s certificate of
authentication shall be substantially in the form of Exhibit A hereto.  The Securities may have notations, legends or
endorsements required by law, stock exchange rule or usage.  The Company shall approve the form of the
Securities and any notation, legend or endorsement on them.  Each Security shall be dated the date of its
issuance and show the date of its authentication.  Each Security shall have an executed
Guarantee from each of the Guarantors endorsed thereon substantially in the
form of Exhibit E.

 

The terms and provisions contained in the Securities
and the Guarantees shall constitute, and are hereby expressly made, a part of
this Indenture and, to the extent applicable, the Company, the Guarantors and
the Trustee, by their execution and delivery of this Indenture, expressly agree
to such terms and provisions and to be bound thereby.

 

Securities offered and sold in reliance on
Rule 144 and Securities offered and sold in reliance on Regulation S
shall be issued initially in the form of one or more Global Securities, substantially
in the form set forth in Exhibit A, deposited with the Trustee, as
custodian for the Depository, duly executed by the Company (and having an
executed Guarantee from each of the Guarantors endorsed thereon) and
authenticated by the Trustee as hereinafter provided and shall bear the legends
set forth in Exhibit B.  The
aggregate principal amount of the Global Securities may from time to time be
increased or decreased by adjustments made on the records of the Trustee, as
custodian for the Depository, as hereinafter provided.

 

Securities issued in exchange for interests in a
Global Security pursuant to Section 2.16 may be issued in the form of permanent
certificated Securities in registered form in substantially the form set forth
in Exhibit A (the “Physical Securities”).

 

SECTION 2.02.                                    Execution
and Authentication.

 

Two Officers, or an Officer and an Assistant
Secretary, shall sign, or one Officer shall sign and one Officer or an
Assistant Secretary (each of whom shall, in each case, have been duly
authorized by all requisite corporate actions) shall attest to, the Securities
for the Company by manual or facsimile signature.

 

If an Officer whose signature is on a Security or
Guarantee, as the case may be, was an Officer at the time of such execution but
no longer holds that office at the time the Trustee authenticates the Security,
the Security shall nevertheless be valid.

 

A Security shall not be valid until an authorized
signatory of the Trustee manually signs the certificate of authentication on
the Security.  The signature shall be
conclusive evidence that the Security has been authenticated under this
Indenture.

 

27

 

The Trustee shall authenticate Securities for original
issue on the Issue Date in the aggregate principal amount of $150,000,000 upon
a written order of the Company in the form of an Officers’ Certificate.  In addition, the Trustee shall authenticate
Additional Securities from time to time after the Issue Date to the extent
otherwise permitted (including, without limitation, under Section 4.10
hereof), in each case upon receipt of a written order of the Company in the
form of an Officers’ Certificate.  Additional
Securities will be treated as the same series of Securities as the Initial
Securities, for all purposes under this Indenture, including, without
limitation, for purposes of waivers, amendments, redemption and offers to
purchase.  Each such Officers’
Certificate shall specify the amount of Securities to be authenticated and the
date on which the Securities are to be authenticated.

 

The Trustee may appoint an authenticating agent
reasonably acceptable to the Company to authenticate Securities.  Unless otherwise provided in the appointment,
an authenticating agent may authenticate Securities whenever the Trustee may do
so.  Each reference in this Indenture to
authentication by the Trustee includes authentication by such agent.  An authenticating agent has the same rights
as an Agent to deal with the Company and Affiliates of the Company.

 

The Securities shall be issuable only in registered
form without coupons in denominations of $1,000 and integral multiples thereof.

 

SECTION 2.03.                                    Registrar
and Paying Agent.

 

The Company shall maintain an office or agency in the
Borough of Manhattan, The City of New York, where (a) Securities may be
presented or surrendered for registration of transfer or for exchange (“Registrar”),
(b) Securities may be presented or surrendered for payment (“Paying
Agent”) and (c) notices and demands to or upon the Company in respect
of the Securities and this Indenture may be served.  The Company may also from time to time
designate one or more other offices or agencies where the Securities may be
presented or surrendered for any or all such purposes and may from time to time
rescind such designations; provided, however, that no such designation or rescission shall in
any manner relieve the Company of its obligation to maintain an office or
agency in the Borough of Manhattan, The City of New York, for such
purposes.  The Company may act as its own
Registrar or Paying Agent except that for the purposes of Articles Three and
Eight and Sections 4.09 and 4.13, neither the Company nor any Affiliate of the
Company shall act as Paying Agent.  The
Registrar shall keep a register of the Securities and of their transfer and exchange.  The Company, upon notice to the Trustee, may
have one or more co-Registrars and one or more additional paying agents
reasonably acceptable to the Trustee. 
The term “Paying Agent” includes any additional paying agent.  The Company initially appoints the Trustee as
Registrar and Paying Agent until such time as the Trustee has resigned or a
successor has been appointed.

 

The Company shall enter into an appropriate agency
agreement with any Agent not a party to this Indenture, which agreement shall
implement the provisions of this Indenture that relate to such Agent.  The Company shall notify the Trustee, in advance,
of the name and address of any such Agent. 
If the Company fails to maintain a Registrar or Paying Agent, the Trustee
shall act as such.

 

SECTION 2.04.                                    Paying
Agent To Hold Assets in Trust.

 

The Company shall require each Paying Agent other than
the Trustee to agree in writing that, subject to Article Ten and Article
Twelve, each Paying Agent shall hold in trust for the benefit of Holders or the
Trustee all assets held by the Paying Agent for the payment of principal of, or
interest on,

 

28

 

the Securities (whether
such assets have been distributed to it by the Company or any other obligor on
the Securities), and shall notify the Trustee of any Default by the Company (or
any other obligor on the Securities) in making any such payment.  The Company at any time may require a Paying
Agent to distribute all assets held by it to the Trustee and account for any
assets disbursed and the Trustee may at any time during the continuance of any
payment Default, upon written request to a Paying Agent, require such Paying
Agent to distribute all assets held by it to the Trustee and to account for any
assets distributed.  Upon distribution to
the Trustee of all assets that shall have been delivered by the Company to the
Paying Agent, the Paying Agent shall have no further liability for such assets.

 

SECTION 2.05.                                    Holder
Lists.

 

The Trustee shall preserve in as current a form as is
reasonably practicable the most recent list available to it of the names and
addresses of Holders.  If the Trustee is
not the Registrar, the Company shall furnish to the Trustee at least two (2)
Business Days prior to 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 Holders, which
list may be conclusively relied upon by the Trustee.

 

SECTION 2.06.                                    Transfer
and Exchange.

 

Subject to Sections 2.15
and 2.16, when Securities are presented to the Registrar or a co-Registrar with
a request to register the transfer of such Securities or to exchange such
Securities for an equal principal amount of Securities of other authorized
denominations, the Registrar or co-Registrar shall register the transfer or
make the exchange as requested if its requirements for such transaction are
met; provided, however,
that the Securities surrendered for transfer or exchange shall be duly endorsed
or accompanied by a written instrument of transfer in form satisfactory to the
Company and the Registrar or co-Registrar, duly executed by the Holder thereof
or his attorney duly authorized in writing including the signature of a
participant in a Signature Guarantee Medallion Program.  To permit registrations of transfers and
exchanges, the Company shall execute and the Trustee shall authenticate
Securities at the Registrar’s or co-Registrar’s request.  No service charge shall be made for any
registration of transfer or exchange, but the Company may require payment of a
sum sufficient to cover any transfer tax or similar governmental charge payable
in connection therewith.

 

The Registrar or
co-Registrar shall not be required to register the transfer of or exchange of
any Security (i) during a period beginning at the opening of business 15
days before the mailing of a notice of redemption of Securities and ending at
the close of business on the day of such mailing, (ii) selected for
redemption in whole or in part pursuant to Article Three, except the unredeemed
portion of any Security being redeemed in part, and (iii) during a Change
of Control Offer or an Net Proceeds Offer if such Security is tendered pursuant
to such Change of Control Offer or Net Proceeds Offer and not withdrawn.

 

Any Holder of a beneficial interest in a Global
Security shall, by acceptance of such beneficial interest, agree that transfers
of beneficial interests in such Global Securities may be effected only through
a book-entry system maintained by the Holder of such Global Security (or its
agent), and that ownership of a beneficial interest in the Security shall be
required to be reflected in a book-entry system.

 

29

 

SECTION 2.07.                                    Replacement
Securities.

 

If a mutilated Security is surrendered to the Trustee
or if the Holder of a Security claims that the Security has been lost, destroyed
or wrongfully taken, the Company shall issue and the Trustee shall authenticate
a replacement Security if the Trustee’s requirements are met.  Such Holder must provide an indemnity bond or
other indemnity, sufficient in the judgment of both the Company and the Trustee,
to protect the Company, the Trustee or any Agent from any loss which any of
them may suffer if a Security is replaced. 
The Company may charge such Holder for its reasonable out-of-pocket
expenses in replacing a Security pursuant to this Section 2.07, including
reasonable fees and expenses of counsel and of the Trustee.

 

Every replacement Security is an additional obligation
of the Company and every replacement Guarantee shall constitute an additional
obligation of the Guarantor thereof.

 

SECTION 2.08.                                    Outstanding
Securities.

 

Securities outstanding at any time are all the
Securities that have been authenticated by the Trustee except those cancelled
by it, those delivered to it for cancellation and those described in this
Section as not outstanding.  A Security
does not cease to be outstanding because the Company, the Guarantors or any of
their respective Affiliates holds the Security (subject to the provisions of
Section 2.09).

 

If a Security is replaced pursuant to Section 2.07
(other than a mutilated Security surrendered for replacement), it ceases to be
outstanding unless a Responsible Officer of the Trustee receives proof
satisfactory to it that the replaced Security is held by a protected
purchaser.  A mutilated Security ceases
to be outstanding upon surrender of such Security and replacement thereof pursuant
to Section 2.07.  If the principal amount
of any Security is considered paid under Section 4.01, it ceases to be outstanding
and interest ceases to accrue.

 

If on a Redemption Date or the Maturity Date the
Trustee or Paying Agent (other than Parent or a Subsidiary thereof) holds U.S.
Legal Tender or U.S. Government Obligations sufficient to pay all of the
principal and interest due on the Securities payable on that date, then on and
after that date such Securities cease to be outstanding and interest on them
ceases to accrue.

 

SECTION 2.09.                                    Treasury
Securities.

 

In determining whether the Holders of the required
principal amount of Securities have concurred in any direction, waiver or
consent, Securities owned by Parent, any of its Subsidiaries or any of their
respective Affiliates shall be disregarded, except that, for the purposes of
determining whether the Trustee shall be protected in relying on any such
direction, waiver or consent, only Securities that a Responsible Officer of the
Trustee actually knows are so owned shall be disregarded.

 

SECTION 2.10.                                    Temporary
Securities.

 

Until definitive Securities are ready for delivery,
the Company may prepare and the Trustee shall authenticate temporary
Securities.  Temporary Securities shall
be substantially in the form of definitive Securities but may have variations
that the Company considers appropriate for temporary Securities.  Without unreasonable delay, the Company shall
prepare and the Trustee shall authenticate definitive Securities in exchange
for temporary Securities.  Until such
exchange, temporary Securities 

 

30

 

shall be entitled to the
same rights, benefits and privileges as definitive Securities.  Notwithstanding the foregoing, so long as the
Securities are represented by a Global Security, such Global Security may be in
typewritten form.

 

SECTION 2.11.                                    Cancellation.

 

The Company at any time may deliver Securities to the
Trustee for cancellation.  The Registrar
and the Paying Agent shall forward to the Trustee any Securities surrendered to
them for transfer, exchange or payment. 
The Trustee, or at the direction of the Trustee, the Registrar or the
Paying Agent (other than the Company or a Subsidiary), and no one else, shall
cancel and, at the written direction of the Company, shall dispose of all
Securities surrendered for transfer, exchange, payment or cancellation in
accordance with its customary procedures. 
Subject to Section 2.07, the Company may not issue new Securities to
replace Securities that it has paid or delivered to the Trustee for
cancellation.  If the Company or any
Guarantor shall acquire any of the Securities, such acquisition shall not
operate as a redemption or satisfaction of the Indebtedness represented by such
Securities unless and until the same are surrendered to the Trustee for
cancellation pursuant to this Section 2.11.

 

SECTION 2.12.                                    Defaulted
Interest.

 

If the Company defaults in a payment of interest on
the Securities, it shall, unless the Trustee fixes another record date pursuant
to Section 6.10, pay the defaulted interest, plus (to the extent lawful) any
interest payable on the defaulted interest, in any lawful manner.  The Company may pay the defaulted interest to
the persons who are Holders on a subsequent special record date, which date
shall be the fifteenth day next preceding the date fixed by the Company for the
payment of defaulted interest or the next succeeding Business Day if such date
is not a Business Day.  At least 15 days
before any such subsequent special record date, the Company shall mail to each
Holder, with a copy to the Trustee, a notice that states the subsequent special
record date, the payment date and the amount of defaulted interest, and
interest payable on such defaulted interest, if any, to be paid.

 

SECTION 2.13.                                    CUSIP
Number.

 

The Company in issuing the Securities may use a
“CUSIP” number, and if so, the Trustee shall use the CUSIP number in notices of
redemption or exchange as a convenience to Holders; provided,
however, that any such notice may state
that no representation is made as to the correctness or accuracy of the CUSIP
number printed in the notice or on the Securities, and that reliance may be
placed only on the other identification numbers printed on the Securities.  The Company will promptly notify the Trustee
of any change in the CUSIP numbers.

 

SECTION 2.14.                                    Deposit
of Moneys.

 

Prior to 10:00 a.m. New York City time on each
Interest Payment Date, Maturity Date, Redemption Date, Change of Control
Payment Date and Net Proceeds Offer Payment Date, the Company shall have deposited
with the Paying Agent in immediately available funds money sufficient to make
cash payments, if any, due on such Interest Payment Date, Maturity Date,
Redemption Date, Change of Control Payment Date and Net Proceeds Offer Payment
Date, as the case may be, in a timely manner which permits the Paying Agent to
remit payment to the Holders on such Interest Payment Date, Maturity Date,
Redemption Date, Change of Control Payment Date and Net Proceeds Offer Payment
Date, as the case may be.

 

31

 

SECTION 2.15.                                    Book-Entry
Provisions for Global Securities.

 

(a)           The
Global Securities initially shall (i) be registered in the name of the Depository
or the nominee of such Depository, (ii) be delivered to the Trustee as
custodian for such Depository and (iii) bear legends as set forth in Exhibit B.

 

Members of, or participants in, the Depository (“Participants”)
shall have no rights under this Indenture with respect to any Global Security
held on their behalf by the Depository, or the Trustee as its custodian, or
under the Global Security, and the Depository may be treated by the Company,
the Trustee and any agent of the Company or the Trustee as the absolute owner of
the Global Security for all purposes whatsoever.  Notwithstanding the foregoing, nothing herein
shall prevent the Company, the Trustee or any agent of the Company or the
Trustee from giving effect to any written certification, proxy or other
authorization furnished by the Depository or impair, as between the Depository
and Participants, the operation of customary practices governing the exercise
of the rights of a Holder of any Security.

 

(b)           Transfers
of Global Securities shall be limited to transfers in whole, but not in part,
to the Depository, its successors or their respective nominees.  Interests of beneficial owners in the Global
Securities may be transferred or exchanged for Physical Securities in accordance
with the rules and procedures of the Depository and the provisions of Section
2.16.  In addition, Physical Securities
shall be transferred to all beneficial owners in exchange for their beneficial
interests in Global Securities if (i) the Depository notifies the Company that
it is unwilling or unable to continue as Depository for any Global Security and
a successor Depository is not appointed by the Company, with a copy to the
Trustee, within 90 days of such notice or (ii) an Event of Default has occurred
and is continuing and the Registrar has received a written request from the
Depository to issue Physical Securities.

 

(c)           In
connection with any transfer or exchange of a portion of the beneficial interest
in a Global Security to beneficial owners pursuant to paragraph (b), the
Registrar shall (if one or more Physical Securities are to be issued) reflect
on its books and records the date and a decrease in the principal amount of
such Global Security in an amount equal to the principal amount of the
beneficial interest in the Global Security to be transferred, and the Company
shall execute, and the Trustee shall authenticate and deliver, one or more
Physical Securities of authorized denominations in an aggregate principal
amount equal to the principal amount of the beneficial interest in the Global Security
so transferred.

 

(d)           In
connection with the transfer of a Global Security as an entirety to beneficial
owners pursuant to paragraph (b) of this Section 2.15, such Global Security
shall be deemed to be surrendered to the Trustee for cancellation, and the Company
shall execute, the Guarantors shall execute notations of Guarantees on and the
Trustee shall upon written instructions from the Company authenticate and
deliver, to each beneficial owner identified by the Depository in exchange for
its beneficial interest in such Global Security, an equal aggregate principal
amount of Physical Securities of authorized denominations.

 

(e)           Any
Physical Security constituting a Restricted Security delivered in exchange for
an interest in a Global Security pursuant to paragraph (b) or (c) of this
Section 2.15 shall, except as otherwise provided by Section 2.16, bear the
Private Placement Legend.

 

(f)            The
Holder of any Global Security may grant proxies and otherwise authorize any
Person, including Participants and Persons that may hold interests through
Participants, to take any action which a Holder is entitled to take under this
Indenture or the Securities.

 

32

 

SECTION 2.16.                                    Special
Transfer Provisions.

 

(a)           Transfers
to Non-QIB Institutional Accredited Investors and Non-U.S. Persons.  The following provisions shall apply with
respect to the registration of any proposed transfer of a Restricted Security
to any Institutional Accredited Investor which is not a QIB or to any Non-U.S.
Person:

 

(i)            the Registrar shall register the
transfer of any Restricted Security, whether or not such Security bears the
Private Placement Legend, if (x) the requested transfer is after the second
anniversary of the Issue Date; provided, however, that neither the Company nor any Affiliate of the
Company has held any beneficial interest in such Security, or portion thereof,
at any time on or prior to the second anniversary of the Issue Date or
(y) (1) in the case of a transfer to an Institutional Accredited Investor
which is not a QIB (excluding Non-U.S. Persons), the proposed transferee has
delivered to the Registrar a certificate substantially in the form of Exhibit
C hereto and any legal opinions and certifications required thereby and
(2) in the case of a transfer to a Non-U.S. Person, the proposed
transferor has delivered to the Registrar a certificate substantially in the
form of Exhibit D hereto;

 

(ii)           if the proposed transferee is a
Participant and the Securities to be transferred consist of Physical Securities
which after transfer are to be evidenced by an interest in the
Regulation S Global Security upon receipt by the Registrar of the Physical
Security and (x) written instructions given in accordance with the
Depository’s and the Registrar’s procedures and (y) the appropriate
certificate, if any, required by clause (y) of paragraph (i) above, the
Registrar shall register the transfer and reflect on its books and records the
date and an increase in the principal amount of the Regulation S Global
Security in an amount equal to the principal amount of Physical Securities to
be transferred, and the Registrar shall cancel the Physical Securities so transferred;
and

 

(iii)          if the proposed transferor is a
Participant seeking to transfer an interest in a Global Security, upon receipt
by the Registrar of (x) written instructions given in accordance with the
Depository’s and the Registrar’s procedures and (y) the appropriate
certificate, if any, required by clause (y) of paragraph (i) above, the Registrar
shall register the transfer and reflect on its books and records the date and
(A) a decrease in the principal amount of the Global Security from which such interests
are to be transferred in an amount equal to the principal amount of the
Securities to be transferred and (B) an increase in the principal amount of the
Regulation S Global Security in an amount equal to the principal amount of
the Securities to be transferred.

 

(b)           Transfers
to QIBs.  The following provisions
shall apply with respect to the registration of any proposed transfer of a
Restricted Security to a QIB:

 

(i)            the Registrar shall register the
transfer of any Restricted Security, whether or not such Security bears the
Private Placement Legend, if (x) the requested transfer is after the
second anniversary of the Issue Date; provided, however, that neither the Company nor any Affiliate of the
Company has held any beneficial interest in such Security, or portion thereof,
at any time on or prior to the second anniversary of the Issue Date or
(y) such transfer is being made by a proposed transferor who has checked
the box provided for on the form of Security stating, or has otherwise advised
the Company and the Registrar

 

33

 

in writing, that the sale has been made in compliance
with the provisions of Rule 144A to a transferee who has signed the certification
provided for on the form of Security stating, or has otherwise advised the
Company and the Registrar in writing, that it is purchasing the Security for
its own account or an account with respect to which it exercises sole
investment discretion and that it and any such account is a QIB within the meaning
of Rule 144A, and is aware that the sale to it is being made in reliance on
Rule 144A and acknowledges that it has received such information regarding the
Company as it has requested pursuant to Rule 144A or has determined not to
request such information and that it is aware that the transferor is relying
upon its foregoing representations in order to claim the exemption from registration
provided by Rule 144A;

 

(ii)           if the proposed transferee is a
Participant and the Securities to be transferred consist of Physical Securities
which after transfer are to be evidenced by an interest in the 144A Global
Security, upon receipt by the Registrar of the Physical Security and written
instructions given in accordance with the Depository’s and the Registrar’s
procedures, the Registrar shall register the transfer and reflect on its book
and records the date and an increase in the principal amount of the 144A Global
Security in an amount equal to the principal amount of Physical Securities to
be transferred, and the Registrar shall cancel the Physical Securities so
transferred; and

 

(iii)          if the proposed transferor is a
Participant seeking to transfer an interest in the Regulation S Global
Security, upon receipt by the Registrar of written instructions given in
accordance with the Depository’s and the Registrar’s procedures, the Registrar
shall register the transfer and reflect on its books and records the date and
(A) a decrease in the principal amount of the Regulation S Global Security
in an amount equal to the principal amount of the Securities to be transferred
and (B) an increase in the principal amount of the 144A Global Security in an
amount equal to the principal amount of the Securities to be transferred.

 

(c)           Restrictions
on Transfer and Exchange of Global Securities.  Notwithstanding any other provisions of this
Indenture, a Global Security may not be transferred as a whole except by the
Depository to a nominee of the Depository or by a nominee of the Depository to
the Depository or another nominee of the Depository or by the Depository or any
such nominee to a successor Depository or a nominee of such successor
Depository.

 

(d)           Private
Placement Legend.  Upon the transfer,
exchange or replacement of Securities not bearing the Private Placement Legend,
the Registrar or co-Registrar shall deliver Securities that do not bear the
Private Placement Legend.  Upon the
transfer, exchange or replacement of Securities bearing the Private Placement
Legend, the Registrar or co-Registrar shall deliver only Securities that bear
the Private Placement Legend unless (i) there is delivered to the Trustee an
Opinion of Counsel reasonably satisfactory to the Company and the Trustee to
the effect that neither such legend nor the related restrictions on transfer
are required in order to maintain compliance with the provisions of the Securities
Act or (ii) such Security has been offered pursuant to an effective
registration statement under the Securities Act.

 

(e)           General.  By its acceptance of any Security bearing the
Private Placement Legend, each Holder of such a Security acknowledges the
restrictions on transfer of such Security set forth in this Indenture and in
the Private Placement Legend and agrees that it will transfer such Security
only as provided in this Indenture.

 

The Registrar shall retain copies of all letters,
notices and other written communications received pursuant to Section 2.15 or
this Section 2.16.  The Company shall
have the right to inspect and

 

34

 

make copies of all such
letters, notices or other written communications at any reasonable time upon the
giving of reasonable written notice to the Registrar.

 

The Trustee shall have no obligation or duty to
monitor, determine or inquire as to compliance with any restrictions on
transfer imposed under this Indenture or under applicable law with respect to
any transfer of any interest in any Security (including any transfers between
or among Depositary Participants or beneficial owners of interests in any
Global Security) other than to require delivery of such certificates and other
documentation or evidence as are expressly required by, and to do so if and
when expressly required by the terms of, this Indenture, and to examine the
same to determine substantial compliance as to form with the express requirements
hereof.

 

ARTICLE THREE

REDEMPTION

 

SECTION 3.01.                                    Notices
to Trustee.

 

If the Company elects to redeem Securities pursuant to
Paragraphs 6, 7, 8 or 9 of the Securities, it shall notify the Trustee in
writing of the Redemption Date, the Redemption Price and the principal amount
of Securities to be redeemed.  The Company
shall give notice of redemption to the Paying Agent and Trustee at least 30
days but not more than 60 days before the Redemption Date (unless a shorter
notice shall be agreed to by the Trustee in writing and except where the
Company shall request the Trustee to mail the notice of redemption pursuant to
Section 3.03 in which case the Company shall give at least 35 days notice under
this Section 3.01), together with an Officers’ Certificate stating that such
redemption will comply with the conditions contained herein.

 

SECTION 3.02.                                    Selection
of Securities To Be Redeemed.

 

In the event that less than all of the Securities are
to be redeemed at any time, selection of such Securities for redemption will be
made by the Trustee in compliance with the requirements of the principal
national securities exchange, if any, on which such Securities are listed or,
if such Securities are not then listed on a national securities exchange, on a pro
rata basis, by lot or by such method as the Trustee shall deem fair and
appropriate; provided, however,
that no Securities of a principal amount of $1,000 or less shall be redeemed in
part; and provided, further,
that if a partial redemption is made with the Net Cash Proceeds of an Equity
Offering, selection of the Securities or portions thereof for redemption shall
be made by the Trustee only on a pro  rata basis or on as nearly a
pro  rata basis as is practicable (subject to the procedures of
the Depository), unless such method is otherwise prohibited.

 

SECTION 3.03.                                    Notice
of Redemption.

 

At least 30 days but not more than 60 days before a
Redemption Date, the Company shall mail a notice of redemption by first class
mail, postage prepaid, to each Holder whose Securities are to be redeemed at
its registered address.  At the Company’s
request, the Trustee shall forward the notice of redemption in the Company’s
name and at the Company’s expense.  Each
notice for redemption shall identify the Securities (including the CUSIP
number) to be redeemed and shall state:

 

35

 

(1)           the Redemption Date;

 

(2)           the Redemption Price and the amount
of accrued interest, if any, to be paid;

 

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

 

(4)           that Securities called for redemption
must be surrendered to the Paying Agent to collect the Redemption Price plus
accrued interest, if any;

 

(5)           that, unless the Company defaults in
making the redemption payment, interest on Securities called for redemption
ceases to accrue on and after the Redemption Date, and the only remaining right
of the Holders of such Securities is to receive payment of the Redemption Price
upon surrender to the Paying Agent of the Securities redeemed;

 

(6)           if any Security is being redeemed in
part, the portion of the principal amount of such Security to be redeemed and
that, after the Redemption Date, and upon surrender of such Security, a new
Security or Securities in aggregate principal amount equal to the unredeemed
portion thereof will be issued;

 

(7)           if fewer than all the Securities are
to be redeemed, the identification of the particular Securities (or portion
thereof) to be redeemed, as well as the aggregate principal amount of
Securities to be redeemed and the aggregate principal amount of Securities to
be outstanding after such partial redemption; and

 

(8)           the Paragraph of the Securities
pursuant to which the Securities are to be redeemed.

 

The notice, if mailed in a manner herein provided,
shall be conclusively presumed to have been given, whether or not the Holder
receives such notice.  In any case,
failure to give such notice by mail or any defect in the notice to the Holder
of any Security designated for redemption in whole or in part shall not affect
the validity of the proceedings for the redemption of any other Security.

 

SECTION 3.04.                                    Effect
of Notice of Redemption.

 

Once notice of redemption is mailed in accordance with
Section 3.03, Securities called for redemption become due and payable on
the Redemption Date and at the Redemption Price plus accrued interest, if any.  Upon surrender to the Trustee or Paying
Agent, such Securities called for redemption shall be paid at the Redemption
Price (which shall include accrued interest thereon to the Redemption Date),
but installments of interest, the maturity of which is on or prior to the Redemption
Date, shall be payable to Holders of record at the close of business on the
relevant Record Dates.

 

SECTION 3.05.                                    Deposit
of Redemption Price.

 

On or before 10:00 a.m. New York time on the
Redemption Date, the Company shall deposit with the Paying Agent U.S. Legal
Tender sufficient to pay the Redemption Price plus accrued interest, if any, of
all Securities to be redeemed on that date.

 

36

 

If the Company complies with the preceding paragraph,
then, unless the Company defaults in the payment of such Redemption Price plus
accrued interest, if any, interest on the Securities to be redeemed will cease
to accrue on and after the applicable Redemption Date, whether or not such Securities
are presented for payment.

 

SECTION 3.06.                                    Securities
Redeemed in Part.

 

Upon surrender of a Security that is to be redeemed in
part only, the Trustee shall upon written instruction from the Company
authenticate for the Holder a new Security or Securities in a principal amount
equal to the unredeemed portion of the Security surrendered.

 

ARTICLE FOUR

COVENANTS

 

SECTION 4.01.                                    Payment
of Securities.

 

The Company shall pay the principal of and interest on
the Securities in the manner provided in the Securities.  An installment of principal of or interest on
the Securities shall be considered paid on the date it is due if the Trustee or
Paying Agent (other than Parent or a Subsidiary thereof) holds on that date
U.S. Legal Tender designated for and sufficient to pay the installment.  Interest on the Securities will be computed
on the basis of a 360-day year comprised of twelve 30-day months.

 

SECTION 4.02.                                    Maintenance
of Office or Agency.

 

The Company shall maintain in the Borough of
Manhattan, The City of New York, the office or agency required under Section
2.03.  The Company shall give prompt
written notice to the Trustee of the location, and any change in the location,
of such office or agency.  If at any time
the Company shall fail to maintain any such required office or agency or shall
fail to furnish the Trustee with the address thereof, such presentations,
surrenders, notices and demands may be made or served at the address of the
Trustee set forth in Section 13.02.

 

The Company may also from time to time designate one
or more other offices or agencies where the Securities may be presented or
surrendered for any or all such purposes and may from time to time rescind such
designations.  The Company will give
prompt written notice to the Trustee of any such designation or rescission and
of any change in the location of any such other office or agency.

 

The Company hereby initially designates the Corporate
Trust Office of the Trustee located in the Borough of Manhattan, The City of
New York, as such office of the Company in accordance with Section 2.03.

 

SECTION 4.03.                                    Corporate
Existence.

 

Except as otherwise permitted by Article Five, Parent
shall do or cause to be done all things necessary to preserve and keep in full
force and effect its corporate existence and the corporate, partnership or
other existence of each of its Restricted Subsidiaries in accordance with the
respective organizational

 

37

 

documents of each such
Restricted Subsidiary and the rights (charter and statutory) and material
franchises of Parent and each of its Restricted Subsidiaries; provided, however, that
Parent shall not be required to preserve any such right, franchise or corporate
existence with respect to each such Restricted Subsidiary if the Board of
Directors of Parent shall determine that the loss thereof would not,
individually or in the aggregate, have a material adverse effect on the
business, financial condition or results of operations of Parent and its
Restricted Subsidiaries taken as a whole (a “Material Adverse Effect”).

 

SECTION 4.04.            Payment
of Taxes and Other Claims.

 

Parent shall pay or discharge or cause to be paid or
discharged, before the same shall become delinquent, (a) all material
taxes, assessments and governmental charges levied or imposed upon it or any of
its Subsidiaries or upon the income, profits or property of it or any of its
Restricted Subsidiaries and (b) all lawful claims for labor, materials and
supplies which, in each case, if unpaid, might by law become a material
liability or Lien upon the property of it or any of its Restricted Subsidiaries;
provided, however,
that Parent shall not be required to pay or discharge or cause to be paid or discharged
any such tax, assessment, charge or claim whose amount, (i) the applicability
or validity is being contested in good faith by appropriate proceedings and for
which appropriate provision has been made or (ii) where the failure to effect
such payment or discharge would not, individually or in the aggregate, have a
Material Adverse Effect.

 

SECTION 4.05.            [Reserved]

 

SECTION 4.06.            Compliance
Certificate; Notice of Default.

 

(a)           The
Company shall deliver to the Trustee, within 120 days after the close of each
fiscal year (which on the date hereof is December 31) an Officers’
Certificate signed by the chief executive, chief financial or chief accounting
officer stating that a review of the activities of Parent and its Subsidiaries
has been made under the supervision of the signing officers with a view to
determining whether it has kept, observed, performed and fulfilled its obligations
under this Indenture and further stating, as to each such Officer signing such
certificate, that to the best of such Officer’s knowledge, the Company during
such preceding fiscal year has kept, observed, performed and fulfilled each and
every such covenant and no Default occurred during such year and at the date of
such certificate there is no Default that has occurred and is continuing or, if
such signers do know of such Default, the certificate shall describe its status
with particularity.  The Officers’ Certificate
shall also notify the Trustee should the Company elect to change the manner in
which it fixes its fiscal year end.

 

(b)           The
annual financial statements delivered pursuant to Section 4.19 shall be
accompanied by a written report of Parent’s independent accountants (who shall
be a firm of established national reputation) that in conducting their audit of
such financial statements nothing has come to their attention that would lead
them to believe that any provision of Article Four or Article Five of this Indenture
has been violated insofar as they relate to accounting matters or, if any such
violation has occurred, specifying the nature and period of existence thereof,
it being understood that such accountants shall not be liable directly or
indirectly to any Person for any failure to obtain knowledge of any such
violation.

 

(c)           The
Company shall deliver to the Trustee as soon as possible and in any event
within five days after the Company becomes aware of the occurrence of any
Default an Officers’ Certificate

 

38

 

specifying
the Default and describing its status with particularity and the action proposed
to be taken thereto.

 

SECTION 4.07.            [Reserved]

 

SECTION 4.08.            Waiver of Stay, Extension or Usury Laws.

 

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

 

SECTION 4.09.            Change of Control.

 

(a)           Upon
the occurrence of a Change of Control, the Company must offer to purchase all
the Securities pursuant to the offer described below (the “Change of Control
Offer”), at a purchase price equal to 101% of the principal amount thereof,
plus accrued interest to the date of purchase.

 

(b)           Within
35 days following the date upon which a Change of Control occurs (the “Change
of Control Date”), the Company shall send, by first class mail, a notice to
each Holder, with a copy to the Trustee, which notice shall govern the terms of
the Change of Control Offer.  The notice
to the Holders shall contain all instructions and materials necessary to enable
such Holders to tender Securities pursuant to the Change of Control Offer.  Such notice shall state:

 

(i)            that the Change of
Control Offer is being made pursuant to this Section 4.09 and that all
Securities tendered and not withdrawn will be accepted for payment;

 

(ii)           the purchase price
(including the amount of accrued interest) and the payment date (the “Change
of Control Payment Date”), which shall be a Business Day, that is not
earlier than 30 days or later than 60 days from the date such notice is mailed;

 

(iii)          that any Security not
tendered will continue to accrue interest;

 

(iv)          that, unless the Company
defaults in making payment therefor, any Security accepted for payment pursuant
to the Change of Control Offer shall cease to accrue interest after the Change
of Control Payment Date;

 

(v)           that Holders who tender
their Securities in a Change of Control Offer must tender prior to the Change
of Control Payment Date;

 

(vi)          that Holders will be
entitled to withdraw their election if the Paying Agent receives, not later
than the second Business Day prior to the Change of Control Payment Date, a

 

39

 

telegram, facsimile transmission or letter setting
forth the name of the Holder, the principal amount of the Securities the Holder
delivered for purchase and a statement that such Holder is withdrawing his
election to have such Security purchased;

 

(vii)         that Holders whose
Securities are purchased only in part will be issued new Securities in a
principal amount equal to the unpurchased portion of the Securities surrendered;
and

 

(viii)        the circumstances and
relevant facts regarding such Change of Control.

 

(c)           On
or before the Change of Control Payment Date, the Company shall (i) accept
for payment Securities or portions thereof tendered pursuant to the Change of
Control Offer, (ii) deposit with the Paying Agent U.S. Legal Tender
sufficient to pay the purchase price plus accrued interest, if any, of all
Securities so tendered and (iii) deliver to the Trustee Securities so
accepted together with an Officers’ Certificate stating the Securities or
portions thereof being purchased by the Company.  The Paying Agent shall promptly mail to the
Holders of Securities so accepted payment in an amount equal to the purchase
price plus accrued interest, if any, and upon written order of the Company the
Trustee shall promptly authenticate and mail to such Holders new Securities
equal in principal amount to any unpurchased portion of the Securities
surrendered.  Any Securities not so accepted
shall be promptly mailed by the Company to the Holder thereof.  For purposes of this Section 4.09, the
Trustee shall act as the Paying Agent. 
Any amounts remaining with the Paying Agent after the purchase of
Securities pursuant to a Change of Control Offer shall be returned by the Trustee
to the Company upon written request.

 

(d)           Prior
to the mailing of the notice referred to above, but in any event within 30 days
following any Change of Control, the Company covenants to:

 

(i)            (x) repay in full all
Indebtedness, and terminate all commitments, under the Credit Agreement and all
other Senior Debt the terms of which require repayment upon a Change of Control
or prohibit the consummation of the Change of Control Offer or (y) offer to
repay in full all Indebtedness, and terminate all commitments, under the Credit
Agreement and all such other Senior Debt and repay the Indebtedness owed to
each lender which has accepted such offer; or

 

(ii)           obtain the requisite
consents under the Credit Agreement and all such other Senior Debt to permit
the repurchase of the Securities as provided below.

 

The Company shall first comply with this Section
4.09(d) before it shall be required to purchase Securities pursuant to this
Section 4.09.  The Company’s failure to
comply with this Section 4.09(d), and any resulting failure to make a Change of
Control Offer as otherwise required above, may (with notice and lapse of time)
constitute an Event of Default under Section 6.01(c) but shall not constitute
an Event of Default under Section 6.01(b).

 

(e)           The
Company will comply with the requirements of Rule 14e-1 under the Exchange Act
and any other securities laws and regulations thereunder to the extent such
laws and regulations are applicable in connection with the repurchase of
Securities pursuant to a Change of Control Offer.  To the extent that the provisions of any
securities laws or regulations conflict with this Section 4.09, the Company
shall comply with the applicable securities laws and regulations and shall not
be deemed to have breached its obligations under this Section 4.09 by virtue
thereof.

 

40

 

(f)            The
Company will not be required to make a Change of Control Offer upon a Change of
Control if a third party makes the Change of Control Offer in the manner, at
the times and otherwise in compliance with the requirements set forth in this
Indenture applicable to a Change of Control Offer made by the Company and
purchases all Securities validly tendered and not withdrawn under such Change
of Control Offer.

 

SECTION 4.10.            Limitation
on Incurrence of Additional Indebtedness.

 

(a)           Parent
will not, and will not permit any of its Restricted Subsidiaries to, directly
or indirectly, create, incur, assume, guarantee, acquire, become liable,
contingently or otherwise, with respect to, or otherwise become responsible for
payment of (collectively, “incur”) any Indebtedness; provided that if no Default shall have occurred and be
continuing at the time of or as a consequence of the incurrence of any such
Indebtedness, the Company or any Guarantor may incur Indebtedness, and any
Non-Guarantor Restricted Subsidiary may incur Acquired Indebtedness, in each
case, if on the date of the incurrence of such Indebtedness, after giving
effect to the incurrence of such Indebtedness and all other Indebtedness to be
incurred on such date, the Consolidated Fixed Charge Coverage Ratio of Parent
is greater than 2.0 to 1.0 (this proviso, the “Coverage Ratio Exception”).

 

(b)           Section
4.10(a) shall not prohibit any of the following:

 

(i)            The Securities
incurred on the Issue Date and the related Guarantees;

 

(ii)           Indebtedness of the
Company or any Guarantor incurred pursuant to Credit Facilities in an aggregate
principal amount at any time outstanding not to exceed the aggregate of Euro
490 million and $752 million;

 

(iii)          other Indebtedness of
Parent and its Restricted Subsidiaries outstanding on the Issue Date (after
giving effect to the repurchase of Existing Notes tendered in the Debt Tender);

 

(iv)          Interest Hedging
Agreements entered into by the Parent or any Restricted Subsidiary for
non-speculative pursposes;

 

(v)           Currency/Commodity
Hedging Agreements entered into by the Parent or any of its Restricted
Subsidiaries in the ordinary course of business so long as any such Currency/Commodity
Hedging Agreement is not speculative in nature and is (i) related to
income derived from foreign sales or operations of the Parent or any Restricted
Subsidiary or otherwise related to purchase permitted hereunder from foreign
suppliers, (ii) entered into to protect the Parent and/or its Restricted
Subsidiaries against fluctuations in the prices of raw materials unused in
their business or (iii) entered into to protect the Parent or any of its
Restricted Subsidiaries from exposure to adverse movements in foreign exchange;

 

(vi)          Indebtedness of the
Company or any Guarantor to the Company, any Guarantor or any Non-Guarantor Restricted
Subsidiary; provided that (a) any such
Indebtedness of the Company shall be subordinated, pursuant to a written agreement,
to the Company’s obligations under this Indenture and the Securities,
(b) any such Indebtedness of any Guarantor to any Non-Guarantor Restricted
Subsidiary shall be subordinated, pursuant to a written agreement, to such
Guarantor’s obligations under this Indenture and its Guarantee and (c) at the
first time that any Person other than Parent or any Restricted Subsidiary owns
or holds any such Indebtedness or

 

41

 

any Person other than the Company or (other than in
the case of Indebtedness owed by the Company) any Guarantor holds a Lien in
respect of such Indebtedness, the debtor of such Indebtedness shall be deemed
to have incurred at such time Indebtedness not permitted by this clause (vi);

 

(vii)         Indebtedness of any
Non-Guarantor Restricted Subsidiary to Parent or any Restricted Subsidiary; provided that (a) any such Indebtedness owed to the
Company or any Guarantor shall be unsubordinated and (b) at the first time
that any Person other than Parent or any Restricted Subsidiary owns or holds
any such Indebtedness or any Person (other than the Company or any Guarantor)
holds a Lien in respect of such Indebtedness, such Non-Guarantor Restricted Subsidiary
shall be deemed to have incurred at such time Indebtedness not permitted by
this clause (vii);

 

(viii)        obligations incurred in
the ordinary course of business in respect of bank overdrafts and with respect
to cash management and operating account arrangements; provided
that such arrangements are not the functional equivalent of extensions of
Indebtedness for borrowed money and so long as all obligations arising in
connection with such obligations are extinguished within five Business Days of
the date when such obligations arise;

 

(ix)           Indebtedness in respect
of performance bonds, bankers’ acceptances, workers’ compensation claims,
surety or appeal bonds, payment obligations in connection with self-insurance
or similar obligations in the ordinary course of business;

 

(x)            Indebtedness
represented by Capitalized Lease Obligations and Purchase Money Indebtedness
incurred in the ordinary course of business, and Refinancings thereof, not to exceed
$75.0 million at any one time outstanding;

 

(xi)           any of Parent’s
Preference Shares B issued to Stichting B in accordance with the terms of
Parent’s Articles of Association as the terms of Parent’s Preference
Shares B thereunder are in effect on the date of this Indenture and in accordance
with the put and call arrangements with Stichting B as in effect on the date of
this Indenture or, in each case, as thereafter amended in a manner no less
favorable to the Holders;

 

(xii)          Indebtedness of the
Parent and the Guarantors used to refinance Parent’s Preference Shares C; provided however, that (a) the
maturity date of such Indebtedness is on or after January 1, 2015 and
there are no mandatory prepayments prior to such date other than in connection
with a change of control, (b) no Default or Event of Default has occurred
or would occur as a result of the incurrence of such Indebtedness,
(c) after giving effect to the incurrence of such Indebtedness and all
other Indebtedness incurred on such date, the Consolidated Leverage Ratio of
Parent is not more than 4.5 to 1.0 and (d) any such Indebtedness is pari passu or subordinated to the Securities;

 

(xiii)         Indebtedness of a
Receivables Subsidiary in a Qualified Receivables Transaction, which
Indebtedness shall not be guaranteed by or otherwise recourse (other than
pursuant to Standard Securitization Undertakings) to Parent or any of its Restricted
Subsidiaries or any of their assets (other than such Receivables Subsidiary and
its assets);

 

(xiv)        guarantees by the Company
or any Guarantor of any Indebtedness of the Company or any Guarantor that was
permitted to be incurred pursuant to this Indenture, substantially concurrently
with such incurrence or at the time such Person becomes a Guarantor;

 

42

 

(xv)         Indebtedness of the
Company or any Guarantor payable to one or more sellers of any Person acquired
by Parent or any Restricted Subsidiary, which Indebtedness shall be unsecured
and subordinated, pursuant to a written agreement, to the Company’s or such
Guarantor’s obligations under this Indenture and the Securities or such
Guarantor’s Guarantee, as the case may be, and Refinancings of such
Indebtedness by the Company or any Guarantor, in an aggregate amount not to
exceed $100.0 million at any one time outstanding;

 

(xvi)        Indebtedness in the form
of guarantees of Indebtedness of the Australian Subsidiaries of the Parent made
by the Issuer or any Guarantor to the extent permitted by Section 4.11;

 

(xvii)       Indebtedness not for
borrowed money arising from agreements of Parent or any Restricted Subsidiary
providing for indemnification, adjustment of purchase price or similar
obligations, in each case, incurred in connection with the disposition of any
assets; provided that the maximum aggregate
liability in respect of all such Indebtedness shall at no time exceed the gross
proceeds actually received by Parent and its Restricted Subsidiaries in
connection with such disposition;

 

(xviii)      Indebtedness consisting of
guarantees of loans made by third parties to management for the purpose of
permitting management to purchase Equity Interests of Parent, in an aggregate
amount not to exceed $10.0 million at any one time outstanding;

 

(xix)         Refinancing Indebtedness;
and

 

(xx)          additional Indebtedness
in an aggregate principal amount not to exceed $150.0 million at any one time
outstanding.

 

(c)           For
purposes of determining any particular amount of Indebtedness under this
Section 4.10, guarantees, Liens or letter of credit obligations supporting
Indebtedness otherwise included in the determination of such particular amount
shall not be included.  For purposes of
determining compliance with this Section 4.10, in the event that an item of Indebtedness
meets the criteria of more than one of the Sections 4.10(b)(i) through (xx)
above or is entitled to be incurred pursuant to the Coverage Ratio Exception,
Parent shall, in its sole discretion, classify (or later reclassify) such item
of Indebtedness in any manner that complies with this Section 4.10.  Any (1) accrual of interest,
(2) accretion or amortization of original issue discount, (3) payment
of interest on any Indebtedness in the form of additional Indebtedness with the
same terms, (4) payment of dividends on Disqualified Equity Interests in
the form of additional shares of the same class of Disqualified Equity
Interests, (5) change in the amount outstanding due solely to the result
of fluctuations in the exchange rates of currencies, or (6) the
reclassification of preferred stock or preference shares as Indebtedness due to
a change in accounting principles will not be deemed to be an incurrence of
Indebtedness or an issuance of Disqualified Equity Interests for purposes of
this Section 4.10.

 

SECTION 4.11.            Limitation on Restricted Payments.

 

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

 

43

 

(i)            declare or pay any
dividend or make any distribution (other than dividends or distributions
payable in Qualified Equity Interests of Parent) on or in respect of shares of
Parent’s Equity Interests to holders of such Equity Interests;

 

(ii)           purchase, redeem or
otherwise acquire or retire for value any Capital Stock of Parent or any
warrants, options or other rights to purchase or acquire any such Capital
Stock;

 

(iii)          make any principal
payment on, purchase, defease, redeem, prepay, decrease or otherwise acquire or
retire for value, prior to any scheduled final maturity, scheduled repayment or
scheduled sinking fund payment, any Indebtedness of the Company or any
Guarantor that is subordinate or junior in right of payment to the Securities
or such Guarantor’s Guarantee; or

 

(iv)          make any Investment
(other than Permitted Investments) (each of the foregoing actions set forth in
clauses (i), (ii), (iii) and (iv) being referred to as a “Restricted Payment”);

 

if at the time of such Restricted Payment or
immediately after giving effect thereto,

 

(1)           a Default shall have
occurred and be continuing; or

 

(2)           Parent is not able to
incur at least $1.00 of additional Indebtedness pursuant to the Coverage Ratio
Exception; or

 

(3)           the aggregate amount of
all Restricted Payments including such proposed Restricted Payment (other than
any Restricted Payment pursuant to Section 4.11(b)(vi)(y)(b), (vii), (viii),
(ix)(i), (x) or (xi)) made subsequent to March 31, 2004 (the amount
expended for such purposes, if other than in cash, being the fair market value
of such assets) shall exceed the sum of:

 

(w)          50%
of the cumulative Consolidated Net Income (or if cumulative Consolidated Net
Income shall be a loss, minus 100% of such loss) of Parent from March 31,
2004 through the last day of the fiscal quarter ended immediately preceding the
date the Restricted Payment occurs (the “Reference Date”) (treating such
period as a single accounting period); plus

 

(x)            100%
of the aggregate Net Cash Proceeds or the fair market value of property
received by Parent from any Person (other than a Subsidiary of Parent) from the
issuance and sale subsequent to the Issue Date and on or prior to the Reference
Date of Qualified Equity Interests of Parent; plus

 

(y)           without
duplication of any amounts included in clause (3)(x) above, 100% of the
aggregate Net Cash Proceeds or the fair market value of property of any equity
contribution received by Parent (other than from a Subsidiary of Parent); plus

 

(z)            without
duplication, the sum of:

 

(1)            the
aggregate amount returned in cash on or with respect to Investments (other than
Permitted Investments) made subsequent to the Issue Date 

 

44

 

whether through interest
payments, principal payments, dividends or other distributions or payments;

 

(2)            the
Net Cash Proceeds or the fair market value of property received by Parent or
any of its Restricted Subsidiaries from the disposition of all or any portion
of such Investments (other than to a Subsidiary of Parent); and

 

(3)            other
than in the case of any redesignation of an Australian Subsidiary, upon
redesignation of an Unrestricted Subsidiary as a Restricted Subsidiary, the
fair market value of such Subsidiary.

 

(b)           Notwithstanding
the foregoing, Section 4.11(a) shall not prohibit:

 

(i)            the payment of any
dividend within 60 days after the date of declaration of such dividend if the
dividend would have been permitted on the date of declaration;

 

(ii)           the payment of
dividends with respect to Parent’s Preference Shares A or Preference
Shares B in amounts not greater than the amounts, and not earlier than at
the times, required by Parent’s Articles of Association as the terms of the
Parent’s Preference Shares A or Preference Shares B thereunder, as
the case may be, are in effect on the date of this Indenture or as thereafter
amended in a manner no less favorable to the Holders; provided
that, in the case of the Preference Shares B, such shares were issued in
compliance with Section 4.10(b)(xi);

 

(iii)          the redemption by Parent
of any of its Preference Shares B, at their issue price plus any accrued
and unpaid dividends, which shares were issued pursuant to Section 4.10(b)(xi);

 

(iv)          the redemption by Parent
of any of its Preference Shares C, at their issue price plus any accrued and unpaid
dividends, out of the Net Cash Proceeds of Indebtedness issued in compliance
with Section 4.10(b)(xii);

 

(v)           any Restricted Payment
either (x) solely in exchange for Qualified Equity Interests of Parent or (y)
through the application of Net Cash Proceeds of a substantially concurrent sale
(other than to a Subsidiary of Parent) of Qualified Equity Interests of Parent;

 

(vi)          payments on or the
acquisition of any Indebtedness of the Company or any Guarantor that is subordinate
or junior in right of payment to the Securities or such Guarantor’s Guarantee
either (x) solely in exchange for Qualified Equity Interests of Parent or (y)
through the application of Net Cash Proceeds of a substantially concurrent sale
(other than to a Subsidiary of Parent) of (a) shares of Qualified Equity
Interests of Parent or (b) Refinancing Indebtedness;

 

(vii)         repayment of Indebtedness
incurred pursuant to Section 4.10(b)(vi), (vii) or (xv);

 

45

 

(viii)        the acquisition by a
Receivables Subsidiary in connection with a Qualified Receivables Transaction
of Equity Interests of a trust or other Person established by such Receivables
Subsidiary to effect such Qualified Receivables Transaction;

 

(ix)           pro rata dividends and
other distributions on the Capital Stock of any Restricted Subsidiary by such Restricted
Subsidiary (i) to Parent or any other Restricted Subsidiary or
(ii) to any other Person;

 

(x)            payments in lieu of
fractional shares in an amount not to exceed $200,000 in the aggregate per annum;

 

(xi)           the declaration and
payment of dividends to holders of any class or series of Designated Preferred
Stock (other than Disqualified Equity Interests) issued after the date of this
Indenture; provided that, at the time of such issuance,
the Company, after giving effect to such issuance on a pro forma basis, could
incur an additional $1.00 of Indebtedness pursuant to the Coverage Ratio
Exception;

 

(xii)          upon the occurrence of a
Change of Control and within 60 days after the completion of the offer to repurchase
the Securities pursuant to Section 4.09 (including the purchase of the
Securities tendered), any purchase or redemption of subordinated Indebtedness
or Capital Stock required pursuant to the terms thereof as a result of such
Change of Control at a purchase or redemption price not to exceed the
outstanding principal amount thereof, plus any accrued and unpaid interest; provided that (a) at the time of such purchase or redemption
no Default shall have occurred and be continuing (or would result therefrom),
and (b) the Company could incur an additional $1.00 of Indebtedness pursuant to
the Coverage Ratio Exception after giving pro forma effect to such Restricted
Payment;

 

(xiii)         additional Restricted Payments
in an aggregate amount not to exceed $100.0 million since the Issue Date; and

 

(xiv)        payments of dividends on
Disqualified Equity Interests (to the extent constituting Preferred Stock) issued
in accordance with Section 4.10 above;

 

provided that in the case of
clause (ii), (iii), (v), (vi), (vii), (viii) (with respect to Indebtedness of
the Company referred to therein), (xii), (xiii), (xiv) or (xv), no Default
shall have occurred and be continuing.

 

SECTION 4.12.            Limitation on Liens.

 

Parent will not, and will not cause or permit any of
the Guarantors to, directly or indirectly, create, incur, assume or permit or
suffer to exist any Lien of any kind against or upon any assets of Parent or
any of the Guarantors whether owned on the Issue Date or acquired after the
Issue Date, or any proceeds therefrom, or assign or otherwise convey any right
to receive income or profits therefrom, which Lien secures Indebtedness (other
than Senior Debt or Guarantor Senior Debt) or trade payables, unless:

 

(1)           in the case of Liens
securing Indebtedness that is expressly subordinate or junior in right of
payment to the Securities or the Guarantees, the Securities or the Guarantees,
as the

 

46

 

case may be, are secured by a Lien on such assets or
proceeds that is senior in priority to such Liens; and

 

(2)           in all other cases, the
Securities are at least equally and ratably secured;

 

except, for, in either case of clause (1) or (2):

 

(a)           Liens
existing as of the date of this Indenture to the extent and in the manner such
Liens are in effect on such date;

 

(b)           Liens
securing the Securities and the Guarantees;

 

(c)           Liens
in favor of Parent or any Restricted Subsidiary;

 

(d)           Liens
on assets of a Receivables Subsidiary incurred in connection with a Qualified Receivables
Transaction;

 

(e)           Liens
securing Capitalized Lease Obligations and Purchase Money Indebtedness;

 

(f)            Liens
securing Acquired Indebtedness incurred in accordance with Section 4.10; provided that such Liens do not extend to or cover any
assets of Parent or any Guarantor other than the assets that secured the
Acquired Indebtedness prior to the time such Indebtedness became Acquired
Indebtedness of Parent or a Guarantor and are no more favorable to the
lienholders than those securing the Acquired Indebtedness prior to the
incurrence of such Acquired Indebtedness by Parent or a Guarantor;

 

(g)           Liens
securing Refinancing Indebtedness which is incurred to Refinance any
Indebtedness secured by a Lien permitted under this Indenture and incurred in
accordance with the provisions of this Indenture; provided
that such Liens: (x) are no less favorable to the Holders and are not more
favorable to the lienholders with respect to such Liens than the Liens in
respect of the Indebtedness being Refinanced; and (y) do not extend to or
cover any assets of Parent or any Guarantor not securing the Indebtedness so
Refinanced; and

 

(h)           Permitted
Liens.

 

SECTION 4.13.            Limitation on Asset Sales.

 

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

 

(i)            Parent or the
applicable Restricted Subsidiary, as the case may be, receives consideration at
the time of such Asset Sale at least equal to the fair market value of the
assets sold or otherwise disposed of;

 

(ii)           at least 75% of the
consideration received by Parent or the Restricted Subsidiary, as the case may
be, from such Asset Sale shall be in the form of cash or Cash Equivalents and
is received at the time of such disposition; and

 

47

 

(iii)          upon the consummation of
an Asset Sale, Parent shall apply, or cause such Restricted Subsidiary to
apply, the Net Cash Proceeds relating to such Asset Sale within 365 days of
receipt thereof either:

 

(1)           to prepay any Senior
Debt or Guarantor Senior Debt or any Indebtedness of the Restricted Subsidiary
whose assets were the subject of the Asset Sale if such Restricted Subsidiary
is not a Guarantor and, in the case of any such Indebtedness under any revolving
credit facility, effect a permanent reduction in the availability under such
revolving credit facility;

 

(2)           to make an investment
in (x) assets that replace the assets that were the subject of such Asset
Sale or in assets that will be used in the business of Parent and its
Restricted Subsidiaries as existing on the Issue Date or in businesses
reasonably related thereto or (y) Capital Stock of an entity that holds
any such assets (provided that in the case of this
clause (y) such investment is permitted by Section 4.11 (collectively, “Replacement
Assets”); and/or

 

(3)           a combination of
prepayment and investment permitted by the foregoing clauses (iii)(1) and
(iii)(2).

 

(b)           To
the extent that all or part of the Net Cash Proceeds of any Asset Sale are not
applied within 365 days of such Asset Sale as set forth in Section 4.13(a)
(such Net Cash Proceeds, the “Unutilized Net Cash Proceeds”), the
Company shall, on the 366th day (the “Net Proceeds Offer Trigger Date”),
make an offer to purchase (a “Net Proceeds Offer”), with a copy to the
Trustee, not less than 30 nor more than 60 days following such 366th day (the “Net
Proceeds Offer Payment Date”), all outstanding Securities up to a maximum
principal amount (expressed as a multiple of $1,000) of Securities equal to the
Security Portion of Unutilized Net Cash Proceeds, at a purchase price in cash
equal to 100% of the principal amount thereof, plus accrued interest thereon to
the date of purchase; provided, however, that the Net Proceeds Offer may be deferred until
there are aggregate Unutilized Net Cash Proceeds equal to or in excess of $20.0
million, at which time the entire amount of such Unutilized Net Cash Proceeds,
and not just the amount in excess of $20.0 million, shall be applied as
required pursuant to this paragraph.

 

(c)           In
the event that any other Indebtedness of the Company that ranks pari  passu
with the Securities or any other Indebtedness of any Guarantor that ranks pari
passu with such Guarantor’s Guarantee (“Other Debt”) requires an
offer to purchase to be made to repurchase such Other Debt upon the
consummation of an Asset Sale, the Company may apply the Unutilized Net Cash
Proceeds otherwise required to be applied to a Net Proceeds Offer to offer to
purchase such Other Debt and to a Net Proceeds Offer so long as the amount of
such Unutilized Net Cash Proceeds applied to purchase the Securities is not
less than the Security Portion of Unutilized Net Cash Proceeds.  With respect to any Unutilized Net Cash
Proceeds, the Company shall make the Net Proceeds Offer in respect thereof at
the same time as the analogous offer to purchase is made pursuant to any Other
Debt and the purchase date in respect of the Securities shall be the same as
the purchase date in respect of such Other Debt.

 

(d)           For
purposes of this Section 4.13, “Security Portion of Unutilized Net Cash
Proceeds” means (1) if no Other Debt is being offered to be purchased,
the amount of the Unutilized Net Cash Proceeds and (2) if Other Debt is
being offered to be purchased, the amount of the Unutilized Net Cash Proceeds
equal to the product of (x) the Unutilized Net Cash Proceeds and
(y) a fraction the numerator

 

48

 

of which
is the principal amount of all Securities tendered pursuant to the Net Proceeds
Offer related to such Unutilized Net Cash Proceeds (the “Security Amount”)
and the denominator of which is the sum of the Security Amount and the lesser
of the aggregate principal face amount or accreted value as of the relevant
purchase date of all Other Debt tendered pursuant to a concurrent offer to
purchase such Other Debt made at the time of such Net Proceeds Offer.

 

(e)           With
respect to any Net Proceeds Offer effected pursuant to this Section 4.13, to
the extent the aggregate principal amount of Securities tendered pursuant to
such Net Proceeds Offer exceeds the Security Portion of Unutilized Net Cash
Proceeds to be applied to the repurchase thereof, such Securities shall be
purchased pro  rata based on the aggregate principal amount of
such Securities tendered by each Holder.

 

(f)            To
the extent the Security Portion of Unutilized Net Cash Proceeds exceeds the
aggregate principal amount of Securities tendered by the Holders pursuant to
such Net Proceeds Offer, the Company may retain and utilize any portion of the
Security Portion of Unutilized Net Cash Proceeds not applied to purchase the Securities
for any purpose consistent with the other terms of this Indenture, and such
amounts shall thereafter not constitute Unutilized Net Cash Proceeds.

 

(g)           At
any time any non-cash consideration received by Parent or any of its Restricted
Subsidiaries, as the case may be, in connection with any Asset Sale is
converted into or sold or otherwise disposed of for cash (other than interest
received with respect to any such non-cash consideration), such conversion or
disposition shall be deemed to constitute an Asset Sale hereunder and the Net
Cash Proceeds thereof shall be applied in accordance with this Section 4.13.

 

(h)           In
the event of the Transfer of substantially all (but not all) of the assets of
Parent and its Restricted Subsidiaries as an entirety to a Person in a
transaction permitted by Section 5.01, which transaction does not constitute a
Change of Control, the successor or transferee corporation shall be deemed to
have sold the assets of Parent and its Restricted Subsidiaries not so transferred
for purposes of this Section, and shall comply with the provisions of this
Section with respect to such deemed sale as if it were an Asset Sale.  In addition, the fair market value of such
assets of Parent and its Restricted Subsidiaries deemed to be sold shall be
deemed to be Net Cash Proceeds for purposes of this Section.

 

(i)            For
the purposes of Section 4.13(a)(ii), the following will be deemed to be
cash:

 

(i)            the assumption by the
transferee of Indebtedness (other than Subordinated Indebtedness) of the
Company or a Guarantor, or Indebtedness of any other Restricted Subsidiary and
the release of the Parent or such Restricted Subsidiary from all liability on
such Indebtedness in connection with such Asset Sale;

 

(ii)           securities, notes or
other obligations received by the Parent or any Restricted Subsidiary of the
Parent from the transferee that are promptly converted by the Parent or such
Restricted Subsidiary into cash;

 

(iii)          Indebtedness of any
Restricted Subsidiary that is no longer a Restricted Subsidiary as a result of
such Asset Sale, to the extent that the Parent and each other Restricted Subsidiary
are released from any guarantee of payment of the principal amount of such
Indebtedness in connection with such Asset Sale; and

 

49

 

(iv)          consideration consisting
of Indebtedness of the Parent or any Restricted Subsidiary which Indebtedness
is either repaid in full or cancelled.

 

(j)            Notwithstanding
Sections 4.13(a) and (b), Parent or any of its Restricted Subsidiaries will be
permitted to consummate an Asset Sale without complying with Section 4.13(a)
and (b) to the extent that:

 

(i)            at least 75% of the
consideration for such Asset Sale constitutes Replacement Assets; and

 

(ii)           such Asset Sale is for
fair market value; provided that
any consideration not constituting Replacement Assets received by Parent or any
of its Restricted Subsidiaries in connection with any Asset Sale permitted to
be consummated under this paragraph shall constitute Net Cash Proceeds (to the
extent received in the form of cash or Cash Equivalents) subject to Sections
4.13(a) and (b).

 

(k)           Each
Net Proceeds Offer will be mailed to the record Holders as shown on the
register of Holders within 25 days following the Net Proceeds Offer Trigger
Date, with a copy to the Trustee, and shall comply with the procedures set
forth in this Indenture.  The notice
shall contain all instructions and materials necessary to enable such Holders
to tender Securities pursuant to the Net Proceeds Offer and shall state the
following terms:

 

(i)            that the Net Proceeds
Offer is being made pursuant to this Section 4.13 and that all Securities
tendered will be accepted for payment; provided, however, that if the principal amount of Securities tendered
in the Net Proceeds Offer exceeds the aggregate amount of Net Proceeds Offer
Amount, the Company shall select the Securities to be purchased on a pro rata
basis;

 

(ii)           the purchase price
(including the amount of accrued interest, if any) and the purchase date (which
shall be no earlier than 30 days nor later than 60 days from the date such
notice is mailed, other than as may be required by applicable law);

 

(iii)          that any Security not
tendered will continue to accrue interest;

 

(iv)          that, unless the Company
defaults in making payment therefor, any Security accepted for payment pursuant
to the Net Proceeds Offer shall cease to accrue interest after the Net Proceeds
Offer Payment Date;

 

(v)           that Holders electing
to have a Security purchased pursuant to the Net Proceeds Offer will be
required to surrender the Security, with the form entitled “Option of Holder to
Elect Purchase” on the reverse of the Security completed, to the Paying Agent
at the address specified in the notice prior to the close of business on the
Net Proceeds Offer Payment Date;

 

(vi)          that Holders will be
entitled to withdraw their election if the Paying Agent receives, not later
than the second Business Day prior to the Net Proceeds Offer Payment Date, a
facsimile transmission or letter setting forth the name of the Holder, the
principal amount of the Security the Holder delivered for purchase and a
statement that such Holder is withdrawing his election to have such Security purchased;
and

 

50

 

(vii)         that Holders whose
Securities are purchased only in part will be issued new Securities in a
principal amount at maturity equal to the unpurchased portion of the Securities
surrendered.

 

Upon receiving notice of the Net Proceeds Offer,
Holders may elect to tender their Securities in whole or in part in integral
multiples of $1,000.  A Net Proceeds
Offer shall remain open for a period of 20 business days or such longer period
as may be required by law.  On or before
the Net Proceeds Offer Payment Date, the Company shall (i) accept for payment
Securities or portions thereof tendered pursuant to the Net Proceeds Offer,
(ii) deposit with the Paying Agent U.S. Legal Tender sufficient to pay the
purchase price, plus accrued interest, if any, of all Securities to be
purchased and (iii) deliver to the Trustee Securities so accepted together with
an Officers’ Certificate stating the Securities or portions thereof being
purchased by the Company.  The Paying
Agent shall promptly mail to the Holders of Securities so accepted payment in
an amount equal to the purchase price, plus accrued interest, if any, thereon
set forth in the notice of such Net Proceeds Offer.  Any Security not so accepted shall be
promptly mailed by the Company to the Holder thereof.  For purposes of this Section 4.13, the
Trustee shall act as the Paying Agent.

 

(l)            The
Company will comply with the requirements of Rule 14e-1 under the Exchange Act
and any other securities laws and regulations thereunder to the extent such
laws and regulations are applicable in connection with the purchase of
Securities pursuant to a Net Proceeds Offer. 
To the extent that the provisions of any securities laws or regulations
conflict with this Section 4.13, the Company shall comply with the applicable
securities laws and regulations and shall not be deemed to have breached its
obligations under this Section 4.13 by virtue thereof.

 

SECTION 4.14.            Limitations
on Transactions with Affiliates.

 

(a)           Parent
will not, and will not permit any of its Restricted Subsidiaries to, directly
or indirectly, enter into or permit to exist any transaction or series of
related transactions (including the purchase, sale, lease or exchange of any
assets or the rendering of any service) with, or for the benefit of, any of its
Affiliates (each, an “Affiliate Transaction”), other than (x) Affiliate
Transactions permitted under the third paragraph of this covenant below and (y)
Affiliate Transactions on terms that are no less favorable than those that
might reasonably have been obtained in a comparable transaction at such time on
an arm’s-length basis from a Person that is not an Affiliate of Parent or such
Restricted Subsidiary.

 

(b)           All
Affiliate Transactions (and each series of related Affiliate Transactions which
are similar or part of a common plan) involving aggregate payments or other
assets with a fair market value in excess of $10.0 million shall be approved by
the Board of Directors of Parent or such Restricted Subsidiary, as the case may
be, such approval to be evidenced by a Board Resolution stating that such Board
of Directors has determined that such transaction complies with the foregoing
provisions.  If Parent or any Restricted
Subsidiary of Parent enters into an Affiliate Transaction (or a series of
related Affiliate Transactions related to a common plan) that involves an
aggregate fair market value of more than $25.0 million, Parent or such
Restricted Subsidiary, as the case may be, shall, prior to the consummation
thereof, obtain a favorable opinion from an Independent Financial Advisor that
(a) the terms thereof are no less favorable to the Relevant Party than the
terms that might reasonably be obtained in a comparable transaction at such
time on an arm’s-length basis from a Person that is not an Affiliate of Parent
or such Restricted Subsidiary or (b) such transaction or series of related
transactions are fair to the Relevant Party from a financial point of view, and
file such opinion with the Trustee.  “Relevant
Party”

 

51

 

means
(x) in any transaction involving the Company or any Guarantor, the Company
and the Guarantors involved and (y) in any other transaction, the
Restricted Subsidiaries involved.

 

(c)           Section
4.14(a) and (b) shall not apply to:

 

(i)            reasonable fees and
compensation paid to and indemnity provided on behalf of, officers, directors,
employees or consultants of Parent or any of its Restricted Subsidiaries as
determined in good faith by Parent’s Board of Directors or senior management;

 

(ii)           transactions
exclusively between or among the Parent and/or one or more of its Restricted
Subsidiaries;

 

(iii)          transactions with
Parent’s Australian Subsidiaries in the ordinary course of business;

 

(iv)          any agreement existing
on the date of this Indenture or any amendment thereto or replacement thereof
or any transaction contemplated thereby so long as any such amendment or
replacement agreement is no less favorable in any material respect to the
Holders than the original agreement as in effect on the date of this Indenture;

 

(v)           Restricted Payments
permitted by Section 4.11 and Permitted Investments;

 

(vi)          issuance or sale of
Qualified Equity Interests of Parent;

 

(vii)         transactions effected as
part of a Qualified Receivables Transaction;

 

(viii)        the existence of, or the
performance by Parent or any of its Restricted Subsidiaries of its obligations
under the terms of, any stockholders agreement (including any registration
rights agreement or purchase agreement related thereto) to which it is a party
as of the date of this Indenture and any similar agreements which it may enter
into thereafter; provided that the existence of,
or the performance by Parent or any of its Restricted Subsidiaries of
obligations under, any future amendment to any such existing agreement or under
any similar agreement entered into after the date of this Indenture shall only
be permitted by this clause (viii) to the extent that the terms of any such
amendment or new agreement are not disadvantageous to the Holders of the
Securities in any material respect; and

 

(ix)           transactions with
customers, clients, suppliers, joint venture partners or purchasers or sellers
of goods or services, in each case in the ordinary course of business (including,
without limitation, pursuant to joint venture agreements) and otherwise in
compliance with the terms of this Indenture which are fair to Parent and its
Restricted Subsidiaries in the reasonable determination of the Board of
Directors of Parent, or are on terms at least as favorable as might reasonably
have been obtained at such time from an unaffiliated party.

 

52

 

SECTION 4.15.            Limitation on Dividend and Other Payment
Restrictions Affecting Restricted Subsidiaries.           

 

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

 

(i)            pay dividends or make
any other distributions on or in respect of its Capital Stock;

 

(ii)           make loans or advances
or to pay any Indebtedness or other obligation owed to Parent or any of its
other Restricted Subsidiaries; or

 

(iii)          transfer any of its
assets to Parent or any of its other Restricted Subsidiaries;

 

except for such encumbrances or restrictions existing
under or by reason of:

 

(a)           applicable
law;

 

(b)           this
Indenture;

 

(c)           customary
non-assignment provisions of any contract or any lease governing a leasehold
interest of any Restricted Subsidiary of Parent;

 

(d)           any
instrument existing at the time of acquisition of any Person so acquired and
not entered into in connection with, or in anticipation or contemplation of,
such Person being acquired, including those governing Acquired Indebtedness,
which encumbrances or restrictions are not applicable to any Person, or the
assets of any Person, other than the Person or the assets of the Person so
acquired;

 

(e)           agreements
existing on the date of this Indenture, including the Credit Agreement, to the
extent and in the manner such encumbrances or restrictions are in effect on the
date of this Indenture or as thereafter amended in a manner no less favorable
to the Holders;

 

(f)            restrictions
imposed by Indebtedness of the Company or any of the Guarantors ranking pari
passu with the Securities or the Guarantees, as applicable; provided such restrictions are no more restrictive taken as
a whole than those imposed by this Indenture and the Securities;

 

(g)           restrictions
imposed by any Senior Debt incurred in accordance with Section 4.10; provided such restrictions are no more restrictive taken as
a whole than those imposed by the Credit Agreement as of the Issue Date;

 

(h)           restrictions
imposed by any agreement to sell assets or Equity Interests to any Person
pending the closing of such sale relating to such assets or Equity Interests;

 

(i)            restrictions
on transfer contained in Purchase Money Indebtedness incurred not in violation
of Section 4.10; provided such
restrictions relate only to the transfer of the property acquired with the proceeds
of such Purchase Money Indebtedness;

 

53

 

(j)            Liens
of the type described in clause (iii) above incurred in accordance with Section
4.12;

 

(k)           customary
restrictions in Capitalized Lease Obligations, security agreements or mortgages
securing Indebtedness of Parent or a Restricted Subsidiary to the extent such
restrictions restrict the transfer of the property subject to such Capitalized
Lease Obligations, security agreements or mortgages;

 

(l)            customary
provisions in joint venture agreements and other similar agreements (in each
case relating solely to the respective joint venture or similar entity or the
equity interests therein) entered into in the ordinary course of business;

 

(m)          contracts
entered into in the ordinary course of business, not relating to Indebtedness,
and that do not, individually or in the aggregate, detract from the value of
any assets of Parent or any Restricted Subsidiary in any manner material to
Parent or any Restricted Subsidiary;

 

(n)           Indebtedness
or other contractual requirements of a Receivables Subsidiary in connection
with a Qualified Receivables Transaction; provided that
such restrictions apply only to such Receivables Subsidiary; or

 

(o)           an
agreement governing Indebtedness incurred to Refinance the Indebtedness issued,
assumed or incurred pursuant to an agreement referred to in clause (b), (d),
(e), (k) or (n) above; provided that
the encumbrances or restrictions contained in any such Indebtedness are no less
favorable to the Holders than the encumbrances or restrictions contained in
agreements referred to in such clause (b), (d), (e), (k) or (n), as determined
in good faith by the Board of Directors of Parent.

 

SECTION 4.16.            Additional
Subsidiary Guarantees.

 

(a)           If,
after the date of this Indenture, (a) any Restricted Subsidiary becomes an
obligor (whether as borrower or guarantor) under the Credit Agreement, or
(b) any Unrestricted Subsidiary is redesignated a Restricted Subsidiary in
accordance with the definition of “Unrestricted Subsidiary,” and such
Restricted Subsidiary is an obligor (whether as borrower or guarantor) under
the Credit Agreement, then, in any such case, Parent shall cause such
Restricted Subsidiary to:

 

(i)            execute and deliver to
the Trustee (i) a supplemental indenture in form and substance
satisfactory to the Trustee pursuant to which such Restricted Subsidiary shall
unconditionally guarantee all of the Company’s obligations under the Securities
and this Indenture on the terms set forth in Article Eleven, and  (ii) a notation of Guarantee set forth
in Exhibit E hereto; provided,
however, that such Guarantor’s Guarantee
may contain limitations substantially consistent with any limitations contained
in such Guarantor’s guarantee of Indebtedness under the Credit Agreement; and

 

(ii)           deliver to the Trustee
one or more opinions of counsel that such supplemental indenture (and such
Guarantee) (i) has been duly authorized, executed and delivered by such
Restricted Subsidiary and (ii) constitutes a valid and legally binding
obligation of such Restricted Subsidiary, enforceable against such Restricted
Subsidiary in accordance with its terms, subject,

 

54

 

in the case of clause (ii), to (a) bankruptcy,
insolvency, fraudulent transfer, reorganization, moratorium or other similar
laws now or hereafter in effect relating to creditors’ rights generally,
(b) general principles of equity and the discretion of the court before
which any proceeding therefor may be brought (regardless of whether enforcement
is sought in a proceeding in equity or at law) and (c) in the case of any
Restricted Subsidiary organized outside of the United States, such other
qualifications as are customary under the laws of its jurisdiction of organization.

 

(b)           Notwithstanding
the foregoing, (x) any Restricted Subsidiary that is not an obligor
(whether as borrower or guarantor) with respect to the Credit Agreement shall
not be required to become a Guarantor, (y) in the event that a Restricted
Subsidiary is a borrower under the Credit Agreement but it is illegal under the
laws of any jurisdiction outside the United States for such Restricted Subsidiary
to execute an unconditional guarantee, such guarantee shall be limited to the
extent that it would be allowed under applicable law and (z) in the event
that it is illegal under the laws of any jurisdiction outside the United States
for a Restricted Subsidiary to become a Guarantor, such Restricted Subsidiary
shall not be required to become a Guarantor.

 

SECTION 4.17.            Limitation on
Preferred Stock of Non-Guarantors.

 

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

 

SECTION 4.18.            Prohibition on Incurrence of Senior
Subordinated Debt.

 

Parent will not, and will not cause or permit the
Company or any Restricted Subsidiary that is a Guarantor to, incur or suffer to
exist Indebtedness that is senior in right of payment to the Securities or such
Guarantor’s Guarantee, as the case may be, and subordinate in right of payment
to any other Indebtedness of the Company or such Guarantor, as the case may be.

 

SECTION 4.19.            Reports to Holders.

 

(a)           Whether
or not required by the rules and regulations of the Commission, so long as any
Securities are outstanding, Parent will file with the Commission, and furnish,
or caused to be furnished to the Holders, copies of:

 

(i)            all quarterly and annual
reports that would be required to be filed with the Commission on Forms 10-K
and 10-Q (or successor forms) if Parent were required to file such reports (or
Forms 20-F and 6-K (or successor forms) if Parent would qualify as a “foreign
private issuer” as defined in Rule 405 under the Securities Act), which, in the
case of annual reports, shall include a report thereon by Parent’s certified
independent accounts; and

 

(ii)           all current reports
that would be required to be filed with the Commission on Form 8-K (or
successor form) if Parent were required to file such reports (or Form 6-K (or
successor form) if Parent would qualify as a “foreign private issuer” as defined
in Rule 405 under the Securities Act),

 

55

 

in each case within 15 days of the time periods
specified for filing of such reports in the Commission’s rules and regulations.

 

(b)           In
addition, for so long as any Securities remain outstanding, Parent will furnish
to the Holders and to securities analysts and prospective investors, upon their
request, the information required to be delivered pursuant to Rule 144A(d)(4)
under the Securities Act.

 

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

 

ARTICLE FIVE

SUCCESSOR CORPORATION

 

SECTION 5.01.            Merger, Consolidation and Sale of Assets.

 

(A)          Parent
will not, in a single transaction or series of related transactions, consolidate
or merge with or into any Person, or Transfer (or cause or permit any
Restricted Subsidiary of Parent to Transfer) all or substantially all of
Parent’s assets (determined on a consolidated basis for Parent and its
Subsidiaries) whether as an entirety or substantially as an entirety to any
Person, unless:

 

(1)           either:

 

(a)           Parent shall be the
surviving or continuing corporation; or

 

(b)           the Person (if other
than Parent) formed by such consolidation or into which Parent is merged or the
Transferee of such assets (the “Parent Surviving Entity”):

 

(x)            shall
be a corporation or limited liability company (or its equivalent thereof under
foreign law) organized and validly existing under the laws of The Netherlands,
England or the United States or any State thereof or the District of Columbia;
and

 

(y)           shall
expressly assume, by supplemental indenture (in form and substance satisfactory
to the Trustee), executed and delivered to the Trustee, all of the obligations
of Parent on its Guarantee and the performance of every covenant of Parent’s
Guarantee, this Indenture and the Registration Rights Agreement on the part of
Parent to be performed or observed;

 

(2)           unless such transaction
is with a Wholly Owned Restricted Subsidiary, immediately after giving effect
to such transaction and the assumption contemplated by clause (A)(1)(b)(y)
above (including giving effect to any Indebtedness incurred or anticipated to
be incurred in connection with or in respect of such transaction), Parent or
the Parent Surviving Entity,

 

56

 

as the case may be, shall be able to incur at least
$1.00 of additional Indebtedness pursuant to the Coverage Ratio Exception;

 

(3)           immediately before and
immediately after giving effect to such transaction and the assumption
contemplated by clause (A)(1)(b)(y) above (including giving effect to any Indebtedness
incurred or anticipated to be incurred and any Lien granted in connection with
or in respect of the transaction), no Default shall have occurred or be continuing;
and

 

(4)           Parent or the Parent
Surviving Entity shall have delivered to the Trustee an Officers’ Certificate
and an Opinion of Counsel, each stating that such transaction and, if a
supplemental indenture is required in connection with such transaction, such
supplemental indenture comply with this Article Five and that all conditions
precedent in this Indenture relating to such transaction have been satisfied.

 

For purposes of the foregoing, the Transfer in a
single transaction or series of related transactions of all or substantially
all of the assets of one or more Restricted Subsidiaries of Parent, the Capital
Stock of which constitutes all or substantially all of the assets of Parent
(determined on a consolidated basis for Parent and its Subsidiaries), shall be
deemed to be the Transfer of all or substantially all of the assets of Parent.

 

Upon any consolidation or merger in which Parent is
not the continuing corporation, or any Transfer of all or substantially all of
the assets of Parent in accordance with the foregoing, the Parent Surviving
Entity shall succeed to, and be substituted for, and may exercise every right
and power of, Parent under its Guarantee, this Indenture and the Registration
Rights Agreement with the same effect as if such Parent Surviving Entity had
been named as such.

 

(B)           The
Company will not, in a single transaction or series of related transactions,
consolidate or merge with or into any Person, or Transfer (or cause or permit
any Restricted Subsidiary of the Company to Transfer) all or substantially all
of the Company’s assets (determined on a consolidated basis for the Company and
its Subsidiaries) whether as an entirety or substantially as an entirety to any
Person, unless:

 

(1)           either:

 

(a)           the Company shall be
the surviving or continuing corporation; or

 

(b)           the Person (if other
than the Company) formed by such consolidation or into which the Company is
merged or the Transferee of such assets (the “Company Surviving Entity”):

 

(x)            shall
be a corporation or limited liability company organized and validly existing
under the laws of the United States or any State thereof or the District of Columbia;
and

 

(y)           shall
expressly assume, by supplemental indenture (in form and substance satisfactory
to the Trustee), executed and delivered to the Trustee, the due and punctual
payment of the principal of, and premium, if any, and interest on all of the
Securities and the performance of every covenant of the Securities,

 

57

 

this Indenture and the
Registration Rights Agreement on the part of the Company to be performed or
observed;

 

(2)           unless such transaction
is with Parent or a Wholly Owned Restricted Subsidiary, immediately after
giving effect to such transaction and the assumption contemplated by clause
(B)(1)(b)(y) above (including giving effect to any Indebtedness incurred or
anticipated to be incurred in connection with or in respect of such
transaction), Parent could satisfy the provisions of paragraph (A)(2) above;

 

(3)           immediately before and
immediately after giving effect to such transaction and the assumption
contemplated by clause (B)(1)(b)(y) above (including giving effect to any Indebtedness
incurred or anticipated to be incurred and any Lien granted in connection with
or in respect of the transaction), no Default shall have occurred or be continuing;
and

 

(4)           the Company shall have
delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel,
each stating that such transaction and, if a supplemental indenture is required
in connection with such transaction, such supplemental indenture comply with
this Article Five and that all conditions precedent in this Indenture relating
to such transaction have been satisfied.

 

For purposes of the foregoing, the Transfer in a single
transaction or series of related transactions of all or substantially all of
the assets of one or more Restricted Subsidiaries of the Company, the Capital
Stock of which constitutes all or substantially all of the assets of the Company
(determined on a consolidated basis for the Company and its Subsidiaries),
shall be deemed to be the Transfer of all or substantially all of the assets of
the Company.

 

Upon any consolidation or merger in which the Company
is not the continuing corporation or any Transfer of all or substantially all
of the assets of the Company in accordance with the foregoing, the Company Surviving
Entity shall succeed to, and be substituted for, and may exercise every right
and power of, the Company under the Securities, this Indenture and the
Registration Rights Agreement with the same effect as if such Company Surviving
Entity had been named as such.

 

(C)           No
Guarantor (other than Parent) will, and Parent will not cause or permit any
such Guarantor to, consolidate with or merge with or into any Person unless:

 

(1)           either:

 

(a)           such Guarantor shall be
the surviving or continuing corporation; or

 

(b)           the Person (if other
than such Guarantor) formed by such consolidation or into which such Guarantor
is merged shall expressly assume, by supplemental indenture (in form and
substance satisfactory to the Trustee), executed and delivered to the Trustee,
all of the obligations of such Guarantor on its Guarantee and the performance
of every covenant of such Guarantor’s Guarantee, this Indenture and the
Registration Rights Agreement on the part of such Guarantor to be performed or
observed;

 

(2)           unless such transaction
is with Parent or a Wholly Owned Restricted Subsidiary, immediately after
giving effect to such transaction and the assumption contemplated by clause

 

58

 

(C)(1)(b) above (including giving effect to any
Indebtedness incurred or anticipated to be incurred in connection with or in
respect of such transaction), Parent could satisfy the provisions of paragraph
(A)(2) above;

 

(3)           immediately before and
immediately after giving effect to such transaction and the assumption
contemplated by clause (C)(1)(b) above (including giving effect to any Indebtedness
incurred or anticipated to be incurred and any Lien granted in connection with
or in respect of the transaction), no Default shall have occurred or be
continuing; and

 

(4)           Parent shall have
delivered to the Trustee an Officers’ Certificate and an opinion of counsel,
each stating that such transaction and, if a supplemental indenture is required
in connection with such transaction, such supplemental indenture comply with
this Article Five and that all conditions precedent in this Indenture relating
to such transaction have been satisfied.

 

The requirements of this paragraph (C) shall not apply
to (x) a consolidation or merger of any Guarantor with and into the Company or
any Guarantor, so long as the Company or a Guarantor survives such
consolidation or merger, or (y) a Transfer of any Guarantor that complies with
Section 4.13.

 

ARTICLE SIX

DEFAULT AND REMEDIES

 

SECTION 6.01.            Events of Default.

 

The following events are
defined as “Events of Default”:

 

(a)           the
failure to pay interest on any Securities when the same becomes due and payable
and the default continues for a period of 30 days (whether or not such payment
shall be prohibited by Article Ten or Article Twelve);

 

(b)           the
failure to pay the principal on any Securities, when such principal becomes due
and payable, at maturity, upon redemption or otherwise (including the failure
to make a payment to purchase Securities tendered pursuant to a Change of
Control Offer or a Net Proceeds Offer) (whether or not such payment shall be
prohibited by Article Ten or Article Twelve);

 

(c)           a
default in the observance or performance of any other covenant or agreement
contained in this Indenture which default continues for a period of 60 days
after Parent receives written notice specifying the default (and demanding that
such default be remedied) from the Trustee or the Holders (with a copy to the
Trustee) of at least 25% of the outstanding principal amount of the Securities
(except in the case of a default under Article Five, which will constitute an
Event of Default with such notice requirement but without such passage of time
requirement);

 

(d)           the
failure to pay at final maturity (giving effect to any applicable grace periods
and any extensions thereof) the principal amount of any Indebtedness of Parent
or any of its Restricted Subsidiaries, or the acceleration of the final stated
maturity of any such Indebtedness

 

59

 

 

(which
acceleration is not rescinded, annulled or otherwise cured within 30 days of
receipt by Parent or such Restricted Subsidiary of notice of any such
acceleration) if the aggregate principal amount of such Indebtedness, together
with the principal amount of any other such Indebtedness in default for failure
to pay principal at final maturity or which has been accelerated (in each case
with respect to which the 30-day period described above has elapsed),
aggregates $25.0 million or more at any time;

 

(e)           one
or more judgments in an aggregate amount in excess of $25.0 million shall have
been rendered against Parent, the Company or any of Parent’s Significant
Subsidiaries and such judgments remain undischarged, unpaid or unstayed for a
period of 60 days after such judgment or judgments become final and
non-appealable;

 

(f)            the
Company, Parent or any of Parent’s Significant Subsidiaries (i) commences a
voluntary case or proceeding under any Bankruptcy Law with respect to itself,
(ii) consents to the entry of a judgment, decree or order for relief against it
in an involuntary case or proceeding under any Bankruptcy Law, (iii) consents
to the appointment of a Custodian of it or for substantially all of its
property, (iv) consents to or acquiesces in the institution of a bankruptcy or
an insolvency proceeding against it, (v) makes a general assignment for the
benefit of its creditors or (vi) takes any corporate action to authorize or
effect any of the foregoing;

 

(g)           a
court of competent jurisdiction enters a judgment, decree or order for relief
in respect of the Company, Parent or any of Parent’s Significant Subsidiaries
in an involuntary case or proceeding under any Bankruptcy Law, which shall (i)
approve as properly filed a petition seeking reorganization, arrangement,
adjustment or composition in respect of the Company, Parent or any of Parent’s
Significant Subsidiaries, (ii) appoint a Custodian of the Company, Parent or
any of Parent’s Significant Subsidiaries or for substantially all of any of its
property or (iii) order the winding-up or liquidation of its affairs; and such
judgment, decree or order shall remain unstayed and in effect for a period of 60
consecutive days; or

 

(h)           (x)
the Guarantee of Parent or any Significant Subsidiary ceases to be in full
force and effect (other than by reason of release of such Guarantor from its
Guarantee in accordance with the terms of this Indenture), is declared to be
null and void and unenforceable or is found to be invalid, or (y) any Guarantor
denies its liability under its Guarantee (other than by reason of release of
such Guarantor from its Guarantee in accordance with the terms of this Indenture).

 

SECTION 6.02.            Acceleration.

 

If an Event of Default (other than an Event of Default
specified in Section 6.01(f) or (g) with respect to Parent or the Company)
shall occur and be continuing, the Trustee or the Holders of at least 25% in
principal amount of outstanding Securities may declare the principal of and
accrued interest on all the Securities to be due and payable by notice in
writing to the Company and the Trustee specifying the respective Event of
Default and that it is a “notice of acceleration” (the “Acceleration Notice”),
and the same:

 

(x)            shall
become immediately due and payable; or

 

60

 

(y)           if
there are any amounts outstanding under the Credit Agreement, shall become
immediately due and payable upon the first to occur of an acceleration under
the Credit Agreement or 5 business days after receipt by the Company and the Representative
under the Credit Agreement of such Acceleration Notice but only if such Event
of Default is then continuing.

 

If an Event of Default specified in either
clause (f) or (g) above with respect to Parent or the Company occurs and
is continuing, then all unpaid principal of, and premium, if any, and accrued
and unpaid interest on all of the outstanding Securities shall ipso  facto
become and be immediately due and payable without any declaration or other act
on the part of the Trustee or any Holder.

 

At any time after a declaration of acceleration with
respect to the Securities as described in the preceding paragraph, the Holders
of a majority in principal amount of the Securities may rescind and cancel such
declaration and its consequences:

 

(a)           if
the rescission would not conflict with any judgment or decree;

 

(b)           if
all existing Events of Default have been cured or waived except nonpayment of
principal or interest that has become due solely because of the acceleration;

 

(c)           to
the extent the payment of such interest is lawful, interest on overdue
installments of interest and overdue principal, which has become due otherwise
than by such declaration of acceleration, has been paid;

 

(d)           if
the Company has paid the Trustee its reasonable compensation and reimbursed the
Trustee for its expenses, disbursements and advances; and

 

(e)           in
the event of the cure or waiver of an Event of Default of the type set forth in
Section 6.01(f) or (g), the Trustee shall have received an Officers’
Certificate and an Opinion of Counsel that such Event of Default has been cured
or waived.

 

No such rescission shall affect any subsequent Default
or impair any right consequent thereto.

 

SECTION 6.03.            Other Remedies.

 

If an Event of Default occurs and is continuing, the
Trustee may pursue any available remedy by proceeding at law or in equity to
collect the payment of principal of or interest on the Securities or to enforce
the performance of any provision of the Securities or this Indenture.

 

The Trustee may maintain a proceeding even if it does
not possess any of the Securities or does not produce any of them in the
proceeding.  A delay or omission by the
Trustee or any Securityholder 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. 
No remedy is exclusive of any other remedy.  All available remedies are cumulative to the
extent permitted by law.

 

SECTION 6.04.            Waiver of Past
Defaults.

 

The Holders of a majority in principal amount of the
outstanding Securities by notice to the Trustee may waive an existing Default
or Event of Default and its consequences, except a Default in

 

61

 

the payment of principal of or interest on any Security as specified in
Sections 6.01(a) or (b).  The Company
shall deliver to the Trustee an Officers’ Certificate stating that the
requisite percentage of Holders have consented to such waiver and attaching copies
of such consents.  When a Default is
waived, it is cured and ceases.

 

SECTION 6.05.            Control by Majority.

 

The Holders of not less than a majority in principal
amount of the outstanding Securities may direct the time, method and place of
conducting any proceeding for any remedy available to the Trustee or exercising
any trust or power conferred on it. 
Subject to Section 7.01, however, the Trustee may refuse to follow
any direction that conflicts with any law or this Indenture, that the Trustee
determines may be unduly prejudicial to the rights of another Securityholder,
or that may involve the Trustee in personal liability; provided
that the Trustee may take any other action deemed proper by the Trustee which
is not inconsistent with such direction.

 

In the event the Trustee takes any action or follows
any direction pursuant to this Indenture, the Trustee shall be entitled to
indemnification against any loss or expense caused by taking such action or
following such direction.

 

SECTION 6.06.            Limitation on Suits.

 

A Securityholder may not pursue any remedy with
respect to this Indenture or the Securities unless:

 

(a)           the
Holder gives to the Trustee written notice of a continuing Event of Default;

 

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

 

(c)           such
Holder or Holders offer and provide to the Trustee indemnity satisfactory to
the Trustee against any loss, liability or expense;

 

(d)           the
Trustee does not comply with the request within 45 days after receipt of the
request and the offer and the provision of indemnity; and

 

(e)           during
such 45-day period the Holder or Holders of a majority in principal amount of
the outstanding Securities do not give the Trustee a direction which, in the
opinion of the Trustee, is inconsistent with the request.

 

A Securityholder may not use this Indenture to
prejudice the rights of another Securityholder or to obtain a preference or
priority over such other Securityholder.

 

SECTION 6.07.            Rights of Holders
To Receive Payment.

 

Notwithstanding any other provision of this Indenture,
the right of any Holder to receive payment of principal of and interest on a
Security, on or after the respective due dates expressed in such Security, 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 the
Holder.

 

62

 

SECTION 6.08.            Collection Suit by
Trustee.

 

If an Event of Default in payment of principal or
interest specified in Section 6.01(a) or (b) occurs and is continuing, the
Trustee may recover judgment in its own name and as trustee of an express trust
against the Company or any other obligor on the Securities for the whole amount
of principal and accrued interest and fees remaining unpaid, together with
interest on overdue principal and, to the extent that payment of such interest
is lawful, interest on overdue installments of interest, in each case at the
rate per  annum borne by the Securities and such further amount as
shall be sufficient to cover the costs and expenses of collection, including
the reasonable compensation, expenses, disbursements and advances of the
Trustee, its agents and counsel.

 

SECTION 6.09.            Trustee May File
Proofs of Claim.

 

The Trustee may 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, expenses,
disbursements and advances of the Trustee, its agents and counsel) and the
Securityholders allowed in any judicial proceedings relating to the Company,
its creditors or its property and shall be entitled and empowered to collect
and receive any monies or other property payable or deliverable on any such
claims and to distribute the same, and any Custodian in any such judicial
proceedings is hereby authorized by each Securityholder 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 Securityholders, to pay to the Trustee any
amount due to it for the compensation, expenses, disbursements and advances of
the Trustee, its agent and counsel, and any other amounts due the Trustee under
Section 7.07.  Nothing herein
contained shall be deemed to authorize the Trustee to authorize or consent to
or accept or adopt on behalf of any Securityholder any plan of reorganization,
arrangement, adjustment or composition affecting the Securities or the rights
of any Holder thereof, or to authorize the Trustee to vote in respect of the
claim of any Securityholder in any such proceeding.

 

SECTION 6.10.            Priorities.

 

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

 

First:  to the Trustee for
amounts due under Section 7.07;

 

Second:  to Holders for interest
accrued on the Securities, ratably, without preference or priority of any kind,
according to the amounts due and payable on the Securities for interest;

 

Third:  to Holders for principal
amounts due and unpaid on the Securities, ratably, without preference or
priority of any kind, according to the amounts due and payable on the
Securities for principal; and

 

Fourth:  to the Company or, if
applicable, the Guarantors, as their respective interests may appear.

 

The Trustee, upon prior notice to the Company, may fix
a record date and payment date for any payment to Securityholders pursuant to
this Section 6.10.

 

63

 

SECTION 6.11.            Undertaking for
Costs.

 

In any suit for the enforcement of any right or remedy
under this Indenture or in any suit against the Trustee for any action taken or
omitted by it as 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 pursuant to Section 6.07,
or a suit by a Holder or Holders of more than 10% in principal amount of the
outstanding Securities.

 

ARTICLE SEVEN

 

TRUSTEE

 

SECTION 7.01.            Duties of Trustee.

 

(a)           If
a Default or 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 their exercise as a prudent person
would exercise or use under the circumstances in the conduct of his or her own
affairs.

 

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

 

(i)            The Trustee need
perform only those duties as are specifically set forth herein or in the TIA
and no duties, covenants, responsibilities or obligations shall be implied in
this Indenture against the Trustee.

 

(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 (including Officers’ Certificates) or opinions (including Opinions
of Counsel) furnished to the Trustee and conforming to the requirements of this
Indenture.  However, in the case of any
such certificates or opinions which by any provision hereof are specifically
required to be furnished to the Trustee, the Trustee shall examine the
certificates and opinions to determine whether or not they conform to the
requirements of this Indenture.

 

(c)           Notwithstanding
anything to the contrary herein, the Trustee may not be relieved from liability
for its own negligent action, its own negligent failure to act, or its own
willful misconduct, except that:

 

(i)            This paragraph does
not limit the effect of paragraph (b) of this Section 7.01.

 

(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.

 

64

 

(iii)          The Trustee shall not be
liable with respect to any action it takes or omits to take in good faith in
accordance with a direction received by it pursuant to Section 6.05.

 

(d)           No
provision of this Indenture shall require the Trustee to expend or risk its own
funds or otherwise incur any financial liability in the performance of any of
its duties hereunder or to take or omit to take any action under this Indenture
or take any action at the request or direction of Holders if it shall have
reasonable grounds for believing that repayment of such funds is not assured to
it.

 

(e)           Every
provision of this Indenture that in any way relates to the Trustee is subject
to this Section 7.01.

 

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

 

(g)           In
the absence of bad faith, negligence or willful misconduct on the part of the
Trustee, the Trustee shall not be responsible for the application of any money
by any Paying Agent other than the Trustee.

 

SECTION 7.02.            Rights of Trustee.

 

Subject to Section 7.01:

 

(a)           The
Trustee may rely conclusively on any document believed by it to be genuine and
to have been signed or presented by the proper Person.  The Trustee need not investigate any fact or
matter stated in the document.

 

(b)           Before
the Trustee acts or refrains from acting, it may require an Officers’
Certificate and an Opinion of Counsel, which shall conform to the provisions of
Section 13.05.  The Trustee shall not be
liable for any action it takes or omits to take in good faith in reliance on
such certificate or opinion.

 

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

 

(d)           The
Trustee shall not be liable for any action it takes or omits to take in good
faith which it reasonably believes to be authorized or within its rights or
powers.

 

(e)           The
Trustee may consult with counsel of its selection and the advice or opinion of
such counsel as to matters of law shall be full and complete authorization and
protection from liability in respect of any action taken, omitted or suffered
by it hereunder in good faith and in accordance with the advice or opinion of
such counsel.

 

(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, order or direction of any of the
Holders pursuant to the provisions of this Indenture, unless such Holders shall
have offered to the Trustee reasonable

 

65

 

security or
indemnity satisfactory to it against the costs, expenses and liabilities which
may be incurred therein or thereby.

 

(g)           The
Trustee shall not be bound to make any investigation into the facts or matters
stated in any resolution, certificate (including any Officers’ Certificate),
statement, instrument, opinion (including any Opinion of Counsel), notice,
request, direction, consent, order, bond, debenture, or other paper or
document, but the Trustee 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, upon reasonable
notice to the Company, to examine the books, records, and premises of the
Company, personally or by agent or attorney at the sole cost of the Company.

 

(h)           The
Trustee shall not be required to give any bond or surety in respect of the
performance of its powers and duties hereunder.

 

(i)            The
permissive rights of the Trustee to do things enumerated in this Indenture
shall not be construed as duties.

 

(j)            The
Trustee shall not be deemed to have notice of any Default unless a Responsible
Officer of the Trustee has actual knowledge thereof or unless written notice of
any event which is in fact such a default is received by the Trustee at the Corporate
Trust Office of the Trustee, and such notice references the Securities and this
Indenture.

 

(k)           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 to each agent, custodian and other Person employed to act hereunder.

 

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

 

SECTION 7.03.            Individual Rights
of Trustee.

 

The Trustee in its individual or any other capacity
may become the owner or pledgee of Securities and may otherwise deal with the
Company, its Subsidiaries, or their respective Affiliates with the same rights
it would have if it were not Trustee. 
Any Agent may do the same with like rights.  However, the Trustee must comply with
Sections 7.10 and 7.11.

 

SECTION 7.04.            Trustee’s
Disclaimer.

 

The Trustee shall not be responsible for and makes no
representation as to the validity or adequacy of this Indenture or the
Securities, it shall not be accountable for the Company’s use of the proceeds
from the Securities, and it shall not be responsible for any statement of the
Company in this Indenture or any document issued in connection with the sale of
Securities or any statement in the Securities

 

66

 

other than the Trustee’s
certificate of authentication.  The
Trustee makes no representations with respect to the effectiveness or adequacy
of this Indenture.

 

SECTION 7.05.            Notice of Default.

 

If a Default occurs and is continuing and the Trustee
receives actual notice of such Default, the Trustee shall mail to each
Securityholder notice of the uncured Default within 60 days after such Default
occurs.  Except in the case of a Default
in payment of principal of, or interest on, any Security, including an
accelerated payment and the failure to make payment on the Change of Control
Payment Date pursuant to a Change of Control Offer or the Net Proceeds Offer
Payment Date pursuant to a Net Proceeds Offer, the Trustee may withhold the
notice if and so long as the Board of Directors, the executive committee, or a
trust committee of directors and/or Responsible Officers, of the Trustee in
good faith determines that withholding the notice is in the interest of the
Securityholders.

 

SECTION 7.06.            Reports by Trustee
to Holders.

 

Within 60 days after each June 15, beginning with June
15, 2005, the Trustee shall, to the extent that any of the events described in
TIA § 313(a) occurred within the previous twelve months, but not otherwise,
mail to each Securityholder a brief report dated as of such date that complies
with TIA § 313(a).  The Trustee also
shall comply with TIA §§ 313(b), 313(c) and 313(d).

 

A copy of each report at the time of its mailing to
Securityholders shall be mailed to the Company and filed with the Commission
and each securities exchange, if any, on which the Securities are listed.

 

The Company shall notify the Trustee if the Securities
become listed on any securities exchange or of any delisting thereof and the
Trustee shall comply with TIA § 313(d).

 

SECTION 7.07.            Compensation and
Indemnity.

 

The Company shall pay to the Trustee from time to time
such compensation as the Company and the Trustee shall from time to time agree
in writing for its services hereunder. 
The Trustee’s compensation shall not be limited by any law on
compensation of a trustee of an express trust. 
The Company shall reimburse the Trustee upon request for all reasonable
disbursements, expenses and advances (including reasonable fees and expenses of
counsel) incurred or made by it in addition to the compensation for its
services, except any such disbursements, expenses and advances as may be
attributable to the Trustee’s negligence, bad faith or willful misconduct.  Such expenses shall include the reasonable
fees and expenses of the Trustee’s agents and counsel.

 

The Company shall indemnify each of the Trustee or any
predecessor Trustee and its agents, employees, officers, stockholders and
directors for, and hold them harmless against, any and all loss, damage, claims
including taxes (other than taxes based upon, measured by or determined by the
income of the Trustee), liability or expense incurred by them except for such
actions to the extent caused by any negligence, bad faith or willful misconduct
on their part, arising out of or in connection with the acceptance or
administration of this trust including the reasonable costs and expenses of
defending themselves against or investigating any claim (whether asserted by
the Company, the Holders or any other Person) or liability in connection with
the exercise or performance of any of the Trustee’s rights, powers or duties
hereunder.  The Trustee shall notify the
Company promptly of any claim asserted against the

 

67

 

Trustee or any of its
agents, employees, officers, stockholders and directors for which it may seek indemnity.  The Company may, subject to the approval of
the Trustee, defend the claim and the Trustee shall cooperate in the
defense.  The Trustee and its agents,
employees, officers, stockholders and directors subject to the claim may have
separate counsel and the Company shall pay the reasonable fees and expenses of
such counsel; provided, however,
that the Company will not be required to pay such fees and expenses if, subject
to the approval of the Trustee, it assumes the Trustee’s defense and there is
no conflict of interest between the Company and the Trustee and its agents,
employees, officers, stockholders and directors subject to the claim in
connection with such defense as reasonably determined by the Trustee.  The Company need not pay for any settlement
made without its written consent which consent shall not be unreasonably
withheld.  The Company need not reimburse
any expense or indemnify against any loss or liability to the extent incurred
by the Trustee through its negligence, bad faith or willful misconduct.

 

To secure the Company’s payment obligations in this
Section 7.07, the Trustee shall have a senior claim prior to the Securities
against all money or property held or collected by the Trustee, in its capacity
as Trustee.  The obligations of the
Company and the Guarantors under this Section shall not be subordinated to the
payment of Senior Debt pursuant to Article Ten or Article Twelve except assets
or money held in trust to pay principal of or interest on particular Securities.

 

When the Trustee incurs expenses or renders services
after an Event of Default specified in Section 6.01(f) or (g) occurs, such
expenses and the compensation for such services shall be paid to the extent
allowed under any Bankruptcy Law.

 

Notwithstanding any other provision in this Indenture,
the foregoing provisions of this Section 7.07 shall survive the satisfaction
and discharge of this Indenture or the appointment of a successor Trustee.

 

SECTION 7.08.            Replacement of
Trustee.

 

The Trustee may resign at any time by so notifying the
Company in writing.  The Holders of a
majority in principal amount of the outstanding Securities may remove the
Trustee by so notifying the Company and the Trustee and may appoint a successor
Trustee.  The Company may remove the
Trustee if:

 

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

 

(b)           the
Trustee is adjudged a bankrupt or an insolvent;

 

(c)           a
receiver or other 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 Company shall notify each
Holder of such event and 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 Securities
may appoint a successor Trustee to replace the successor Trustee appointed by
the Company.

 

68

 

A successor Trustee shall deliver a written acceptance
of its appointment to the retiring Trustee and to the Company.  Immediately after that, the retiring Trustee
shall transfer, after payment of all sums then owing to the Trustee pursuant to
Section 7.07, all property held by it as Trustee to the successor Trustee,
subject to the Lien provided in Section 7.07, 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.  A successor Trustee shall mail notice of its
succession to each Securityholder.

 

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

 

If the Trustee fails to comply with Section 7.10,
any Securityholder may petition any court of competent jurisdiction for the
removal of the Trustee and the appointment of a successor Trustee.

 

Notwithstanding replacement of the Trustee pursuant to
this Section 7.08, the Company’s obligations under Section 7.07 shall continue
for the benefit of the retiring Trustee.

 

SECTION 7.09.            Successor Trustee
by Merger, Etc.

 

If the Trustee consolidates with, merges or converts
into, or transfers all or substantially all of its corporate trust business to,
another corporation, the resulting, surviving or transferee corporation without
any further act shall, if such resulting, surviving or transferee corporation
is otherwise eligible hereunder, be the successor Trustee; provided
that such corporation shall be otherwise qualified and eligible under this
Article Seven.

 

SECTION 7.10.            Eligibility;
Disqualification.

 

This Indenture shall always have a Trustee who
satisfies the requirement of TIA §§ 310(a)(1), 310(a)(2) and
310(a)(5).  The Trustee shall have a
combined capital and surplus of at least $50,000,000 as set forth in its most
recent published annual report of condition. 
In addition, if the Trustee is a corporation included in a bank holding
company system, the Trustee, independently of the bank holding company, shall
meet the capital requirements of TIA § 310(a)(2).  The Trustee shall comply with TIA
§ 310(b); provided, however,
that there shall be excluded from the operation of TIA § 310(b)(1) any
indenture or indentures under which other securities, or certificates of
interest or participation in other securities, of the Company are outstanding,
if the requirements for such exclusion set forth in TIA § 310(b)(1) are
met.  The provisions of TIA § 310
shall apply to the Company and any other obligor of the Securities.

 

SECTION 7.11.            Preferential
Collection of Claims Against Company.

 

The Trustee, in its capacity as Trustee hereunder
shall comply with TIA § 311(a), excluding any creditor relationship listed
in TIA § 311(b).  A Trustee who has
resigned or been removed shall be subject to TIA § 311(a) to the extent
indicated.

 

69

 

ARTICLE EIGHT

 

DISCHARGE OF INDENTURE; DEFEASANCE

 

SECTION 8.01.            Termination of the
Company’s Obligations.

 

This Indenture will be discharged and will cease to be
of further effect as to all Securities issued hereunder, except those
obligations referred to in the penultimate paragraph of this Section 8.01, if
all Securities previously authenticated and delivered (other than destroyed,
lost or stolen Securities which have been replaced or paid or Securities for
whose payment U.S. Legal Tender has theretofore been deposited with the Trustee
or the Paying Agent in trust or segregated and held in trust by the Company and
thereafter repaid to the Company, as provided in Section 8.05) have been
delivered to the Trustee for cancellation and the Company has paid all sums
payable by it hereunder, or if:

 

(a)           either
(i) pursuant to Article Three, the Company shall have given notice to the
Trustee and mailed a notice of redemption to each Holder of the redemption of
all of the Securities in accordance with the provisions hereof or (ii) all
Securities have otherwise become due and payable or will become due and payable
within one (1) year hereunder;

 

(b)           the
Company shall have irrevocably deposited or caused to be deposited with the
Trustee or a trustee satisfactory to the Trustee, under the terms of an
irrevocable trust agreement in form and substance satisfactory to the Trustee,
as trust funds in trust solely for the benefit of the Holders of that purpose,
U.S. Legal Tender in such amount as is sufficient without consideration of
reinvestment of such interest, to pay principal of, premium, if any, and
interest on the outstanding Securities to maturity or redemption; provided that the Trustee shall have been irrevocably
instructed to apply such U.S. Legal Tender to the payment of said principal,
premium, if any, and interest with respect to the Securities; and provided, further, that
from and after the time of deposit, the money deposited shall not be subject to
the rights of holders of Senior Debt or Guarantor Senior Debt pursuant to the
provisions of Article Ten or Twelve, as the case may be;

 

(c)           no
Default or Event of Default with respect to this Indenture or the Securities
shall have occurred and be continuing on the date of such deposit or shall
occur as a result of such deposit and such deposit will not result in a breach
or violation of, or constitute a default under, the Indenture, the Credit
Agreement, any other material agreement or instrument to which the Company or
any of its Subsidiaries is a party or by which it is bound;

 

(d)           the
Company shall have paid all other sums payable by it hereunder; and

 

(e)           the
Company shall have delivered to the Trustee an Officers’ Certificate and an
Opinion of Counsel, each stating that all conditions precedent providing for or
relating to the satisfaction and discharge of the Company’s obligations under
the Securities and this Indenture have been complied with.

 

Subject to the next sentence and notwithstanding the
foregoing paragraph, the Company’s obligations in Sections 2.05, 2.06, 2.07,
2.08, 4.01, 4.02, 7.07, 8.05 and 8.06 shall survive until the Securities are no
longer outstanding pursuant to the last paragraph of Section 2.08.  After the Securities

 

70

 

are no longer outstanding, only the Company’s
obligations in Sections 7.07, 8.05 and 8.06 shall survive.

 

After such delivery or irrevocable deposit, the
Trustee upon request shall acknowledge in writing the discharge of the
Company’s and the Guarantors’ obligations under the Securities and this
Indenture except for those surviving obligations specified above.

 

SECTION 8.02.            Legal Defeasance
and Covenant Defeasance.

 

(a)           The
Company may, at its option by Board Resolution of the Board of Directors of the
Company, at any time, elect to have either paragraph (b) or (c) below be
applied to all outstanding Securities upon compliance with the conditions set
forth in Section 8.03.

 

(b)           Upon
the Company’s exercise under paragraph (a) hereof of the option applicable to
this paragraph (b), the Company and each of the Guarantors shall, subject to
the satisfaction of the conditions set forth in Section 8.03, be deemed to have
been discharged from their respective obligations with respect to all
outstanding Securities on the date the conditions set forth below are satisfied
(hereinafter, “Legal Defeasance”). 
For this purpose, Legal Defeasance means that the Company shall be
deemed to have paid and discharged the entire Indebtedness represented by the
outstanding Securities (including the Security Guarantees), which shall
thereafter be deemed to be “outstanding” only for the purposes of Section 8.04
and the other Sections of this Indenture referred to in (i) and (ii) below, and
to have satisfied all its other obligations under such Securities and this
Indenture (and the Trustee, on demand of and at the expense of the Company,
shall execute proper instruments acknowledging the same), and Holders of the
Securities and any amounts deposited under Section 8.03 shall cease to be
subject to any obligations to, or the rights of, any holder of Senior Debt
under Article Ten or otherwise, except for the following provisions, which
shall survive until otherwise terminated or discharged hereunder:  (i) the rights of Holders of outstanding Securities
to receive solely from the trust fund described in Section 8.04, and as more
fully set forth in such Section, payments in respect of the principal of
premium, if any, and interest on such Securities when such payments are due,
(ii) the Company’s obligations with respect to such Securities under Article
Two and Section 4.02, (iii) the rights, powers, trusts, duties and
immunities of the Trustee hereunder and the Company’s obligations in connection
therewith and (iv) this Article Eight. 
Subject to compliance with this Article Eight, the Company may exercise
its option under this paragraph (b) notwithstanding the prior exercise of its
option under paragraph (c) hereof.

 

(c)           Upon
the Company’s exercise under paragraph (a) hereof of the option applicable to
this paragraph (c), the Company and each of the Guarantors shall, subject to
the satisfaction of the conditions set forth in Section 8.03, be released from
their respective obligations under the covenants contained in Sections 4.03
(except to the extent relating to Parent or the Company), 4.04, 4.05, 4.07,
4.09 through 4.19 and Article Five with respect to the outstanding Securities
on and after the date the conditions set forth below are satisfied
(hereinafter, “Covenant Defeasance”), and the Securities (including the
Security Guarantees) 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 Securities shall not be deemed outstanding for
accounting purposes) and Holders of the Securities and any amounts deposited
under Section 8.03 shall cease to be subject to any obligations to, or the
rights of, any holder of Senior Debt under Article Ten or otherwise.  For this purpose, such Covenant Defeasance
means that, with respect to the outstanding Securities and Security Guarantees,
the Company and each of the Guarantors may omit to comply with and shall have
no liability in respect of

 

71

 

any
term, condition or limitation set forth in any such covenant, whether directly
or indirectly, by reason of any reference elsewhere herein to any such covenant
or by reason of any reference in any such covenant to any other provision
herein or in any other document and such omission to comply shall not constitute
a Default or an Event of Default under Section 6.01(c), but, except as
specified above, the remainder of this Indenture and such Securities shall be
unaffected thereby.  In addition, upon
the Company’s exercise under paragraph (a) hereof of the option applicable to
this paragraph (c), subject to the satisfaction of the conditions set forth in
Section 8.03, Sections 6.01(c), 6.01(d) and 6.01(e) shall not constitute Events
of Default.

 

SECTION 8.03.            Conditions to Legal
Defeasance or Covenant Defeasance.

 

The following shall be the conditions to the
application of either Section 8.02(b) or 8.02(c) hereof to the outstanding Securities:

 

In order to exercise either Legal Defeasance or
Covenant Defeasance:

 

(a)           the
Company must irrevocably deposit with the Trustee, in trust, for the benefit of
the Holders, U.S. Legal Tender or U.S. Government Obligations or a combination
thereof which through the scheduled payment of principal and interest in
respect thereof in accordance with their terms, will provide, not later than
one day before the due date of any payment on the Securities, U.S. Legal Tender
in such amounts as will be sufficient, in the opinion of a nationally
recognized firm of independent public accountants, to pay the principal of,
premium, if any, and interest on the Securities on the stated date for payment
thereof or on the applicable redemption date, as the case may be;

 

(b)           in
the case of an election under Section 8.02(b) hereof, the Company shall have
delivered to the Trustee an Opinion of Counsel in the United States reasonably
acceptable to the Trustee confirming that (A) the Company has received from, or
there has been published by, the Internal Revenue Service a ruling or (B) since
the date of this Indenture, there has been a change in the applicable federal
income tax law, in either case to the effect that, and based thereon such
Opinion of Counsel shall confirm that, the Holders will not recognize income,
gain or loss for federal income tax purposes as a result of such Legal
Defeasance and will be subject to federal income tax on the same amounts, in
the same manner and at the same times as would have been the case if such Legal
Defeasance had not occurred;

 

(c)           in
the case of an election under Section 8.02(c), the Company shall have delivered
to the Trustee an Opinion of Counsel in the United States reasonably acceptable
to the Trustee confirming that the Holders of the Securities 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)           such
Legal Defeasance or Covenant Defeasance shall not result in a breach or violation
of, or constitute a default under this Indenture, the Credit Agreement or any
other material agreement or instrument to which the Company or any of its Subsidiaries
is a party or by which the Company or any of its Subsidiaries is bound;

 

72

 

(e)           the
Company shall have delivered to the Trustee an Officers’ Certificate stating
that the deposit was not made by the Company with the intent of preferring the
Holders over any other creditors of the Company or with the intent of
defeating, hindering, delaying or defrauding any other creditors of the Company
or others; and

 

(f)            the
Company shall have delivered to the Trustee an Officers’ Certificate and an
Opinion of Counsel, each stating that all conditions precedent provided for or
relating to the Legal Defeasance or the Covenant Defeasance have been complied
with.

 

Notwithstanding
the foregoing, the Opinion of Counsel required by Section 8.03(b) need not be
delivered if all Securities not theretofore delivered to the Trustee for
cancellation (1) have become due and payable or (2) will become due and payable
on the maturity date within one year under arrangements satisfactory to the
Trustee for the giving of notice of redemption by the Trustee in the name, and
at the expense, of the Company.

 

SECTION 8.04.            Application of
Trust Money.

 

The Trustee or Paying Agent shall hold in trust U.S.
Legal Tender or U.S. Government Obligations deposited with it pursuant to this
Article Eight, and shall apply the deposited U.S. Legal Tender and the money
from U.S. Government Obligations in accordance with this Indenture to the payment
of principal of and interest on the Securities. 
The Trustee shall be under no obligation to invest said U.S. Legal
Tender or U.S. Government Obligations except as it may agree with the Company.

 

The Company shall pay and indemnify the Trustee
against any tax, fee or other charge imposed on or assessed against the U.S.
Legal Tender or U.S. Government Obligations deposited pursuant to
Section 8.03 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 Securities.

 

Anything in this Article Eight to the contrary
notwithstanding, the Trustee shall deliver or pay to the Company from time to
time upon the Company’s request any U.S. Legal Tender or U.S. Government
Obligations held by it as provided in Section 8.03 which, in the opinion of a
nationally recognized firm of independent public accountants expressed in a
written certification thereof delivered to the Trustee, are in excess of the
amount thereof that would then be required to be deposited to effect an
equivalent Legal Defeasance or Covenant Defeasance.

 

SECTION 8.05.            Repayment to the Company.

 

Subject to this Article
Eight, the Trustee and the Paying Agent shall promptly pay to the Company upon
request any excess U.S. Legal Tender or U.S. Government Obligations held by
them at any time and thereupon shall be relieved from all liability with respect
to such money.  The Trustee and the
Paying Agent shall pay to the Company upon request any money held by them for
the payment of principal or interest that remains unclaimed for one year; provided that the Trustee or such Paying Agent, before being
required to make any payment, may at the expense of the Company cause to be published
once in a newspaper of general circulation in the City of New York or mail to
each Holder entitled to such money notice that such money remains unclaimed and
that after a date specified therein which shall be at least 30 days from the
date of such publication or mailing any unclaimed balance of such money then
remaining will be repaid to the Company. 
After payment to the Company, Holders entitled to such

 

73

 

money must look to
the Company for payment as general creditors unless an applicable law
designates another Person.

 

SECTION 8.06.            Reinstatement.

 

If the Trustee or Paying
Agent is unable to apply any U.S. Legal Tender or U.S. Government Obligations
in accordance with this Article Eight by reason of any legal proceeding or by
reason of any order or judgment of any court or governmental authority enjoining,
restraining or otherwise prohibiting such application, the Company’s
obligations under this Indenture and the Securities shall be revived and
reinstated as though no deposit had occurred pursuant to this Article Eight
until such time as the Trustee or Paying Agent is permitted to apply all such
U.S. Legal Tender or U.S. Government Obligations in accordance with this
Article Eight; provided that if the Company has
made any payment of interest on or principal of any Securities because of the
reinstatement of its obligations, the Company shall be subrogated to the rights
of the Holders of such Securities to receive such payment from the U.S. Legal
Tender or U.S. Government Obligations held by the Trustee or Paying Agent.

 

ARTICLE NINE

 

AMENDMENTS,
SUPPLEMENTS AND WAIVERS

 

SECTION 9.01.            Without Consent of
Holders.

 

Subject to Section 9.03, the Company, the Guarantors
and the Trustee, together, may amend or supplement this Indenture, the
Securities or the Guarantees without notice to or consent of any
Securityholder:

 

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

 

(b)           to
evidence the succession in accordance with Article Five hereof of another
Person to the Company and the assumption by any such successor of the covenants
of the Company herein and in the Securities;

 

(c)           to
provide for uncertificated Securities in addition to or in place of
certificated Securities;

 

(d)           to
make any other change that does not adversely affect the rights of any
Securityholders hereunder in any material respect;

 

(e)           to
comply with any requirements of the Commission in connection with the
qualification of this Indenture under the TIA; or

 

(f)            to
add or release any Guarantor pursuant to the terms of this Indenture;

 

provided that the Company has
delivered to the Trustee an Opinion of Counsel and an Officers’ Certificate,
each stating that such amendment or supplement complies with the provisions of
this Section 9.01.

 

74

 

SECTION 9.02.            With Consent of
Holders.

 

(a)           Subject
to Sections 6.07 and 9.03, the Company, the Guarantors and the Trustee, together,
with the written consent of the Holder or Holders of at least a majority in
aggregate principal amount of the outstanding Securities, may amend or
supplement this Indenture, the Securities or the Guarantees, without notice to
any other Securityholders.  Subject to
Sections 6.07 and 9.03, the Holder or Holders of a majority in aggregate
principal amount of the outstanding Securities may waive compliance with any
provision of this Indenture, the Securities or the Guarantees without notice to
any other Securityholders.

 

(b)           Notwithstanding
Section 9.02(a), without the consent of each Securityholder affected, no
amendment, supplement or waiver, including a waiver pursuant to Section 6.04,
may:

 

(i)            reduce the amount of
Securities whose Holders must consent to an amendment, supplement or waiver;

 

(ii)           reduce the rate of or
change or have the effect of changing the time for payment of interest,
including default interest, on any Securities;

 

(iii)          reduce the principal of
or change or have the effect of changing the fixed maturity of any Securities,
or change the date on which any Securities may be subject to redemption or
repurchase, or reduce the redemption or purchase price therefor;

 

(iv)          make any Securities
payable in money other than that stated in the Securities;

 

(v)           make any change in
provisions of this Indenture protecting the right of each Holder to receive
payment of principal of and interest on such Security on or after the due date
thereof or to bring suit to enforce such payment, or permitting Holders of a
majority in principal amount of the Securities to waive Defaults; or

 

(vi)          modify or change any
provision of this Indenture or the related definitions affecting the
subordination or ranking of the Securities or any Guarantee, in a manner which
adversely affects the Holders.

 

(c)           Notwithstanding
Section 9.02(a), without the consent of Holders of 75% of the aggregate
principal amount of the Securities outstanding, no amendment may release Parent
or any Guarantor that is a Significant Subsidiary of Parent from any of its
obligations under its Guarantee or this Indenture otherwise than in accordance
with the terms of this Indenture.

 

(d)           It
shall not be necessary for the consent of the Holders under this Section to
approve the particular form of any proposed amendment, supplement or waiver but
it shall be sufficient if such consent approves the substance thereof.

 

(e)           After
an amendment, supplement or waiver under this Section 9.02 becomes effective,
the Company shall mail to the Holders affected thereby a notice briefly
describing the amendment, supplement or waiver. 
Any failure of the Company to mail such notice, or any defect therein,
shall not, however, in any way impair or affect the validity of any such
supplemental indenture.

 

75

 

SECTION 9.03.            Effect on Senior
Debt.

 

No amendment of, or supplement or waiver to, this
Indenture shall adversely affect the rights of any holder of Senior Debt or
Guarantor Senior Debt under the subordination provisions of this Indenture or
applicable to the Guarantees (including without limitation the provisions of
Articles Ten and Twelve hereof) without the consent of such holder.

 

SECTION 9.04.            Compliance with TIA.

 

From the date on which this Indenture is qualified
under the TIA, every amendment, waiver or supplement of this Indenture, the
Securities or the Guarantees shall comply with the TIA as then in effect.

 

SECTION 9.05.            Revocation and
Effect of Consents.

 

Until an amendment, waiver or supplement becomes effective,
a consent to it by a Holder is a continuing consent by the Holder and every
subsequent Holder of a Security or portion of a Security that evidences the
same debt as the consenting Holder’s Security, even if notation of the consent
is not made on any Security.  However,
any such Holder or subsequent Holder may revoke the consent as to his Security
or portion of his Security by notice to the Trustee or the Company received
before the date on which the Trustee receives an Officers’ Certificate certifying
that the Holders of the requisite principal amount of Securities have consented
(and not theretofore revoked such consent) to the amendment, supplement or
waiver.

 

The Company may, but shall not be obligated to, fix a
record date for the purpose of determining the Holders entitled to consent to
any amendment, supplement or waiver which record date shall be at least 30 days
prior to the first solicitation of such consent.  If a record date is fixed, then notwithstanding
the last sentence of the immediately preceding paragraph, those Persons who
were Holders at such record date (or their duly designated proxies), and only
those Persons, shall be entitled to revoke any consent previously given,
whether or not such Persons continue to be Holders after such record date.  No such consent shall be valid or effective
for more than 90 days after such record date. 
The Company shall inform the Trustee in writing of the fixed record date
if applicable.

 

After an amendment, supplement or waiver becomes
effective, it shall bind every Securityholder, unless it makes a change
described in any of clauses (i) through (vi) of Section 9.02(b), in which case,
the amendment, supplement or waiver shall bind only each Holder of a Security
who has consented to it and every subsequent Holder of a Security or portion of
a Security that evidences the same debt as the consenting Holder’s Security; provided that any such waiver shall not impair or affect the
right of any Holder to receive payment of principal of and interest on a Security,
on or after the respective due dates expressed in such Security, or to bring
suit for the enforcement of any such payment on or after such respective dates
without the consent of such Holder.

 

SECTION 9.06.            Notation on or
Exchange of Securities.

 

If an amendment, supplement or waiver changes the
terms of a Security, the Company may require the Holder of the Security to
deliver it to the Trustee.  The Company
shall provide the Trustee with an appropriate notation on the Security about
the changed terms and cause the Trustee to return it to the Holder at the
Company’s expense.  Alternatively, if the
Company or the Trustee so determines,

 

76

 

the Company in exchange
for the Security shall issue and the Trustee shall authenticate a new Security
that reflects the changed terms.  Failure
to make the appropriate notation or issue a new Security shall not affect the
validity and effect of such amendment, supplement or waiver.

 

SECTION 9.07.            Trustee To Sign
Amendments, Etc.

 

The Trustee shall execute any amendment, supplement or
waiver authorized pursuant to this Article Nine; provided
that the Trustee may, but shall not be obligated to, execute any such
amendment, supplement or waiver which affects the Trustee’s own rights, duties
or immunities under this Indenture.  The
Trustee shall be entitled to receive, and shall be fully protected in relying
upon, an Opinion of Counsel and an Officers’ Certificate each stating that the
execution of any amendment, supplement or waiver authorized pursuant to this
Article Nine is authorized or permitted by this Indenture and constituted the
legal, valid and binding obligations of the Company enforceable in accordance
with its terms.  Such Opinion of Counsel
shall be at the expense of the Company.

 

ARTICLE TEN

 

SUBORDINATION OF SECURITIES

 

SECTION 10.01.          Securities
Subordinated to Senior Debt.

 

Anything herein to the contrary notwithstanding, the
Company, for itself and its successors, and each Holder, by his or her
acceptance of Securities, agrees that the payment of all Obligations owing to
the Holders in respect of the Securities is subordinated, to the extent and in
the manner provided in this Article Ten, to the prior payment in full in cash
or Cash Equivalents, or such payment duly provided for to the satisfaction of
the holders of Senior Debt, of all Obligations on Senior Debt (including the
Obligations with respect to the Credit Agreement, whether outstanding on the
Issue Date or thereafter incurred). 
Notwithstanding the foregoing, payments and distributions made relating
to the Securities from the trust established pursuant to Article Eight shall
not be so subordinated in right of payment, so long as (i) the conditions
specified in Article Eight (without any waiver or modification of the
requirement that the deposits pursuant thereto do not conflict with the terms
of the Credit Agreement or any other Senior Debt or Guarantor Senior Debt) are
satisfied on the date of any deposit pursuant to said trust and (ii) such payments
and distributions did not violate the provisions of this Article Ten or Article
Twelve of this Indenture.

 

This Article Ten shall constitute a continuing offer
to all Persons who become holders of, or continue to hold, Senior Debt, and
such provisions are made for the benefit of the holders of Senior Debt and such
holders are made obligees hereunder and any one or more of them may enforce
such provisions.

 

SECTION 10.02.          Suspension
of Payment When Senior Debt Is in Default.

 

(a)           If
any default occurs and is continuing in the payment when due, whether at
maturity, upon any redemption, by declaration or otherwise, of any principal
of, interest on, unpaid drawings for letters of credit issued in respect of, or
regularly accruing fees with respect to, any Senior Debt (a “Payment Default”),
then no payment or distribution of any kind or character shall be made by or on
behalf

 

77

 

of the
Company or any other Person on its or their behalf with respect to any
Obligations on or relating to the Securities or to acquire any of the
Securities for cash or property or otherwise until the date on which all
Payment Defaults shall have been cured or waived or cease to exist or such
Senior Debt shall have been discharged or paid in full in cash or Cash
Equivalents.

 

(b)           If
any other event of default (other than a Payment Default) occurs and is
continuing with respect to any Designated Senior Debt (as such event of default
is defined in the instrument creating or evidencing such Designated Senior
Debt) permitting the holders of such Designated Senior Debt then outstanding to
accelerate the maturity thereof (a “Non-payment Default”) and if the
Representative for the respective issue of Designated Senior Debt gives notice
of the event of default to the Trustee stating that such notice is a payment
blockage notice (a “Payment Blockage Notice”), then during the period
(the “Payment Blockage Period”) beginning upon the delivery of such
Payment Blockage Notice and ending on the earlier of the 180th day after such
delivery and the date on which (x) all events of default with respect to
all Designated Senior Debt have been cured or waived or cease to exist,
(y) all Designated Senior Debt with respect to which any such event of default
has occurred and is continuing is discharged or paid in full in cash or Cash
Equivalents, or (z) the Trustee receives notice thereof from the
Representative for the respective issue of Designated Senior Debt terminating
the Payment Blockage Period, neither the Company nor any other Person on its
behalf shall (x) make any payment of any kind or character with respect to any
Obligations on or with respect to the Securities or (y) acquire any of the
Securities for cash or property or otherwise. 
Notwithstanding anything herein to the contrary, (x) in no event will a
Payment Blockage Period extend beyond 180 days from the date the applicable
Payment Blockage Notice is received by the Trustee and (y) only one such Payment
Blockage Period may be commenced within any 360 consecutive days.  For all purposes of this Section 10.02(b), no
event of default which existed or was continuing on the date of the
commencement of any Payment Blockage Period with respect to the Designated
Senior Debt shall be, or be made, the basis for the commencement of a second
Payment Blockage Period by the Representative of such Designated Senior Debt
whether or not within a period of 360 consecutive days, unless such event of default
shall have been cured or waived for a period of not less than 90 consecutive
days (it being acknowledged that any subsequent action, or any breach of any
financial covenants for a period ending after the date of commencement of such
Payment Blockage Period that, in either case, would give rise to an event of
default pursuant to any provisions under which an event of default previously
existed or was continuing shall constitute a new event of default for this
purpose).

 

(c)           The
foregoing Section 10.02(a) and (b) shall not apply to payments and
distributions made relating to the Securities from the trust established
pursuant to Article Eight, so long as (i) the conditions specified in Article
Eight (without any waiver or modification of the requirement that the deposits
pursuant thereto do not conflict with the terms of the Credit Agreement or any
other Senior Debt or Guarantor Senior Debt) are satisfied on the date of any
deposit pursuant to said trust and (ii) such payments and distributions did not
violate the provisions of this Article Ten when made.

 

(d)           In
the event that, notwithstanding the foregoing, any payment shall be received by
the Trustee or any Holder when such payment is prohibited by the foregoing
provisions of this Section 10.02, such payment shall be held in trust for
the benefit of, and shall be paid over or delivered to, the holders of Senior
Debt (pro rata to such holders on the basis of the respective amount of Senior
Debt held by such holders) or their respective Representatives, as their
respective interests may appear.  The
Trustee shall be entitled to rely on information regarding amounts then due and
owing on the Senior Debt, if any, received from the holders of Senior Debt (or
their Representatives) or, if such information is

 

78

 

not
received from such holders or their Representatives, from the Company and only
amounts included in the information provided to the Trustee shall be paid to
the holders of Senior Debt.

 

Nothing contained in this Article Ten shall limit the
right of the Trustee or the Holders of Securities to take any action to
accelerate the maturity of the Securities pursuant to Section 6.02 or to pursue
any rights or remedies hereunder; provided that
all Senior Debt thereafter due or declared to be due shall first be paid in
full in cash or Cash Equivalents before the Holders are entitled to receive any
payment of any kind or character with respect to Obligations on the Securities.

 

SECTION 10.03.          Securities
Subordinated to Prior Payment of All Senior Debt on Dissolution, Liquidation or
Reorganization of Company.

 

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

 

(b)           To
the extent any payment of Senior Debt (whether by or on behalf of the Company,
as proceeds of security or enforcement of any right of setoff or otherwise) is
declared to be fraudulent or preferential, set aside or required to be paid to
any receiver, trustee in bankruptcy, liquidating trustee, agent or other
similar Person under any bankruptcy, insolvency, receivership, fraudulent conveyance
or similar law, then, if such payment is recovered by, or paid over to, such
receiver, trustee in bankruptcy, liquidating trustee, agent or other similar
Person, the Senior Debt or part thereof originally intended to be satisfied
shall be deemed to be reinstated and outstanding as if such payment had not
occurred.

 

It is further agreed that any diminution (whether
pursuant to court decree or otherwise, including without limitation for any of
the reasons described in the preceding sentence) of the Company’s obligation to
make any distribution or payment pursuant to any Senior Debt, except to the
extent such diminution occurs by reason of the repayment (which has not been
disgorged or returned) of such Senior Debt in cash or Cash Equivalents, shall
have no force or effect for purposes of the subordination

 

79

 

provisions contained in
this Article Ten, with any turnover of payments as otherwise calculated
pursuant to this Article Ten to be made as if no such diminution had occurred.

 

(c)           In
the event that, notwithstanding the foregoing, any payment or distribution of
assets of the Company of any kind or character, whether in cash, property or
securities, shall be received by any Holder when such payment or distribution
is prohibited by this Section 10.03, such payment or distribution shall be held
in trust for the benefit of, and shall be paid over or delivered to, the
holders of Senior Debt (pro rata to such holders on the basis of the respective
amount of Senior Debt held by such holders) or their respective Representatives,
or to the trustee or trustees under any indenture pursuant to which any of such
Senior Debt may have been issued, as their respective interests may appear, for
application to the payment of Senior Debt remaining unpaid until all such
Senior Debt has been paid in full in cash or Cash Equivalents, after giving
effect to any concurrent payment, distribution or provision therefor to or for
the holders of such Senior Debt.

 

(d)           The
consolidation of the Company with, or the merger of the Company with or into,
another corporation, partnership, trust or limited liability company or the
liquidation or dissolution of the Company following the conveyance or transfer
of all or substantially all of its assets, to another corporation, partnership,
trust or limited liability company upon the terms and conditions provided in
Article Five hereof and as long as permitted under the terms of the Senior Debt
shall not be deemed a dissolution, winding-up, liquidation or reorganization
for the purposes of this Section if such other corporation shall, as a part of
such consolidation, merger, conveyance or transfer, assume the Company’s obligations
hereunder in accordance with Article Five hereof.

 

SECTION 10.04.          Payments
May Be Paid Prior to Dissolution.

 

Nothing contained in this Article Ten or elsewhere in
this Indenture shall prevent (i) the Company, except under the conditions
described in Sections 10.02 and 10.03, from making payments at any time for the
purpose of making payments of principal of and interest on the Securities, or
from depositing with the Trustee any moneys for such payments, or (ii) in the
absence of actual knowledge by the Trustee that a given payment would be prohibited
by Section 10.02 or 10.03, the application by the Trustee of any moneys
deposited with it for the purpose of making such payments of principal of, and
interest on, the Securities to the Holders entitled thereto unless at least two
Business Days prior to the date upon which such payment would otherwise become
due and payable a Responsible Officer of the Trustee shall have actually
received the written notice provided for in the first sentence of Section
10.02(b) or in Section 10.07 (provided that,
notwithstanding the foregoing, the Holders receiving any payments made in
contravention of Section 10.02 and/or 10.03 (and the respective such payments)
shall otherwise be subject to the provisions of Section 10.02 and Section
10.03).  The Company shall give prompt
written notice to the Trustee of any dissolution, winding-up, liquidation or
reorganization of the Company, although any delay or failure to give any such
notice shall have no effect on the subordination provisions contained herein.

 

SECTION 10.05.          Holders
To Be Subrogated to Rights of Holders of Senior Debt.

 

Subject to the payment in full in cash or Cash
Equivalents of all Senior Debt, the Holders of the Securities shall be subrogated
to the rights of the holders of Senior Debt to receive payments or
distributions of cash, property or securities of the Company applicable to the
Senior Debt until the Securities shall be paid in full; and, for the purposes
of such subrogation, no such payments or distributions to the holders of the
Senior Debt by or on behalf of the Company, or by or on behalf of the Holders
by virtue

 

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of this Article Ten,
which otherwise would have been made to the Holders shall, as between the
Company and the Holders, be deemed to be a payment by the Company to or on
account of the Senior Debt, it being understood that the provisions of this
Article Ten are and are intended solely for the purpose of defining the
relative rights of the Holders, on the one hand, and the holders of Senior
Debt, on the other hand.

 

SECTION 10.06.          Obligations
of the Company Unconditional.

 

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

 

SECTION 10.07.          Notice
to Trustee.

 

The Company shall give prompt written notice to the
Trustee of any fact known to the Company which would prohibit the making of any
payment to or by the Trustee in respect of the Securities pursuant to the provisions
of this Article Ten, although any delay or failure to give any such notice
shall have no effect on the subordination provisions contained herein.  Regardless of anything to the contrary
contained in this Article Ten or elsewhere in this Indenture, the Trustee shall
not be charged with knowledge of the existence of any default or event of
default with respect to any Senior Debt or of any other facts which would
prohibit the making of any payment to or by the Trustee unless and until the
Trustee shall have received notice in writing from the Company, or from a
holder of Senior Debt or a Representative therefor and, prior to the receipt of
any such written notice, the Trustee shall be entitled to assume (in the
absence of actual knowledge to the contrary) that no such facts exist.  The Trustee shall be entitled to rely on the
delivery to it of any notice pursuant to this Section 10.07 to establish that
such notice has been given by a holder of Senior Debt (or a trustee thereof).

 

In the event that the Trustee determines in good faith
that any evidence is required with respect to the right of any Person as a
holder of Senior Debt to participate in any payment or distribution pursuant to
this Article Ten, the Trustee may request such Person to furnish evidence to
the satisfaction of the Trustee as to the amounts of Senior Debt held by such
Person, the extent to which such Person is entitled to participate in such
payment or distribution and any other facts pertinent to the rights of such
Person under this Article Ten, and if such evidence is not furnished the
Trustee may defer any payment to such Person pending judicial determination as
to the right of such Person to receive such payment.

 

SECTION 10.08.          Reliance
on Judicial Order or Certificate of Liquidating Agent.

 

Upon any payment or distribution of assets of the
Company referred to in this Article Ten, the Trustee, subject to the provisions
of Article Seven hereof, and the Holders of the Securities shall be entitled to
rely upon any order or decree made by any court of competent jurisdiction in
which any insolvency, bankruptcy, receivership, dissolution, winding-up,
liquidation, reorganization or similar case or proceeding is pending, or upon a
certificate of the receiver, trustee in bankruptcy, liquidating trustee,

 

81

 

assignee for the benefit
of creditors, agent or other person making such payment or distribution, delivered
to the Trustee or the Holders of the Securities, for the purpose of
ascertaining the persons entitled to participate in such payment or
distribution, the holders of the Senior Debt and other Indebtedness of the
Company, the amount thereof or payable thereon, the amount or amounts paid or
distributed thereon and all other facts pertinent thereto or to this Article
Ten.

 

SECTION 10.09.          Trustee’s
Relation to Senior Debt.

 

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

 

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

 

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

 

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

 

No right of any present or future holders of any
Senior Debt to enforce subordination as provided herein shall at any time in
any way be prejudiced or impaired by any act or failure to act on the part of
the Company or by any act or failure to act, in good faith, by any such holder,
or by any noncompliance by the Company with the terms of this Indenture,
regardless of any knowledge thereof which any such holder may have or otherwise
be charged with.

 

Without in any way limiting the generality of the
foregoing paragraph, the holders of Senior Debt may, at any time and from time
to time, without the consent of or notice to the Trustee, without incurring
responsibility to the Trustee or the Holders of the Securities and without
impairing or releasing the subordination provided in this Article Ten or the
obligations hereunder of the Holders of the Securities to the holders of the
Senior Debt, do any one or more of the following:  (i) change the manner, place or terms of
payment or extend the time of payment of, or renew or alter, Senior Debt, or
otherwise amend or supplement in any manner Senior Debt, or any instrument evidencing
the same or any agreement under which Senior Debt is outstanding;
(ii) sell, exchange, release or otherwise deal with any property pledged,
mortgaged or otherwise securing Senior Debt; (iii) release any Person
liable in any manner for the payment or collection of Senior Debt; and
(iv) exercise or refrain from exercising any rights against the Company
and any other Person.

 

SECTION 10.11.          Securityholders
Authorize Trustee To Effectuate Subordination of Securities.

 

Each Holder of Securities by its acceptance of them
authorizes and expressly directs the Trustee on its behalf to take such action
as may be necessary or appropriate to effectuate, as between the holders of
Senior Debt and the Holders of Securities, the subordination provided in this Article
Ten, and

 

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appoints
the Trustee its attorney-in-fact for such purposes, including, in the event of
any dissolution, winding-up, liquidation or reorganization of the Company
(whether in bankruptcy, insolvency, receivership, reorganization or similar
proceedings or upon an assignment for the benefit of credits or otherwise)
tending towards liquidation of the business and assets of the Company, the
filing of a claim for the unpaid balance of its Securities and accrued interest
in the form required in those proceedings.

 

If the Trustee does not file a proper claim or proof
of debt in the form required in such proceeding prior to 30 days before the
expiration of the time to file such claim or claims, then the holders of the
Senior Debt or their Representative are or is hereby authorized to have the
right to file and are or is hereby authorized to file an appropriate claim for
and on behalf of the Holders of said Securities.  Nothing herein contained shall be deemed to
authorize the Trustee or the holders of Senior Debt or their Representative to
authorize or consent to or accept or adopt on behalf of any Holder any plan of
reorganization, arrangement, adjustment or composition affecting the Securities
or the rights of any Holder thereof, or to authorize the Trustee or the holders
of Senior Debt or their Representative to vote in respect of the claim of any
Holder in any such proceeding.

 

SECTION 10.12.          This
Article Ten Not To Prevent Events of Default.

 

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

 

SECTION 10.13.          Trustee’s
Compensation Not Prejudiced.

 

Nothing in this Article Ten will apply to amounts due
to the Trustee pursuant to other sections of this Indenture.

 

ARTICLE ELEVEN

 

GUARANTEE OF SECURITIES

 

SECTION 11.01.          Unconditional
Guarantee.

 

Subject to the provisions of this Article Eleven, each
of the Guarantors hereby, jointly and severally, unconditionally and
irrevocably guarantees, on a senior subordinated basis to each Holder of a
Security 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 Securities or the obligations of the Company or any other
Guarantors to the Holders or the Trustee hereunder or thereunder:  (a) (x) the due and punctual
payment of the principal of, premium, if any, and interest on the Securities
when and as the same shall become due and payable, whether at maturity, upon
redemption or repurchase, by acceleration or otherwise, (y) the due and
punctual payment of interest on the overdue principal and (to the extent
permitted by law) interest, if any, on the Securities and (z) the due and
punctual payment and performance of all other obligations of the Company and
all other obligations of the other Guarantors (including under the Guarantees),
in each case, to the Holders or the Trustee hereunder or thereunder (including
amounts due the Trustee under Section 7.07 hereof), all in accordance with
the terms hereof and thereof (collectively, the “Guarantee Obligations”);
and (b) in case of any extension of time of payment or renewal

 

83

 

of
any Securities or any of such other obligations, the due and punctual payment
and performance of Guarantee Obligations in accordance with the terms of the
extension or renewal, whether at maturity, upon redemption or repurchase, by
acceleration or otherwise.  Failing payment
when due of any amount so guaranteed, or failing performance of any other
obligation of the Company to the Holders under this Indenture or under the Securities,
for whatever reason, each Guarantor shall be obligated to pay, or to perform or
cause the performance of, the same immediately. 
An Event of Default under this Indenture or the Securities shall
constitute an event of default under this Guarantee, and shall entitle the
Holders of Securities to accelerate the obligations of the Guarantors hereunder
in the same manner and to the same extent as the obligations of the Company.

 

Each of the Guarantors hereby agrees that its
obligations hereunder shall be unconditional, irrespective of the validity,
regularity or enforceability of the Securities or this Indenture, the absence
of any action to enforce the same, any waiver or consent by any Holder of the
Securities with respect to any provisions hereof or thereof, any release of any
other Guarantor, the recovery of any judgment against the Company, any action
to enforce the same, whether or not a Guarantee is affixed to any particular
Security, or any other circumstance which might otherwise constitute a legal or
equitable discharge or defense of a Guarantor. 
Each of the Guarantors hereby waives the benefit of diligence,
presentment, demand of payment, filing of claims with a court in the event of
insolvency or bankruptcy of the Company, any right to require a proceeding
first against the Company, protest, notice and all demands whatsoever and
covenants that its Guarantee shall not be discharged except by complete performance
of the obligations contained in the Securities, this Indenture and this Guarantee.  This Guarantee is a guarantee of payment and
not of collection.  If any Holder or the
Trustee is required by any court or otherwise to return to the Company or to
any Guarantor, or any custodian, trustee, liquidator or other similar official
acting in relation to the Company or such Guarantor, any amount paid by the
Company or such Guarantor to the Trustee or such Holder, this Guarantee, to the
extent theretofore discharged, shall be reinstated in full force and
effect.  Each Guarantor further agrees
that, as between it, on the one hand, and the Holders of Securities and the
Trustee, on the other hand, (a) subject to this Article Eleven, the
maturity of the obligations guaranteed hereby may be accelerated as provided in
Article Six for the purposes of this Guarantee, notwithstanding any stay,
injunction or other prohibition preventing such acceleration in respect of the
obligations guaranteed hereby, and (b) in the event of any acceleration of
such obligations as provided in Article Six hereof, such obligations (whether
or not due and payable) shall forthwith become due and payable by the
Guarantors for the purpose of this Guarantee.

 

No stockholder, officer, director, employee or
incorporator, past, present or future, of any Guarantor, as such, shall have
any personal liability under this Guarantee by reason of his, her or its status
as such stockholder, officer, director, employee or incorporator.

 

SECTION 11.02.          Limitations
on Guarantees.

 

The obligations of each Subsidiary Guarantor are
limited to the maximum amount as will, after giving effect to all other contingent
and fixed liabilities of such Subsidiary Guarantor (including, without
limitation, any Guarantor Senior Debt) and after giving effect to any
collections from or payments made by or on behalf of any other Subsidiary
Guarantor in respect of the obligations of such other Subsidiary Guarantor
under its Guarantee or pursuant to its contribution obligations under this Indenture,
result in the obligations of such Subsidiary Guarantor under its Guarantee not
constituting a fraudulent conveyance or fraudulent transfer under applicable
law.  Each Subsidiary Guarantor that
makes a payment or distribution under its Guarantee shall be entitled to a
contribution from each other

 

84

 

Subsidiary
Guarantor in a pro rata amount based on the Adjusted Net Assets of each
Subsidiary Guarantor.

 

SECTION 11.03.          Additional
Amounts.

 

(a)           All
payments made by any Guarantor which is not formed or incorporated under the
laws of the United States or any State thereof (each a “non-US Guarantor”)
under or with respect to such non-US Guarantor’s Guarantee will be made free
and clear of and without withholding or deduction for or on account of any
present or future Taxes imposed or levied by or on behalf of any Taxing Authority
within the Netherlands, or within any other jurisdiction in which such non-US
Guarantor is organized or engaged in business for tax purposes, unless such
non-US Guarantor is required to withhold or deduct Taxes by law or by the interpretation
or administration thereof. If any non-US Guarantor is required to withhold or
deduct any amount for or on account of Taxes imposed by a Taxing Authority
within the Netherlands, or within any other jurisdiction in which such non-US
Guarantor is organized or engaged in business for tax purposes (any of the
aforementioned being a “Taxing Jurisdiction”), from any payment made
under or with respect to the Guarantee of such non-US Guarantor, such non-US
Guarantor will pay such additional amounts (“Additional Amounts”) as may
be necessary so that the net amount received by each holder of Securities
(including Additional Amounts) after such withholding or deduction will equal
the amount the holder would have received if such Taxes had not been withheld
or deducted; provided, however,
that no Additional Amounts will be payable with respect to:

 

(1)           any Tax imposed by the
United States or by any political subdivision or taxing authority thereof or
therein;

 

(2)           any Taxes that would
not have been so imposed, deducted or withheld but for the existence of any
connection between the Holder or beneficial owner of a Security (or between a
fiduciary, settlor, beneficiary, member or shareholder of, or possessor of
power over, the Holder or beneficial owner of such Security, if the Holder or
beneficial owner is an estate, nominee, trust, partnership or corporation) and
the relevant Taxing Jurisdiction (other than the mere receipt of such payment
or the ownership or holding of the execution, delivery, registration or enforcement
of such Security);

 

(3)           any estate, inheritance,
gift, sales excise, transfer or personal property tax or similar tax,
assessment or governmental charge, subject to the last paragraph of this
Section 11.03;

 

(4)           any Taxes payable
otherwise than by deduction or withholding from payments under or with respect
to the Guarantee of such Security;

 

(5)           any Taxes that would
not have been so imposed, deducted or withheld if the Holder or beneficial
owner of the Security or beneficial owner of any payment on the Guarantee of
such Security had (i) made a declaration of non-residence, or any other
claim or filing for exemption, to which it is entitled or (ii) complied
with any certification, identification, information, documentation or other
reporting requirement concerning the nationality, residence, identity or connection
with the relevant Taxing Jurisdiction of such Holder or beneficial owner of
such Security or any payment on such Security (provided that (x) such
declaration of non-residence or other claim or filing for exemption or such
compliance is required by the applicable law of the Taxing Jurisdiction as a
precondition to exemption from, or reduction in the rate of the imposition,

 

85

 

deduction or withholding of, such Taxes and
(y) at least 30 days prior to the first payment date with respect to
which such declaration of non-residence or other claim or Filing for exemption
or such compliance is required under the applicable law of the Taxing Jurisdiction,
Holders at that time have been notified by such Guarantor or any other person
through whom payment may be made that a declaration of non-residence or other
claim or Filing for exemption or such compliance is required to be made);

 

(6)           any Taxes that would
not have been so imposed, deducted or withheld if the beneficiary of the
payment had presented the Security for payment within 30 days after the
date on which such payment or such Security became due and payable or the date
on which payment thereof is duly provided for, whichever is later (except to
the extent that the Holder would have been entitled to Additional Amounts had
the Security been presented on the last day of such 30-day period);

 

(7)           any payment under or
with respect to a Security to any Holder that is a fiduciary or partnership or
any person other than the sole beneficial owner of such payment or Security, to
the extent that a beneficiary or settlor with respect to such fiduciary, a
member of such partnership or the beneficial owner of such payment, or Security
would not have been entitled to the Additional Amounts had such beneficiary,
settlor, member or beneficial owner been the actual Holder of such Security;

 

(8)           any note where such
withholding or deduction is imposed on a payment to an individual and is
required to be made pursuant to Council Directive 2003/48/EC of June 3,
2003 on taxation of savings income in the form of interest payments or any law
implementing or complying with, or introduced in order to conform to, that
Directive; or

 

(9)           any combination of
items (1) through (8) above.

 

(b)           The
foregoing provisions shall survive any termination or discharge of this
Indenture and shall apply mutatis mutandis
to any Taxing Jurisdiction with respect to any successor Person to a non-US
Guarantor.

 

(c)           Each
applicable non-US Guarantor will also make any applicable withholding or
deduction and remit the full amount deducted or withheld to the relevant
authority in accordance with applicable law. 
Each applicable non-US Guarantor will furnish to the Trustee, within
30 days after the date the payment of any Taxes deducted or withheld is
due pursuant to applicable law, certified copies of tax receipts or, if such
tax receipts are not reasonably available to such non-US Guarantor, such other
documentation that provides reasonable evidence of such payment by such non-US
Guarantor.  Copies of such receipts or
other documentation will be made available to the Holders or the paying agents,
as applicable, upon request.

 

(d)           At
least 30 days prior to each date on which any payment under or with
respect to any Security is due and payable, unless such obligation to pay
Additional Amounts arises after the 30th day prior to such date, in which case
it shall be promptly paid thereafter, if any non-US Guarantor will be obligated
to pay Additional Amounts with respect to such payment, such non-US Guarantor
will deliver to the Trustee and the paying agent an Officer’s Certificate
stating the fact that such Additional Amounts will be payable and the amounts
so payable and will set forth such other information necessary to enable such
Trustee and paying agent to pay such Additional Amounts to Holders of such
Securities

 

86

 

on the payment date. 
Each Officer’s Certificate shall be relied upon until receipt of a
further Officer’s Certificate addressing such matters.

 

(e)           Whenever
in this Indenture there is mentioned, in any context, the payment of principal,
premium, if any, interest or of any other amount payable under or with respect
to any Security, such mention shall be deemed to include mention of the payment
of Additional Amounts to the extent that, in such context, Additional Amounts
are, were or would be payable in respect thereof.

 

The non-US Guarantors will pay any present or future
stamp, court or documentary taxes or any other excise or property taxes,
charges or similar levies that arise in any jurisdiction from the execution,
delivery, enforcement or registration of their respective Guarantees of the
Securities, this Indenture or any other document or instrument in relation
thereto, excluding all such taxes, charges or similar levies imposed by any
jurisdiction outside the United States in which any non-US Guarantor or any
successor Person is organized or resident for tax purposes or any jurisdiction
in which a paying agent is located, and the non-US Guarantors will agree to
indemnify the Holders of the Notes for any such non-excluded taxes paid by such
Holders.

 

SECTION 11.04.          Execution
and Delivery of Guarantee.

 

To further evidence the Guarantee set forth in Section
11.01, each Guarantor hereby agrees that a notation of such Guarantee,
substantially in the form of Exhibit E hereto shall be endorsed on each
Security authenticated and delivered by the Trustee.  Such Guarantee shall be executed on behalf of
each Guarantor by either manual or facsimile signature of one Officer or other
person duly authorized by all necessary corporate action of each Guarantor who
shall have been duly authorized to so execute by all requisite corporate
action.  The validity and enforceability
of any Guarantee shall not be affected by the fact that it is not affixed to
any particular Security.

 

Each of the Guarantors hereby agrees that its
Guarantee set forth in Section 11.01 shall remain in full force and effect notwithstanding
any failure to endorse on each Security a notation of such Guarantee.

 

If an Officer of a Guarantor whose signature is on
this Indenture or a Guarantee no longer holds that office at the time the
Trustee authenticates the Security on which such Guarantee is endorsed or at
any time thereafter, such Guarantor’s Guarantee of such Security shall
nevertheless be valid.

 

The delivery of any Security by the Trustee, after the
authentication thereof hereunder, shall constitute due delivery of any
Guarantee set forth in this Indenture on behalf of each Guarantor.

 

SECTION 11.05.          Release
of a Guarantor.

 

(a)           Any
Guarantee by a Restricted Subsidiary will be automatically and unconditionally
released and discharged, without any further action required on the part of the
Trustee or any Holder, upon:

 

(i)            any Transfer
(including by consolidation or merger) to any Person which is not a Guarantor
of all of the Capital Stock held by Parent or any Restricted Subsidiary in, or
all or substantially all of the assets of, such Restricted Subsidiary made in
compliance with Section 4.13; or

 

87

 

(ii)           the designation of such
Restricted Subsidiary as an Unrestricted Subsidiary in accordance with
Section 4.11 and the definition of “Unrestricted Subsidiary”; or

 

(iii)          the release of such
Guarantor from its guarantee of the Credit Agreement.

 

The Trustee shall execute an appropriate instrument
prepared by the Company evidencing the release of a Guarantor from its
obligations under its Guarantee upon receipt of a request by the Company or
such Guarantor accompanied by an Officers’ Certificate and an Opinion of
Counsel certifying as to the compliance with this Section 11.05; provided, however, that
the legal counsel delivering such Opinion of Counsel may rely as to matters of
fact on one or more Officers’ Certificates of the Company.

 

Except as set forth in Articles Four and Five and this
Section 11.05, nothing contained in this Indenture or in any of the Securities
shall prevent any consolidation or merger of a Guarantor with or into the
Company or another Guarantor or shall prevent any sale or conveyance of the
property of a Guarantor as an entirety or substantially as an entirety to the
Company or another Guarantor.

 

SECTION 11.06.          Waiver
of Subrogation.

 

Until this Indenture is discharged and all of the
Securities are discharged and paid in full, each Guarantor hereby irrevocably
waives and agrees not to exercise any claim or other rights which it may now or
hereafter acquire against the Company that arise from the existence, payment,
performance or enforcement of the Company’s obligations under the Securities or
this Indenture and such Guarantor’s obligations under this Guarantee and this
Indenture, in any such instance including, without limitation, any right of
subrogation, reimbursement, exoneration, contribution, indemnification, and any
right to participate in any claim or remedy of the Holders against the Company,
whether or not such claim, remedy or right arises in equity, or under contract,
statute or common law, including, without limitation, the right to take or
receive from the Company, directly or indirectly, in cash or other property or
by set-off or in any other manner, payment or security on account of such claim
or other rights.  If any amount shall be
paid to any Guarantor in violation of the preceding sentence and any amounts
owing to the Trustee or the Holders of Securities under the Securities, this Indenture,
or any other document or instrument delivered under or in connection with such
agreements or instruments, shall not have been paid in full, such amount shall
have been deemed to have been paid to such Guarantor for the benefit of, and
held in trust for the benefit of, the Trustee or the Holders and shall
forthwith be paid to the Trustee for the benefit of itself or such Holders to
be credited and applied to the obligations in favor of the Trustee or the
Holders, as the case may be, whether matured or unmatured, in accordance with
the terms of this Indenture.  Each
Guarantor acknowledges that it will receive direct and indirect benefits from
the financing arrangements contemplated by this Indenture and that the waiver
set forth in this Section 11.06 is knowingly made in contemplation of such benefits.

 

SECTION 11.07.          Immediate
Payment.

 

Each Guarantor agrees to make immediate payment to the
Trustee on behalf of the Holders of all Guarantee Obligations owing or payable
to the respective Holders upon receipt of a demand for payment therefor by the
Trustee to such Guarantor in writing.

 

88

 

SECTION 11.08.          No
Set-Off.

 

Each payment to be made by a Guarantor hereunder in
respect of the Guarantee Obligations shall be payable in the currency or
currencies in which such Guarantee Obligations are denominated, and shall be
made without set-off, counterclaim, reduction or diminution of any kind or
nature.

 

SECTION 11.09.          Guarantee
Obligations Absolute.

 

The obligations of each Guarantor hereunder are and
shall be absolute and unconditional and any monies or amounts expressed to be
owing or payable by each Guarantor hereunder which may not be recoverable from
such Guarantor on the basis of a Guarantee shall be recoverable from such Guarantor
as a primary obligor and principal debtor in respect thereof.

 

SECTION 11.10.          Guarantee
Obligations Continuing.

 

The obligations of each Guarantor hereunder shall be
continuing and shall remain in full force and effect until all such obligations
have been paid and satisfied in full. 
Each Guarantor agrees with the Trustee that it will from time to time
deliver to the Trustee suitable acknowledgments of this continued liability
hereunder and under any other instrument or instruments in such form as counsel
to the Trustee may advise and as will prevent any action brought against it in
respect of any default hereunder being barred by any statute of limitations now
or hereafter in force and, in the event of the failure of a Guarantor so to do,
it hereby irrevocably appoints the Trustee the attorney and agent of such Guarantor
to make, execute and deliver such written acknowledgment or acknowledgments or
other instruments as may from time to time become necessary or advisable, in
the judgment of the Trustee on the advice of counsel, to fully maintain and
keep in force the liability of such Guarantor hereunder.

 

SECTION 11.11.          Guarantee
Obligations Not Reduced.

 

The obligations of each Guarantor hereunder shall not
be satisfied, reduced or discharged solely by the payment of such principal,
premium, if any, interest, fees and other monies or amounts as may at any time
prior to discharge of this Indenture pursuant to Article Eight be or become
owing or payable under or by virtue of or otherwise in connection with the
Securities or this Indenture.

 

SECTION 11.12.          Guarantee
Obligations Reinstated.

 

The obligations of each Guarantor hereunder shall
continue to be effective or shall be reinstated, as the case may be, if at any
time any payment which would otherwise have reduced the obligations of any
Guarantor hereunder (whether such payment shall have been made by or on behalf
of the Company or by or on behalf of a Guarantor) is rescinded or reclaimed
from any of the Holders upon the insolvency, bankruptcy, liquidation or reorganization
of the Company or any Guarantor or otherwise, all as though such payment had
not been made.  If demand for, or
acceleration of the time for, payment by the Company or any other Guarantor is
stayed upon the insolvency, bankruptcy, liquidation or reorganization of the
Company or such Guarantor, all such Indebtedness otherwise subject to demand
for payment or acceleration shall nonetheless be payable by each Guarantor as
provided herein.

 

89

 

SECTION 11.13.          Guarantee
Obligations Not Affected.

 

The obligations of each Guarantor hereunder shall not
be affected, impaired or diminished in any way by any act, omission, matter or
thing whatsoever, occurring before, upon or after any demand for payment hereunder
(and whether or not known or consented to by any Guarantor or any of the
Holders) which, but for this provision, might constitute a whole or partial
defense to a claim against any Guarantor hereunder or might operate to release
or otherwise exonerate any Guarantor from any of its obligations hereunder or
otherwise affect such obligations, whether occasioned by default of any of the
Holders or otherwise, including, without limitation:

 

(a)           any
limitation of status or power, disability, incapacity or other circumstance
relating to the Company or any other Person, including any insolvency,
bankruptcy, liquidation, reorganization, readjustment, composition,
dissolution, winding-up or other proceeding involving or affecting the Company
or any other Person;

 

(b)           any irregularity,
defect, unenforceability or invalidity in respect of any indebtedness or other
obligation of the Company or any other Person under this Indenture, the
Securities or any other document or instrument;

 

(c)           any failure of the
Company or any other Guarantor, whether or not without fault on its part, to
perform or comply with any of the provisions of this Indenture, the Securities
or any Guarantee, or to give notice thereof to a Guarantor;

 

(d)           the taking or enforcing
or exercising or the refusal or neglect to take or enforce or exercise any right
or remedy from or against the Company or any other Person or their respective assets
or the release or discharge of any such right or remedy;

 

(e)           the granting of time,
renewals, extensions, compromises, concessions, waivers, releases, discharges
and other indulgences to the Company or any other Person;

 

(f)            any change in the
time, manner or place of payment of, or in any other term of, any of the
Securities, or any other amendment, variation, supplement, replacement or
waiver of, or any consent to departure from, any of the Securities or this Indenture,
including, without limitation, any increase or decrease in the principal amount
of or premium, if any, or interest on any of the Securities;

 

(g)           any change in the
ownership, control, name, objects, businesses, assets, capital structure or
constitution of the Company or a Guarantor;

 

(h)           any merger or
amalgamation of the Company or a Guarantor with any Person or Persons;

 

(i)            the occurrence of any
change in the laws, rules, regulations or ordinances of any jurisdiction by any
present or future action of any governmental authority or court amending,
varying, reducing or otherwise affecting, or purporting to amend, vary, reduce
or otherwise affect, any of the Guarantee Obligations or the obligations of a Guarantor
under its Guarantee; and

 

90

 

(j)            any other
circumstance, including release of the Guarantor pursuant to Section 11.05
(other than by complete, irrevocable payment) that might otherwise constitute a
legal or equitable discharge or defense of the Company under this Indenture or
the Securities or of a Guarantor in respect of its Guarantee hereunder.

 

SECTION 11.14.          Waiver.

 

Without in any way limiting the provisions of
Section 11.01, each Guarantor hereby waives notice of acceptance hereof,
notice of any liability of any Guarantor hereunder, notice or proof of reliance
by the Holders upon the obligations of any Guarantor hereunder, and diligence,
presentment, demand for payment on the Company, protest, notice of dishonor or
non-payment of any of the Guarantee Obligations, or other notice or formalities
to the Company or any Guarantor of any kind whatsoever.

 

SECTION 11.15.          No
Obligation To Take Action Against the Company.

 

Neither the Trustee nor any other Person shall have
any obligation to enforce or exhaust any rights or remedies against the Company
or any other Person or any property of the Company or any other Person before
the Trustee is entitled to demand payment and performance by any or all Guarantors
of their liabilities and obligations under their Guarantees or under this
Indenture.

 

SECTION 11.16.          Dealing
with the Company and Others.

 

The Holders, without releasing, discharging, limiting
or otherwise affecting in whole or in part the obligations and liabilities of
any Guarantor hereunder and without the consent of or notice to any Guarantor,
may

 

(a)           grant
time, renewals, extensions, compromises, concessions, waivers, releases,
discharges and other indulgences to the Company or any other Person;

 

(b)           take
or abstain from taking security or collateral from the Company or from
perfecting security or collateral of the Company;

 

(c)           release,
discharge, compromise, realize, enforce or otherwise deal with or do any act or
thing in respect of (with or without consideration) any and all collateral,
mortgages or other security given by the Company or any third party with
respect to the obligations or matters contemplated by this Indenture or the
Securities;

 

(d)           accept
compromises or arrangements from the Company;

 

(e)           apply
all monies at any time received from the Company or from any security upon such
part of the Guarantee Obligations as the Holders may see fit or change any such
application in whole or in part from time to time as the Holders may see fit;
and

 

(f)            otherwise
deal with, or waive or modify their right to deal with, the Company and all
other Persons and any security as the Holders or the Trustee may see fit.

 

91

 

SECTION 11.17.          Default
and Enforcement.

 

If any Guarantor fails to pay in accordance with
Section 11.07 hereof, the Trustee may proceed in its name as trustee hereunder
in the enforcement of the Guarantee of any such Guarantor and such Guarantor’s
obligations thereunder and hereunder by any remedy provided by law, whether by
legal proceedings or otherwise, and to recover from such Guarantor the
obligations.

 

SECTION 11.18.          Amendment,
Etc.

 

No amendment, modification or waiver of any provision
of this Indenture relating to any Guarantor or consent to any departure by any
Guarantor or any other Person from any such provision will in any event be effective
unless it is signed by such Guarantor and the Trustee.

 

SECTION 11.19.          Acknowledgment.

 

Each Guarantor hereby acknowledges communication of
the terms of this Indenture and the Securities and consents to and approves of
the same.

 

SECTION 11.20.          Costs
and Expenses.

 

Each Guarantor shall pay on demand by the Trustee any
and all costs, fees and expenses (including, without limitation, legal fees on
a solicitor and client basis) incurred by the Trustee, its agents, advisors and
counsel or any of the Holders in enforcing any of their rights under any
Guarantee.

 

SECTION 11.21.          No
Merger or Waiver; Cumulative Remedies.

 

No Guarantee shall operate by way of merger of any of
the obligations of a Guarantor under any other agreement, including, without
limitation, this Indenture.  No failure
to exercise and no delay in exercising, on the part of the Trustee or the Holders,
any right, remedy, power or privilege hereunder or under this Indenture or the
Securities, shall operate as a waiver thereof; nor shall any single or partial
exercise of any right, remedy, power or privilege hereunder or under this
Indenture or the Securities preclude any other or further exercise thereof or
the exercise of any other right, remedy, power or privilege.  The rights, remedies, powers and privileges
in the Guarantee and under this Indenture, the Securities and any other
document or instrument between a Guarantor and/or the Company and the Trustee
are cumulative and not exclusive of any rights, remedies, powers and privilege
provided by law.

 

SECTION 11.22.          Survival
of Guarantee Obligations.

 

Without prejudice to the survival of any of the other
obligations of each Guarantor hereunder, the obligations of each Guarantor
under Section 11.01 shall survive the payment in full of the Guarantee
Obligations and shall be enforceable against such Guarantor without regard to
and without giving effect to any defense, right of offset or counterclaim
available to or which may be asserted by the Company or any Guarantor.

 

SECTION 11.23.          Guarantee
in Addition to Other Guarantee Obligations.

 

The obligations of each Guarantor under its Guarantee
and this Indenture are in addition to and not in substitution for any other
obligations to the Trustee or to any of the Holders in relation to

 

92

 

this
Indenture or the Securities and any guarantees or security at any time held by
or for the benefit of any of them.

 

SECTION 11.24.          Severability.

 

Any provision of this Article Eleven which is
prohibited or unenforceable in any jurisdiction shall not invalidate the remaining
provisions and any such prohibition or unenforceability in any jurisdiction
shall not invalidate or render unenforceable such provision in any other
jurisdiction unless its removal would substantially defeat the basic intent,
spirit and purpose of this Indenture and this Article Eleven.

 

SECTION 11.25.          Successors
and Assigns.

 

Each Guarantee shall be binding upon and inure to the
benefit of each Guarantor and the Trustee and the other Holders and their
respective successors and permitted assigns, except that no Guarantor may
assign any of its obligations hereunder or thereunder.

 

ARTICLE TWELVE

 

SUBORDINATION OF GUARANTEE

 

SECTION 12.01.          Guarantee
Obligations Subordinated to Guarantor Senior Debt.

 

Anything herein to the contrary notwithstanding, each
of the Guarantors, for itself and its successors, and each Holder, by his or
her acceptance of Guarantees, agrees that the payment of all Obligations owing
to the Holders in respect of its Guarantee is subordinated, to the extent and
in the manner provided in this Article Twelve, to the prior payment in full in
cash or Cash Equivalents, or such payment duly provided for to the satisfaction
of the holders of Guarantor Senior Debt, of all Obligations on Guarantor Senior
Debt of such Guarantor (including the Obligations with respect to the Credit
Agreement, whether outstanding on the Issue Date or thereafter incurred).  Notwithstanding the foregoing, payments and
distributions made relating to the Securities from the trust established
pursuant to Article Eight shall not be so subordinated in right of payment, so
long as (i) the conditions specified in Article Eight (without any waiver
or modification of the requirement that the deposits pursuant thereto do not
conflict with the terms of the Credit Agreement or any other Senior Debt or
Guarantor Senior Debt) are satisfied on the date of any deposit pursuant to
said trust and (ii) such payments and distributions did not violate the
provisions of Article Ten or this Article Twelve.

 

This Article Twelve shall constitute a continuing
offer to all Persons who become holders of, or continue to hold, Guarantor
Senior Debt, and such provisions are made for the benefit of the holders of
Guarantor Senior Debt and such holders are made obligees hereunder and any one
or more of them may enforce such provisions.

 

SECTION 12.02.          Suspension
of Guarantee Obligations When Guarantor Senior Debt Is in Default.

 

(a)           If
any default occurs and is continuing in the payment when due, whether at
maturity, upon any redemption, by declaration or otherwise, of any principal
of, interest on, unpaid drawings

 

93

 

for letters of credit issued in respect of, or
regularly accruing fees with respect to, any Guarantor Senior Debt (including,
without limitation, guarantees of the foregoing items which constitute Guarantor
Senior Debt), then no payment of any kind or character shall be made by or on
behalf of such Guarantor or any other Person on its behalf with respect to any
Obligations in respect of the Guarantee or to acquire any of the Securities for
cash or property or otherwise and until such Payment Default shall have been
cured or waived or ceases to exist or such Guarantor Senior Debt shall have
been discharged or paid in full in cash or Cash Equivalents.

 

(b)           During
any Payment Blockage Period (as determined in accordance with Section 10.02(b),
including the limitations set forth therein), neither any Guarantor nor any
other Person on any Guarantor’s behalf shall (x) make any payment of any kind
or character with respect to any Guarantee or (y) acquire any of the Securities
for cash or property or otherwise.

 

(c)           The
foregoing Section 12.02(a) and (b) shall not apply to payments and
distributions made relating to the Securities from the trust established
pursuant to Article Eight, so long as (i) the conditions specified in
Article Eight (without any waiver or modification of the requirement that the
deposits pursuant thereto do not conflict with the terms of the Credit
Agreement or any other Senior Debt or Guarantor Senior Debt) are satisfied on
the date of any deposit pursuant to said trust and (ii) such payments and
distributions did not violate the provisions of Article Ten this Article Twelve
or Article II of any German Guarantee when made.

 

(d)           In
the event that, notwithstanding the foregoing, any payment shall be received by
the Trustee or any Holder when such payment is prohibited by the foregoing
provisions of this Section 12.02, such payment shall be held in trust for
the benefit of, and shall be paid over or delivered to, the holders of
Guarantor Senior Debt (pro rata to such holders on the basis of the respective
amount of Guarantor Senior Debt held by such holders) or their respective
Representatives, as their respective interests may appear.  The Trustee shall be entitled to rely on
information regarding amounts then due and owing on the Guarantor Senior Debt,
if any, received from the holders of Guarantor Senior Debt (or their
Representatives) or, if such information is not received from such holders or
their Representatives, from a Guarantor and only amounts included in the information
provided to the Trustee shall be paid to the holders of Guarantor Senior Debt.

 

SECTION 12.03.     Guarantee
Obligations Subordinated to Prior Payment of All Guarantor Senior Debt on
Dissolution, Liquidation or Reorganization of Such Guarantor.

 

(a)           Upon
any payment or distribution of assets of any Guarantor of any kind or
character, whether in cash, property or securities, to creditors upon any total
or partial liquidation, dissolution, winding-up, reorganization, assignment for
the benefit of creditors or marshaling of assets of such Guarantor or in a
bankruptcy, reorganization, insolvency, receivership or other similar
proceeding relating to such Guarantor or its property, whether voluntary or
involuntary, all Obligations due or to become due upon all Guarantor Senior
Debt shall first be paid in full in cash or Cash Equivalents, or such payment
duly provided for to the satisfaction of the holders of Guarantor Senior Debt,
before any payment or distribution of any kind or character is made on account of
any Obligations relating to any Guarantee or for the acquisition of any of the
Securities for cash or property or otherwise. 
Upon any such dissolution, winding-up, liquidation, reorganization,
receivership or similar proceeding, any payment or distribution of assets of
such Guarantor of any kind or character, whether in cash, property or
securities, to which the Holders or the Trustee under this Indenture would be
entitled, except for the provisions hereof, shall be paid by such Guarantor or
by any receiver, trustee in bankruptcy, liquidating trustee, agent or other
Person

 

94

 

making such payment or distribution, or by the Holders
or by the Trustee under this Indenture if received by them, directly to the
holders of Guarantor Senior Debt (pro rata to such holders on the basis of the
respective amounts of Guarantor Senior Debt held by such holders) or their
respective Representatives, or to the trustee or trustees under any indenture
pursuant to which any of such Guarantor Senior Debt may have been issued, as
their respective interests may appear, for application to the payment of Guarantor
Senior Debt remaining unpaid until all such Guarantor Senior Debt has been paid
in full in cash or Cash Equivalents after giving effect to any concurrent
payment, distribution or provision therefor to or for the holders of Guarantor
Senior Debt.

 

(b)           To
the extent any payment of Guarantor Senior Debt (whether by or on behalf of a
Guarantor, as proceeds of security or enforcement of any right of setoff or
otherwise) is declared to be fraudulent or preferential, set aside or required
to be paid to any receiver, trustee in bankruptcy, liquidating trustee, agent
or other similar Person under any bankruptcy, insolvency, receivership,
fraudulent conveyance or similar law, then, if such payment is recovered by, or
paid over to, such receiver, trustee in bankruptcy, liquidating trustee, agent
or other similar Person, the Guarantor Senior Debt or part thereof originally
intended to be satisfied shall be deemed to be reinstated and outstanding as if
such payment had not occurred.

 

It is further agreed that any diminution (whether
pursuant to court decree or otherwise, including without limitation for any of
the reasons described in the preceding sentence) of any Guarantor’s obligation
to make any distribution or payment pursuant to any Guarantor Senior Debt,
except to the extent such diminution occurs by reason of the repayment (which
has not been disgorged or returned) of such Guarantor Senior Debt in cash or
Cash Equivalents, shall have no force or effect for purposes of the subordination
provisions contained in this Article Twelve, with any turnover of payments as
otherwise calculated pursuant to this Article Twelve to be made as if no such
diminution had occurred.

 

(c)           In
the event that, notwithstanding the foregoing, any payment or distribution of
assets of any Guarantor of any kind or character, whether in cash, property or
securities, shall be received by any Holder when such payment or distribution
is prohibited by this Section 12.03, such payment or distribution shall be held
in trust for the benefit of, and shall be paid over or delivered to, the
holders of Guarantor Senior Debt (pro rata to such holders on the basis of the
respective amount of Guarantor Senior Debt held by such holders) or their
respective Representatives, or to the trustee or trustees under any indenture
pursuant to which any of such Guarantor Senior Debt may have been issued, as
their respective interests may appear, for application to the payment of Guarantor
Senior Debt remaining unpaid until all such Guarantor Senior Debt has been paid
in full in cash or Cash Equivalents, after giving effect to any concurrent
payment, distribution or provision therefor to or for the holders of such
Guarantor Senior Debt.

 

(d)           The
consolidation of any Guarantor with, or the merger of any Guarantor with or
into, another corporation, partnership, trust or limited liability company or
the liquidation or dissolution of a Guarantor following the conveyance or
transfer of all or substantially all of its assets, to another corporation,
partnership, trust or limited liability company upon the terms and conditions
provided in Article Five and as long as permitted under the terms of the Guarantor
Senior Debt shall not be deemed a dissolution, winding-up, liquidation or
reorganization for the purposes of this Section if such other corporation
shall, as a part of such consolidation, merger, conveyance or transfer, assumes
the Guarantee of such Guarantor hereunder in accordance with Article Five.

 

95

 

SECTION 12.04.          Payments
May Be Paid Prior to Dissolution.

 

Nothing contained in this Article Twelve or elsewhere
in this Indenture shall prevent (i) any Guarantor, except under the
conditions described in Sections 12.02 and 12.03, from making payments at any
time for the purpose of making payments on Guarantee Obligations, or from
depositing with the Trustee any moneys for such payments, or (ii) in the
absence of actual knowledge by the Trustee that a given payment would be
prohibited by Section 12.02 or 12.03, the application by the Trustee of any
moneys deposited with it for the purpose of making such payments on Guarantee
Obligations to the Holders entitled thereto unless at least two Business Days
prior to the date upon which such payment would otherwise become due and
payable a Responsible Officer of the Trustee shall have actually received the
written notice provided for in the first sentence of Section 10.02(b) or in
Section 12.07 (provided that, notwithstanding
the foregoing, the Holders receiving any payments made in contravention of
Sections 12.02 and/or 12.03 (and the respective such payments) shall otherwise
be subject to the provisions of Section 12.02 and Section 12.03). Each
Guarantor shall give prompt written notice to the Trustee of any dissolution,
winding-up, liquidation or reorganization of such Guarantor, although any delay
or failure to give any such notice shall have no effect on the subordination
provisions contained herein.

 

SECTION 12.05.          Holders
of Guarantee Obligations To Be Subrogated to Rights of Holders of Guarantor
Senior Debt.

 

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

 

SECTION 12.06.          Guarantee
Obligations of the Guarantors Unconditional.

 

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

 

96

 

SECTION 12.07.          Notice
to Trustee.

 

Each Guarantor shall give prompt written notice to the
Trustee of any fact known to such Guarantor which would prohibit the making of
any payment to or by the Trustee in respect of the Guarantees pursuant to the
provisions of this Article Twelve, although any delay or failure to give any
such notice shall have no effect on the subordination provisions contained
herein.  Regardless of anything to the contrary
contained in this Article Twelve or elsewhere in this Indenture, the Trustee
shall not be charged with knowledge of the existence of any default or event of
default with respect to any Guarantor Senior Debt or of any other facts which
would prohibit the making of any payment to or by the Trustee unless and until
the Trustee shall have received notice in writing from a Guarantor, or from a
holder of Guarantor Senior Debt or a Representative therefor and, prior to the
receipt of any such written notice, the Trustee shall be entitled to assume (in
the absence of actual knowledge to the contrary) that no such facts exist.  The Trustee shall be entitled to rely on the
delivery to it of any notice pursuant to this Section 12.07 to establish that
such notice has been given by a holder of Senior Debt (or a trustee thereof).

 

In the event that the Trustee determines in good faith
that any evidence is required with respect to the right of any Person as a
holder of Guarantor Senior Debt to participate in any payment or distribution
pursuant to this Article Twelve, the Trustee may request such Person to furnish
evidence to the reasonable satisfaction of the Trustee as to the amounts of
Guarantor Senior Debt held by such Person, the extent to which such Person is
entitled to participate in such payment or distribution and any other facts pertinent
to the rights of such Person under this Article Twelve, and if such evidence is
not furnished the Trustee may defer any payment to such Person pending judicial
determination as to the right of such Person to receive such payment.

 

SECTION 12.08.          Reliance
on Judicial Order or Certificate of Liquidating Agent.

 

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

 

SECTION 12.09.          Trustee’s
Relation to Guarantor Senior Debt.

 

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

 

With respect to the holders of Guarantor Senior Debt,
the Trustee undertakes to perform or to observe only such of its covenants and
obligations as are specifically set forth in this Article Twelve, and no
implied covenants or obligations with respect to the holders of Guarantor
Senior Debt

 

97

 

shall be read into this
Indenture against the Trustee.  The
Trustee shall not be deemed to owe any fiduciary duty to the holders of
Guarantor Senior Debt.

 

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

 

SECTION 12.10.     Subordination
Rights Not Impaired by Acts or Omissions of the Guarantors or Holders of
Guarantor Senior Debt.

 

No right of any present or future holders of any
Guarantor Senior Debt to enforce subordination as provided herein shall at any
time in any way be prejudiced or impaired by any act or failure to act on the
part of any Guarantor or by any act or failure to act, in good faith, by any
such holder, or by any noncompliance by any Guarantor with the terms of this
Indenture, regardless of any knowledge thereof which any such holder may have
or otherwise be charged with.

 

Without in any way limiting the generality of the
foregoing paragraph, the holders of Guarantor Senior Debt may, at any time and
from time to time, without the consent of or notice to the Trustee, without
incurring responsibility to the Trustee or the Holders of the Securities and
without impairing or releasing the subordination provided in this Article
Twelve or the obligations hereunder of the Holders of the Securities to the
holders of Guarantor Senior Debt, do any one or more of the following:  (i) change the manner, place or terms of
payment or extend the time of payment of, or renew or alter, Guarantor Senior
Debt, or otherwise amend or supplement in any manner Guarantor Senior Debt, or
any instrument evidencing the same or any agreement under which Guarantor
Senior Debt is outstanding; (ii) sell, exchange, release or otherwise deal
with any property pledged, mortgaged or otherwise securing Guarantor Senior
Debt; (iii) release any Person liable in any manner for the payment or collection
of Guarantor Senior Debt; and (iv) exercise or refrain from exercising any
rights against the Guarantors and any other Person.

 

SECTION 12.11.          Holders
Authorize Trustee To Effectuate Subordination of Guarantee Obligations.

 

Each Holder of Guarantee Obligations by its acceptance
of them authorizes and expressly directs the Trustee on its behalf to take such
action as may be necessary or appropriate to effectuate, as between the holders
of Guarantor Senior Debt and the Holders, the subordination provided in this
Article Twelve, and appoints the Trustee its attorney-in-fact for such
purposes, including, in the event of any dissolution, winding-up, liquidation
or reorganization of any Guarantor (whether in bankruptcy, insolvency, receivership,
reorganization or similar proceedings or upon an assignment for the benefit of
credits or otherwise) tending towards liquidation of the business and assets of
any Guarantor, the filing of a claim for the unpaid balance under its Guarantee
Obligations and accrued interest in the form required in those proceedings.

 

If the Trustee does not file a proper claim or proof
of debt in the form required in such proceeding prior to 30 days before the
expiration of the time to file such claim or claims, then the holders of the
Guarantor Senior Debt or their Representative are or is hereby authorized to
have the right to file and are or is hereby authorized to file an appropriate
claim for and on behalf of the Holders of said Guarantee Obligations.  Nothing herein contained shall be deemed to
authorize the Trustee or the holders of Guarantor Senior Debt or their Representative
to authorize or consent to or accept or adopt on behalf of any Holder any plan
of reorganization, arrangement, adjustment or composition affecting the Guarantee

 

98

 

Obligations
or the rights of any Holder thereof, or to authorize the Trustee or the holders
of Guarantor Senior Debt or their Representative to vote in respect of the
claim of any Holder in any such proceeding.

 

SECTION 12.12.          This
Article Twelve Not To Prevent Events of Default.

 

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

 

SECTION 12.13.          Trustee’s
Compensation Not Prejudiced.

 

Nothing in this Article Twelve will apply to amounts
due to the Trustee pursuant to other sections of this Indenture.

 

ARTICLE THIRTEEN

 

MISCELLANEOUS

 

SECTION 13.01.          TIA
Controls.

 

If any provision of this Indenture limits, qualifies,
or conflicts with another provision which is required or deemed to be included
in this Indenture by the TIA, such required or deemed provision shall control.

 

SECTION 13.02.          Notices.

 

Any notices or other communications required or
permitted hereunder shall be in writing, and shall be sufficiently given if
made by hand delivery, by telex, by telecopier or registered or certified mail,
postage prepaid, return receipt requested, addressed as follows:

 

if to the Company or a Guarantor:

 

c/o Buhrmann N.V.

Hoogoorddreef 62

1101 BE Amsterdam ZO

PO Box 23456

1100 DZ Amsterdam

The Netherlands

Attention:  General Counsel

Telephone: 
+31-20-651-1111

Facsimile:  +31-20-651-1003

 

with a copy to:

 

99

 

Latham & Watkins

99 Bishopsgate

London, England  EC2M 3XF

Attention:  Alexander F. Cohen

Telephone: 
+44-207-710-1000

Facsimile:  +44-207-374-4460

 

if to the Trustee:

 

The Bank of New York

101 Barclay Street 8W

New York, NY  10286

Attention:  Corporate Trust Trustee
Administration

Re:  Buhrmann US Inc.

 

Telephone: 
(212) 815-5498

Facsimile:  (212) 815-5707

 

Each of the Company and the Trustee by written notice
to each other such Person may designate additional or different addresses for
notices to such Person.  Any notice or
communication to the Company and the Trustee, shall be deemed to have been
given or made as of the date so delivered if personally delivered; when
answered back; when receipt is acknowledged, if telecopied; and five (5)
calendar days after mailing if sent by registered or certified mail, postage
prepaid (except that a notice of change of address shall not be deemed to have
been given until actually received by the addressee).

 

Any notice or communication mailed to a Securityholder
shall be mailed to him by first class mail or other equivalent means at his
address as it appears on the registration books of the Registrar and shall be
sufficiently given to him if so mailed within the time prescribed.

 

Failure to mail a notice or communication to a
Securityholder or any defect in it shall not affect its sufficiency with
respect to other Securityholders.  If a
notice or communication is mailed in the manner provided above, it is duly given,
whether or not the addressee receives it.

 

SECTION 13.03.          Communications
by Holders with Other Holders.

 

Securityholders may communicate pursuant to TIA
§ 312(b) with other Securityholders with respect to their rights under
this Indenture, the Securities or the Guarantees.  The Company, the Trustee, the Registrar and
any other Person shall have the protection of TIA § 312(c).

 

SECTION 13.04.          Certificate
and Opinion as to Conditions Precedent.

 

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

 

(a)           an
Officers’ Certificate, in form and substance satisfactory to the Trustee,
stating that, in the opinion of the signers, all conditions precedent to be
performed or effected by the

 

100

 

Company, if any,
provided for in this Indenture relating to the proposed action have been complied
with; and

 

(b)           an
Opinion of Counsel stating that, in the opinion of such counsel, any and all
such conditions precedent have been complied with.

 

SECTION 13.05.          Statements
Required in Certificate or Opinion.

 

Each certificate or opinion with respect to compliance
with a condition or covenant provided for in this Indenture, other than the
Officers’ Certificate required by Section 4.06, 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 has made such examination or
investigation as is necessary to enable him to express an informed opinion as
to whether or not such covenant or condition has been complied with or satisfied;
and

 

(d)           a
statement as to whether or not, in the opinion of each such Person, such
condition or covenant has been complied with; provided,
however, that with respect to matters of
fact an Opinion of Counsel may rely on an Officers’ Certificate or certificates
of public officials.

 

SECTION 13.06.          Rules
by Trustee, Paying Agent, Registrar.

 

The Trustee, Paying Agent or Registrar may make
reasonable rules for its functions.

 

SECTION 13.07.          Agent
for Service; Submission to Jurisdiction; Waiver of Immunities.

 

By the execution and delivery of this Indenture, the
Company and each Guarantor (i) acknowledges that it has, by separate
written instruments, designated and appointed CT Corporation, 111 Eighth
Avenue, 13th Floor, New York, New York 10011 (“CT Corporation”) (and any
successor entity), as its authorized agent upon which process may be served in
any suit or proceeding arising out of or relating to this Indenture that may be
instituted in any federal or state court in the Borough of Manhattan, City of
New York, State of New York or brought under foreign, federal or state
securities laws, and represents and warrants that CT Corporation has accepted
such designation, (ii) submits to the jurisdiction of any such court in
any such suit or proceeding and (iii) agrees that service of process upon
CT Corporation and written notice of said service to the Company or such
Guarantor in accordance with Section 13.02 shall be deemed in every
respect effective service of process upon the Company or such Guarantor, as the
case may be, in any such suit or proceeding. 
Each of the Company and each Guarantor further agrees to take any and
all action, including the execution and filing of any and all such documents
and instruments, as may be necessary to continue such designation and
appointment of CT Corporation in full force and effect for as long as any of
the Securities remain outstanding (subject to the limitation set forth in
clause (i)); provided, however,
that the Company or any Guarantor may, and to the extent CT Corporation ceases
to be able to be served on the basis contemplated herein shall, by written
notice to the Trustee, designate such additional or alternative agent for service
of process under this Section 13.07 that

 

101

 

(i) maintains
an office located in the Borough of Manhattan, City of New York, State of New
York, and (ii) is either (x) United States counsel for the Company or
any Guarantor or (y) a corporate service company which acts as agent for
service of process for other persons in the ordinary course of its
business.  Such written notice shall identify
the name of such agent for service of process and the address of the office of
such agent for service of process in the Borough of Manhattan, City of New
York, State of New York.

 

To the extent that the Company or any Guarantor has or
hereafter may acquire any immunity from jurisdiction of any court of (i) any
jurisdiction in which the Company or such Guarantor owns or leases property or
assets, (ii) the United States or the State of New York or (iii) the
Netherlands or from any legal process (whether through service of notice,
attachment prior to judgment, attachment in aid of execution, execution or
otherwise) with respect to itself or its property and assets or this Indenture
or any of the Securities or actions to enforce judgments in respect of any
thereof, each of the Company or such Guarantor, as the case may be, hereby
irrevocably waives such immunity in respect of its obligations under the
above-referenced documents, to the extent permitted by law.

 

SECTION 13.08.          Judgment
Currency.

 

Each of the Company and each Guarantor hereby agrees
to indemnify each of the Holders and the Trustee against any loss incurred by
such person as a result of any judgment or order being given or made against
the Company or such Guarantor for any U.S. dollar amount due under this Indenture
and such judgment or order being expressed and paid in a currency (the “Judgment
Currency”) other than United States dollars and as a result of any
variation as between (i) the rate of exchange at which the United States
dollar amount is converted into the Judgment Currency for the purpose of such
judgment or order and (ii) the spot rate of exchange in The City of New York at
which such party on the date of payment of such judgment or order is able to
purchase United States dollars with the amount of the Judgment Currency actually
received by such party.  The foregoing
indemnity shall continue in full force and effect notwithstanding any such
judgment or order as aforesaid.  The term
“spot rate of exchange” shall include any premiums and costs of exchange
payable in connection with the purchase of, or conversion into, United States
dollars.

 

SECTION 13.09.          Legal
Holidays.

 

If a payment date is not a Business Day, payment may
be made on the next succeeding day that is a Business Day.

 

SECTION 13.10.          Governing
Law.

 

THIS INDENTURE, THE SECURITIES AND THE GUARANTEES
(OTHER THAN ANY GERMAN GUARANTEES) WILL BE GOVERNED BY AND CONSTRUED IN
ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, AS APPLIED TO CONTRACTS MADE
AND PERFORMED WITHIN THE STATE OF NEW YORK, WITHOUT REGARD TO PRINCIPLES OF CONFLICTS
OF LAW.

 

102

 

SECTION 13.11.          No
Adverse Interpretation of Other Agreements.

 

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

 

SECTION 13.12.          No
Recourse Against Others.

 

A director, officer, employee, stockholder or
incorporator, as such, of Parent or any of its subsidiaries shall not have any
liability for any obligations of the Company under the Securities, this
Indenture or the Guarantees or for any claim based on, in respect of or by
reason of such obligations or their creation. 
Each Securityholder by accepting a Security waives and releases all such
liability.  Such waiver and release are
part of the consideration for the issuance of the Securities.

 

SECTION 13.13.          Successors.

 

All agreements of the Company and the Guarantors in
this Indenture, the Securities and the Guarantees shall bind their respective
successors.  All agreements of the
Trustee in this Indenture shall bind its successor.

 

SECTION 13.14.          Duplicate
Originals.

 

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

 

SECTION 13.15.          Severability.

 

In case any one or more of the provisions in this
Indenture, in the Securities or in the Guarantees shall be held invalid, illegal
or unenforceable, in any respect for any reason, the validity, legality and
enforceability of any such provision in every other respect and of the
remaining provisions shall not in any way be affected or impaired thereby, it
being intended that all of the provisions hereof shall be enforceable to the
full extent permitted by law.

 

103

 

SIGNATURES

 

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

 

	
   

  	
  BUHRMANN US INC.,

  
	
   

  	
   

  	
  as Issuer

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
   

  	
  Title:

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  BUHRMANN N.V.,

  
	
   

  	
   

  	
  as Guarantor

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
   

  	
  Title:

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
   

  	
  Title:

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  FOR AND ON
  BEHALF OF EACH OF THE

  GUARANTORS IDENTIFIED ON SCHEDULE I

  HERETO, as Guarantors

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
   

  	
  Title:

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  THE BANK OF NEW YORK,

  
	
   

  	
   

  	
  as Trustee

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
   

  	
  Title:

  

 

S-1

 

SCHEDULE 1

 

Additional
Guarantors

 

	
  U.S. Guarantors

  
	
   

  
	
  1.

  	
  ASAP Software Express, Inc.

  
	
  2.

  	
  BTOP USA Corp.

  
	
  3.

  	
  BTOPI Holding (U.S.)

  
	
  4.

  	
  Buhrmann Swaps, Inc.

  
	
  5.

  	
  Corporate Express Document
  & Print Management, Inc.

  
	
  6.

  	
  Corporate Express Office
  Products, Inc.

  
	
  7.

  	
  CE Philadelphia Real Estate,
  Inc.

  
	
  8.

  	
  Corporate Express
  Promotional Marketing, Inc.

  
	
  9.

  	
  Corporate Express Real
  Estate,Inc.

  
	
  10.

  	
  Corporate Express of Texas,
  Inc.

  
	
  11.

  	
  Corporate Express, Inc.

  
	
  12.

  	
  License Technologies Group,
  Inc.

  
	
  13.

  	
  Moore Labels, Inc.

  
	
   

  
	
  Dutch
  Guarantors

  
	
   

  
	
  1.

  	
  Buhrmann Financieringen B.V.

  
	
  2.

  	
  Buhrmann Fined B.V.

  
	
  3.

  	
  Buhrmann II B.V.

  
	
  4.

  	
  Buhrmann International B.V.

  
	
  5.

  	
  Buhrmann Nederland B.V.

  
	
  6.

  	
  Buhrmann Nederland Holding
  B.V.

  

 

SC-1

 

	
  7.

  	
  Tetterode-Nederland B.V.

  
	
  8.

  	
  Veenman B.V. (formerly known
  as Corporate Express Document Automatisering B.V.)

  
	
  9.

  	
  Buhrmann Office Products
  Nederland B.V.

  
	
   

  	
   

  
	
  Belgian
  Guarantors

  
	
   

  
	
  Buhrmann Europcenter N.V.

  
	
   

  
	
  Luxembourg
  Guarantors

  
	
   

  
	
  Buhrmann Luxembourg S.A.R.L.

  

 

SC-2

 

EXHIBIT A

 

BUHRMANN US
INC.

81⁄4%
Senior Subordinated Notes 2014

 

	
   

  	
   

  	
  CUSIP No.

  
	
  No.

  	
   

  	
  $

  

 

BUHRMANN US INC., a Delaware corporation (the
“Company”, which term includes any successor corporation), for value received
promises to pay to CEDE & CO. or its registered assigns, the principal sum
of
                 
         on July 1, 2014.

 

Interest Payment Dates: July 1 and January 1,
commencing January 1, 2005.

 

Record Dates: 
June 15 and December 15.

 

Reference is made to the further provisions of this
Security contained herein, which will for all purposes have the same effect as
if set forth at this place.

 

A-1

 

IN WITNESS WHEREOF, the Company has caused this
Security to be signed manually or by facsimile by its duly authorized officers.

 

	
  Dated:

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  BUHRMANN US INC.

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
   

  	
  Title:

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
   

  	
  Title:

  

 

A-2

 

[FORM OF TRUSTEE’S
CERTIFICATE OF AUTHENTICATION]

 

This is one of the 81⁄4% Senior Subordinated Notes due
2014 described in the within-mentioned Indenture.

 

	
  Dated:

  	
  THE BANK OF NEW YORK,

  	 

	
   

  	
  as Trustee

  	 

	
   

  	
   

  	 

	
   

  	
   

  	 

	
   

  	
  By:

  	
   

  	
   

  	 

	
   

  	
   

  	
  Authorized Signatory

  
						

 

A-3

 

(REVERSE OF
SECURITY)

 

BUHRMANN US INC.

 

 

81⁄4% Senior Subordinated Notes 2014

 

1.             Interest.

 

BUHRMANN US INC., a Delaware corporation (the
“Company”), promises to pay interest on the principal amount of this Security
at the rate per annum shown above.  The
Company will pay interest semi-annually on July 1 and January 1 of each year
(the “Interest Payment Date”), commencing January 1, 2005.  Interest on this Security will accrue from
the most recent date to which interest has been paid or, if no interest has
been paid, from July 1, 2004. 
Interest on this Security will be computed on the basis of a 360-day
year of twelve 30-day months.

 

The Company shall pay interest on overdue principal
from time to time on demand at the rate borne by this Security and on overdue
installments of interest (without regard to any applicable grace periods) to
the extent lawful.

 

2.             Method
of Payment.

 

The Company shall pay interest on the Securities
(except defaulted interest) to the persons who are the registered Holders at the
close of business on the Record Date immediately preceding the Interest Payment
Date even if the Securities are cancelled on registration of transfer or registration
of exchange after such Record Date. 
Holders must surrender Securities to a Paying Agent to collect principal
payments.  The Company shall pay
principal and interest in money of the United States that at the time of
payment is legal tender for payment of public and private debts (“U.S. Legal
Tender”).  However, the Company may pay
principal and interest by wire transfer of Federal funds, or interest by check
payable in such U.S. Legal Tender.  The
Company may deliver any such interest payment to the Paying Agent or to a
Holder at the Holder’s registered address.

 

3.             Paying
Agent and Registrar.

 

Initially, The Bank of New York (the “Trustee”) will
act as Paying Agent and Registrar.  The
Company may change any Paying Agent, Registrar or co-Registrar without notice
to the Holders.  The Company or any of
its Subsidiaries may, subject to certain exceptions, act as Registrar or
co-Registrar.

 

4.             Indenture.

 

The Company issued the Securities under an Indenture,
dated as of July 1, 2004 (the “Indenture”), among the Company, Buhrmann
N.V. and the other Guarantors named therein, and the Trustee.  This Security is one of a duly authorized
issue of Securities of the Company designated as its 81⁄4% Senior Subordinated Notes due
2014 (the “Securities”).  The Securities
are treated as a single class of securities under the Indenture unless
otherwise specified in the Indenture. 
Capitalized terms herein are used as defined in the Indenture unless
otherwise defined herein.  The terms of
the Securities include those stated in the Indenture and those made part of the
Indenture by reference to the Trust Indenture Act of 1939 (15 U.S.C.
§§ 77aaa-77bbbb) (the “TIA”), as in effect on the date of the Indenture
until such

 

A-4

 

time
as the Indenture is qualified under the TIA, and thereafter as in effect on the
date on which the Indenture is qualified under the TIA.  Notwithstanding anything to the contrary
herein, the Securities are subject to all such terms, and Holders of Securities
are referred to the Indenture and the TIA for a statement of them.

 

5.             Subordination.

 

The payment of all Obligations on or relating to the
Securities is subordinated in right of payment to the prior payment in full in
cash or Cash Equivalents of all Obligations on Senior Debt of the Company
(including all Obligations with respect to the Credit Agreement, whether
outstanding on the Issue Date or thereafter incurred).  Notwithstanding the foregoing, payments and
distributions made from the trust established pursuant to the provisions
described in Article Eight shall not be so subordinated in right of payment so
long as the payments into the trust were made in accordance with the
requirements described in Article Eight and did not violate the subordination
provisions when they were made.

 

6.             Optional
Redemption.

 

Except as set forth in Paragraphs 7, 8 and 9 the
Securities are not redeemable before July 1, 2009.  Thereafter, the Company may redeem the
Securities at its option, in whole or in part, upon not less than 30 nor more
than 60 days’ notice, at the following redemption prices (expressed as percentages
of the principal amount thereof) if redeemed during the twelve-month period
commencing on July 1 of the year set forth below:

 

	
  Year

  	
   

  	
  Percentage

  	
   

  
	
  2009

  	
   

  	
  104.125

  	
  %

  
	
  2010

  	
   

  	
  102.750

  	
  %

  
	
  2011

  	
   

  	
  101.375

  	
  %

  
	
  2012 and
  thereafter

  	
   

  	
  100.000

  	
  %

  

 

In addition, the Company must pay accrued and unpaid
interest on the Securities redeemed.

 

7.             Optional
Redemption upon Equity Offerings.

 

At any time, or from time to time, on or prior to July
1, 2007, the Company may, at its option, use the Net Cash Proceeds of one or
more Equity Offerings (as defined below) to redeem up to 35% of the principal
amount of the Securities issued under the Indenture at a redemption price of
108.25% of the principal amount thereof plus accrued and unpaid interest
thereon, if any, to the date of redemption; provided that:

 

(a)           at
least 65% of the principal amount of Securities issued under the Indenture
remains outstanding immediately after any such redemption; and

 

(b)           the
Company gives notice of such redemption not more than 60 days after the consummation
of any such Equity Offering.

 

8.             Make-Whole
Optional Redemption.

 

On or prior to July 1, 2009, the Company may also
redeem all or a part of the Securities upon not less than 30 nor more than 60
days’ prior notice to Holders, at a redemption price equal to

 

A-5

 

100% of the
principal amount of Securities redeemed plus the Applicable Premium as of, and
accrued and unpaid interest, if any, to the date of redemption, subject to the
rights of Holder on the relevant record date to receive interest due on the
relevant interest payment date.

 

Neither the Company nor the Parent is prohibited,
however, from acquiring Securities by means other than a redemption, whether
pursuant to an issuer tender offer or otherwise, assuming such acquisition does
not otherwise violate the terms of the Indenture.

 

9.             Redemption
of Securities for Changes in Withholding Taxes.

 

The Company may, at its option, redeem all, but not
less than all, of the then outstanding Securities at a redemption price equal
to 100% of the principal amount of the Securities, plus accrued and unpaid
interest thereon to the redemption date. 
This redemption applies only if at such time any non-US Guarantor is then
making payments to the Holders of the Securities pursuant to its Guarantee of
the Securities and as a result of any amendment to, or change in, the laws or
treaties (including any rulings or regulations promulgated thereunder) of the
Netherlands or any other jurisdiction in which any non-US Guarantor is
organized or is a resident for tax purposes or any political subdivision or
taxing authority or agency thereof or therein (or, in the case of Additional
Amounts payable by a successor person to such non-US Guarantor, of the
jurisdiction in which such successor person is organized or is a resident for
tax purposes or any political subdivision or taxing authority or agency thereof
or therein) or any amendment to or change in any official position concerning
the interpretation, administration or application of such laws, treaties,
rulings or regulations (including a holding by a court of competent
jurisdiction), which amendment or change is effective on or after the Issue
Date (or, in the case of Additional Amounts payable by a successor person to such
non-US Guarantor, the date on which such successor person became such pursuant
to the applicable provisions of the Indenture), that a non-US Guarantor becomes
or will become obligated to pay Additional Amounts on the next date on which
any amount would be payable with respect to its Guarantee of the Securities and
such non-US Guarantor determines in good faith that (x) such Additional Amounts
would be material and (y) such obligation cannot be avoided (including, without
limitation, by changing the jurisdiction from which or through which payment is
made (including by making the payment through the Company)) by the use of
reasonable measures available to such non-US Guarantor.

 

No such notice of redemption may be given earlier than
90 days prior to the earliest date on which a non-US Guarantor would be
obligated to pay such Additional Amounts were a payment in respect of its
Guarantee of the Securities then due or later than 180 days after such
amendment or change referred to in the preceding paragraph.  At the time such notice of redemption is
given, such obligation to pay such Additional Amount must remain in
effect.  Immediately prior to the mailing
of any notice of redemption described above, the Company shall deliver to the
Trustee (i) a certificate stating that the Company is entitled to elect to
effect such redemption and setting forth a statement of facts showing that the
conditions precedent to the right of the Company so to elect to redeem have
occurred and (ii) an opinion of counsel qualified under the laws of the
relevant jurisdiction to the effect that the applicable non-US Guarantor or
such successor Person, as the case may be, has or will become obligated to pay
such Additional Amounts as a result of such amendment or change.

 

10.           Notice
of Redemption.

 

Notice of redemption will be mailed by first class
mail at least 30 days but not more than 60 days before the Redemption Date to
each Holder of Securities to be redeemed at such Holder’s registered
address.  No Securities of a principal
amount of $1,000 or less shall be redeemed in part.  If a partial redemption is made with the
proceeds of an Equity Offering, the Trustee will select the Securities

 

A-6

 

only on a pro
rata basis or on as nearly a pro  rata basis as is
practicable (subject to DTC procedures). 
On and after the redemption date, interest will cease to accrue on
Securities or portions thereof called for redemption as long as the Company has
deposited with the Paying Agent funds in satisfaction of the applicable redemption
price.

 

11.           Change
of Control Offer.

 

Upon the occurrence of a Change of Control, and
subject to certain conditions as described in Section 4.09 of the Indenture,
the Company will be required to offer to purchase all of the outstanding
Securities at a purchase price equal to 101% of the principal amount thereof,
plus accrued and unpaid interest, if any, thereon to the date of repurchase.

 

12.           Limitation
on Asset Sales.

 

The Company is, subject to certain conditions and exceptions,
obligated to make an offer to purchase Securities at 100% of their principal
amount, plus accrued and unpaid interest, if any, thereon to the date of
repurchase with certain net cash proceeds of certain sales or other
dispositions of assets in accordance with the Indenture.

 

13.           Denominations;
Transfer; Exchange.

 

The Securities are in registered form, without
coupons, in denominations of $1,000 and integral multiples of $1,000.  A Holder shall register the transfer of or
exchange Securities in accordance with the Indenture.  The Registrar may require a Holder, among
other things, to furnish appropriate endorsements and transfer documents and to
pay certain transfer taxes or similar governmental charges payable in
connection therewith as permitted by the Indenture.  The Registrar need not register the transfer
of or exchange any Securities or portions thereof selected for redemption,
except the unredeemed portion of any security being redeemed in part.

 

14.           Persons
Deemed Owners.

 

A registered Holder shall be treated as the owner of a
Security for all purposes.

 

15.           Unclaimed
Funds.

 

If funds for the payment of principal or interest
remain unclaimed for one year, the Trustee and the Paying Agent will repay the
funds to the Company at its request.  After
that, all liability of the Trustee and such Paying Agent with respect to such
funds shall cease.

 

16.           Discharge
Prior to Redemption or Maturity.

 

The Company and the Guarantors may be discharged from
their obligations under the Indenture, the Securities and the Guarantees except
for certain provisions thereof, and may be discharged from obligations to
comply with certain covenants contained in the Indenture, the Securities and
the Guarantees, in each case upon satisfaction of certain conditions specified
in the Indenture.

 

17.           Amendment;
Supplement; Waiver.

 

Subject to certain exceptions, the Indenture, the
Securities and the Guarantees may be amended or supplemented with the written
consent of the Holders of at least a majority in aggregate principal

 

A-7

 

amount of the
Securities then outstanding, and any existing Default or compliance with any
provision may be waived with the consent of the Holders of a majority in
aggregate principal amount of the Securities then outstanding.  Without notice to or consent of any Holder,
the parties thereto may amend or supplement the Indenture, the Securities and
the Guarantees to, among other things, cure any ambiguity, defect or
inconsistency, provide for uncertificated Securities in addition to or in place
of certificated Securities or comply with any requirements of the Commission in
connection with the qualification of the Indenture under the TIA, or make any
other change that does not in any material respect adversely affect the rights
of any Holder of a Security.

 

18.           Restrictive
Covenants.

 

The Indenture contains certain covenants that, among
other things, limit the ability of Parent and its Restricted Subsidiaries to
make restricted payments, to incur indebtedness, to create liens, to sell
assets, to permit restrictions on dividends and other payments by Restricted
Subsidiaries of Parent, to consolidate, merge or sell all or substantially all
of its assets or to engage in transactions with affiliates.  The limitations are subject to a number of
important qualifications and exceptions. 
The Company must annually report to the Trustee on compliance with such
limitations.

 

19.           Defaults
and Remedies.

 

If an Event of Default occurs and is continuing, the
Trustee or the Holders of at least 25% in aggregate principal amount of
Securities then outstanding may declare all the Securities to be due and
payable immediately in the manner and with the effect provided in the
Indenture.  Holders of Securities may not
enforce the Indenture, the Securities or the Guarantees except as provided in
the Indenture.  The Trustee is not
obligated to enforce the Indenture, the Securities or the Guarantees unless it
has received indemnity satisfactory to it. 
The Indenture permits, subject to certain limitations therein provided,
Holders of a majority in aggregate principal amount of the Securities then
outstanding to direct the Trustee in its exercise of any trust or power.  The Trustee may withhold from Holders of
Securities notice of certain continuing Defaults if it determines that
withholding notice is in their interest.

 

20.           Trustee
Dealings with Company.

 

The Trustee under the Indenture, in its individual or
any other capacity, may become the owner or pledgee of Securities and may
otherwise deal with Parent, its Subsidiaries or their respective Affiliates as
if it were not the Trustee.

 

21.           No
Recourse Against Others.

 

No stockholder, director, officer, employee or
incorporator, as such, of Parent or any of its Subsidiaries shall have any liability
for any obligation of the Company under the Securities or the Indenture or for
any claim based on, in respect of or by reason of, such obligations or their
creation.  Each Holder of a Security by
accepting a Security waives and releases all such liability.  The waiver and release are part of the
consideration for the issuance of the Securities.

 

22.           Authentication.

 

This Security shall not be valid until the Trustee or
authenticating agent signs the certificate of authentication on this Security.

 

A-8

 

23.           Abbreviations
and Defined Terms.

 

Customary abbreviations may be used in the name of a
Holder of a Security or an assignee, such as: 
TEN COM (= tenants in common), TEN ENT (= tenants by the entireties), JT
TEN (= joint tenants with right of survivorship and not as tenants in common),
CUST (= Custodian), and U/G/M/A (= Uniform Gifts to Minors Act).

 

24.           Governing
Law.

 

This Security shall be governed by, and construed in
accordance with, the laws of the State of New York without giving effect to
applicable principles of conflicts of laws to the extent that the application
of the laws of another jurisdiction would be required thereby.

 

25.           CUSIP
Numbers.

 

Pursuant to a recommendation promulgated by the Committee
on Uniform Security Identification Procedures, the Company has caused CUSIP
numbers to be printed on the Securities as a convenience to the Holders of the
Securities.  No representation is made as
to the accuracy of such numbers as printed on the Securities and reliance may
be placed only on the other identification numbers printed hereon.

 

26.           Registration
Rights.(a)

 

Pursuant to, but subject to the exceptions in, the
Registration Rights Agreement, the Company and the Guarantors will be obligated
to consummate an exchange offer pursuant to which the Holder of this Security
shall have the right to exchange this Security for a [  ]% Senior
Subordinated Note due 2014 of the Company which shall have been registered
under the Securities Act, in like principal amount and having terms identical
in all material respects as this Security. 
The Holders shall be entitled to receive certain additional interest payments
in the event such exchange offer is not consummated or the Securities are not
offered for resale and upon certain other conditions, all pursuant to and in
accordance with the terms of the Registration Rights Agreement.

 

27.           Indenture.

 

Each Holder, by accepting a Security, agrees to be
bound by all of the terms and provisions of the Indenture, as the same may be
amended from time to time.  Capitalized
terms used herein and not defined herein have the meanings ascribed thereto in
the Indenture.

 

28.           Guarantees.

 

This Security will be entitled to the benefits of
certain senior subordinated Guarantees made for the benefit of the
Holders.  Reference is hereby made to the
Indenture for a statement of the respective rights, limitations of rights,
duties and obligations thereunder of, and the subordination provisions
applicable to, the Guarantors, the Trustee and the Holders.

 

(a)           Not
applicable to Form of Exchange Securities.

 

A-9

 

The Company will furnish to any Holder of a Security
upon written request and without charge a copy of the Indenture.  Requests may be made to:  c/o BUHRMANN N.V., Hoogoorddreef 62, 1101 BE
Amsterdam ZO, P.O. Box 23456, 1100 DZ Amsterdam, The Netherlands, Attention:
Office of General Counsel.

 

A-10

 

ASSIGNMENT FORM

 

I or we assign and transfer this Security to

 

 

 

(Print or type name, address and zip code of assignee or transferee)

 

 

(Insert Social Security or other identifying number of assignee or
transferee)

 

and irrevocably appoint
                                                                             
agent to transfer this Security on the books of the Company.  The agent may substitute another to act for
him.

 

	
  Dated: 

  	
  Signed:

  	
   

  	
   

  
	
   

  	
   

  	
  (Sign exactly as name
  appears on 

  
	
   

  	
   

  	
  the other side of this
  Security)

  
					

 

	
  Signature Guarantee:

  	
  Participant in a
  recognized Signature Guarantee Medallion

  Program (or other signature guarantor program reasonably

  acceptable to the Trustee)

  

 

In connection with any transfer of this Security
occurring prior to the date which is the earlier of (i) the date of the
declaration by the Commission of the effectiveness of a registration statement
under the Securities Act of 1933, as amended (the “Securities Act”) covering
resales of this Security (which effectiveness shall not have been suspended or
terminated at the date of the transfer) and (ii) July 1, 2006 the
undersigned confirms that it has not utilized any general solicitation or
general advertising in connection with the transfer:

 

[Check One]

 

(1)           to the Company or a
subsidiary thereof; or

 

(2)           pursuant to and in
compliance with Rule 144A under the Securities Act of 1933, as amended; or

 

(3)           to an institutional
“accredited investor” (as defined in Rule 501(a)(1), (2), (3) or (7) under the
Securities Act of 1933, as amended) that has furnished to the Trustee a signed
letter containing certain representations and agreements (the form of which
letter can be obtained from the Trustee); or

 

(4)           outside the United
States to a “foreign purchaser” in compliance with Rule 904 of Regulation S
under the Securities Act of 1933, as amended; or

 

(5)           pursuant to the
exemption from registration provided by Rule 144 under the Securities Act of
1933, as amended; or

 

 

(6)               pursuant to an
effective registration statement under the Securities Act of 1933, as amended;
or

 

(7)               pursuant to another
available exemption from the registration statement requirements of the
Securities Act of 1933, as amended.

 

and unless the box below is checked, the undersigned
confirms that such Security is not being transferred to an “affiliate” of the
Company as defined in Rule 144 under the Securities Act of 1933, as amended (an
“Affiliate”):

 

[       ]      The transferee is an
Affiliate of the Company.

 

Unless one of the items is checked, the Trustee will
refuse to register any of the Securities evidenced by this certificate in the
name of any person other than the registered Holder thereof; provided, however, that
if item (3), (4), (5) or (7) is checked, the Company or the Trustee may
require, prior to registering any such transfer of the Securities, in their
sole discretion, such written legal opinions, certifications (including an
investment letter in the case of box (3) or (4) and other information as the
Trustee or the Company have reasonably requested to confirm that such transfer
is being made pursuant to an exemption from, or in a transaction not subject
to, the registration requirements of the Securities Act of l933, as amended.

 

If none of the foregoing items are checked, the
Trustee or Registrar shall not be obligated to register this Security in the
name of any person other than the Holder hereof unless and until the conditions
to any such transfer of registration set forth herein and in Section 2.16
of the Indenture shall have been satisfied.

 

	
  Dated:

  	
   

  	
   

  	
  Signed:

  	
   

  
	
   

  	
   

  	
  (Sign exactly as name appears on the other side of

  this Security)

  
	
   

  	
   

  	
   

  
	
  Signature Guarantee:

  	
   

  
						

 

TO BE COMPLETED BY
PURCHASER IF (2) ABOVE IS CHECKED

 

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

 

	
  Dated:

  	
   

  	
   

  	
   

  
	
   

  	
  NOTICE:

  	
  To be executed by an executive

  
	
   

  	
   

  	
  officer

  

 

2

 

OPTION OF
HOLDER TO ELECT PURCHASE

 

If you want to elect to have this Security purchased
by the Company pursuant to Section 4.09 or Section 4.13 of the Indenture, check
the appropriate box:

 

Section 4.09 [      ] Section 4.13
[       ]

 

If you want to elect to have only part of this Security
purchased by the Company pursuant to Section 4.09 or Section 4.13 of the
Indenture, state the amount: 
$                                

 

	
  Dated:

  	
  Signed:

  	
   

  	
   

  
	
   

  	
   

  	
  (Sign exactly as name

  appears on the other

  side of this Security)

  
					

 

	
  Signature Guarantee:

  	
   

  	
   

  
	
   

  	
  Participant in a
  recognized Signature Guarantee Medallion

  Program (or other signature guarantor program reasonably

  acceptable to the Trustee)

  

 

3

 

EXHIBIT B

 

FORM OF
LEGENDS

 

Each Global Security and Physical Security that
constitutes a Restricted Security or is sold in compliance with Regulation S
shall bear the following legend (the “Private Placement Legend”) on the
face thereof until after the second anniversary of the Issue Date, unless
otherwise agreed by the Company and the Holder thereof:

 

THIS SECURITY HAS NOT BEEN REGISTERED UNDER THE U.S.
SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND, ACCORDINGLY,
MAY NOT BE OFFERED OR SOLD WITHIN THE UNITED STATES OR TO, OR FOR THE ACCOUNT
OR BENEFIT OF, U.S. PERSONS EXCEPT AS SET FORTH BELOW.  BY ITS ACQUISITION HEREOF, THE HOLDER (1)
REPRESENTS THAT (A) IT IS A “QUALIFIED INSTITUTIONAL BUYER” (AS DEFINED IN RULE
144A UNDER THE SECURITIES ACT), (B) IT IS NOT A U.S. PERSON AND IS
ACQUIRING THIS SECURITY IN AN OFFSHORE TRANSACTION IN COMPLIANCE WITH
REGULATION S UNDER THE SECURITIES ACT OR (C) IT IS AN ACCREDITED INVESTOR
(AS DEFINED IN RULE 501(a)(1), (2), (3), or (7) UNDER THE SECURITIES ACT (AN
“ACCREDITED INVESTOR”)); (2) AGREES THAT IT WILL NOT WITHIN TWO YEARS AFTER THE
ORIGINAL ISSUANCE OF THIS SECURITY RESELL OR OTHERWISE TRANSFER THIS SECURITY
EXCEPT (A) TO THE COMPANY OR ANY SUBSIDIARY THEREOF, (B) INSIDE THE UNITED
STATES TO A QUALIFIED INSTITUTIONAL BUYER IN COMPLIANCE WITH RULE 144A
UNDER THE SECURITIES ACT, (C) INSIDE THE UNITED STATES TO AN ACCREDITED
INVESTOR THAT, PRIOR TO SUCH TRANSFER, FURNISHES (OR HAS FURNISHED ON ITS
BEHALF BY A U.S. BROKER-DEALER) TO THE TRUSTEE A SIGNED LETTER CONTAINING
CERTAIN REPRESENTATIONS AND AGREEMENTS RELATING TO THE RESTRICTIONS ON TRANSFER
OF THIS SECURITY (THE FORM OF WHICH LETTER CAN BE OBTAINED FROM THE TRUSTEE FOR
THIS SECURITY), (D) OUTSIDE THE UNITED STATES IN AN OFFSHORE TRANSACTION IN
COMPLIANCE WITH REGULATION S UNDER THE SECURITIES ACT, (E) PURSUANT TO THE
EXEMPTION FROM REGISTRATION PROVIDED BY RULE 144 UNDER THE SECURITIES ACT (IF
AVAILABLE), (F) IN ACCORDANCE WITH ANOTHER EXEMPTION FROM THE REGISTRATION
REQUIREMENTS OF THE SECURITIES ACT (AND BASED UPON AN OPINION OF COUNSEL IF THE
COMPANY SO DESIRES) OR (G) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT
UNDER THE SECURITIES ACT AND (3) AGREES THAT IT WILL GIVE TO EACH PERSON TO
WHOM THIS SECURITY IS TRANSFERRED A NOTICE SUBSTANTIALLY TO THE EFFECT OF THIS
LEGEND.  IN CONNECTION WITH ANY TRANSFER
OF THIS SECURITY WITHIN TWO YEARS AFTER THE ORIGINAL ISSUANCE OF THIS SECURITY,
IF THE PROPOSED TRANSFEREE IS AN ACCREDITED INVESTOR, THE HOLDER MUST, PRIOR TO
SUCH TRANSFER, FURNISH TO THE TRUSTEE AND THE COMPANY SUCH CERTIFICATIONS,
LEGAL OPINIONS OR OTHER INFORMATION AS EITHER OF THEM MAY REASONABLY REQUIRE TO
CONFIRM THAT SUCH TRANSFER IS BEING MADE PURSUANT TO AN EXEMPTION FROM, OR IN A
TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES
ACT.  AS USED HEREIN, THE TERMS “OFFSHORE
TRANSACTION,” “UNITED STATES” AND “U.S. PERSON” HAVE THE MEANING GIVEN TO THEM
BY REGULATION S UNDER THE SECURITIES ACT.

 

Each Global Security authenticated and delivered
hereunder shall also bear the following legend:

 

B-1

 

THIS SECURITY IS A GLOBAL SECURITY WITHIN THE MEANING
OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A
DEPOSITORY OR A NOMINEE OF A DEPOSITORY OR A SUCCESSOR DEPOSITORY.  THIS SECURITY IS NOT EXCHANGEABLE FOR
SECURITIES REGISTERED IN THE NAME OF A PERSON OTHER THAN THE DEPOSITORY OR ITS
NOMINEE EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE, AND NO
TRANSFER OF THIS SECURITY (OTHER THAN A TRANSFER OF THIS SECURITY AS A WHOLE BY
THE DEPOSITORY TO A NOMINEE OF THE DEPOSITORY OR BY A NOMINEE OF THE DEPOSITORY
TO THE DEPOSITORY OR ANOTHER NOMINEE OF THE DEPOSITORY) MAY BE REGISTERED
EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE.

 

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

 

TRANSFERS OF THIS GLOBAL SECURITY 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 THIS
GLOBAL SECURITY SHALL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE
RESTRICTIONS SET FORTH IN SECTION 2.16 OF THE INDENTURE.

 

B-2

 

EXHIBIT C

 

Form of
Certificate To Be

Delivered in Connection with

Transfers to Non-QIB Accredited Investors

 

[             ],
[    ]

 

The Bank of New York

101 Barclay Street 8W

New York, NY  10286

 

Ladies and Gentlemen:

 

In connection with our proposed purchase of 81⁄4% Senior Subordinated Notes due
2014 (the “Notes”) of BUHRMANN US INC., a Delaware corporation (the “Company”),
we confirm that:

 

1.             We
have received a copy of the Offering Memorandum (the “Offering Memorandum”),
dated June 28, 2004, relating to the Securities and such other information as
we deem necessary in order to make our investment decision.  We acknowledge that we have read and agreed
to the matters stated in the section entitled “Notice to Investors” of such
Offering Memorandum, including the restrictions on duplication and circulation
of the Offering Memorandum.

 

2.             We
understand that any subsequent transfer of the Securities is subject to certain
restrictions and conditions set forth in the Indenture relating to the
Securities (the “Indenture”) as described in the Offering Memorandum and the
undersigned agrees to be bound by, and not to resell, pledge or otherwise
transfer the Securities except in compliance with, such restrictions and
conditions and the Securities Act of 1933, as amended (the “Securities Act”),
and all applicable State securities laws.

 

3.             We
understand that the offer and sale of the Securities have not been registered
under the Securities Act, and that the Securities may not be offered or sold
except as permitted in the following sentence. 
We agree, on our own behalf and on behalf of any accounts for which we
are acting as hereinafter stated, that if we should sell any Securities, we
will do so only (i) to the Company or any of its subsidiaries, (ii) inside the
United States in accordance with Rule 144A under the Securities Act to a
“qualified institutional buyer” (as defined in Rule 144A under the Securities
Act), (iii) inside the United States to an institutional “accredited
investor” (as defined below) that, prior to such transfer, furnishes (or has
furnished on its behalf by a U.S. broker-dealer) to the Trustee (as defined in
the Indenture) a signed letter containing certain representations and
agreements relating to the restrictions on transfer of the Securities (the form
of which letter can be obtained from the Trustee), (iv) outside the United
States in accordance with Regulation S promulgated under the Securities Act to
non-U.S. persons, (v) pursuant to the exemption from registration provided by
Rule 144 under the Securities Act (if available), (vi) in accordance with another
exemption from the registration requirements of the Securities Act (and based
upon an opinion of counsel if the Company so requests) or (vii) pursuant to an
effective registration statement under the Securities Act, and we further agree
to provide to any person purchasing any of the Securities from us a notice
advising such purchaser that resales of the Securities are restricted as stated
herein.

 

C-1

 

4.             We
are not acquiring the Securities for or on behalf of, and will not transfer the
Securities to, any pension or welfare plan (as defined in Section 3 of the
Employee Retirement Income Security Act of 1974 as amended) or plan (as defined
in Section 4975 of the Internal Revenue Code of 1986, as amended), except
as permitted in the section entitled “Notice to Investors” of the Offering
Memorandum.

 

5.             We
understand that, on any proposed resale of any Securities, we will be required
to furnish to the Trustee and the Company such certification, legal opinions
and other information as the Trustee and the Company may reasonably require to
confirm that the proposed sale complies with the foregoing restrictions.  We further understand that the Securities
purchased by us will bear a legend to the foregoing effect.

 

6.             We
are an institutional “accredited investor” (as defined in Rule 501(a)(1), (2),
(3) or (7) of Regulation D under the Securities Act) and have such knowledge
and experience in financial and business matters as to be capable of evaluating
the merits and risks of our investment in the Securities, and we and any
accounts for which we are acting are each able to bear the economic risk of our
or their investment, as the case may be.

 

7.             We
are acquiring the Securities purchased by us for our account or for one or more
accounts (each of which is an institutional “accredited investor”) as to each
of which we exercise sole investment discretion.

 

C-2

 

You, the Company, the Trustee and others are entitled
to rely upon this letter and are irrevocably authorized to produce this letter
or a copy hereof to any interested party in any administrative or legal
proceeding or official inquiry with respect to the matters covered hereby.

 

	
   

  	
  Very truly yours,

  
	
   

  	
   

  
	
   

  	
  [Name of Transferee]

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
  Name:

  
	
   

  	
  Title:

  

 

C-3

 

EXHIBIT D

 

	
   

  	
  Form of
  Certificate To Be Delivered

  in Connection with Transfers

  Pursuant to Regulation S

  	
   

  

 

[           ],
[    ]

 

The Bank of New York

101 Barclay Street 8W

New York, NY  10286

 

	
  Re:

  	
   

  	
  Buhrmann US Inc. (the
  “Company”) 81⁄4% Senior Subordinated Notes

  
	
   

  	
   

  	
  due 2014 (the
  “Securities”)

  

 

Ladies and Gentlemen:

 

In connection with
our proposed sale of $[        ]
aggregate principal amount of the Securities, we confirm that such sale has
been effected pursuant to and in accordance with Regulation S under the U.S.
Securities Act of 1933, as amended (the “Securities Act”), and, accordingly, we
represent that:

 

(1)            the
offer of the Securities was not made to a person in the United States;

 

(2)            either
(a) at the time the buy offer was originated, the transferee was outside the
United States or we and any person acting on our behalf reasonably believed
that the transferee was outside the United States, or (b) the transaction was
executed in, on or through the facilities of a designated off-shore securities
market and neither we nor any person acting on our behalf knows that the
transaction has been pre-arranged with a buyer in the United States;

 

(3)            no
directed selling efforts have been made in the United States in contravention
of the requirements of Rule 903(b) or Rule 904(b) of Regulation S, as
applicable;

 

(4)            the
transaction is not part of a plan or scheme to evade the registration requirements
of the Securities Act; and

 

(5)            we have
advised the transferee of the transfer restrictions applicable to the Securities.

 

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

 

	
   

  	
  Very truly yours,

  
	
   

  	
   

  
	
   

  	
  [Name of Transferor]

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Authorized Signature

  

 

D-1

 

EXHIBIT E

 

SENIOR
SUBORDINATED GUARANTEE

 

For value received, each of the undersigned hereby
unconditionally guarantees, as principal obligor and not only as a surety, to
the Holder of this Security the cash payments in United States dollars of
principal of, premium, if any, and interest on this Security in the amounts and
at the times when due and interest on the overdue principal, premium, if any,
and interest, if any, of this Security, if lawful, and the payment or
performance of all other obligations of the Company under the Indenture (as
defined below) or the Securities, to the Holder of this Security and the
Trustee, all in accordance with and subject to the terms and limitations of
this Security, Article Eleven of the Indenture and this Guarantee.  This Guarantee will become effective in
accordance with Article Eleven of the Indenture and its terms shall be
evidenced therein.  The validity and
enforceability of any Guarantee shall not be affected by the fact that it is
not affixed to any particular Security.

 

Capitalized terms used but not defined herein shall
have the meanings ascribed to them in the Indenture dated as of July 1,
2004, among Buhrmann US Inc., a Delaware corporation, as issuer (the
“Company”), Buhrmann N.V. and the other Guarantors named therein and The Bank
of New York, as trustee (the “Trustee”), as amended or supplemented (the
“Indenture”).

 

The obligations of the undersigned to the Holders of
Securities and to the Trustee pursuant to this Guarantee and the Indenture are
expressly set forth in Article Eleven of the Indenture and reference is hereby
made to the Indenture for the precise terms of the Guarantee and all of the
other provisions of the Indenture to which this Guarantee relates.

 

No stockholder, officer, director, employee or
incorporator, as such, past, present, or future, of any Guarantor shall have
any personal liability under the Guarantee by reason of his, her or its status
as such stockholder, officer, director, employee or incorporator.

 

This Guarantee is subordinated in right of payment, in
the manner and to the extent set forth in Article Twelve of the Indenture, to
the prior payment in full in cash or Cash Equivalents of all Guarantor Senior
Debt of the Guarantors, whether outstanding on the date of the Indenture or
thereafter created, incurred, assumed or guaranteed.

 

THIS GUARANTEE SHALL BE GOVERNED BY, AND CONSTRUED IN
ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK WITHOUT GIVING EFFECT TO
PRINCIPLES OF CONFLICTS OF LAW.  The
undersigned Guarantor hereby agrees to submit to the jurisdiction of the courts
of the State of New York in any action or proceeding arising out of or relating
to this Guarantee.

 

This Guarantee is subject to release upon the terms
set forth in the Indenture.

 

E-1

 

IN WITNESS WHEREOF, each Guarantor has caused its
Guarantee to be duly executed.

 

	
  Date:

  	
   

  
	
   

  	
   

  
	
   

  	
  [                         ]

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  	
   

  
	
   

  	
   

  	
  Title:

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  THE BANK OF NEW YORK,

  
	
   

  	
  as Trustee

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  
					

 

E-2

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