Document:

ex10-3.htm

  
    
      
        EXHIBIT
10.3

      

       

      
        

      

    

     

     

     

     

     

     

     

    SCHAWK,
INC.

     

    ______________________________

     

    SECOND
AMENDMENT

    Dated as
of June 11, 2009

     

    to

     

    NOTE
PURCHASE AGREEMENT

    Dated as
of December 23, 2003

     

    ______________________________

     

    Re:
$15,000,000 4.90% Series 2003-A Senior Notes, Tranche A,

    Due
December 31, 2013

    and

    $10,000,000
4.98% Series 2003-A Senior Notes, Tranche B,

    Due April
30, 2014

    of

    Schawk,
Inc.

    
       

       

       

       

       

       

      
        
          

        

         

         

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

      

    

     

    SECOND
AMENDMENT TO NOTE AGREEMENT

     

    THIS
SECOND AMENDMENT dated as of June 11, 2009 (the or this “Second Amendment”) to
the Note Purchase Agreement dated as of December 23, 2003 is between SCHAWK,
INC., a Delaware corporation (the “Company”), and each of the institutions which
is a signatory to this Second Amendment  (collectively, the
“Noteholders”).

     

    RECITALS:

     

    A.           The
Company and each of the Noteholders have heretofore entered into the Note
Purchase Agreement dated as of December 23, 2003, as amended, modified and
supplemented by that certain first amendment to Note Agreement dated January 28,
2005 (the “Note Agreement”).  The Company has heretofore issued the
$15,000,000 4.90% Series 2003-A Senior Notes, Tranche A, Due December 31, 2013
and the $10,000,000 4.98% Series 2003-A Senior Notes, Tranche B, Due April 30,
2014 (collectively, the “Notes”) pursuant to the Note Agreement.

     

    B.           The
Subsidiary Guarantors have made that certain Subsidiary Guaranty Agreement dated
as of December 23, 2003 in favor of the holders of the Notes (as amended prior
to the date hereof, the “Guaranty
Agreement”).

     

    C.           The
Company, the Subsidiary Guarantors and the Noteholders now desire to amend the
Note Agreement and Guaranty Agreement in the respects, but only in the respects,
hereinafter set forth.

     

    D.           Capitalized
terms used herein shall have the respective meanings ascribed thereto in the
Note Agreement unless herein defined or the context shall otherwise
require.

     

    E.           All
requirements of law have been fully complied with and all other acts and things
necessary to make this Second Amendment  a valid, legal and binding
instrument according to its terms for the purposes herein expressed have been
done or performed.

     

    NOW,
THEREFORE, upon the full and complete satisfaction of the conditions precedent
to the effectiveness of this Second Amendment set forth in Section 5.1 hereof,
and in consideration of good and valuable consideration the receipt and
sufficiency of which is hereby acknowledged, the Company and the Noteholders do
hereby agree as follows:

     

    SECTION
1.    AMENDMENTS TO NOTE AGREEMENT.

     

    Section
1.1.  Section 1 of the Note Agreement is hereby amended by adding the
heading “Section 1.1 Authorization
and Issue of Tranche A Notes and Tranche B Notes” at the beginning of
such section so that the existing text is renumbered as section
1.1.  Such renumbered section 1.1 of the Note Agreement is hereby
amended by adding the following at the end of such section:

     

    “Notwithstanding
anything to the contrary contained in this Agreement, any of the Notes or in any
of the other Note Documents, from and after the Amendment No.

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    2
Effective Date, interest on the outstanding principal balance of the Tranche A
Notes shall accrue at the rate of 8.90% per annum and interest on the
outstanding principal balance of the Tranche B Notes shall accrue at the rate of
8.98% per annum, in each case until the principal of the Tranche A Notes or the
Tranche B Notes, as applicable, shall have become due and payable (provided
that, during any period when an Event of Default shall be in existence, at the
election of the Required Holder(s), the outstanding principal balance of the
Tranche A Notes and the outstanding principal balance of the Tranche B Notes
shall bear interest, respectively, from and after the date of such Event of
Default and until such Event of Default ceases to be in existence at the rate
per annum from time to time equal to the applicable Default Rate for the Tranche
A Notes or Tranche B Notes, as applicable) and interest shall accrue on overdue
payments under the Tranche A Notes at the rate per annum from time to time equal
to the applicable Default Rate for the Tranche A Notes and interest shall accrue
on overdue payments under the Tranche B Notes at the rate per annum from time to
time equal to the applicable Default Rate for the Tranche B
Notes.  Each of the Note Documents, including without limitation, the
Notes (and Exhibits 1(a) and 1(b) to the Note Agreement) is hereby amended to
the extent necessary to further evidence the foregoing, and upon any holder’s
request, the Company shall issue a new Note or Notes to such holder reflecting
the same in exchange for the Note or Notes then held by such
holder.”

     

    Section
1.2.  Section 1 of the Note Agreement is hereby amended by adding the
following thereto as new Sections 1.2 and 1.3:

     

    “Section
1.2   Authorization
of Issue of Tranche A PIK Notes.  The Company has authorized
the issue of its senior promissory notes in an aggregate initial principal
amount sufficient to evidence the aggregate amount of Make-Whole Amount that may
be required to be paid with respect to the Tranche A Notes upon the prepayments
of the Tranche A Notes required pursuant to Section 8.8 (the “Tranche A PIK
Notes”).  The Company will issue to each holder of Tranche A Notes on
the Amendment No. 2 Effective Date a Tranche A PIK Note in an initial principal
amount equal to the Make-Whole Amount due with respect to the prepayment of the
Tranche A Notes of such holder being made on the Amendment No. 2 Effective Date,
each such Tranche A PIK Note to be dated the date of issue thereof, to mature on
the PIK Note Maturity Date, to bear interest on the unpaid balance thereof from
the date thereof until the principal thereof shall have become due and payable
at the rate of 8.90% per annum (provided that, during any period when an Event
of Default shall be in existence, at the election of the Required Holder(s), the
outstanding principal balance of the Tranche A PIK Notes shall bear interest
from and after the date of such Event of Default and until such Event of Default
ceases to be in existence at the rate per annum from time to time equal to the
applicable Default Rate for the Tranche A PIK Notes) and on overdue payments at
the rate per annum from time to time equal to the applicable Default Rate for
the Tranche A PIK Notes, and to be substantially in the form of Exhibit 1.2
attached hereto.  Interest accrued on the unpaid balance of any
Tranche A PIK Note due before the date such principal is due (whether on the PIK
Note Maturity Date, by acceleration, optional or mandatory prepayment or
otherwise) shall be paid by adding such interest to the principal

     

     

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

     

    balance
of such Tranche A PIK Note.  Any Make-Whole Amount due and payable
with respect to any prepayment of any Tranche A Note made after the Amendment
No. 2 Effective Date pursuant to Section 8.8 shall be paid by adding the amount
thereof to the outstanding amount of the Related PIK Note and the outstanding
amount of such Related PIK Amount shall be deemed automatically increased by the
amount of such Make-Whole Amount on the date such Make-Whole Amount is otherwise
due.  The terms “Tranche A PIK Note” and “Tranche A PIK Notes” as used
herein shall include each Tranche A PIK Note delivered pursuant to any provision
of this Agreement and each Tranche A PIK Note delivered in substitution or
exchange for any other Tranche A PIK Note pursuant to any such
provision.

     

    Section
1.3     Authorization
of Issue of Tranche B PIK Notes.  The Company has authorized
the issue of its senior promissory notes in an aggregate initial principal
amount sufficient to evidence the aggregate amount of Make-Whole Amount that may
be required to be paid with respect to the Tranche B Notes upon the prepayments
of the Tranche A Notes required pursuant to Section 8.8 (the “Tranche B PIK
Notes”).  The Company will issue to each holder of Tranche B Notes on
the Amendment No. 2 Effective Date a Tranche B PIK Note in an initial principal
amount equal to the Make-Whole Amount due with respect to the prepayment of the
Tranche B Notes of such holder being made on the Amendment No. 2 Effective, each
such Tranche B PIK Note to be dated the date of issue thereof, to mature on the
PIK Note Maturity Date, to bear interest on the unpaid balance thereof from the
date thereof until the principal thereof shall have become due and payable at
the rate of 8.98% per annum (provided that, during any period when an Event of
Default shall be in existence, at the election of the Required Holder(s), the
outstanding principal balance of the Tranche B PIK Notes shall bear interest
from and after the date of such Event of Default and until such Event of Default
ceases to be in existence at the rate per annum from time to time equal to the
applicable Default Rate for the Tranche B PIK Notes) and on overdue payments at
the rate per annum from time to time equal to the applicable Default Rate for
the Tranche B PIK Notes, and to be substantially in the form of Exhibit 1.3
attached hereto.  Interest accrued on the unpaid balance of any
Tranche B PIK Note due before the date such principal is due (whether on the PIK
Note Maturity Date, by acceleration, optional or mandatory prepayment or
otherwise) shall be paid by adding such interest to the principal balance of
such Tranche B PIK Note.  Any Make-Whole Amount due and payable with
respect to any prepayment of any Tranche B Note made after the Amendment No. 2
Effective Date pursuant to Section 8.8 shall be paid by adding the amount
thereof to the outstanding amount of the Related PIK Note and the outstanding
amount of such Related PIK Amount shall be deemed automatically increased by the
amount of such Make-Whole Amount on the date such Make-Whole Amount is otherwise
due.  The terms “Tranche B PIK Note” and “Tranche B PIK Notes” as used
herein shall include each Tranche B PIK Note delivered pursuant to any provision
of this Agreement and each Tranche B PIK Note delivered in substitution or
exchange for any other Tranche B PIK Note pursuant to any such
provision.”

     

    Section
1.3.  The second sentence of Section 1.1 is hereby amended and
restated in its entirety as follows:

     

     

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

     

    “The
Series 2003-A Notes together with any Tranche A PIK Note, any Tranche B PIK Note
and each Series of Additional Notes which may from time to time be issued
pursuant to the provisions of Section 2.2 are collectively referred to as the
“Notes” (such term shall also include any such notes issued in substitution
therefor pursuant to Section 1.3 of this Agreement.)”

     

    Section
1.4.  Section 2.2 of the Note Agreement is hereby amended by deleting
the “and” appearing at the end of clause (vi) thereof, by deleting the period
appearing at the end of clause (vii) thereof and inserting “: and” in place
thereof, and by inserting the following new clause (viii): “(viii) no Additional
Notes shall be issued after the Amendment No. 2 Effective Date.”

     

    Section
1.5.  The reference to “Section 10.4” set forth in Section 5.15(b) of
the Note Agreement is deleted and replaced with a reference to “Section
10.3”.

     

    Section
1.6.  Section 2 of the Note Agreement is hereby amended by adding the
following as a new Section 2.4 thereto:

     

    “Section
2.4.  Security.  Pursuant
to and in accordance with the terms of the Collateral Documents and subject to
the terms of the Intercreditor Agreement, the Notes and the other Note
Obligations shall be secured by and entitled to the benefits of a perfected
first priority Lien in all of each Grantor’s right, title and interest in and to
the Collateral to secure the prompt and complete payment and performance of the
Note Obligations.”

     

    Section
1.7.  Section 5 of the Note Agreement is hereby amended by adding the
following as a new Section 5.20 thereto:

     

    “Section
5.20.  Security
Interest in Collateral.  The provisions of this Agreement and
the Collateral Documents create legal and valid Liens on all the Collateral in
favor of the Collateral Agent, for the benefit of the holders of Note
Obligations and the other holders of the Secured Obligations, and such Liens
constitute perfected and continuing Liens on the Collateral, securing the Note
Obligations and the other Secured Obligations, enforceable against the
applicable Domestic Note Party and all third parties, and having priority over
all other Liens on the Collateral except in the case of (a) Permitted Existing
Liens, to the extent any such Permitted Existing Liens would have priority over
the Liens in favor of the Collateral Agent pursuant to any applicable law and
(b) Liens perfected only by possession (including possession of any certificate
of title) to the extent the Collateral Agent has not obtained or does not
maintain possession of such Collateral.”

     

    Section
1.8.  The reference to “Section 10.1 through Section 10.4 hereof” set
forth in Section 7.2(a) of the Note Agreement is deleted and replaced with a
reference to “Sections 10.1, 10.2, 10.3 and 10.19 hereof”.

     

    Section
1.9.  Section 7.3 of the Note Agreement is hereby amended in its
entirety to read as follows:

     

    “Section
7.3.  Inspection
of Property; Books and Records; Discussions.  The Company shall
permit and cause each of the Company’s Subsidiaries to permit, any

     

     

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

     

    authorized
representative(s) designated by any holder of the Notes to visit and inspect any
of the properties of the Company or any of its Subsidiaries, to examine, audit,
check and make copies of their respective financial and accounting records,
books, journals, orders, receipts and any correspondence and other data relating
to their respective businesses or the transactions contemplated hereby
(including, without limitation, in connection with environmental compliance,
hazard or liability), and to discuss their affairs, finances and accounts with
their officers, all upon reasonable notice and at such reasonable times during
normal business hours, as often as may be reasonably requested.  The
Company shall keep and maintain, and cause each of the Company’s Subsidiaries to
keep and maintain, in all material respects, proper books of record and account
in which entries in conformity with the Agreement Accounting Principles shall be
made of all dealings and transactions in relation to their respective businesses
and activities.  If an Event of Default has occurred and is
continuing, the Company, upon the request of any holder of the Notes, shall
provide copies of such records to a representative of the holders of the
Notes.  The Company acknowledges that the Collateral Agent (or any
other Person having inspection rights), after exercising its rights of
inspection, may prepare and distribute to the Bank Lenders and the holders of
the Notes certain Reports pertaining to the Company and its Subsidiaries’ assets
for internal use by the Bank Lenders and the holders of the Notes.  At
any time after the occurrence and during the continuation of an Event of
Default, that the Collateral Agent, any Bank Lender or any holder of the Notes
requests, the Company and the Subsidiaries will provide, at the sole expense of
the Company, each holder of any Notes with appraisals or updates thereof of
their inventory and other assets from an appraiser selected and engaged by the
Collateral Agent, and prepared on a basis satisfactory to the Required Holders,
such appraisals and updates to include, without limitation, information required
by applicable law and regulations.”

     

    Section
1.10.  Clause (c) of Section 8.1 of the Note Agreement is hereby
amended and restated in its entirety as follows:

     

    “Notwithstanding
anything to the contrary, each scheduled payment and prepayment required to be
made by this Section 8.1 after the Amendment No. 2 Effective Date shall be
reduced to the extent that prepayments are applied to such scheduled payment or
prepayment pursuant to Section 8.3, provided that each scheduled prepayment
required to be made by this Section 8.1 after the Amendment No. 2 Effective Date
and prior to the Normalization Date shall be further reduced to the amount to
which such prepayment would have been reduced if the prepayments made pursuant
to Section 8.8 prior to such prepayment date were applied against each scheduled
payment and prepayment required under this Section 8.1 pro rata in proportion to
the respective amounts of such scheduled payments and prepayments, instead of
being applied as provided in Section 8.3, and the amount by which scheduled
prepayments are reduced pursuant to this proviso clause shall be due instead on
the last date on which scheduled payments or prepayments are otherwise due under
this Section 8.1, after giving effect to the application of prepayments under
Section 8.3.”

     

    Section
1.11.  The cross reference in Section 8.2 of the Note Agreement to
“Section 10.4” is hereby amended to be a cross reference to Section
8.7.

     

     

    
      
        
        

      

      
        5

        
          

        

      

      
        
        

      

    

     

    Section
1.12.  Section 8.3 of the Note Agreement is hereby amended and
restated in its entirety as follows:

     

    “In the
case of each partial prepayment of the Notes, other than any partial prepayment
pursuant to section 8.1, the principal amount so prepaid shall be applied first
to any amounts due on the Tranche B Notes under Section 8.1 on April 30, 2014,
next to any amounts due on the Tranche A Notes under Section 8.1 on December 31,
2013, and thereafter to the scheduled prepayments of the Series 2003-A Notes
required under Section 8.1 in inverse order of scheduled date of prepayment so
that the amount prepaid is applied to the last scheduled prepayment before any
earlier scheduled prepayments.  The Company and the Noteholders
recognize that the result of the foregoing application of prepayments may result
in an application of prepayments among the Series 2003-A Notes that is not pro
rata in proportion to their respective principal amounts.”

     

    Section
1.13.  The definition of “Remaining Scheduled Payments” in Section 8.6
of the Note Agreement is hereby amended and restated in its entirety as
follows:

     

    “Remaining
Scheduled Payments” means, with respect to the Called Principal of a Series
2003-A Note of the applicable Tranche, all payments of such Called Principal and
interest thereon that would be due after the Settlement Date with respect to
such Called Principal if no payment of such Called Principal were made prior to
its scheduled due date, provided that if such Settlement Date is not a date on
which interest payments are due to be made under the terms of the Series 2003-A
Note, then the amount of the next succeeding scheduled interest payment will be
reduced by the amount of interest accrued to such Settlement Date and required
to be paid on such Settlement Date pursuant to Section 8.2, 8.8 or 12.1, provided
that solely for purposes of calculating any Make-Whole Amount payable upon a
prepayment required under Section 8.8, the Remaining Scheduled Payments shall be
calculated as if the interest rate on the Tranche A Notes were 4.90% per annum
and as if the interest rate on the Tranche B Notes were 4.98% per
annum.”

     

    Section
1.14.  Section 8.6 of the Note Agreement is hereby further amended by
inserting “or Section 8.8” after each reference to “Section 8.2” appearing in
the respective definitions of “Called Principal” and “Settlement Date” in such
Section 8.6.

     

    Section
1.15.  The references to “Section 10.4(2)” set forth in Sections
8.7(a) and 8.7(c) of the Note Agreement are deleted and replaced with a
reference to “Section 10.2”.

     

    Section
1.16.  Section 8 of the Note Agreement is hereby amended by adding the
following as a new Section 8.8 thereto:

     

    “Section
8.8.     Pro Rata
Prepayments.

     

    (a)           At
all times on or prior to the earlier of the Normalization Date and the Pro Rata
Termination Time, if the aggregate outstanding principal amount of the Debt of
the Company under the Bank Credit Agreement is reduced at any time below the
Threshold Amount in effect at such time (the amount by which the principal
amount of 

     

     

    
      
        
        

      

      
        6

        
          

        

      

      
        
        

      

    

     

    the Debt
of the Company under the Bank Credit Agreement is so reduced below such
Threshold Amount, the “Bank Prepayment Amount”), then, on the date of each such
reduction, the Company shall prepay the principal amount of the Series 2003-A
Notes in an amount equal to (i)  such Bank Prepayment Amount
multiplied by (ii) a fraction, the numerator of which is the Noteholder Current
Pro Rata Share and the denominator of which is the Bank Current Pro Rata Share ,
together with interest accrued thereon to the date of such prepayment, plus the
Make-Whole Amount determined for the prepayment date with respect to such
principal amount of each Series 2003-A Note then outstanding that is so
prepaid.

     

    (b)           At
all times on or prior to the earlier of the Normalization Date and the Pro Rata
Termination Time, if the outstanding principal amount of any of the 2005 Notes
(but excluding any 2005 PIK Notes) is paid or prepaid in whole or in part at any
time (but expressly excluding any prepayment of the 2005 Notes pursuant to
Section 8.8 of the 2005 Note Agreement as in effect on the Amendment No. 2
Effective Date) (the amount of such payment or prepayment made on any date, the
“2005 Note Prepayment Amount”), then, on the date of each such payment or
prepayment, the Company shall prepay the principal amount of the Series 2003-A
Notes in an amount equal to (i) such 2005 Note Prepayment Amount multiplied by
(ii) a fraction, the numerator of which is the Noteholder Current Pro Rata Share
and the denominator of which is the 2005 Note Current Pro Rata Share, together
with interest accrued thereon to the date of such prepayment, plus the
Make-Whole Amount determined for the prepayment date with respect to such
principal amount of each Series 2003-A Note then outstanding that is so
prepaid.  In the case of each partial prepayment of the Series 2003-A
Notes pursuant to this Section 8.8, such partial prepayment shall be applied to
the scheduled payments of the Series 2003-A Notes in accordance with Section
8.3.  Notwithstanding anything to the contrary contained in this
Agreement, (i) any Make-Whole Amount due and payable with respect to any
prepayment of any Series 2003-A Note pursuant to this Section 8.8 shall not be
paid in cash on the date such Make-Whole Amount is otherwise due and payable and
shall instead be paid by adding the amount thereof (to the extent not included
in the initial principal amount of the Related PIK Note on the Amendment No. 2
Effective Date).to the outstanding amount of the Related PIK Note, and (ii) the
occurrence of the Normalization Date or the Pro Rata Termination Date shall not
relieve the Company of any of its obligations that arise under this section 8.8
through the Normalization Date or the Pro Rata Termination Time.  For
the avoidance of doubt, the reduction of the Debt under the Bank Credit
Agreement as a result of the satisfaction by the Company of the condition
precedent to the effectiveness of Amendment No. 2 to the Bank Credit Agreement
set forth in Section 3(a)(i) thereof is intended to be covered by this Section
8.8.

     

    For the
purposes of this Section 8.8, the following terms have the respective meanings
set forth below:

     

    “Bank
Current Pro Rata Share “ means 52.59%.

     

    “Normalization
Date” as defined in the Intercreditor Agreement.

     

     

    
      
        
        

      

      
        7

        
          

        

      

      
        
        

      

    

     

    “Noteholder
Current Pro Rata Share “ means 12.48%.

     

    “Pro Rata
Termination Time” means the time upon which (a) the sum of, but without
duplication, (i) the aggregate amount of all Reductions as to which there is a
required pro rata prepayment of the Notes pursuant to Section 8.8 or resulting
from required repayments of the Debt under the Bank Credit Agreement under
Section 2.5(B)(iii) thereof as a result of prepayments of the Notes or the 2005
Notes, (ii) the aggregate amount all payments or prepayments of the 2005 Notes
as to which there is a required pro rata prepayment of the Series 2003-A Notes
pursuant to Section 8.8 or made pursuant to Section 8.8 of the 2005 Note
Agreement, and (iii) the aggregate amount of all prepayments of the Series
2003-A Notes pursuant to Section 8.1 or 8.8 of this Agreement, in each case made
at any time on or after the Amendment No. 2 Effective Date (including for the
avoidance of doubt, prepayments made to satisfy the condition precedent to the
effectiveness of Amendment No. 2 to the Bank Credit Agreement set forth in
Section 3(a)(i) thereof and the Reduction resulting therefrom), equals (b)
$20,000,000.

     

    “Reduction”
means, with respect to any reduction of Debt of the Company under the Bank
Credit Agreement made at any time on or after the Amendment No. 2 Effective
Date, an amount equal to, if positive, (a) the Threshold Amount in effect
immediately prior to such reduction minus (b) the aggregate Debt outstanding
under the Bank Credit Agreement after giving effect to such
reduction.

     

    “Threshold
Amount” means, at the time of any determination thereof, $75,283,750, less the
aggregate amount of all Reductions (without duplication) prior to such
time.

     

    “2005
Noteholder Current Pro Rata Share” means 34.93.”

     

    Section
1.17.  Section 9.3 of the Note Agreement is hereby amended in its
entirety to read as follows:

     

    “Section
9.3.  Maintenance
of Property.  The Company shall (i) cause all property used or
useful in the conduct of its business or the business of any Subsidiary to be
maintained and kept in good condition, repair and working order and supplied
with all necessary equipment and shall cause to be made all necessary repairs,
renewals, replacements, betterments and improvements thereof, all as in the
judgment of the Company may be necessary so that the business carried on in
connection therewith may be properly and advantageously conducted at all times
and (ii) with respect to such property, maintain, or cause to be maintained,
with financially sound and reputable insurance companies, insurance in such
amounts and against such risks as are customarily maintained by companies
engaged in the same or similar businesses operating in the same or similar
locations; provided,
however,
that nothing in this Section
9.3 shall prevent the Company from discontinuing the operation or
maintenance of any of such property if such discontinuance is, in the judgment
of the Company, desirable in the conduct of its business or the business of any
Subsidiary and the Company has concluded that such discontinuance could not,
individually or in the aggregate, reasonably be 

     

     

    
      
        
        

      

      
        8

        
          

        

      

      
        
        

      

    

     

    expected
to have a Material Adverse Effect.  The Company will furnish to the
Collateral Agent, upon request of the Collateral Agent or any holder of the
Notes, information in reasonable detail as to the insurance so
maintained.  The Company shall deliver to the Collateral Agent
endorsements (x) to all “All Risk” physical damage insurance policies on all of
the Domestic Note Parties’ tangible personal property and assets and business
interruption insurance policies naming the Collateral Agent as lender loss
payee, and (y) to all general liability and other liability policies naming the
Collateral Agent an additional insured.  In the event any Domestic
Note Party at any time or times hereafter shall fail to obtain or maintain any
of the policies or insurance required herein or to pay any premium in whole or
in part relating thereto, then the Collateral Agent, without waiving or
releasing any obligations or resulting Event of Default hereunder, may at any
time or times thereafter (but shall be under no obligation to do so) obtain and
maintain such policies of insurance and pay such premiums and take any other
action with respect thereto which the Collateral Agent deems
advisable.  All sums so disbursed by the Collateral Agent shall
constitute part of the Secured Obligations, payable as provided in the Bank
Credit Agreement.  The Company will furnish to the Collateral Agent
and each holder of the Notes prompt written notice of any casualty or other
insured damage to any material portion of the Collateral or the commencement of
any action or proceeding for the taking of any material portion of the
Collateral or interest therein under power of eminent domain or by condemnation
or similar proceeding.”

     

    Section
1.18.  The reference to “Section 10.4” set forth in Section 9.4 of the
Note Agreement is deleted and replaced with a reference to “Section
10.3”.

     

    Section
1.19.  The reference to “Sections 10.4 and 10.5” set forth in Section
9.5 of the Note Agreement is deleted and replaced with a reference to “Sections
10.2 and 10.9”.

     

    Section
1.20.  Section 9.8 of the Note Agreement is hereby amended in its
entirety to read as follows:

     

    “Section
9.8.  Notes to
Rank Pari Passu.  The Notes and all other obligations under
this Agreement of the Company are and at all times shall remain direct and
secured obligations of the Company ranking pari passu as against the assets of
the Company with all other Notes from time to time issued and outstanding
hereunder without any preference among themselves and pari passu with all other
present and future secured Debt (actual or contingent) of the Company which is
not expressed to be subordinate or junior in rank to any other secured Debt of
the Company.  Notwithstanding anything to the contrary contained
herein or in any other Note Documents, all references to the Notes herein or in
any other Note Document stating that the Notes are “unsecured” are hereby
amended to state that the Notes are “secured”.”

     

    Section
1.21.  Section 9 of the Note Agreement is hereby amended by adding the
following as a new Sections 9.9 and 9.10 thereto:

     

    “Section
9.9.     Foreign
Pledge Agreements.  If any Foreign Incorporated Subsidiary is
(a) a First Tier Foreign Subsidiary, (b) an Affected Foreign Subsidiary, (c) a
Material Foreign Subsidiary and (d) organized under the laws of any European
nation or 

     

     

    
      
        
        

      

      
        9

        
          

        

      

      
        
        

      

    

     

    any state
or other principality or subdivision thereof, the Company shall or shall cause
the applicable parent Domestic Incorporated Subsidiary as promptly as possible
(but in any event within (i) in the case of such Foreign Incorporated
Subsidiaries which are in existence on the date hereof, as promptly as possible
(but in any event within sixty (60) days after the date hereof (or by such later
date as the Required Holders may agree to in their discretion)) and (ii) in the
case of such Foreign Incorporated Subsidiaries which are created or acquired
after the date hereof, as promptly as possible (but in any event within sixty
(60) days following the creation or acquisition thereof (or by such later date
as the Required Holders may agree to in their discretion)) to (A) execute (1) a
Foreign Pledge Agreement and (2) such other Collateral Documents deemed
necessary or desirable in the Collateral Agent’s sole discretion with respect to
65% of the Capital Stock of such Foreign Incorporated Subsidiary, and (B)
deliver and cause each such parent Domestic Incorporated Subsidiary to deliver
such corporate resolutions, opinions of counsel, stock certificates, stock
powers and such other documentation as the Collateral Agent or its counsel may
reasonably request, all in form and substance reasonably satisfactory to the
Collateral Agent and its counsel to effectuate such
pledge.  Notwithstanding the foregoing, no Foreign Pledge Agreement in
respect of a Foreign Incorporated Subsidiary shall be required hereunder to the
extent such Foreign Pledge Agreement is prohibited by applicable law or the
Collateral Agent or its counsel reasonably determines that the pledge of such
Foreign Incorporated Subsidiary’s Capital Stock would not provide material
credit support for the benefit of the holders of the Secured
Obligations.

     

    Section
9.10.  Security
Agreement; Additional Collateral; Further Assurances.

     

    (a)           The
Company will cause, and will cause each other Domestic Incorporated Subsidiary
to cause, all of its owned personal property (whether tangible, intangible, or
mixed) to be subject at all times to first priority, perfected Liens in favor of
the Collateral Agent for the benefit of the holders of the Secured Obligations
to secure the Secured Obligations in accordance with the terms and conditions of
the Collateral Documents, subject in any case to Liens permitted by Section
10.3.  Without limiting the generality of the foregoing, the
Company (i) will cause the issued and outstanding Capital Stock of each Domestic
Incorporated Subsidiary directly owned by the Company or any other Domestic
Incorporated Subsidiary to be subject at all times to a first priority,
perfected Lien in favor of the Collateral Agent to secure the Secured
Obligations in accordance with the terms and conditions of the Collateral
Documents.

     

    (b)           Without
limiting the foregoing, the Company will, and will cause each Domestic
Incorporated Subsidiary to, execute and deliver, or cause to be executed and
delivered, to the Collateral Agent such documents, agreements and instruments,
and will take or cause to be taken such further actions, which may be required
by law or which the Collateral Agent may, from time to time, reasonably request
to carry out the terms and conditions of this Agreement and the other Note
Documents and to ensure perfection and priority of the Liens created or intended
to be created by the Collateral Documents, all at the expense of the
Company.

     

    (c)           If
any personal property is acquired by a Domestic Note Party after the Amendment
No. 2 Effective Date (other than assets constituting Collateral under a

     

     

    
      
        
        

      

      
        10

        
          

        

      

      
        
        

      

    

     

    Collateral
Document that automatically become subject to the Lien under such Collateral
Document upon acquisition thereof), the Company will notify the Collateral Agent
thereof, and, if requested by the Collateral Agent, the Company will cause such
personal property to be subjected to a Lien securing the Secured Obligations and
will take, and cause the other Domestic Note Parties to take, such actions as
shall be necessary or reasonably requested by the Collateral Agent to grant and
perfect such Liens, including actions described in paragraph (c) of this
Section, all at the expense of the Company.”

     

    Section
1.22.  Section 10.1 of the Note Agreement is hereby amended in its
entirety to read as follows:

     

     “SECTION
10.  NEGATIVE
COVENANTS.

     

    The
Company covenants that so long as any of the Notes are outstanding:

     

    Section
10.1.   Debt.  Neither
the Company nor any of its Subsidiaries shall directly or indirectly create,
incur, assume or otherwise become or remain directly or indirectly liable with
respect to any Debt, except:

     

    (a)           the
Secured Obligations;

     

    (b)           Permitted
Existing Debt and Permitted Refinancing Debt;

     

    (c)           Debt
in respect of obligations secured by Customary Permitted Liens;

     

    (d)           Debt
constituting Contingent Obligations permitted by Section 10.5;

     

    (e)           Debt
arising from intercompany loans and advances (a) from any Subsidiary to the
Company or any wholly-owned Subsidiary or (b) from the Company to any
wholly-owned Domestic Incorporated Subsidiary or (c) from the Company to any
wholly-owned Foreign Incorporated Subsidiary; provided,
that if the Company is the obligor on such Debt, such Debt shall be expressly
subordinate to the payment in full in cash of the Secured Obligations; provided,
further,
that the aggregate of all Foreign Subsidiary Investments does not exceed the
Permitted Foreign Subsidiary Investment Amount at any time;

     

    (f)           Debt
in respect of Hedging Obligations permitted under Section 10.15;

     

    (g)           secured
or unsecured purchase money Debt (including Capital Leases) incurred by the
Company or any of its Subsidiaries after the date hereof to finance the
acquisition of fixed assets or in conjunction with a Permitted Acquisition, if
(1) at the time of such incurrence, no Event of Default or Default has occurred
and is continuing or would result from such incurrence, (2) such Debt has a
scheduled maturity and is not due on demand, (3) such Debt does not exceed the
lower of the fair market value or the cost of the applicable fixed assets on the
date acquired, (4) such Debt does not exceed $30,000,000 in the aggregate
outstanding at any time, and (5) any Lien securing such Debt is permitted under
Section 10.3 (such Debt being referred to herein as “Permitted Purchase Money
Debt”);

     

     

    
      
        
        

      

      
        11

        
          

        

      

      
        
        

      

    

     

    (h)           Debt
with respect to surety, appeal and performance bonds obtained by the Company or
any of its Subsidiaries in the ordinary course of business;

     

    (i)           Debt
incurred by the Company to the seller in any Permitted Acquisition as part of
the consideration therefor, provided
that such Debt is unsecured and, if in excess of $15,000,000 in the aggregate,
is subordinated to the Secured Obligations, on terms reasonably acceptable to
the Required Holders;

     

    (j)           Debt
incurred by the Company pursuant to this Agreement and the Notes;
and

     

    (k)           additional
unsecured Debt in an aggregate amount at any time outstanding not exceeding
$25,000,000.

     

    Section
10.2.   Sales of
Assets.  Neither the Company nor any of its Subsidiaries shall
consummate any Asset Sale, except:

     

    (a)           licenses
or sublicenses by the Company or its Subsidiaries of software, customer lists,
trademarks, service marks, patents, trade names and copyrights and other
intellectual property in the ordinary course of business; provided,
that such licenses or sublicenses shall not interfere with the business of the
Company or any such Subsidiary;

     

    (b)           transfers
of assets between the Company and any wholly-owned Subsidiary of the Company or
between wholly-owned Subsidiaries of the Company not otherwise prohibited by
this Agreement; provided,
that the aggregate of all Foreign Subsidiary Investments does not exceed the
Permitted Foreign Subsidiary Investment Amount at any time; and

     

    (c)           sales,
assignments, transfers leases, conveyances or other dispositions of other assets
if such transaction (a) is for not less than fair market value (as determined in
good faith by the Company’s board of directors), and (b) when combined with all
such other transactions (each such transaction being valued at book value) (i)
during the immediately preceding twelve-month period, represents the disposition
of not greater than fifteen percent (15%) of the Company’s Consolidated Tangible
Assets at the end of the fiscal year immediately preceding that in which such
transaction is proposed to be entered into, and (ii) during the period from the
date hereof to the date of such proposed transaction, represents the disposition
of not greater than twenty-five percent (25%) of the Company’s Consolidated
Tangible Assets at the end of the fiscal year immediately preceding that in
which such transaction is proposed to be entered into; and

     

    (d)           sales
in connection with the reorganization, restructuring and rationalization of the
Company and its Subsidiaries; provided
that the non-recurring expenses arising from such reorganization, restructuring
and rationalization which are charged to operating expenses are charged during
the first three (3) fiscal years following any Permitted Acquisition and do not
exceed $5,000,000, on a pre-tax basis, with respect to any Permitted
Acquisition, or $10,000,000, on a pre-tax basis, in the aggregate.

     

     

    
      
        
        

      

      
        12

        
          

        

      

      
        
        

      

    

     

    An amount
equal to the Net Proceeds received from any Asset Sale shall be used to prepay
or retire Senior Debt of the Company and/or its Restricted Subsidiaries,
provided that the Company shall comply with the provisions of Section 8.7
hereof.

     

    Section
10.3.   Liens.  Neither
the Company nor any of its Subsidiaries shall directly or indirectly create,
incur, assume or permit to exist any Lien on or with respect to any of their
respective property or assets except:

     

    (a)           Liens
securing the Secured Obligations to the extent permitted under the Intercreditor
Agreement;

     

    (b)           Permitted
Existing Liens;

     

    (c)           Customary
Permitted Liens;

     

    (d)           purchase
money Liens (including the interest of a lessor under a Capital Lease and Liens
to which any property is subject at the time of the Company’s acquisition
thereof) securing Permitted Purchase Money Debt; provided
that such Liens shall not apply to any property of the Company or its
Subsidiaries other than that purchased or subject to such Capital
Lease.

     

    (e)           Liens
with respect to property acquired by the Company or any of its Subsidiaries
after the date hereof (and not created in contemplation of such acquisition)
pursuant to a Permitted Acquisition; provided,
that such Liens shall extend only to the property so acquired; and

     

    (f)           other
Liens securing Debt not to exceed $5,000,000 in the aggregate.

     

    In
addition, neither the Company nor any of its Subsidiaries shall become a party
to any agreement, note, indenture or other instrument, or take any other action,
which would prohibit the creation of a Lien on any of its properties or other
assets in favor of the Collateral Agent for the benefit of itself and the
holders of Secured Obligations, as collateral for the Secured Obligations; provided
that any agreement, note, indenture or other instrument in connection with
Permitted Purchase Money Debt (including Capital Leases) may prohibit the
creation of a Lien in favor of the Collateral Agent for the benefit of itself
and the Holders of Secured Obligations on the items of property obtained with
the proceeds of such Permitted Purchase Money Debt.

     

    Notwithstanding
the foregoing, other than Liens created under the Collateral Documents and
Customary Permitted Liens, the Company will not, and will not permit any
Subsidiary to, create, incur, assume or permit to exist any Lien on the real
property of the Company and any Subsidiary.

     

    Section
10.4.   Investments.  Except
to the extent permitted pursuant to Section 10.7 below, neither the Company nor
any of its Subsidiaries shall directly or indirectly make or own any Investment
except:

     

    (a)           Investments
in cash and Cash Equivalents;

     

     

    
      
        
        

      

      
        13

        
          

        

      

      
        
        

      

    

     

    (b)           Permitted
Existing Investments in an amount not greater than the amount thereof on the
date hereof;

     

    (c)           Investments
in trade receivables or received in connection with the bankruptcy or
reorganization of suppliers and customers and in settlement of delinquent
obligations of, and other disputes with, customers and suppliers arising in the
ordinary course of business;

     

    (d)           Investments
consisting of deposit accounts maintained by the Company;

     

    (e)           Investments
consisting of non-cash consideration from a sale, assignment, transfer, lease,
conveyance or other disposition of property permitted by Section
10.2;

     

    (f)           Investments
consisting of (a) intercompany loans from any Subsidiary of the Company to the
Company or any other Subsidiary permitted by Section 10.1(e) and (b)
intercompany loans from the Company to its Subsidiaries; provided,
that the aggregate of all Foreign Subsidiary Investments shall not exceed the
Permitted Foreign Subsidiary Investment Amount;

     

    (g)           Investments
constituting Permitted Acquisitions;

     

    (h)           Investments
constituting Debt permitted by Section 10.1 or Contingent Obligations permitted
by Section 10.5 or Restricted Payments permitted by Section 10.6 or Capital
Expenditures permitted by Section 10.19(d);

     

    (i)           Investments
consisting of loans or advances made by any party to this Agreement and the
Subsidiary Guaranties to employees and officers of the Company or any of the
Company’s wholly-owned Domestic Incorporated Subsidiaries for travel,
entertainment and relocation expenses in the ordinary course of business in an
aggregate principal amount outstanding at any one time not to exceed
$2,000,000;

     

    (j)           Investments
consisting of any right of the Company or its wholly-owned Domestic Incorporated
Subsidiaries to payment for goods sold or for services rendered, whether or not
it has been earned by performance; and

     

    (k)           Investments
in addition to those referred to elsewhere in this Section 10.4 in an amount not
to exceed $15,000,000 in the aggregate at any time outstanding;

     

    provided,
however,
that the Investments described in clause
(vii) above shall not be permitted to be made at a time when either an
Event of Default or a Default which is not in the process of being cured shall
have occurred and be continuing or would result
therefrom.

     

    Section
10.5.  Contingent
Obligations.  Neither the Company nor any of its Subsidiaries
shall directly or indirectly create or become or be liable with respect to any
Contingent Obligation, except: (a) recourse obligations resulting from
endorsement of negotiable instruments for collection in the ordinary course of
business; (b) Permitted Existing Contingent Obligations; (c) obligations,
warranties, guaranties and indemnities, 

     

     

    
      
        
        

      

      
        14

        
          

        

      

      
        
        

      

    

     

    not
relating to Debt of any Person, which have been or are undertaken or made in the
ordinary course of business and not for the benefit of or in favor of an
Affiliate of the Company or such Subsidiary; (d) Contingent Obligations with
respect to surety, appeal and performance bonds obtained by the Company or any
Subsidiary in the ordinary course of business; (e) Contingent Obligations of the
Subsidiaries of the Company under the Subsidiary Guaranty to which they are a
party; (f) obligations arising under or related to this Agreement or the Notes,
(g) Contingent Obligations in respect to earn-outs or other similar forms of
contingent purchase price payable in respect of Permitted Acquisitions; (h)
Contingent Obligations in respect of representations and warranties customarily
given in respect of Asset Sales otherwise permitted hereunder and (i) Contingent
Obligations consisting of guaranties by Subsidiary Guarantors of Debt of the
Company, which Debt when incurred by the Company did not result in a violation
of Section 10.1.

     

    Section
10.6.   Restricted
Payments.  The Company shall not declare or make any Restricted
Payment, except Restricted Payments constituting dividends in an amount not to
exceed $300,000 in the aggregate during any fiscal quarter of the Company and
except Restricted Payments by a Subsidiary to the Company or another Subsidiary;
provided,
however,
that in no event shall any Restricted Payments (other than Restricted Payments
to the Company) be declared or made if either a Default or an Event of Default
shall have occurred and be continuing at the date of declaration or payment
thereof or would result therefrom.

     

    Section
10.7.   Conduct of
Business; Subsidiaries; Acquisitions.  Neither the Company nor
any of its Subsidiaries shall engage in any business other than the businesses
engaged in by the Company on the date hereof and any business or activities
which are substantially similar, related or incidental thereto or logical
extensions thereof.  The Company shall not create, acquire or
capitalize any Subsidiary after the date hereof unless (i) no Event of Default
or Default which is not being cured shall have occurred and be continuing or
would result therefor; (ii) after such creation, acquisition or capitalization,
all of the representations and warranties contained herein shall be true and
correct in all material respects (unless such representation and warranty is
made as of a specific date, in which case, such representation or warranty shall
be true in all material respects as of such date); and (iii) after such
creation, acquisition or capitalization the Company shall be in compliance with
the terms of Sections 10.6 and 10.9 hereof.  The Company shall not
make any Acquisitions, other than Acquisitions meeting the following
requirements or otherwise approved by the Required Holders (each such
Acquisition constituting a “Permitted Acquisition”):

     

    (a)           no
Default or Event of Default shall have occurred and be continuing or would
result from such Acquisition or the incurrence of any Debt in connection
therewith;

     

    (b)           after
giving effect to such transaction, the aggregate of all Foreign Subsidiary
Investments would not exceed the Permitted Foreign Subsidiary Investment
Amount;

     

     

    
      
        
        

      

      
        15

        
          

        

      

      
        
        

      

    

     

    (c)           in
the case of an Acquisition of Capital Stock of an entity, the Acquisition shall
be of at least fifty-one percent (51%) of the Capital Stock of such entity, and
such acquired entity shall be (i) merged with and into the Company immediately
following such Acquisition, with the Company being the surviving corporation
following such merger or (ii) the results of operations of such entity shall be
reported on a consolidated basis with the Company and its consolidated
Subsidiaries;

     

    (d)           the
purchase is consummated pursuant to a negotiated acquisition agreement on a
non-hostile basis;

     

    (e)           the
Company shall deliver to the holders of the Notes a certificate from one of the
Authorized Officers, demonstrating to the satisfaction of the Required Holders
that after giving effect to such Acquisition and the incurrence of any Debt
permitted by Section 10.1 in connection therewith, on a pro
forma
basis using historical audited or reviewed unaudited financial statements
obtained from the seller(s) in respect of each such Acquisition as if the
Acquisition and such incurrence of Debt had occurred on the first day of the
twelve-month period ending on the last day of the Company’s most recently
completed fiscal quarter, the Company would have been in compliance with the
financial covenants in Section 10.19 and that an Event of Default has not
otherwise occurred;

     

    (f)           the
purchase price for the Acquisition shall not exceed, without the prior written
consent of the Required Holders, for any rolling period of twelve consecutive
months, $75,000,000 (including the incurrence or assumption of any Debt in
connection therewith);

     

    (g)           the
businesses being acquired shall be substantially similar, related or incidental
to, or a logical extension of, the businesses or activities engaged in by the
Company on the date hereof; and

     

    (h)           such
Acquisition is approved in writing by the Required Holders.

     

    Section
10.8.   Transactions
with Shareholders and Affiliates.  Neither the Company nor any
of its Subsidiaries shall directly or indirectly (a) enter into or permit to
exist any transaction (including, without limitation, the purchase, sale, lease
or exchange of any property or the rendering of any service) with any holder or
holders of any of the Capital Stock of the Company, or with any Affiliate of the
Company which is not its Subsidiary, on terms that are less favorable to the
Company or any of its Subsidiaries, as applicable, than those that might be
obtained in an arm’s length transaction at the time from Persons who are not
such a holder or Affiliate, except for Restricted Payments permitted by Section
10.6 and Investments permitted by Section 10.4 or (b) enter into or permit to
exist any such non-arm’s length transaction between either the Company or any
Domestic Incorporated Subsidiary, on the one hand, and any Foreign Incorporated
Subsidiary, on the other hand, if as a result thereof the aggregate of all
Foreign Subsidiary Investments would at any time exceed the Permitted Foreign
Subsidiary Investment Amount.  The holders of the Notes acknowledge
and consent to the 

     

     

    
      
        
        

      

      
        16

        
          

        

      

      
        
        

      

    

     

    transactions
between the Company and its Affiliates described in the Company’s public filings
as of the date hereof.

     

    Section
10.9.   Restriction
on Fundamental Changes.  Neither the Company nor any of its
Subsidiaries shall enter into any merger or consolidation, or liquidate, wind-up
or dissolve (or suffer any liquidation or dissolution); or convey, lease, sell,
transfer or otherwise dispose of, in one transaction or series of transactions,
all or substantially all of the Company’s consolidated business or property,
whether now or hereafter acquired, except (a) transactions permitted under
Sections 10.2, 10.4 or 10.7, (b) a Subsidiary of the Company may be merged into
or consolidated with the Company (in which case the Company shall be the
surviving corporation) or any wholly-owned Subsidiary of the Company, and (c)
any liquidation of any Subsidiary of the Company into the Company or another
Subsidiary of the Company, as applicable.

     

    Section
10.10.  Sales and
Leasebacks.  Neither the Company nor any of its Subsidiaries
shall become liable, directly, by assumption or by Contingent Obligation, with
respect to any lease, whether an operating lease or a Capital Lease, of any
property (whether real or personal or mixed), (a) which it or one of its
Subsidiaries sold or transferred or is to sell or transfer to any other Person,
or (b) which it or one of its Subsidiaries intends to use for substantially the
same purposes as any other property which has been or is to be sold or
transferred by it or one of its Subsidiaries to any other Person in connection
with such lease, unless in either case the sale involved is not prohibited under
Section 10.2 and the lease involved is not prohibited under Section 10.1 and any
related Investment is not prohibited under Section 10.4.

     

    Section
10.11.  ERISA.  The
Company shall not

     

    (a)           engage,
or permit any of its Subsidiaries to engage, in any prohibited transaction
described in Sections 406 of ERISA or 4975 of the Code for which a statutory or
class exemption is not available or a private exemption has not been previously
obtained from the United States Department of Labor and any Person succeeding to
the functions thereof;

     

    (b)           permit
to exist any material accumulated funding deficiency (as defined in Sections 302
of ERISA and 412 of the Code), with respect to any Benefit Plan, whether or not
waived;

     

    (c)           fail,
or permit any ERISA Affiliate to fail, to pay timely required material
contributions or annual installments due with respect to any waived funding
deficiency to any Benefit Plan;

     

    (d)           terminate,
or permit any ERISA Affiliate to terminate, any Benefit Plan which would result
in any material liability of the Company or any ERISA Affiliate under Title IV
of ERISA;

     

    (e)           fail
to make any material contribution or payment to any Multiemployer Plan which the
Company or any ERISA Affiliate may be required to make under any agreement
relating to such Multiemployer Plan, of any law pertaining thereto;

     

     

    
      
        
        

      

      
        17

        
          

        

      

      
        
        

      

    

     

    (f)           fail,
or permit any ERISA Affiliate to fail, to pay any required material installment
or any other payment required under Section 412 of the Code on or before the due
date for such installment or other payment; or

     

    (g)           amend,
or permit any ERISA Affiliate to amend, a Plan resulting in a material increase
in current liability for the plan year such that the Company or any ERISA
Affiliate is required to provide security to such Plan under Section 401(a)(29)
of the Code.

     

    For
purposes of this Section 10.11, “material” means any noncompliance or basis for
liability which could reasonably be likely to subject the Company or any of its
Subsidiaries to liability, individually or in the aggregate, in excess of
$5,000,000.

     

    Section
10.12.  Corporate
Documents.  Neither the Company nor any of its Subsidiaries
shall amend, modify or otherwise change any of the terms or provisions in any of
their respective constituent documents as in effect on the date hereof in any
manner materially adverse to the interests of the holders of the Notes, without
the prior written consent of the Required Holders, except in connection with a
Permitted Acquisition.

     

    Section
10.13.  Fiscal
Year.  Neither the Company nor any of its consolidated
Subsidiaries shall change its fiscal year for accounting or tax purposes from a
period consisting of the 12-month period ending on the last day of December of
each year, except as required by Agreement Accounting Principles or by law and
disclosed to the holders of the Notes.

     

    Section
10.14.  Subsidiary
Covenants.  The Company will not, and will not permit any
Subsidiary to, create or otherwise cause to become effective any consensual
encumbrance or restriction of any kind on the ability of any Subsidiary to pay
dividends or make any other distribution on its stock, or make any other
Restricted Payment, pay any Debt or other obligation owed to the Company or any
other Subsidiary, make loans or advances or other Investments in the Company or
any other Subsidiary or sell, transfer or otherwise convey any of its property
to the Company or any other Subsidiary.

     

    Section
10.15.  Hedging
Obligations.  The Company shall not and shall not permit any of
its Subsidiaries to enter into any interest rate, commodity or foreign currency
exchange, swap, collar, cap or similar agreements evidencing Hedging
Obligations, other than interest rate, foreign currency or commodity exchange,
swap, collar, cap or similar, agreements entered into by the Company pursuant to
which the Company has hedged its actual interest rate, foreign currency or
commodity exposure.

     

    Section
10.16.  Issuance of
Disqualified Stock.  From and after the date hereof, neither
the Company, nor any of its Subsidiaries shall issue any Disqualified
Stock.  All issued and outstanding Disqualified Stock shall be treated
as Debt for all purposes of this Agreement, and the amount of such deemed Debt
shall be the aggregate amount of the liquidation preference of such Disqualified
Stock.

     

     

    
      
        
        

      

      
        18

        
          

        

      

      
        
        

      

    

     

    Section
10.17.  Amendment
to Bank Credit Agreement and 2005 Note Agreement; Most Favored
Lender.  The Company will not, nor will it permit any
Subsidiary to, enter into (i) any amendment, restatement, supplement, waiver or
modification to the Bank Credit Agreement (or the documents related to any
extension, refinancing, refunding or renewal thereof) or (ii) any document
related to any extension, refinancing, refunding or renewal thereof if, in any
case, the effect thereof is that the Bank Credit Agreement (or such other
documents relating to any extension, refinancing, refunding or renewal thereof)
would not constitute an Acceptable Bank Credit Agreement.  In
addition, if the Company, or any of its Subsidiaries, enters into (i) any
amendment, restatement, supplement, waiver or modification to the Bank Credit
Agreement (or the documents related to any extension, refinancing, refunding or
renewal thereof) or the 2005 Note Agreement that amends, restates, supplements
or modifies any of the covenants, events of default or related definitions used
in the Bank Credit Agreement (or the documents related to any extension,
refinancing, refunding or renewal thereof) or in the 2005 Note Agreement or (ii)
any document related to any extension, refinancing, refunding or renewal thereof
that includes covenants, events of default or related definitions, such that ,
in any case, any of such covenants, events of default or related definitions are
more restrictive than, or in addition to (the “More Restrictive Provisions”),
the covenants, events of default or related definitions contained in this
Agreement, then (a) the Company will give the holders of the Notes prior written
notice thereof, (b) this Agreement shall be deemed to be automatically amended
to add the More Restrictive Provisions hereto and otherwise afford the holders
of the Notes with the benefit thereof without any action by the Company or any
holder of any Note, provided that the Required Holders may elect in writing not
to have any one or more More Restrictive Provisions added to this Agreement, and
(c) the Company shall, upon the request of the holders of the Notes (i) enter
into an amendment to this Agreement, in form and substance satisfactory to the
holders of the Notes, to evidence the addition of such More Restrictive
Provisions (other than any More Restrictive Provisions that the Required Holders
elect in writing to exclude) to this Agreement for the benefit of holders of the
Notes, and (ii) agree to satisfy any conditions precedent to the effectiveness
of such amendment.

     

    Section
10.18.  Prepayments
of 2005 PIK Notes.  The Company shall not make any prepayments
in respect of the 2005 PIK Notes unless the Company concurrently prepays a
proportionate amount of the Tranche A PIK Notes and Tranche B PIK
Notes.

     

    Section
10.19  Financial
Covenants.

     

    (a)           Minimum
Fixed Charge Coverage Ratio.  The Company and its consolidated
Subsidiaries shall maintain a ratio (“Fixed Charge Coverage Ratio”)
of:

     

    (i)           the
sum of (a) EBITDA during such period minus
(b) Capital Expenditures during such period, to

     

    (ii)           the
sum of the amounts, without duplication, of (a) Interest Expense during such
period (net of interest income) plus
(b) scheduled principal payments of Debt (which shall not be deemed to include

     

     

    
      
        
        

      

      
        19

        
          

        

      

      
        
        

      

    

     

    payments
pursuant to Section 8.8 of this Agreement, Section 8.8 of the 2005 Note
Agreement or Section  2.5.B of the Current Bank Credit Agreement),
plus
(c) dividend payments on Company’s common and preferred stock plus
(or minus with respect to tax benefits) (d) Company’s income tax provision
calculated in accordance with GAAP for such period plus
(e) Capital Lease Obligations during such period,

     

    which
shall not be less than the applicable ratio set forth below for each
corresponding four (4) fiscal quarter period beginning with the four (4) fiscal
quarter period ending with the end of the applicable fiscal quarter of the
Company set forth below.  In each case, the Fixed Charge Coverage
Ratio shall be determined as of the last day of each fiscal quarter for the four
(4) fiscal quarter period ending on such day (the “Last Twelve-Month Period”),
provided,
that the Fixed Charge Coverage Ratio shall be calculated, with respect to
Permitted Acquisitions, on a pro
forma
basis using historical audited and reviewed unaudited financial statements
obtained from the seller(s) in such Permitted Acquisition, broken down by fiscal
quarter as if such Permitted Acquisition (including the uses and applications of
proceeds in respect thereof and the Debt incurred in conjunction therewith) had
occurred on the first day of the Last Twelve-Month Period (the “Measurement
Period”) (excluding cost savings), provided such pro
forma
statements shall be substantiated by supporting information reasonably
acceptable to the Required Holders.  Interest Expense shall be
calculated for the purpose of clause
(ii) by excluding the effect of amortization of deferred financing fees,
to the extent it is an Interest Expense.

     

    
      
        
          	
                  Last Twelve Month Period
      Ending

                	
                  Minimum Fixed Charge Coverage
      Ratio

                
	
                  March
      31, 2009

                	
                  1.35
      to 1.00

                
	
                  June
      30, 2009

                	
                  1.35
      to 1.00

                
	
                  September
      30, 2009

                	
                  1.35
      to 1.00

                
	
                  December
      31, 2009 and the last day of each fiscal quarter thereafter
      ending

                	
                  1.25
      to 1.00

                

        

      

    

     

     

    (b)           Maximum
Cash Flow Leverage Ratio.  The Company and its consolidated
Subsidiaries shall not permit the ratio (the “Cash Flow Leverage Ratio”) of (i)
Total Funded Debt (excluding the PIK Notes and the 2005 PIK Notes) to (ii)
EBITDA to be greater than the applicable ratio set forth below for each
corresponding four (4) fiscal quarter period ending with the end of the
applicable fiscal quarter of the Company set forth below.  The Cash
Flow Leverage Ratio shall be calculated, in each case, determined as of the last
day of each fiscal quarter based upon (a) for Debt, Debt as of the last day of
each such fiscal quarter; and (b) for EBITDA, the actual amount for Last
Twelve-Month Period, provided,
that the Cash Flow Leverage Ratio shall be calculated, with respect to Permitted
Acquisitions, on a pro
forma
basis using historical audited and reviewed unaudited financial statements
obtained from the seller(s) in such Permitted Acquisition, broken down by fiscal
quarter in the Company’s reasonable judgment as if such 

     

     

    
      
        
        

      

      
        20

        
          

        

      

      
        
        

      

    

     

    Permitted
Acquisition (including the uses and applications of proceeds in respect thereof
and the Debt incurred in conjunction therewith) had occurred on the first day of
the Measurement Period (excluding cost savings), provided such pro
forma
statements shall be substantiated by supporting information reasonably
acceptable to the Required Holders.

     

    
      
        
          	
                  Last Twelve-Month Period
      Ending

                	
                  Maximum Cash Flow Leverage
      Ratio

                
	
                  March
      31, 2009

                	
                  5.00
      to 1.00

                
	
                  June
      30, 2009

                	
                  4.80
      to 1.00

                
	
                  September
      30, 2009

                	
                  4.20
      to 1.00

                
	
                  December
      31, 2009 and each

                  fiscal
      quarter thereafter

                	
                  3.00
      to 1.00

                

        

      

    

     

    (c)           Minimum
Consolidated Net Worth. The Company shall not permit its Consolidated Net
Worth at any time to be less than the sum of (a) an amount equal to ninety
percent (90%) of Consolidated Net Worth as of March 31, 2009 (as reported in the Company’s financial
statements contained in its publicly filed Form 10-Q for the period ending March
31, 2009) plus
(b) fifty percent (50%) of Net Income (if positive) calculated separately for
each fiscal quarter commencing with the fiscal quarter ending on June 30, 2009,
plus (c) one hundred percent (100%) of the net cash proceeds resulting from the
issuance by the Company of any Capital Stock other than shares of Capital Stock
issued pursuant to employee stock option or ownership plans commencing with the
fiscal quarter ending on June 30, 2009.

     

    (d)           Maximum
Capital Expenditures.  The Company will not, nor will it permit
any Subsidiary to, expend, or be committed to expend, in excess of an aggregate
of $17,500,000, for Capital Expenditures of the Company and is Subsidiaries
during any fiscal year of the Company.”

     

    Section
1.23.  The reference to “Section 10.1 through Section 10.5,
inclusive,” set forth in Section 11(c) of the Note Agreement is deleted and
replaced with a reference to “Section 10.1 through Section 10.19,
inclusive,”.

     

    Section
1.24.  Section 11 of the Note Agreement shall be and is hereby amended
by (i)
deleting the word “or” at the end of clause (j), (ii)
deleting the “.” at the end of clause (k) and replacing it with “; or” and
(iii)
adding the following new clause (l) after clause (k):

     

    “(l)           any
Collateral Document shall for any reason fail to create a valid and perfected
first priority security interest in any portion of the Collateral purported to
be covered thereby, except as permitted by the terms of any Note
Document.”

     

    Section
1.25.  Section 12.2 of the Note Agreement shall be and is hereby
amended in its entirety to read as follows:

     

     

    
      
        
        

      

      
        21

        
          

        

      

      
        
        

      

    

     

    “Section
12.2.  Other
Remedies.  If any Default or Event of Default has occurred and
is continuing, and irrespective of whether any Notes have become or have been
declared immediately due and payable under Section 12.1, (a) subject to the
terms of the Intercreditor Agreement, the holder of any Note at the time
outstanding may proceed to protect and enforce the rights of such holder by an
action at law, suit in equity or other appropriate proceeding, whether for the
specific performance of any agreement contained herein or in any Note, or for an
injunction against a violation of any of the terms hereof or thereof, or in aid
of the exercise of any power granted hereby or thereby or by law or otherwise
and (b) the Collateral Agent may, in accordance with the terms of the
Intercreditor Agreement, exercise any rights and remedies provided to the
Collateral Agent under the Note Documents or at law or equity, including all
remedies provided under the UCC.”

     

    Section
1.26.  Section 15.1 of the Note Agreement shall be and is hereby
amended by adding the following new sentence at the end thereof:

     

    “Expenses
being reimbursed by the Company under this Section include, without limiting the
generality of the foregoing, costs and expenses incurred in connection with
(x)
appraisals (subject to the limitations contained in Section
7.3) and insurance reviews and (y)
field examinations and the preparation of Reports based on the fees charged by a
third party retained by the Collateral Agent or the internally allocated fees
for each Person employed by the Collateral Agent with respect to each field
examination; provided that so long as no Event of Default has occurred and is
continuing, the Company shall not be required to reimburse the Collateral Agent
for the costs of more than one field exam and consequent preparation of Reports
per fiscal year.”

     

    Section
1.27.  Section 22 of the Note Agreement shall be and is hereby amended
by adding the following as a new Sections 22.7, 22.8 and 22.9
thereto:

     

    “Section
22.7  Appointment
for Perfection.  Each holder of the Notes hereby appoints each
other holder of the Notes as its agent for the purpose of perfecting Liens, for
the benefit of the Collateral Agent and the holders of Secured Obligations, in
assets which, in accordance with Article 9 of the UCC or any other applicable
law can be perfected only by possession.  Should any holder of any
Notes obtain possession of any such Collateral, such holder shall notify the
Collateral Agent thereof, and, promptly upon the Collateral Agent’s request
therefor shall deliver such Collateral to the Collateral Agent or otherwise deal
with such Collateral in accordance with the Collateral Agent’s
instructions.

     

    Section
22.8  Payment of
Fees.  If at any time after the Amendment No. 2 Effective Date,
the Company or any of its Subsidiaries agrees to pay the Administrative Agent,
the Bank Lenders or any holder of the 2005 Notes, any fee, compensation or any
other payment in connection with the Bank Credit Agreement or the 2005 Note
Agreement, including but not limited to any termination, exit or amendment fees,
the Company shall notify the holders of the Notes in writing and make an equal
payment to 

     

     

    
      
        
        

      

      
        22

        
          

        

      

      
        
        

      

    

     

    the
holders the Notes to be distributed pro-rata to such holders based upon the
principal amount of the Notes then outstanding.”

     

    Section
22.9  Interpretation
of “Debt”.  Notwithstanding any provision of this Agreement
providing for any amount to be determined in accordance with Agreement
Accounting Principles, for all purposes of this Agreement the outstanding
principal amount of any Debt of the Company or any of its Subsidiaries (other
than, to the extent such obligations are included in the definition of “Debt”,
Hedging Obligations) shall be equal to the actual outstanding principal amount
thereof irrespective of the amount that might otherwise be accounted for under
Agreement Accounting Principles as the amount of the liability of the Company or
any of its Subsidiaries with respect thereto, and any determination of the net
income (or net loss), equity or assets of the Company or any of its Subsidiaries
shall not take into account any effect of marking any such outstanding Debt of
the Company or any of its Subsidiaries to market value.”

     

    Section
1.28.  The following Defined Terms in Schedule B to the Note Agreement
shall be and are hereby amended as follows:

     

    “Bank
Credit Agreement” means the Credit Agreement dated as of January 28, 2005 by and
among the Company, certain Subsidiaries of the Company named therein, JPMorgan
Chase Bank, N.A., as agent and collateral agent, and the other financial
institutions party thereto, as amended, restated, joined, supplemented or
otherwise modified from time to time, and any renewals, extensions or
replacements thereof, in each case (x)
in accordance with the terms of Section 10.17 of this Agreement and (y)
which constitute the primary bank credit facility of the Company and its
Subsidiaries.

     

    “Collateral
Agent” shall have the meaning set forth in the Pledge and Security
Agreement.

     

    “Consolidated
Net Worth” means, at a particular date, all amounts which would be included
under shareholders' equity on the consolidated balance sheet for the Company and
its consolidated Subsidiaries determined in accordance with Agreement Accounting
Principles.

     

    “Debt” of
a person means, without duplication, such person’s (a) obligations for borrowed
money, including, without limitation, subordinated indebtedness, (b) obligations
representing the deferred purchase price of property or services (other than
accounts payable arising in the ordinary course of such person’s business
payable on terms customary in the trade and other than earn-outs or other
similar forms of contingent purchase prices), (c) obligations, whether or not
assumed, secured by liens on or payable out of the proceeds or production from
property now or hereafter owned or acquired by such person, (d) obligations
which are evidenced by notes, acceptances, or other instruments, (e) Capital
Lease Obligations, (f) outstanding principal balances (representing securitized
but unliquidated assets) under asset securitization agreements (including,
without limitation, the outstanding principal balance of accounts receivable
under receivables transactions) and (g) the implied debt component of synthetic
leases of which such person is lessee or any other off-balance sheet financing
arrangements 

     

     

    
      
        
        

      

      
        23

        
          

        

      

      
        
        

      

    

     

    (including,
without limitation, any such arrangements giving rise to any Off-Balance Sheet
Liabilities).

     

    “Default
Rate” means (i) with respect to the Tranche A Notes and the Tranche A PIK Notes
that per annum rate of interest that is the greater of (i) 10.90% and (ii) 2.00%
over the rate of interest publicly announced by The Bank of New York from time
to time in New York City as its Prime Rate, and (ii) with respect to the Tranche
B Notes and the Tranche B PIK Notes that per annum rate of interest that is the
greater of (i) 10.98% and (ii) 2.00% over the rate of interest publicly
announced by The Bank of New York from time to time in New York City as its
Prime Rate.

     

    “Foreign
Incorporated Subsidiary” means a Subsidiary of the Company which is not a
Domestic Incorporated Subsidiary.

     

    “GAAP”
means Agreement Accounting Principles.

     

    “Intercreditor
Agreement” means the Amended and Restated Intercreditor Agreement dated as of
Amendment No. 2 Effective Date among the Administrative Agent, the Collateral
Agent and the holders of the Notes and the holders of the 2003 Notes, as the
same may be amended, restated, supplemented or otherwise modified from time to
time.

     

    “Investments”
means, with respect to any Person, (a) any purchase or other acquisition by that
Person of any Debt, Capital Stock or other securities, or of a beneficial
interest in any Debt, Capital Stock or other securities, issued by any other
Person, (b) any purchase by that Person of all or substantially all of the
assets of a business (whether of a division, branch, unit operation, or
otherwise) conducted by another Person, and (c) any loan, advance (other than
deposits with financial institutions available for withdrawal on demand, prepaid
expenses, accounts receivable, advances to employees and similar items made or
incurred in the ordinary course of business) or capital contribution by that
Person to any other Person, including all Debt to such Person arising from a
sale of property by such Person other than in the ordinary course of its
business.

     

    “Restricted
Payment” means (a) any dividend or other distribution, direct or indirect, on
account of any Capital Stock of the Company now or hereafter outstanding, except
a dividend payable solely in the Company’s Capital Stock (other than
Disqualified Stock) or in options, warrants or other rights to purchase such
Capital Stock, (b) any redemption, retirement, purchase or other acquisition for
value, direct or indirect, of any Capital Stock of the Company or any of its
Subsidiaries now or hereafter outstanding, other than in exchange for, or out of
the proceeds of, the substantially concurrent sale (other than to a Subsidiary
of the Company) of other Capital Stock of the Company (other than Disqualified
Stock) or any transaction that has a substantially similar effect, (c) any
redemption, purchase, retirement, defeasance, prepayment or other acquisition
for value, direct or indirect, of any Debt subordinated to the Secured
Obligations or any transaction that has a substantially similar effect, and (d)
any payment of a claim for the rescission of the purchase or sale of, or for
material damages arising from the purchase or sale of, any Debt (other than the
Secured Obligations) or any Capital Stock of the 

     

     

    
      
        
        

      

      
        24

        
          

        

      

      
        
        

      

    

     

    Company,
or any of its Subsidiaries, or of a claim for reimbursement, indemnification or
contribution arising out of or related to any such claim for damages or
rescission.

     

    “Subsidiary
Guarantor” means each Subsidiary (other than any Foreign Incorporated Subsidiary
to the extent that the designation of such Foreign Incorporated Subsidiary as a
Subsidiary Guarantor would (a) be prohibited by applicable law or (b) cause such
Foreign Incorporated Subsidiary’s accumulated earnings and profits to be
repatriated to the Company or such Foreign Incorporated Subsidiary’s parent
Domestic Incorporated Subsidiary, in each case under Section 956 of the Code
(each such Foreign Incorporated Subsidiary, an “Affected Foreign
Subsidiary”)).

     

    “2005
Note Agreement” means the Note Purchase and Private Shelf Agreement dated as of
January 28, 2005 between the Company and the Initial Purchasers named therein,
as amended through the Amendment No. 2 Effective Date and as further amended
from time to time.

     

    “2005
Notes” means the Notes, as that term is defined in the First Amendment to the
2005 Note Agreement dated as of the Amendment No. 2 Effective Date, as such
notes may be further amended from time to time.”

     

    Section
1.29.  The following shall be added as new definitions in alphabetical
order to the Defined Terms in Schedule B to the Note Agreement:

     

    “Acceptable
Bank Credit Agreement” shall mean:

     

    (a)           Prior
to the Normalization Date, the Bank Credit Agreement which is in effect on the
Amendment No. 2 Effective Date (the “Existing Bank Credit Agreement”);
and

     

    (b)           at
any time on and after the Normalization Date, a Replacement Credit Agreement (as
defined in the Intercreditor Agreement) that goes into effect on the
Normalization Date and meets the conditions set forth in the definition of
“Normalization Date” in the Intercreditor Agreement;

     

    (c)           at
any time after the Normalization Date, any loan or credit agreement which
refinances in whole the Debt under the Acceptable Bank Credit Agreement in
effect immediately prior to such refinancing, but only if (i) such loan or
credit agreement meets the conditions set forth in the definition of
“Normalization Date” set forth in the Intercreditor Agreement, except for (x)
the requirement that the term end not earlier than January 28, 2011 and (y) the
requirement in clause (h) of the definition of “Normalization” set forth in the
Intercreditor Agreement, and (ii) the scheduled final maturity date thereof is
not earlier than 364 days after the date of the initial closing under such loan
or credit agreement.

     

    “Acquisition”
means any transaction, or any series of related transactions, consummated on or
after the date of this Agreement, by which the Company or any of its
Subsidiaries (a) acquires any going business or all or substantially all of the
assets of any 

     

     

    
      
        
        

      

      
        25

        
          

        

      

      
        
        

      

    

     

    firm,
corporation or division thereof, whether through purchase of assets, merger or
otherwise or (b) directly or indirectly acquires (in one transaction or as the
most recent transaction in a series of transactions) at least a majority (in
number of votes) of the securities of a corporation which have ordinary voting
power for the election of directors (other than securities having such power
only by reason of the happening of a contingency) or a majority (by percentage
of voting power) of the outstanding Capital Stock of another
Person.

     

    “Affected
Foreign Subsidiary” is defined in the definition of “Subsidiary
Guarantor”.

     

    “Agreement
Accounting Principles” means, with respect to the calculation of financial
ratios and other financial tests required by this Agreement, generally accepted
accounting principles as in effect in the United States as of January 28, 2005,
applied in a manner consistent with that used in preparing the financial
statements of the Company referred to in Section 6.4(B) of the Bank Credit
Agreement; provided, further, however, all pro forma financial statements
reflecting Acquisitions shall be prepared in accordance with the requirements
established by the Commission for acquisition accounting for reporting
acquisitions by public companies (whether or not such Acquisitions are required
to be publicly reported); provided, further, that no change in accounting
principles shall be made from those used in preparing the financial statements
referred to in Section 6.4(B) of the Bank Credit Agreement, including, without
limitation, with respect to the nature or classification of accounts, closing
proceedings, levels of reserves, or levels of accruals other than as a result of
objective changes in the underlying business; provided, further, that for
purposes of the preceding clauses, “changes in accounting principles” or
“changes in Agreement Accounting Principles” includes all changes in accounting
principles, policies, practices, procedures, or methodologies with respect to
financial statements, their classification, or their display, as well as all
changes in practices, methods, conventions, or assumptions used in making
accounting estimates.

     

    “Amendment
No. 2” shall mean that certain Second Amendment to Note Purchase Agreement dated
as of June 11, 2009 by and among the Company, each of the holders of the Notes
and the other parties a signatory thereto.

     

    “Amendment
No. 2 Effective Date” shall have the meaning set forth in Section 5 of Amendment
No. 2.

     

    “Asset
Sale” means, with respect to any Person, the sale, lease, conveyance,
disposition or other transfer by such Person of any of its assets (including by
way of a sale-leaseback transaction, and including the sale or other transfer of
any of the Capital Stock of any Subsidiary of such Person) to any Person other
than the Company or any of its wholly-owned Subsidiaries other than (a) the sale
of Inventory in the ordinary course of business, (b) the sale or other
disposition of any obsolete, redundant, excess, damaged or worn-out Equipment
disposed of in the ordinary course of business and (c) leases of personal
property (including leases or licenses of intellectual property) and leases of
surplus or redundant real property.

     

     

    
      
        
        

      

      
        26

        
          

        

      

      
        
        

      

    

     

    “Benefit
Plan” means a defined benefit plan as defined in Section 3(35) of ERISA (other
than a Multiemployer Plan) in respect of which the Company or any ERISA
Affiliate is, or within the immediately preceding six (6) years was, an
“employer” as defined in Section 3(5) of ERISA.

     

    “Capital
Expenditures” means, for any period, the aggregate of all expenditures (whether
or not paid in cash and including Capital Leases and purchase money
indebtedness) by the Company and its consolidated Subsidiaries during that
period that, in conformity with Agreement Accounting Principles, are required to
be included in or reflected by the property, plant, equipment or similar fixed
asset accounts reflected in the consolidated balance sheet of the Company and
its Subsidiaries; provided,
however,
that the term “Capital Expenditures” shall not include (a) expenditures made in
connection with the replacement, substitution or restoration of assets (i) to
the extent financed from insurance proceeds paid on account of the loss of or
damage to the assets being replaced or restored or (ii) with awards of
compensation arising from the taking by eminent domain or condemnation of the
assets being replaced; (b) the purchase price of equipment that is purchased
simultaneously with the trade-in of existing equipment to the extent that the
gross amount of such purchase price is reduced by the credit granted by the
seller of such equipment for the equipment being traded in at such time; (c) the
purchase of plant, property or equipment made within one year of the sale of any
asset to the extent purchased with the proceeds of such sale; (d) the portion of
the purchase price in connection with any acquisition that would otherwise be
included as additions to property, plant or equipment; and (e) expenditures made
in connection with any acquisition.

     

    “Cash
Equivalents” means (a) marketable direct obligations issued or unconditionally
guaranteed by the governments of the United States and backed by the full faith
and credit of the United States government; (b) domestic and Eurocurrency
certificates of deposit and time deposits, bankers’ acceptances and floating
rate certificates of deposit issued by any commercial bank organized under the
laws of the United States, any state thereof, the District of Columbia, any
foreign bank, or its branches or agencies (fully protected against currency
fluctuations for any such deposits with a term of more than ninety (90) days);
(c) shares of money market, mutual or similar funds having assets in excess of
$100,000,000 and the investments of which are limited to investment grade
securities (i.e., securities rated at least Baa by Moody’s Investors Service,
Inc. or at least BBB by Standard & Poor’s Ratings Group, a division of The
McGraw-Hill Companies, Inc.); and (d) commercial paper of United States and
foreign banks and bank holding companies and their subsidiaries and United
States and foreign finance, commercial industrial or utility companies which, at
the time of acquisition, are rated A-1 (or better) by Standard & Poor’s
Ratings Group, a division of The McGraw-Hill Companies, Inc., or P-1 (or better)
by Moody’s Investors Services, Inc.; provided
that the maturities of such Cash Equivalents shall not exceed three hundred
sixty-five (365) days from the date of acquisition thereof.

     

    “Cash
Flow Leverage Ratio” is defined in Section 10.19.

     

     

    
      
        
        

      

      
        27

        
          

        

      

      
        
        

      

    

     

    “Collateral”
means all pledged Capital Stock, and any and all owned or leased personal
property, in or upon which a security interest or Lien is from time to time
granted to the Collateral Agent, for the benefit of the holders of the Secured
Obligations, whether under the Foreign Pledge Agreements, under the Pledge and
Security Agreement, under any of the other Collateral Documents or under any of
the other Note Documents.

     

    “Collateral
Documents” means all agreements, instruments and documents executed in
connection with this Agreement pursuant to which the Collateral Agent is granted
a security interest in Collateral, including, without limitation, the Pledge and
Security Agreement, the Foreign Pledge Agreements and all other security
agreements, loan agreements, notes, guarantees, subordination agreements,
pledges, powers of attorney, consents, assignments, contracts, fee letters,
notices, leases, financing statements and all other written matter whether
heretofore, now, or hereafter executed by or on behalf of the Company or any of
its Subsidiaries and delivered to the Collateral Agent, any of the Bank Lenders
or any of the holders of the Notes, together with all agreements and documents
referred to therein or contemplated thereby.

     

    “Commission”
means the Securities and Exchange Commission of the United States of America and
any Person succeeding to the functions thereof.

     

    “Consolidated
Tangible Assets” means
the total assets of the Company and its Subsidiaries on a consolidated basis
(determined in accordance with Agreement Accounting Principles), but excluding
therefrom all items that are treated as intangibles under Agreement Accounting
Principles.

     

    “Contingent
Obligation”, as applied to any Person, means any Contractual Obligation,
contingent or otherwise, of that Person with respect to any Debt of another or
other obligation or liability of another, including, without limitation, any
such Debt, obligation or liability of another directly or indirectly guaranteed,
endorsed (otherwise than for collection or deposit in the ordinary course of
business), co-made or discounted or sold with recourse by that Person, or in
respect of which that Person is otherwise directly or indirectly liable,
including Contractual Obligations (contingent or otherwise) arising through any
agreement to purchase, repurchase, or otherwise acquire such Debt, obligation or
liability or any security therefor, or to provide funds for the payment or
discharge thereof (whether in the form of loans, advances, stock purchases,
capital contributions or otherwise), or to maintain solvency, assets, level of
income, or other financial condition, or to make payment other than for value
received.  The amount of any Contingent Obligation shall be equal to
the present value of the portion of the obligation so guaranteed or otherwise
supported, in the case of known recurring obligations, and the maximum
reasonably anticipated liability in respect of the portion of the obligation so
guaranteed or otherwise supported assuming such Person is required to perform
thereunder, in all other cases.

     

    “Contractual
Obligation”, as applied to any Person, means any provision of any equity or debt
securities issued by that Person or any indenture, mortgage, deed of trust,
security agreement, pledge agreement, guaranty, contract, undertaking, agreement
or 

     

     

    
      
        
        

      

      
        28

        
          

        

      

      
        
        

      

    

     

    instrument,
in any case in writing, to which that Person is a party or by which it or any of
its properties is bound, or to which it or any of its properties is
subject.

     

    “Customary
Permitted Liens” means:

     

    (a)           Liens
(other than Environmental Liens and Liens in favor of the Internal Revenue
Service or the PBGC) with respect to the payment of taxes, assessments or
governmental charges in all cases which are not yet due or (if foreclosure,
distrait, sale or other similar proceedings shall not have been commenced or any
such proceeding after being commenced is stayed) which are being contested in
good faith by appropriate proceedings properly instituted and diligently
conducted and with respect to which adequate reserves or other appropriate
provisions are being maintained in accordance with Agreement Accounting
Principles;

     

    (b)           statutory
Liens of landlords and Liens of suppliers, mechanics, carriers, materialmen,
warehousemen or workmen and other similar Liens imposed by law created in the
ordinary course of business for amounts not yet due or which are being contested
in good faith by appropriate proceedings properly instituted and diligently
conducted and with respect to which adequate reserves or other appropriate
provisions are being maintained in accordance with Agreement Accounting
Principles;

     

    (c)           Liens
(other than Environmental Liens and Liens in favor of the Internal Revenue
Service or the PBGC) incurred or deposits made in the ordinary course of
business in connection with workers’ compensation, unemployment insurance or
other types of social security benefits or to secure the performance of bids,
tenders, sales, contracts (other than for the repayment of borrowed money),
surety, appeal and performance bonds; provided
that (i) all such Liens do not in the aggregate materially detract from the
value of the Company’s or such Subsidiary’s assets or property taken as a whole
or materially impair the use thereof in the operation of the businesses taken as
a whole, and (ii) all Liens securing bonds to stay judgments or in connection
with appeals do not secure at any time an aggregate amount exceeding
$10,000,000;

     

    (d)           Liens
arising with respect to zoning restrictions, easements, encroachments, licenses,
reservations, covenants, rights-of-way, utility easements, building restrictions
and other similar charges, restrictions or encumbrances on the use of real
property which do not in any case materially detract from the value of the
property subject thereto or materially interfere with the ordinary use or
occupancy of the real property or with the ordinary conduct of the business of
the Company or any of its Subsidiaries;

     

    (e)           Liens
of attachment or judgment with respect to judgments, writs or warrants of
attachment, or similar process against the Company or any of its Subsidiaries
which do not constitute an Event of Default under Section 11(j) hereof;
and

     

    (f)           any
interest or title of the lessor in the property subject to any operating lease
entered into by the Company or any of its Subsidiaries in the ordinary course of
business.

     

     

    
      
        
        

      

      
        29

        
          

        

      

      
        
        

      

    

     

    “Dollar
Amount” of any currency at any date shall mean (a) the amount of such currency
if such currency is Dollars or (b) the Equivalent Amount of Dollars if such
currency is any currency other than Dollars.

     

    “Dollar”
and “$” means dollars in the lawful currency of the United States.

     

    “Domestic
Incorporated Subsidiary” means a Subsidiary of the Company organized under the
laws of a jurisdiction located in the United States of America.

     

    “Domestic
Note Parties” means
the Company and the Domestic Incorporated Subsidiaries.

     

    “Disqualified
Stock” means any Capital Stock that, by its terms (or by the terms of any
security into which it is convertible or for which it is exchangeable), or upon
the happening of any event, matures or is mandatorily redeemable, pursuant to a
sinking fund obligation or otherwise, or redeemable at the option of the holder
thereof, in whole or in part, on or prior to the date that is ninety-one (91)
days after the latest maturity date of the Notes.

     

    “EBITDA”
means, for any period, on a consolidated basis for the Company and its
Subsidiaries, the sum of the amounts for such period, without duplication, of
(a) Net Income, plus
(b) Interest Expense to the extent deducted in computing Net Income, plus
(c) charges against income for foreign, federal, state and local taxes to the
extent deducted in computing Net Income, plus
(d) depreciation expense to the extent deducted in computing Net Income, plus
(e) amortization expense, including, without limitation, amortization of
goodwill and other intangible assets to the extent deducted in computing Net
Income, plus
(f) acquisition, integration and restructuring charges incurred in the Company’s
2009 fiscal year and in an aggregate amount not to exceed $3,000,000, all in
accordance with Agreement Accounting Principles to the extent deducted in
computing Net Income, plus
(g) other extraordinary non-cash charges to the extent deducted in computing Net
Income, minus
(h) other extraordinary non-cash credits to the extent added in computing Net
Income, plus
(i) non-cash expenses related to stock based compensation to the extent deducted
in computing Net Income, plus
(j) charges incurred as a result of impairment of fixed assets, intangible
assets and goodwill, all to the extent deducted in computing Net
Income.  EBITDA shall be calculated on a pro
forma
basis giving effect to acquisitions and Asset Sales on a last twelve (12)
months’ basis.  Notwithstanding the foregoing, EBITDA shall be deemed
to be (1) $13,900,000 for the Company’s fiscal quarter ended on or about June
30, 2008, (2) $13,800,000 for the Company’s fiscal quarter ended on or about
September 30, 2008 and (3) $2,243,000 for the Company’s fiscal quarter ended on
or about December 31, 2008.

     

    “Environmental
Lien” means a lien in favor of any Governmental Authority for (a) any liability
under Environmental Laws, or (b) damages arising from, or costs incurred by such
Governmental Authority in response to, a Release (as defined in the Bank Credit
Agreement) or threatened Release of a Contaminant (as defined in the Bank Credit
Agreement) into the environment.

     

     

    
      
        
        

      

      
        30

        
          

        

      

      
        
        

      

    

     

    “Equipment”
shall have the meaning set forth in the Bank Credit Agreement.

     

    “Equivalent
Amount” shall have the meaning set forth in the Bank Credit
Agreement.

     

    “First
Tier Foreign Subsidiary” means each Foreign Incorporated Subsidiary with respect
to which any one or more of the Company and its Domestic Incorporated
Subsidiaries directly owns or controls more than 50% of such Foreign
Incorporated Subsidiary’s Capital Stock.

     

    “Fixed
Charge Coverage Ratio” is defined in Section 10.19.

     

    “Foreign
Pledge Agreement” means a pledge agreement in form and substance satisfactory to
the Required Holders and their counsel, duly executed and delivered by the
Company and/or any applicable Subsidiary of the Company to and in favor of the
Collateral Agent (for the benefit of itself and the other holders of the Secured
Obligations), as it may from time to time be amended, restated, supplemented or
otherwise modified, with respect to 65% of the outstanding Capital Stock of the
relevant Foreign Incorporated Subsidiary in accordance with Section 9.9
hereof.

     

     “Foreign
Subsidiary Investment” means the sum of (a) all intercompany loans made on or
after the date hereof from either the Company or any Domestic Incorporated
Subsidiary to any Foreign Incorporated Subsidiary; (b) all Investments made on
or after the date hereof by either the Company or any Domestic Incorporated
Subsidiary in any Foreign Incorporated Subsidiary; and (c) an amount equal to
the net benefit derived by the Foreign Incorporated Subsidiaries resulting from
any non-arms length transactions, or any other transfer of assets conducted
other than in the ordinary course of business, between the Company and/or any
Domestic Incorporated Subsidiary, on the one hand, and such Foreign Incorporated
Subsidiaries, on the other hand.

     

    “Grantor”
shall have the meaning set forth in the Pledge and Security
Agreement.

     

    “Hedging
Obligations” of a Person means any and all obligations of such Person, whether
absolute or contingent and howsoever and whensoever created, arising, evidenced
or acquired (including all renewals, extensions and modifications thereof and
substitutions therefor), under (a) any and all agreements, devices or
arrangements designed to protect at least one of the parties thereto from the
fluctuations of interest rates, commodity prices, exchange rates or forward
rates applicable to such party’s assets, liabilities or exchange transactions,
including, but not limited to, dollar-denominated or cross-currency interest
rate exchange agreements, forward currency exchange agreements, interest rate
cap or collar protection agreements, forward rate currency or interest rate
options, puts and warrants, and (b) any and all cancellations, buy backs,
reversals, terminations or assignments of any of the foregoing.

     

    “Interest
Expense” means, for any period, the total interest expense of the Company and
its consolidated Subsidiaries, whether paid or accrued (including the interest
component of Capital Leases, commitment fees and fees for stand-by letters of
credit, the discount with respect to asset securitization agreements and the
implied 

     

     

    
      
        
        

      

      
        31

        
          

        

      

      
        
        

      

    

     

    interest
component of synthetic leases), all as determined in conformity with Agreement
Accounting Principles.  Interest Expense shall not include any
interest which in accordance with Agreement Accounting Principals has been
capitalized.

     

    “Inventory”
shall have the meaning set forth in the Bank Credit Agreement.

     

    “Last
Twelve-Month Period” is defined in Section 10.19.

     

    “Material
Foreign Subsidiary” means
any Foreign Incorporated Subsidiary (a) which, as of the most recent fiscal
quarter of the Company for the period of four consecutive fiscal quarters then
ended, contributes greater than five percent (5%) of EBITDA for such period or
(b) the consolidated total assets of which as of the end of such fiscal quarter
were greater than five percent (5%) of the Company’s Consolidated Tangible
Assets as of such date; provided
that,
if at any time the aggregate amount of EBITDA contributed by, or consolidated
total assets of, all Foreign Incorporated Subsidiaries that are not Material
Foreign Subsidiaries exceeds ten percent (10%) of EBITDA for any such period or
ten percent (10%) of the Company’s Consolidated Tangible Assets as of the end of
any such fiscal quarter, the Company (or, in the event the Company has failed to
do so within ten days, the Agent) shall designate sufficient Foreign
Incorporated Subsidiaries as “Material Foreign Subsidiaries” to eliminate such
excess, and such designated Foreign Incorporated Subsidiaries shall for all
purposes of this Agreement constitute Material Foreign
Subsidiaries.

     

     “Measurement
Period” is defined in Section 10.19.

     

    “Net
Income” means, for any period, the net income (or loss) after taxes of the
Company and its Subsidiaries on a consolidated basis for such period taken as a
single accounting period determined in conformity with Agreement Accounting
Principles.

     

    “Normalization
Date” is defined in Section 8.8.

     

    “Note
Documents” means this Agreement, the Notes, the Collateral Documents, the
Intercreditor Agreement, the Subsidiary Guaranty and each of the other
agreements, documents and instruments executed in connection herewith and
therewith or pursuant thereto, each as it may from time to time be amended,
modified or supplemented.

     

    “Note
Obligations” shall have the meaning set forth in the Pledge and Security
Agreement.

     

    “Off-Balance
Sheet Liabilities” of a Person means (a) any repurchase obligation or liability
of such Person or any of its Subsidiaries with respect to accounts or notes
receivable sold by such Person or any of its Subsidiaries, (b) any liability of
such Person or any of its Subsidiaries under any sale and leaseback transactions
which do not create a liability on the consolidated balance sheet of such
Person, (c) any liability of such Person of any of its Subsidiaries under any
financing lease or so-called “synthetic” lease transaction, or (d) any
obligations of such Person or any of its Subsidiaries arising with respect to
any other transaction which is the functional equivalent of or takes the place
of 

     

     

    
      
        
        

      

      
        32

        
          

        

      

      
        
        

      

    

     

    borrowing
but which does not constitute a liability on the consolidated balance sheets of
such Person and its Subsidiaries.

     

    “Permitted
Acquisition” shall have the meaning set forth in Section 10.7
hereof.

     

    “Permitted
Existing Contingent Obligations” means the Contingent Obligations of the Company
and its Subsidiaries identified as such on Schedule
10.5 to this Agreement.

     

    “Permitted
Existing Debt” means the Debt of the Company and its Subsidiaries identified as
such on Schedule
10.1 to this Agreement.

     

    “Permitted
Existing Investments” means
the Investments of the Company and its Subsidiaries identified as such on Schedule
10.4 to this Agreement.

     

    “Permitted
Existing Liens” means the Liens on assets of the Company and its Subsidiaries
identified as such on Schedule
10.3 to this Agreement.

     

    “Permitted
Foreign Subsidiary Investment Amount” means $120,000,000.

     

    “Permitted
Purchase Money Debt” shall have the meaning set forth in Section 10.1
hereof.

     

    “Permitted
Refinancing Debt” means (a) any replacement, renewal, refinancing or extension
of any Debt (other than the Debt evidenced by the Bank Credit Agreement)
permitted by this Agreement that (i) does not exceed the aggregate principal
amount (plus accrued interest and any applicable premium and associated fees and
expenses) of the Debt being replaced, renewed, refinanced or extended, (ii) does
not have a Weighted Average Life to Maturity at the time of such replacement,
renewal, refinancing or extension that is less than the Weighted Average Life to
Maturity of the Debt being replaced, renewed, refinanced or extended, (iii) does
not rank at the time of such replacement, renewal, refinancing or extension
senior to the Debt being replaced, renewed, refinanced or extended, and (iv)
does not contain terms (including, without limitation, terms relating to
security, amortization, interest rate, premiums, fees, covenants, event of
default and remedies) materially less favorable to the Company or to the holders
of the Notes than those applicable to the Debt being replaced, renewed,
refinanced or extended, or (b) any replacement, renewal, refinancing or
extension of the Debt evidenced by the Bank Credit Agreement, so long as such
replaced, renewed, refinanced or extended Debt is evidenced by an Acceptable
Bank Credit Agreement.

     

    “PIK Note
Maturity Date” means the earlier of the Normalization Date and January 28,
2010.

     

    “PIK
Notes” means,
collectively, the Tranche A PIK Notes and the Tranche B PIK Notes.

     

    “Pledge
and Security Agreement” means that certain Pledge and Security Agreement
(including any and all supplements thereto) dated as of the Amendment No. 2

     

     

    
      
        
        

      

      
        33

        
          

        

      

      
        
        

      

    

     

    Effective
Date by and among the Domestic Note Parties and the Collateral Agent, for the
benefit of the Collateral Agent and the other holders of the Secured
Obligations.

     

    “Related
PIK Notes” means,
with respect to any Notes of any Tranche, the PIK Note of the Tranche with the
same alphabetical designation as such Note issued with respect to such
Note.

     

    “Report”
means reports prepared by the Collateral Agent or another Person showing the
results of appraisals, field examinations or audits pertaining to the assets of
the Company or any Subsidiary from information furnished by or on behalf of the
Company or any of its Subsidiaries, after the Collateral Agent or any other
Person has exercised its rights of inspection pursuant to the Bank Credit
Agreement, this Agreement or any other Note Document, which Reports may be
distributed to holders of the Notes by the Collateral Agent or such other
Person.

     

    “Secured
Obligations” shall have the meaning set forth in the Pledge and Security
Agreement.

     

    “Total
Funded Debt” means, at any time, the aggregate Dollar Amount of Debt of the
Company and its Subsidiaries which has actually been funded and is outstanding
at such time, whether or not such amount is due or payable at such
time.

     

    “Tranche
A PIK Note(s)” shall have the meaning given in Section 1.2 hereof.

     

    “Tranche
B PIK Note(s)” shall have the meaning given in Section 1.3 hereof.

     

    “2005 PIK
Notes” shall mean the PIK Notes, as that term is defined in the First Amendment
to the 2005 Note Agreement dated as of the Amendment No. 2 Effective
Date.

     

    “UCC”
means the Uniform Commercial Code as in effect from time to time in the State of
Illinois or any other state the laws of which are required to be applied in
connection with the issue of perfection of security interests.

     

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

     

    Section
1.30.  The following Defined Terms in Schedule B to the Note Agreement
shall be and are hereby deleted in their entirety: “Consolidated Debt”,
“Consolidated EBITDA”, “Consolidated Interest Expense”, “Consolidated Net
Income”, “Consolidated Total Assets”, “Consolidated Total Capitalization”,
“Priority Debt” and “Restricted Investments”.

     

     

    
      
        
        

      

      
        34

        
          

        

      

      
        
        

      

    

     

    Section
1.31.  The Note Agreement is amended by adding Exhibits 1.2 and 1.3
thereto in the forms of Exhibit 1.2 and 1.3 respectively, attached
hereto.

     

    SECTION
2.  AMENDMENT TO GUARANTY AGREEMENT.

     

    Section
2.1.  The last sentence of recital B to the Guaranty Agreement is
amended and restated in its entirety to read as follows: “The Series 2003-A
Notes and the PIK Notes, together with the Additional Notes, if any, from time
to time outstanding under the Note Purchase Agreement (together with any such
notes issued in substitution therefor pursuant to Section 13 of the Note
Purchase Agreement) are hereinafter collectively referred to as the “Notes”.”

     

    SECTION
3.  WAIVERS AND CONSENTS.

     

    Section
3.1.  Each of the holders of the Notes hereby (i)
waives the Company’s breaches of the covenants contained in (w)
the failure of the Company to comply with Sections 10.2, 10.3 and 10.4 of the
Note Agreement (as in effect prior to the Amendment No. 2 Effective Date) as of
its fiscal year ended December 31, 2008, (x)
Section 7.1(a) of the Note Agreement resulting from the Company’s failure to
deliver to holders of the Notes the quarterly reports for the fiscal quarter
ended March 31, 2009 within the time required by said Section 7.1(a) (so long as
such quarterly reports are delivered by July 15, 2009 and (y)
Section 7.1(b) of the Note Agreement resulting from the Company’s failure to
deliver to deliver to holders of the Notes the annual reports and related
financial statements required by Section 7.1(b) of the Note Agreement for the
fiscal year ended December 31, 2008 within the time required by said Section
7.1(b) (so long as such annual reports and related financial statements are so
delivered by two Business Days after the Amendment No. 2 Effective Date), (ii)
consents to the payment by the Company of a Restricted Payment in the form of a
dividend on its Capital Stock made on or prior to April 15, 2009 in an amount in
excess of $810,000 and (iii)
subject to the Company’s obligation to make the prepayment of the Notes required
by Section 8.8 of the Note Agreement (as amended by this Second Amendment) ,
waives the failure of the Company to offer to prepay the Notes as required by
Section 8.7 of the Note Agreement with respect to the Asset Sale of the real
property commonly known as 114 S. Racine, Chicago, Illinois within the time
period required by said Section 8.7, and agrees that such actions, subject to
the conditions set forth in this Section 3 and in Section 4 of this Second
Amendment, do not and will not constitute a Default or an Event of Default under
the Note Agreement, notwithstanding any term or provision thereof to the
contrary.  The foregoing waivers and consents are expressly subject to
the condition that the Company acknowledges, by its execution of this Second
Amendment, that (i) except to the extent specifically set forth in this Second
Amendment, the Note Agreement and the other Note Documents shall be otherwise
unaffected by these waivers and consents and shall remain in full force and
effect, (ii) except to the extent specifically set forth in this Second
Amendment, the holders of the Notes shall be under no obligation to waive any
future breach of any provision of the Note Agreement or any Default or Event of
Default and (iii) no course of dealing or course of performance shall be deemed
to have occurred as a result of these waivers and consents.

     

     

    
      
        
        

      

      
        35

        
          

        

      

      
        
        

      

    

     

    SECTION
4.  REPRESENTATIONS AND WARRANTIES OF THE COMPANY.

     

    Section
4.1.  To induce the Noteholders to execute and deliver this Second
Amendment  (which representations shall survive the execution and
delivery of this Second Amendment ), the Company represents and warrants to the
Noteholders that:

     

    (a)           this
Second Amendment  has been duly authorized, executed and delivered by
it and this Second Amendment  constitutes the legal, valid and binding
obligation, contract and agreement of the Company enforceable against the
Company in accordance with its terms, except as enforcement may be limited by
bankruptcy, insolvency, reorganization, moratorium or similar laws or equitable
principles relating to or limiting creditors’ rights generally;

     

    (b)           each
of the Note Agreement and the Guaranty Agreement, in each case as amended by
this Second Amendment, constitutes the legal, valid and binding obligation,
contract and agreement of the Company and the Subsidiary Guarantors,
respectively, enforceable against it and them, respectively, in accordance with
its terms, except as enforcement may be limited by bankruptcy, insolvency,
reorganization, moratorium or similar laws or equitable principles relating to
or limiting creditors’ rights generally;

     

    (c)           the
execution, delivery and performance by the Company of this Second
Amendment  (i) has been duly authorized by all requisite corporate
action and, if required, shareholder action, (ii) does not require the consent
or approval of any governmental or regulatory body or agency, and (iii) will not
(A) violate (1) any provision of law, statute, rule or regulation or its
certificate of incorporation or bylaws, (2) any order of any court or any rule,
regulation or order of any other agency or government binding upon it, or (3)
any provision of any material indenture, agreement or other instrument to which
it is a party or by which its properties or assets are or may be bound, or (B)
result in a breach or constitute (alone or with due notice or lapse of time or
both) a default under any indenture, agreement or other instrument referred to
in clause (iii)(A)(3) of this Section 41(c);

     

    (d)           as
of the date hereof and after giving effect to this Second Amendment, no Default
or Event of Default has occurred which is continuing and no condition exists
which has resulted in, or could reasonably be expected to have, a Material
Adverse Effect;

     

    (e)           all
the representations and warranties contained in Section 5 of the Note Agreement
and in Section 5 of the Guaranty Agreement are true and correct in all material
respects with the same force and effect as if made by the Company and the
Subsidiary Guarantors, respectively, on and as of the date hereof;

     

    (f)           the
Company represents that it does not have any Subsidiaries (direct or indirect)
other than those that have executed and delivered Subsidiary Guarantees to the
holders of the Notes and are listed on the signature pages to this Second
Amendment as Subsidiary Guarantors; and

     

    (g)           other
than as expressly set forth in the Amendment No. 2 to the Bank Credit Agreement
referred to in Section 5.1(c) of this Second Amendment and the 2005 Note
Agreement Amendment, neither the Company nor any of its Subsidiaries has paid or
agreed to 

     

     

    
      
        
        

      

      
        36

        
          

        

      

      
        
        

      

    

     

    pay, nor
will the Company or any of its Subsidiaries pay or agree to pay, any fees or
other compensation to the Administrative Agent, any Bank Lender or any holder of
the 2005 Notes for or with respect to such Amendment No. 2 to the Bank Credit
Agreement or such 2005 Note Agreement Amendment (other than for the
reimbursement of out of pocket expenses in connection therewith).

     

    SECTION
5.  CONDITIONS TO EFFECTIVENESS OF THIS SECOND AMENDMENT.

     

    Section
5.1.  This Second Amendment  shall not become effective
until, and shall become effective when, each and every one of the following
conditions shall have been satisfied:

     

    (a)           executed
counterparts of this Second Amendment, duly executed by the Company and the
holders of the Notes, shall have been delivered to the Noteholders;

     

    (b)           the
Company shall have delivered to each Noteholder the PIK Notes to be issued to
such Noteholder pursuant to the Agreement;

     

    (c)           the
Company shall have delivered to the Noteholders executed copies of (i) the
Pledge and Security Agreement, (ii) Amendment No. 2 to the Bank Credit
Agreement, (iii) the First Amendment to Note Purchase and Private Shelf
Agreement dated as of the date hereof among the Company and the holders of the
2005 Notes (the “2005 Note Agreement Amendment”), (iv) the Amended and Restated
Intercreditor Agreement dated as of the date hereof by and among the holders of
the Secured Obligations and acknowledged by the Company and (v) a joinder to the
Subsidiary Guaranty Agreement from Kedzie Aircraft LLC, and all related
agreements, documents and instruments, in each case, in connection therewith,
all of which shall be in form and substance satisfactory to the
Noteholders;

     

    (d)           the
Company shall have prepaid the principal of the Notes required to be prepaid
pursuant to Section 8.8 of the Note Agreement, as amended hereby, as a result of
repayments of Debt required to satisfy the condition precedent to the
effectiveness of Amendment No. 2 to the Bank Credit Agreement set forth in
Section 3(a)(i) thereof;

     

    (e)           for
the account of each Noteholder, the Company shall have paid an amendment fee in
an amount equal to 0.50% of the principal amount of the Notes outstanding as of
the Amendment No. 2 Effective Date held by such Noteholders;

     

    (f)           the
representations and warranties of the Company set forth in Section 3 hereof are
true and correct on and with respect to the date hereof;

     

    (g)           the
Noteholders shall have received the favorable opinion of counsel to the Company
as to the matters set forth in Sections 4.1(a), 4.1(b) and 4.1(c) hereof, which
opinion shall be in form and substance satisfactory to the Noteholders;
and

     

    (h)           the
Company agrees to pay upon demand, the reasonable fees and expenses of Choate,
Hall & Stewart, LLP, special counsel to the Noteholders, in connection with
the negotiation, preparation, approval, execution and delivery of this Second
Amendment .

     

     

    
      
        
        

      

      
        37

        
          

        

      

      
        
        

      

    

     

    Upon
receipt of all of the foregoing, this Second Amendment shall become
effective (the “Amendment No. 2 Effective Date”).

     

    SECTION
6.  MISCELLANEOUS.

     

    Section
6.1.  This Second Amendment  shall be construed in
connection with and as part of the Note Agreement and the Guaranty Agreement,
and except as modified and expressly amended by this Second Amendment, all
terms, conditions and covenants contained in the Note Agreement, the Guaranty
Agreement and the Notes are hereby ratified and shall be and remain in full
force and effect.

     

    Section
6.2.  Except as modified and expressly amended by this Second
Amendment, the execution, delivery and effectiveness of this Second Amendment
shall not (a) amend the Note Agreement, the Guaranty Agreement or any Note, (b)
operate as a waiver of any right, power or remedy of any Noteholder, or (c)
constitute a waiver of, or consent to any departure from, any provision of the
Note Agreement, the Guaranty Agreement or any Note at any time.  At
all times on and after the Amendment No. 2 Effective Date, each reference to the
Note Agreement or the Guaranty Agreement in any other document, instrument or
agreement shall mean and be a reference to the Note Agreement or the Guaranty
Agreement, respectively, as modified by this Second Amendment.

     

    Section
6.3.  Any and all notices, requests, certificates and other
instruments executed and delivered after the execution and delivery of this
Second Amendment may refer to the Note Agreement or the Guaranty Agreement
without making specific reference to this Second Amendment  but
nevertheless all such references shall include this Second
Amendment  unless the context otherwise requires.

     

    Section
6.4.  The descriptive headings of the various Sections or parts of
this Second Amendment  are for convenience only and shall not affect
the meaning or construction of any of the provisions hereof.

     

    Section
6.5.  This Second Amendment shall be governed by and construed in
accordance with the laws of the State of New York excluding choice-of-law
principles of the law of such State that would require the application of the
laws of a jurisdiction other than such State.

     

    [Signatures
on Following Page]

     

     

    
      
        
        

      

      
        38

        
          

        

      

      
        
        

      

    

     

    The
execution hereof by you shall constitute a contract between us for the uses and
purposes hereinabove set forth, and this Second Amendment  may be
executed in any number of counterparts, each executed counterpart constituting
an original, but all together only one agreement.

     

    
      
        
          	 	
                   Very truly
      yours,

                   

                	 
	 	
                  SCHAWK,
      INC.

                	 
	 	 	 	 
	
                   

                	
                  By:
      

                	/s/Timothy J. Cunningham 	 
	 	 	Name: Timothy
      J. Cunningham	 
	 	 	Title: Chief
      Financial Officer	 
	 	 	 	 

        

      

    

     

     

    Each of
the Subsidiary Guarantors hereby (i) consents to the foregoing Second Amendment
and ratifies the amendments contained therein, (ii) ratifies and reaffirms all
of its obligations and liabilities under each Subsidiary Guaranty (as defined in
the Note Agreement referred to in the Second Amendment) notwithstanding the
Second Amendment or otherwise, (iii) confirms that each Subsidiary Guaranty
remains in full force and effect after giving effect to the Second Amendment,
(iv) represents and warrants that there is no defense, counterclaim or offset of
any type or nature under any Subsidiary Guaranty, (v) agrees that nothing in any
Subsidiary Guaranty, the Note Agreement, the Second Amendment or any other
agreement or instrument relating thereto requires the consent of any Subsidiary
Guarantor or shall be deemed to require the consent of any Subsidiary Guarantor
to any future amendment or other modification to the Note Agreement, (vi) waives
acceptance and notice of acceptance hereof, and (vii) agrees to the amendment to
the Guaranty Agreement set forth in Section 2 of the foregoing Second
Amendment.

     

    
      
        	 	
                SCHAWK
      USA, INC.

              	 
	 	 	 	 
	
                 

              	
                By:
      

              	/s/Timothy
      J. Cunningham 	 
	 	 	Name: Timothy
      J. Cunningham	 
	 	 	Title: Chief
      Financial Officer	 
	 	 	 	 

      

    

     

    
       

      
        
          	 	
                  
                    SCHAWK
      WORLDWIDE HOLDINGS INC.

                  

                	 
	 	 	 	 
	
                   

                	
                  By:
      

                	/s/Timothy
      J. Cunningham  	 
	 	 	Name: Timothy
      J. Cunningham	 
	 	 	Title: Chief
      Financial Officer	 
	 	 	 	 

        

      

       

      
         

        
          
            	 	
                    
                      SCHAWK
      HOLDINGS INC.

                    

                  	 
	 	 	 	 
	
                     

                  	
                    By:
      

                  	/s/Timothy
      J. Cunningham  	 
	 	 	Name: Timothy
      J. Cunningham	 
	 	 	Title: Chief
      Financial Officer	 
	 	 	 	 

          

        

         

      

       

       

      
        
          
          

        

        
          39

          
            

          

        

        
          
          

        

      

    

     

     

    
       

      
        
          	 	
                  
                    SEVEN
      SEATTLE, INC.

                  

                	 
	 	 	 	 
	
                   

                	
                  By:
      

                	/s/Timothy
      J. Cunningham  	 
	 	 	Name: Timothy
      J. Cunningham	 
	 	 	Title: Chief
      Financial Officer	 
	 	 	 	 

        

      

       

      
         

        
          
            	 	
                    
                      
                        SCHAWK
      LLC

                      

                    

                  	 
	 	 	 	 
	
                     

                  	
                    By:
      

                  	/s/Timothy
      J. Cunningham  	 
	 	 	Name: Timothy
      J. Cunningham	 
	 	 	Title: Chief
      Financial Officer	 
	 	 	 	 

          

        

         

        
           

          
            
              	 	
                      
                        
                          MIRAMAR
      EQUIPMENT, INC.

                        

                      

                    	 
	 	 	 	 
	
                       

                    	
                      By:
      

                    	/s/Timothy
      J. Cunningham  	 
	 	 	Name: Timothy
      J. Cunningham	 
	 	 	Title: Chief
      Financial Officer	 
	 	 	 	 

            

          

           

        

      

    

     

    
      
         

        
          
            	 	
                    
                      
                        
                          SCHAWK
      DIGITAL SOLUTIONS INC.

                        

                      

                    

                  	 
	 	 	 	 
	
                     

                  	
                    By:
      

                  	/s/Timothy
      J. Cunningham  	 
	 	 	Name: Timothy
      J. Cunningham	 
	 	 	Title: Chief
      Financial Officer	 
	 	 	 	 

          

        

         

        
           

          
            
              	 	
                      
                        
                          
                            KEDZIE
      AIRCRAFT LLC

                          

                        

                      

                    	 
	 	 	 	 
	
                       

                    	
                      By:
      

                    	/s/Timothy
      J. Cunningham  	 
	 	 	Name: Timothy
      J. Cunningham	 
	 	 	Title: Chief
      Financial Officer	 
	 	 	 	 

            

          

           

        

      

    

     

    
      
        
        

      

      
        40

        
          

        

      

      
        
        

      

    

     

    Accepted
as of the date first written above.

     

    
       

    

    
      
        
          
            
              
                
                  
                    
                      	 	
                              
                                
                                  MASSACHUSETTS
      MUTUAL LIFE INSURANCE COMPANY

                                

                              

                            	 
	 	 	 	 
	 	By:	Babson Capital Management LLC,
      

                              as
      Investment Adviser

                            	 
	 	 	 	 
	
                               

                            	
                              By:
      

                            	/s/MaryAnn
      Spencer 	 
	 	 	Name: MaryAnn
      Spencer	 
	 	 	Title: Managing
      Director	 
	 	 	 	 

                    

                  

                

              

            

          

        

         

      

       

      
        
          
            
               

            

            
              
                
                  
                    
                      
                        
                          
                            
                              	 	
                                      
                                        
                                          C.M.
      LIFE INSURANCE COMPANY

                                        

                                      

                                    	 
	 	 	 	 
	 	By:	Babson Capital Management LLC,
      

                                      as
      Investment Adviser

                                    	 
	 	 	 	 
	
                                       

                                    	
                                      By:
      

                                    	/s/MaryAnn
      Spencer 	 
	 	 	Name: MaryAnn
      Spencer	 
	 	 	Title: Managing
      Director	 
	 	 	 	 

                            

                          

                        

                      

                    

                  

                

                
                   

                   

                  
                    
                      
                        
                           

                        

                        
                          
                            
                              
                                
                                  
                                    
                                      
                                        
                                          	 	
                                                  
                                                    
                                                      MASS
      MUTUAL ASIA LIMITED

                                                    

                                                  

                                                	 
	 	 	 	 
	 	By:	Babson Capital Management LLC,
      

                                                  as
      Investment Adviser

                                                	 
	 	 	 	 
	
                                                   

                                                	
                                                  By:
      

                                                	/s/MaryAnn
      Spencer 	 
	 	 	Name: MaryAnn
      Spencer	 
	 	 	Title: Managing
      Director	 
	 

                                        

                                      

                                    

                                  

                                

                              

                            

                          

                        

                      

                    

                  

                

              

            

          

        

      

    

     

     

    
      
        
        

      

      
        41

        
          

        

      

      
        
        

      

    

     

    Exhibit
1.2

     

    [FORM OF
TRANCHE A PIK NOTE]

     

     

     

    SCHAWK,
INC.

     

     

     

    8.90%
TRANCHE A SENIOR PIK NOTE

     

    
      
        	
                No.
      _____

              	
                [Date]

              
	
                $________

              	
                PPN:
      _________

              

      

       

    

    FOR VALUE
RECEIVED, the undersigned, Schawk, Inc., a corporation organized and existing
under the laws of the State of Delaware (herein called the “Company”), hereby
promises to pay to ______________________, or registered assigns, the principal
sum of (i) _______________ DOLLARS, plus (ii) the amount of interest on this
Note added to the principal of this Note pursuant to Section 1.2 of the
Agreement, plus (iii) all Make-Whole Amounts (as defined in the Agreement) added
to the principal of this Note pursuant to the Agreement, on the PIK Note
Maturity Date (as defined in the Agreement), with interest (computed on the
basis of a 360-day year—30-day month) (a) on the unpaid balance thereof at the
rate of 8.90% per annum (or during any period when an Event of Default shall be
in existence, at the election of the Required Holder(s) of the Tranche A PIK
Notes, at the Default Rate (as defined below)) from the date hereof, payable
quarterly on the 28th day of
April, July, October and January in each year, commencing with the April 28,
July 28, October 28, or January 28 next succeeding the date hereof, until the
principal hereof shall have become due and payable, and (b) on any overdue
payment (including any overdue prepayment) of principal, any overdue payment of
Make-Whole Amount and, to the extent permitted by applicable law, any overdue
payment of interest, payable quarterly as aforesaid (or, at the option of the
registered holder hereof, on demand), at a rate per annum from time to time
equal to the Default Rate.  The “Default Rate” shall mean a rate per
annum from time to time equal to the greater of (i) 10.90% or (ii) 2.00% over
the rate of interest publicly announced by The Bank of New York from time to
time in New York City as its Prime Rate.

     

    Except to
the extent payment of interest and Make-Whole Amount is payable by adding such
payments to the principal of this Note pursuant to the terms of the Agreement,
payments of principal of, interest on and any Make-Whole Amount payable with
respect to this Note are to be made at the principal office of Banc of America
Securities LLC in New York City or at such other place as the holder hereof
shall designate to the Company in writing, in lawful money of the United States
of America.

     

    This Note
is one of a series of Tranche A Senior PIK Notes (herein called the “Notes”)
issued pursuant to a Note Purchase Agreement, dated as of December 23, 2003 (as
amended through the date hereof and as further amended from time to time, the
“Agreement”), between the Company, on the one hand, and the Noteholders named in
the Purchaser Schedule attached thereto and each affiliate of any Noteholder
which becomes party thereto, on the other hand, and is entitled to the benefits
thereof.

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    This Note
is a registered Note and, as provided in the Agreement, upon surrender of this
Note for registration of transfer, duly endorsed, or accompanied by a written
instrument of transfer duly executed, by the registered holder hereof or such
holder’s attorney duly authorized in writing, a new Note for a like principal
amount will be issued to, and registered in the name of, the
transferee.  Prior to due presentment for registration of transfer,
the Company may treat the person in whose name this Note is registered as the
owner hereof for the purpose of receiving payment and for all other purposes,
and the Company shall not be affected by any notice to the
contrary.

     

    This Note
is subject to optional prepayment, in whole or from time to time in part, on the
terms specified in the Agreement.

     

    The
Company and any and all endorsers, guarantors and sureties severally waive
grace, demand, presentment for payment, notice of dishonor or default, notice of
intent to accelerate, notice of acceleration (except to the extent required in
the Agreement), protest and diligence in collecting in connection with this
Note, whether now or hereafter required by applicable law.

     

    In case
an Event of Default shall occur and be continuing, the principal of this Note
may be declared or otherwise become due and payable in the manner and with the
effect provided in the Agreement.

     

    Capitalized
terms used herein which are defined in the Agreement and not otherwise defined
herein shall have the meanings as defined in the Agreement.

     

    THIS
NOTE IS INTENDED TO BE PERFORMED IN THE STATE OF NEW YORK AND SHALL BE CONSTRUED
AND ENFORCED IN ACCORDANCE WITH THE LAW OF SUCH STATE (EXCLUDING ANY CONFLICTS
OF LAW RULES WHICH WOULD OTHERWISE CAUSE THIS NOTE TO BE CONSTRUED OR ENFORCED
IN ACCORDANCE WITH THE LAWS OF ANY OTHER JURISDICTION).

     

    
      
        
          	 	
                  SCHAWK,
      INC.

                	 
	 	 	 	 
	
                   

                	
                  By:
      

                	 	 
	 	
                  Title: 

                	 	 
	 	 	 	 
	 	 	 	 

        

      

    

     

     

    
      
        
        

      

      
        Exhibit
A-1

        
          

        

      

      
        
        

      

    

     

    Exhibit
1.3

     

    [FORM OF
TRANCHE B PIK NOTE]

     

     

     

    SCHAWK,
INC.

     

     

     

    8.98%
TRANCHE B SENIOR PIK NOTE

     

    
       

      
        
          	
                  No.
      _____

                	
                  [Date]

                
	
                  $________

                	
                  PPN:
      _________

                

        

         

      

    

    FOR VALUE
RECEIVED, the undersigned, Schawk, Inc., a corporation organized and existing
under the laws of the State of Delaware (herein called the “Company”), hereby
promises to pay to ______________________, or registered assigns, the principal
sum of (i) _______________ DOLLARS, plus (ii) the amount of interest on this
Note added to the principal of this Note pursuant to Section 1.3 of the
Agreement plus (iii) all Make-Whole Amounts (as defined in the Agreement) added
to the principal of this Note pursuant to the Agreement, on the PIK Note
Maturity Date (as defined in the Agreement), with interest (computed on the
basis of a 360-day year—30-day month) (a) on the unpaid balance thereof at the
rate of 8.98% per annum (or during any period when an Event of Default shall be
in existence, at the election of the Required Holder(s) of the Tranche B PIK
Notes, at the Default Rate (as defined below)) from the date hereof, payable
quarterly on the 28th day of
April, July, October and January in each year, commencing with the April 28,
July 28, October 28, or January 28 next succeeding the date hereof, until the
principal hereof shall have become due and payable, and (b) on any overdue
payment (including any overdue prepayment) of principal, any overdue payment of
Make-Whole Amount and, to the extent permitted by applicable law, any overdue
payment of interest, payable quarterly as aforesaid (or, at the option of the
registered holder hereof, on demand), at a rate per annum from time to time
equal to the Default Rate.  The “Default Rate” shall mean a rate per
annum from time to time equal to the greater of (i) 10.98% or (ii) 2.00% over
the rate of interest publicly announced by The Bank of New York from time to
time in New York City as its Prime Rate.

     

    Except to
the extent payment of interest and Make-Whole Amount is payable by adding such
payments to the principal of this Note pursuant to the terms of the Agreement,
payments of principal of, interest on and any Make-Whole Amount payable with
respect to this Note are to be made at the principal office of Banc of America
Securities LLC in New York City or at such other place as the holder hereof
shall designate to the Company in writing, in lawful money of the United States
of America.

     

    This Note
is one of a series of Tranche B Senior PIK Notes (herein called the “Notes”)
issued pursuant to a Note Purchase Agreement, dated as of December 23, 2003 (as
amended through the date hereof and as further amended from time to time, the
“Agreement”), between the Company, on the one hand, and the Noteholders named in
the Purchaser Schedule attached thereto and each affiliate of any Noteholder
which becomes party thereto, on the other hand, and is entitled to the benefits
thereof.

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    This Note
is a registered Note and, as provided in the Agreement, upon surrender of this
Note for registration of transfer, duly endorsed, or accompanied by a written
instrument of transfer duly executed, by the registered holder hereof or such
holder’s attorney duly authorized in writing, a new Note for a like principal
amount will be issued to, and registered in the name of, the
transferee.  Prior to due presentment for registration of transfer,
the Company may treat the person in whose name this Note is registered as the
owner hereof for the purpose of receiving payment and for all other purposes,
and the Company shall not be affected by any notice to the
contrary.

     

    This Note
is subject to optional prepayment, in whole or from time to time in part, on the
terms specified in the Agreement.

     

    The
Company and any and all endorsers, guarantors and sureties severally waive
grace, demand, presentment for payment, notice of dishonor or default, notice of
intent to accelerate, notice of acceleration (except to the extent required in
the Agreement), protest and diligence in collecting in connection with this
Note, whether now or hereafter required by applicable law.

     

    In case
an Event of Default shall occur and be continuing, the principal of this Note
may be declared or otherwise become due and payable in the manner and with the
effect provided in the Agreement.

     

    Capitalized
terms used herein which are defined in the Agreement and not otherwise defined
herein shall have the meanings as defined in the Agreement.

     

    THIS
NOTE IS INTENDED TO BE PERFORMED IN THE STATE OF NEW YORK AND SHALL BE CONSTRUED
AND ENFORCED IN ACCORDANCE WITH THE LAW OF SUCH STATE (EXCLUDING ANY CONFLICTS
OF LAW RULES WHICH WOULD OTHERWISE CAUSE THIS NOTE TO BE CONSTRUED OR ENFORCED
IN ACCORDANCE WITH THE LAWS OF ANY OTHER JURISDICTION).

     

    
       

      
        
          
            	 	
                    SCHAWK,
      INC.

                  	 
	 	 	 	 
	
                     

                  	
                    By:
      

                  	 	 
	 	
                    Title: 

                  	 	 
	 	 	 	 
	 	 	 	 

          

        

      

       

       

      
        
          
          

        

        
          Exhibit
A-2ex46tos3a106447_06092009.htm

    Exhibit
4.6

     

    Form
of Indenture

    

    WHX
CORPORATION

    ISSUER

    

    and

    

    [______________________]

    INDENTURE
TRUSTEE

    

    INDENTURE

    

    Dated as
of ________, _____

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
      
        	
                ARTICLE
      I

              	
                DEFINITIONS
      AND INCORPORATION BY REFERENCE

              	
                1

              
	
                Section
      1.01

              	
                Definitions.

              	
                1

              
	
                Section
      1.02

              	
                Other
      Definitions.

              	
                5

              
	
                Section
      1.03

              	
                Incorporation
      by Reference of Trust Indenture Act.

              	
                5

              
	
                Section
      1.04

              	
                Rules
      of Construction.

              	
                6

              
	 
      	 
      	 
      
	
                ARTICLE
      II

              	
                THE
      SECURITIES

              	
                6

              
	 
      	 
      	 
      
	
                Section
      2.01

              	
                Issuable
      in Series

              	
                6

              
	
                Section
      2.02

              	
                Establishment
      of Terms of Series of Securities

              	
                6

              
	
                Section
      2.03

              	
                Execution
      and Authentication

              	
                8

              
	
                Section
      2.04

              	
                Registrar
      and Paying Agent

              	
                9

              
	
                Section
      2.05

              	
                Paying
      Agent to Hold Money in Trust

              	
                9

              
	
                Section
      2.06

              	
                Holder
      Lists

              	
                10

              
	
                Section
      2.07

              	
                Transfer
      and Exchange

              	
                10

              
	
                Section
      2.08

              	
                Mutilated,
      Destroyed, Lost and Stolen Securities.

              	
                10

              
	
                Section
      2.09

              	
                Outstanding
      Securities

              	
                11

              
	
                Section
      2.10

              	
                Treasury
      Securities

              	
                11

              
	
                Section
      2.11

              	
                Temporary
      Securities

              	
                11

              
	
                Section
      2.12

              	
                Cancellation

              	
                12

              
	
                Section
      2.13

              	
                Defaulted
      Interest

              	
                12

              
	
                Section
      2.14

              	
                Global
      Securities

              	
                12

              
	
                Section
      2.15

              	
                CUSIP
      Numbers

              	
                13

              
	 
      	 
      	 
      
	
                ARTICLE
      III

              	
                REDEMPTION

              	
                13

              
	 
      	 
      	 
      
	
                Section
      3.01

              	
                Notice
      to Trustee

              	
                13

              
	
                Section
      3.02

              	
                Selection
      of Securities to be Redeemed

              	
                14

              
	
                Section
      3.03

              	
                Notice
      of Redemption.

              	
                14

              
	
                Section
      3.04

              	
                Effect
      of Notice of Redemption

              	
                15

              
	
                Section
      3.05

              	
                Deposit
      of Redemption Price

              	
                15

              
	
                Section
      3.06

              	
                Securities
      Redeemed in Part

              	
                15

              
	 
      	 
      	 
      
	
                ARTICLE
      IV

              	
                COVENANTS

              	
                15

              
	 
      	 
      	 
      
	
                Section
      4.01

              	
                Payment
      of Principal and Interest

              	
                15

              
	
                Section
      4.02

              	
                SEC
      Reports

              	
                15

              
	
                Section
      4.03

              	
                Compliance
      Certificate

              	
                15

              
	
                Section
      4.04

              	
                Stay,
      Extension and Usury Laws

              	
                16

              
	 
      	 
      	 
      
	
                ARTICLE
      V

              	
                SUCCESSORS

              	
                16

              
	 
      	 
      	 
      
	
                Section
      5.01

              	
                When
      Company May Merge, Etc.

              	
                16

              
	
                Section
      5.02

              	
                Successor
      Corporation Substituted

              	
                16

              
	 
      	 
      	 
      

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      
        	
                ARTICLE
      VI

              	
                DEFAULTS
      AND REMEDIES

              	
                16

              
	 
      	 
      	 
      
	
                Section
      6.01

              	
                Section
      6.01 Events of Default

              	
                16

              
	
                Section
      6.02

              	
                Acceleration
      of Maturity; Rescission and Annulment

              	
                18

              
	
                Section
      6.03

              	
                Collection
      of Indebtedness and Suits for Enforcement by Trustee

              	
                18

              
	
                Section
      6.04

              	
                Trustee
      May File Proofs of Claim

              	
                19

              
	
                Section
      6.05

              	
                Trustee
      May Enforce Claims Without Possession of Securities

              	
                19

              
	
                Section
      6.06

              	
                Application
      of Money Collected

              	
                20

              
	
                Section
      6.07

              	
                Limitation
      on Suits

              	
                20

              
	
                Section
      6.08

              	
                Unconditional
      Right of Holders to Receive Principal and Interest

              	
                20

              
	
                Section
      6.09

              	
                Restoration
      of Rights and Remedies

              	
                21

              
	
                Section
      6.10

              	
                Rights
      and Remedies Cumulative

              	
                21

              
	
                Section
      6.11

              	
                Delay
      or Omission Not Waiver

              	
                21

              
	
                Section
      6.12

              	
                Control
      by Holders

              	
                21

              
	
                Section
      6.13

              	
                Waiver
      of Past Defaults

              	
                21

              
	
                Section
      6.14

              	
                Undertaking
      for Costs

              	
                22

              
	 
      	 
      	 
      
	
                ARTICLE
      VII

              	
                TRUSTEE

              	
                22

              
	 
      	 
      	 
      
	
                Section
      7.01

              	
                Duties
      of Trustee

              	
                22

              
	
                Section
      7.02

              	
                Rights
      of Trustee

              	
                23

              
	
                Section
      7.03

              	
                Individual
      Rights of Trustee

              	
                24

              
	
                Section
      7.04

              	
                Trustee’s
      Disclaimer

              	
                24

              
	
                Section
      7.05

              	
                Notice
      of Defaults

              	
                24

              
	
                Section
      7.06

              	
                Reports
      by Trustee to Holders

              	
                25

              
	
                Section
      7.07

              	
                Compensation
      and Indemnity

              	
                25

              
	
                Section
      7.08

              	
                Replacement
      of Trustee

              	
                25

              
	
                Section
      7.09

              	
                Successor
      Trustee by Merger, Etc.

              	
                26

              
	
                Section
      7.10

              	
                Eligibility;
      Disqualification

              	
                26

              
	
                Section
      7.11

              	
                Preferential
      Collection of Claims Against Company

              	
                26

              
	 
      	 
      	 
      
	
                ARTICLE
      VIII

              	
                SATISFACTION
      AND DISCHARGE; DEFEASANCE

              	
                27

              
	 
      	 
      	 
      
	
                Section
      8.01

              	
                Satisfaction
      and Discharge of Indenture

              	
                27

              
	
                Section
      8.02

              	
                Application
      of Trust Funds; Indemnification

              	
                27

              
	
                Section
      8.03

              	
                Legal
      Defeasance of Securities of any Series

              	
                28

              
	
                Section
      8.04

              	
                Covenant
      Defeasance

              	
                30

              
	
                Section
      8.05

              	
                Repayment
      to Company

              	
                31

              
	
                Section
      8.06

              	
                Reinstatement

              	
                31

              
	 
      	 
      	 
      
	
                ARTICLE
      IX

              	
                AMENDMENTS
      AND WAIVERS

              	
                31

              
	 
      	 
      	 
      
	
                Section
      9.01

              	
                Without
      Consent of Holders

              	
                31

              
	
                Section
      9.02

              	
                With
      Consent of Holders

              	
                32

              
	
                Section
      9.03

              	
                Limitations

              	
                33

              
	
                Section
      9.04

              	
                Compliance
      with Trust Indenture Act

              	
                33

              
	
                Section
      9.05

              	
                Revocation
      and Effect of Consents

              	
                33

              
	
                Section
      9.06

              	
                Notation
      on or Exchange of Securities

              	
                33

              
	
                Section
      9.07

              	
                Trustee
      Protected

              	
                34

              
	 
      	 
      	 
      

      

       

      
        
          
          

        

        
          ii

          
            

          

        

        
          
          

        

      

       

      
        	
                ARTICLE
      X

              	
                MISCELLANEOUS

              	
                34

              
	 
      	 
      	 
      
	
                Section
      10.01

              	
                Trust
      Indenture Act Controls

              	
                34

              
	
                Section
      10.02

              	
                Notices

              	
                34

              
	
                Section
      10.03

              	
                Communication
      by Holders with Other Holders

              	
                35

              
	
                Section
      10.04

              	
                Certificate
      and Opinion as to Conditions Precedent

              	
                35

              
	
                Section
      10.05

              	
                Statements
      Required in Certificate or Opinion

              	
                35

              
	
                Section
      10.06

              	
                Rules
      by Trustee and Agents

              	
                35

              
	
                Section
      10.07

              	
                Legal
      Holidays

              	
                35

              
	
                Section
      10.08

              	
                No
      Recourse Against Others

              	
                36

              
	
                Section
      10.09

              	
                Counterparts

              	
                36

              
	
                Section
      10.10

              	
                Governing
      Laws

              	
                36

              
	
                Section
      10.11

              	
                No
      Adverse Interpretation of Other Agreements

              	
                36

              
	
                Section
      10.12

              	
                Successors

              	
                36

              
	
                Section
      10.13

              	
                Severability

              	
                36

              
	
                Section
      10.14

              	
                Table
      of Contents, Headings, Etc.

              	
                36

              
	
                Section
      10.15

              	
                Securities
      in a Foreign Currency

              	
                36

              
	
                Section
      10.16

              	
                Judgment
      Currency

              	
                37

              
	 
      	 
      	 
      
	
                ARTICLE
      XI

              	
                SINKING
      FUNDS

              	
                37

              
	 
      	 
      	 
      
	
                Section
      11.01

              	
                Applicability
      of Article

              	
                37

              
	
                Section
      11.02

              	
                Satisfaction
      of Sinking Fund Payments with Securities

              	
                38

              
	
                Section
      11.03

              	
                Redemption
      of Securities for Sinking Fund

              	
                38

              

      

      

      
        
          
          

        

        
          iii

          
            

          

        

        
          
          

        

      

    

     

    
      WHX
CORPORATION

      Reconciliation
and tie between Trust Indenture Act of 1939 and

      Indenture,
dated as of_______, ____

    

     

    
      	
              Section
      310

            	
              (a)(1)

            	
              7.10

            
	 
      	
              (a)(2)

            	
              7.10

            
	 
      	
              (a)(3)

            	
              NOT
      APPLICABLE

            
	 
      	
              (a)(4)

            	
              NOT
      APPLICABLE

            
	 
      	
              (a)(5)

            	
              7.10

            
	 
      	
              (b)

            	
              7.10

            
	
              Section
      311

            	
              (a)

            	
              7.11

            
	 
      	
              (b)

            	
              7.11

            
	 
      	
              (c)

            	
              NOT
      APPLICABLE

            
	
              Section
      312

            	
              (a)

            	
              2.06

            
	 
      	
              (b)

            	
              10.03

            
	 
      	
              (c)

            	
              10.03

            
	
              Section
      313

            	
              (a)

            	
              7.06

            
	 
      	
              (b)(1)

            	
              7.06

            
	 
      	
              (b)(2)

            	
              7.06

            
	 
      	
              (c)(1)

            	
              7.06

            
	 
      	
              (d)

            	
              7.06

            
	
              Section
      314

            	
              (a)

            	
              4.02,
      10.05

            
	 
      	
              (b)

            	
              NOT
      APPLICABLE

            
	 
      	
              (c)(1)

            	
              10.04

            
	 
      	
              (c)(2)

            	
              10.04

            
	 
      	
              (c)(3)

            	
              NOT
      APPLICABLE

            
	 
      	
              (d)

            	
              NOT
      APPLICABLE

            
	 
      	
              (e)

            	
              10.05

            
	 
      	
              (f)

            	
              NOT
      APPLICABLE

            
	
              Section
      315

            	
              (a)

            	
              7.01

            
	 
      	
              (b)

            	
              7.05

            
	 
      	
              (c)

            	
              7.01

            
	 
      	
              (d)

            	
              7.01

            
	 
      	
              (e)

            	
              6.14

            
	
              Section
      316

            	
              (a)

            	
              2.09

            
	 
      	
              (a)(1)(a)

            	
              6.12

            
	 
      	
              (a)(1)(b)

            	
              6.13

            
	 
      	
              (b)

            	
              6.08

            
	
              Section
      317

            	
              (a)(1)

            	
              6.03

            
	 
      	
              (a)(2)

            	
              6.04

            
	 
      	
              (b)

            	
              2.05

            
	
              Section
      318

            	
              (a)

            	
              10.01

            

    

    

    
      
        
        

      

      
        iv

        
          

        

      

      
        
        

      

    

    

    Indenture
dated as of_______, ____ between WHX Corporation, a Delaware corporation
(“Company”), and _______, a _______ corporation, as trustee
(“Trustee”).

     

    Each
party agrees as follows for the benefit of the other party and for the equal and
ratable benefit of the Holders of the Securities issued under this
Indenture.

     

    ARTICLE
I

    DEFINITIONS
AND INCORPORATION BY REFERENCE

     

    Section
1.01  Definitions.

     

    “Additional Amounts” means any
additional amounts which are required hereby or by any Security, under
circumstances specified herein or therein, to be paid by the Company in respect
of certain taxes imposed on Holders specified herein or therein and which are
owing to such Holders.

     

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

     

    “Agent” means any Registrar,
Paying Agent or Service Agent.

     

    “Applicable Procedures” means,
with respect to any transfer or transaction involving a Global Security or
beneficial interest therein, the rules and procedures of DTC or any successor
Depositary, in each case to the extent applicable to such transaction and as in
effect from time to time.

     

    “Authorized Newspaper” means a
newspaper in an official language of the country of publication customarily
published at least once a day for at least five days in each calendar week and
of general circulation in the place in connection with which the term is
used.  If it shall be impractical in the opinion of the Trustee to
make any publication of any notice required hereby in an Authorized Newspaper,
any publication or other notice in lieu thereof that is made or given by the
Trustee shall constitute a sufficient publication of such notice.

     

    “Bearer” means anyone in
possession from time to time of a Bearer Security.

     

    “Bearer Security” means any
Security, including any interest coupon appertaining thereto, that does not
provide for the identification of the Holder thereof.

     

    “Board of Directors” means the
Board of Directors of the Company or any duly authorized committee
thereof.

     

    “Board Resolution” means a
copy of a resolution certified by the Secretary or an Assistant Secretary of the
Company to have been adopted by the Board of Directors or pursuant to
authorization by the Board of Directors and to be in full force and effect on
the date of the certificate and delivered to the Trustee.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    “Business Day” means, unless
otherwise provided by Board Resolution, Officers’ Certificate or supplemental
indenture hereto for a particular Series, any day except a Saturday, Sunday or a
legal holiday in The City of New York on which banking institutions are
authorized or required by law, regulation or executive order to
close.

     

    “Capital Interests” means any
and all shares, interests, participations, rights or other equivalents (however
designated) of capital stock, including, without limitation, with respect to
partnerships, partnership interests (whether general or limited) and any other
interest or participation that confers on a person the right to receive a share
of the profits and losses of, or distributions of assets of, such
partnership.

     

    “Company” means the party
named as such above until a successor replaces it and thereafter means the
successor.

     

    “Company Order” means a
written order signed in the name of the Company by two Officers, one of whom
must be the Company’s principal executive officer, principal financial officer
or principal accounting officer.

     

    “Company Request” means a
written request signed in the name of the Company by its Chief Executive
Officer, Chief Financial Officer or a Vice President, and by its Treasurer, an
Assistant Treasurer, its Secretary or an Assistant Secretary, and delivered to
the Trustee.

     

    “Corporate Trust Office” means
the office of the Trustee at which at any particular time its corporate trust
business shall be principally administered.

     

    “Default” means any event
which is, or after notice or passage of time or both would be, an Event of
Default.

     

    “Depository” means, with
respect to the Securities of any Series issuable or issued in whole or part in
the form of one or more Global Securities, the person designated as Depositary
for such Series by the Company, which Depository shall be a clearing agency
registered under the Exchange Act; and if at any time there is more than one
such person, “Depository” as used with respect to the Securities of any Series
shall mean the Depository with respect to the Securities of such
Series.

     

    “Discount Security” means any
Security that provides for an amount less than the stated principal amount
thereof to be due and payable upon declaration of acceleration of the maturity
thereof pursuant to Section 6.02.

     

    “Dollars” and “$” means the currency of The
United States of America.

     

    “DTC” means the Depository
Trust Company, a New York corporation.

     

    “Exchange Act” means the
Securities Exchange Act of 1934, as amended, and the rules and regulations
promulgated thereunder.

     

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

     

    “Foreign Currency” means any
currency or currency unit issued by a government other than the government of
The United States of America.

     

    “Foreign Government
Obligations” means, with respect to Securities of any Series that are
denominated in a Foreign Currency, (i) direct obligations of the government that
issued or caused to be issued such currency for the payment of which obligations
its full faith and credit is pledged or (ii) obligations of a person controlled
or supervised by or acting as an agency or instrumentality of such government
the timely payment of which is unconditionally guaranteed as a full faith and
credit obligation by such government, which, in either case under clauses (i) or
(ii), are not callable or redeemable at the option of the issuer
thereof.

     

    “GAAP” means generally
accepted accounting principles set forth in the opinions and pronouncements of
the Accounting Principles Board of the American Standards Board or in such other
statements by such other entity as have been approved by a significant segment
of the accounting profession.

     

    “Global Security” or “Global Securities” means a
Security or Securities, as the case may be, in the form established pursuant to
Section 2.02 evidencing all or part of a Series of Securities, issued to the
Depository for such Series or its nominee, and registered in the name of such
Depository or nominee.

     

    “Holder” means a person in
whose name a Security is registered or the holder of a Bearer
Security.

     

    “Indenture” means this
Indenture as amended or supplemented from time to time and shall include the
form and terms of particular Series of Securities established as contemplated
hereunder.

     

    “interest” with respect to any
Discount Security which by its terms bears interest only after Maturity means
interest payable after Maturity.

     

    “Maturity,” when used with
respect to any Security or installment of principal thereof, means the date on
which the principal of such Security or such installment of principal becomes
due and payable as therein or herein provided, whether at the Stated Maturity or
by declaration of acceleration, call for redemption or otherwise.

     

    “Officer” means the Chief
Executive Officer, Chief Financial Officer, any Vice-President, the Treasurer,
the Secretary, any Assistant Treasurer or any Assistant Secretary of the
Company.

     

    “Officers’ Certificate” means
a certificate signed by two Officers, one of whom must be the Company’s
principal executive officer, principal financial officer or principal accounting
officer.

     

    “Opinion of Counsel” means a
written opinion of legal counsel who is reasonably acceptable to the
Trustee.  The counsel may be an employee of or counsel to the
Company.

     

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

     

    “person” means any individual,
corporation, partnership, joint venture, association, limited liability company,
joint-stock company, trust, unincorporated organization or government or any
agency or political subdivision thereof.

     

    “principal” of a Security
means the principal of the Security plus, when appropriate, the premium, if any,
on, and any Additional Amounts in respect of, the Security.

     

    “Responsible Officer” means
any officer of the Trustee in its Corporate Trust Office with direct
responsibility for the administration of this Indenture and also means, with
respect to a particular corporate trust matter, any other officer to whom any
corporate trust matter is referred because of his or her knowledge of and
familiarity with a particular subject.

     

    “SEC” means the Securities and
Exchange Commission.

     

    “Securities” means the
debentures, notes or other debt instruments of the Company of any Series
authenticated and delivered under this Indenture.

     

    “Series” or “Series of Securities” means
each series of debentures, notes or other debt instruments of the Company
created pursuant to Sections 2.01 and 2.02 hereof.

     

    “Stated Maturity” means when
used with respect to any Security or any installment of principal thereof or
interest thereon, the date specified in such Security as the fixed date on which
the principal of such Security or such installment of principal or interest is
due and payable.

     

    “Subsidiary” means, with
respect to any person, any corporation, association or other business entity of
which more than 50% of the total voting power of shares of Capital Interests
entitled (without regard to the occurrence of any contingency) to vote in the
election of directors, managers or trustees thereof or, in the case of a
partnership, more than 50% of the partners’ Capital Interests (considering all
partners’ Capital Interests as a single class), is at the time owned or
controlled, directly or indirectly, by such person or one or more of the other
Subsidiaries of such person or combination thereof.

     

    “TIA” means the Trust
Indenture Act of 1939 (15 U.S. Code Sections 77aaa-77bbbb) as in effect on the
date of this Indenture and the rules and regulations promulgated thereunder;
provided, however, that in the event the Trust Indenture Act of 1939 is amended
after such date, “TIA” means, to the extent required by any such amendment, the
Trust Indenture Act as so amended.

     

    “Trustee” means the person
named as the “Trustee” in the first paragraph of this instrument until a
successor Trustee shall have become such pursuant to the applicable provisions
of this Indenture, and thereafter “Trustee” shall mean each person who is then a
Trustee hereunder, and if at any time there is more than one such person,
“Trustee” as used with respect to the Securities of any Series shall mean the
Trustee with respect to Securities of that Series.

     

    “U.S. Government Obligations”
means securities which are (i) direct obligations of The United States of
America for the payment of which its full faith and credit is pledged or (ii)
obligations of a person controlled or supervised by and acting as an agency or
instrumentality of The United States of America the payment of which is
unconditionally guaranteed as a full faith and credit obligation by The United
States of America, and which are not callable or redeemable at the option of the
issuer thereof, and shall also include a depository receipt issued by a bank or
trust company as custodian with respect to any such U.S. Government Obligation
or a specific payment of interest on or principal of any such U.S. Government
Obligation held by such custodian for the account of the holder of a depository
receipt, provided that (except as required by law) such custodian is not
authorized to make any deduction from the amount payable to the holder of such
depository receipt from any amount received by the custodian in respect of the
U.S. Government Obligation evidenced by such depository receipt.

     

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

     

    Section
1.02  Other Definitions.

     

    
      	
              TERM

            	
              DEFINED

              IN
      SECTION

            
	
              “Bankruptcy
      Law”

            	
              6.01

            
	
              “Custodian”

            	
              6.01

            
	
              “Event
      of Default”

            	
              6.01

            
	
              “Judgment
      Currency”

            	
              10.16

            
	
              “Legal
      Holiday”

            	
              10.07

            
	
              “mandatory
      sinking fund payment”

            	
              11.01

            
	
              “Market
      Exchange Rate”

            	
              10.15

            
	
              “New
      York Banking Day”

            	
              10.16

            
	
              “optional
      sinking fund payment”

            	
              11.01

            
	
              “Paying
      Agent”

            	
              2.04

            
	
              “Registrar”

            	
              2.04

            
	
              “Required
      Currency”

            	
              10.16

            
	
              “Service
      Agent”

            	
              2.04

            
	
              “successor
      person”

            	
              5.01

            

    

    

    Section
1.03  Incorporation by Reference of Trust Indenture
Act.

     

    Whenever
this Indenture refers to a provision of the TIA, the provision is incorporated
by reference in and made a part of this Indenture.  The following TIA
terms used in this Indenture have the following meanings:

     

    “Commission” means the
SEC.

     

    “indenture securities” means
the Securities.

     

    “indenture security holder”
means a Holder.

     

    “indenture to be qualified”
means this Indenture.

     

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

     

    “obligor” on the indenture
securities means the Company and any successor obligor upon the
Securities.

     

    
      
        
        

      

      
        5

        
          

        

      

      
        
        

      

    

     

    All other
terms used in this Indenture that are defined by the TIA, defined by TIA
reference to another statute or defined by SEC rule under the TIA and not
otherwise defined herein are used herein as so defined.

     

    Section
1.04  Rules of Construction.

     

    Unless
the context otherwise requires:

     

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

     

    (b)           an
accounting term not otherwise defined has the meaning assigned to it in
accordance with generally accepted accounting principles;

     

    (c)           references
to “generally accepted accounting principles” and “GAAP” shall mean generally
accepted accounting principles in effect as of the time when and for the period
as to which such accounting principles are to be applied;

     

    (d)           “or”
is not exclusive;

     

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

     

    (f)           provisions
apply to successive events and transactions.

     

    ARTICLE
II

    THE
SECURITIES

     

    Section
2.01  Issuable
in Series.  The aggregate principal amount of Securities that
may be authenticated and delivered under this Indenture is
unlimited.  The Securities may be issued in one or more
Series.  All Securities of a Series shall be identical except as may
be set forth or determined in the manner provided in a Board Resolution,
supplemental indenture or Officers’ Certificate detailing the adoption of the
terms thereof pursuant to authority granted under a Board
Resolution.  In the case of Securities of a Series to be issued from
time to time, the Board Resolution, Officers’ Certificate or supplemental
indenture detailing the adoption of the terms thereof pursuant to authority
granted under a Board Resolution may provide for the method by which specified
terms (such as interest rate, maturity date, record date or date from which
interest shall accrue) are to be determined.  Securities may differ
between Series in respect of any matters, provided that all Series of Securities
shall be equally and ratably entitled to the benefits of the
Indenture.

     

    Section
2.02  Establishment of Terms of Series of
Securities.  At or prior to the issuance of any Securities
within a Series, the following shall be established (as to the Series generally,
in the case of Subsection 2.02(a) and either as to such Securities within the
Series or as to the Series generally in the case of Subsections 2.02(b) through
2.02(s) by or pursuant to a Board Resolution, and set forth or determined in the
manner provided in a Board Resolution, supplemental indenture or an Officers’
Certificate:

     

    (a)           the
form and title of the Series (which shall distinguish the Securities of that
particular Series from the Securities of any other Series);

     

    
      
        
        

      

      
        6

        
          

        

      

      
        
        

      

    

     

    (b)           the
price or prices (expressed as a percentage of the principal amount thereof) at
which the Securities of the Series will be issued;

     

    (c)           any
limit upon the aggregate principal amount of the Securities of the Series which
may be authenticated and delivered under this Indenture (except for Securities
authenticated and delivered upon registration of transfer of, or in exchange
for, or in lieu of, other Securities of the Series pursuant to Section 2.07,
2.08, 2.11, 3.06 or 9.06);

     

    (d)           the
date or dates on which the principal of the Securities of the Series is
payable;

     

    (e)           the
rate or rates (which may be fixed or variable) per annum or, if applicable, the
method used to determine such rate or rates (including, but not limited to, any
commodity, commodity index, stock exchange index or financial index) at which
the Securities of the Series shall bear interest, if any, the date or dates from
which such interest, if any, shall accrue, the date or dates on which such
interest, if any, shall commence and be payable and any regular record date for
the interest payable on any interest payment date;

     

    (f)           the
place or places where the principal of and interest, if any, on the Securities
of the Series shall be payable, where the Securities of such Series may be
surrendered for registration of transfer or exchange and where notices and
demands to or upon the Company in respect of the Securities of such Series and
this Indenture may be served, and the method of such payment, if by wire
transfer, mail or other means;

     

    (g)           if
applicable, the period or periods within which, the price or prices at which and
the terms and conditions upon which the Securities of the Series may be
redeemed, in whole or in part, at the option of the Company;

     

    (h)           the
obligation, if any, of the Company to redeem or purchase the Securities of the
Series pursuant to any sinking fund or analogous provisions or at the option of
a Holder thereof and the period or periods within which, the price or prices at
which and the terms and conditions upon which Securities of the Series shall be
redeemed or purchased, in whole or in part, pursuant to such
obligation;

     

    (i)           the
dates, if any, on which and the price or prices at which the Securities of the
Series will be repurchased by the Company at the option of the Holders thereof
and other detailed terms and provisions of such repurchase
obligations;

     

    (j)           if
other than denominations of $1,000 and any integral multiple thereof, the
denominations in which the Securities of the Series shall be
issuable;

     

    (k)           if
other than the principal amount thereof, the portion of the principal amount of
the Securities of the Series that shall be payable upon declaration of
acceleration of the maturity thereof pursuant to Section 6.02;

     

    (l)           the
currency of denomination of the Securities of the Series, which may be Dollars
or any Foreign Currency, and the agency or organization, if any, responsible for
overseeing such composite currency;

     

    
      
        
        

      

      
        7

        
          

        

      

      
        
        

      

    

     

    (m)           the
provisions, if any, relating to any security provided for the Securities of the
Series;

     

    (n)           any
addition to or change in the Events of Default which applies to any Securities
of the Series and any change in the right of the Trustee or the requisite
Holders of such Securities to declare the principal amount thereof due and
payable pursuant to Section 6.02;

     

    (o)           any
addition to or change in the covenants set forth in Articles IV or V which
applies to Securities of the Series;

     

    (p)           the
provisions, if any, relating to conversion of any Securities of such Series,
including, if applicable, the securities into which the Securities are
convertible, the conversion price, the conversion period, provisions as to
whether conversion will be mandatory, at the option of the Holders or at the
option of the Company, the events requiring an adjustment of the conversion
price and provisions affecting conversion if such Series of Securities are
redeemed;

     

    (q)           whether
the Securities of such Series will be senior debt securities or subordinated
debt securities and, if applicable, a description of the subordination terms
thereof;

     

    (r)           any
depositaries, interest rate calculation agents, exchange rate calculation agents
or other agents with respect to Securities of such Series if other than those
appointed herein; and

     

    (s)           any
other terms of the Securities of the Series (which may modify or delete any
provision of this Indenture insofar as it applies to such Series).

     

    All
Securities of any one Series need not be issued at the same time and may be
issued from time to time, consistent with the terms of this Indenture, if so
provided by or pursuant to the Board Resolution, supplemental indenture hereto
or Officers’ Certificate referred to above, and, unless otherwise provided in
such Board Resolution, a Series may be reopened, without the consent of the
Holders, for increases in the aggregate principal amount of such Series and
issuances of additional Securities of such Series.

     

    Section
2.03  Execution and
Authentication.  Two Officers shall sign the Securities for the
Company by manual or facsimile signature.  If an Officer whose
signature is on a Security no longer holds that office at the time the Security
is authenticated, the Security shall nevertheless be valid.  A
Security shall not be valid until authenticated by the manual signature of the
Trustee or an authenticating agent.  The signature shall be conclusive
evidence that the Security has been authenticated under this
Indenture.  The Trustee shall at any time, and from time to time,
authenticate Securities for original issue in the principal amount provided in
the Board Resolution, supplemental indenture hereto or Officers’ Certificate,
upon receipt by the Trustee of a Company Order.  Such Company Order
may authorize authentication and delivery pursuant to oral or electronic
instructions from the Company or its duly authorized agent or agents, which oral
instructions shall be promptly confirmed in writing.  Each Security
shall be dated the date of its authentication unless otherwise provided by a
Board Resolution, a supplemental indenture hereto or an Officers’
Certificate.  The aggregate principal amount of Securities of any
Series outstanding at any time may not exceed any limit upon the maximum
principal amount for such Series set forth in the Board Resolution, supplemental
indenture hereto or Officers’ Certificate delivered pursuant to Section 2.02,
except as provided in Section 2.02 or 2.08.  Prior to the issuance of
Securities of any Series, the Trustee shall have received and (subject to
Section 7.02) shall be fully protected in relying on: (a) the Board Resolution,
supplemental indenture hereto or Officers’ Certificate establishing the form of
the Securities of that Series or of Securities within that Series and the terms
of the Securities of that Series or of Securities within that Series, (b) an
Officers’ Certificate complying with Section 10.04 and (c) an Opinion of Counsel
complying with Section 10.04. The Trustee shall have the right to decline to
authenticate and deliver any Securities of such Series: (a) if the Trustee,
being advised by counsel, determines that such action may not be taken lawfully;
or (b) if the Trustee’s by its board of directors or trustees, executive
committee or a trust committee of directors and/or vice-presidents shall
determine in good faith that such action would expose the Trustee to personal
liability to Holders of any then outstanding Series of
Securities.  The Trustee may appoint an authenticating agent
acceptable to the Company to authenticate Securities.  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 or an Affiliate of the
Company.

     

    
      
        
        

      

      
        8

        
          

        

      

      
        
        

      

    

     

    Section
2.04  Registrar and Paying
Agent.  The Company shall maintain, with respect to each Series
of Securities, at the place or places specified with respect to such Series
pursuant to Section 2.02, an office or agency where Securities of such Series
may be presented or surrendered for payment (“Paying Agent”), where Securities
of such Series may be surrendered for registration of transfer or exchange
(“Registrar”) and where notices and demands to or upon the Company in respect of
the Securities of such Series and this Indenture may be served (“Service
Agent”). The Registrar shall keep a register with respect to each Series of
Securities and to their transfer and exchange.  The Company will give
prompt written notice to the Trustee of the name and address, and any change in
the name or address, of each Registrar, Paying Agent or Service
Agent.  If at any time the Company shall fail to maintain any such
required Registrar, Paying Agent or Service Agent or shall fail to furnish the
Trustee with the name and address thereof, such presentations, surrenders,
notices and demands may be made or served at the Corporate Trust Office of the
Trustee, and the Company hereby appoints the Trustee as its agent to receive all
such presentations, surrenders, notices and demands.  The Company may
also from time to time designate one or more co-registrars, additional paying
agents or additional service agents and may from time to time rescind such
designations; provided, however, that no such designation or rescission shall in
any manner relieve the Company of its obligations to maintain a Registrar,
Paying Agent and Service Agent in each place so specified pursuant to Section
2.02 for Securities of any Series for such purposes.  The Company will
give prompt written notice to the Trustee of any such designation or rescission
and of any change in the name or address of any such co-registrar, additional
paying agent or additional service agent.  The term “Registrar”
includes any co-registrar; the term “Paying Agent” includes any additional
paying agent; and the term “Service Agent” includes any additional service
agent.  The Company hereby appoints the Trustee the initial Registrar,
Paying Agent and Service Agent for each Series unless another Registrar, Paying
Agent or Service Agent, as the case may be, is appointed prior to the time
Securities of that Series are first issued.

     

    Section
2.05  Paying
Agent to Hold Money in Trust.  The Company shall require each
Paying Agent other than the Trustee to agree in writing that the Paying Agent
will hold in trust, for the benefit of Holders of any Series of Securities, or
the Trustee, all money held by the Paying Agent for the payment of principal of
or interest on the Series of Securities, and will notify the Trustee of any
default by the Company in making any such payment.  While any such
default continues, the Trustee may require a Paying Agent to pay all money held
by it to the Trustee.  The Company at any time may require a Paying
Agent to pay all money held by it to the Trustee.  Upon payment over
to the Trustee, the Paying Agent (if other than the Company or a Subsidiary of
the Company) shall have no further liability for the money.  If the
Company or a Subsidiary of the Company acts as Paying Agent, it shall segregate
and hold in a separate trust fund for the benefit of Holders of any Series of
Securities all money held by it as Paying Agent.

     

    
      
        
        

      

      
        9

        
          

        

      

      
        
        

      

    

     

    Section
2.06  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 of each Series of Securities and shall otherwise comply
with TIA Section 312(a).  If the Trustee is not the Registrar, the
Company shall furnish to the Trustee at least ten (10) days before each interest
payment date and at such other times as the Trustee may request in writing a
list, in such form and as of such date as the Trustee may reasonably require, of
the names and addresses of Holders of each Series of Securities.

     

    Section
2.07  Transfer
and Exchange.  Where Securities of a Series are presented to
the Registrar or a co-registrar with a request to register a transfer or to
exchange them for an equal principal amount of Securities of the same Series,
the Registrar shall register the transfer or make the exchange if its
requirements for such transactions are met.  To permit registrations
of transfers and exchanges, the Trustee shall authenticate Securities at the
Registrar’s request.  No service charge shall be made for any
registration of transfer or exchange (except as otherwise expressly permitted
herein), but the Company may require payment of a sum sufficient to cover any
transfer tax or similar governmental charge payable in connection therewith
(other than any such transfer tax or similar governmental charge payable upon
exchanges pursuant to Sections 2.11, 3.06 or 9.06).  Neither the
Company nor the Registrar shall be required (a) to issue, register the transfer
of, or exchange Securities of any Series for the period beginning at the opening
of business fifteen days immediately preceding the mailing of a notice of
redemption of Securities of that Series selected for redemption and ending at
the close of business on the day of such mailing, or (b) to register the
transfer of or exchange Securities of any Series selected, called or being
called for redemption as a whole or the portion being redeemed of any such
Securities selected, called or being called for redemption in part.

     

    Section
2.08  Mutilated, Destroyed, Lost and Stolen
Securities.

     

    (a)           If
any mutilated Security is surrendered to the Trustee, the Company shall execute
and the Trustee shall authenticate and make available for delivery in exchange
therefor a new Security of the same Series and of like tenor and principal
amount and bearing a number not contemporaneously outstanding.  If
there shall be delivered to the Company and the Trustee (i) evidence to their
satisfaction of the destruction, loss or theft of any Security and (ii) such
security or indemnity as may be required by them to save each of them and any
agent of either of them harmless, then, in the absence of notice to the Company
or the Trustee that such Security has been acquired by a protected purchaser,
the Company shall execute and upon its request the Trustee shall authenticate
and make available for delivery, in lieu of any such destroyed, lost or stolen
Security, a new Security of the same Series and of like tenor and principal
amount and bearing a number not contemporaneously outstanding. In case any such
mutilated, destroyed, lost or stolen Security has become or is about to become
due and payable, the Company in its discretion may, instead of issuing a new
Security, pay such Security.

     

    
      
        
        

      

      
        10

        
          

        

      

      
        
        

      

    

     

    (b)           Upon
the issuance of any new Security under this Section, the Company may require the
payment of a sum sufficient to cover any tax or other governmental charge that
may be imposed in relation thereto and any other expenses (including the fees
and expenses of the Trustee) connected therewith.  Every new Security
of any Series issued pursuant to this Section in lieu of any destroyed, lost or
stolen Security shall constitute an original additional contractual obligation
of the Company, whether or not the destroyed, lost or stolen Security shall be
at any time enforceable by anyone, and shall be entitled to all the benefits of
this Indenture equally and proportionately with any and all other Securities of
that Series duly issued hereunder.  The provisions of this Section are
exclusive and shall preclude (to the extent lawful) all other rights and
remedies with respect to the replacement or payment of mutilated, destroyed,
lost or stolen Securities.

     

    Section
2.09  Outstanding
Securities.  The Securities outstanding at any time are all the
Securities authenticated by the Trustee except for those canceled by it, those
delivered to it for cancellation, those reductions in the interest on a Global
Security effected by the Trustee in accordance with the provisions hereof and
those described in this Section as not outstanding.  If a Security is
replaced pursuant to Section 2.08, it ceases to be outstanding until the Trustee
receives proof satisfactory to it that the replaced Security is held by a
protected purchaser.  If the Paying Agent (other than the Company, a
Subsidiary of the Company or an Affiliate of the Company) holds on the Maturity
of Securities of a Series money sufficient to pay such Securities payable on
that date, then on and after that date such Securities of the Series cease to be
outstanding and interest on them ceases to accrue.  A Security does
not cease to be outstanding because the Company or an Affiliate of the Company
holds the Security.  In determining whether the Holders of the
requisite principal amount of outstanding Securities have given any request,
demand, authorization, direction, notice, consent or waiver hereunder, the
principal amount of a Discount Security that shall be deemed to be outstanding
for such purposes shall be the amount of the principal thereof that would be due
and payable as of the date of such determination upon a declaration of
acceleration of the Maturity thereof pursuant to Section 6.02.

     

    Section
2.10  Treasury
Securities.  In determining whether the Holders of the required
principal amount of Securities of a Series have concurred in any request,
demand, authorization, direction, notice, consent or waiver, Securities of a
Series owned by the Company shall be disregarded, except that for the purposes
of determining whether the Trustee shall be protected in relying on any such
request, demand, authorization, direction, notice, consent or waiver, only
Securities of a Series that the Trustee knows are so owned shall be so
disregarded.

     

    Section
2.11  Temporary
Securities.  Until definitive Securities are ready for
delivery, the Company may prepare and the Trustee shall authenticate temporary
Securities upon a Company Order.  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 upon request shall
authenticate definitive Securities of the same Series and date of maturity in
exchange for temporary Securities.  Until so exchanged, temporary
securities shall have the same rights under this Indenture as the definitive
Securities.

     

    
      
        
        

      

      
        11

        
          

        

      

      
        
        

      

    

     

    Section
2.12  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 registration of transfer, exchange or
payment.  The Trustee shall cancel all Securities surrendered for
registration of transfer, exchange, payment, replacement or cancellation in
accordance with its customary procedures and deliver such canceled Securities to
the Company, unless the Company otherwise directs; provided that the Trustee
shall not be required to destroy Securities.  The Company may not
issue new Securities to replace Securities that it has paid or delivered to the
Trustee for cancellation.

     

    Section
2.13  Defaulted Interest. If the
Company defaults in a payment of interest on a Series of Securities, it shall
pay the defaulted interest, plus, to the extent permitted by law, any interest
payable on the defaulted interest, to the persons who are Holders of the Series
on a subsequent special record date.  The Company shall fix the record
date and payment date.  At least ten (10) days before the record date,
the Company shall mail to the Trustee and to each Holder of the Series a notice
that states the record date, the payment date and the amount of interest to be
paid.  The Company may pay defaulted interest in any other lawful
manner.

     

    Section
2.14  Global Securities.

     

    (a)           Terms
of Securities.  A Board Resolution, a supplemental indenture hereto or
an Officers’ Certificate shall establish whether the Securities of a Series
shall be issued in whole or in part in the form of one or more Global Securities
and the Depository for such Global Security or Securities.

     

    (b)           Transfer
and Exchange.  Notwithstanding any provisions to the contrary
contained in Section 2.07 of the Indenture and in addition thereto, any Global
Security shall be exchangeable pursuant to Section 2.07 of the Indenture for
Securities registered in the names of Holders other than the Depository for such
Security or its nominee only if (i) such Depository notifies the Company that it
is unwilling or unable to continue as Depository for such Global Security or if
at any time such Depository ceases to be a clearing agency registered under the
Exchange Act, and, in either case, the Company fails to appoint a successor
Depository registered as a clearing agency under the Exchange Act within 90 days
of such event, (ii) the Company executes and delivers to the Trustee an
Officers’ Certificate to the effect that such Global Security shall be so
exchangeable or (iii) an Event of Default with respect to the Securities
represented by such Global Security shall have happened and be continuing. Any
Global Security that is exchangeable pursuant to the preceding sentence shall be
exchangeable for Securities registered in such names as the Depository shall
direct in writing in an aggregate principal amount equal to the principal amount
of the Global Security with like tenor and terms.

     

    (c)           Except
as provided in this Section 2.14(c), a Global Security may not be transferred
except as a whole by the Depository with respect to such Global Security to a
nominee of such Depository, by a nominee of such Depository to such Depository
or another nominee of such Depository or by the Depository or any such nominee
to a successor Depository or a nominee of such a successor
Depository.

     

    (d)           Legend.  Any
Global Security issued hereunder shall bear a legend in substantially the
following form:

     

    
      
        
        

      

      
        12

        
          

        

      

      
        
        

      

    

     

    (e)           “This
Security is a Global Security within the meaning of the Indenture hereinafter
referred to and is registered in the name of the Depository or a nominee of the
Depository.  This Security is exchangeable for Securities registered
in the name of a person other than the Depository or its nominee only in the
limited circumstances described in the Indenture, and may not be transferred
except as a whole by the Depository to a nominee of the Depository, 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 a successor Depository.”

     

    (f)           Acts
of Holders.  The Depository, as a Holder, may appoint agents and
otherwise authorize participants to give or take any request, demand,
authorization, direction, notice, consent, waiver or other action which a Holder
is entitled to give or take under the Indenture.

     

    (g)           Payments.  Notwithstanding
the other provisions of this Indenture, unless otherwise specified as
contemplated by Section 2.02, payment of the principal of and interest, if any,
on any Global Security shall be made to the Holder thereof.

     

    (h)           Consents,
Declaration and Directions.  Except as provided in Section 2.14(g),
the Company, the Trustee and any Agent shall treat a person as the Holder of
such principal amount of outstanding Securities of such Series represented by a
Global Security as shall be specified in a written statement of the Depository
with respect to such Global Security, for purposes of obtaining any consents,
declarations, waivers or directions required to be given by the Holders pursuant
to this Indenture.

     

    (i)           The
Depository or its nominee, as registered owner of a Global Security, shall be
the Holder of such Global Security for all purposes under the Indenture and the
Securities, and owners of beneficial interests in a Global Security shall hold
such interests pursuant to the Applicable Procedures.  Accordingly,
any such owner’s beneficial interest in a Global Security will be shown only on,
and the transfer of such interest shall be effected only through, records
maintained by the Depositary or its nominee and such owners of beneficial
interests in a Global Security will not be considered the owners or holders
thereof.

     

    Section
2.15  CUSIP
Numbers.  The Company in issuing the Securities may use “CUSIP”
numbers (if then generally in use), and, if so, the Trustee shall use “CUSIP”
numbers in notices of redemption as a convenience to Holders; provided that any
such notice may state that no representation is made as to the correctness of
such numbers either as printed on the Securities or as contained in any notice
of a redemption and that reliance may be placed only on the other elements of
identification printed on the Securities, and any such redemption shall not be
affected by any defect in or omission of such numbers. The Company shall
promptly notify the Trustee of any change in “CUSIP” numbers of which the
Company becomes aware.

     

    ARTICLE
III

    REDEMPTION

     

    Section
3.01  Notice
to Trustee.  The Company may, with respect to any Series of
Securities, reserve the right to redeem and pay the Series of Securities or may
covenant to redeem and pay the Series of Securities or any part thereof prior to
the Stated Maturity thereof at such time and on such terms as provided for in
such Securities.  If a Series of Securities is redeemable and the
Company wants or is obligated to redeem prior to the Stated Maturity thereof all
or part of the Series of Securities pursuant to the terms of such Securities, it
shall notify the Trustee of the redemption date and the principal amount of
Series of Securities to be redeemed.

     

    
      
        
        

      

      
        13

        
          

        

      

      
        
        

      

    

     

    Section
3.02  Selection of Securities to be
Redeemed.  Unless otherwise indicated for a particular Series
by a Board Resolution, a supplemental indenture or an Officers’ Certificate, if
less than all the Securities of a Series are to be redeemed, the Trustee shall
select the Securities of the Series to be redeemed in any manner that the
Trustee deems fair and appropriate.  The Trustee shall make the
selection from Securities of the Series outstanding not previously called for
redemption.  The Trustee may select for redemption portions of the
principal of Securities of the Series that have denominations larger than
$1,000.  Securities of the Series and portions of them it selects
shall be in amounts of $1,000 or whole multiples of $1,000 or, with respect to
Securities of any Series issuable in other denominations pursuant to Section
2.02(j), the minimum principal denomination for each Series and integral
multiples thereof.  Provisions of this Indenture that apply to
Securities of a Series called for redemption also apply to portions of
Securities of that Series called for redemption.

     

    Section
3.03  Notice of Redemption.

     

    (a)           Unless
otherwise indicated for a particular Series by Board Resolution, a supplemental
indenture hereto or an Officers’ Certificate, 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 to each Holder whose Securities are to be redeemed and, if
any Bearer Securities are outstanding, publish on one occasion a notice in an
Authorized Newspaper.  The notice shall identify the Securities of the
Series to be redeemed and shall state:

     

    
      	
               
      

            	
              (i)

            	
              the
      redemption date;

            

    

     

    
      	
               
      

            	
              (ii)

            	
              the
      redemption price;

            

    

     

    
      	
               
      

            	
              (iii)

            	
              the
      name and address of the Paying
Agent;

            

    

     

    
      	
               
      

            	
              (iv)

            	
              that
      Securities of the Series called for redemption must be surrendered to the
      Paying Agent to collect the redemption
price;

            

    

     

    
      	
               
      

            	
              (v)

            	
              that
      interest on Securities of the Series called for redemption ceases to
      accrue on and after the redemption
date;

            

    

     

    
      	
               
      

            	
              (vi)

            	
              the
      CUSIP number, if any; and

            

    

     

    
      	
               
      

            	
              (vii)

            	
              any
      other information as may be required by the terms of the particular Series
      or the Securities of a Series being
redeemed.

            

    

     

    At the
Company’s request, the Trustee shall give the notice of redemption in the
Company’s name and at its expense.

     

    
      
        
        

      

      
        14

        
          

        

      

      
        
        

      

    

     

    Section
3.04  Effect
of Notice of Redemption.  Once notice of redemption is mailed
or published as provided in Section 3.03, Securities of a Series called for
redemption become due and payable on the redemption date and at the redemption
price.  A notice of redemption may not be conditional.  Upon
surrender to the Paying Agent, such Securities shall be paid at the redemption
price plus accrued interest to the redemption date; provided that installments
of interest whose Stated Maturity is on or prior to the redemption date shall be
payable to the Holders of such Securities (or one or more predecessor
Securities) registered at the close of business on the relevant record date
therefor according to their terms and the terms of this Indenture.

     

    Section
3.05  Deposit
of Redemption Price.  On or before 10:00 a.m., New York City
time, on the redemption date, the Company shall deposit with the Paying Agent
money sufficient to pay the redemption price of and accrued interest, if any, on
all Securities to be redeemed on that date.

     

    Section
3.06  Securities Redeemed in
Part.  Upon surrender of a Security that is redeemed in part,
the Trustee shall authenticate for the Holder a new Security of the same Series
and the same maturity equal in principal amount to the unredeemed portion of the
Security surrendered.

     

    ARTICLE
IV

    COVENANTS

     

    Section
4.01  Payment
of Principal and Interest.  The Company covenants and agrees
for the benefit of the Holders of each Series of Securities that it will duly
and punctually pay the principal of and interest, if any, on the Securities of
that Series in accordance with the terms of such Securities and this
Indenture.

     

    Section
4.02  SEC
Reports.  The Company shall, so long as any of the Securities
are outstanding, electronically file with the Commission the annual, quarterly
and other periodic reports that the Company is required to file (or would be
otherwise required to file) with the Commission pursuant to Sections 13 and
15(d) of the Exchange Act.  The Company also shall comply with the
other provisions of TIA Section 314(a).  Delivery of any 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 an Officers’
Certificate).

     

    Section
4.03  Compliance
Certificate.  The Company shall, so long as any of the
Securities are outstanding, deliver to the Trustee, within 120 days after the
end of each fiscal year of the Company, an Officers’ Certificate stating whether
or not to the knowledge of the signers thereof the Company is in default in the
performance and observance of any of the terms, provisions and conditions hereof
(without regard to any period of grace or requirement of notice provided
hereunder), and if a Default or Event of Default shall have occurred, specifying
all such Defaults or Events of Default and the nature and status thereof of
which they may have knowledge. The Company shall, so long as any of the
Securities are outstanding, deliver to the Trustee, within thirty (30) days
after becoming aware of any Default or Event of Default, an Officers’
Certificate specifying such Default or Event of Default and what action the
Company is taking or proposes to take with respect thereto.

     

    
      
        
        

      

      
        15

        
          

        

      

      
        
        

      

    

     

    Section
4.04  Stay,
Extension and Usury Laws.  The Company covenants (to the extent
that it may lawfully do so) that it will not at any time insist upon, plead or
in any manner whatsoever claim or take the benefit or advantage of, any stay,
extension or usury law wherever enacted, now or at any time hereafter in force,
which may affect the covenants or the performance of this Indenture or the
Securities and the Company (to the extent it may lawfully do so) hereby
expressly waives all benefit or advantage of any such law and covenants that it
will not, by resort to any such law, hinder, delay or impede the execution of
any power herein granted to the Trustee, but will suffer and permit the
execution of every such power as though no such law has been
enacted.

     

    ARTICLE
V

    SUCCESSORS

     

    Section
5.01  When
Company May Merge, Etc.  The Company shall not consolidate with
or merge with or into, or convey, transfer or lease all or substantially all of
its properties and assets to, any person (a “successor person”)
unless:

     

    (a)           the
Company is the surviving corporation or the successor person (if other than the
Company) is organized and validly existing under the laws of any U.S. domestic
jurisdiction and expressly assumes the Company’s obligations on the Securities
and under this Indenture; and

     

    (b)           immediately
after giving effect to the transaction, no Default or Event of Default shall
have occurred and be continuing.

     

    The
Company shall deliver to the Trustee prior to the consummation of the proposed
transaction an Officers’ Certificate to the foregoing effect and an Opinion of
Counsel stating that the proposed transaction and any supplemental indenture
comply with this Indenture.

     

    Section
5.02  Successor Corporation
Substituted.  Upon any consolidation or merger, or any sale,
lease, conveyance or other disposition of all or substantially all of the assets
of the Company in accordance with Section 5.01, the successor corporation formed
by such consolidation or into or with which the Company is merged or to which
such sale, lease, conveyance or other disposition is made shall succeed to, and
be substituted for, and may exercise every right and power of, the Company under
this Indenture with the same effect as if such successor person has been named
as the Company herein; provided, however, that the predecessor Company in the
case of a sale, conveyance or other disposition (other than a lease) shall be
released from all obligations and covenants under this Indenture and the
Securities.

     

    ARTICLE
VI

    DEFAULTS
AND REMEDIES

     

    Section
6.01  Section 6.01 Events of Default.

     

    “Event of
Default,” wherever used herein with respect to Securities of any Series, means
any one of the following events, unless in the establishing Board Resolution,
supplemental indenture or Officers’ Certificate, it is provided that such Series
shall not have the benefit of said Event of Default:

     

    
      
        
        

      

      
        16

        
          

        

      

      
        
        

      

    

     

    (a)           default
in the payment of any interest on any Security of that Series when it becomes
due and payable, and continuance of such default for a period of 30 days (unless
the entire amount of such payment is deposited by the Company with the Trustee
or with a Paying Agent prior to the expiration of such period of 30 days);
or

     

    (b)           default
in the payment of principal of any Security of that Series at its Maturity;
or

     

    (c)           default
in the performance or breach of any covenant or warranty of the Company in this
Indenture (other than a covenant or warranty for which the consequences of
nonperformance or breach are addressed elsewhere in this Section 6.01 and other
than a covenant or warranty that has been included in this Indenture solely for
the benefit of Series of Securities other than that Series), which default
continues uncured for a period of 90 days after there has been given, by
registered or certified mail, to the Company by the Trustee or to the Company
and the Trustee by the Holders of not less than a majority in principal amount
of the outstanding Securities of that Series a written notice specifying such
default or breach and requiring it to be remedied and stating that such notice
is a “Notice of Default” hereunder; or

     

    (d)           the
Company pursuant to or within the meaning of any Bankruptcy Law:

     

    
      	
               
      

            	
              (i)

            	
              commences
      a voluntary case or proceeding;

            

    

     

    
      	
               
      

            	
              (ii)

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

            

    

     

    
      	
               
      

            	
              (iii)

            	
              consents
      to the appointment of a Custodian of it or for all or substantially all of
      its property,

            

    

     

    
      	
               
      

            	
              (iv)

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

            

    

     

    
      	
               
      

            	
              (v)

            	
              makes
      an admission by writing that it is generally unable to pay its debts as
      the same become due; or

            

    

     

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

     

    
      	
               
      

            	
              (i)

            	
              is
      for relief against the Company in an involuntary
  case,

            

    

     

    
      	
               
      

            	
              (ii)

            	
              appoints
      a Custodian of the Company or for all or substantially all of its
      property, or

            

    

     

    
      	
               
      

            	
              (iii)

            	
              orders
      the liquidation of the Company, and the order or decree remains unstayed
      and in effect for 90 days; or

            

    

     

    
      
        
        

      

      
        17

        
          

        

      

      
        
        

      

    

     

    (f)           any
other Event of Default provided with respect to Securities of that Series, which
is specified in a Board Resolution, a supplemental indenture hereto or an
Officers’ Certificate, in accordance with Section 2.02(n).

     

    The term
“Bankruptcy Law” means Title 11 of the U.S. Code or any similar federal or state
law for the relief of debtors.  The term “Custodian” means any
receiver, trustee, assignee, liquidator or similar official under any Bankruptcy
Law.

     

    Section
6.02  Acceleration of Maturity; Rescission
and Annulment.  If an Event of Default with respect to
Securities of any Series at the time outstanding occurs and is continuing (other
than an Event of Default referred to in Section 6.1(d) or (e)), then in every
such case the Trustee or the Holders of not less than a majority in principal
amount of the outstanding Securities of that Series may declare the principal
amount (or, if any Securities of that Series are Discount Securities, such
portion of the principal amount as may be specified in the terms of such
Securities) of and accrued and unpaid interest, if any, on all of the Securities
of that Series to be due and payable immediately, by a notice in writing to the
Company (and to the Trustee if given by Holders), and upon any such declaration
such principal amount (or specified amount) and accrued and unpaid interest, if
any, shall become immediately due and payable. If an Event of Default specified
in Section 6.1(d) or (e) shall occur, the principal amount (or specified amount)
of and accrued and unpaid interest, if any, on all 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 such a
declaration of acceleration with respect to any Series has been made and before
a judgment or decree for payment of the money due has been obtained by the
Trustee as hereinafter in this Article provided, the Holders of a majority in
principal amount of the outstanding Securities of that Series, by written notice
to the Company and the Trustee, may rescind and annul such declaration and its
consequences if all Events of Default with respect to Securities of that Series,
other than the non-payment of the principal and interest, if any, of Securities
of that Series which have become due solely by such declaration of acceleration,
have been cured or waived as provided in Section 6.13. No such rescission shall
affect any subsequent Default or impair any right consequent
thereon.

     

    Section
6.03  Collection of Indebtedness and Suits for Enforcement by
Trustee.

     

    The
Company covenants that if:

     

    (a)           default
is made in the payment of any interest on any Security when such interest
becomes due and payable and such default continues for a period of 30 days,
or

     

    (b)           default
is made in the payment of principal of any Security at the Maturity
thereof,

     

    then the
Company will, upon demand of the Trustee, pay to it, for the benefit of the
Holders of such Securities, the whole amount then due and payable on such
Securities for principal and interest and, to the extent that payment of such
interest shall be legally enforceable, interest on any overdue principal and any
overdue interest at the rate or rates prescribed therefor in such Securities
and, in addition thereto, 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.

     

    
      
        
        

      

      
        18

        
          

        

      

      
        
        

      

    

     

    If the
Company fails to pay such amounts forthwith upon such demand, the Trustee, in
its own name and as trustee of an express trust, may institute a judicial
proceeding for the collection of the sums so due and unpaid, may prosecute such
proceeding to judgment or final decree and may enforce the same against the
Company or any other obligor upon such Securities and collect the moneys
adjudged or deemed to be payable in the manner provided by law out of the
property of the Company or any other obligor upon such Securities, wherever
situated.

     

    If an
Event of Default with respect to any Securities of any Series occurs and is
continuing, the Trustee may in its discretion proceed to protect and enforce its
rights and the rights of the Holders of Securities of such Series by such
appropriate judicial proceedings as the Trustee shall deem most effectual to
protect and enforce any such rights, whether for the specific enforcement of any
covenant or agreement in this Indenture or in aid of the exercise of any power
granted herein, or to enforce any other proper remedy.

     

    Section
6.04  Trustee
May File Proofs of Claim.  In case of the pendency of any
receivership, insolvency, liquidation, bankruptcy, reorganization, arrangement,
adjustment, composition or other judicial proceeding relative to the Company or
any other obligor upon the Securities or the property of the Company or of such
other obligor or their creditors, the Trustee (irrespective of whether the
principal of the Securities shall then be due and payable as therein expressed
or by declaration or otherwise and irrespective of whether the Trustee shall
have made any demand on the Company for the payment of overdue principal or
interest) shall be entitled and empowered, by intervention in such proceeding or
otherwise, (a) to file and prove a claim for the whole amount of principal and
interest owing and unpaid in respect of the Securities and to file such other
papers or documents as may be necessary or advisable in order to have the claims
of the Trustee (including any claim for the reasonable compensation, expenses,
disbursements and advances of the Trustee, its agents and counsel) and of the
Holders allowed in such judicial proceeding, and (b) to collect and receive any
moneys or other property payable or deliverable on any such claims and to
distribute the same, and any custodian, receiver, assignee, trustee, liquidator,
sequestrator or other similar official in any such judicial proceeding is hereby
authorized by each Holder to make such payments to the Trustee and, in the event
that the Trustee shall consent to the making of such payments directly to the
Holders, to pay to the Trustee any amount due it for the reasonable
compensation, expenses, disbursements and advances of the Trustee, its agents
and counsel, and any other amounts due the Trustee under Section 7.07. Nothing
herein contained shall be deemed to authorize the Trustee to authorize or
consent to or accept or adopt on behalf of any Holder any plan of
reorganization, arrangement, adjustment or composition affecting the Securities
or the rights of any Holder thereof or to authorize the Trustee to vote in
respect of the claim of any Holder in any such proceeding.

     

    Section
6.05  Trustee
May Enforce Claims Without Possession of Securities.  All
rights of action and claims under this Indenture or the Securities may be
prosecuted and enforced by the Trustee without the possession of any of the
Securities or the production thereof in any proceeding relating thereto, and any
such proceeding instituted by the Trustee shall be brought in its own name as
trustee of an express trust, and any recovery of judgment shall, after provision
for the payment of the reasonable compensation, expenses, disbursements and
advances of the Trustee, its agents and counsel, be for the ratable benefit of
the Holders of the Securities in respect of which such judgment has been
recovered.

     

    
      
        
        

      

      
        19

        
          

        

      

      
        
        

      

    

     

    Section
6.06  Application of Money
Collected.

     

    Any money
collected by the Trustee pursuant to this Article shall be applied in the
following order, at the date or dates fixed by the Trustee and, in case of the
distribution of such money on account of principal or interest, upon
presentation of the Securities and the notation thereon of the payment if only
partially paid and upon surrender thereof if fully paid:

     

    First: To
the payment of all amounts due the Trustee under Section 7.07; and

     

    Second:
To the payment of the amounts then due and unpaid for principal of and interest
on the Securities in respect of which or for the benefit of which such money has
been collected, ratably, without preference or priority of any kind, according
to the amounts due and payable on such Securities for principal and interest,
respectively; and

     

    Third: To
the Company.

     

    Section
6.07  Limitation on
Suits.  No Holder of any Security of any Series shall have any
right to institute any proceeding, judicial or otherwise, with respect to this
Indenture, or for the appointment of a receiver or trustee, or for any other
remedy hereunder, unless:

     

    (a)           such
Holder has previously given written notice to the Trustee of a continuing Event
of Default with respect to the Securities of that Series;

     

    (b)           the
Holders of at least a majority in principal amount of the outstanding Securities
of that Series shall have made written request to the Trustee to institute
proceedings in respect of such Event of Default in its own name as Trustee
hereunder;

     

    (c)          
such Holder or Holders have offered to the Trustee reasonable indemnity against
the costs, expenses and liabilities to be incurred in compliance with such
request;

     

    (c)           the
Trustee for 60 days after its receipt of such notice, request and offer of
indemnity has failed to institute any such proceeding; and

     

    (d)           no
direction inconsistent with such written request has been given to the Trustee
during such 60-day period by the Holders of a majority in principal amount of
the outstanding Securities of that Series; it being understood and intended that
no one or more of such Holders shall have any right in any manner whatever by
virtue of, or by availing of, any provision of this Indenture to affect, disturb
or prejudice the rights of any other of such Holders, or to obtain or to seek to
obtain priority or preference over any other of such Holders or to enforce any
right under this Indenture, except in the manner herein provided and for the
equal and ratable benefit of all such Holders.

     

    Section
6.08  Unconditional Right of Holders to
Receive Principal and Interest.  Notwithstanding any other
provision in this Indenture, the Holder of any Security shall have the right,
which is absolute and unconditional, to receive payment of the principal of and
interest, if any, on such Security on the Stated Maturity or Stated Maturities
expressed in such Security (or, in the case of redemption, on the redemption
date) and to institute suit for the enforcement of any such payment, and such
rights shall not be impaired without the consent of such Holder.

     

    
      
        
        

      

      
        20

        
          

        

      

      
        
        

      

    

     

    Section
6.09  Restoration of Rights and
Remedies.  If the Trustee or any Holder has instituted any
proceeding to enforce any right or remedy under this Indenture and such
proceeding has been discontinued or abandoned for any reason, or has been
determined adversely to the Trustee or to such Holder, then and in every such
case, subject to any determination in such proceeding, the Company, the Trustee
and the Holders shall be restored severally and respectively to their former
positions hereunder and thereafter all rights and remedies of the Trustee and
the Holders shall continue as though no such proceeding had been
instituted.

     

    Section
6.10  Rights
and Remedies Cumulative.  Except as otherwise provided with
respect to the replacement or payment of mutilated, destroyed, lost or stolen
Securities in Section 2.08, no right or remedy herein conferred upon or reserved
to the Trustee or to the Holders is intended to be exclusive of any other right
or remedy, and every right and remedy shall, to the extent permitted by law, be
cumulative and in addition to every other right and remedy given hereunder or
now or hereafter existing at law or in equity or otherwise.  The
assertion or employment of any right or remedy hereunder, or otherwise, shall
not, to the extent permitted by law, prevent the concurrent assertion or
employment of any other appropriate right or remedy.

     

    Section
6.11  Delay or
Omission Not Waiver.  No delay or omission of the Trustee or of
any Holder of any Securities to exercise any right or remedy accruing upon any
Event of Default shall impair any such right or remedy or constitute a waiver of
any such Event of Default or an acquiescence therein.  Every right and
remedy given by this Article or by law to the Trustee or to the Holders may be
exercised from time to time, and as often as may be deemed expedient, by the
Trustee or by the Holders, as the case may be.

     

    Section
6.12  Control
by Holders.  The Holders of a majority in principal amount of
the outstanding Securities of any Series shall have the right to 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 the Trustee, with
respect to the Securities of such Series, provided that:

     

    (a)           such
direction shall not be in conflict with any rule of law or with this
Indenture,

     

    (b)           the
Trustee may take any other action deemed proper by the Trustee which is not
inconsistent with such direction, and

     

    (c)           subject
to the provisions of Section 6.01, the Trustee shall have the right to decline
to follow any such direction if the Trustee in good faith shall, by a
Responsible Officer of the Trustee, determine that the proceeding so directed
would involve the Trustee in personal liability.

     

    Section
6.13  Waiver
of Past Defaults.  The Holders of not less than a majority in
principal amount of the outstanding Securities of any Series may on behalf of
the Holders of all the Securities of such Series waive any past Default
hereunder with respect to such Series and its consequences, except a Default (i)
in the payment of the principal of or interest on any Security of such Series
(provided, however, that the Holders of a majority in principal amount of the
outstanding Securities of any Series may rescind an acceleration and its
consequences, including any related payment default that resulted from such
acceleration) or (ii) in respect of a covenant or provision hereof which cannot
be modified or amended without the consent of the Holder of each outstanding
Security of such Series affected. Upon any such waiver, such Default shall cease
to exist, and any Event of Default arising therefrom shall be deemed to have
been cured, for every purpose of this Indenture; but no such waiver shall extend
to any subsequent or other Default or impair any right consequent
thereon.

     

    
      
        
        

      

      
        21

        
          

        

      

      
        
        

      

    

     

    Section
6.14  Undertaking for
Costs.  All parties to this Indenture agree, and each Holder of
any Security by his acceptance thereof shall be deemed to have agreed, that any
court may in its discretion require, 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, suffered or omitted by it as Trustee, the filing by any party
litigant in such suit of an undertaking to pay the costs of such suit, and that
such court may in its discretion assess reasonable costs, including reasonable
attorneys’ fees, against any party litigant in such suit, having due regard to
the merits and good faith of the claims or defenses made by such party litigant;
but the provisions of this Section shall not apply to any suit instituted by the
Company, to any suit instituted by the Trustee, to any suit instituted by any
Holder, or group of Holders, holding in the aggregate more than 10% in principal
amount of the outstanding Securities of any Series, or to any suit instituted by
any Holder for the enforcement of the payment of the principal of or interest on
any Security on or after the Stated Maturity or Stated Maturities expressed in
such Security (or, in the case of redemption, on the redemption
date).

     

    ARTICLE
VII

    TRUSTEE

     

    Section
7.01  Duties
of Trustee.

     

    (a)           If
an Event of Default has occurred and is continuing, the Trustee shall exercise
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 such person’s own affairs.

     

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

     

    
      	
               
      

            	
              (i)

            	
              The
      Trustee need perform only those duties that are specifically set forth in
      this Indenture and no others.

            

    

     

    
      	
               
      

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

            

    

     

    
      
        
        

      

      
        22

        
          

        

      

      
        
        

      

    

     

    (c)           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.

            

    

     

    
      	
               
      

            	
              (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.

            

    

     

    
      	
               
      

            	
              (iii)

            	
              The
      Trustee shall not be liable with respect to any action taken, suffered or
      omitted to be taken by it with respect to Securities of any Series in good
      faith in accordance with the direction of the Holders of a majority in
      principal amount of the outstanding Securities of such Series relating to
      the time, method and place of conducting any proceeding for any remedy
      available to the Trustee, or exercising any trust or power conferred upon
      the Trustee, under this Indenture with respect to the Securities of such
      Series.

            

    

     

    (d)           Every
provision of this Indenture that in any way relates to the Trustee is subject to
paragraph (a), (b) and (c) of this Section.

     

    (e)           The
Trustee may refuse to perform any duty or exercise any right or power at the
request or direction of any Holder unless it receives indemnity satisfactory to
it against any loss, liability or expense.

     

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

     

    (g)           No
provision of this Indenture shall require the Trustee to risk its own funds or
otherwise incur any financial liability in the performance of any of its duties,
or in the exercise of any of its rights or powers, if it shall have reasonable
grounds for believing that repayment of such funds or adequate indemnity against
such risk is not reasonably assured to it.

     

    (h)           The
Paying Agent, the Registrar and any Service Agent or authenticating agent shall
be entitled to the protections, immunities and standard of care as are set forth
in paragraphs (a), (b) and (c) of this Section with respect to the
Trustee.

     

    Section
7.02  Rights
of Trustee.

     

    (a)           The
Trustee may rely on and shall be protected in acting or refraining from acting
upon any document believed by it to be genuine and to have been signed or
presented by the proper person.  The Trustee need not investigate any
fact or matter stated in the document.

     

    (b)           Before
the Trustee acts or refrains from acting, it may require an Officers’
Certificate.  The Trustee shall not be liable for any action it takes
or omits to take in good faith in reliance on such Officers’
Certificate.

     

    
      
        
        

      

      
        23

        
          

        

      

      
        
        

      

    

     

    (c)           The
Trustee may act through agents and shall not be responsible for the misconduct
or negligence of any agent appointed with due care.  No Depository
shall be deemed an agent of the Trustee, and the Trustee shall not be
responsible for any act or omission by any Depository.

     

    (d)           The
Trustee shall not be liable for any action it takes or omits to take in good
faith which it believes to be authorized or within its rights or powers,
provided that the Trustee’s conduct does not constitute negligence or bad
faith.

     

    (e)           The
Trustee may consult with counsel, and the advice of such counsel or any Opinion
of Counsel shall be full and complete authorization and protection in respect of
any action taken, suffered or omitted by it hereunder without negligence and in
good faith and in reliance thereon.

     

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

     

    (g)           The
Trustee shall not be bound to make any investigation into the facts or matters
stated in any resolution, certificate, statement, instrument, opinion, report,
notice, request, direction, consent, order, bond, debenture, note, other
evidence of indebtedness or other paper or document, but the Trustee, in its
discretion, may make such further inquiry or investigation into such facts or
matters as it may see fit.

     

    (h)           The
Trustee shall not be deemed to have notice of any Default or Event of 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 generally or the Securities of a particular Series and
this Indenture.

     

    (i)           The
permissive rights of the Trustee enumerated herein shall not be construed as
duties.

     

    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 or an Affiliate of the Company with the same rights it would have if it
were not Trustee.  Any Agent may do the same with like
rights.  The Trustee is also subject to Sections 7.10 and
7.11.

     

    Section
7.04  Trustee’s
Disclaimer.  The Trustee 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 in the Securities other than its
authentication.

     

    Section
7.05  Notice
of Defaults.  If a Default or Event of Default occurs and is
continuing with respect to the Securities of any Series and if it is known to a
Responsible Officer of the Trustee, the Trustee shall mail to each Holder of the
Securities of that Series and, if any Bearer Securities are outstanding, publish
on one occasion in an Authorized Newspaper, notice of a Default or Event of
Default within 90 days after it occurs or, if later, after a Responsible Officer
of the Trustee has knowledge of such Default or Event of Default. Except in the
case of a Default or Event of Default in payment of principal of or interest on
any Security of any Series, the Trustee may withhold the notice if and so long
as its corporate trust committee or a committee of its Responsible Officers in
good faith determines that withholding the notice is in the interests of Holders
of that Series.

     

    
      
        
        

      

      
        24

        
          

        

      

      
        
        

      

    

     

    Section
7.06  Reports
by Trustee to Holders.  Within 60 days after May 15 in each
year, the Trustee shall transmit by mail to all Holders, as their names and
addresses appear on the register kept by the Registrar and, if any Bearer
Securities are outstanding, publish in an Authorized Newspaper, a brief report
dated as of such May 15, in accordance with, and to the extent required under,
TIA Section 313.  A copy of each report at the time of its mailing to
Holders of any Series shall be filed with the SEC and each stock exchange on
which the Securities of that Series are listed.  The Company shall
promptly notify the Trustee when Securities of any Series are listed on any
stock exchange.

     

    Section
7.07  Compensation and
Indemnity.  The Company shall pay to the Trustee from time to
time compensation for its services as the Company and the Trustee shall from
time to time agree upon in writing.  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 out-of-pocket expenses incurred by it.  Such expenses shall
include the reasonable compensation and expenses of the Trustee’s agents and
counsel.  The Company shall indemnify each of the Trustee and any
predecessor Trustee (including the cost of defending itself) against any loss,
liability or expense, including taxes (other than taxes based upon, measured by
or determined by the income of the Trustee) incurred by it except as set forth
in this Section 7.07 in the performance of its duties under this Indenture as
Trustee or Agent.  The Trustee shall notify the Company promptly of
any claim for which it may seek indemnity.  The Company shall defend
the claim and the Trustee shall cooperate in the defense.  The Trustee
may have one separate counsel and the Company shall pay the reasonable fees and
expenses of such counsel.  The Company need not pay for any settlement
made without its consent, which consent shall not be unreasonably
withheld.  This indemnification shall apply to officers, directors,
employees, shareholders and agents of the Trustee.  The Company need
not reimburse any expense or indemnify against any loss or liability incurred by
the Trustee or by any officer, director, employee, shareholder or agent of the
Trustee through the negligence or bad faith of any such persons.  To
secure the Company’s payment obligations in this Section, the Trustee shall have
a lien prior to the Securities of any Series on all money or property held or
collected by the Trustee, except that held in trust to pay principal of and
interest on particular Securities of that Series.  When the Trustee
incurs expenses or renders services after an Event of Default specified in
Section 6.01(d) or (e) occurs, the expenses and the compensation for the
services are intended to constitute expenses of administration under any
Bankruptcy Law.  The provisions of this Section shall survive the
resignation or removal of the Trustee and the termination of this
Indenture.

     

    Section
7.08   Replacement of
Trustee.  A resignation or removal of the Trustee and
appointment of a successor Trustee shall become effective only upon the
successor Trustee’s acceptance of appointment as provided in this
Section.  The Trustee may resign with respect to the Securities of one
or more Series by so notifying the Company at least 30 days prior to the date of
the proposed resignation.  The Holders of a majority in principal
amount of the Securities of any Series may remove the Trustee with respect to
that Series by so notifying the Trustee and the Company.  The Company
may remove the Trustee with respect to Securities of one or more Series
if:

     

    
      
        
        

      

      
        25

        
          

        

      

      
        
        

      

    

     

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

     

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

     

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

     

    (d)           the
Trustee becomes incapable of acting.

     

    If the
Trustee resigns or is removed or if a vacancy exists in the office of Trustee
for any reason, the Company shall promptly appoint a successor
Trustee.

     

    If a
successor Trustee with respect to the Securities of any one or more Series 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 a majority in
principal amount of the Securities of the applicable Series may petition any
court of competent jurisdiction for the appointment of a successor
Trustee.

     

    A
successor Trustee shall deliver a written acceptance of its appointment to the
retiring Trustee and to the Company.  Immediately after that, the
retiring Trustee shall transfer all property held by it as Trustee to the
successor Trustee subject to the lien provided for 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
with respect to each Series of Securities for which it is acting as Trustee
under this Indenture.  A successor Trustee shall mail a notice of its
succession to each Holder of each such Series and, if any Bearer Securities are
outstanding, publish such notice on one occasion in an Authorized
Newspaper.  Notwithstanding replacement of the Trustee pursuant to
this Section 7.08, the Company’s obligations under Section 7.07 hereof shall
continue for the benefit of the retiring Trustee with respect to expenses and
liabilities incurred by it prior to the date of such replacement.

     

    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 successor corporation without any further act shall be
the successor Trustee.

     

    Section
7.10  Eligibility;
Disqualification.  This Indenture shall always have a Trustee
who satisfies the requirements of TIA Section 310(a)(1), (2) and
(5).  The Trustee shall comply with TIA Section 310(b).

     

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

     

    
      
        
        

      

      
        26

        
          

        

      

      
        
        

      

    

     

    ARTICLE
VIII

    SATISFACTION
AND DISCHARGE; DEFEASANCE

     

    Section
8.01  Satisfaction and Discharge of Indenture.

     

    This
Indenture shall upon Company Order cease to be of further effect (except as
hereinafter provided in this Section 8.01), and the Trustee, at the expense of
the Company, shall execute proper instruments acknowledging satisfaction and
discharge of this Indenture, when

     

    (a)           any
of the following shall have occurred:

     

    
      	
               
      

            	
              (i)

            	
              no
      Securities have been issued
hereunder;

            

    

     

    
      	
               
      

            	
              (ii)

            	
              all
      Securities theretofore authenticated and delivered (other than Securities
      that have been destroyed, lost or stolen and that have been replaced or
      paid) have been delivered to the Trustee for cancellation;
    or

            

    

     

    
      	
               
      

            	
              (iii)

            	
              all
      such Securities not theretofore delivered to the Trustee for cancellation
      (1) have become due and payable, or (2) will become due and payable at
      their Stated Maturity within one year, or (3) are to be called for
      redemption within one year under arrangements satisfactory to the Trustee
      for the giving of notice of redemption by the Trustee in the name, and at
      the expense, of the Company;

            

    

     

    and the
Company has irrevocably deposited or caused to be deposited with the Trustee as
trust funds in trust an amount sufficient for the purpose of paying and
discharging the entire indebtedness on such Securities not theretofore delivered
to the Trustee for cancellation, for principal and interest to the date of such
deposit (in the case of Securities which have become due and payable on or prior
to the date of such deposit) or to the Stated Maturity or redemption date, as
the case may be;

     

    (b)           the
Company has paid or caused to be paid all other sums payable hereunder by the
Company; and

     

    (c)           the
Company has delivered to the Trustee an Officers’ Certificate and an Opinion of
Counsel, each stating that all conditions precedent herein provided for relating
to the satisfaction and discharge of this Indenture have been complied
with.

     

    Notwithstanding
the satisfaction and discharge of this Indenture, the obligations of the Company
to the Trustee under Section 7.07 and, if money shall have been deposited with
the Trustee pursuant to clause (a) of this Section, the provisions of Sections
2.04, 2.05, 2.07, 2.08, 8.01, 8.02 and 8.05 shall survive.

     

    Section
8.02  Application of Trust Funds;
Indemnification.

     

    (a)           Subject
to the provisions of Section 8.05, all money deposited with the Trustee pursuant
to Section 8.01, all money and U.S. Government Obligations or Foreign Government
Obligations deposited with the Trustee pursuant to Section 8.03 or 8.04 and all
money received by the Trustee in respect of U.S. Government Obligations or
Foreign Government Obligations deposited with the Trustee pursuant to Section
8.03 or 8.04, shall be held in trust and applied by it, in accordance with the
provisions of the Securities and this Indenture, to the payment, either directly
or through any Paying Agent (other than the Company acting as its own Paying
Agent) as the Trustee may determine, to the persons entitled thereto, of the
principal and interest for whose payment such money has been deposited with or
received by the Trustee or analogous payments as contemplated by Sections 8.03
or 8.04.

     

    
      
        
        

      

      
        27

        
          

        

      

      
        
        

      

    

     

    (b)           The
Company shall pay and shall indemnify the Trustee against any tax, fee or other
charge imposed on or assessed against U.S. Government Obligations or Foreign
Government Obligations deposited pursuant to Sections 8.03 or 8.04 or the
interest and principal received in respect of such obligations other than any
payable by or on behalf of Holders.

     

    (c)           The
Trustee shall deliver or pay to the Company from time to time upon Company
Request any U.S. Government Obligations or Foreign Government Obligations or
money held by it as provided in Sections 8.03 or 8.04 which, in the opinion of a
nationally recognized firm of independent certified public accountants expressed
in a written certification thereof delivered to the Trustee, are then in excess
of the amount thereof which then would have been required to be deposited for
the purpose for which such U.S. Government Obligations or Foreign Government
Obligations or money were deposited or received. This provision shall not
authorize the sale by the Trustee of any U.S. Government Obligations or Foreign
Government Obligations held under this Indenture.

     

    Section
8.03  Legal
Defeasance of Securities of any Series.  Unless this Section
8.03 is otherwise specified, pursuant to Section 2.02(s), to be inapplicable to
Securities of any Series, the Company shall be deemed to have paid and
discharged the entire indebtedness on all the outstanding Securities of any
Series on the 91st day after the date of the deposit referred to in subparagraph
(d) hereof, and the provisions of this Indenture, as it relates to such
outstanding Securities of such Series, shall no longer be in effect (and the
Trustee, at the expense of the Company, shall, at Company Request, execute
proper instruments acknowledging the same), except as to:

     

    (a)           the
rights of Holders of Securities of such Series to receive, from the trust funds
described in subparagraph (d) hereof, (i) payment of the principal of and each
installment of principal of and interest on the outstanding Securities of such
Series on the Stated Maturity of such principal or installment of principal or
interest, and (ii) the benefit of any mandatory sinking fund payments applicable
to the Securities of such Series on the day on which such payments are due and
payable in accordance with the terms of this Indenture and the Securities of
such Series; and

     

    (b)           the
provisions of Sections 2.04, 2.05, 2.07, 2.08, 8.02, 8.03 and 8.05;
and

     

    (c)           the
rights, powers, trust and immunities of the Trustee hereunder;

     

    provided
that, the following conditions shall have been satisfied:

     

    (d)           with
reference to this Section 8.03, the Company shall have deposited or caused to be
irrevocably deposited (except as provided in Section 8.02(c)) with the Trustee
as trust funds in trust for the purpose of making the following payments,
specifically pledged as security for and dedicated solely to the benefit of the
Holders of such Securities (i) in the case of Securities of such Series
denominated in Dollars, cash in Dollars and/or U.S. Government Obligations, or
(ii) in the case of Securities of such Series denominated in a Foreign Currency
(other than a composite currency), money and/or Foreign Government Obligations,
which through the payment of interest and principal in respect thereof in
accordance with their terms, will provide (and without reinvestment and assuming
no tax liability will be imposed on such Trustee), not later than one day before
the due date of any payment of money, an amount in cash, sufficient, in the
opinion of a nationally recognized firm of independent public accountants
expressed in a written certification thereof delivered to the Trustee, to pay
and discharge each installment of principal of and interest, if any, on and any
mandatory sinking fund payments in respect of all the Securities of such Series
on the dates such installments of interest or principal and such sinking fund
payments are due;

     

    
      
        
        

      

      
        28

        
          

        

      

      
        
        

      

    

     

    (e)           such
deposit will not result in a breach or violation of, or constitute a default
under, this Indenture or any other agreement or instrument to which the Company
is a party or by which it is bound;

     

    (f)           no
Default or Event of Default with respect to the Securities of such Series shall
have occurred and be continuing on the date of such deposit or during the period
ending on the 91st day after such date;

     

    (g)           the
Company shall have delivered to the Trustee an Officers’ Certificate and an
Opinion of Counsel to the effect that (i) the Company has received from, or
there has been published by, the Internal Revenue Service a ruling, or (ii)
since the date of execution 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 of the
Securities of such Series will not recognize income, gain or loss for Federal
income tax purposes as a result of such deposit, defeasance and discharge and
will be subject to Federal income tax on the same amounts and in the same manner
and at the same times as would have been the case if such deposit, defeasance
and discharge had not occurred;

     

    (h)           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 of the Securities of such Series over any other creditors of the Company
or with the intent of defeating, hindering, delaying or defrauding any other
creditors of the Company;

     

    (i)           the
Company shall have delivered to the Trustee an Officers’ Certificate and an
Opinion of Counsel, each stating that all conditions precedent provided for
relating to the defeasance contemplated by this Section have been complied with;
and

     

    (j)           such
defeasance shall not result in the trust arising from such deposit constituting
an investment company within the meaning of the Investment Company Act of 1940,
as amended, unless such trust shall be registered under such Act or exempt from
registration thereunder.

     

    
      
        
        

      

      
        29

        
          

        

      

      
        
        

      

    

     

    Section
8.04  Covenant
Defeasance.  Unless this Section 8.04 is otherwise specified,
pursuant to Section 2.02(s), to be inapplicable to Securities of any Series, on
and after the 91st day after the date of the deposit referred to in subparagraph
(a) hereof, the Company may omit to comply with respect to the Securities of any
Series with any term, provision or condition set forth under Sections 4.02,
4.03, and 5.01 as well as any additional covenants specified in a supplemental
indenture for such Series of Securities or a Board Resolution or an Officers’
Certificate delivered pursuant to Section 2.02 (and the failure to comply with
any such covenants shall not constitute a Default or Event of Default with
respect to such Series under Section 6.01) and the occurrence of any event
specified in a supplemental indenture for such Series of Securities or a Board
Resolution or an Officers’ Certificate delivered pursuant to Section 2.02 and
designated as an Event of Default shall not constitute a Default or Event of
Default hereunder, with respect to the Securities of such Series, provided that
the following conditions shall have been satisfied:

     

    (a)           with
reference to this Section 8.04, the Company has deposited or caused to be
irrevocably deposited (except as provided in Section 8.02(c)) with the Trustee
as trust funds in trust for the purpose of making the following payments
specifically pledged as security for, and dedicated solely to, the benefit of
the Holders of such Securities (i) in the case of Securities of such Series
denominated in Dollars, cash in Dollars and/or U.S. Government Obligations, or
(ii) in the case of Securities of such Series denominated in a Foreign Currency
(other than a composite currency), money and/or Foreign Government Obligations,
which through the payment of interest and principal in respect thereof in
accordance with their terms, will provide (and without reinvestment and assuming
no tax liability will be imposed on such Trustee), not later than one day before
the due date of any payment of money, an amount in cash, sufficient, in the
opinion of a nationally recognized firm of independent certified public
accountants expressed in a written certification thereof delivered to the
Trustee, to pay and discharge each installment of principal of and interest, if
any, on and any mandatory sinking fund payments in respect of the Securities of
such Series on the dates such installments of interest or principal and such
sinking fund payments are due;

     

    (b)           such
deposit will not result in a breach or violation of, or constitute a default
under, this Indenture or any other agreement or instrument to which the Company
is a party or by which it is bound;

     

    (c)           no
Default or Event of Default with respect to the Securities of such Series shall
have occurred and be continuing on the date of such deposit or during the period
ending on the 91st day after such date;

     

    (d)           the
Company shall have delivered to the Trustee an Opinion of Counsel to the effect
that Holders of the Securities of such Series will not recognize income, gain or
loss for federal income tax purposes as a result of such deposit and 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 deposit
and covenant defeasance had not occurred;

     

    (e)           the
Company shall have delivered to the Trustee an Officers’ Certificate and an
Opinion of Counsel, each stating that all conditions precedent herein provided
for relating to the covenant defeasance contemplated by this Section have been
complied with; and

     

    
      
        
        

      

      
        30

        
          

        

      

      
        
        

      

    

     

    (f)           Such
defeasance shall not result in the trust arising from such deposit constituting
an investment company within the meaning of the Investment Company Act of 1940,
as amended, unless such trust shall be registered under such Act or exempt from
registration thereunder.

     

    Section
8.05  Repayment to
Company.  The Trustee and the Paying Agent shall pay to the
Company upon written request any money held by them for the payment of principal
and interest that remains unclaimed for two years, and after such time, Holders
entitled to the money must look to the Company for payment as general creditors
unless an applicable abandoned property law designates another
person.

     

    Section
8.06  Reinstatement.  If
the Trustee or the Paying Agent is unable to apply any money deposited with
respect to Securities of any series in accordance with Section 8.01 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 obligations of the Company under this Indenture with respect to
the Securities of such series and under the Securities of such series shall be
revived and reinstated as though no deposit had occurred pursuant to Section
8.01 until such time as the Trustee or the Paying Agent is permitted to apply
all such money in accordance with Section 8.01; provided, however, that if the
Company has made any payment of principal of, premium (if any) or interest on
any Additional Amounts with respect to 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 money held by
the Trustee or the Paying Agent.

     

    ARTICLE
IX

    AMENDMENTS
AND WAIVERS

     

    Section
9.01  Without
Consent of Holders.  The Company and the Trustee may amend or
supplement this Indenture or the Securities of one or more Series without the
consent of any Holder:

     

    (a)           to
evidence the succession of another person to the Company under this Indenture
and the Securities and the assumption by any such successor person of the
obligations of the Company hereunder and under the Securities;

     

    (b)           to
add or remove covenants of the Company for the benefit of the Holders of all or
any series of Securities (and if such covenants are to be for the benefit of
less than all series of Securities, stating that such covenants are expressly
being included for the benefit of such series) or to surrender any right or
power herein conferred upon the Company provided such action does not adversely
affect the interests of the Company;

     

    (c)           to
add any additional Events of Default;

     

    (d)           to
add to or change any of the provisions of this Indenture to such extent as shall
be necessary to permit or facilitate the issuance of Securities in bearer form,
registrable or not registrable as to principal, and with or without interest
coupons, or to permit or facilitate the issuance of Securities in uncertificated
form;

     

    
      
        
        

      

      
        31

        
          

        

      

      
        
        

      

    

     

    (e)           to
add to, change or eliminate any of the provisions of this Indenture in respect
of one or more series of Securities, provided that any such addition, change or
elimination (A) shall neither (i) apply to any Security of any series created
prior to the execution of such supplemental indenture and entitled to the
benefit of such provision nor (ii) modify the rights of the Holder of any such
Security with respect to such provision or (B) shall become effective only when
there is no such Security Outstanding;

     

    (f)           to
establish the forms or terms of the Securities of any series issued pursuant to
the terms hereof;

     

    (g)           to
cure any ambiguity or correct any inconsistency in this Indenture;

     

    (h)           to
evidence and provide for the acceptance of appointment hereunder by a successor
Trustee with respect to the Securities of one or more series and to add to or
change any of the provisions of this Indenture as shall be necessary to provide
for or facilitate the administration of the trusts hereunder by more than one
Trustee;

     

    (i)           to
qualify this Indenture under the Trust Indenture Act;

     

    (j)           to
provide for uncertificated securities in addition to certificated
securities;

     

    (k)           to
supplement any provisions of this Indenture necessary to permit or facilitate
the defeasance and discharge of any series of Securities, provided that such
action does not adversely affect the interests of the Holders of Securities of
such series or any other series; and

     

    (l)           to
comply with the rules or regulations of any securities exchange or automated
quotation system on which any of the Securities may be listed or
traded.

     

    Section
9.02  With
Consent of Holders.  The Company and the Trustee may enter into
a supplemental indenture with the written consent of the Holders of at least a
majority in principal amount of the outstanding Securities of each Series
affected by such supplemental indenture (including consents obtained in
connection with a tender offer or exchange offer for the Securities of such
Series), for the purpose of adding any provisions to or changing in any manner
or eliminating any of the provisions of this Indenture or of any supplemental
indenture or of modifying in any manner the rights of the Holders of each such
Series. Except as provided in Section 6.13, the Holders of at least a majority
in principal amount of the outstanding Securities of any Series by notice to the
Trustee (including consents obtained in connection with a tender offer or
exchange offer for the Securities of such Series) may waive compliance by the
Company with any provision of this Indenture or the Securities with respect to
such Series.  It shall not be necessary for the consent of the Holders
of Securities under this Section 9.02 to approve the particular form of any
proposed supplemental indenture or waiver, but it shall be sufficient if such
consent approves the substance thereof.  After a supplemental
indenture or waiver under this section becomes effective, the Company shall mail
to the Holders of Securities affected thereby and, if any Bearer Securities
affected thereby are outstanding, publish on one occasion in an Authorized
Newspaper, a notice briefly describing the supplemental indenture or
waiver.  Any failure by the Company to mail or publish such notice, or
any defect therein, shall not, however, in any way impair or affect the validity
of any such supplemental indenture or waiver.

     

    
      
        
        

      

      
        32

        
          

        

      

      
        
        

      

    

     

    Section
9.03  Limitations.  Without
the consent of each Holder affected, an amendment or waiver may
not:

     

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

     

    (b)           reduce
the rate of or extend the time for payment of interest (including default
interest) on any Security;

     

    (c)           reduce
the principal or change the Stated Maturity of any Security or reduce the amount
of, or postpone the date fixed for, the payment of any sinking fund or analogous
obligation;

     

    (d)           reduce
the principal amount of Discount Securities payable upon acceleration of the
maturity thereof;

     

    (e)           waive
a Default or Event of Default in the payment of the principal of or interest, if
any, on any Security (except a rescission of acceleration of the Securities of
any Series by the Holders of at least a majority in principal amount of the
outstanding Securities of such Series and a waiver of the payment default that
resulted from such acceleration);

     

    (f)           make
the principal of or interest, if any, on any Security payable in any currency
other than that stated in the Security;

     

    (g)           make
any change in Sections 6.08, 6.13, or 9.03; or

     

    (h)           waive
a redemption payment with respect to any Security.

     

    Section
9.04  Compliance with Trust Indenture
Act.  Every amendment to this Indenture or the Securities of
one or more Series shall be set forth in a supplemental indenture hereto that
complies with the TIA as then in effect.

     

    Section
9.05  Revocation and Effect of
Consents.  Until an amendment is set forth in a supplemental
indenture or a waiver becomes effective, a consent to it by a Holder of a
Security 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 a Security if the Trustee receives
the notice of revocation before the date of the supplemental indenture or the
date the waiver becomes effective.  Any amendment or waiver once
effective shall bind every Holder of each Series affected by such amendment or
waiver unless it is of the type described in any of clauses (a) through (h) of
Section 9.03.  In that case, the amendment or waiver shall bind 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.

     

    Section
9.06  Notation
on or Exchange of Securities.  The Trustee may place an
appropriate notation about an amendment or waiver on any Security of any Series
thereafter authenticated.  The Company in exchange for Securities of
that Series may issue and the Trustee shall authenticate upon request new
Securities of that Series that reflect the amendment or waiver.

     

    
      
        
        

      

      
        33

        
          

        

      

      
        
        

      

    

     

    Section
9.07  Trustee
Protected.  In executing, or accepting the additional trusts
created by, any supplemental indenture permitted by this Article or the
modifications thereby of the trusts created by this Indenture, the Trustee shall
be entitled to receive, in addition to the documents required by Section 10.04,
and (subject to Section 7.01) shall be fully protected in relying upon, an
Opinion of Counsel stating that the execution of such supplemental indenture is
authorized or permitted by this Indenture.  The Trustee shall sign all
supplemental indentures, except that the Trustee need not sign any supplemental
indenture that adversely affects its rights.

     

    ARTICLE
X

    MISCELLANEOUS

     

    Section
10.01  Trust
Indenture Act 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 10.02  Notices.

     

    (a)           Any
notice or communication by the Company or the Trustee to the other, or by a
Holder to the Company or the Trustee, is duly given if in writing and delivered
in person or mailed by first-class mail or sent by telecopier transmission
addressed as follows:

     

    if to the
Company:

     

    WHX
Corporation

    1133
Westchester Avenue
White
Plains, NY 10604

    Attention:
Chief Executive Officer

    Telephone:
(914) 461-1300

    Facsimile:
(914) 696-8684

     

    if to the
Trustee:

     

    [                                ]

     

    (b)           The
Company or the Trustee by notice to the other may designate additional or
different addresses for subsequent notices or communications.  Any
notice or communication to a Holder shall be mailed by first-class mail to his
address shown on the register kept by the Registrar and, if any Bearer
Securities are outstanding, published in an Authorized
Newspaper.  Failure to mail a notice or communication to a Holder of
any Series or any defect in it shall not affect its sufficiency with respect to
other Holders of that or any other Series.  If a notice or
communication is mailed or published in the manner provided above, within the
time prescribed, it is duly given, whether or not the Holder receives
it.  If the Company mails a notice or communication to Holders, it
shall mail a copy to the Trustee and each Agent at the same time.

     

    
      
        
        

      

      
        34

        
          

        

      

      
        
        

      

    

     

    (c)           Any
notice or demand that by any provision of this Indenture is required or
permitted to be given or served by the Company may, at the Company’s written
request received by the Trustee not fewer than five (5) Business Days prior (or
such shorter period of time as may be acceptable to the Trustee) to the date on
which such notice must be given or served, be given or served by the Trustee in
the name of and at the expense of the Company.

     

    Section
10.03  Communication by Holders with Other
Holders.  Holders of any Series may communicate pursuant to TIA
Section 312(b) with other Holders of that Series or any other Series with
respect to their rights under this Indenture or the Securities of that Series or
all Series.  The Company, the Trustee, the Registrar and anyone else
shall have the protection of TIA Section 312(c).

     

    Section
10.04  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:

     

    (a)           an
Officers’ Certificate stating that, in the opinion of the signers, all
conditions precedent, 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, all such
conditions precedent have been complied with.

     

    Section
10.05  Statements Required in Certificate or
Opinion.  Each certificate or opinion with respect to
compliance with a condition or covenant provided for in this Indenture (other
than a certificate provided pursuant to TIA Section 314(a)(4)) shall comply with
the provisions of TIA Section 314(e) and shall include:

     

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

     

    (b)           a
brief statement as to the nature and scope of the examination or investigation
upon which the statements or opinions contained in such certificate or opinion
are based;

     

    (c)           a
statement that, in the opinion of such person, he 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;
and

     

    (d)           a
statement as to whether or not, in the opinion of such person, such condition or
covenant has been complied with.

     

    Section
10.06  Rules
by Trustee and Agents.  The Trustee may make reasonable rules
for action by or a meeting of Holders of one or more Series.  Any
Agent may make reasonable rules and set reasonable requirements for its
functions.

     

    Section
10.07  Legal
Holidays.  Unless otherwise provided by Board Resolution,
Officers’ Certificate or supplemental indenture hereto for a particular Series,
a “Legal Holiday” is any day that is not a Business Day.  If a payment
date is a Legal Holiday at a place of payment, payment may be made at that place
on the next succeeding day that is not a Legal Holiday, and no interest shall
accrue for the intervening period.

     

    
      
        
        

      

      
        35

        
          

        

      

      
        
        

      

    

     

    Section
10.08  No
Recourse Against Others.  A director, officer, employee or
stockholder, as such, of the Company shall not have any liability for any
obligations 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 by accepting a Security waives and releases all
such liability.  The waiver and release are part of the consideration
for the issue of the Securities.

     

    Section
10.09  Counterparts.  This
Indenture may be executed in any number of counterparts and by the parties
hereto in separate counterparts, each of which when so executed shall be deemed
to be an original and all of which taken together shall constitute one and the
same agreement.

     

    Section
10.10  Governing
Laws.  This Indenture and the Securities will be governed by,
and construed in accordance with, the internal laws of the State of New York,
without regard to conflict of law principles that would result in the
application of any law other than the laws of the State of New
York.

     

    Section
10.11  No
Adverse Interpretation of Other Agreements.  This Indenture may
not be used to interpret another indenture, loan or debt agreement of the
Company or a Subsidiary of the Company.  Any such indenture, loan or
debt agreement may not be used to interpret this Indenture.

     

    Section
10.12  Successors.  All
agreements of the Company in this Indenture and the Securities shall bind its
successor.  All agreements of the Trustee in this Indenture shall bind
its successor.

     

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

     

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

     

    Section
10.15  Securities in a Foreign
Currency.  Unless otherwise specified in a Board Resolution, a
supplemental indenture hereto or an Officers’ Certificate delivered pursuant to
Section 2.02 of this Indenture with respect to a particular Series of
Securities, whenever for purposes of this Indenture any action may be taken by
the Holders of a specified percentage in aggregate principal amount of
Securities of all Series or all Series affected by a particular action at the
time outstanding and, at such time, there are outstanding Securities of any
Series which are denominated in a coin or currency other than Dollars, then the
principal amount of Securities of such Series which shall be deemed to be
outstanding for the purpose of taking such action shall be that amount of
Dollars that could be obtained for such amount at the Market Exchange Rate at
such time. For purposes of this Section 10.15, “Market Exchange Rate” shall mean
the noon Dollar buying rate in New York City for cable transfers of that
currency as published by the Federal Reserve Bank of New York.  If
such Market Exchange Rate is not available for any reason with respect to such
currency, the Trustee shall use, in its sole discretion and without liability on
its part, such quotation of the Federal Reserve Bank of New York as of the most
recent available date, or quotations from one or more major banks in The City of
New York or in the country of issue of the currency in question or such other
quotations as the Trustee, upon consultation with the Company, shall deem
appropriate.  The provisions of this paragraph shall apply in
determining the equivalent principal amount in respect of Securities of a Series
denominated in currency other than Dollars in connection with any action taken
by Holders of Securities pursuant to the terms of this Indenture.  All
decisions and determinations of the Trustee regarding the Market Exchange Rate
or any alternative determination provided for in the preceding paragraph shall
be in its sole discretion and shall, in the absence of manifest error, to the
extent permitted by law, be conclusive for all purposes and irrevocably binding
upon the Company and all Holders.

     

    
      
        
        

      

      
        36

        
          

        

      

      
        
        

      

    

     

    Section
10.16  Judgment
Currency.  The Company agrees, to the fullest extent that it
may effectively do so under applicable law, that (a) if for the purpose of
obtaining judgment in any court it is necessary to convert the sum due in
respect of the principal of or interest or other amount on the Securities of any
Series (the “Required Currency”) into a currency in which a judgment will be
rendered (the “Judgment Currency”), the rate of exchange used shall be the rate
at which in accordance with normal banking procedures the Trustee could purchase
in The City of New York the Required Currency with the Judgment Currency on the
day on which final unappealable judgment is entered, unless such day is not a
New York Banking Day, then the rate of exchange used shall be the rate at which
in accordance with normal banking procedures the Trustee could purchase in The
City of New York the Required Currency with the Judgment Currency on the New
York Banking Day preceding the day on which final unappealable judgment is
entered and (b) its obligations under this Indenture to make payments in the
Required Currency (i) shall not be discharged or satisfied by any tender, any
recovery pursuant to any judgment (whether or not entered in accordance with
subsection (a)), in any currency other than the Required Currency, except to the
extent that such tender or recovery shall result in the actual receipt, by the
payee, of the full amount of the Required Currency expressed to be payable in
respect of such payments, (ii) shall be enforceable as an alternative or
additional cause of action for the purpose of recovering in the Required
Currency the amount, if any, by which such actual receipt shall fall short of
the full amount of the Required Currency so expressed to be payable, and (iii)
shall not be affected by judgment being obtained for any other sum due under
this Indenture. For purposes of the foregoing, “New York Banking Day” means any
day except a Saturday, Sunday or a legal holiday in The City of New York on
which banking institutions are authorized or required by law, regulation or
executive order to close.

     

    ARTICLE
XI

    SINKING
FUNDS

     

    Section
11.01  Applicability of
Article.  The provisions of this Article shall be applicable to
any sinking fund for the retirement of the Securities of a Series, except as
otherwise permitted or required by any form of Security of such Series issued
pursuant to this Indenture.  The minimum amount of any sinking fund
payment provided for by the terms of the Securities of any Series is herein
referred to as a “mandatory sinking fund payment” and any other amount provided
for by the terms of Securities of such Series is herein referred to as an
“optional sinking fund payment.”  If provided for by the terms of
Securities of any Series, the cash amount of any sinking fund payment may be
subject to reduction as provided in Section 11.02.  Each sinking fund
payment shall be applied to the redemption of Securities of any Series as
provided for by the terms of the Securities of such Series.

     

    
      
        
        

      

      
        37

        
          

        

      

      
        
        

      

    

     

    Section
11.02  Satisfaction of Sinking Fund Payments
with Securities.  The Company may, in satisfaction of all or
any part of any sinking fund payment with respect to the Securities of any
Series to be made pursuant to the terms of such Securities (1) deliver
outstanding Securities of such Series to which such sinking fund payment is
applicable (other than any of such Securities previously called for mandatory
sinking fund redemption) and (2) apply as credit Securities of such Series to
which such sinking fund payment is applicable and which have been repurchased by
the Company or redeemed either at the election of the Company pursuant to the
terms of such Series of Securities (except pursuant to any mandatory sinking
fund) or through the application of permitted optional sinking fund payments or
other optional redemptions pursuant to the terms of such Securities, provided
that such Securities have not been previously so credited. Such Securities shall
be received by the Trustee, together with an Officers’ Certificate with respect
thereto, not later than 15 days prior to the date on which the Trustee begins
the process of selecting Securities for redemption, and shall be credited for
such purpose by the Trustee at the price specified in such Securities for
redemption through operation of the sinking fund and the amount of such sinking
fund payment shall be reduced accordingly.  If as a result of the
delivery or credit of Securities in lieu of cash payments pursuant to this
Section 11.02, the principal amount of Securities of such Series to be redeemed
in order to exhaust the aforesaid cash payment shall be less than $100,000, the
Trustee need not call Securities of such Series for redemption, except upon
receipt of a Company Order that such action be taken, and such cash payment
shall be held by the Trustee or a Paying Agent and applied to the next
succeeding sinking fund payment, provided, however, that the Trustee or such
Paying Agent shall from time to time upon receipt of a Company Order pay over
and deliver to the Company any cash payment so being held by the Trustee or such
Paying Agent upon delivery by the Company to the Trustee of Securities of that
Series purchased by the Company having an unpaid principal amount equal to the
cash payment required to be released to the Company.

     

    Section
11.03  Redemption of Securities for Sinking
Fund.  Not less than 45 days (unless otherwise indicated in the
Board Resolution, supplemental indenture or Officers’ Certificate in respect of
a particular Series of Securities) prior to each sinking fund payment date for
any Series of Securities, the Company will deliver to the Trustee an Officers’
Certificate specifying the amount of the next ensuing mandatory sinking fund
payment for that Series pursuant to the terms of that Series, the portion
thereof, if any, which is to be satisfied by payment of cash and the portion
thereof, if any, which is to be satisfied by delivering and crediting of
Securities of that Series pursuant to Section 11.02, and the optional amount, if
any, to be added in cash to the next ensuing mandatory sinking fund payment, and
the Company shall thereupon be obligated to pay the amount therein specified.
Not less than 30 days (unless otherwise indicated in the Board Resolution,
Officers’ Certificate or supplemental indenture in respect of a particular
Series of Securities) before each such sinking fund payment date the Trustee
shall select the Securities to be redeemed upon such sinking fund payment date
in the manner specified in Section 3.02 and cause notice of the redemption
thereof to be given in the name of and at the expense of the Company in the
manner provided in Section 3.03.  Such notice having been duly given,
the redemption of such Securities shall be made upon the terms and in the manner
stated in Sections 3.04, 3.05 and 3.06.

     

    
      
        
        

      

      
        38

        
          

        

      

      
        
        

      

    

     

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

     

    
      
        	
                WHX
      CORPORATION

              
	 
      
	
                By:

              	 
      
	
                Name:

              	 
      
	
                Title:

              	 
      

      

    

    

    

    
      
        	 
      
	 
      
	
                [__________________________________],

              
	
                as
      Trustee

              

      

    

    

    

    
      
        	 
      
	 
      
	
                By:

              	 
      
	
                Name:

              	 
      
	
                Title:

              	 
      

      

    

    
 

     

    
      
        
        

      

      
        39

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00159-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00159-of-00352.parquet"}]]