Document:

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                                                                     Exhibit 4.1
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                                 RENT-WAY, INC.,
                                    as Issuer

                      11 7/8% SENIOR SECURED NOTES DUE 2010

                                    INDENTURE

                            Dated as of June 2, 2003

                    MANUFACTURERS AND TRADERS TRUST COMPANY,
                                   as Trustee

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                                TABLE OF CONTENTS

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ARTICLE 1. DEFINITIONS AND INCORPORATION BY REFERENCE...................................      1

    Section 1.1          DEFINITIONS....................................................      1
    Section 1.2          OTHER DEFINITIONS..............................................     25
    Section 1.3          INCORPORATION BY REFERENCE OF TRUST INDENTURE ACT..............     25
    Section 1.4          RULES OF CONSTRUCTION..........................................     26

ARTICLE 2. THE NOTES....................................................................     26

    Section 2.1          FORM AND DATING................................................     26
    Section 2.2          EXECUTION AND AUTHENTICATION...................................     27
    Section 2.3          REGISTRAR AND PAYING AGENT.....................................     27
    Section 2.4          PAYING AGENT TO HOLD MONEY IN TRUST............................     28
    Section 2.5          HOLDER LISTS...................................................     28
    Section 2.6          TRANSFER AND EXCHANGE..........................................     28
    Section 2.7          REPLACEMENT NOTES..............................................     38
    Section 2.8          OUTSTANDING NOTES..............................................     38
    Section 2.9          TREASURY NOTES.................................................     38
    Section 2.10         TEMPORARY NOTES................................................     39
    Section 2.11         CANCELLATION...................................................     39
    Section 2.12         DEFAULTED INTEREST.............................................     39
    Section 2.13         CUSIP OR ISIN NUMBERS..........................................     39
    Section 2.14         SPECIAL INTEREST...............................................     39

ARTICLE 3. REDEMPTION AND PREPAYMENT....................................................     40

    Section 3.1          NOTICES TO TRUSTEE.............................................     40
    Section 3.2          SELECTION OF NOTES TO BE REDEEMED..............................     40
    Section 3.3          NOTICE OF REDEMPTION...........................................     40
    Section 3.4          EFFECT OF NOTICE OF REDEMPTION.................................     41
    Section 3.5          DEPOSIT OF REDEMPTION PRICE....................................     41
    Section 3.6          NOTES REDEEMED IN PART.........................................     41
    Section 3.7          OPTIONAL REDEMPTION............................................     41
    Section 3.8          MANDATORY REDEMPTION...........................................     42

ARTICLE 4. COVENANTS....................................................................     42

    Section 4.1          PAYMENT OF NOTES...............................................     42
    Section 4.2          MAINTENANCE OF OFFICE OR AGENCY................................     43
    Section 4.3          REPORTS........................................................     43
    Section 4.4          COMPLIANCE CERTIFICATE.........................................     43
    Section 4.5          TAXES..........................................................     44
    Section 4.6          STAY, EXTENSION AND USURY LAWS.................................     44
    Section 4.7          CORPORATE EXISTENCE............................................     44
    Section 4.8          INCURRENCE OF DEBT.............................................     44
    Section 4.9          RESTRICTED PAYMENTS............................................     46
    Section 4.10         LIENS..........................................................     48
    Section 4.11         ASSET SALES....................................................     48
    Section 4.12         RESTRICTIONS ON DISTRIBUTIONS FROM RESTRICTED SUBSIDIARIES.....     49
    Section 4.13         TRANSACTIONS WITH AFFILIATES...................................     50
    Section 4.14         SALE AND LEASEBACK TRANSACTIONS................................     51
    Section 4.15         DESIGNATION OF RESTRICTED AND UNRESTRICTED SUBSIDIARIES........     52
    Section 4.16         ADDITIONAL COLLATERAL..........................................     53
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    Section 4.17         REPURCHASE AT THE OPTION OF HOLDERS UPON A CHANGE OF CONTROL......     53
    Section 4.18         FUTURE SUBSIDIARY GUARANTORS......................................     54
    Section 4.19         EXCESS CASH FLOW OFFER............................................     54
    Section 4.20         MAINTENANCE OF INSURANCE AND PROPERTIES...........................     57
    Section 4.21         LIMITATION ON IMPAIRMENT OF LIEN; FURTHER ASSURANCES..............     57

ARTICLE 5. SUCCESSORS......................................................................     57

    Section 5.1          MERGER, CONSOLIDATION, OR SALE OF PROPERTY........................     57
    Section 5.2          SUCCESSOR CORPORATION SUBSTITUTED.................................     59

ARTICLE 6. DEFAULTS AND REMEDIES...........................................................     59

    Section 6.1          EVENTS OF DEFAULT.................................................     59
    Section 6.2          ACCELERATION......................................................     61
    Section 6.3          OTHER REMEDIES....................................................     61
    Section 6.4          WAIVER OF PAST DEFAULTS...........................................     61
    Section 6.5          CONTROL BY MAJORITY...............................................     61
    Section 6.6          LIMITATION ON SUITS...............................................     62
    Section 6.7          RIGHTS OF HOLDERS TO RECEIVE PAYMENT..............................     62
    Section 6.8          COLLECTION SUIT BY TRUSTEE........................................     62
    Section 6.9          TRUSTEE MAY FILE PROOFS OF CLAIM..................................     62
    Section 6.10         PRIORITIES........................................................     63
    Section 6.11         UNDERTAKING FOR COSTS.............................................     63

ARTICLE 7. TRUSTEE.........................................................................     63

    Section 7.1          DUTIES OF TRUSTEE.................................................     63
    Section 7.2          RIGHTS OF TRUSTEE.................................................     64
    Section 7.3          INDIVIDUAL RIGHTS OF TRUSTEE......................................     65
    Section 7.4          TRUSTEE'S DISCLAIMER..............................................     65
    Section 7.5          NOTICE OF DEFAULTS................................................     65
    Section 7.6          REPORTS BY TRUSTEE TO HOLDERS.....................................     65
    Section 7.7          COMPENSATION AND INDEMNITY........................................     66
    Section 7.8          REPLACEMENT OF TRUSTEE............................................     66
    Section 7.9          SUCCESSOR TRUSTEE BY MERGER, ETC..................................     67
    Section 7.10         ELIGIBILITY; DISQUALIFICATION.....................................     67
    Section 7.11         PREFERENTIAL COLLECTION OF CLAIMS AGAINST COMPANY.................     67

ARTICLE 8. LEGAL DEFEASANCE AND COVENANT DEFEASANCE........................................     68

    Section 8.1          OPTION TO EFFECT LEGAL DEFEASANCE OR COVENANT DEFEASANCE..........     68
    Section 8.2          LEGAL DEFEASANCE..................................................     68
    Section 8.3          COVENANT DEFEASANCE...............................................     68
    Section 8.4          CONDITIONS TO LEGAL OR COVENANT DEFEASANCE........................     69
    Section 8.5          DEPOSITED MONEY AND GOVERNMENT SECURITIES TO BE HELD IN TRUST;
                         OTHER MISCELLANEOUS PROVISIONS....................................     70
    Section 8.6          REPAYMENT TO COMPANY..............................................     70
    Section 8.7          REINSTATEMENT.....................................................     70

ARTICLE 9. AMENDMENT, SUPPLEMENT AND WAIVER................................................     71

    Section 9.1          WITHOUT CONSENT OF HOLDERS OF NOTES...............................     71
    Section 9.2          WITH CONSENT OF HOLDERS OF NOTES..................................     71
    Section 9.3          COMPLIANCE WITH TRUST INDENTURE ACT...............................     73
    Section 9.4          REVOCATION AND EFFECT OF CONSENTS.................................     73
    Section 9.5          NOTATION ON OR EXCHANGE OF NOTES..................................     73
    Section 9.6          TRUSTEE TO SIGN AMENDMENTS, ETC...................................     73

ARTICLE 10. SUBSIDIARY GUARANTIES..........................................................     74

    Section 10.1         SUBSIDIARY GUARANTY...............................................     74
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    Section 10.2        LIMITATION ON SUBSIDIARY GUARANTOR LIABILITY.......................      75
    Section 10.3        EXECUTION AND DELIVERY OF SUBSIDIARY GUARANTY......................      75
    Section 10.4        ADDITIONAL SUBSIDIARY GUARANTORS...................................      76
    Section 10.5        RELEASE OF SUBSIDIARY GUARANTOR....................................      76

ARTICLE 11. COLLATERAL AND SECURITY DOCUMENTS..............................................      76

    Section 11.1        COLLATERAL DOCUMENTS...............................................      76
    Section 11.2        POSSESSION, USE AND RELEASE OF COLLATERAL..........................      77
    Section 11.3        DEPOSIT, USE AND RELEASE OF TRUST MONEYS...........................      79
    Section 11.4        OPINIONS...........................................................      80
    Section 11.5        AUTHORIZATION OF ACTIONS TO BE TAKEN BY THE TRUSTEE UNDER THE
                        SECURITY DOCUMENTS.................................................      80
    Section 11.6        AUTHORIZATION OF RECEIPT OF FUNDS BY THE TRUSTEE UNDER THE
                        SECURITY DOCUMENTS.................................................      80
    Section 11.7        RELEASE UPON TERMINATION OF THE COMPANY'S OBLIGATIONS..............      80

ARTICLE 12. SATISFACTION AND DISCHARGE.....................................................      81

    Section 12.1        SATISFACTION AND DISCHARGE.........................................      81
    Section 12.2        DEPOSITED MONEY AND GOVERNMENT SECURITIES TO BE HELD IN TRUST;
                        OTHER MISCELLANEOUS PROVISIONS.....................................      82
    Section 12.3        REPAYMENT TO COMPANY...............................................      82

ARTICLE 13. MISCELLANEOUS..................................................................      82

    Section 13.1        TRUST INDENTURE ACT CONTROLS.......................................      82
    Section 13.2        NOTICES............................................................      82
    Section 13.3        COMMUNICATION BY HOLDERS OF NOTES WITH OTHER HOLDERS OF NOTES......      83
    Section 13.4        CERTIFICATE AND OPINION AS TO CONDITIONS PRECEDENT.................      83
    Section 13.5        STATEMENTS REQUIRED IN CERTIFICATE OR OPINION......................      84
    Section 13.6        RULES BY TRUSTEE AND AGENTS........................................      84
    Section 13.7        NO PERSONAL LIABILITY OF DIRECTORS, OFFICERS, EMPLOYEES AND
                        STOCKHOLDERS.......................................................      84
    Section 13.8        GOVERNING LAW......................................................      84
    Section 13.9        NO ADVERSE INTERPRETATION OF OTHER AGREEMENTS......................      84
    Section 13.10       SUCCESSORS.........................................................      84
    Section 13.11       SEVERABILITY.......................................................      84
    Section 13.12       COUNTERPART ORIGINALS..............................................      85
    Section 13.13       TABLE OF CONTENTS, HEADINGS, ETC...................................      85
</TABLE>

                                    EXHIBITS

Exhibit A   Form of Note
Exhibit B   Form of Certificate of Transfer
Exhibit C   Form of Certificate of Exchange
Exhibit D   Form of Certificate From Acquiring Institutional Accredited Investor
Exhibit E   Form of Notation of Guarantee
Exhibit F   Form of Supplemental Indenture

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         This INDENTURE dated as of June 2, 2003, is by and among Rent-Way,
Inc., a Pennsylvania corporation (the "Company"), the Subsidiary Guarantors (as
defined) parties hereto, and Manufacturers and Traders Trust Company, as trustee
(the "Trustee").

         The Company, the Subsidiary Guarantors and the Trustee agree as follows
for the benefit of each other and for the equal and ratable benefit of the
Holders (as defined) of the 11 7/8% Senior Secured Notes due 2010 (the "Notes"):

                                   ARTICLE 1.
                   DEFINITIONS AND INCORPORATION BY REFERENCE

         SECTION 1.1    DEFINITIONS.

         For all purposes of this Indenture, except as otherwise expressly
provided or unless the context otherwise requires:

         "144A Global Note" means the global Note in the form of Exhibit A
hereto bearing the Global Note Legend and the Private Placement Legend and
deposited with and registered in the name of the Depositary or its nominee that
will be issued in a denomination equal to the outstanding principal amount of
the Notes sold in reliance on Rule 144A.

         "Acquired Debt" means Debt of a Person outstanding on the date on which
such Person becomes a Restricted Subsidiary or assumed in connection with the
acquisition of assets from such Person.

         "Additional Assets" means:

         (a)      any Property (other than cash, Cash Equivalents and
                  securities) to be owned by the Company or any Restricted
                  Subsidiary and used in a Related Business; or

         (b)      Capital Stock of a Person that becomes a Restricted Subsidiary
                  as a result of the acquisition of such Capital Stock by the
                  Company or another Restricted Subsidiary from any Person other
                  than the Company or an Affiliate of the Company; provided,
                  however, that, in the case of clause (b), such Restricted
                  Subsidiary is primarily engaged in a Related Business.

         "Additional Notes" means any Notes (other than Offered Notes and
Exchange Notes) issued under this Indenture in accordance with Section 2.2 and
Section 4.8, as part of the same series as the Offered Notes or as an additional
series.

         "Affiliate" of any specified Person means:

         (a)      any other Person directly or indirectly controlling or
                  controlled by or under direct or indirect common control with
                  such specified Person, or

         (b)      any other Person who is a director or officer of:

                  (1)      such specified Person,

                  (2)      any Subsidiary of such specified Person, or

                  (3)      any Person described in clause (a) above.

For the purposes of this definition, "control" when used with respect to any
Person means the power to direct the management and policies of such Person,
directly or indirectly, whether through the ownership of voting securities, by
contract or otherwise; and the terms "controlling" and "controlled" have
meanings correlative to the foregoing. For purposes of Section 4.11 and Section
4.13 and the definition of "Additional Assets" only, "Affiliate" shall also

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mean any beneficial owner of shares representing 5% or more of the total voting
power of the Voting Stock (on a fully diluted basis) of the Company or of rights
or warrants to purchase such Voting Stock (whether or not currently exercisable)
and any Person who would be an Affiliate of any such beneficial owner pursuant
to the first sentence of this definition.

         "Agent" means any Registrar, co-registrar, Paying Agent or additional
paying agent.

         "Applicable Procedures" means, with respect to any transfer, redemption
or exchange of or for beneficial interests in any Global Note, the rules and
procedures of the Depositary, Euroclear and Clearstream that apply to such
transfer, redemption or exchange.

         "Asset Sale" means any sale, lease, transfer, issuance or other
disposition (or series of related sales, leases, transfers, issuances or
dispositions) by the Company or any Restricted Subsidiary, including any
disposition by means of a merger, consolidation or similar transaction (each
referred to for the purposes of this definition as a "disposition"), of

         (a)      any shares of Capital Stock of a Restricted Subsidiary (other
                  than directors' qualifying shares), or

         (b)      any Property (including, without limitation, the capital stock
                  of dPi) of the Company or any Restricted Subsidiary outside of
                  the ordinary course of business of the Company or such
                  Restricted Subsidiary,

         other than, in the case of clause (a) or (b) above,

                  (1)      any disposition by a Restricted Subsidiary to the
                           Company or by the Company or a Restricted Subsidiary
                           to a Wholly Owned Restricted Subsidiary,

                  (2)      any disposition that constitutes a Permitted
                           Investment or Restricted Payment permitted by Section
                           4.9,

                  (3)      any disposition effected in compliance with Section
                           5.1(a),

                  (4)      any disposition or series of related dispositions of
                           Property with an aggregate Fair Market Value, and for
                           net proceeds, of less than $1.0 million, and

                  (5)      any disposition of cash or Cash Equivalents.

         "Attributable Debt" in respect of a Sale and Leaseback Transaction
means, at any date of determination,

         (a)      if such Sale and Leaseback Transaction is a Capital Lease
                  Obligation, the amount of Debt represented thereby according
                  to the definition of "Capital Lease Obligations," and

         (b)      in all other instances the present value (discounted at the
                  interest rate borne by the Notes, compounded annually) of the
                  total obligations of the lessee for rental payments during the
                  remaining term of the lease included in such Sale and
                  Leaseback Transaction (including any period for which such
                  lease has been extended).

         "Average Life" means, as of any date of determination, with respect to
any Debt or Preferred Stock. the quotient obtained by dividing:

         (a)      the sum of the product of the numbers of years (rounded to the
                  nearest one-twelfth of one year) from the date of
                  determination to the dates of each successive scheduled
                  principal payment of such Debt or redemption or similar
                  payment with respect to such Preferred Stock multiplied by the
                  amount of such payment by

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         (b)      the sum of all such payments.

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

         "Board of Directors" means the Board of Directors of the Company.

         "Board Resolution" means a copy of a resolution certified by the
Secretary or an Assistant Secretary of the applicable Person to have been duly
adopted by the board of directors of such Person and to be in full force and
effect on the date of such certification, and delivered to the Trustee.

         "Business Day" means any day other than a Legal Holiday.

         "Capital Expenditures" means the amount of any expenditures in respect
of fixed or capital assets.

         "Capital Lease Obligations" means any obligation under a lease that is
required to be capitalized for financial reporting purposes in accordance with
GAAP; and the amount of Debt represented by such obligation shall be the
capitalized amount of such obligations determined in accordance with GAAP; and
the Stated Maturity thereof shall be the date of the last payment of rent or any
other amount due under such lease prior to the first date upon which such lease
may be terminated by the lessee without payment of a penalty. For purposes of
Section 4.10, a Capital Lease Obligation shall be deemed secured by a Lien on
the Property being leased.

         "Capital Stock" means, with respect to any Person, any shares or other
equivalents (however designated) of any class of corporate stock or partnership
interests or any other participations, rights, warrants, options or other
interests in the nature of an equity interest in such Person, including
Preferred Stock, but excluding any debt security convertible or exchangeable
into such equity interest.

         "Capital Stock Sale Proceeds" means the aggregate cash proceeds
received by the Company from the issuance or sale (other than to a Subsidiary of
the Company or an employee stock ownership plan or trust established by the
Company or any such Subsidiary for the benefit of their employees) by the
Company of its Capital Stock (other than Disqualified Stock) after the Issue
Date, net of attorneys' fees, accountants' fees, underwriters' or placement
agents' fees, discounts or commissions and brokerage, consultant and other fees
actually incurred in connection with such issuance or sale and net of taxes paid
or payable as a result thereof.

         "Cash Equivalents" means:

         (a)      securities issued or directly and fully guaranteed or insured
                  by the United States Government or any agency or
                  instrumentality thereof (provided that the full faith and
                  credit of the United States is pledged in support thereof),
                  having maturities of not more than one year from the date of
                  acquisition;

         (b)      marketable general obligations issued by any state of the
                  United States of America or any political subdivision of any
                  such state or any public instrumentality thereof maturing
                  within one year from the date of acquisition thereof (provided
                  that the full faith and credit of such state is pledged in
                  support thereof) and, at the time of acquisition thereof,
                  having one of the two highest credit ratings obtainable from
                  both S&P's and Moody's;

         (c)      certificates of deposit, time deposits, eurodollar time
                  deposits, overnight bank deposits or bankers' acceptances
                  having maturities of not more than one year from the date of
                  acquisition thereof issued by any commercial bank organized in
                  the United States of America, the long-term debt of which is
                  rated at the time of acquisition thereof in one of the two
                  highest categories obtainable from both S&P's and Moody's, and
                  having combined capital and surplus in excess of $500.0
                  million;

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         (d)      repurchase obligations with a term of not more than seven days
                  for underlying securities of the types described in clause
                  (a), (b) and (c) entered into with any bank meeting the
                  qualifications specified in clause (c) above;

         (e)      commercial paper rated at the time of acquisition thereof in
                  one of the two highest categories obtainable from both S&P's
                  and Moody's or carrying an equivalent rating by a nationally
                  recognized rating agency, if both of the two named rating
                  agencies cease publishing ratings of investments, and in any
                  case maturing within one year after the date of acquisition
                  thereof; and

         (f)      interests in any investment company or money market fund which
                  invests at least 95% of its assets in instruments of the type
                  specified in clauses (a) through (e) above.

         "Cash Management Services Obligations" means all obligations incurred
by the Company with respect to cash management services incurred in the ordinary
course of business as contemplated by the Revolving Credit Facility.

         "Change of Control" means the occurrence of any of the following
events:

         (a)      if any "person" or "group" (as such terms are used in Sections
                  13(d) and 14(d) of the Exchange Act or any successor
                  provisions to either of the foregoing), including any group
                  acting for the purpose of acquiring, holding, voting or
                  disposing of securities within the meaning of Rule 13d-5(b)(l)
                  under the Exchange Act, becomes the "beneficial owner" (as
                  defined in Rule 13d-3 under the Exchange Act, except that a
                  person will be deemed to have "beneficial ownership" of all
                  shares that any such person has the right to acquire, whether
                  such right is exercisable immediately or only after the
                  passage of time), directly or indirectly, of a majority of the
                  total voting power of the Voting Stock of the Company (for
                  purposes of this clause (a), such person or group shall be
                  deemed to beneficially own any Voting Stock of a corporation
                  held by any other corporation (the "parent corporation") so
                  long as such person or group beneficially owns, directly or
                  indirectly, in the aggregate a majority of the total voting
                  power of the Voting Stock of such parent corporation); or

         (b)      the sale, transfer, assignment, lease, conveyance or other
                  disposition, directly or indirectly, of all or substantially
                  all the assets of the Company and the Restricted Subsidiaries,
                  considered as a whole (other than a disposition of such
                  Property as an entirety or virtually as an entirety to a
                  Wholly Owned Restricted Subsidiary) shall have occurred, or
                  the Company merges, consolidates or amalgamates with into any
                  other Person or any other Person merges, consolidates or
                  amalgamates with or into the Company, in any such event
                  pursuant to a transaction in which the outstanding Voting
                  Stock of the Company is reclassified into or exchanged for
                  cash, securities or other Property, other than any such
                  transaction where:

                  (1)      the outstanding Voting Stock of the Company is
                           reclassified into or exchanged for other Voting Stock
                           of the Company or for Voting Stock of the Surviving
                           Person, and

                  (2)      the holders of the Voting Stock of the Company
                           immediately prior to such transaction own, directly
                           or indirectly, not less than a majority of the Voting
                           Stock of the Company or the Surviving Person
                           immediately after such transaction and in
                           substantially the same proportion as before the
                           transaction; or

         (c)      during any period of two consecutive years, individuals who at
                  the beginning of such period constituted the Board of
                  Directors (together with any new directors whose election or
                  appointment by such Board or whose nomination for election by
                  the shareholders of the Company was approved by a vote of not
                  less than three-fourths of the directors then still in office
                  who were either directors at the beginning of such period or
                  whose election or nomination for election was previously so
                  approved) cease for any reason to constitute a majority of the
                  Board of Directors then in office; or

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         (d)      the shareholders of the Company shall have approved any plan
                  of liquidation or dissolution of the Company.

         "Clearstream" means Clearstream Banking S.A. and any successor thereto.

         "Code" means the Internal Revenue Code of 1986, as amended.

         "Collateral Agent" means the Trustee acting as agent for the Holders
under the Intercreditor Agreement and Security Documents.

         "Commission" means the U.S. Securities and Exchange Commission.

         "Comparable Treasury Issue" means the United States Treasury security
selected by the Reference Treasury Dealer as having a maturity comparable to the
remaining term of the Notes being redeemed that would be utilized, at the time
of selection and in accordance with customary financial practice, in pricing new
issues of corporate debt securities of comparable maturity to the remaining term
of such Notes being redeemed.

         "Comparable Treasury Price" means, with respect to any redemption date:

         (1)      the average of the bid and ask prices for the Comparable
                  Treasury Issue (expressed in each case as a percentage of its
                  principal amount) on the third Business Day preceding such
                  redemption date, as set forth in the most recently published
                  statistical release designated "H.15(519)" (or any successor
                  release) published by the Board of Governors of the Federal
                  Reserve System and which establishes yields on actively traded
                  United States Treasury securities adjusted to constant
                  maturity under the caption "Treasury Constant Maturities;" or

         (2)      if such release (or any successor release) is not published or
                  does not contain such prices on such Business Day, the
                  Reference Treasury Dealer Quotation for such redemption date.

         "Consolidated Interest Coverage Ratio" means, as of any date of
determination, the ratio of:

         (a)      the aggregate amount of EBITDA for the most recent four
                  consecutive fiscal quarters ending at least 45 days prior to
                  such determination date to

         (b)      Consolidated Interest Expense for such four fiscal quarters;
                  provided, however, that:

                  (1)      if

                           (A)      since the beginning of such period the
                                    Company or any Restricted Subsidiary has
                                    Incurred any Debt that remains outstanding
                                    or Repaid any Debt, or

                           (B)      the transaction giving rise to the need to
                                    calculate the Consolidated Interest Coverage
                                    Ratio is an Incurrence or Repayment of Debt,

                  then Consolidated Interest Expense for such period shall be
                  calculated after giving effect on a pro forma basis to such
                  Incurrence or Repayment as if such Debt was Incurred or Repaid
                  on the first day of such period, provided that, in the event
                  of any such Repayment of Debt, EBITDA for such period shall be
                  calculated as if the Company or such Restricted Subsidiary had
                  not earned any interest income actually earned during such
                  period in respect of the funds used to Repay such Debt, and

                  (2)      if

                           (A)      since the beginning of such period the
                                    Company or any Restricted Subsidiary shall
                                    have made any Asset Sale or an Investment
                                    (by merger or otherwise) in

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                                    any Restricted Subsidiary (or any Person
                                    which becomes a Restricted Subsidiary) or an
                                    acquisition of Property which constitutes
                                    all or substantially all of an operating
                                    unit of a business,

                           (B)      the transaction giving rise to the need to
                                    calculate the Consolidated Interest Coverage
                                    Ratio is such an Asset Sale, Investment or
                                    acquisition, or

                           (C)      since the beginning of such period any
                                    Person (that subsequently became a
                                    Restricted Subsidiary or was merged with or
                                    into the Company or any Restricted
                                    Subsidiary since the beginning of such
                                    period) shall have made such an Asset Sale,
                                    Investment or acquisition,

                  then EBITDA for such period shall be calculated after giving
                  pro forma effect to such Asset Sale, Investment or acquisition
                  as if such Asset Sale, Investment or acquisition occurred on
                  the first day of such period.

If any Debt bears a floating rate of interest and is being given pro forma
effect, the interest expense on such Debt shall be calculated as if the base
interest rate in effect for such floating rate of interest on the date of
determination had been the applicable base interest rate for the entire period
(taking into account any Interest Rate Agreement applicable to such Debt if such
Interest Rate Agreement has a remaining term in excess of 12 months). In the
event the Capital Stock of any Restricted Subsidiary is sold during the period,
the Company shall be deemed, for purposes of clause (1) above, to have Repaid
during such period the Debt of such Restricted Subsidiary to the extent the
Company and its continuing Restricted Subsidiaries are no longer liable for such
Debt after such sale.

         "Consolidated Interest Expense" means, for any period, the total
interest expense of the Company and its consolidated Restricted Subsidiaries,
plus, to the extent not included in such total interest expense, and to the
extent Incurred by the Company or its Restricted Subsidiaries,

         (a)      interest expense attributable to leases constituting part of a
                  Sale and Leaseback Transaction and to Capital Lease
                  Obligations,

         (b)      amortization of debt discount and debt issuance cost,
                  including commitment fees,

         (c)      capitalized interest,

         (d)      non-cash interest expense,

         (e)      commissions, discounts and other fees and charges owed with
                  respect to letters of credit and bankers' acceptance
                  financing,

         (f)      net costs associated with Hedging Obligations (including
                  amortization of fees),

         (g)      Disqualified Stock Dividends,

         (h)      Preferred Stock Dividends,

         (i)      interest accruing on any Debt of any other Person to the
                  extent such Debt is Guaranteed by the Company or any
                  Restricted Subsidiary, and

         (j)      cash contributions to any employee stock ownership plan or
                  similar trust to the extent such contributions are used by
                  such plan or trust to pay interest or fees to any Person
                  (other than the Company) in connection with Debt Incurred by
                  such plan or trust.

         "Consolidated Net Income" means, for any period, the net income (loss)
of the Company and its consolidated Subsidiaries; provided, however, that there
shall not be included in such Consolidated Net Income:

                                        6

<PAGE>

         (a)      any net income (loss) of any Person (other than the Company)
                  if such Person is not a Restricted Subsidiary, except that:

                  (1)      subject to the exclusion contained in clause (d)
                           below, the Company's and its consolidated
                           Subsidiaries' equity in the net income of any such
                           Person for such period shall be included in such
                           Consolidated Net Income up to the aggregate amount of
                           cash distributed by such Person during such period to
                           the Company or a Restricted Subsidiary as a dividend
                           or other distribution (subject, in the case of a
                           dividend or other distribution to a Restricted
                           Subsidiary, to the limitations contained in clause
                           (c) below), and

                  (2)      the Company's and its consolidated Subsidiaries'
                           equity in a net loss of any such Person other than an
                           Unrestricted Subsidiary for such period shall be
                           included in determining such Consolidated Net Income,

         (b)      for purposes of Section 4.9 only, any net income (loss) of any
                  Person acquired by the Company or any of its consolidated
                  Subsidiaries in a pooling of interests transaction for any
                  period prior to the date of such acquisition,

         (c)      any net income (loss) of any Restricted Subsidiary if such
                  Restricted Subsidiary is subject to restrictions, directly or
                  indirectly, on the payment of dividends or the making of
                  distributions, directly or indirectly, to the Company, except
                  that:

                  (1)      subject to the exclusion contained in clause (d)
                           below, the Company's and its consolidated
                           Subsidiaries' equity in the net income of any such
                           Restricted Subsidiary for such period shall be
                           included in such Consolidated Net Income up to the
                           greater of (I) the aggregate amount of cash actually
                           distributed by such Restricted Subsidiary during such
                           period to the Company or another Restricted
                           Subsidiary as a dividend or other distribution
                           (subject, in the case of a dividend or other
                           distribution to another Restricted Subsidiary, to the
                           limitation contained in this clause (c)) and (II) the
                           aggregate amount of cash that could have been
                           distributed by such Restricted Subsidiary during such
                           period to the Company or another Restricted
                           Subsidiary as a dividend or other distribution
                           without prior approval (that has not been obtained)
                           pursuant to the terms of its charter and all
                           agreements, instruments, judgments, decrees, orders,
                           statutes, rules and governmental regulations
                           applicable to such Restricted Subsidiary or its
                           stockholders (subject, in the case of a dividend or
                           other distribution to another Restricted Subsidiary,
                           to the limitation contained in this clause (c)), and

                  (2)      the Company's and its consolidated Subsidiaries'
                           equity in a net loss of any such Restricted
                           Subsidiary for such period shall be included in
                           determining such Consolidated Net Income,

         (d)      any gain (but not loss) realized upon the sale or other
                  disposition of any Property of the Company or any of its
                  consolidated Subsidiaries (including pursuant to any Sale and
                  Leaseback Transaction) that is not sold or otherwise disposed
                  of in the ordinary course of business,

         (e)      any extraordinary gain or loss,

         (f)      the cumulative effect of a change in accounting principles and

         (g)      any non-cash compensation expense realized for grants of
                  performance shares, stock options or other rights to officers,
                  directors and employees of the Company or any Restricted
                  Subsidiary, provided that such shares, options or other rights
                  can be redeemed at the option of the holder only for Capital
                  Stock of the Company (other than Disqualified Stock).

                                        7

<PAGE>

         Notwithstanding the foregoing, for purposes of Section 4.9 only, there
shall be excluded from Consolidated Net Income any dividends, repayments of
loans or advances or other transfers of assets from Unrestricted Subsidiaries to
the Company or a Restricted Subsidiary to the extent such dividends, repayments
or transfers increase the amount of Restricted Payments permitted under Section
4.9 pursuant to clause (a)(iii)(4) thereof.

         "Corporate Trust Office of the Trustee" shall be at the address of the
Trustee specified in Section 13.2 or such other address as to which the Trustee
may give notice to the Company.

         "Currency Exchange Protection Agreement" means, in respect of a Person,
any foreign exchange contract, currency swap agreement, currency option or other
similar agreement or arrangement designed to protect such Person against
fluctuations in currency exchange rates.

         "Custodian" means, with respect to the Notes issuable or issued in
whole or in part in global form, the Person specified in Section 2.3 as
Custodian with respect to the Notes, any and all successors thereto appointed as
custodian hereunder and having become such pursuant to the applicable provisions
of this Indenture.

         "Debt" means, with respect to any Person on any date of determination
(without duplication):

         (a)      the principal of and premium (if any) in respect of:

                  (1)      debt of such Person for money borrowed, and

                  (2)      debt evidenced by notes, debentures, bonds or other
                           similar instruments for the payment of which such
                           Person is responsible or liable;

         (b)      all Capital Lease Obligations of such Person and all
                  Attributable Debt in respect of Sale and Leaseback
                  Transactions entered into by such Person;

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

         (d)      all obligations of such Person for the reimbursement of any
                  obligor on any letter of credit, banker's acceptance or
                  similar credit transaction (other than obligations with
                  respect to letters of credit securing obligations (other than
                  obligations described in (a) through (c) above) entered into
                  in the ordinary course of business of such Person to the
                  extent such letters of credit are not drawn upon or, if and to
                  the extent drawn upon, such drawing is reimbursed no later
                  than the third Business Day following receipt by such Person
                  of a demand for reimbursement following payment on the letter
                  of credit);

         (e)      the amount of all obligations of such Person with respect to
                  the Repayment of any Disqualified Stock or, with respect to
                  any Subsidiary of such Person, any Preferred Stock (but
                  excluding, in each case, any accrued dividends);

         (f)      all obligations of the type referred to in clauses (a) through
                  (e) above of other Persons and all dividends of other Persons
                  for the payment of which, in either case, such Person is
                  responsible or liable, directly or indirectly, as obligor,
                  guarantor or otherwise, including by means of any Guarantee;

         (g)      all obligations of the type referred to in clauses (a) through
                  (f) of other Persons secured by any Lien on any Property of
                  such Person (whether or not such obligation is assumed by such
                  Person), the amount of such obligation being deemed to be the
                  lesser of the Fair Market Value of such Property or the amount
                  of the obligation so secured; and

                                        8

<PAGE>

         (h)      to the extent not otherwise included in this definition,
                  Hedging Obligations and Cash Management Services Obligations
                  of such Person.

         The amount of Debt of any Person at any date shall be (x) the
outstanding balance at such date of all unconditional obligations as described
above and (y) the maximum liability, upon the occurrence of the contingency
giving rise to the obligation, of any contingent obligations at such date. The
amount of Debt represented by a Hedging Obligation shall be equal to:

         (1)      zero if such Hedging Obligation has been Incurred pursuant to
                  Section 4.8(b)(v), or

         (2)      the notional amount of such Hedging Obligation if not Incurred
                  pursuant to Section 4.8(b)(v).

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

         "Definitive Note" means a certificated Note registered in the name of
the Holder thereof and issued in accordance with Section 2.6, in substantially
the form of Exhibit A hereto except that such Note shall not bear the Global
Note Legend and shall not have the "Schedule of Exchanges of Interests in the
Global Note" attached thereto.

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

         "Disqualified Stock" means, with respect to any Person, any Capital
Stock that by its terms (or by the terms of any security into which it is
convertible or for which it is exchangeable, in either case at the option of the
holder thereof) or otherwise:

         (a)      matures or is mandatorily redeemable pursuant to a sinking
                  fund obligation or otherwise,

         (b)      is or may become redeemable or repurchaseable at the option of
                  the holder thereof, in whole or in part, or

         (c)      is convertible or exchangeable at the option of the holder
                  thereof for Debt or Disqualified Stock,

         on or prior to, in the case of clause (a), (b) or (c), the first
anniversary of the Stated Maturity of the Notes.

         "Disqualified Stock Dividends" means all dividends with respect to
Disqualified Stock of the Company held by Persons other than a Wholly Owned
Restricted Subsidiary. The amount of any such dividend shall be equal to the
quotient of such dividend divided by the difference between one and the maximum
statutory federal income tax rate (expressed as a decimal number between 1 and
0) then applicable to the Company.

         "Distribution Compliance Period" means the 40-day distribution
compliance period as defined in Regulation S.

         "Domestic Restricted Subsidiary" means any Restricted Subsidiary other
than (a) a Foreign Restricted Subsidiary or (b) a Subsidiary of a Foreign
Restricted Subsidiary.

         "dPi" means dPi Teleconnect, L.L.C., a Delaware limited liability
company and the Company's 70% owned subsidiary.

         "EBITDA" means, for any period, an amount equal to, for the Company and
its consolidated Restricted Subsidiaries:

                                        9

<PAGE>

         (a)      the sum of Consolidated Net Income for such period, plus the
                  following to the extent reducing Consolidated Net Income for
                  such period:

                  (1)      the provision for taxes based on income or profits or
                           utilized in computing net loss,

                  (2)      Consolidated Interest Expense,

                  (3)      depreciation expense, other than depreciation expense
                           relating to rental merchandise,

                  (4)      amortization of intangibles, and

                  (5)      any other non-cash items (other than any such
                           non-cash item to the extent that it represents an
                           accrual of or reserve for cash expenditures in any
                           future period), minus

         (b)      all non-cash items increasing Consolidated Net Income for such
                  period (other than any such non-cash item to the extent that
                  it will result in the receipt of cash payments in any future
                  period).

         Notwithstanding the foregoing clause (a), the provision for taxes and
the depreciation, amortization and non-cash items of a Restricted Subsidiary
shall be added to Consolidated Net Income to compute EBITDA only to the extent
(and in the same proportion) that the net income of such Restricted Subsidiary
was included in calculating Consolidated Net Income.

         "Euroclear" means Euroclear Bank S.A./N.V., as operator of the
Euroclear System, and any successor thereto.

         "Event of Default" has the meaning set forth under Section 6.1.

         "Excess Cash Flow" means, for any fiscal year, EBITDA for the Company
and its consolidated Restricted Subsidiaries for such year, minus each of the
following:

         (a)      to the extent reducing Consolidated Net Income for such year,
                  the provision for taxes paid in cash based on income or
                  profits or utilized in computing net loss;

         (b)      to the extent reducing Consolidated Net Income for such year,
                  Consolidated Interest Expense paid in cash;

         (c)      any increase in Working Capital from the last day of the
                  fiscal year preceding such year to the last day of such year;

         (d)      amounts paid to purchase property, plant or equipment by the
                  Company and its Restricted Subsidiaries during such year,
                  provided that any such amounts in excess of over $20.0 million
                  shall not be deducted in determining Excess Cash Flow;

         (e)      all cash amounts paid during such year by the Company or the
                  Subsidiary Guarantors under any leases identified in Section
                  1.2(f) of the Asset Purchase Agreement dated December 17,
                  2002, among the Company, Rent-Way of Michigan, Inc., Rent-Way
                  of TTIG; L.P. and Rent-A-Center, Inc;

         (f)      all cash amounts paid during such year by the Company or any
                  of the Subsidiary Guarantors at trial, upon appeal or in
                  settlement of the securities and class action lawsuits and
                  investigations by governmental authorities pending against the
                  Company on the Issue Date; and

         (g)      any reduction in the principal amount of Debt outstanding
                  under the Revolving Credit Facility from the last day of the
                  fiscal year preceding such year to the last day of such year;

                                       10

<PAGE>

         plus each of the following:

                  (x)      all holdback amounts paid to the Company during such
                           year pursuant to Section 8.4(b) of the Asset Purchase
                           Agreement dated December 17, 2002, among the Company,
                           Rent-Way of Michigan, Inc., Rent-Way of TTIG, L.P.
                           and Rent-A-Center, Inc.; and

                  (y)      any decrease in Working Capital from the last day of
                           the fiscal year preceding such year to the last day
                           of such year.

         "Excess Cash Flow Collateral Account Agreement" means the agreement
among the Company, the Trustee and the other securities intermediary and, if
applicable, the Senior Collateral Agent relating to the Excess Cash Flow
Collateral Account.

         "Exchange Act" means the Securities Exchange Act of 1934, as amended.

         "Exchange Notes" means the new notes of the Company issued in a
registered offer made pursuant to the Registration Rights Agreement and a
registration statement filed with, and declared effective by, the Commission
offering to exchange such new notes for the Notes or the Additional Notes, as
the case may be, provided, that such new notes have terms substantially
identical in all material respects to the Notes and the Additional Notes (except
that Exchange Notes will not contain terms with respect to transfer
restrictions) for which such offer is being made.

         "Exchange Offer Registration Statement" has the meaning set forth in
the Registration Rights Agreement.

         "Fair Market Value" means, with respect to any Property, the price that
could be negotiated in an arm's-length free market transaction, for cash,
between a willing seller and a willing buyer, neither of whom is under undue
pressure or compulsion to complete the transaction. Fair Market Value shall be
determined in good faith, (a) if such Property has a fair market value equal to
or less than $1.0 million, by any Officer of the Company, or (b) if such
Property has a fair market value in excess of $1.0 million, by the Board of
Directors.

         "First Priority Liens" means all Liens that secure the Debt and other
obligations under the Revolving Credit Facility, Debt under existing Interest
Rate Agreements, Interest Rate Agreements extended by the lenders under the
Revolving Credit Facility, and Debt under Cash Management Services Obligations.

         "Foreign Restricted Subsidiary" means any Restricted Subsidiary which
is not organized under the laws of the United States of America or any State
thereof or the District of Columbia.

         "GAAP" means United States generally accepted accounting principles as
in effect on the Issue Date, including those set forth:

         (a)      in the opinions and pronouncements of the Accounting
                  Principles Board of the American Institute of Certified Public
                  Accountants,

         (b)      in the statements and pronouncements of the Financial
                  Accounting Standards Board,

         (c)      in such other statements by such other entity as approved by a
                  significant segment of the accounting profession, and

         (d)      in the rules and regulations of the Commission governing the
                  inclusion of financial statements (including pro forma
                  financial statements) in periodic reports required to be filed
                  pursuant to Section 13 of the Exchange Act, including opinions
                  and pronouncements in staff accounting bulletins and similar
                  written statements from the accounting staff of the
                  Commission.

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

                                       11

<PAGE>

         "Global Notes" means the global Notes in the form of Exhibit A hereto
issued in accordance with Article 2.

         "Guarantee" means any obligation, contingent or otherwise, of any
Person directly or indirectly guaranteeing any Debt of any other Person and any
obligation, direct or indirect, contingent or otherwise, of such Person:

         (a)      to purchase or pay (or advance or supply funds for the
                  purchase or payment of) such Debt of such other Person
                  (whether arising by virtue of partnership arrangements, or by
                  agreements to keep-well, to purchase assets, goods, securities
                  or services, to take-or-pay or to maintain financial statement
                  conditions or otherwise), or

         (b)      entered into for the purpose of assuring in any other manner
                  the obligee against loss in respect thereof (in whole or in
                  part);

provided, however, that the term "Guarantee" shall not include:

                  (1)      endorsements for collection or deposit in the
                           ordinary course of business, or

                  (2)      a contractual commitment by one Person to invest in
                           another Person for so long as such Investment is
                           reasonably expected to constitute a Permitted
                           Investment under clauses (a), (b) or (c) of the
                           definition of "Permitted Investment."

         The term "Guarantee" used as a verb has a corresponding meaning. The
term "Guarantor" shall mean any Person Guaranteeing any obligation.

         "Hedging Obligation" of any Person means any obligation of such Person
pursuant to any Interest Rate Agreement, Currency Exchange Protection Agreement
or any, other similar agreement or arrangement.

         "Holder" means a Person in whose name a Note is registered in the
Security Register.

         "IAI Global Note" means the global Note in the form of Exhibit A hereto
bearing the Global Note Legend and the Private Placement Legend and deposited
with and registered in the name of the Depositary or its nominee that will be
issued in a denomination equal to the outstanding principal amount of the Notes
sold to Institutional Accredited Investors, if any.

         "Incur" means, with respect to any Debt or other obligation of any
Person, to create, issue, incur (by merger, conversion, exchange or otherwise),
extend, assume, Guarantee or become liable in respect of such Debt or other
obligation or the recording, as required pursuant to GAAP or otherwise, of any
such Debt or obligation on the balance sheet of such Person (and "Incurrence"
and "Incurred" shall have meanings correlative to the foregoing); provided,
however, that a change in GAAP that results in an obligation of such Person that
exists at such time, and is not theretofore classified as Debt, becoming Debt
shall not be deemed an Incurrence of such Debt; provided further, however, that
any Debt or other obligations of a Person existing at the time such Person
becomes a Subsidiary (whether by merger, consolidation, acquisition or
otherwise) shall be deemed to be Incurred by such Subsidiary at the time it
becomes a Subsidiary.

         "Indenture" means this instrument, as originally executed or as it may
from time to time be supplemented or amended in accordance with Article 9.

         "Independent Financial Advisor" means an investment banking firm of
national standing or any third party appraiser of national standing, provided
that such firm or appraiser is not an Affiliate of the Company.

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

         "Initial Purchaser" means Citigroup Global Markets Inc. as the initial
purchaser of the Notes.

                                       12

<PAGE>

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

         "Intercreditor Agreement" means the intercreditor agreement among the
Company, Harris Trust and Savings Bank, as agent for the lenders under the
Revolving Credit Facility, and the Trustee as Collateral Agent for the Holders
of the Notes, dated the Issue Date, as the same may be amended, modified,
restated, supplemented or replaced from time to time.

         "Interest Rate Agreement" means, for any Person, any interest rate swap
agreement, interest rate cap agreement, interest rate collar agreement or other
similar agreement designed to protect against fluctuations in interest rates.

         "Investment" by any Person means any direct or indirect loan (other
than advances to customers in the ordinary course of business that are recorded
as accounts receivable on the balance sheet of such Person), advance or other
extension of credit or capital contribution (by means of transfers of cash or
other Property to others or payments for Property or services for the account or
use of others, or otherwise) to, or Incurrence of a Guarantee of any obligation
of, or purchase or acquisition of Capital Stock, bonds, notes, debentures or
other securities or evidence of Debt issued by, any other Person. For purposes
of the covenants described under Section 4.9 and Section 4.15 and the definition
of "Restricted Payment," the term "Investment" shall include the portion
(proportionate to the Company's equity interest in such Subsidiary) of the Fair
Market Value of the net assets of any Restricted Subsidiary of the Company at
the time that such Subsidiary is designated an Unrestricted Subsidiary;
provided, however, that upon a redesignation of such Subsidiary as a Restricted
Subsidiary, the Company shall be deemed to continue to have a permanent
"Investment" in an Unrestricted Subsidiary of an amount (if positive) equal to:

         (a)      the Company's "Investment" in such Subsidiary at the time of
                  such redesignation, less

         (b)      the portion (proportionate to the Company's equity interest in
                  such Subsidiary) of the Fair Market Value of the net assets of
                  such Subsidiary at the time of such redesignation.

In determining the amount of any Investment made by transfer of any Property
other than cash, such Property shall be valued at its Fair Market Value at the
time of such Investment. Notwithstanding the foregoing, the term "Investment"
shall not include leases by the Company or its Restricted Subsidiaries of
merchandise or inventory to their customers in the ordinary course of their
rental-purchase business.

         "Issue Date" means the date on which the Notes are initially issued.

         "Legal Holiday" means a Saturday, a Sunday or a day on which banking
institutions in the City of New York, the city in which the Corporate Trust
Office of the Trustee is located, or at a place of payment are authorized by
law, regulation or executive order to remain closed. 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 on
such payment for the intervening period.

         "Letter of Transmittal" means the letter of transmittal to be prepared
by the Company and sent to all Holders of the Offered Notes for use by such
Holders in connection with a Registered Exchange Offer.

         "Leverage Ratio" means the ratio of (a) the aggregate outstanding
amount of Debt of the Company and its Restricted Subsidiaries as of the last day
of the fiscal year of the Company to (b) EBITDA for the full fiscal year ending
on such date; provided, however, that:

         (1)      if

                  (A)      since the beginning of such year the Company or any
         Restricted Subsidiary has Incurred any Debt that remains outstanding or
         Repaid any Debt, or

                                       13

<PAGE>

                  (B)      the transaction giving rise to the need to calculate
         the Leverage Ratio is an Incurrence or Repayment of Debt,

         then Consolidated Interest Expense for such year shall be calculated
         after giving effect on a pro forma basis to such Incurrence or
         Repayment as if such Debt was Incurred or Repaid on the first day of
         such year, provided that, in the event of any such Repayment of Debt,
         EBITDA for such year shall be calculated as if the Company or such
         Restricted Subsidiary had not earned any interest income actually
         earned during such year in respect of the funds used to Repay such
         Debt, and

         (2)      if

                  (A)      since the beginning of such year the Company or any
         Restricted Subsidiary shall have made any Asset Sale or an Investment
         (by merger or otherwise) in any Restricted Subsidiary (or any Person
         which becomes a Restricted Subsidiary) or an acquisition of Property
         which constitutes all or substantially all of an operating unit of a
         business,

                  (B)      the transaction giving rise to the need to calculate
         the Leverage Ratio is such an Asset Sale, Investment or acquisition, or

                  (C)      since the beginning of such year any Person (that
         subsequently became a Restricted Subsidiary or was merged with or into
         the Company or any Restricted Subsidiary since the beginning of such
         year) shall have made such an Asset Sale, Investment or acquisition,

         then EBITDA for such year shall be calculated after giving pro forma
         effect to such Asset Sale, Investment or acquisition as if such Asset
         Sale, Investment or acquisition occurred on the first day of such year.

If any Debt bears a floating rate of interest and is being given pro forma
effect, the interest expense on such Debt shall be calculated as if the base
interest rate in effect for such floating rate of interest on the date of
determination had been the applicable base interest rate for the entire year
(taking into account any Interest Rate Agreement applicable to such Debt if such
Interest Rate Agreement has a remaining term in excess of 12 months). In the
event the Capital Stock of any Restricted Subsidiary is sold during the year,
the Company shall be deemed, for purposes of clause (1) above, to have Repaid
during such year the Debt of such Restricted Subsidiary to the extent the
Company and its continuing Restricted Subsidiaries are no longer liable for such
Debt after such sale.

         "Lien" means, with respect to any Property of any Person, any mortgage
or deed of trust, pledge, hypothecation, assignment, deposit arrangement,
security interest, lien, charge, easement (other than any easement not
materially impairing usefulness or marketability) encumbrance, preference,
priority or other security agreement or preferential arrangement of any kind or
nature whatsoever on or with respect to such Property (including any Capital
Lease Obligation, conditional sale or other title retention agreement having
substantially the same economic effect as any of the foregoing or any Sale and
Leaseback Transaction).

         "Moody's" means Moody's Investors Service, Inc. or any successor to the
rating agency business thereof.

         "Mortgage" means that certain Open-End Mortgage and Security Agreement
with Assignment of Rents from the Company to the Trustee that grants a Lien on
the Company's headquarters, land and improvements in Erie, Pennsylvania.

         "Net Available Cash" from any Asset Sale means cash payments received
therefrom (including any cash payments received by way of deferred payment of
principal pursuant to a note or installment receivable or otherwise, but only as
and when received, but excluding any other consideration received in the form of
assumption by the acquiring Person of Debt or other obligations relating to the
Property that is the subject of such Asset Sale or received in any other
non-cash form), in each case net of:

                                       14

<PAGE>

         (a)      all legal, title and recording tax expenses, commissions and
                  other fees and expenses incurred, and all federal, state,
                  provincial, foreign and local taxes required to be accrued as
                  a liability under GAAP, as a consequence of such Asset Sale,

         (b)      all payments made on any Debt that is secured by any Property
                  subject to such Asset Sale, in accordance with the terms of
                  any Lien upon or other security agreement of any kind with
                  respect to such Property, or which must by its terms, or in
                  order to obtain a necessary consent to such Asset Sale, or by
                  applicable law, be repaid out of the proceeds from such Asset
                  Sale,

         (c)      all distributions and other payments required to be made to
                  minority interest holders in Subsidiaries or joint ventures as
                  a result of such Asset Sale, and

         (d)      the deduction of appropriate amounts provided by the seller as
                  a reserve, in accordance with GAAP, against any liabilities
                  associated with the Property disposed of in such Asset Sale
                  and retained by the Company or any Restricted Subsidiary after
                  such Asset Sale.

         "Non-U.S. Person" means a Person who is not a U.S. Person.

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

         "Offered Notes" means $205,000,000 in aggregate principal amount of
Notes issued under this Indenture on the date hereof.

         "Officer" means the Chief Executive Officer, the President, the Chief
Financial Officer or any Executive Vice President of the Company.

         "Officers' Certificate" means a certificate, in form and substance
reasonably satisfactory to the Trustee, signed by two Officers of the Company,
at least one of whom shall be the principal executive officer or principal
financial officer of the Company, and delivered to the Trustee.

         "Opinion of Counsel" means a written opinion, in form and substance
reasonably satisfactory to the Trustee, from legal counsel who is acceptable to
the Trustee. The counsel may be an employee of or counsel to the Company or the
Trustee.

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

         "Permitted Asset Swap" means any transfer of Property by the Company or
any of its Restricted Subsidiaries in which at least 90% of the consideration
received by the transferor consists of Property (other than cash) that will be
used in a Related Business; provided that the aggregate Fair Market Value of the
Property being transferred by the Company or such Restricted Subsidiary is not
greater than the aggregate Fair Market Value of the Property received by the
Company or such Restricted Subsidiary in such exchange; and provided, further,
that, with respect to any transaction or series of related transactions that
constitutes a Permitted Asset Swap with an aggregate Fair Market Value in excess
of $10.0 million, the Company, prior to consummation thereof, shall be required
to obtain a written opinion from an Independent Financial Advisor to the effect
that such transaction or series of related transactions is fair, from a
financial point of view, to the Company and Restricted Subsidiaries, taken as a
whole.

         "Permitted Investment" means any Investment by the Company or a
Restricted Subsidiary in:

         (a)      the Company or any Restricted Subsidiary;

         (b)      any Person that will, upon the making of such Investment,
                  become a Restricted Subsidiary, provided that the primary
                  business of such Restricted Subsidiary is a Related Business;

                                       15

<PAGE>

         (c)      any Person if as a result of such Investment such Person is
                  merged or consolidated with or into, or transfers or conveys
                  all or substantially all its Property to, the Company or a
                  Restricted Subsidiary, provided that such Person's primary
                  business is a Related Business;

         (d)      cash or Cash Equivalents;

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

         (f)      payroll, travel and similar advances to cover matters that are
                  expected at the time of such advances ultimately to be treated
                  as expenses for accounting purposes and that are made in the
                  ordinary course of business;

         (g)      loans and advances to employees made in the ordinary course of
                  business consistent with past practices of the Company or such
                  Restricted Subsidiary, as the case may be, provided that such
                  loans and advances do not exceed $1.0 million at any one time
                  outstanding;

         (h)      stock, obligations or other securities received in settlement
                  of debts created in the ordinary course of business and owing
                  to the Company or a Restricted Subsidiary or in satisfaction
                  of judgments; and

         (i)      any Person to the extent such Investment represents the
                  non-cash portion of the consideration received in connection
                  with an Asset Sale consummated in compliance with Section
                  4.11; and

shall also include other Investments made for Fair Market Value that do not
exceed $20.0 million outstanding at any one time in the aggregate.

         "Permitted Liens" means:

         (a)      Liens to secure Debt permitted to be Incurred under Section
                  4.8(b)(i), Section 4.8(b)(ii) and Section 4.8(b)(v) to the
                  extent contemplated by the Revolving Credit Facility;

         (b)      Liens to secure Debt permitted to be Incurred under Section
                  4.8(b)(iii), provided that any such Lien may not extend to any
                  Property of the Company or any Restricted Subsidiary, other
                  than the Property acquired, constructed or leased with the
                  proceeds of such Debt and any improvements or accessions to
                  such Property;

         (c)      Liens for taxes, assessments or governmental charges or levies
                  on the Property of the Company or any Restricted Subsidiary if
                  the same shall not at the time be delinquent or thereafter can
                  be paid without penalty, or are being contested in good faith
                  and by appropriate proceedings promptly instituted and
                  diligently concluded, provided that any reserve or other
                  appropriate provision that shall be required in conformity
                  with GAAP shall have been made therefor,

         (d)      Liens imposed by law, such as carriers', warehousemen's and
                  mechanics' Liens and other similar Liens, on the Property of
                  the Company or any Restricted Subsidiary arising in the
                  ordinary course of business and securing payment of
                  obligations that are not more than 60 days past due or are
                  being contested in good faith and by appropriate proceedings,

         (e)      Liens on the Property of the Company or any Restricted
                  Subsidiary Incurred in the ordinary course of business to
                  secure performance of obligations with respect to statutory or
                  regulatory requirements, performance or return-of-money bonds,
                  surety bonds or other obligations of a like nature and
                  Incurred in a manner consistent with industry practice, in
                  each case which are not Incurred in connection with the
                  borrowing of money, the obtaining of advances or credit or the

                                       16

<PAGE>

                  payment of the deferred purchase price of Property and which
                  do not in the aggregate impair in any material respect the use
                  of Property in the operation of the business of the Company
                  and the Restricted Subsidiaries taken as a whole;

         (f)      Liens on Property at the time the Company or any Restricted
                  Subsidiary acquired such Property, including any acquisition
                  by means of a merger or consolidation with or into the Company
                  or any Restricted Subsidiary, provided, however, that any such
                  Lien may not extend to any other Property of the Company or
                  any Restricted Subsidiary; provided further, however, that
                  such Liens shall not have been Incurred in anticipation of or
                  in connection with the transaction or series of transactions
                  pursuant to which such Property was acquired by the Company or
                  any Restricted Subsidiary

         (g)      Liens on the Property of a Person at the time such Person
                  becomes a Restricted Subsidiary; provided, however, that any
                  such Lien may not extend to any other Property of the Company
                  or any other Restricted Subsidiary that is not a direct
                  Subsidiary of such Person; provided further, however, that any
                  such Lien was not Incurred in anticipation of or in connection
                  with the transaction or series of transactions pursuant to
                  which such Person became a Restricted Subsidiary;

         (h)      pledges or deposits by the Company or any Restricted
                  Subsidiary under workmen's compensation laws, unemployment
                  insurance laws or similar legislation, or good faith deposits
                  in connection with bids, tenders, contracts (other than for
                  the payment of Debt) or leases to which the Company or any
                  Restricted Subsidiary is party, or deposits to secure public
                  or statutory obligations of the Company, or deposits for the
                  payment of rent, in each case Incurred in the ordinary course
                  of business;

         (i)      utility easements, building restrictions and such other
                  encumbrances or charges against real Property as are of a
                  nature generally existing with respect to properties of a
                  similar character;

         (j)      Liens existing on the Issue Date not otherwise described in
                  clauses (a) through (i) above;

         (k)      Liens not otherwise described in clauses (a) through (j) above
                  on the Property of any Restricted Subsidiary to secure any
                  Debt permitted to be Incurred by such Restricted Subsidiary
                  pursuant to Section 4.8;

         (1)      Liens on the Property of the Company or any Restricted
                  Subsidiary to secure any Refinancing, in whole or in part, of
                  any Debt secured by Liens referred to in clause (b), (f), (g),
                  (j) or (k) above; provided, however, that any such Lien shall
                  be limited to all or part of the same Property that secured
                  the original Lien (together with improvements and accessions
                  to such Property) and the aggregate principal amount of Debt
                  that is secured by such Lien shall not be increased to an
                  amount greater than the sum of:

                  (1)      the outstanding principal amount, or, if greater, the
                           committed amount, of the Debt secured by Liens
                           described under clause (b), (f), (g), (j) or (k)
                           above, as the case may be, at the time the original
                           Lien became a Permitted Lien under the Indenture, and

                  (2)      an amount necessary to pay any fees and expenses,
                           including premiums and defeasance costs, incurred by
                           the Company or such Restricted Subsidiary in
                           connection with such Refinancing; and

         (m)      Liens to secure Debt under the Revolving Credit Facility that
                  is incurred under clause (ix) of the definition of "Permitted
                  Debt" in Section 4.8(b); and

         (n)      Liens not otherwise permitted by clauses (a) through (m) above
                  encumbering assets having an aggregate Fair Market Value not
                  in excess of, in the aggregate, the remainder of (i) $15.0
                  million less (ii) the principal amount of Debt described in
                  the preceding clause (m).

                                       17

<PAGE>

         "Permitted Refinancing Debt" means any Debt that Refinances any other
Debt, including any successive Refinancings, so long as:

         (a)      such Debt is in an aggregate principal amount (or if Incurred
                  with original issue discount, an aggregate issue price) not in
                  excess of the sum of:

                  (1)      the aggregate principal amount (or if Incurred with
                           original issue discount, the aggregate accreted
                           value) then outstanding of the Debt being Refinanced,
                           and

                  (2)      an amount necessary to pay any fees and expenses,
                           including premiums and defeasance costs, related to
                           such Refinancing,

         (b)      the Average Life of such Debt is equal to or greater than the
                  Average Life of the Debt being Refinanced,

         (c)      the Stated Maturity of such Debt is no earlier than the Stated
                  Maturity of the Debt being Refinanced, and

         (d)      the new Debt shall not be senior in right of payment to the
                  Debt that is being Refinanced; provided, however, that
                  Permitted Refinancing Debt shall not include:

                  (x)      Debt of a Subsidiary that is not a Subsidiary
                           Guarantor that Refinances Debt of the Company or a
                           Subsidiary Guarantor, or

                  (y)      Debt of the Company or a Restricted Subsidiary that
                           Refinances Debt of an Unrestricted Subsidiary.

         "Person" means any individual, corporation, company (including any
limited liability company), association, partnership, joint venture, trust,
unincorporated organization, government or any agency or political subdivision
thereof or any other entity.

         "Preferred Stock" means any Capital Stock of a Person, however
designated, which entitles the holder thereof to a preference with respect to
the payment of dividends, or as to the distribution of assets upon any voluntary
or involuntary liquidation or dissolution of such Person, over shares of any
other class of Capital Stock issued by such Person.

         "Preferred Stock Dividends" means all dividends (other than dividends
paid in Capital Stock that is not Disqualified Stock) with respect to Preferred
Stock of Restricted Subsidiaries held by Persons other than the Company or a
Wholly Owned Restricted Subsidiary. The amount of any such dividend shall be
equal to the quotient of such dividend divided by the difference between one and
the maximum statutory federal income rate (expressed as a decimal number between
1 and 0) then applicable to the issuer of such Preferred Stock.

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

         "pro forma" means, with respect to any calculation made or required to
be made pursuant to the terms of this Indenture, a calculation performed in
accordance with Article 11 of Regulation S-X promulgated under the Securities
Act, as interpreted in good faith by the Board of Directors after consultation
with the independent certified public accountants of the Company, or otherwise a
calculation made in good faith by the Board of Directors after consultation with
the independent certified public accountants of the Company, as the case may be.

         "Property" means, with respect to any Person, any interest of such
Person in any kind of property or asset, whether real, personal or mixed, or
tangible or intangible, including Capital Stock in, and other securities of, any
other Person.

                                       18

<PAGE>

         "Public Equity Offering" means an underwritten public offering of
common stock of the Company pursuant to an effective registration statement
under the Securities Act.

         "Purchase Money Debt" means Debt:

         (a)      consisting of the deferred purchase price of property,
                  conditional sale obligations, obligations under any title
                  retention agreement, other purchase money obligations and
                  obligations in respect of industrial revenue bonds, in each
                  case where the maturity of such Debt does not exceed the
                  anticipated useful life of the Property being financed, and

         (b)      Incurred to finance the acquisition, construction or lease by
                  the Company or a Restricted Subsidiary of such Property,
                  including additions and improvements thereto;

provided, however, that such Debt is Incurred within 180 days after the
acquisition, construction or lease of such Property by the Company or such
Restricted Subsidiary; and, provided further, however, that in no event shall
such Debt be incurred in connection with the acquisition of Capital Stock.

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

         "Reference Treasury Dealer" means Citigroup Global Markets Inc. and its
successors; provided, however, that if it shall cease to be a primary U.S.
Government securities dealer in New York City (a "Primary Treasury Dealer"), the
Company shall substitute therefor another Primary Treasury Dealer.

         "Reference Treasury Dealer Quotation" means, with respect to the
Reference Treasury Dealer and any redemption date, the average of the bid and
ask prices for the Comparable Treasury Issue (expressed in each case as a
percentage of its principal amount) quoted in writing to the Trustee by such
Reference Treasury Dealer at 5:00 p.m. on the third Business Day preceding such
redemption date.

         "Refinance" means, in respect of any Debt, to refinance, extend, renew,
refund, repay, prepay, repurchase, redeem, defease or retire, or to issue other
Debt, in exchange or replacement for, such Debt. "Refinanced" and "Refinancing"
shall have correlative meanings.

         "Registered Exchange Offer" has the meaning set forth in the
Registration Rights Agreement.

         "Registration Rights Agreement" means the Registration Rights Agreement
dated May 23, 2003, among the Company, the Subsidiary Guarantors and the Initial
Purchaser, as such agreement may be amended, modified or supplemented from time
to time and, with respect to any Additional Notes, one or more registration
rights agreements between the Company and the other parties thereto, as such
agreement(s) may be amended, modified or supplemented from time to time,
relating to rights given by the Company to the purchasers of Additional Notes to
register such Additional Notes under the Securities Act.

         "Regulation S" means Regulation S promulgated under the Securities Act.

         "Regulation S Global Note" means the global Note in the form of Exhibit
A hereto bearing the Global Note Legend and the Private Placement Legend and
deposited with and registered in the name of the Depositary or its nominee that
will be issued in a denomination equal to the outstanding principal amount of
Notes sold in reliance on Regulation S.

         "Related Business" means any business that is related, ancillary or
complementary to the businesses of the Company and the Restricted Subsidiaries
on the Issue Date.

         "Rent-Adjusted Leverage Ratio" means the quotient obtained by dividing
(i) the sum of (A) total Debt of the Company and its Restricted Subsidiaries
plus (B) eight times rent expense of the Company and its Restricted Subsidiaries
by (ii) the sum of (A) EBITDA plus (B) rent expense of the Company and its
Restricted Subsidiaries, with total Debt being determined as of the last day of
the most recent four consecutive fiscal quarters ending at least

                                       19

<PAGE>

45 days prior to the date of determination, and EBITDA and rent expense being
determined for such four quarter period; provided, however, that:

         (1)      if

                  (A)      since the beginning of such four quarter period the
         Company or any Restricted Subsidiary has Incurred any Debt that remains
         outstanding or Repaid any Debt, or

                  (B)      the transaction giving rise to the need to calculate
         the Rent-Adjusted Leverage Ratio is an Incurrence or Repayment of Debt,

         then Consolidated Interest Expense for such period shall be calculated
         after giving effect on a pro forma basis to such Incurrence or
         Repayment as if such Debt was Incurred or Repaid on the first day of
         such period, provided that, in the event of any such Repayment of Debt,
         EBITDA for such period shall be calculated as if the Company or such
         Restricted Subsidiary had not earned any interest income actually
         earned during such period in respect of the funds used to Repay such
         Debt, and

         (2)      if

                  (A)      since the beginning of such period the Company or any
         Restricted Subsidiary shall have made any Asset Sale or an Investment
         (by merger or otherwise) in any Restricted Subsidiary (or any Person
         which becomes a Restricted Subsidiary) or an acquisition of Property
         which constitutes all or substantially all of an operating unit of a
         business,

                  (B)      the transaction giving rise to the need to calculate
         the Rent-Adjusted Leverage Ratio is such an Asset Sale, Investment or
         acquisition, or

                  (C)      since the beginning of such period any Person (that
         subsequently became a Restricted Subsidiary or was merged with or into
         the Company or any Restricted Subsidiary since the beginning of such
         period) shall have made such an Asset Sale, Investment or acquisition,

         then EBITDA for such period shall be calculated after giving pro forma
         effect to such Asset Sale, Investment or acquisition as if such Asset
         Sale, Investment or acquisition occurred on the first day of such
         period.

If any Debt bears a floating rate of interest and is being given pro forma
effect, the interest expense on such Debt shall be calculated as if the base
interest rate in effect for such floating rate of interest on the date of
determination had been the applicable base interest rate for the entire period
(taking into account any Interest Rate Agreement applicable to such Debt if such
Interest Rate Agreement has a remaining term in excess of 12 months). In the
event the Capital Stock of any Restricted Subsidiary is sold during the period,
the Company shall be deemed, for purposes of clause (1) above, to have Repaid
during such period the Debt of such Restricted Subsidiary to the extent the
Company and its continuing Restricted Subsidiaries are no longer liable for such
Debt after such sale.

         "Repay" means, in respect of any Debt, to repay, prepay, repurchase,
redeem, legally defease or otherwise retire such Debt. "Repayment" and "Repaid"
shall have correlative meanings. For purposes of Section 4.11 and the definition
of "Consolidated Interest Coverage Ratio," Debt shall be considered to have been
Repaid only to the extent the related loan commitment, if any, shall have been
permanently reduced in connection therewith.

         "Responsible Officer," when used with respect to the Trustee, means any
officer within the Corporate Trust Department of the Trustee (or any successor
group of the Trustee) 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 such matter is referred because of his or her
knowledge of and familiarity with the particular subject.

         "Restricted Definitive Note" means one or more Definitive Notes bearing
the Private Placement Legend.

                                       20

<PAGE>

         "Restricted Global Notes" means the 144A Global Note, the IAI Global
Note and the Regulation S Global Note.

         "Restricted Payment" means:

         (a)      any dividend or distribution (whether made in cash, securities
                  or other Property) declared or paid on or with respect to any
                  shares of Capital Stock of the Company or any Restricted
                  Subsidiary (including any payment in connection with any
                  merger or consolidation with or into the Company or any
                  Restricted Subsidiary), except for any dividend or
                  distribution that is made solely to the Company or a
                  Restricted Subsidiary (and, if such Restricted Subsidiary is
                  not a Wholly Owned Restricted Subsidiary, to the other
                  shareholders of such Restricted Subsidiary on a pro rata basis
                  or on a basis that results in the receipt by the Company or a
                  Restricted Subsidiary of dividends or distributions of greater
                  value than it would receive on a pro rata basis) or any
                  dividend or distribution payable solely in shares of Capital
                  Stock (other than Disqualified Stock) of the Company;

         (b)      the purchase, repurchase, redemption, acquisition or
                  retirement for value of any Capital Stock of the Company or
                  any Restricted Subsidiary (other than from the Company or a
                  Restricted Subsidiary) or any securities exchangeable for or
                  convertible into any such Capital Stock, including the
                  exercise of any option to exchange any Capital Stock (other
                  than for or into Capital Stock of the Company that is not
                  Disqualified Stock);

         (c)      the purchase, repurchase, redemption, acquisition or
                  retirement for value, prior to the date for any scheduled
                  maturity, sinking fund or amortization or other installment
                  payment, of any Subordinated Obligation (other than the
                  purchase, repurchase or other acquisition of any Subordinated
                  Obligation purchased in anticipation of satisfying a scheduled
                  maturity, sinking fund or amortization or other installment
                  obligation, in each case due within one year of the date of
                  acquisition);

         (d)      any Investment (other than Permitted Investments) in any
                  Person; or

         (e)      the issuance, sale or other disposition of Capital Stock of
                  any Restricted Subsidiary to a Person other than the Company
                  or another Restricted Subsidiary if the result thereof is that
                  such Restricted Subsidiary shall cease to be a Restricted
                  Subsidiary, in which event the amount of such "Restricted
                  Payment" shall be the Fair Market Value of the remaining
                  interest, if any, in such former Restricted Subsidiary held by
                  the Company and the other Restricted Subsidiaries.

         "Restricted Subsidiary" means any Subsidiary of the Company other than
an Unrestricted Subsidiary.

         "Revolving Credit Facility" means the credit agreement, dated as of the
Issue Date, by and among the Company, Harris Trust and Savings Bank, as
Administrative Agent, and the several banks and other financial institutions or
entities from time to time parties thereto, including any notes, collateral
documents, letters of credit and documentation and guarantees, and any
appendices, exhibits or schedules to any of the foregoing, as such agreement may
be in effect from time to time, in each case together with any extensions,
revisions, refinancings or replacements thereof by a lender or syndicate of
lenders, which refinancing or replacement is designated in advance by the
Company to the Trustee as a first lien credit facility refinancing or
replacement.

         "Rule 144" means Rule 144 promulgated under the Securities Act.

         "Rule 144A" means Rule 144A promulgated under the Securities Act.

         "Rule 903" means Rule 903 promulgated under the Securities Act.

         "Rule 904" means Rule 904 promulgated under the Securities Act.

                                       21

<PAGE>

         "S&P" means Standard & Poor's, a division of The McGraw-Hill Companies,
Inc., or any successor to the rating agency business thereof.

         "Sale and Leaseback Transaction" means any direct or indirect
arrangement relating to Property now owned or hereafter acquired whereby the
Company or a Restricted Subsidiary transfers such Property to another Person and
the Company or a Restricted Subsidiary leases it from such Person.

         "Securities Act" means the Securities Act of 1933, as amended.

         "Security Agreement" means the Security and Pledge Agreement to be
dated on or about the Issue Date among the Collateral Agent, the Trustee, the
Company and the Subsidiary Guarantors parties thereto, granting, among other
things, a second priority Lien on the Collateral described therein in favor of
the Collateral Agent for the benefit of the Trustee and Holders of the Notes, as
amended, modified, restated, supplemented or replaced from time to time.

         "Security Documents" means, collectively, the Security Agreement, the
Intercreditor Agreement, the Mortgage, the Trademark Collateral Agreement and
all other mortgages, deeds of trust, security agreements, pledges, collateral
assignments or other instruments evidencing or creating any security interests
in favor of the Collateral Agent, for the benefit of the Trustee and Holders of
the Notes, in all or any portion of the Collateral, in each case, as amended,
modified, restated, supplemented or replaced from time to time.

         "Senior Collateral Agent" means Harris Trust and Savings Bank acting as
collateral agent for the lenders under the Revolving Credit Facility and the
Intercreditor Agreement or any successor or replacement collateral agent for
such lenders as permitted under the Intercreditor Agreement.

         "Senior Debt" means:

         (a)      all obligations consisting of the principal, premium, if any,
                  and accrued and unpaid interest (including interest accruing
                  on or after the filing of any petition in bankruptcy or for
                  reorganization relating to the Company to the extent
                  post-filing interest is allowed in such proceeding and all
                  fees, expenses and indemnities and all other amounts payable
                  with respect to the Debt) in respect of:

                  (1)      Debt of the Company for borrowed money, and

                  (2)      Debt of the Company evidenced by notes, debentures,
                           bonds or other similar instruments permitted under
                           the Indenture for the payment of which the Company is
                           responsible or liable;

         (b)      all Capital Lease Obligations of the Company and all
                  Attributable Debt in respect of Sale and Leaseback
                  Transactions entered into by the Company;

         (c)      all obligations of the Company

                  (1)      for the reimbursement of any obligor on any letter of
                           credit, bankers' acceptance or similar credit
                           transaction,

                  (2)      under Hedging Obligations or Cash Management Services
                           Obligations, or

                  (3)      issued or assumed as the deferred purchase price of
                           Property and all conditional sale obligations of the
                           Company and all obligations under any title retention
                           agreement permitted under the Indenture; and

         (d)      all obligations of other Persons of the type referred to in
                  clauses (a), (b) and (c) for the payment of which the Company
                  is responsible or liable as Guarantor;

                                       22

<PAGE>

provided, however, that Senior Debt shall not include:

                  (A)      Debt of the Company that is by its terms subordinate
                           in right of payment to the Notes, including any
                           Subordinated Obligations,

                  (B)      any Debt Incurred in violation of the provisions of
                           the Indenture;

                  (C)      accounts payable or any other obligations of the
                           Company to trade creditors created or assumed by the
                           Company in the ordinary course of business in
                           connection with the obtaining of materials or
                           services (including Guarantees thereof or instruments
                           evidencing such liabilities);

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

                  (E)      any obligation of the Company to any Subsidiary; or

                  (F)      any obligations with respect to any Capital Stock of
                           the Company.

To the extent that any payment of Senior Debt (whether by or on behalf of the
Company as proceeds of security or enforcement or any right of setoff or
otherwise) is declared to be fraudulent or preferential, set aside or required
to be paid to a trustee, receiver or other similar party under any bankruptcy,
insolvency receivership or similar law, then if such payment is recovered by, or
paid over to, such trustee, receiver or other similar party, the Senior Debt or
part thereof originally intended to be satisfied shall be deemed to be
reinstated and outstanding as if such payment had not occurred. "Senior Debt" of
any Subsidiary Guarantor has a correlative meaning and shall not include any
obligation of such Subsidiary Guarantor to the Company or any other Subsidiary
of the Company.

         "Shelf Registration Statement" means the Shelf Registration Statement
as defined in the Registration Rights Agreement.

         "Significant Subsidiary" means any Restricted Subsidiary that would be
a "significant subsidiary" of the Company within the meaning of Rule 1-02 under
Regulation S-X promulgated by the Commission.

         "Special Interest" means the Special Interest as defined in Section 2
of the form of Note attached here to as Exhibit A.

         "Stated Maturity" means, with respect to any security, the date
specified in such security as the fixed date on which the payment of principal
of such security is due and payable, including pursuant to any mandatory
redemption provision (but excluding any provision providing for the repurchase
of such security at the option of the holder thereof upon the happening of any
contingency beyond the control of the issuer unless such contingency has
occurred).

         "Subordinated Obligation" means any Debt of the Company or any
Subsidiary Guarantor (whether outstanding on the Issue Date or thereafter
Incurred) that is subordinate or junior in right of payment to the Notes or any
Subsidiary Guaranty pursuant to a written agreement to that effect.

         "Subsidiary" means, in respect of any Person, any corporation, company
(including any limited liability company), association, partnership, joint
venture or other business entity of which a majority of the total voting power
of the Voting Stock is at the time owned or controlled, directly or indirectly,
by:

         (a)      such Person,

         (b)      such Person and one or more Subsidiaries of such Person, or

         (c)      one or more Subsidiaries of such Person.

                                       23

<PAGE>

         "Subsidiary Guarantor" means each Domestic Restricted Subsidiary of the
Company on the Issue Date and any other Person that becomes a Subsidiary
Guarantor pursuant to Section 4.18 or that otherwise executes and delivers a
supplemental indenture providing for a Subsidiary Guaranty to the Trustee. As of
the date of this Indenture, the Subsidiary Guarantors are Rent-Way of Tomorrow,
Inc., Rent-Way of Michigan, Inc., Action Rent to Own Holdings of South Carolina,
Inc., Rent-Way Developments, Inc. and Rent-Way of TTIG, L.P.

         "Subsidiary Guaranty" means a Guarantee on the terms set forth herein
by a Subsidiary Guarantor of the Company's Obligations with respect to the Notes
and the related Exchange Notes.

         "Surviving Person" means the surviving Person formed by a merger,
consolidation or amalgamation and, for purposes of Section 5.1, a Person to whom
all or substantially all the Property of the Company or a Subsidiary Guarantor
is sold, transferred, assigned, leased, conveyed or otherwise disposed.

         "TIA" means the Trust Indenture Act of 1939, as amended.

         "Trademark Collateral Agreement" means the Trademark Collateral
Agreement to be dated on or about the Issue Date among the Company and the
Trustee, granting, among other things a security interest in the trademarks
listed therein in favor of the Trustee and Holders of the Notes, as amended,
modified, restated, supplemented or replaced from time to time.

         "Treasury Rate" means, with respect to any redemption date, the rate
per annum equal to the yield to maturity of the Comparable Treasury Issue,
compounded semi-annually, assuming a price for such Comparable Treasury Issue
(expressed as a percentage of its principal amount) equal to the Comparable
Treasury Price for such redemption date.

         "Trustee" means the Person named as the "Trustee" in the first
paragraph of this Indenture until a successor Trustee shall have become such
pursuant to the applicable provisions of this Indenture, and thereafter
"Trustee" shall mean such successor Trustee.

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

         "Unrestricted Global Notes" means one or more Global Notes, in the form
of Exhibit A attached hereto, that do not and are not required to bear the
Private Placement Legend and are deposited with and registered in the name of
the Depositary or its nominee.

         "Unrestricted Subsidiary" means:

         (a)      any Subsidiary of the Company that is designated after the
                  Issue Date as an Unrestricted Subsidiary as permitted or
                  required pursuant to Section 4.15 and is not thereafter
                  redesignated as a Restricted Subsidiary as permitted pursuant
                  thereto;

         (b)      any Subsidiary of an Unrestricted Subsidiary; and

         (c)      dPi.

         "U.S. Government Obligations" means direct obligations (or certificates
representing an ownership interest in such obligations) of the United States of
America (including any agency or instrumentality thereof) for the payment of
which the full faith and credit of the United States of America is pledged and
which are not callable or redeemable at the issuer's option.

         "U.S. Person" has the meaning set forth in Regulation S.

                                       24

<PAGE>

         "Voting Stock" any Person means all classes of Capital Stock (including
partnership interests) or other interests of such Person then outstanding and
normally entitled (without regard to the occurrence of any contingency) to vote
in the election of directors, managers or trustees thereof.

         "Wholly Owned Restricted Subsidiary" means, at any time, a Restricted
Subsidiary all the Voting Stock of which (except directors' qualifying shares)
is at such time owned, directly or indirectly, by the Company and its other
Wholly Owned Restricted Subsidiaries.

         "Working Capital" means, as of a particular date, (a) the amount of
inventory of the Company and its consolidated Restricted Subsidiaries, minus (b)
the amount of accounts payable of the Company and its consolidated Restricted
Subsidiaries, minus (c) the amount of accrued expenses of the Company and its
consolidated Restricted Subsidiaries.

         SECTION 1.2     OTHER DEFINITIONS.

<TABLE>
<CAPTION>
         TERM                                              DEFINED IN:
         ----                                              ----------
<S>                                                      <C>
Affiliate Transaction                                    Section 4.13(a)4
Authentication Order                                     Section 2.2(d)
Benefited Party                                          Section 10.1(b)
Change of Control Offer                                  Section 4.17(a)
Change of Control Purchase Price                         Section 4.17(a)
Collateral                                               Section 11.1(d)
Collateral Account                                       Section 11.3(a)
Company                                                  preamble
Covenant Defeasance                                      Section 8.3
cross acceleration provisions                            Section 6.1(a)(v)
DTC                                                      Section 2.3(b)
Excess Cash Flow Collateral Account                      Section 4.19(b)(i))
Excess Cash Flow Offer                                   Section 4.19(a)(i)
Excess Cash Flow Offer Period                            Section 4.19(a)(iii)
Excess Cash Flow Payment Date                            Section 4.19(a)(iii))
Excess Proceeds                                          Section 4.11(c)
judgment default provisions                              Section 6.1(a)(vi)
Legal Defeasance                                         Section 8.2
losses                                                   Section 7.7(b)
Notes                                                    preamble
Notice of Default                                        Section 6.1(b)
Paying Agent                                             Section 2.3(a)
Permitted Debt                                           Section 4.8(b)
Prepayment Offer                                         Section 4.11(d)
Primary Treasury Dealer                                  Section 1.1
Registrar                                                Section 2.3(a)
Released Interests                                       Section 11.2(b)
Security Register                                        Section 2.3(a)
Subsidiary Group                                         Section 6.1(a)(vii)
Valuation Date                                           Section 11.2(b)(i)(2)
</TABLE>

         SECTION 1.3     INCORPORATION BY REFERENCE OF TRUST INDENTURE ACT.

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

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

                  "indenture securities" means the Notes and the Subsidiary
                  Guaranties;

                                       25

<PAGE>

                  "indenture security holder" means a Holder of a Note;

                  "indenture to be qualified" means this Indenture;

                  "indenture trustee" or "institutional trustee" means the
                  Trustee; and

                  "obligor" on the Notes means the Company, the Subsidiary
                  Guarantors and any successor obligor upon the Notes or the
                  Subsidiary Guaranties.

                  (c)      All other terms used in this Indenture that are
defined by the TIA, defined by TIA reference to another statute or defined by
Commission rule under the TIA have the meanings so assigned to them.

         SECTION 1.4     RULES OF CONSTRUCTION.

                  (a)      Unless the context otherwise requires:

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

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

                           (iii)    "or" is not exclusive;

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

                           (v)      all references in this instrument to
         designated "Articles," "Sections" and other subdivisions are to the
         designated Articles, Sections and subdivisions of this instrument as
         originally executed;

                           (vi)     the words "herein," "hereof" and "hereunder"
         and other words of similar import refer to this Indenture as a whole
         and not to any particular Article, Section or other subdivision.

                           (vii)    "including" means "including without
         limitation";

                           (viii)   provisions apply to successive events and
         transactions; and

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

                                   ARTICLE 2.
                                   THE NOTES

         SECTION 2.1     FORM AND DATING.

                  (a)      GENERAL. The Notes and the Trustee's certificate of
authentication shall be substantially in the form of Exhibit A hereto, which is
hereby incorporated in and expressly made part of this Indenture. The Notes may
have notations, legends or endorsements required by law, stock exchange rule or
usage. Each Note shall be dated the date of its authentication. The Notes shall
be in denominations of $1,000 and integral multiples thereof. The terms and
provisions contained in the Notes shall constitute, and are hereby expressly
made, a part of this Indenture, and the Company and the Trustee, by their
execution and delivery of this Indenture, expressly agree to such terms and
provisions and to be bound thereby. However, to the extent any provision of any
Note conflicts with the express provisions of this Indenture, the provisions of
this Indenture shall govern and be controlling.

                                       26

<PAGE>

                  (b)      FORM OF NOTES. The Notes shall be issued initially in
global form and shall be substantially in the form of Exhibit A attached hereto
(including the Global Note Legend thereon and the "Schedule of Exchanges of
Interests in the Global Note" attached thereto). Notes issued in definitive form
shall be substantially in the form of Exhibit A attached hereto (but without the
Global Note Legend thereon and without the "Schedule of Exchanges of Interests
in the Global Note" attached thereto). Each Global Note shall represent such of
the outstanding Notes as shall be specified therein, and each shall provide that
it shall represent the aggregate principal amount of outstanding Notes from time
to time endorsed thereon and that the aggregate principal amount of outstanding
Notes represented thereby may from time to time be reduced or increased, as
appropriate, to reflect exchanges and redemptions. Any endorsement of a Global
Note to reflect the amount of any increase or decrease in the aggregate
principal amount of outstanding Notes represented thereby shall be made by the
Trustee or the Custodian, at the direction of the Trustee, in accordance with
instructions given by the Holder thereof as required by Section 2.6.

                  (c)      BOOK-ENTRY PROVISIONS. This Section 2.1(c) shall only
apply to Global Notes deposited with the Trustee, as custodian for the
Depositary. Participants and Indirect Participants shall have no rights under
this Indenture with respect to any Global Note held on their behalf by the
Depositary or by the Trustee as the custodian for the Depositary or under such
Global Note, and the Depositary shall be treated by the Company, the Trustee and
any agent of the Company or the Trustee as the absolute owner of such Global
Note for all purposes whatsoever. Notwithstanding the foregoing, nothing herein
shall prevent the Company, the Trustee or any agent of the Company or the
Trustee from giving effect to any written certification, proxy or other
authorization furnished by the Depositary or impair, as between the Depositary
and its Participants or Indirect Participants, the Applicable Procedures or the
operation of customary practices of the Depositary governing the exercise of the
rights of a holder of a beneficial interest in any Global Note.

         SECTION 2.2     EXECUTION AND AUTHENTICATION.

                  (a)      Two Officers shall sign the Notes for the Company by
manual or facsimile signature.

                  (b)      If an Officer whose signature is on a Note no longer
holds that office at the time a Note is authenticated, the Note shall
nevertheless be valid.

                  (c)      A Note shall not be valid until authenticated by the
manual signature of the Trustee. The signature shall be conclusive evidence that
the Note has been authenticated under this Indenture.

                  (d)      The Trustee shall, upon a written order of the
Company signed by an Officer (an "Authentication Order"), authenticate Notes for
original issue.

                  (e)      The Trustee may appoint an authenticating agent
acceptable to the Company to authenticate Notes. An authenticating agent may
authenticate Notes whenever the Trustee may do so. Each reference in this
Indenture to authentication by the Trustee includes authentication by such
agent. An authenticating agent has the same rights as an Agent to deal with
Holders, the Company or an Affiliate of the Company.

                  (f)      The Company may issue Additional Notes from time to
time after the issuance of the Offered Notes as part of the same series or as an
additional series. The Offered Notes, the Exchange Notes and any Additional
Notes subsequently issued under this Indenture shall be treated as a single
class for all purposes under this Indenture, including, without limitation,
waivers, amendments, redemptions and offers to purchase.

         SECTION 2.3     REGISTRAR AND PAYING AGENT.

                  (a)      The Company shall maintain an office or agency where
Notes may be presented for registration, transfer or exchange ("Registrar") and
an office or agency where Notes may be presented for payment ("Paying Agent").
The Registrar shall keep a register of the Notes and of their transfer and
exchange (the "Security Register"). The Company may appoint one or more
co-registrars and one or more additional paying agents. The term "Registrar"
includes any co-registrar, and the term "Paying Agent" includes any additional
paying agent. The Company may change any Paying Agent or Registrar without
notice to any Holder. The Company shall notify the

                                       27

<PAGE>

Trustee in writing of the name and address of any Agent not a party to this
Indenture. If the Company fails to appoint or maintain another entity as
Registrar or Paying Agent, the Trustee shall act as such. The Company or any of
its Subsidiaries may act as Paying Agent or Registrar.

                  (b)      The Company initially appoints The Depository Trust
Company ("DTC") to act as Depositary with respect to

the Global Notes.

                  (c)      The Company initially appoints the Trustee to act as
the Registrar and Paying Agent and to act as Custodian with respect to the
Global Notes.

         SECTION 2.4     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 shall hold in trust for the benefit of
Holders or the Trustee all money held by the Paying Agent for the payment of
principal of, premium, if any, or interest, including Special Interest, if any,
on, the Notes, and shall 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) shall have no further liability for the money. If the
Company or a Subsidiary acts as Paying Agent, it shall segregate and hold in a
separate trust fund for the benefit of the Holders all money held by it as
Paying Agent. Upon any bankruptcy or reorganization proceedings relating to the
Company, the Trustee shall serve as Paying Agent for the Notes.

         SECTION 2.5     HOLDER LISTS.

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

         SECTION 2.6     TRANSFER AND EXCHANGE.

                  (a)      TRANSFER AND EXCHANGE OF GLOBAL NOTES. A Global Note
may not be transferred as a whole except by the Depositary to a nominee of the
Depositary, by a nominee of the Depositary to the Depositary or to another
nominee of the Depositary, or by the Depositary or any such nominee to a
successor Depositary or a nominee of such successor Depositary. All Global Notes
will be exchanged by the Company for Definitive Notes if (i) the Company
delivers to the Trustee notice from the Depositary that it is unwilling or
unable to continue to act as Depositary or that it is no longer a clearing
agency registered under the Exchange Act and, in either case, a successor
Depositary is not appointed by the Company within 90 days after the date of such
notice from the Depositary; (ii) the Company in its sole discretion at any time
determines not to have all Notes represented by the Global Notes and delivers a
written notice to such effect to the Trustee; or (iii) an Event of Default with
respect to the Notes represented by such Global Notes shall have occurred and be
continuing, and the Trustee has received a request from the Depositary to issue
Definitive Notes in lieu of Global Notes. Upon the occurrence of any of the
preceding events in (i), (ii) or (iii) above, Definitive Notes shall be issued
in denominations of $1,000 or integral multiples thereof and in such names as
the Depositary shall instruct the Trustee. Global Notes also may be exchanged or
replaced, in whole or in part, as provided in Section 2.7 and Section 2.10. A
Global Note may not be exchanged for another Note other than as provided in this
Section 2.6(a); however, beneficial interests in a Global Note may be
transferred and exchanged as provided in Section 2.6(b), (c) or (f).

                  (b)      TRANSFER AND EXCHANGE OF BENEFICIAL INTERESTS IN THE
GLOBAL NOTES. The transfer and exchange of beneficial interests in the Global
Notes shall be effected through the Depositary, in accordance with the
provisions of this Indenture and the Applicable Procedures. Beneficial interests
in the Restricted Global Notes shall be subject to restrictions on transfer
comparable to those set forth herein to the

                                       28

<PAGE>

extent required by the Securities Act. Transfers of beneficial interests in the
Global Notes also shall require compliance with either clause (i) or (ii) below,
as applicable, as well as one or more of the other following clauses, as
applicable:

                           (i)      Transfer of Beneficial Interests in the Same
         Global Note. Beneficial interests in any Restricted Global Note may be
         transferred to Persons who take delivery thereof in the form of a
         beneficial interest in the same Restricted Global Note in accordance
         with the transfer restrictions set forth in the Private Placement
         Legend; provided, however, that prior to the expiration of the
         Distribution Compliance Period, transfers of beneficial interests in
         the Regulation S Global Note may not be made to a U.S. Person or for
         the account or benefit of a U.S. Person (other than the Initial
         Purchaser). Beneficial interests in any Unrestricted Global Note may be
         transferred to Persons who take delivery thereof in the form of a
         beneficial interest in an Unrestricted Global Note. No written orders
         or instructions shall be required to be delivered to the Registrar to
         effect the transfers described in this Section 2.6(b)(i).

                           (ii)     All Other Transfers and Exchanges of
         Beneficial Interests in Global Notes. In connection with all transfers
         and exchanges of beneficial interests that are not subject to Section
         2.6(b)(i) above, the transferor of such beneficial interest must
         deliver to the Registrar either (1) (A) a written order from a
         Participant or an Indirect Participant given to the Depositary in
         accordance with the Applicable Procedures directing the Depositary to
         credit or cause to be credited a beneficial interest in another Global
         Note in an amount equal to the beneficial interest to be transferred or
         exchanged and (B) instructions given in accordance with the Applicable
         Procedures containing information regarding the Participant account to
         be credited with such increase or (2) (A) a written order from a
         Participant or an Indirect Participant given to the Depositary in
         accordance with the Applicable Procedures directing the Depositary to
         cause to be issued a Definitive Note in an amount equal to the
         beneficial interest to be transferred or exchanged and (B) instructions
         given by the Depositary to the Registrar containing information
         regarding the Person in whose name such Definitive Note shall be
         registered to effect the transfer or exchange referred to in (2)(A)
         above. Upon consummation of a Registered Exchange Offer by the Company
         in accordance with Section 2.6(f), the requirements of this Section
         2.6(b)(ii) shall be deemed to have been satisfied upon receipt by the
         Registrar of the instructions contained in the Letter of Transmittal
         delivered by the Holder of such beneficial interests in the Restricted
         Global Notes. Upon satisfaction of all of the requirements for transfer
         or exchange of beneficial interests in Global Notes contained in this
         Indenture and the Notes or otherwise applicable under the Securities
         Act, the Trustee shall adjust the principal amount of the relevant
         Global Note(s) pursuant to Section 2.6(h).

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

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

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

                                    (3)      if the transferee will take
                  delivery in the form of a beneficial interest in the IAI
                  Global Note, then the transferor must deliver a certificate in
                  the form of Exhibit B hereto, including the certifications and
                  certificates and Opinion of Counsel required by item (3)
                  thereof, if applicable.

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

                                       29

<PAGE>

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

                                    (1)      such exchange or transfer is
                  effected pursuant to a Registered Exchange Offer in accordance
                  with the Registration Rights Agreement, and the holder of the
                  beneficial interest to be transferred, in the case of an
                  exchange, or the transferee, in the case of a transfer,
                  certifies in the applicable Letter of Transmittal that it is
                  not (A) a broker-dealer, (B) a Person participating in the
                  distribution of the Exchange Notes or (C) a Person who is an
                  affiliate (as defined in Rule 144) of the Company;

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

                                    (3)      such transfer is effected by a
                  broker-dealer pursuant to the Exchange Offer Registration
                  Statement in accordance with the Registration Rights
                  Agreement; or

                                    (4)      the Registrar receives the
                  following:

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

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

         and, in each such case set forth in this clause (4), if the Registrar
         or the Company so requests or if the Applicable Procedures so require,
         an Opinion of Counsel in form reasonably acceptable to the Registrar or
         the Company, as the case may be, to the effect that such exchange or
         transfer is in compliance with the Securities Act and that the
         restrictions on transfer contained herein and in the Private Placement
         Legend are no longer required in order to maintain compliance with the
         Securities Act.

If any such transfer is effected pursuant to clause (2) or (4) above at a time
when an Unrestricted Global Note has not yet been issued, the Company shall
issue and, upon receipt of an Authentication Order in accordance with Section
2.2, the Trustee shall authenticate one or more Unrestricted Global Notes in an
aggregate principal amount equal to the aggregate principal amount of beneficial
interests transferred pursuant to clause (2) or (4) above.

                           (v)      Transfer or Exchange of Beneficial Interests
         in Unrestricted Global Notes for Beneficial Interests in Restricted
         Global Notes Prohibited. Beneficial interests in an Unrestricted Global
         Note cannot be exchanged for, or transferred to Persons who take
         delivery thereof in the form of, a beneficial interest in a Restricted
         Global Note.

                  (c)      TRANSFER OR EXCHANGE OF BENEFICIAL INTERESTS FOR
DEFINITIVE NOTES.

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

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

                                       30

<PAGE>

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

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

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

                                    (5)      if such beneficial interest is
                  being transferred to an Institutional Accredited Investor in
                  reliance on an exemption from the registration requirements of
                  the Securities Act other than those listed in clauses (2)
                  through (4) above, a certificate to the effect set forth in
                  Exhibit B hereto, including the certifications, certificates
                  and Opinion of Counsel required by item (3)(d) thereof;

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

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

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

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

                                    (1)      such exchange or transfer is
                  effected pursuant to a Registered Exchange Offer in accordance
                  with the Registration Rights Agreement, and the holder of such
                  beneficial interest, in the case of an exchange, or the
                  transferee, in the case of a transfer, certifies in the
                  applicable Letter of Transmittal that it is not (A) a
                  broker-dealer, (B) a Person participating in the distribution
                  of the Exchange Notes or (C) a Person who is an affiliate (as
                  defined in Rule 144) of the Company;

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

                                    (3)      such transfer is effected by a
                  broker-dealer pursuant to the Exchange Offer Registration
                  Statement in accordance with the Registration Rights
                  Agreement; or

                                       31

<PAGE>

                                    (4)      the Registrar receives the
                  following:

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

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

         and, in each such case set forth in this clause (4), if the Registrar
         or the Company so requests or if the Applicable Procedures so require,
         an Opinion of Counsel in form reasonably acceptable to the Registrar or
         the Company, as the case may be, to the effect that such exchange or
         transfer is in compliance with the Securities Act and that the
         restrictions on transfer contained herein and in the Private Placement
         Legend are no longer required in order to maintain compliance with the
         Securities Act.

                           (iii)    Beneficial Interests in Unrestricted Global
         Notes to Unrestricted Definitive Notes. If any holder of a beneficial
         interest in an Unrestricted Global Note proposes to exchange such
         beneficial interest for a Definitive Note or to transfer such
         beneficial interest to a Person who takes delivery thereof in the form
         of a Definitive Note, then, upon satisfaction of the conditions set
         forth in Section 2.6(b)(ii), the Trustee shall cause the aggregate
         principal amount of the applicable Global Note to be reduced
         accordingly pursuant to Section 2.6(h), and the Company shall execute
         and the Trustee shall authenticate and mail or deliver to the Person
         designated in the instructions a Definitive Note in the appropriate
         principal amount. Any Definitive Note issued in exchange for a
         beneficial interest pursuant to this Section 2.6(c)(iii) shall be
         registered in such name or names and in such authorized denomination or
         denominations as the holder of such beneficial interest shall instruct
         the Registrar through instructions from the Depositary and the
         Participant or Indirect Participant. The Trustee shall mail or deliver
         such Definitive Notes to the Persons in whose names such Notes are so
         registered. Any Definitive Note issued in exchange for a beneficial
         interest pursuant to this Section 2.6(c)(iii) shall not bear the
         Private Placement Legend.

                  (d)      TRANSFER AND EXCHANGE OF DEFINITIVE NOTES FOR
BENEFICIAL INTERESTS.

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

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

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

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

                                    (4)      if such Restricted Definitive Note
                  is being transferred pursuant to an exemption from the
                  registration requirements of the Securities Act in accordance
                  with Rule 144, a

                                       32

<PAGE>

                  certificate to the effect set forth in Exhibit B hereto,
                  including the certifications in item (3)(a) thereof;

                                    (5)      if such Restricted Definitive Note
                  is being transferred to an Institutional Accredited Investor
                  in reliance on an exemption from the registration requirements
                  of the Securities Act other than those listed in clauses (2)
                  through (4) above, a certificate to the effect set forth in
                  Exhibit B hereto, including the certifications, certificates
                  and Opinion of Counsel required by item (3)(d) thereof;

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

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

the Trustee shall cancel the Restricted Definitive Note, increase or cause to be
increased the aggregate principal amount of, in the case of clause (1) above,
the appropriate Restricted Global Note, in the case of clause (2) above, the
144A Global Note, in the case of clause (3) above, the Regulation S Global Note,
and in all other cases, the IAI Global Note.

                           (ii)     Restricted Definitive Notes to Beneficial
         Interests in Unrestricted Global Notes. A Holder of a Restricted
         Definitive Note may exchange such Note for a beneficial interest in an
         Unrestricted Global Note or transfer such Restricted Definitive Note to
         a Person who takes delivery thereof in the form of a beneficial
         interest in an Unrestricted Global Note only if:

                                    (1)      such exchange or transfer is
                  effected pursuant to a Registered Exchange Offer in accordance
                  with the Registration Rights Agreement, and the Holder, in the
                  case of an exchange, or the transferee, in the case of a
                  transfer, certifies in the applicable Letter of Transmittal
                  that it is not (A) a broker-dealer, (B) a Person participating
                  in the distribution of the Exchange Notes or (C) a Person who
                  is an affiliate (as defined in Rule 144) of the Company;

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

                                    (3)      such transfer is effected by a
                  broker-dealer pursuant to the Exchange Offer Registration
                  Statement in accordance with the Registration Rights
                  Agreement; or

                                    (4)      the Registrar receives the
                  following:

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

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

         and, in each such case set forth in this clause (4), if the Registrar
         or the Company so requests or if the Applicable Procedures so require,
         an Opinion of Counsel in form reasonably acceptable to the Registrar or
         the Company, as the case may be, to the effect that such exchange or
         transfer is in compliance with the Securities Act and that the
         restrictions on transfer contained herein and in the Private Placement
         Legend are no longer required in order to maintain compliance with the
         Securities Act.

                                       33

<PAGE>

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

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

                           (iv)     Transfer or Exchange of Unrestricted
         Definitive Notes to Beneficial Interests in Restricted Global Notes
         Prohibited. An Unrestricted Definitive Note cannot be exchanged for, or
         transferred to Persons who take delivery thereof in the form of,
         beneficial interests in a Restricted Global Note.

                           (v)      Issuance of Unrestricted Global Notes. If
         any such exchange or transfer from a Definitive Note to a beneficial
         interest is effected pursuant to clauses (ii)(2), (ii)(4) or (iii) of
         this Section 2.6(d)) at a time when an Unrestricted Global Note has not
         yet been issued, the Company shall issue and, upon receipt of an
         Authentication Order in accordance with Section 2.2, the Trustee shall
         authenticate one or more Unrestricted Global Notes in an aggregate
         principal amount equal to the principal amount of Definitive Notes so
         transferred.

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

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

                                    (1)      if the transfer will be made
                  pursuant to Rule 144A, then the transferor must deliver a
                  certificate in the form of Exhibit B hereto, including the
                  certifications in item (1) thereof; (2) if the transfer will
                  be made pursuant to Rule 903 or Rule 904, then the transferor
                  must deliver a certificate in the form of Exhibit B hereto,
                  including the certifications in item (2) thereof; and

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

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

                                    (1)      such exchange or transfer is
                  effected pursuant to a Registered Exchange Offer in accordance
                  with the Registration Rights Agreement, and the Holder, in the
                  case of an exchange, or the transferee, in the case of a
                  transfer, certifies in the applicable Letter of

                                       34

<PAGE>

                  Transmittal that it is not (A) a broker-dealer, (B) a Person
                  participating in the distribution of the Exchange Notes or (C)
                  a Person who is an affiliate (as defined in Rule 144) of the
                  Company;

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

                                    (3)      any such transfer is effected by a
                  broker-dealer pursuant to the Exchange Offer Registration
                  Statement in accordance with the Registration Rights
                  Agreement; or

                                    (4)      the Registrar receives the
                  following:

                                             (A)      if the Holder of such
Restricted Definitive Notes proposes to exchange such Notes for an Unrestricted
Definitive Note, a certificate from such Holder in the form of Exhibit C hereto,
including the certifications in item (1)(d) thereof; or

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

         and, in each such case set forth in this clause (4), if the Registrar
         or the Company so requests, an Opinion of Counsel in form reasonably
         acceptable to the Registrar or the Company, as the case may be, to the
         effect that such exchange or transfer is in compliance with the
         Securities Act and that the restrictions on transfer contained herein
         and in the Private Placement Legend are no longer required in order to
         maintain compliance with the Securities Act.

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

                  (f)      REGISTERED EXCHANGE OFFER. Upon the occurrence of a
Registered Exchange Offer in accordance with the relevant Registration Rights
Agreement, the Company shall issue and, upon receipt of an Authentication Order
in accordance with Section 2.2, the Trustee shall authenticate (i) one or more
Unrestricted Global Notes in an aggregate principal amount equal to the
principal amount of the beneficial interests in the Restricted Global Notes
tendered for acceptance by Persons that certify in the applicable Letters of
Transmittal that (1) they are not broker-dealers, (2) they are not participating
in a distribution of the Exchange Notes and (3) they are not affiliates (as
defined in Rule 144) of the Company, and accepted for exchange in the Registered
Exchange Offer and (ii) Unrestricted Definitive Notes in an aggregate principal
amount equal to the principal amount of the Restricted Definitive Notes tendered
for acceptance by Persons who made the foregoing certification and accepted for
exchange in the Registered Exchange Offer. Concurrently with the issuance of
such Notes, the Trustee shall cause the aggregate principal amount of the
applicable Restricted Global Notes to be reduced accordingly, and the Company
shall execute and the Trustee shall authenticate and mail or deliver to the
Persons designated by the Holders of Restricted Definitive Notes so accepted
Unrestricted Definitive Notes in the appropriate principal amount.

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

                           (i)      Private Placement Legend.

                                    (1)      Except as permitted by clause (2)
                  below, each Global Note and each Definitive Note (and all
                  Notes issued in exchange therefor or substitution thereof)
                  shall bear the legend in substantially the following form:

                                       35

<PAGE>

                  THIS SECURITY HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT
         OF 1933, AS AMENDED (THE "SECURITIES ACT"), OR THE SECURITIES LAWS OF
         ANY STATE OR OTHER JURISDICTION. NEITHER THIS SECURITY NOR ANY INTEREST
         OR PARTICIPATION HEREIN MAY BE REOFFERED, SOLD, ASSIGNED, TRANSFERRED,
         PLEDGED, ENCUMBERED OR OTHERWISE DISPOSED OF IN THE ABSENCE OF SUCH
         REGISTRATION UNLESS SUCH TRANSACTION IS EXEMPT FROM, OR NOT SUBJECT TO,
         SUCH REGISTRATION.

                  THE HOLDER OF THIS SECURITY BY ITS ACCEPTANCE HEREOF AGREES TO
         OFFER, SELL OR OTHERWISE TRANSFER SUCH SECURITY BEFORE THE DATE (THE
         "RESALE RESTRICTION TERMINATION DATE") WHICH IS TWO YEARS AFTER THE
         LATER OF THE ORIGINAL ISSUE DATE HEREOF AND THE LAST DATE ON WHICH THE
         COMPANY OR ANY AFFILIATE OF THE COMPANY WAS THE OWNER OF THIS SECURITY
         (OR ANY PREDECESSOR OF SUCH SECURITY), ONLY (A) TO THE COMPANY, (B)
         UNDER A REGISTRATION STATEMENT THAT HAS BEEN DECLARED EFFECTIVE UNDER
         THE SECURITIES ACT, (C) FOR SO LONG AS THE SECURITIES ARE ELIGIBLE FOR
         RESALE UNDER RULE 144A UNDER THE SECURITIES ACT ("RULE 144A"), TO A
         PERSON IT REASONABLY BELIEVES IS A "QUALIFIED INSTITUTIONAL BUYER" AS
         DEFINED IN RULE 144A THAT PURCHASES FOR ITS OWN ACCOUNT OR FOR THE
         ACCOUNT OF A QUALIFIED INSTITUTIONAL BUYER TO WHOM NOTICE IS GIVEN THAT
         THE TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, (D) UNDER OFFERS
         AND SALES TO NON-U.S. PERSONS THAT OCCUR OUTSIDE THE UNITED STATES
         WITHIN THE MEANING OF REGULATION S UNDER THE SECURITIES ACT, (E) TO AN
         "ACCREDITED INVESTOR" WITHIN THE MEANING OF RULE 501(a)(1), (2), (3) OR
         (7) UNDER THE SECURITIES ACT THAT IS AN INSTITUTIONAL ACCREDITED
         INVESTOR ACQUIRING THE SECURITY FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT
         OF SUCH AN INSTITUTIONAL ACCREDITED INVESTOR, IN EACH CASE IN A MINIMUM
         PRINCIPAL AMOUNT OF THE SECURITIES OF $250,000, FOR INVESTMENT PURPOSES
         AND NOT WITH A VIEW TO OR FOR OFFER OR SALE IN CONNECTION WITH ANY
         DISTRIBUTION IN VIOLATION OF THE SECURITIES ACT OR (F) UNDER ANY OTHER
         AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE
         SECURITIES ACT, SUBJECT TO THE COMPANY'S AND THE TRUSTEE'S RIGHT BEFORE
         ANY SUCH OFFER, SALE OR TRANSFER UNDER CLAUSES (D), (E) OR (F) TO
         REQUIRE THE DELIVERY OF AN OPINION OF COUNSEL, CERTIFICATION AND/OR
         OTHER INFORMATION SATISFACTORY TO EACH OF THEM. THIS LEGEND WILL BE
         REMOVED UPON THE REQUEST OF THE HOLDER AFTER THE RESALE RESTRICTION
         TERMINATION DATE.

                                    (2)      Notwithstanding the foregoing, any
                  Global Note or Definitive Note issued pursuant to clauses
                  (b)(iv), (c)(ii), (c)(iii), (d)(ii), (d)(iii), (e)(ii),
                  (e)(iii) or (f) to this Section 2.6 (and all Notes issued in
                  exchange therefor or substitution thereof) shall not bear the
                  Private Placement Legend.

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

                  "THIS GLOBAL NOTE IS HELD BY THE DEPOSITARY (AS DEFINED IN THE
         INDENTURE GOVERNING THIS NOTE) OR ITS NOMINEE IN CUSTODY FOR THE
         BENEFIT OF THE BENEFICIAL OWNERS HEREOF, AND IS NOT TRANSFERABLE TO ANY
         PERSON UNDER ANY CIRCUMSTANCES EXCEPT THAT (I) THE TRUSTEE MAY MAKE
         SUCH NOTATIONS HEREON AS MAY BE REQUIRED PURSUANT TO SECTION 2.6 OF THE
         INDENTURE, (II) THIS GLOBAL NOTE MAY BE EXCHANGED PURSUANT TO SECTION
         2.6(A) OF THE INDENTURE, (III) THIS GLOBAL NOTE MAY BE DELIVERED TO THE
         TRUSTEE FOR CANCELLATION PURSUANT TO SECTION 2.11 OF THE INDENTURE AND
         (IV) THIS GLOBAL NOTE MAY BE TRANSFERRED TO A SUCCESSOR DEPOSITARY WITH
         THE PRIOR WRITTEN CONSENT OF THE COMPANY.

                                       36

<PAGE>

                  UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR NOTES
         IN DEFINITIVE FORM, THIS NOTE MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE
         BY THE DEPOSITARY TO A NOMINEE OF THE DEPOSITARY OR BY A NOMINEE OF THE
         DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY OR BY
         THE DEPOSITARY OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITARY OR A
         NOMINEE OF SUCH SUCCESSOR DEPOSITARY. UNLESS THIS CERTIFICATE IS
         PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST
         COMPANY (55 WATER STREET, NEW YORK, NEW YORK) ("DTC"), TO THE COMPANY
         OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY
         CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR SUCH
         OTHER NAME AS MAY BE REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC
         (AND ANY PAYMENT IS MADE TO CEDE & CO. OR SUCH OTHER ENTITY AS MAY BE
         REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE
         OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS
         WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN
         INTEREST HEREIN."

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

                  (i)      GENERAL PROVISIONS RELATING TO TRANSFERS AND
EXCHANGES.

                           (i)      To permit registrations of transfers and
         exchanges, the Company shall execute and, upon receipt of an
         Authentication Order in accordance with Section 2.2, the Trustee shall
         authenticate Global Notes and Definitive Notes upon the Company's order
         or at the Registrar's request.

                           (ii)     No service charge shall be made to a Holder
         of a beneficial interest in a Global Note or to a Holder of a
         Definitive Note for any registration of transfer or exchange, but the
         Company may require payment of a sum sufficient to cover any transfer
         tax or similar governmental charge payable in connection therewith
         (other than any such transfer taxes or similar governmental charge
         payable upon exchange or transfer pursuant to Section 2.10, Section
         3.6, Section 4.11, Section 4.17, Section 4.19 and Section 9.5).

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

                           (iv)     Neither the Registrar nor the Company shall
         be required (1) to issue, to register the transfer of or to exchange
         any Notes during a period beginning at the opening of business 15 days
         before the day of any selection of Notes for redemption under Section
         3.2 and ending at the close of business on the day of selection, (2) to
         register the transfer of or to exchange any Note so selected for
         redemption in whole or in part, except the unredeemed portion of any
         Note being redeemed in part or (3) to register the transfer of or to
         exchange a Note between a record date and the next succeeding interest
         payment date.

                                       37

<PAGE>

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

                           (vi)     The Trustee shall authenticate Global Notes
         and Definitive Notes in accordance with the provisions of Section 2.2
         and Section 2.6(i)(i).

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

                           (viii)   The Trustee is hereby authorized to enter
         into a letter of representations with the Depository in the form
         provided by the Company and to act in accordance with such letter.

         SECTION 2.7    REPLACEMENT NOTES.

                  (a)      If any mutilated Note is surrendered to the Trustee
or the Company, or the Trustee receives evidence to its satisfaction of the
destruction, loss or theft of any Note, the Company shall issue and the Trustee,
upon receipt of an Authentication Order, shall authenticate a replacement Note
if the Trustee's requirements are met. If required by the Trustee or the
Company, an indemnity bond must be supplied by the Holder that is sufficient in
the judgment of the Trustee and the Company to protect the Company, the Trustee,
any Agent and any authenticating agent from any loss that any of them may suffer
if a Note is replaced. The Company may charge for its expenses in replacing a
Note.

                  (b)      Every replacement Note is an additional obligation of
the Company and shall be entitled to all of the benefits of this Indenture
equally and proportionately with all other Notes duly issued hereunder.

         SECTION 2.8    OUTSTANDING NOTES.

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

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

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

                  (d)      If the Paying Agent (other than the Company, a
Subsidiary or an Affiliate of any thereof) holds, on a redemption date or
maturity date, money sufficient to pay Notes payable on that date, then on and
after that date such Notes shall be deemed to be no longer outstanding and shall
cease to accrue interest.

         SECTION 2.9    TREASURY NOTES.

         In determining whether the Holders of the required principal amount of
Notes have concurred in any direction, waiver or consent, Notes owned by the
Company, or by any Person directly or indirectly controlling or controlled by or
under direct or indirect common control with the Company, shall be considered as
though not outstanding, except that for the purposes of determining whether the
Trustee shall be protected in relying on any such direction, waiver or consent,
only Notes that the Trustee knows are so owned shall be so disregarded.

                                       38

<PAGE>

         SECTION 2.10   TEMPORARY NOTES.

                  (a)      Until certificates representing Notes are ready for
delivery, the Company may prepare and the Trustee, upon receipt of an
Authentication Order, shall authenticate temporary Notes. Temporary Notes shall
be substantially in the form of certificated Notes but may have variations that
the Company considers appropriate for temporary Notes and as shall be reasonably
acceptable to the Trustee. Without unreasonable delay, the Company shall prepare
and the Trustee shall authenticate Definitive Notes in exchange for temporary
Notes.

                  (b)      Holders of temporary Notes shall be entitled to all
of the benefits of this Indenture.

         SECTION 2.11   CANCELLATION.

         The Company at any time may deliver Notes to the Trustee for
cancellation. The Registrar and Paying Agent shall forward to the Trustee any
Notes surrendered to them for registration of transfer, exchange or payment. The
Trustee and no one else shall cancel all Notes surrendered for registration of
transfer, exchange, payment, replacement or cancellation and, at the request of
the Company, shall destroy cancelled Notes (subject to the record retention
requirements of the Exchange Act). Certification of the destruction of all
cancelled Notes shall be delivered to the Company. The Company may not issue new
Notes to replace Notes that it has paid or, except as contemplated by a
Registered Exchange Offer, that have been delivered to the Trustee for
cancellation.

         SECTION 2.12   DEFAULTED INTEREST.

         If the Company defaults in a payment of interest, including Special
Interest, if any, on the Notes, it shall pay the defaulted interest in any
lawful manner plus, to the extent lawful, interest payable on the defaulted
interest, to the Persons who are Holders on a subsequent special record date, in
each case at the rate provided in the Notes and in Section 4.1. The Company
shall notify the Trustee in writing of the amount of defaulted interest proposed
to be paid on each Note and the date of the proposed payment. The Company shall
fix or cause to be fixed each such special record date and payment date,
provided that no such special record date shall be less than 10 days prior to
the related payment date for such defaulted interest. At least 15 days before
the special record date, the Company (or, upon the written request of the
Company, the Trustee in the name and at the expense of the Company) shall mail
or cause to be mailed to Holders a notice that states the special record date,
the related payment date and the amount of such interest to be paid.

         SECTION 2.13   CUSIP OR ISIN NUMBERS.

         The Company in issuing the Notes may use "CUSIP" or "ISIN" numbers (if
then generally in use), and, if so, the Trustee shall use "CUSIP" or "ISIN"
numbers in notices of redemption as a convenience to Holders; provided, however,
that any such notice may state that no representation is made as to the
correctness of such numbers either as printed on the Notes or as contained in
any notice of a redemption and that reliance may be placed only on the other
identification numbers printed on the Notes, and any such redemption shall not
be affected by any defect in or omission of such numbers. The Company will
promptly notify the Trustee of any change in the "CUSIP" or "ISIN" numbers.

         SECTION 2.14   SPECIAL INTEREST.

         If Special Interest is payable by the Company pursuant to paragraphs 1
and 2 of the Notes, the Company shall deliver to the Trustee a certificate to
that effect stating (a) the amount of such Special Interest that is payable and
(b) the date on which such interest is payable. Unless and until a Responsible
Officer of the Trustee receives such a certificate or instruction or direction
from the Holders in accordance with the terms of this Indenture, the Trustee may
assume without inquiry that no Special Interest is payable. The foregoing shall
not prejudice the rights of the Holders with respect to their entitlement to
Special Interest as otherwise set forth in this Indenture or the Notes and
pursuing any action against the Company directly or otherwise directing the
Trustee to take any such action in accordance with the terms of this Indenture
and the Notes. If the Company has paid Special Interest directly to the Persons
entitled to it, the Company shall deliver to the Trustee a certificate setting
forth the particulars of such payment.

                                       39

<PAGE>

                                   ARTICLE 3.
                            REDEMPTION AND PREPAYMENT

         SECTION 3.1    NOTICES TO TRUSTEE.

         If the Company elects to redeem Notes pursuant to the optional
redemption provisions of Section 3.7, it shall furnish to the Trustee, at least
30 days but not more than 60 days before a redemption date, an Officers'
Certificate setting forth (a) the paragraph of the Notes or the Section (or
clause) of this Indenture pursuant to which the redemption shall occur, (b) the
redemption date, (c) the principal amount of Notes to be redeemed and (d) the
redemption price.

         SECTION 3.2    SELECTION OF NOTES TO BE REDEEMED.

                  (a)      If less than all of the Notes are to be redeemed at
any time, the Trustee shall select the Notes to be redeemed among the Holders of
the Notes on a pro rata basis, by lot or in accordance with any other method the
Trustee considers fair and appropriate. In the event of partial redemption by
lot, the particular Notes to be redeemed shall be selected, unless otherwise
provided herein, not less than 30 nor more than 60 days prior to the redemption
date by the Trustee from the outstanding Notes not previously called for
redemption.

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

                  (c)      The provisions of clauses (a) and (b) of this Section
3.2 shall not apply with respect to any redemption affecting only a Global Note,
whether such Global Note is to be redeemed in whole or in part, to the extent
such provisions conflict with Applicable Procedures. In case of any such
redemption in part, the unredeemed portion of the principal amount of the Global
Note shall be in an authorized denomination.

         SECTION 3.3    NOTICE OF REDEMPTION.

                  (a)      At least 30 days but not more than 60 days before a
redemption date, the Company shall mail or cause to be mailed, by first class
mail, a notice of redemption to each Holder whose Notes are to be redeemed at
its registered address.

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

                           (i)      the redemption date;

                           (ii)     the redemption price;

                           (iii)    if any Note is being redeemed in part, the
         portion of the principal amount of such Note to be redeemed and that,
         after the redemption date upon surrender of such Note, a new Note or
         Notes in principal amount equal to the unredeemed portion shall be
         issued upon cancellation of the original Note;

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

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

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<PAGE>

                           (vi)     that, unless the Company defaults in making
         such redemption payment, interest, including Special Interest, if any,
         on Notes called for redemption ceases to accrue on and after the
         redemption date;

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

                           (viii)   that no representation is made as to the
         correctness or accuracy of the CUSIP number, if any, listed in such
         notice or printed on the Notes.

If any of the Notes to be redeemed is in the form of a beneficial interest in a
Global Note, then the Company shall modify such notice to the extent necessary
to accord with the procedures of the Depositary applicable to redemption.

                  (c)      At the Company's request, the Trustee shall give the
notice of redemption in the Company's name and at its expense; provided,
however, that the Company shall have delivered to the Trustee, at least 45 days,
or such shorter period allowed by the Trustee, prior to the redemption date, an
Officers' Certificate requesting that the Trustee give such notice and setting
forth the information to be stated in such notice as provided in this Section
3.3.

         SECTION 3.4    EFFECT OF NOTICE OF REDEMPTION.

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

         SECTION 3.5    DEPOSIT OF REDEMPTION PRICE.

                  (a)      On or before 11:00 a.m. Eastern Time on the Business
Day prior to any redemption date, the Company shall deposit with the Trustee or
with the Paying Agent (or, if the Company is acting as its own Paying Agent,
segregate and hold in trust as provided in Section 2.4) money sufficient to pay
the redemption price of, and accrued interest, including Special Interest, if
any, on, all Notes to be redeemed on that date. The Trustee or the Paying Agent
shall promptly return to the Company any money deposited with the Trustee or the
Paying Agent by the Company in excess of the amounts necessary to pay the
redemption price of, and accrued interest, including Special Interest, if any,
on, all Notes to be redeemed.

                  (b)      If the Company complies with the provisions of the
preceding paragraph, on and after the redemption date, interest, including
Special Interest, if any, shall cease to accrue on the Notes or the portions of
Notes called for redemption. If a Note is redeemed on or after an interest
record date but on or prior to the related interest payment date, then any
accrued and unpaid interest shall be paid to the Person in whose name such Note
was registered at the close of business on such record date. If any Note called
for redemption shall not be so paid upon surrender for redemption because of the
failure of the Company to comply with the preceding paragraph, interest,
including Special Interest, if any, shall be paid on the unpaid principal from
the redemption date until such principal is paid, and to the extent lawful on
any interest not paid on such unpaid principal, in each case at the rate
provided in the Notes and in Section 4.1.

         SECTION 3.6    NOTES REDEEMED IN PART.

         Upon surrender of a Note that is redeemed in part, the Company shall
issue and, upon the Company's written request, the Trustee shall authenticate
for the Holder at the expense of the Company a new Note equal in principal
amount to the unredeemed portion of the Note surrendered.

         SECTION 3.7    OPTIONAL REDEMPTION.

                  (a)      Except as set forth below and in clause (b) of this
Section 3.7, the Notes will not be redeemable at the option of the Company. At
any time prior to June 15, 2010, the Company may redeem all or any

                                       41

<PAGE>

portion of the Notes, at once or over time, after giving notice in accordance
with Section 3.3, at a redemption price equal to the greater of:

                           (i)      100% of the principal amount of the Notes to
         be redeemed, and

                           (ii)     the sum of the present values of (i) 100% of
         the principal amount of the Notes to be redeemed at June 15, 2010, and
         (ii) the remaining scheduled payments of interest from the redemption
         date through June 15, 2010, but excluding accrued and unpaid interest
         through the redemption date, discounted to the redemption date at the
         Treasury Rate plus 175 basis points,

plus, in either case, accrued and unpaid interest and Special Interest, if any,
to the redemption date (subject to the right of Holders of record on the
relevant record date to receive interest due on the relevant interest payment
date).

         Any notice to Holders of Notes of such a redemption needs to include
the appropriate calculation of the redemption price, but does not need to
include the redemption price itself. The actual redemption price, calculated as
described above, must be set forth in an Officers' Certificate delivered to the
Trustee no later than two Business Days prior to the redemption date.

                  (b)      At any time and from time to time prior to June 15,
2006, the Company may redeem up to a maximum of 25% of the aggregate principal
amount of the Notes, including any Additional Notes, with the proceeds of one or
more Public Equity Offerings, at a redemption price equal to 111.875% of the
principal amount thereof, plus accrued and unpaid interest and Special Interest,
if any, to the redemption date (subject to the right of Holders on the relevant
record date to receive interest due on the relevant interest payment date);
provided, however, that after giving effect to any such redemption, at least 75%
of the original aggregate principal amount of the Notes (including any
Additional Notes) issued on or after the Issue Date remains outstanding. Any
such redemption shall be made within 75 days of such Public Equity Offering upon
not less than 30 nor more than 60 days' prior notice.

                  (c)      Any prepayment pursuant to this Section 3.7 shall be
made pursuant to the provisions of Section 3.1 through Section 3.6.

         SECTION 3.8    MANDATORY REDEMPTION.

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

                                   ARTICLE 4.
                                    COVENANTS

         SECTION 4.1    PAYMENT OF NOTES.

                  (a)      The Company shall pay or cause to be paid the
principal of, premium, if any, and interest, including Special Interest, if any,
on, the Notes on the dates and in the manner provided in the Notes and this
Indenture. Principal, premium, if any, and interest, including Special Interest,
if any, shall be considered paid on the date due if the Paying Agent, if other
than the Company or a Subsidiary thereof, holds as of 11:00 a.m. Eastern Time on
the due date money deposited by the Company in immediately available funds and
designated for and sufficient to pay all principal, premium, if any, and
interest, including Special Interest, if any, then due.

                  (b)      The Company shall pay interest (including
post-petition interest in any proceeding under any Bankruptcy Law) on overdue
principal and premium, if any, from time to time on demand at a rate that is 1%
per annum in excess of the rate then in effect; it shall pay interest (including
post-petition interest in any proceeding under any Bankruptcy Law) on overdue
installments of interest, including Special Interest, if any, (without regard to
any applicable grace periods) from time to time on demand at the same rate to
the extent lawful.

                  (c)      Interest shall be computed on the basis of a 360-day
year of twelve 30-day months.

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<PAGE>

         SECTION 4.2    MAINTENANCE OF OFFICE OR AGENCY.

                  (a)      The Company shall maintain, in the continental United
States, an office or agency (which may be an office or drop facility of the
Trustee or an affiliate of the Trustee, Registrar or co-registrar, Paying Agent
or additional paying agent) where Notes may be presented or surrendered for
payment, registration of transfer or for exchange and where notices and demands
to or upon the Company in respect of the Notes and this Indenture may be served.
The Company shall give prompt written notice to the Trustee of the location, and
any change in the location, of such office or agency. If at any time the Company
shall fail to maintain any such required office or agency or shall fail to
furnish the Trustee with the address thereof, such presentations, surrenders,
notices and demands may be made or served at the Corporate Trust Office of the
Trustee, and the Company hereby appoints the Trustee as its agent to receive all
such presentations, surrenders, notices and demands.

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

                  (c)      The Company hereby designates the Corporate Trust
Office of the Trustee, as one such office, drop facility or agency of the
Company in accordance with Section 2.3.

         SECTION 4.3    REPORTS.

                  (a)      Notwithstanding that the Company may not be subject
to the reporting requirements of Section 13 or 15(d) of the Exchange Act, so
long as any Notes are outstanding, the Company shall file with the Commission
and provide the Trustee and Holders with such annual reports and such
information, documents and other reports as are specified in Sections 13 and
15(d) of the Exchange Act and applicable to a U.S. corporation subject to such
sections, such information, documents and reports so to be filed with the
Commission and provided at the times specified for the filing of such
information, documents and reports under such sections; provided, however, that
the Company shall not be so obligated to file such information, documents and
reports with the Commission if the Commission does not permit such filings.

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

         SECTION 4.4    COMPLIANCE CERTIFICATE.

                  (a)      The Company shall deliver to the Trustee, within 90
days after the end of each fiscal year, an Officers' Certificate stating that a
review of the activities of the Company and its Subsidiaries during the
preceding fiscal year has been made under the supervision of the signing
Officers with a view to determining whether the Company has kept, observed,
performed and fulfilled its obligations under this Indenture, and further
stating, as to each such Officer signing such certificate, that to the best of
his or her knowledge the Company has kept, observed, performed and fulfilled
each and every covenant contained in this Indenture and is not in default in the
performance or observance of any of the terms, provisions and conditions of this
Indenture (or, if a Default or Event of Default shall have occurred, describing
all such Defaults or Events of Default of which he or she may have knowledge and
what action the Company is taking or proposes to take with respect thereto) and
that to the best of his or her knowledge no event has occurred and remains in
existence by reason of which payments on account of the principal of or
interest, if any, on the Notes is prohibited or if such event has occurred, a
description of the event and what action the Company is taking or proposes to
take with respect thereto.

                  (b)      So long as not contrary to the then current
recommendations of the American Institute of Certified Public Accountants, the
year-end financial statements delivered to the Trustee pursuant to Section 4.3
above shall be accompanied by a written statement of the Company's independent
public accountants (who shall be a firm of established national reputation) that
in making the examination necessary for certification of such financial
statements, nothing has come to their attention that would lead them to believe
that the Company has violated any

                                       43

<PAGE>

provisions of Article 4 or Article 5 or, if any such violation has occurred,
specifying the nature and period of existence thereof, it being understood that
such accountants shall not be liable directly or indirectly to any Person for
any failure to obtain knowledge of any such violation.

                  (c)      The Company shall deliver to the Trustee, within 30
days after the occurrence thereof, written notice in the form of an Officers'
Certificate of any Default, its status and what action the Company is taking or
proposes to take with respect thereto.

         SECTION 4.5    TAXES.

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

         SECTION 4.6    STAY, EXTENSION AND USURY LAWS.

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

         SECTION 4.7    CORPORATE EXISTENCE.

         Subject to Article 5, the Company shall do or cause to be done all
things necessary to preserve and keep in full force and effect its corporate
existence, and the corporate, limited liability company, partnership or other
existence of each of its Restricted Subsidiaries in accordance with the
respective organizational documents (as the same may be amended from time to
time) of the Company or any such Restricted Subsidiary; provided, however, that
the Company shall not be required to preserve the corporate, limited liability
company, partnership or other existence of any of its Restricted Subsidiaries if
(i) the cessation of such existence complies with Article 5 or (ii) an Officer
of the Company shall determine that the preservation thereof is no longer
desirable in the conduct of the business of the Company and its Restricted
Subsidiaries, taken as a whole, and that the loss thereof is not adverse in any
material respect to the Holders of the Notes.

         SECTION 4.8    INCURRENCE OF DEBT.

                  (a)      The Company shall not, and shall not permit any
Restricted Subsidiary to, Incur, directly or indirectly, any Debt (including any
Acquired Debt) unless, after giving effect to the application of the proceeds
thereof, no Default or Event of Default would occur as a consequence of such
Incurrence or be continuing following such Incurrence and either:

                           (i)      such Debt is Debt of the Company or a
         Subsidiary Guarantor and after giving effect to the Incurrence of such
         Debt and the application of the proceeds thereof, the Consolidated
         Interest Coverage Ratio would be equal to or greater than 2.25 to 1.00
         and the Rent-Adjusted Leverage Ratio would be equal to or less than
         5.00 to 1.00; provided, that if the Debt which is the subject of a
         determination under this provision is Acquired Debt or Debt to be
         incurred in connection with the simultaneous acquisition of any Person,
         business or Property, then such ratios shall be determined on a pro
         forma basis, as if the transaction had occurred at the beginning of the
         four quarter period used in the determination of such ratios, or

                           (ii)     such Debt is Permitted Debt.

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<PAGE>

                  (b)      The term "Permitted Debt" is defined to include the
following:

                           (i)      (1) Debt of the Company evidenced by the
         Offered Notes, the Exchange Notes or any new notes issued in exchange
         for Additional Notes, provided such new notes have terms substantially
         identical in all material respects to such Additional Notes and are
         issued pursuant to arrangements similar to those described in the
         Registration Rights Agreement, and (2) Debt of the Subsidiary
         Guarantors evidenced by the Subsidiary Guarantees relating to the Notes
         issued in this offering and the Exchange Notes issued in exchange for
         the Notes and any Additional Notes;

                           (ii)     Debt of the Company and the Subsidiary
         Guarantors under the Revolving Credit Facility, provided that the
         aggregate principal amount of all such Debt under the Revolving Credit
         Facility at any one time outstanding shall not exceed $60.0 million,
         which amount shall be permanently reduced by the amount of Net
         Available Cash used to Repay Debt, and permanently reduce the
         commitments, under the Revolving Credit Facility;

                           (iii)    Debt of the Company or a Subsidiary
         Guarantor in respect of Capital Lease Obligations and Purchase Money
         Debt, provided that:

                                    (1)      the aggregate principal amount of
                  such Debt does not exceed the Fair Market Value of the
                  Property acquired, constructed or leased, and

                                    (2)      the aggregate principal amount of
                  all Debt Incurred and then outstanding pursuant to this clause
                  (iii) (together with all Permitted Refinancing Debt Incurred
                  and then outstanding in respect of Debt previously Incurred
                  pursuant to this clause (iii)) does not exceed $20.0 million;

                           (iv)     Debt of the Company owing to and held by any
         Wholly Owned Restricted Subsidiary and Debt of a Restricted Subsidiary
         owing to and held by the Company or any Wholly Owned Restricted
         Subsidiary; provided, however, that any subsequent issue or transfer of
         Capital Stock or other event that results in any such Wholly Owned
         Restricted Subsidiary ceasing to be a Wholly Owned Restricted
         Subsidiary or any subsequent transfer of any such Debt (except to the
         Company or a Wholly Owned Restricted Subsidiary) shall be deemed, in
         each case, to constitute the Incurrence of such Debt by the issuer
         thereof;

                           (v)      Debt under Interest Rate Agreements entered
         into by the Company or a Subsidiary Guarantor for the purpose of
         limiting interest rate risk in the ordinary course of the financial
         management of the Company or such Subsidiary Guarantor and not for
         speculative purposes and Debt under Cash Management Services
         Obligations, provided that the obligations under such agreements are
         directly related to payment obligations on Debt otherwise permitted by
         the terms of this covenant;

                           (vi)     Debt in connection with one or more standby
         letters of credit or performance bonds issued by the Company or a
         Restricted Subsidiary in the ordinary course of business or pursuant to
         self-insurance obligations and not in connection with the borrowing of
         money or the obtaining of advances or credit;

                           (vii)    Debt of the Company or a Restricted
         Subsidiary outstanding on the Issue Date not otherwise described in
         clauses (i) through (vi) above;

                           (viii)   Debt of a Restricted Subsidiary outstanding
         on the date on which such Restricted Subsidiary was acquired by the
         Company or otherwise became a Restricted Subsidiary (other than Debt
         Incurred as consideration in, or to provide all or any portion of the
         funds or credit support utilized to consummate, the transaction or
         series of transactions pursuant to which such Restricted Subsidiary
         became a Subsidiary of the Company or was otherwise acquired by the
         Company), provided that at the time such Restricted Subsidiary was
         acquired by the Company or otherwise became a Restricted Subsidiary and
         after giving effect to the Incurrence of such Debt, the Company would
         have been able to

                                       45

<PAGE>

         Incur $1.00 of additional Debt pursuant to clause (a)(i) above, and
         provided further that such Restricted Subsidiary executes and delivers
         a supplemental indenture providing for a Subsidiary Guaranty in
         accordance with Section 4.18;

                           (ix)     Debt of the Company and its Subsidiary
         Guarantors in an aggregate principal amount outstanding at any one time
         not to exceed $15.0 million; and

                           (x)      Permitted Refinancing Debt Incurred in
         respect of Debt Incurred pursuant to clause (a)(i) clauses (b)(i),
         (iii), (vii) and (viii) above.

                  (c)      Notwithstanding anything to the contrary contained in
this covenant, accrual of interest, accretion or amortization of original issue
discount and the payment of interest or dividends in the form of additional
Debt, will be deemed not to be an Incurrence of Debt for purpose of this
covenant.

                  (d)      For purposes of determining compliance with this
covenant, in the event that an item of Debt meets the criteria of more than one
of the categories of Permitted Debt described in clauses (b)(i) through (x)
above or is entitled to be incurred pursuant to clause (a)(i), the Company
shall, in its sole discretion, classify such item of Debt in any manner that
complies with this covenant and such item of Debt will be treated as having been
incurred pursuant to only one of such clauses or pursuant to clause (a)(i).

         SECTION 4.9    RESTRICTED PAYMENTS.

                  (a)      The Company shall not make, and shall not permit any
Restricted Subsidiary to make, directly or indirectly, any Restricted Payment if
at the time of, and after giving effect to, such proposed Restricted Payment,

                           (i)      a Default or Event of Default shall have
         occurred and be continuing,

                           (ii)     the Company could not Incur at least $1.00
         of additional Debt pursuant to Section 4.8(a)(i) or

                           (iii)    the aggregate amount of such Restricted
         Payment and all other Restricted Payments declared or made since the
         Issue Date (the amount of any Restricted Payment, if made other than in
         cash, to be based upon the Fair Market Value at the time of such
         Restricted Payment) would exceed an amount equal to the sum of:

                                    (1)      50% of the aggregate amount of
                  Consolidated Net Income accrued during the period (treated as
                  one accounting period) from the beginning of the fiscal
                  quarter during which the Issue Date occurs to the end of the
                  most recent fiscal quarter ending at least 45 days prior to
                  the date of such Restricted Payment (or if the aggregate
                  amount of Consolidated Net Income for such period shall be a
                  deficit, minus 100% of such deficit), plus

                                    (2)      100% of the Capital Stock Sale
                  Proceeds, plus

                                    (3)      the sum of:

                                             (A)      the aggregate net cash
proceeds received by the Company or any Restricted Subsidiary from the issuance
or sale after the Issue Date of convertible or exchangeable Debt that has been
converted into or exchanged for Capital Stock (other than Disqualified Stock) of
the Company, and

                                             (B)      the aggregate amount by
which Debt (other than Subordinated Obligations) of the Company or any
Restricted Subsidiary is reduced on the Company's consolidated balance sheet on
or after the Issue Date upon the conversion or exchange of any Debt issued or
sold on or prior to the Issue Date that is convertible or exchangeable for
Capital Stock (other than Disqualified Stock) of the Company,

                                       46

<PAGE>

                           excluding, in the case of clause (A) or (B):

                                                      (x)      any such Debt
                                    issued or sold to the Company or a
                                    Subsidiary of the Company or an employee
                                    stock ownership plan or trust established by
                                    the Company or any such Subsidiary for the
                                    benefit of their employees, and

                                                      (y)      the aggregate
                                    amount of any cash or other Property
                                    distributed by the Company or any Restricted
                                    Subsidiary upon any such conversion or
                                    exchange, plus

                                    (4)      an amount equal to the sum of:

                                             (A)      the net reduction in
Investments in any Person other than the Company or a Restricted Subsidiary
resulting from dividends, repayments of loans or advances or other transfers of
Property, in each case to the Company or any Restricted Subsidiary from such
Person, and

                                             (B)      the portion (proportionate
to the Company's equity interest in such Unrestricted Subsidiary) of the Fair
Market Value of the net assets of an Unrestricted Subsidiary at the time such
Unrestricted Subsidiary is designated a Restricted Subsidiary; provided,
however, that the foregoing sum shall not exceed, in the case of any Person, the
amount of Investments previously made (and treated as a Restricted Payment) by
the Company or any Restricted Subsidiary in such Person or, in the case of dPi,
the amount of Investments previously made by the Company as of the Issue Date.

                  (b)      Notwithstanding the foregoing limitation, the Company
may:

                           (i)      pay dividends on its Capital Stock within 60
         days of the declaration thereof if, on said declaration date, such
         dividends could have been paid in compliance with the Indenture;
         provided, however, that at the time of such payment of such dividend,
         no other Default or Event of Default shall have occurred and be
         continuing (or result therefrom); provided further, however, that such
         dividend shall be included in the calculation of the amount of
         Restricted Payments;

                           (ii)     purchase, repurchase, redeem, legally
         defease, acquire or retire for value Capital Stock of the Company or
         Subordinated Obligations in exchange for, or out of the proceeds of the
         substantially concurrent sale of, Capital Stock of the Company (other
         than Disqualified Stock and other than Capital Stock issued or sold to
         a Subsidiary of the Company or an employee stock ownership plan or
         trust established by the Company or any such Subsidiary for the benefit
         of their employees);

         provided, however, that

                                    (1)      such purchase, repurchase,
                  redemption, legal defeasance, acquisition or retirement shall
                  be excluded in the calculation of the amount of Restricted
                  Payments and

                                    (2)      the Capital Stock Sale Proceeds
                  from such exchange or sale shall be excluded from the
                  calculation pursuant to Section 4.9(a)(iii)(2) above;

                           (iii)    purchase, repurchase, redeem, legally
         defease, acquire or retire for value any Subordinated Obligations in
         exchange for, or out of the proceeds of the substantially concurrent
         sale of, Permitted Refinancing Debt; provided, however, that such
         purchase, repurchase, redemption, legal defeasance, acquisition or
         retirement shall be excluded in the calculation of the amount of
         Restricted Payments;

                           (iv)     repurchase shares of, or options to purchase
         shares of, common stock of the Company or any of its Subsidiaries from
         current or former officers, directors or employees of the Company or
         any of its Subsidiaries (or permitted transferees of such current or
         former officers, directors or

                                       47

<PAGE>

         employees), pursuant to the terms of agreements (including employment
         agreements) or plans (or amendments thereto) approved by the Board of
         Directors under which such individuals purchase or sell, or are granted
         the option to purchase or sell, shares of such common stock, provided,
         however, that:

                                    (1)      the aggregate amount of such
                  repurchases shall not exceed $1.0 million in any calendar year
                  and

                                    (2)      at the time of such repurchase, no
                  other Default or Event of Default shall have occurred and be
                  continuing (or result therefrom);

                           (v)      acquire its Capital Stock in connection with
         the exercise of warrants outstanding on the Issue Date, stock options
         or stock appreciation rights by way of cashless exercise; and

                           (vi)     so long as no Default or Event of Default
         shall have occurred and be continuing, or would occur as a consequence
         thereof, make Restricted Payments in an aggregate amount not to exceed
         $10.0 million.

                  (c)      The amount of all Restricted Payments (other than
cash) will be the Fair Market Value on the date of the Restricted Payment of the
securities or Property proposed to be paid, transferred or issued by the Company
or such Restricted Subsidiary, as the case may be, pursuant to the Restricted
Payment.

         SECTION 4.10   LIENS.

         The Company shall not, and shall not permit any Restricted Subsidiary
to, directly or indirectly, Incur or suffer to exist, any Lien (other than
Permitted Liens) upon any of its Property (including Capital Stock of a
Restricted Subsidiary), whether owned at the Issue Date or thereafter acquired,
or any interest therein or any income or profits therefrom.

         SECTION 4.11   ASSET SALES.

                  (a)      The Company shall not, and shall not permit any
Restricted Subsidiary to, directly or indirectly, consummate any Asset Sale
unless:

                           (i)      the Company or such Restricted Subsidiary
         receives consideration at the time of such Asset Sale at least equal to
         the Fair Market Value of the Property subject to such Asset Sale;

                           (ii)     at least 75% of the consideration paid to
         the Company or such Restricted Subsidiary in connection with such Asset
         Sale is in the form of cash, Cash Equivalents or the assumption by the
         purchaser of liabilities (as shown on the Company's or such Restricted
         Subsidiary's most recent balance sheet) of the Company or any
         Restricted Subsidiary (other than contingent liabilities and
         liabilities that are by their terms subordinated to the Notes or any
         Subsidiary Guaranty), pursuant to a customary novation agreement that
         releases the Company and the Restricted Subsidiaries from further
         liability with respect thereto; and

                           (iii)    the Company delivers an Officers'
         Certificate to the Trustee certifying that such Asset Sale complies
         with clauses (a)(i) and (a)(ii) above.

                  (b)      The Net Available Cash (or any portion thereof) from
Asset Sales may be applied by the Company or a Restricted Subsidiary, to the
extent the Company or such Restricted Subsidiary elects (or is required by the
terms of any Debt):

                           (i)      to Repay Senior Debt of the Company or any
         Subsidiary Guarantor under the Revolving Credit Facility or secured by
         the shares of Capital Stock or Property subject to the Asset Sale
         (excluding, in any such case, any Debt owed to the Company or an
         Affiliate of the Company) and secured by a Lien on such Property senior
         to the Liens securing the Notes; or

                                       48

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                           (ii)     to reinvest in Additional Assets (including
         by means of an Investment in Additional Assets by a Restricted
         Subsidiary with Net Available Cash received by the Company or another
         Restricted Subsidiary).

                  (c)      Any Net Available Cash from an Asset Sale not applied
in accordance with the preceding paragraph within 365 days from the date of the
receipt of such Net Available Cash shall constitute "Excess Proceeds."

                  (d)      When the aggregate amount of Excess Proceeds exceeds
$5.0 million (taking into account income earned on such Excess Proceeds, if
any), the Company will be required to make an offer to purchase (the "Prepayment
Offer") the Notes which offer shall be in the amount of the Excess Proceeds
(rounded to the nearest $1,000), on a pro rata basis according to principal
amount, at a purchase price equal to 100% of the principal amount thereof, plus
accrued and unpaid interest and Special Interest, if any, to the purchase date
(subject to the right of Holders of record on the relevant record date to
receive interest due on the relevant interest payment date), in accordance with
the procedures (including prorating in the event of oversubscription) set forth
in this Indenture. To the extent that any portion of the amount of Net Available
Cash remains after compliance with the preceding sentence and provided that all
Holders of Notes have been given the opportunity to tender their Notes for
purchase in accordance with this Indenture, the Company or such Restricted
Subsidiary may use such remaining amount for any purpose permitted by this
Indenture and the amount of Excess Proceeds will be reset to zero.

                  (e)      Within five Business Days after the Company is
obligated to make a Prepayment Offer as described in the preceding paragraph,
the Company shall send a written notice, by first-class mail, to the Holders of
Notes, accompanied by such information regarding the Company and its
Subsidiaries as the Company in good faith believes will enable such Holders to
make an informed decision with respect to such Prepayment Offer. Such notice
shall state, among other things, the purchase price and the purchase date, which
shall be, subject to any contrary requirements of applicable law, a Business Day
no earlier than 30 days nor later than 60 days from the date such notice is
mailed.

                  (f)      Notwithstanding the prior paragraphs of this
covenant, the Company and its Restricted Subsidiaries will be permitted to enter
into and consummate Permitted Asset Swaps without complying with such paragraphs
to the extent that at the time of entering into any such Permitted Asset Swap,
or immediately after giving effect to such Permitted Asset Swap, no Default or
Event of Default shall have occurred or be continuing or would occur as a
consequence thereof.

                  (g)      The Company will comply, to the extent applicable,
with the requirements of Section 14(e) of the Exchange Act and any other
securities laws or regulations in connection with the repurchase of Notes
pursuant to this Section 4.11. To the extent that the provisions of any
securities laws or regulations conflict with provisions of this Section 4.11,
the Company will comply with the applicable securities laws and regulations and
will not be deemed to have breached its obligations under this Section 4.11 by
virtue thereof.

                  (h)      To the extent such Assets constitute Collateral under
the Security Documents, the Company will comply with the provisions of Article
11 of this Indenture and the Intercreditor Agreement.

         SECTION 4.12   RESTRICTIONS ON DISTRIBUTIONS FROM RESTRICTED
SUBSIDIARIES.

                  (a)      The Company shall not, and shall not permit any
Restricted Subsidiary to, directly or indirectly, create or otherwise cause or
suffer to exist any consensual restriction on the right of any Restricted
Subsidiary to:

                           (i)      pay dividends, in cash or otherwise, or make
         any other distributions on or in respect of its Capital Stock, or pay
         any Debt or other obligation owed, to the Company or any other
         Restricted Subsidiary,

                           (ii)     make any loans or advances to the Company or
         any other Restricted Subsidiary,

                                       49

<PAGE>

                           (iii)    transfer any of its Property to the Company
         or any other Restricted Subsidiary, or

                           (iv)     grant Liens to secure the obligations under
         this Indenture.

                  (b)      The foregoing limitations will not apply:

                           (i)      with respect to clauses (a)(i), (ii), (iii)
         and (iv) above, to restrictions:

                                    (1)      in effect on the Issue Date,

                                    (2)      relating to Debt of a Restricted
                  Subsidiary and existing at the time it became a Restricted
                  Subsidiary if such restriction was not created in connection
                  with or in anticipation of the transaction or series of
                  transactions pursuant to which such Restricted Subsidiary
                  became a Restricted Subsidiary or was acquired by the Company,
                  or

                                    (3)      resulting from the Refinancing of
                  Debt Incurred pursuant to an agreement referred to in clause
                  (b)(i)(1) or (2) above or in clause (b)(ii)(1) or (2) below,
                  provided such restrictions are no less favorable in any
                  material respect to the Holders of Notes than those under the
                  agreement evidencing the Debt so Refinanced, or

                                    (4)      existing by reason of applicable
                  law, regulation, order, approval, license, permit or similar
                  restriction, in each case issued or imposed by a governmental
                  authority, and

                           (ii)     with respect to clause (a)(iii) of this
         Section 4.12 only, to restrictions:

                                    (1)      relating to Debt that is permitted
                  to be Incurred and secured without also securing the Notes
                  pursuant to Section 4.8 and Section 4.10 that limit the right
                  of the debtor to dispose of the Property securing such Debt,

                                    (2)      encumbering Property at the time
                  such Property was acquired by the Company or any Restricted
                  Subsidiary, so long as such restriction relates solely to the
                  Property so acquired and was not created in connection with or
                  in anticipation of such acquisition,

                                    (3)      resulting from customary provisions
                  restricting subletting or assignment of leases or customary
                  provisions in other agreements that restrict assignment of
                  such agreements or rights thereunder, or

                                    (4)      customary restrictions contained in
                  asset sale agreements limiting the transfer of such Property
                  pending the closing of such sale.

         SECTION 4.13   TRANSACTIONS WITH AFFILIATES.

                  (a)      The Company shall not, and shall not permit any
Restricted Subsidiary to, directly or indirectly, conduct any business or enter
into or suffer to exist any transaction or series of transactions (including the
purchase, sale, transfer, assignment, lease, conveyance or exchange of any
Property or the rendering of any service) with, or for the benefit of, any
Affiliate of the Company (an "Affiliate Transaction"), unless:

                           (i)      the terms of such Affiliate Transaction are:

                                    (1)      set forth in writing, and

                                       50

<PAGE>

                                    (2)      no less favorable to the Company or
                  such Restricted Subsidiary, as the case may be, than those
                  that could be obtained in a comparable arm's-length
                  transaction with a Person that is not an Affiliate of the
                  Company,

                           (ii)     if such Affiliate Transaction involves
         aggregate payments or value in excess of $2.0 million, the Board of
         Directors (including a majority of the disinterested members of the
         Board of Directors) approves such Affiliate Transaction and, in its
         good faith judgment, believes that such Affiliate Transaction complies
         with clause (a)(i)(2) above as evidenced by a Board Resolution promptly
         delivered to the Trustee, and

                           (iii)    if such Affiliate Transaction involves
         aggregate payments or value in excess of $10.0 million, the Company
         obtains a written opinion from an Independent Financial Advisor to the
         effect that the consideration to be paid or received in connection with
         such Affiliate Transaction is fair, from a financial point of view, to
         the Company and the Restricted Subsidiaries, taken as a whole.

                  (b)      Notwithstanding the foregoing limitation, the Company
or any Restricted Subsidiary may enter into or suffer to exist the following,
which shall not be Affiliate Transactions:

                           (i)      any transaction or series of transactions
         between the Company and one or more Restricted Subsidiaries or between
         two or more Restricted Subsidiaries, provided that no more than 5% of
         the total voting power of the Voting Stock (on a fully diluted basis)
         of any such Restricted Subsidiary is owned by an Affiliate of the
         Company (other than a Restricted Subsidiary);

                           (ii)     any Restricted Payment permitted to be made
         pursuant to Section 4.9;

                           (iii)    the payment of compensation (including
         amounts paid pursuant to employee benefit plans) for the personal
         services of officers and directors of the Company or any of the
         Restricted Subsidiaries, so long as the Board of Directors in good
         faith shall have approved the terms thereof and deemed the services
         theretofore or thereafter to be performed for such compensation to be
         fair consideration therefore;

                           (iv)     indemnities of officers, directors and
         employees of the Company or any of its Restricted Subsidiaries
         permitted by bylaw or statutory provisions; and

                           (v)      the operating agreement between the Company
         and dPi as in effect on the Issue Date.

         SECTION 4.14   SALE AND LEASEBACK TRANSACTIONS.

                  (a)      The Company shall not, and shall not permit any
Restricted Subsidiary to, enter into any Sale and Leaseback Transaction with
respect to any Property unless:

                           (i)      the Company or such Restricted Subsidiary
         would be entitled to:

                                    (1)      Incur Debt in an amount equal to
                  the Attributable Debt with respect to such Sale and Leaseback
                  Transaction pursuant to Section 4.8, and

                                    (2)      create a Lien on such Property
                  securing such Attributable Debt without also securing the
                  Notes pursuant to Section 4.10, and

                           (ii)     such Sale and Leaseback Transaction is
         effected in compliance with Section 4.11.

                                       51

<PAGE>

         SECTION 4.15   DESIGNATION OF RESTRICTED AND UNRESTRICTED SUBSIDIARIES.

                  (a)      As of the closing of this offering, dPi will be an
Unrestricted Subsidiary. The Board of Directors may designate any other
Subsidiary of the Company to be an Unrestricted Subsidiary if the Subsidiary to
be so designated:

                           (i)      does not own any Capital Stock or Debt of,
         or own or hold any Lien on any Property of, the Company or any other
         Restricted Subsidiary,

                           (ii)     has no Debt other than Debt:

                                    (1)      as to which neither the Company nor
                  any of its Restricted Subsidiaries (A) provides credit support
                  of any kind (including any undertaking, agreement or
                  instrument that would constitute Debt), (B) is directly or
                  indirectly liable as a Guarantor or otherwise, or (C)
                  constitutes the lender; provided, however, the Company or a
                  Restricted Subsidiary may loan, advance or extend credit to,
                  or Guarantee the Debt of, an Unrestricted Subsidiary at any
                  time following the date such Subsidiary is designated as an
                  Unrestricted Subsidiary in accordance with Section 4.9,

                                    (2)      no default with respect to which
                  (including any rights that the holders thereof may have to
                  take enforcement action against an Unrestricted Subsidiary)
                  would permit, upon notice, lapse of time or both, any holder
                  of any other Debt (other than the Notes or any Guarantee
                  permitted by the proviso to the preceding clause (a)(ii)(1))
                  of the Company or any of its Restricted Subsidiaries to
                  declare a default on such other Debt or cause the payment
                  thereof to be accelerated or payable prior to its Stated
                  Maturity, and

                                    (3)      as to which the lenders have been
                  notified in writing that they will not have any recourse to
                  the stock or other Property of the Company or any of its
                  Restricted Subsidiaries, except for Debt that has been
                  Guaranteed as permitted by the proviso to the preceding clause
                  (a)(ii)(1);

                           (iii)    is not party to any agreement, contract,
         arrangement or understanding with the Company or any Restricted
         Subsidiary of the Company unless the terms of any such agreement,
         contract, arrangement or understanding are no less favorable to the
         Company or such Restricted Subsidiary than those that might be obtained
         at the time from Persons who are not Affiliates of the Company;

                           (iv)     is a Person with respect to which neither
         the Company nor any of its Restricted Subsidiaries has any direct or
         indirect obligation (1) to subscribe for additional Capital Stock or
         (2) to maintain or preserve such Person's financial condition or to
         cause such Person to achieve any specified levels of operating results;

                           (v)      has not Guaranteed or otherwise directly or
         indirectly provided credit support for any Debt of the Company or any
         of its Restricted Subsidiaries; and

                           (vi)     has at least one director on its board of
         directors that is not a director or executive officer of the Company or
         any of its Restricted Subsidiaries and has at least one executive
         officer that is not a director or executive officer of the Company or
         any of its Restricted Subsidiaries.

                  (b)      Unless so designated as an Unrestricted Subsidiary,
any Person that becomes a Subsidiary of the Company will be classified as a
Restricted Subsidiary; provided, however, that such Subsidiary shall not be
designated a Restricted Subsidiary and shall be automatically classified as an
Unrestricted Subsidiary if either of the requirements set forth in clauses
(d)(x) and (y) below will not be satisfied after giving pro forma effect to such
classification or if such Person is a Subsidiary of an Unrestricted Subsidiary.

                                       52

<PAGE>

                  (c)      Except as provided in the second sentence of clause
(a) above, no Restricted Subsidiary may be redesignated as an Unrestricted
Subsidiary. In addition, neither the Company nor any Restricted Subsidiary shall
at any time be directly or indirectly liable for any Debt that provides that the
holder thereof may (with the passage of time or notice or both) declare a
default thereon or cause the payment thereof to be accelerated or payable prior
to its Stated Maturity upon the occurrence of a default with respect to any
Debt, Lien or other obligation of any Unrestricted Subsidiary (including any
right to take enforcement action against such Unrestricted Subsidiary). Upon
designation of a Restricted Subsidiary as an Unrestricted Subsidiary in
compliance with this covenant, such Restricted Subsidiary shall, by execution
and delivery of a supplemental indenture substantially in the form of Exhibit F
hereto, be released from any Subsidiary Guaranty previously made by such
Restricted Subsidiary.

                  (d)      The Board of Directors may designate any Unrestricted
Subsidiary to be a Restricted Subsidiary if, immediately after giving pro forma
effect to such designation, (x) the Company could Incur at least $1.00 of
additional Debt pursuant to Section 4.8(a)(i) and (y) no Default or Event of
Default shall have occurred and be continuing or would result therefrom.

                  (e)      Any designation or redesignation by the Board of
Directors pursuant to the foregoing provisions will be evidenced to the Trustee
by filing with the Trustee a Board Resolution giving effect to such designation
or redesignation and an Officers' Certificate that:

                           (i)      certifies that such designation or
         redesignation complies with the foregoing provisions, and

                           (ii)     gives the effective date of such designation
         or redesignation,

such filing with the Trustee to occur within 45 days after the end of the fiscal
quarter of the Company in which such designation or redesignation is made (or,
in the case of a designation or redesignation made during the last fiscal
quarter of the Company's fiscal year, within 90 days after the end of such
fiscal year).

         SECTION 4.16   ADDITIONAL COLLATERAL.

         From and after the Issue Date, the Company shall, and shall cause each
Subsidiary Guarantor to, grant to the Collateral Agent (or to the Trustee, if
applicable) to secure the obligations under the Notes and the other obligations
under the Indenture, subject to the terms of the Intercreditor Agreement and the
Permitted Liens, a Lien on all newly acquired Collateral or Collateral owned by
a Subsidiary that becomes a Subsidiary Guarantor that was not a Subsidiary
Guarantor on the Issue Date to the extent not already granted by the existing
Security Documents. Without limiting the foregoing, from and after the Issue
Date, in the event the Company or any Subsidiary Guarantor changes its state of
formation, name or corporate structure, it shall give the Collateral Agent 30
days prior notice and execute, file and forward to the Trustee or the Collateral
Agent a copy of such documents or instruments as are necessary to perfect and
maintain the perfection and priority of the Lien intended by the Indenture and
the Security Documents.

         SECTION 4.17   REPURCHASE AT THE OPTION OF HOLDERS UPON A CHANGE OF
CONTROL.

                  (a)      Upon the occurrence of a Change of Control, each
Holder of Notes shall have the right to require the Company to repurchase all or
any part of such Holder's Notes pursuant to the offer described below (the
"Change of Control Offer") at a purchase price (the "Change of Control Purchase
Price") equal to 101% of the principal amount thereof, plus accrued and unpaid
interest and Special Interest, if any, to the purchase date (subject to the
right of Holders of record on the relevant record date to receive interest due
on the relevant interest payment date).

                  (b)      Within 30 days following any Change of Control, the
Company shall:

                           (i)      cause a notice of the Change of Control
         Offer to be sent at least once to the Dow Jones News Service or a
         similar business news service in the United States; and

                                       53

<PAGE>

                           (ii)     send, by first-class mail, with a copy to
         the Trustee, to each Holder of Notes, at such Holder's address
         appearing in the Security Register, a notice which shall govern the
         terms of the Change of Control Offer and shall state:

                                    (1)      that a Change of Control has
                  occurred and a Change of Control Offer is being made pursuant
                  to this Section 4.17 and that all Notes validly and timely
                  tendered will be accepted for payment;

                                    (2)      the Change of Control Purchase
                  Price and the purchase date, which shall be, subject to any
                  contrary requirements of applicable law, a Business Day no
                  earlier than 30 days nor later than 60 days from the date such
                  notice is mailed;

                                    (3)      the circumstances and relevant
                  facts regarding the Change of Control (including information
                  with respect to pro forma historical income, cash flow and
                  capitalization after giving effect to the Change of Control);
                  and

                                    (4)      the procedures that Holders of
                  Notes must follow in order to tender their Notes (or portions
                  thereof) for payment, and the procedures that Holders of Notes
                  must follow in order to withdraw an election to tender Notes
                  (or portions thereof) for payment.

                  (c)      The Company will comply, to the extent applicable,
with the requirements of Section 14(e) of the Exchange Act and any other
securities laws or regulations in connection with the repurchase of Notes
pursuant to a Change of Control Offer. To the extent that the provisions of any
securities laws or regulations conflict with the provisions of this Section
4.17, the Company will comply with the applicable securities laws and
regulations and will not be deemed to have breached its obligations under this
Section 4.17 by virtue of such compliance.

         SECTION 4.18   FUTURE SUBSIDIARY GUARANTORS.

         The Company shall cause each Person that becomes a Domestic Restricted
Subsidiary following the Issue Date to execute and deliver to the Trustee a
supplemental indenture to this Indenture, substantially in the form of Exhibit F
hereto, providing for a Subsidiary Guaranty at the time such Person becomes a
Domestic Restricted Subsidiary. In addition, at the time, if ever, that dPi
becomes a guarantor or obligor of the Debt of the Company or any Subsidiary of
the Company under the Revolving Credit Facility, the Company shall, as soon as
it is permitted under Section 4.15(e), designate dPi to be a Restricted
Subsidiary and cause dPi to execute and deliver to the Trustee a supplemental
indenture to this Indenture providing for a Subsidiary Guaranty. dPi will become
a guarantor and will grant a second priority lien on substantially all of its
assets upon audited financial statements of dPi becoming available.

         SECTION 4.19   EXCESS CASH FLOW OFFER.

                  (a)      EXCESS CASH FLOW OFFER OBLIGATION.

                           (i)      By April 1 following each fiscal year of the
         Company, commencing with April 1, 2004, the Company shall calculate its
         Excess Cash Flow for its most recently ended fiscal year and the
         Leverage Ratio and Rent-Adjusted Leverage Ratio as of such fiscal year
         end and certify to the Trustee in writing the calculations to compute
         such Excess Cash Flow, Leverage Ratio and Rent-Adjusted Leverage Ratio,
         the amounts, if any, on deposit in the Excess Cash Flow Collateral
         Account and the principal amount, if any, of Notes acquired by the
         Company or the Subsidiary Guarantors through redemptions, open market
         purchases or otherwise during the period commencing on the first day of
         such year and ending on the date immediately preceding such
         certification. If (a) the Company has any Excess Cash Flow or amounts
         on deposit in the Excess Cash Flow Collateral Account, (b) the Leverage
         Ratio is equal to or greater than 2.50 to 1.00 or the Rent-Adjusted
         Leverage Ratio is equal to or greater than 4.00 to 1.00, and (c) the
         Company has cash and Cash Equivalents of more than $10.0 million on the
         date immediately preceding such certification, the Company shall repay
         Debt (if any) outstanding under the Revolving Credit

                                       54

<PAGE>

         Facility in an amount equal to the remainder (if positive) of (x) the
         amount of such cash and Cash Equivalents minus (y) the sum of $10.0
         million plus such Excess Cash Flow. Thereafter, if (a) the Company has
         any Excess Cash Flow with respect to such fiscal year plus amounts on
         deposit in the Excess Cash Flow Collateral Account of at least $1.0
         million in the aggregate and (b) the Coverage Ratio is equal to or
         greater than 2.50 to 1.00 or the Rent-Adjusted Leverage Ratio is equal
         to or greater than 4.00 to 1.00, then the Company either shall use such
         Excess Cash Flow plus such amounts on deposit to repay Debt (if any)
         outstanding under the Revolving Credit Facility or, subject to the
         limitations in Section 4.19(c) and Section 4.19(d), shall use 75% of
         any Excess Cash Flow plus amounts on deposit, in each case, remaining
         after repayment of all of the principal amount of Debt outstanding
         under the Revolving Credit Facility to make an offer (an "Excess Cash
         Flow Offer") to purchase Notes at a purchase price equal to 104.25% of
         the aggregate principal amount thereof, plus accrued and unpaid
         interest and Special Interest, if any, to the purchase date (subject to
         the right of Holders of record on the relevant record date to receive
         interest due on the relevant interest payment date). The Company shall
         deposit in the Excess Cash Flow Collateral Account all of the portion
         of the 75% of such remaining Excess Cash Flow not used to purchase
         Notes pursuant to the Excess Cash Flow Offer. The Company may use 25%
         of the Excess Cash Flow remaining with respect to such fiscal year
         after repayment of Debt outstanding under the Revolving Credit Facility
         for any purpose permitted by the Indenture.

                           (ii)     Not later than April 1 following the most
         recently ended fiscal year, the Company shall commence an Excess Cash
         Flow Offer by sending, by first-class mail, with a copy to the Trustee,
         to each Holder of Notes, at such Holder's address appearing in the
         Security Register, a notice, which shall govern the terms of the Excess
         Cash Flow Offer and shall state:

                                    (1)      that an Excess Cash Flow Offer is
                  being made pursuant to Section 4.19 of this Indenture, the
                  principal amount of Notes which shall be accepted for payment
                  and that all Notes validly and timely tendered will be
                  accepted for payment on a pro rata basis (or by such other
                  method as may be required by law);

                                    (2)      the purchase price and the purchase
                  date; and

                                    (3)      the procedures that Holders of
                  Notes must follow in order to tender their Notes (or portions
                  thereof) for payment and the procedures that Holders of Notes
                  must follow in order to withdraw an election to tender Notes
                  (or portions thereof) for payment.

                           (iii)    Each Excess Cash Flow Offer shall remain
         open for a period of 20 Business Days and no longer, unless a longer
         period is required by law (the "Excess Cash Flow Offer Period"). Not
         later than the fifth business day after the termination of the Excess
         Cash Flow Period (the "Excess Cash Flow Payment Date"), the Company
         shall (1) accept for payment, on a pro rata basis to the extent
         necessary (unless some other method is required by law), the Notes or
         portions thereof tendered pursuant to the Excess Cash Flow Offer, (2)
         deposit with the Paying Agent money sufficient to pay the purchase
         price of all Notes or portions thereof so accepted and (3) deliver to
         the Trustee the Notes so accepted, together with an Officers'
         Certificate stating that the Notes or portions thereof tendered to the
         Company are accepted for payment. The Paying Agent shall promptly mail
         to each Holder of Notes so accepted payment in an amount equal to the
         purchase price of such Notes, including accrued and unpaid interest and
         Special Interest, if any, and the Company shall issue new notes, and
         the Trustee shall promptly authenticate and mail such new notes to such
         Holders, in a principal amount equal to the unpurchased portion of the
         Notes surrendered.

                           (iv)     The Company shall make a public announcement
         of the results of the Excess Cash Flow Offer as soon as practicable
         after the Excess Cash Flow Payment Date. For purposes of this Section
         4.19, the Trustee shall act as the Paying Agent.

                           (v)      The Company will comply, to the extent
         applicable, with the requirements of Section 14(e) of the Exchange Act
         and any other securities laws and regulations in connection with the
         repurchase of Notes pursuant to an Excess Cash Flow Offer. To the
         extent that the provisions of any securities laws or regulations
         conflict with the provisions of this Section 4.19, the Company will
         comply

                                       55

<PAGE>

         with the applicable securities laws and regulations and will not be
         deemed to have breached its obligations under this Section 4.19 by
         virtue of such compliance.

                  (b)      EXCESS CASH FLOW COLLATERAL ACCOUNT.

                           (i)      The Company shall deposit all of the portion
         of the 75% of the Excess Cash Flow remaining after payment of Debt
         outstanding under the Revolving Credit Facility and thereafter not used
         to purchase Notes pursuant to Section 4.19(a)(i) into a securities
         account styled the "Rent-Way Excess Cash Flow Collateral Account" (such
         account being the "Excess Cash Flow Collateral Account") maintained by
         the Company with the Collateral Agent or other securities intermediary
         selected by the Collateral Agent, provided that such Collateral Agent
         or securities intermediary shall have a combined capital and surplus of
         at least $250.0 million and shall have a long-term debt rating of at
         least "A" by Moody's (or, solely in the case of Manufacturers and
         Traders Trust Company, "A2") and at least "A" by S&P, such Excess Cash
         Flow Collateral Account shall be under the exclusive dominion and
         control of the Collateral Agent, although such account shall be subject
         to the First Priority Liens of the lenders under the Revolving Credit
         Facility. All amounts on deposit in the Excess Cash Flow Collateral
         Account shall be treated as financial assets and cash funds on deposit
         in the Excess Cash Flow Collateral Account may be invested at the
         direction of the Company in Cash Equivalents. The Company shall be (A)
         permitted to use such Excess Cash Flow on deposit in such account only
         to repay Debt under the Revolving Credit Facility and to acquire Notes
         through redemptions, open market purchases or otherwise and (B)
         required to conduct Excess Cash Flow Offers with respect to subsequent
         fiscal years based on the aggregate amount of Excess Cash Flow on
         deposit in such account and the Excess Cash Flow for such subsequent
         fiscal year as herein provided.

                           (ii)     Any such funds will be released to the
         Company by its delivering to the Collateral Agent and the Trustee an
         Officers' Certificate stating that:

                                    (1)      no Event of Default under this
                  Indenture or event of default under the Revolving Credit
                  Facility has occurred and is continuing as of the date of the
                  proposed release;

                                    (2)      such funds will be applied in
                  accordance with Section 4.19 of this Indenture;

                                    (3)      the Company and the Subsidiary
                  Guarantors have complied with all other conditions precedent
                  in this Indenture relating to the release in question; and

                                    (4)      the Company and the Subsidiary
                  Guarantors have delivered all documentation required by the
                  TIA, if any, prior to the release of such funds by the
                  Collateral Agent to the Collateral Agent and the Trustee.

                           (iii)    Notwithstanding the foregoing, so long as
         the Intercreditor Agreement is in effect the Excess Cash Flow
         Collateral Account shall be maintained under the control of the Senior
         Collateral Agent provided the foregoing will not relieve the Company of
         complying with the provisions of this Section 4.19(b) while such
         account is controlled by the Senior Collateral Agent.

                  (c)      REDUCTION OF EXCESS CASH FLOW OFFER OBLIGATION. The
principal amount of Notes required to be purchased pursuant to each Excess Cash
Flow Offer shall be reduced by the principal amount of Notes acquired by the
Company or the Subsidiary Guarantors through redemptions, open market purchases
or otherwise (including, without limitation, pursuant to a Change of Control
Offer or a Prepayment Offer) during the period commencing on the first day of
the fiscal year preceding such Excess Cash Flow Offer and ending on the day
immediately prior to the commencement of such Excess Cash Flow Offer.

                  (d)      TERMINATION OF EXCESS CASH FLOW OFFER OBLIGATION. All
of the Company's obligations under this Section 4.19 shall terminate upon the
first fiscal year end of the Company at

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which both (a) the Leverage Ratio is less than 2.50 to 1.00 and (b) the
Rent-Adjusted Leverage Ratio is less than 4.00 to 1.00.

         SECTION 4.20   MAINTENANCE OF INSURANCE AND PROPERTIES.

                  The Company shall, and shall cause each of its Restricted
Subsidiaries to, maintain their properties and assets in normal working order
and condition as on the Closing Date (reasonable wear and tear excepted) and
make all necessary repairs, renewals, replacements, additions, betterments and
improvements thereto, as shall be reasonably necessary for the proper conduct of
the business of the Company and its Restricted Subsidiaries taken as a whole;
provided, however, that nothing herein shall prevent the Company or any of its
Restricted Subsidiaries from discontinuing any maintenance of any such
properties if such discontinuance is desirable in the conduct of the business of
the Company and its Restricted Subsidiaries taken as a whole. The Company shall,
and shall cause each of its Restricted Subsidiaries to, maintain liability,
casualty and other insurance (including self-insurance consistent with prior
practice) with responsible insurance companies in such amounts and against such
risks as is in accordance with customary industry practice in the general areas
in which the Company and its Restricted Subsidiaries operate and otherwise as
provided in the Security Documents.

         SECTION 4.21   LIMITATION ON IMPAIRMENT OF LIEN; FURTHER ASSURANCES.

                  (a)      Neither the Company nor any of its Subsidiaries will
take or omit to take any action which action or omission would have the result
of adversely affecting or impairing the Lien in favor of the Collateral Agent
(or the Trustee, if applicable), under the Security Documents or the priority
thereof; and, neither the Company nor any of its Subsidiaries shall grant to any
Person, or suffer any Person (other than the Company and its Restricted
Subsidiaries) to have (other than to the Collateral Agent, the lenders under the
Revolving Credit Facility, the Trustee and the Holders) any interest whatsoever
in the Collateral other than Permitted Liens. Neither the Company nor any of its
Subsidiaries will enter into any agreement or instrument that by its terms
requires the proceeds received from any sale of Collateral to be applied to
repay, redeem, defease or otherwise acquire or retire any Debt, other than as
contemplated by the Revolving Credit Agreement, the Intercreditor Agreement,
this Indenture and the Security Documents.

                  (b)      The Company shall, and shall cause each Subsidiary
Guarantor to, at their sole cost and expense, execute and deliver all such
agreements and instruments as the Collateral Agent or the Trustee shall
reasonably request (but the Trustee is not required to so request) to more fully
or accurately describe the property intended to be Collateral or the obligations
intended to be secured by the Security Documents. The Company shall, and shall
cause each Subsidiary Guarantor to, at their sole cost and expense, file any
such notice filings or other agreements or instruments as may be reasonably
necessary or desirable under applicable law to perfect the Liens created by the
Security Documents at such times and at such places as the Collateral Agent or
the Trustee may reasonably request (but the Trustee is not required to so
request).

                                   ARTICLE 5.
                                   SUCCESSORS

         SECTION 5.1    MERGER, CONSOLIDATION, OR SALE OF PROPERTY.

                  (a)      The Company shall not merge, consolidate or
amalgamate with or into any other Person (other than a merger of a Wholly Owned
Restricted Subsidiary into the Company) or sell, transfer, assign, lease, convey
or otherwise dispose of all or substantially all its Property in any one
transaction or series of transactions unless:

                           (i)      the Company shall be the Surviving Person or
         the Surviving Person (if other than the Company) formed by such merger,
         consolidation or amalgamation or to which such sale, transfer,
         assignment, lease, conveyance or disposition is made shall be a
         corporation organized and existing under the laws of the United States
         of America, any State thereof or the District of Columbia;

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                           (ii)     the Surviving Person (if other than the
         Company) expressly assumes, by supplemental indenture substantially in
         the form of Exhibit F hereto, executed and delivered to the Trustee by
         such Surviving Person, the due and punctual payment of the principal
         of, and premium, if any, and interest and Special Interest, if any, on,
         all the Notes, according to their tenor, and the due and punctual
         performance and observance of all the covenants and conditions of this
         Indenture to be performed by the Company;

                           (iii)    in the case of a sale, transfer, assignment,
         lease, conveyance or other disposition of all or substantially all the
         Property of the Company, such Property shall have been transferred as
         an entirety or virtually as an entirety to one Person;

                           (iv)     immediately before and after giving effect
         to such transaction or series of transactions on a pro forma basis (and
         treating, for purposes of this clause (a)(iv) and clauses (a)(v) and
         (vi) below, any Debt that becomes, or is anticipated to become, an
         obligation of the Surviving Person or any Restricted Subsidiary as a
         result of such transaction or series of transactions as having been
         Incurred by the Surviving Person or such Restricted Subsidiary at the
         time of such transaction or series of transactions), no Default or
         Event of Default shall have occurred and be continuing;

                           (v)      immediately after giving effect to such
         transaction or series of transactions on a pro forma basis, the Company
         or the Surviving Person, as the case may be, would be able to Incur at
         least $1.00 of additional Debt under Section 4.8(a)(i);

                           (vi)     the Company shall deliver, or cause to be
         delivered, to the Trustee, in form and substance reasonably
         satisfactory to the Trustee, an Officers' Certificate and an Opinion of
         Counsel, each stating that such transaction and the supplemental
         indenture, if any, in respect thereto comply with this Section 5.1(a)
         and that all conditions precedent herein provided for relating to such
         transaction or series of transactions have been satisfied; and

                           (vii)    the Company shall have delivered to the
         Trustee an Opinion of Counsel to the effect that the Holders will not
         recognize income, gain or loss for federal income tax purposes as a
         result of such transaction 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 transaction had not occurred.

                  (b)      The Company shall not permit any Subsidiary Guarantor
to merge, consolidate or amalgamate with or into any other Person (other than a
merger of a Wholly Owned Restricted Subsidiary into such Subsidiary Guarantor or
the Company) or sell, transfer, assign, lease, convey or otherwise dispose of
all or substantially all its Property in any one transaction or series of
transactions unless:

                           (i)      the Surviving Person (if other than the
         Subsidiary Guarantor) formed by such merger, consolidation or
         amalgamation or to which such sale, transfer, assignment, lease,
         conveyance or disposition is made shall be a corporation, company
         (including a limited liability company) or partnership organized and
         existing under the laws of the United States of America, any State
         thereof or the District of Columbia;

                           (ii)     the Surviving Person (if other than the
         Subsidiary Guarantor) expressly assumes, by supplemental indenture in
         form satisfactory to the Trustee, executed and delivered to the Trustee
         by such Surviving Person, the due and punctual performance and
         observance of all the obligations of the Subsidiary Guarantor under its
         Subsidiary Guaranty;

                           (iii)    in the case of a sale, transfer, assignment,
         lease, conveyance or other disposition of all or substantially all the
         Property of such Subsidiary Guarantor, such Property shall have been
         transferred as an entirety or virtually as an entirety to one Person;

                           (iv)     immediately before and after giving effect
         to such transaction or series of transactions on a pro forma basis (and
         treating, for purposes of this clause (b)(iv) and clauses (b)(v) and

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         (vi) below, any Debt that becomes, or is anticipated to become, an
         obligation of the Surviving Person, the Company or any Restricted
         Subsidiary as a result of such transaction or series of transactions as
         having been Incurred by the Surviving Person, the Company or such
         Restricted Subsidiary at the time of such transaction or series of
         transactions), no Default or Event of Default shall have occurred and
         be continuing;

                           (v)      immediately after giving effect to such
         transaction or series of transactions on a pro forma basis, the Company
         would be able to Incur at least $1.00 of additional Debt under Section
         4.8(a)(i);

                           (vi)     the Company shall deliver, or cause to be
         delivered, to the Trustee, in form and substance reasonably
         satisfactory to the Trustee, an Officers' Certificate and an Opinion of
         Counsel, each stating that such transaction or series of transactions
         and the Subsidiary Guaranty, if any, in respect thereto comply with
         this covenant and that all conditions precedent herein provided for
         relating to such transaction or series of transactions have been
         satisfied; and

                           (vii)    the Company shall have delivered to the
         Trustee an Opinion of Counsel to the effect that the Holders will not
         recognize income, gain or loss for federal income tax purposes as a
         result of such transaction 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 transaction had not occurred.

         The preceding clause (b) (other than clause (b)(iv)) shall not apply to
any transaction or series of transactions which constitutes an Asset Sale if the
Company has complied with Section 4.11.

         SECTION 5.2    SUCCESSOR CORPORATION SUBSTITUTED.

         The Surviving Person shall succeed to, and be substituted for, and may
exercise every right and power of the Company under this Indenture (or of the
Subsidiary Guarantor under the Subsidiary Guaranty, as the case may be), but the
predecessor Company (or Subsidiary Guarantor) in the case of:

                  (a)      a sale, transfer, assignment, conveyance or other
disposition (unless such sale, transfer, assignment, conveyance or other
disposition is of all the assets of the Company (or Subsidiary Guarantor) as an
entirety or virtually as an entirety), or

                  (b)      a lease,

shall not be released from any of the obligations or covenants under this
Indenture, including with respect to the payment of the Notes.

                                   ARTICLE 6.
                              DEFAULTS AND REMEDIES

         SECTION 6.1    EVENTS OF DEFAULT.

                  (a)      Each of the following is an "Events of Default" in
respect of the Notes:

                           (i)      failure to make the payment of any interest
         or Special Interest, if any, on the Notes issued under this Indenture
         when the same becomes due and payable, and such failure continues for a
         period of 30 days;

                           (ii)     failure to make the payment of any principal
         of, or premium, if any, on, any of the Notes issued under this
         Indenture when the same becomes due and payable at its Stated Maturity,
         upon acceleration, redemption, optional redemption, required repurchase
         or otherwise;

                           (iii)    failure to comply with Article 5;

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                           (iv)     failure to comply with any other covenant or
         agreement in the Notes, this Indenture or any Security Document (other
         than a failure that is the subject of the foregoing clauses (a)(i),
         (ii) or (iii)) and such failure continues for 30 days after written
         notice is given to the Company as provided in clause (b) below;

                           (v)      a default under any Debt by the Company or
         any Restricted Subsidiary that results in acceleration of the maturity
         of such Debt, or failure to pay any such Debt at maturity, in an
         aggregate amount greater than $10.0 million or its foreign currency
         equivalent at the time (the "cross acceleration provisions");

                           (vi)     any judgment or judgments for the payment of
         money in an aggregate amount in excess of $10.0 million (or its foreign
         currency equivalent at the time) that shall be rendered against the
         Company or any Restricted Subsidiary and that shall not be waived,
         satisfied or discharged for any period of 30 consecutive days during
         which a stay of enforcement shall not be in effect (the "judgment
         default provisions");

                           (vii)    the Company or any Significant Subsidiary or
         group of Restricted Subsidiaries that, taken together (as of the latest
         audited consolidated financial statements for the Company and its
         Restricted Subsidiaries), would constitute a Significant Subsidiary (a
         "Subsidiary Group"), pursuant to or within the meaning of any
         Bankruptcy Law:

                                    (1)      commences a voluntary case,

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

                                    (3)      consents to the appointment of a
                  custodian of it or substantially all of its property,

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

                                    (5)      generally is not paying its debts
                  as they become due; and

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

                                    (1)      is for relief against the Company,
                  any Significant Subsidiary or any Subsidiary Group in an
                  involuntary case,

                                    (2)      appoints a custodian of the
                  Company, or any Significant Subsidiary or any Subsidiary Group
                  for all or substantially all of the property of the Company,
                  any Significant Subsidiary or any Subsidiary Group, or

                                    (3)      orders the liquidation of the
                  Company, any Significant Subsidiary or any Subsidiary Group
                  and the order or decree remains unstayed and in effect for 60
                  days; and

                           (ix)     any Subsidiary Guaranty or any of the
         Security Documents ceases to be in full force and effect (except as
         contemplated by the terms of this Indenture) or any of the Subsidiary
         Guarantees or the Security Documents is declared null and void or
         invalid and unenforceable, or any Subsidiary Guarantor denies or
         disaffirms its obligations under this Indenture or its Subsidiary
         Guaranty or any obligor denies or disaffirms its liability under any
         Security Document to which it is a party.

                  (b)      A Default under clause (a)(iv) above is not an Event
of Default until the Trustee or the Holders of not less than 25% in aggregate
principal amount of the Notes then outstanding notify the Company of the

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Default and the Company does not cure such Default within the time specified
after receipt of such notice. Such notice must specify the Default, demand that
it be remedied and state that such notice is a "Notice of Default."

        SECTION 6.2     ACCELERATION.

                  (a)      If an Event of Default with respect to the Notes
(other than an Event of Default specified in Section 6.1(a)(vii) or Section
6.1(a)(viii) shall have occurred and be continuing, the Trustee or the
registered Holders of not less than 25% in aggregate principal amount of the
Notes then outstanding may declare to be immediately due and payable, by written
notice to the Company (and to the Trustee if given by the Holders of the Notes),
the principal amount of all the Notes then outstanding, plus accrued but unpaid
interest and Special Interest, if any, to the date of acceleration. In case an
Event of Default specified in Section 6.1(a)(vii) or Section 6.1(a)(viii) with
respect to the Company, any Significant Subsidiary or any Subsidiary Group shall
occur, such amount with respect to all the Notes shall become due and payable
immediately without any declaration or other act on the part of the Trustee or
the Holders of the Notes. Holders may not enforce this Indenture or the Notes
except as provided in this Indenture.

                  (b)      In the event of a declaration of acceleration of the
Notes because an Event of Default has occurred and is continuing as a result of
the acceleration of any Debt described in Section 6.1(a)(v), the declaration of
acceleration of the Notes shall be automatically annulled if the holders of a
majority in aggregate principal amount of the Notes then outstanding have
rescinded the declaration of acceleration in respect of such Debt within 30 days
of the date of such declaration and if (i) the annulment of the acceleration of
the Notes would not conflict with any judgment or decree of a court of competent
jurisdiction, and (ii) all existing Events of Default, except nonpayment of
principal or interest on the Notes that became due solely because of the
acceleration of the Notes, have been cured or waived.

         SECTION 6.3    OTHER REMEDIES.

                  (a)      If an Event of Default occurs and is continuing, the
Trustee may pursue any available remedy (under this Indenture or otherwise) to
collect the payment of principal or interest, including Special Interest, if
any, on the Notes or to enforce the performance of any provision of the Notes or
this Indenture or the Security Documents.

                  (b)      The Trustee may maintain a proceeding even if it does
not possess any of the Notes or does not produce any of them in the proceeding.
A delay or omission by the Trustee or any Holder in exercising any right or
remedy accruing upon an Event of Default shall not impair the right or remedy or
constitute a waiver of or acquiescence in the Event of Default. All remedies are
cumulative to the extent permitted by law.

         SECTION 6.4    WAIVER OF PAST DEFAULTS.

         Holders of not less than a majority in aggregate principal amount of
the then outstanding Notes by notice to the Trustee may on behalf of the Holders
of all of the Notes waive an existing Default or Event of Default and its
consequences hereunder, except a continuing Default or Event of Default in the
payment of the principal of, premium, if any, or interest and Special Interest,
if any, on, the Notes; provided, however, that after any acceleration, but
before a judgment or decree based on acceleration is obtained by the Trustee,
the Holders of a majority in aggregate principal amount of the Notes then
outstanding may rescind and annul such acceleration if all Events of Default,
other than the nonpayment of accelerated principal, premium, if any, or interest
and Special Interest, if any, have been cured or waived as provided in this
Indenture. Upon any such waiver, such Default shall cease to exist, and any
Event of Default arising therefrom shall be deemed to have been cured for every
purpose of this Indenture; but no such waiver shall extend to any subsequent or
other Default or impair any right consequent thereon.

         SECTION 6.5    CONTROL BY MAJORITY.

         Subject to Section 7.1, in case an Event of Default shall occur and be
continuing, the Trustee will be under no obligation to exercise any of its
rights or powers under this Indenture at the request or direction of any of the
Holders of the Notes, unless such Holders shall have offered to the Trustee
reasonable indemnity. Subject to Section

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7.7, the Holders of a majority in aggregate principal amount of the Notes then
outstanding will 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 Notes.

         SECTION 6.6    LIMITATION ON SUITS.

                  (a)      No Holder will have any right to institute any
proceeding with respect to this Indenture, or for the appointment of a receiver
or trustee, or for any remedy hereunder, unless:

                           (i)      such Holder has previously given to the
         Trustee written notice of a continuing Event of Default,

                           (ii)     the registered Holders of at least 25% in
         aggregate principal amount of Notes then outstanding have made written
         request and offered reasonable indemnity to the Trustee to institute
         such proceeding as trustee,

                           (iii)    the Trustee shall have failed to institute
         such proceeding within 60 days, and

                           (iv)     the Trustee shall not have received from the
         registered Holders of a majority in aggregate principal amount of the
         Notes then outstanding a direction inconsistent with such request
         within such 60-days.

However, the preceding limitations do not apply to a suit instituted by a Holder
of any Note for enforcement of payment of the principal of, and premium, if any,
or interest or Special Interest on, such Note on or after the respective due
dates expressed in such Note.

                  (b)      A Holder may not use this Indenture to affect,
disturb or prejudice the rights of another Holder or to obtain a preference or
priority over another Holder.

         SECTION 6.7    RIGHTS OF HOLDERS TO RECEIVE PAYMENT.

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

         SECTION 6.8    COLLECTION SUIT BY TRUSTEE.

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

         SECTION 6.9    TRUSTEE MAY FILE PROOFS OF CLAIM.

         The Trustee is authorized to file such proofs of claim and other papers
or documents as may be necessary or advisable in order to have the claims of the
Trustee (including any claim for the reasonable compensation, expenses,
disbursements and advances of the Trustee, its agents and counsel) and the
Holders allowed in any judicial proceedings relative to the Company (or any
other obligor upon the Notes), its creditors or its property and shall be
entitled and empowered to collect, receive and distribute any money or other
property payable or deliverable on any such claims, and any custodian in any
such judicial proceeding is hereby authorized by each Holder to make such
payments to the Trustee, and in the event that the Trustee shall consent to the
making of such payments directly to the Holders, to pay to the Trustee any
amount due to it for the reasonable compensation, expenses, disbursements

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and advances of the Trustee, its agents and counsel, and any other amounts due
the Trustee under Section 7.7. To the extent that the payment of any such
compensation, expenses, disbursements and advances of the Trustee, its agents
and counsel, and any other amounts due the Trustee under Section 7.7 out of the
estate in any such proceeding, shall be denied for any reason, payment of the
same shall be secured by a Lien on, and shall be paid out of, any and all
distributions, dividends, money, securities and other properties that the
Holders may be entitled to receive in such proceeding whether in liquidation or
under any plan of reorganization or arrangement or otherwise. Nothing herein
contained shall be deemed to authorize the Trustee to authorize or consent to or
accept or adopt on behalf of any Holder any plan of reorganization, arrangement,
adjustment or composition affecting the Notes or the rights of any Holder, or to
authorize the Trustee to vote in respect of the claim of any Holder in any such
proceeding.

         SECTION 6.10   PRIORITIES.

                  (a)      If the Trustee collects any money pursuant to this
Article 6, it shall pay out the money in the following order:

                           (i)      first to the Trustee, its agents and
         attorneys for amounts due under Section 7.7, including payment of all
         compensation, expenses and liabilities incurred, and all advances made,
         by the Trustee and the costs and expenses of collection;

                           (ii)     second to Holders for amounts due and unpaid
         on the Notes for principal, premium, if any, and interest, including
         Special Interest, if any, ratably, without preference or priority of
         any kind, according to the amounts due and payable on the Notes for
         principal, premium, if any, and interest, including Special Interest,
         if any, respectively; and

                           (iii)    third to the Company or to such party as a
         court of competent jurisdiction shall direct.

                  (b)      The Trustee may fix a record date and payment date
for any payment to Holders pursuant to this Section 6.10(a).

         SECTION 6.11   UNDERTAKING FOR COSTS.

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

6                                   ARTICLE 7.
                                     TRUSTEE

         SECTION 7.1    DUTIES OF TRUSTEE.

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

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

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

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                           (ii)     in the absence of bad faith on its part, the
         Trustee may conclusively rely, as to the truth of the statements and
         the correctness of the opinions expressed therein, upon certificates or
         opinions furnished to the Trustee and conforming to the requirements of
         this Indenture. However, the Trustee shall examine the certificates and
         opinions to determine whether or not they conform to the requirements
         of this Indenture (but need not confirm or investigate the accuracy of
         mathematical calculations or other facts stated therein).

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

                           (i)      this clause (c) does not limit the effect of
         clause (b) of this Section 7.1;

                           (ii)     the Trustee shall not be liable for any
         error of judgment made in good faith by a Responsible Officer, unless
         it is proved that the Trustee was negligent in ascertaining the
         pertinent facts; and

                           (iii)    the Trustee shall not be liable with respect
         to any action it takes or omits to take in good faith in accordance
         with a direction received by it pursuant to Section 6.5.

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

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

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

        SECTION 7.2     RIGHTS OF TRUSTEE.

                  (a)      The Trustee may conclusively rely 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 or an Opinion of Counsel or both. The
Trustee shall not be liable for any action it takes or omits to take in good
faith in reliance on such Officers' Certificate or Opinion of Counsel. The
Trustee may consult with counsel, and the written advice of such counsel or any
Opinion of Counsel shall be full and complete authorization and protection from
liability in respect of any action taken, suffered or omitted by it hereunder in
good faith and in reliance thereon.

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

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

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

                  (f)      The Trustee shall be under no obligation to exercise
any of the rights or powers vested in it by this Indenture or the Security
Documents at the request or direction of any of the Holders unless such Holders

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shall have offered to the Trustee reasonable security or indemnity against the
costs, expenses and liabilities that might be incurred by it in compliance with
such request or direction.

                  (g)      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 or Event of Default is received by a Responsible Officer of the
Trustee at the Corporate Trust Office of the Trustee, and such notice references
the specific Default or Event of Default, the Notes and this Indenture.

                  (h)      Money held by the Trustee in trust hereunder need not
be segregated from other funds except to the extent required by law. The Trustee
shall be under no liability for interest on any money received by it hereunder
except as otherwise agreed in writing with the Company.

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

                  (j)      The Trustee shall have no duty to inquire as to the
performance of the Company's covenants herein.

         SECTION 7.3    INDIVIDUAL RIGHTS OF TRUSTEE.

         The Trustee in its individual or any other capacity may become the
owner or pledgee of Notes and may otherwise deal with the Company or any
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 and duties. The Trustee is
also subject to Section 7.10 and Section 7.11.

         SECTION 7.4    TRUSTEE'S DISCLAIMER.

         The Trustee shall not be responsible for and makes no representation as
to the validity or adequacy of this Indenture, the Notes or the Security
Documents, it shall not be accountable for the Company's use of the proceeds
from the Notes or any money paid to the Company or upon the Company's direction
under any provision of this Indenture, it shall not be responsible for the use
or application of any money received by any Paying Agent other than the Trustee,
and it shall not be responsible for any statement or recital herein or any
statement in the Notes or any other document in connection with the sale of the
Notes or pursuant to this Indenture other than its certificate of
authentication.

         SECTION 7.5    NOTICE OF DEFAULTS.

         If a Default or Event of Default occurs and is continuing and if it is
known to the Trustee, the Trustee shall mail to Holders a notice of the Default
or Event of Default within 90 days after it occurs unless such Default or Event
of Default has since been cured. Except in the case of a Default or Event of
Default in payment of principal of, premium, if any, or interest, including
Special Interest, if any, on, any Note, the Trustee may withhold notice of any
continuing Default or Event of Default if and so long as a committee of its
Responsible Officers in good faith determines that withholding the notice is in
the interest of the Holders.

         SECTION 7.6    REPORTS BY TRUSTEE TO HOLDERS.

                  (a)      Within 60 days after each May 15 beginning with May
15, 2004, and for so long as Notes remain outstanding, the Trustee shall mail to
the Holders a brief report dated as of such reporting date that complies with
TIA Section 313(a) (but if no event described in TIA Section 313(a) has occurred
within the 12 months preceding the reporting date, no report need be
transmitted). The Trustee also shall comply with TIA Section 313(b)(2). The
Trustee shall also transmit by mail all reports as required by TIA Section
313(c).

                  (b)      A copy of each report at the time of its mailing to
the Holders shall be mailed to the Company and filed with the Commission and
each stock exchange on which the Notes are listed in accordance with

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TIA Section 313(d). The Company shall promptly notify the Trustee when the Notes
are listed on any stock exchange.

         SECTION 7.7    COMPENSATION AND INDEMNITY.

                  (a)      The Company shall pay to the Trustee from time to
time reasonable compensation for its acceptance of its duties under this
Indenture and services hereunder as agreed to 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 promptly upon request for
all reasonable disbursements, advances and expenses incurred or made by it in
addition to the compensation for its services. Such expenses shall include the
reasonable compensation, disbursements and expenses of the Trustee's agents and
counsel.

                  (b)      The Company shall indemnify the Trustee or any
predecessor Trustee against any and all losses, claims, damages, penalties,
fines, liabilities or expenses, including incidental and out-of-pocket expenses
and reasonable attorneys fees ("losses") incurred by it arising out of or in
connection with the acceptance or administration of its duties under this
Indenture, including the costs and expenses of enforcing this Indenture against
the Company (including this Section 7.7) and defending itself against any claim
(whether asserted by the Company or any Holder or any other Person) or liability
in connection with the exercise or performance of any of its powers or duties
hereunder, except to the extent any such losses may be attributable to its
negligence, willful misconduct or bad faith. The Trustee shall notify the
Company promptly of any claim for which it may seek indemnity. Failure by the
Trustee to so notify the Company shall not relieve the Company of its
obligations hereunder. The Company shall defend the claim, and the Trustee shall
cooperate in the defense. The Trustee may have separate counsel, and the Company
shall pay the reasonable fees and expenses of such counsel. The Company need not
pay for any settlement made without its consent, which consent shall not be
unreasonably withheld.

                  (c)      The obligations of the Company under this Section 7.7
shall survive the satisfaction and discharge of this Indenture.

                  (d)      To secure the Company's payment obligations in this
Section, the Trustee shall have a Lien prior to the Notes on all money or
property held or collected by the Trustee, except that held in trust to pay
principal of, premium, if any, and interest, including Special Interest, if any,
on, particular Notes. Such Lien shall survive the satisfaction and discharge of
this Indenture.

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

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

         SECTION 7.8    REPLACEMENT OF TRUSTEE.

                  (a)      A resignation or removal of the Trustee and
appointment of a successor Trustee shall become effective only upon the
successor Trustee's acceptance of appointment as provided in this Section 7.8.

                  (b)      The Trustee may resign in writing at any time upon 30
days' prior notice to the Company and be discharged from the trust hereby
created by so notifying the Company. The Holders of a majority in principal
amount of the then outstanding Notes may remove the Trustee by so notifying the
Trustee and the Company in writing. The Company may remove the Trustee if:

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

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

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                           (iii)    a custodian or public officer takes charge
         of the Trustee or its property; or

                           (iv)     the Trustee becomes incapable of acting.

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

                  (d)      If a successor Trustee does not take office within 30
days after the retiring Trustee resigns or is removed, the retiring Trustee, the
Company, or the Holders of at least 10% in principal amount of the then
outstanding Notes may petition any court of competent jurisdiction for the
appointment of a successor Trustee.

                  (e)      If the Trustee, after written request by any Holder
who has been a Holder for at least six months, fails to comply with Section
7.10, such Holder may petition any court of competent jurisdiction for the
removal of the Trustee and the appointment of a successor Trustee.

                  (f)      A successor Trustee shall deliver a written
acceptance of its appointment to the retiring Trustee and to the Company.
Thereupon, the resignation or removal of the retiring Trustee shall become
effective, and the successor Trustee shall have all the rights, powers and
duties of the Trustee under this Indenture. The successor Trustee shall mail a
notice of its succession to Holders. The retiring Trustee shall promptly
transfer all property held by it as Trustee to the successor Trustee; provided,
however, that all sums owing to the Trustee hereunder shall have been paid.
Notwithstanding replacement of the Trustee pursuant to this Section 7.8, the
Company's obligations under Section 7.7 shall continue for the benefit of the
retiring Trustee.

         SECTION 7.9    SUCCESSOR TRUSTEE BY MERGER, ETC.

         If the Trustee consolidates, merges or converts into, or transfers all
or substantially all of its corporate trust business to, another corporation,
the successor corporation without any further act shall be the successor
Trustee. As soon as practicable, the successor Trustee shall mail a notice of
its succession to the Company and the Holders. Any such successor must
nevertheless be eligible and qualified under the provisions of Section 7.10.

         SECTION 7.10   ELIGIBILITY; DISQUALIFICATION.

                  (a)      There shall at all times be a Trustee hereunder that
is a Person organized and doing business under the laws of the United States of
America or of any state thereof that is authorized under such laws to exercise
corporate trustee power, that is subject to supervision or examination by
Federal or state authorities and that has a combined capital and surplus of at
least $50,000,000 as set forth in its most recent published annual report of
condition.

                  (b)      This Indenture shall always have a Trustee who
satisfies the requirements of TIA Section 310(a)(1), (2) and (5). The Trustee is
subject to 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 therein.

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                                   ARTICLE 8.
                    LEGAL DEFEASANCE AND COVENANT DEFEASANCE

         SECTION 8.1    OPTION TO EFFECT LEGAL DEFEASANCE OR COVENANT
DEFEASANCE.

         The Company may, at its option and at any time, elect to have either
Section 8.2 or Section 8.3 be applied to all outstanding Notes upon compliance
with the conditions set forth below in this Article 8.

         SECTION 8.2    LEGAL DEFEASANCE.

         Upon the Company's exercise under Section 8.1 of the option applicable
to this Section 8.2, subject to the satisfaction of the conditions set forth in
Section 8.4, the Company shall be deemed to have been discharged from its
obligations with respect to all outstanding Notes, and each Subsidiary Guarantor
shall be deemed to have been discharged from its obligations with respect to its
Subsidiary Guaranty, on the date the conditions set forth below are satisfied
(hereinafter, "Legal Defeasance"). For this purpose, Legal Defeasance means that
the Company shall be deemed to have paid and discharged the entire Debt
represented by the outstanding Notes, which shall thereafter be deemed to be
"outstanding" only for the purposes of Section 8.5 and the other Sections of
this Indenture referred to in (a) and (b) below, and to have satisfied all its
other obligations under such Notes and this Indenture, and each Subsidiary
Guarantor shall be deemed to have satisfied all its obligations under its
Subsidiary Guaranty and this Indenture (and the Trustee, on demand of and at the
expense of the Company, shall execute proper instruments acknowledging the
same), except for the following provisions which shall survive until otherwise
terminated or discharged hereunder: (a) the rights of Holders of outstanding
Notes to receive solely from the trust fund described in Section 8.4 and as more
fully set forth in such Section, payments in respect of the principal of,
premium, if any, and interest, including Special Interest, if any, on, such
Notes when such payments are due, (b) the Company's obligations with respect to
such Notes under Article 2 and Section 4.2 (c) the rights, powers, trusts,
duties and immunities of the Trustee hereunder and the Company's obligations in
connection therewith and (d) this Article 8. If the Company exercises under
Section 8.1 the option applicable to this Section 8.2, subject to the
satisfaction of the conditions set forth in Section 8.4, payment of the Notes
may not be accelerated because of an Event of Default. Subject to compliance
with this Article 8, the Company may exercise its option under this Section 8.2
notwithstanding the prior exercise of its option under Section 8.3.

         SECTION 8.3    COVENANT DEFEASANCE.

         Upon the Company's exercise under Section 8.1 of the option applicable
to this Section 8.3, the Company shall, subject to the satisfaction of the
conditions set forth in Section 8.4, be released from its obligations under the
covenants contained in Section 4.3, Section 4.8 through Section 4.19, Article 10
and Article 11; the operation of Section 6.1(a)(vi), Section 6.1(a)(vii) and
Section 6.1(a)(viii), with respect to Significant Subsidiaries; the operation of
Section 6.1(a)(ix); and the limitations of Section 5.1(a)(v), Section
5.1(a)(vi), Section 5.1(b)(v) and Section 5.1(b)(vi), with respect to the
outstanding Notes on and after the date the conditions set forth in Section 8.4
are satisfied (hereinafter, "Covenant Defeasance"), and the Notes shall
thereafter be deemed not "outstanding" for the purposes of any direction,
waiver, consent or declaration or act of Holders (and the consequences of any
thereof) in connection with such covenants, but shall continue to be deemed
"outstanding" for all other purposes hereunder (it being understood that such
Notes shall not be deemed outstanding for accounting purposes). For this
purpose, Covenant Defeasance means that, with respect to the outstanding Notes,
the Company may omit to comply with and shall have no liability in respect of
any term, condition or limitation set forth in any such covenant, whether
directly or indirectly, by reason of any reference elsewhere herein to any such
covenant or by reason of any reference in any such covenant to any other
provision herein or in any other document and such omission to comply shall not
constitute a Default or an Event of Default under Section 6.1, but, except as
specified above, the remainder of this Indenture and such Notes shall be
unaffected thereby. If the Company exercises under Section 8.1 the option
applicable to this Section 8.3, subject to the satisfaction of the conditions
set forth in Section 8.4, payment of the Notes may not be accelerated because of
an Event of Default specified in Section 6.1(a)(iv) (with respect to the
covenants contained in Section 4.3, Section 4.8 through Section 4.19, Article 10
and Article 11 only), (a)(v), (a)(vi), (a)(vii), (a)(viii) and (a)(ix) (but in
the case of clauses (a)(vii) and (a)(viii), with respect to Significant
Subsidiaries only), or because of the failure of the Company or the Subsidiary
Guarantors to comply with Section 5.1(a)(v), Section 5.1(a)(vi), Section
5.1(b)(v) and Section 5.1(b)(vi). If the Company exercises its Covenant
Defeasance

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option, each Subsidiary Guarantor will be released from all its obligations
under its Subsidiary Guaranty and the Lien of the Security Documents securing
the Indenture will be released.

         SECTION 8.4    CONDITIONS TO LEGAL OR COVENANT DEFEASANCE.

         The Legal Defeasance option or Covenant Defeasance option may be
exercised only if:

                  (a)      the Company irrevocably deposits in trust with the
Trustee money or U.S. Government Obligations for the payment of principal of,
premium, if any, and interest, including Special Interest, if any, on, the Notes
to be defeased to maturity or redemption, as the case may be;

                  (b)      the Company delivers to the Trustee a certificate
from a nationally recognized firm of independent certified public accountants
expressing their opinion that the payments of principal, premium, if any, and
interest and Special Interest, if any, when due and without reinvestment on the
deposited U.S. Government Obligations plus any deposited money without
investment will provide cash at such times and in such amounts as will be
sufficient to pay principal, premium, if any, and interest and Special Interest,
if any, when due on all the Notes to maturity or redemption, as the case may be;

                  (c)      123 days pass after the deposit is made and during
the 123-day period no Default described in Section 6.1(a)(vii) or Section
6.1(a)(viii) occurs with respect to the Company or any other Person making such
deposit which is continuing at the end of the period;

                  (d)      no Default or Event of Default has occurred and is
continuing on the date of such deposit and after giving effect thereto;

                  (e)      such deposit does not constitute a default under any
other agreement or instrument binding on the Company;

                  (f)      the Company delivers to the Trustee an Opinion of
Counsel to the effect that the trust resulting from the deposit does not
constitute, or is qualified as, a regulated investment company under the
Investment Company Act of 1940;

                  (g)      in the case of the Legal Defeasance option, the
Company delivers to the Trustee an Opinion of Counsel stating that:

                           (i)      the Company has received from the Internal
         Revenue Service a ruling, or

                           (ii)     since the date of this Indenture there has
         been a change in the applicable federal income tax law, to the effect,
         in either case, that, and based thereon such Opinion of Counsel shall
         confirm that, the Holders of the Notes will not recognize income, gain
         or loss for federal income tax purposes as a result of such defeasance
         and will be subject to Federal income tax on the same amounts, in the
         same manner and at the same time as would have been the case if such
         defeasance had not occurred;

                  (h)      in the case of the Covenant Defeasance option, the
Company delivers to the Trustee an Opinion of Counsel to the effect that the
Holders of the Notes will not recognize income, gain or loss for federal income
tax purposes as a result of such Covenant Defeasance and will be subject to
federal income tax on the same amounts, in the same manner and at the same times
as would have been the case if such Covenant Defeasance had not occurred; and

                  (i)      the Company delivers to the Trustee an Officers'
Certificate and an Opinion of Counsel, each stating that all conditions
precedent to the defeasance and discharge of the Notes to be defeased have been
complied with as required by this Indenture.

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         SECTION 8.5    DEPOSITED MONEY AND GOVERNMENT SECURITIES TO BE HELD IN
TRUST; OTHER MISCELLANEOUS PROVISIONS.

                  (a)      Subject to Section 8.6, all money and U.S. Government
Obligations (including the proceeds thereof) deposited with the Trustee (or
other qualifying trustee, collectively for purposes of this Section 8.5, the
"Trustee") pursuant to Section 8.4 in respect of the outstanding Notes shall be
held in trust and applied by the Trustee, in accordance with the provisions of
such Notes and this Indenture, to the payment, either directly or through any
Paying Agent (including the Company acting as Paying Agent) as the Trustee may
determine, to the Holders of all sums due and to become due thereon in respect
of principal, premium, if any, and interest, including Special Interest, if any,
but such money need not be segregated from other funds except to the extent
required by law.

                  (b)      The Company shall pay and indemnify the Trustee
against any tax, fee or other charge imposed on or assessed against the cash or
U.S. Government Obligations deposited pursuant to Section 8.4 or the principal
and interest received in respect thereof other than any such tax, fee or other
charge which by law is for the account of the Holders of the outstanding Notes.

                  (c)      Anything in this Article 8 to the contrary
notwithstanding, the Trustee shall deliver or pay to the Company from time to
time upon the request of the Company any money or U.S. Government Obligations
held by it as provided in Section 8.4 which, in the opinion of a nationally
recognized firm of independent certified public accountants expressed in a
written certification thereof delivered to the Trustee (which may be the
certification delivered under Section 8.4(b)), are in excess of the amount
thereof that would then be required to be deposited to effect an equivalent
Legal Defeasance or Covenant Defeasance.

         SECTION 8.6    REPAYMENT TO COMPANY.

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

         SECTION 8.7    REINSTATEMENT.

         If the Trustee or Paying Agent is unable to apply any United States
dollars or U.S. Government Obligations in accordance with Section 8.2 or Section
8.3, as the case may be, by reason of any order or judgment of any court or
governmental authority enjoining, restraining or otherwise prohibiting such
application, then the Company's obligations under this Indenture and the Notes
and each Subsidiary Guarantor's obligations under this Indenture and its
Subsidiary Guaranty shall be revived and reinstated as though no deposit had
occurred pursuant to Section 8.2 or Section 8.3 until such time as the Trustee
or Paying Agent is permitted to apply all such money in accordance with Section
8.2 or Section 8.3, as the case may be; provided, however, that, if the Company
or any Subsidiary Guarantor makes any payment of principal of, premium, if any,
or interest, including Special Interest, if any, on, any Note following the
reinstatement of its obligations, then it shall be subrogated to the rights of
the Holders to receive such payment from the money held by the Trustee or Paying
Agent.

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                                   ARTICLE 9.
                        AMENDMENT, SUPPLEMENT AND WAIVER

         SECTION 9.1    WITHOUT CONSENT OF HOLDERS OF NOTES.

                  (a)      Notwithstanding Section 9.2 of this Indenture,
         without the consent of any Holder of the Notes, the Company, the
         Subsidiary Guarantors and the Trustee may amend or supplement this
         Indenture, the Security Documents or the Notes to:

                           (i)      cure any ambiguity, omission, defect or
         inconsistency in any manner that is not adverse in any material respect
         to any Holder of the Notes,

                           (ii)     provide for the assumption by a Surviving
         Person of the obligations of the Company under the Indenture or of a
         Subsidiary Guarantor under this Indenture and its Subsidiary Guaranty,

                           (iii)    provide for uncertificated Notes in addition
         to or in place of certificated Notes (provided that the uncertificated
         Notes are issued in registered form for purposes of Section 163(f) of
         the Code, or in a manner such that the uncertificated Notes are
         described in Section 163(f) (2) (B) of the Code),

                           (iv)     add additional Guarantees with respect to
         the Notes or to release Subsidiary Guarantors from Subsidiary
         Guarantees with respect to the Notes as permitted by the terms of this
         Indenture,

                           (v)      add to the covenants of the Company and the
         Subsidiary Guarantors for the benefit of the Holders of the Notes or to
         surrender any right or power conferred upon the Company or any
         Subsidiary Guarantor,

                           (vi)     make any change that does not adversely
         affect the rights of any Holder of the Notes,

                           (vii)    make any change to comply with any
         requirement of the Commission in connection with the qualification of
         this Indenture under the TIA;

                           (viii)   provide for the issuance of Additional Notes
         in accordance with this Indenture or

                           (ix)     add any additional assets as Collateral.

                  (b)      Upon the request of the Company accompanied by a
Board Resolution of the Board of Directors authorizing the execution of any such
amended or supplemental indenture, and upon receipt by the Trustee of the
documents described in Section 9.6, the Trustee shall join with the Company and
the Subsidiary Guarantors in the execution of any amended or supplemental
indenture authorized or permitted by the terms of this Indenture and to make any
further appropriate agreements and stipulations that may be therein contained,
but the Trustee shall not be obligated to enter into such amended or
supplemental indenture that affects its own rights, duties or immunities under
this Indenture or otherwise.

         SECTION 9.2    WITH CONSENT OF HOLDERS OF NOTES.

                  (a)      Except as provided in Section 9.2(f), the Company,
the Subsidiary Guarantors and the Trustee may amend or supplement this
Indenture, the Security Documents and the Notes with the consent of the
registered Holders of at least a majority in aggregate principal amount of the
Notes, including Additional Notes, if any, then outstanding voting as a single
class (including consents obtained in connection with a tender offer or exchange
offer for the Notes), and, subject to Section 6.4 and Section 6.7, any existing
Default or Event of Default or compliance with any provision of this Indenture,
the Security Documents or the Notes may be waived with the

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consent of the Holders of at least a majority in aggregate principal amount of
the Notes, including Additional Notes, if any, then outstanding voting as a
single class (including consents obtained in connection with a tender offer or
exchange offer for the Notes).

                  (b)      Upon the request of the Company accompanied by a
Board Resolution of the Board of Directors authorizing the execution of any such
amended or supplemental indenture, and upon the filing with the Trustee of
evidence satisfactory to the Trustee of the consent of the Holders of Notes as
aforesaid, and upon receipt by the Trustee of the documents described in Section
9.6, the Trustee shall join with the Company in the execution of such amended or
supplemental indenture unless such amended or supplemental indenture directly
affects the Trustee's own rights, duties or immunities under this Indenture or
otherwise, in which case the Trustee may in its discretion, but shall not be
obligated to, enter into such amended or supplemental indenture.

                  (c)      The Company may, but shall not be obligated to, fix a
record date for the purpose of determining the Persons entitled to consent to
any indenture supplemental hereto. If a record date is fixed, the Holders on
such record date, or their duly designated proxies, and only such Persons, shall
be entitled to consent to such supplemental indenture, whether or not such
Holders remain Holders after such record date, provided that unless such consent
shall have become effective by virtue of the requisite percentage having been
obtained prior to the date which is 90 days after such record date, any such
consent previously given shall automatically and without further action by any
Holder be cancelled and of no further effect.

                  (d)      It shall not be necessary for the consent of the
Holders under this Section 9.2 to approve the particular form of any proposed
amendment or waiver, but it shall be sufficient if such consent approves the
substance thereof.

                  (e)      After an amendment, supplement or waiver under this
Section becomes effective, the Company shall mail to each registered Holder of
the Notes at such Holder's address appearing in the Security Register a notice
briefly describing such amendment, supplement or waiver. Any failure of the
Company to give such notice to all Holders of the Notes, or any defect therein,
shall not, however, in any way impair or affect the validity of the amendment,
supplement or waiver.

                  (f)      Without the consent of each Holder of an outstanding
Note, no amendment, supplement or waiver under this Section 9.2 may:

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

                           (ii)     reduce the rate of, or extend the time for
         payment of, interest or Special Interest on any Note,

                           (iii)    reduce the principal of or extend the Stated
         Maturity of any Note,

                           (iv)     make any Note payable in a currency other
         than that stated in the Note,

                           (v)      impair the right of any Holder of the Notes
         to receive payment of principal, and interest or Special Interest on
         such Holder's Notes on or after the due dates therefor or to institute
         suit for the enforcement of any payment on or with respect to such
         Holder's Notes or any Subsidiary Guaranty,

                           (vi)     subordinate the Notes or any related
         Subsidiary Guaranty to any other obligation of the Company or the
         applicable Subsidiary Guarantor,

                           (vii)    release any security interest that may have
         been granted in favor of the Holders of the Notes other than pursuant
         to the terms of the Security Documents,

                           (viii)   reduce the premium payable upon the
         redemption of any Note or change the time at which any Note may be
         redeemed pursuant to Section 3.7,

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                           (ix)     at any time after a Change of Control has
         occurred, reduce the premium payable upon a Change of Control or change
         the time at which the Change of Control Offer relating thereto must be
         made or at which the Notes must be repurchased pursuant thereto,

                           (x)      at any time after the Company is obligated
         to make a Prepayment Offer with the Excess Proceeds from Asset Sales,
         reduce the purchase price payable in connection with a Prepayment Offer
         or change the time at which such Prepayment Offer must be made or at
         which the Notes must be repurchased pursuant thereto,

                           (xi)     make any change in any Subsidiary Guaranty
         that would adversely affect in any material respect the Holders of the
         Notes under this Indenture, or

                           (xii)    at any time after the Company is obligated
         to make an Excess Cash Flow Offer, reduce the purchase price payable
         upon the repurchase of any Note or change the time at which such Excess
         Cash Flow Offer must be made or at which the Notes must be repurchased
         pursuant thereto.

         SECTION 9.3    COMPLIANCE WITH TRUST INDENTURE ACT.

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

         SECTION 9.4    REVOCATION AND EFFECT OF CONSENTS.

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

         SECTION 9.5    NOTATION ON OR EXCHANGE OF NOTES.

                  (a)      The Trustee may place an appropriate notation about
an amendment, supplement or waiver on any Note thereafter authenticated. The
Company in exchange for all Notes may issue and the Trustee shall, upon receipt
of an Authentication Order, authenticate new Notes that reflect the amendment,
supplement or waiver.

                  (b)      Failure to make the appropriate notation or issue a
new Note shall not affect the validity and effect of such amendment, supplement
or waiver.

         SECTION 9.6    TRUSTEE TO SIGN AMENDMENTS, ETC.

         The Trustee shall sign any amended or supplemental indenture authorized
pursuant to this Article 9 if the amendment or supplement does not adversely
affect the rights, duties, liabilities or immunities of the Trustee. The Company
may not sign an amendment or supplemental indenture until the Board of Directors
approves it. In executing any amended or supplemental indenture, the Trustee
shall be entitled to receive and (subject to Section 7.1) shall be fully
protected in relying upon an Officers' Certificate and an Opinion of Counsel
stating that the execution of such amended or supplemental indenture is
authorized or permitted by this Indenture.

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                                   ARTICLE 10.
                              SUBSIDIARY GUARANTIES

         SECTION 10.1   SUBSIDIARY GUARANTY.

                  (a)      Subject to this Article 10, each of the Subsidiary
Guarantors hereby, jointly and severally, unconditionally Guarantees to each
Holder of a Note authenticated and delivered by the Trustee and to the Trustee
and its successors and assigns, irrespective of the validity and enforceability
of this Indenture, the Notes, the Security Documents or the Obligations of the
Company hereunder or thereunder, that: (a) the principal of, premium, if any,
and interest, including Special Interest, if any, on, the Notes shall be
promptly paid in full when due, whether at maturity, by acceleration, redemption
or otherwise, and interest on the overdue principal of, premium, if any, and
interest, including Special Interest, if any on, the Notes, if lawful, and all
other Obligations of the Company to the Holders or the Trustee under the Notes,
this Indenture or the Security Documents shall be promptly paid in full or
performed, all in accordance with the terms under the Notes, this Indenture or
the Security Documents; and (b) in case of any extension of time of payment or
renewal of any Notes or any of such other Obligations, that same shall be
promptly paid in full when due or performed in accordance with the terms of the
extension or renewal, whether at Stated Maturity, by acceleration or otherwise.
Failing payment when due of any amount so Guaranteed or any performance so
Guaranteed for whatever reason, the Subsidiary Guarantors shall be jointly and
severally obligated to pay the same immediately. Each Subsidiary Guarantor
agrees that this is a guarantee of payment and not a guarantee of collection.

                  (b)      Each Subsidiary Guarantor hereby agrees that its
Obligations with regard to this Subsidiary Guaranty shall be absolute and
unconditional, irrespective of the validity or enforceability of the Notes, this
Indenture, the Security Documents or the Obligations of the Company under this
Indenture, the absence of any action to enforce the same, any waiver,
modification or indulgence granted to the Company with respect to the same by
the Holders or the Trustee, the recovery of any judgment against the Company or
any other obligor with respect to this Indenture, the Notes, the Security
Documents or the Obligations of the Company under this Indenture or the Notes,
any action to enforce the same or any other circumstances (other than complete
performance) which might otherwise constitute a legal or equitable discharge or
defense of a Subsidiary Guarantor. Each Subsidiary Guarantor further, to the
extent permitted by law, waives and relinquishes all claims, rights and remedies
accorded by applicable law to guarantors and agrees not to assert or take
advantage of any such claims, rights or remedies, including but not limited to:
(i) any right to require any of the Trustee, the Holders or the Company (each a
"Benefited Party"), as a condition of payment or performance by such Subsidiary
Guarantor, to (1) proceed against the Company, any other guarantor (including
any other Subsidiary Guarantor) of the Obligations under the Subsidiary
Guaranties or any other Person, (2) proceed against or exhaust any security held
from the Company, any such other guarantor or any other Person, (3) proceed
against or have resort to any balance of any deposit account or credit on the
books of any Benefited Party in favor of the Company or any other Person, or (4)
pursue any other remedy in the power of any Benefited Party whatsoever; (ii) any
defense arising by reason of the incapacity, lack of authority or any disability
or other defense of the Company including any defense based on or arising out of
the lack of validity or the unenforceability of the Obligations under the
Subsidiary Guaranties or any agreement or instrument relating thereto or by
reason of the cessation of the liability of the Company from any cause other
than payment in full of the Obligations under the Subsidiary Guaranties; (iii)
any defense based upon any statute or rule of law which provides that the
Obligation of a surety must be neither larger in amount nor in other respects
more burdensome than that of the principal; (iv) any defense based upon any
Benefited Party's errors or omissions in the administration of the Obligations
under the Subsidiary Guaranties, except behavior which amounts to bad faith;
(v)(1) any principles or provisions of law, statutory or otherwise, which are or
might be in conflict with the terms of the Subsidiary Guaranties and any legal
or equitable discharge of such Subsidiary Guarantor's Obligations hereunder, (2)
the benefit of any statute of limitations affecting such Subsidiary Guarantor's
liability hereunder or the enforcement hereof, (3) any rights to set-offs,
recoupments and counterclaims and (4) promptness, diligence and any requirement
that any Benefited Party protect, secure, perfect or insure any security
interest or Lien on any Property subject thereto; (vi) notices, demands,
presentations, protests, notices of protest, notices of dishonor and notices of
any action or inaction, including acceptance of the Subsidiary Guaranties,
notices of default under the Notes or any agreement or instrument related
thereto, notices of any renewal, extension or modification of the Obligations
under the Subsidiary Guaranties or any agreement related thereto, and notices of
any extension of credit to the Company and any right to consent to any thereof;
(vii) to the extent permitted under applicable law, the benefits of any "One
Action" rule; and (viii) any defenses or benefits that may be derived from or
afforded by law

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which limit the liability of or exonerate guarantors or sureties, or which may
conflict with the terms of the Subsidiary Guaranties. Each Subsidiary Guarantor
hereby covenants that its Subsidiary Guaranty shall not be discharged except as
provided in Section 10.5 or by complete performance of the Obligations contained
in its Subsidiary Guaranty and this Indenture.

                  (c)      If any Holder or the Trustee is required by any court
or otherwise to return to the Company, the Subsidiary Guarantors or any
custodian, trustee, liquidator or other similar official acting in relation to
either the Company or the Subsidiary Guarantors, any amount paid by either to
the Trustee or such Holder, this Subsidiary Guaranty, to the extent theretofore
discharged, shall be reinstated in full force and effect.

                  (d)      Each Subsidiary Guarantor agrees that it shall not be
entitled to any right of subrogation in relation to the Holders in respect of
any Obligations Guaranteed hereby until payment in full of all Obligations
Guaranteed hereby. Each Subsidiary Guarantor further agrees that, as between the
Subsidiary Guarantors, on the one hand, and the Holders and the Trustee, on the
other hand, (i) the maturity of the Obligations Guaranteed hereby may be
accelerated as provided in Article 6 for the purposes of this Subsidiary
Guaranty, notwithstanding any stay, injunction or other prohibition preventing
such acceleration in respect of the Obligations Guaranteed hereby and (ii) in
the event of any declaration of acceleration of such Obligations as provided in
Article 6, such Obligations (whether or not due and payable) shall forthwith
become due and payable by such Subsidiary Guarantor for the purpose of this
Subsidiary Guaranty. Each Subsidiary Guarantor that makes a payment or
distribution under a Subsidiary Guaranty shall be entitled to a contribution
from each other Subsidiary Guarantor and the Company in a pro rata amount based
on the proportion that the net worth of the Company or the relevant Subsidiary
Guarantor represents relative to the aggregate net worth of the Company and all
of the Subsidiary Guarantors combined.

         SECTION 10.2   LIMITATION ON SUBSIDIARY GUARANTOR LIABILITY.

         Each Subsidiary Guarantor, and by its acceptance of Notes, each Holder,
hereby confirms that it is the intention of all such parties that the Subsidiary
Guaranty of such Subsidiary Guarantor not constitute a fraudulent transfer or
conveyance for purposes of any Federal or state law to the extent applicable to
any Subsidiary Guaranty. To effectuate the foregoing intention, the Trustee, the
Holders and the Subsidiary Guarantors hereby irrevocably agree that the
Obligations of such Subsidiary Guarantor under this Article 10 shall be limited
to the maximum amount as shall, after giving effect to such maximum amount and
all other contingent and fixed liabilities of such Subsidiary Guarantor that are
relevant under such laws, including, if applicable, its Guarantee of all
Obligations under the Revolving Credit Facility, and after giving effect to any
collections from, rights to receive contribution from or payments made by or on
behalf of any other Subsidiary Guarantor in respect of the Obligations of such
other Subsidiary Guarantor under this Article 10, result in the Obligations of
such Subsidiary Guarantor under its Subsidiary Guaranty not constituting a
fraudulent transfer or conveyance under federal or state law.

         SECTION 10.3   EXECUTION AND DELIVERY OF SUBSIDIARY GUARANTY.

                  (a)      To evidence its Subsidiary Guaranty set forth in this
Article 10, each Subsidiary Guarantor hereby agrees that a notation of such
Subsidiary Guaranty in substantially the form included in Exhibit E shall be
endorsed by the manual or facsimile signature of an Officer of such Subsidiary
Guarantor on each Note authenticated and delivered by the Trustee and that this
Indenture shall be executed on behalf of such Subsidiary Guarantor by the manual
or facsimile signature of an Officer of the Subsidiary Guarantor.

                  (b)      Each Subsidiary Guarantor hereby agrees that its
Subsidiary Guaranty set forth in Section 10.1 hereof shall remain in full force
and effect notwithstanding any failure to endorse on each Note a notation of
such Subsidiary Guaranty.

                  (c)      If an Officer whose signature is on this Indenture or
on the notation of Subsidiary Guaranty no longer holds that office at the time
the Trustee authenticates the Note on which a notation of Subsidiary Guaranty is
endorsed, the Subsidiary Guaranty shall be valid nevertheless.

                  (d)      The delivery of any Note by the Trustee, after the
authentication thereof hereunder, shall constitute due delivery of the
Subsidiary Guaranty set forth in this Indenture on behalf of each Subsidiary
Guarantor.

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         SECTION 10.4   ADDITIONAL SUBSIDIARY GUARANTORS.

         The Company covenants and agrees that it will cause any Person which
becomes obligated to Guarantee the Notes pursuant to the terms of Section 4.18
hereof to execute a supplemental indenture, substantially in the form of Exhibit
F hereto, pursuant to which such Subsidiary Guarantor shall Guarantee the
Obligations of the Company under the Notes and this Indenture in accordance with
this Article 10 with the same effect and to the same extent as if such Person
had been named herein as a Subsidiary Guarantor.

         SECTION 10.5   RELEASE OF SUBSIDIARY GUARANTOR.

         A Subsidiary Guarantor shall be released from all of its Obligations
under its Subsidiary Guaranty and this Indenture if:

                  (a)      the Company or such Subsidiary Guarantor has sold all
or substantially all of the Property of a Subsidiary Guarantor; or

                  (b)      the Company or such Subsidiary Guarantor has sold all
of the Capital Stock of a Subsidiary Guarantor owned by them, in each case in a
transaction in compliance with Section 4.11 or Section 5.1(b) (as applicable);
and in each such case, the Subsidiary Guarantor has delivered to the Trustee an
Officers' Certificate and an Opinion of Counsel, each stating that all
conditions precedent herein provided for relating to such transactions have been
complied with.

Notwithstanding the foregoing, upon designation of a Restricted Subsidiary as an
Unrestricted Subsidiary in compliance with Section 4.15, such Restricted
Subsidiary shall, by execution and delivery of a supplemental indenture,
substantially in the form of Exhibit F hereto, be released from any Subsidiary
Guaranty previously made by such Restricted Subsidiary and its obligations under
this Indenture.

                                  ARTICLE 11.
                        COLLATERAL AND SECURITY DOCUMENTS

         SECTION 11.1   COLLATERAL DOCUMENTS.

                  (a)      The due and punctual payment of the principal and
premium, if any, of, and interest on, the Notes when and as the same shall be
due and payable, whether on an interest payment date, at Stated Maturity, by
acceleration, repurchase, redemption or otherwise, interest on the overdue
principal of and interest, including Special Interest, if any (to the extent
permitted by law), on the Notes and performance of all other Obligations under
this Indenture or the Security Documents, shall be secured as provided in the
Security Documents.

                  (b)      The Company shall, and shall cause each of its
Subsidiary Guarantors to, do or cause to be done all such acts and things as may
be necessary or proper, or as may be required by the provisions of the Security
Documents, to assure and confirm to the Collateral Agent the security interest
in the Collateral contemplated hereby and by the Security Documents, as from
time to time constituted, so as to render the same available for the security
and benefit of this Indenture and of the Notes secured hereby, according to the
intent and purposes herein and therein expressed. The Company shall, and shall
cause each of its Subsidiary Guarantors to, take, upon request of the Trustee or
the Collateral Agent (but the Trustee or Collateral Agent is not required to so
request), any and all actions required to cause the Security Documents to create
and maintain, as security for the Obligations, valid and enforceable, perfected
(except as expressly provided herein or therein), Liens in and on all the
Collateral, in favor of the Collateral Agent, superior to and prior to the
rights of all third Persons, and subject to no other Liens, other than as
provided herein and therein.

                  (c)      Each Holder of a Note, by its acceptance thereof,
consents and agrees to the terms of the Security Documents and the Intercreditor
Agreement as the same may be in effect or may be amended from time to time in
accordance with their terms and authorizes and directs (i) the Collateral Agent,
with respect to each of the Security Documents to which it is a party and the
Intercreditor Agreement, and (ii) the Trustee, with respect to the Intercreditor
Agreement, to perform their respective obligations and exercise their respective
rights thereunder in

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accordance therewith; provided, however, that upon qualification of this
Indenture with the TIA, if any provision of the Intercreditor Agreement limits,
qualifies or conflicts with the duties imposed by the provisions of the TIA, the
TIA shall control.

                  (d)      The assets constituting the Collateral will include
all of the assets of the Company and such Subsidiary Guarantor (whether now
owned or hereafter arising or acquired) that secure the Revolving Credit
Facility or are covered by a Security Document, including the following:

                           (i)      substantially all of the Company's and each
                  Subsidiary Guarantor's existing and after acquired real,
                  personal, tangible and intangible property, including, without
                  limitation, leasehold interests (exclusive of real property
                  leases), fee properties, accounts receivables, contracts,
                  rental contracts and agreements, inventory, cash and deposit
                  accounts, equipment, intellectual property, insurance
                  policies, permits, commercial tort claims, chattel paper,
                  letter of credit rights, supporting obligations, general
                  intangibles and proceeds and products from any and all of the
                  foregoing;

                           (ii)     all of the Capital Stock of existing and
                  future Subsidiary Guarantors and dPi owned directly or
                  indirectly by the Company and its Restricted Subsidiaries; and

                           (iii)    all amounts deposited in the Excess Cash
                  Flow Collateral Account;

all of the above assets, the "Collateral."

         SECTION 11.2   POSSESSION, USE AND RELEASE OF COLLATERAL.

                  (a)      So long as no event of default has occurred and is
continuing under the Revolving Credit Facility and no Event of Default has
occurred and is continuing under this Indenture and subject to certain terms and
conditions in the Revolving Credit Facility, this Indenture and the Security
Documents, the Company and the Subsidiary Guarantors will have the right to
remain in possession and retain control of the Collateral (other than any cash,
securities, obligations and cash equivalents constituting part of the Collateral
and deposited with the Senior Collateral Agent, Collateral Agent or Paying Agent
in accordance with the provisions of the Security Documents and the Excess Cash
Flow Collateral Account Agreement and other than as set forth in the Security
Documents and the Excess Cash Flow Collateral Account Agreement), to freely
operate the Collateral and to collect, invest and dispose of any income
therefrom.

                  (b)      Upon compliance by the Company with the conditions
set forth below in respect of any Asset Sale of Collateral (including the
disposition of the Capital Stock of a Restricted Subsidiary), to the extent
permitted under the Intercreditor Agreement, the Collateral Agent will release
the Released Interests (as defined below) from the Lien securing this Indenture
and the Security Documents and reconvey the Released Interests to the Company or
such other Person as the Company may direct in writing. The Company will have
the right to obtain a release of items of Collateral subject to any Asset Sale
or owned by a Subsidiary Guarantor, all of the Capital Stock of which is the
subject of an Asset Sale (the "Released Interests"), upon compliance with the
condition that the Company deliver to the Collateral Agent the following:

                           (i)      a notice from the Company requesting the
         release of Released Interests:

                                    (1)      describing the proposed Released
                  Interests;

                                    (2)      specifying the value of such
                  Released Interests on a date within 60 days of the notice (the
                  "Valuation Date");

                                    (3)      stating that the purchase price or
                  other property to be received in consideration for such
                  Released Interests is at least equal to the fair market value
                  of the Released Interests;

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                                    (4)      stating that the release of such
                  Released Interests will not interfere with the Collateral
                  Agent's ability to materially realize the value of the
                  remaining Collateral and will not materially impair the
                  maintenance and operation of the remaining Collateral;

                                    (5)      confirming the Asset Sale of, or an
                  agreement to enter into an Asset Sale for, such Released
                  Interests is a bona fide transaction with a Person that is not
                  an Affiliate of the Company or, in the event that such Asset
                  Sale is to a Person that is an Affiliate, confirming that such
                  Asset Sale is made in compliance with Section 4.13 and the
                  Revolving Credit Facility, to the extent applicable; and

                                    (6)      if there is to be a substitution of
                  property for the Collateral subject to the Asset Sale,
                  specifying the property intended to be substituted for the
                  Collateral to be disposed of;

                           (ii)     an Officers' Certificate stating that:

                                    (1)      such Asset Sale complies with the
                  terms and conditions of this Indenture with respect to Asset
                  Sales and Restricted Payments and, to the extent applicable,
                  the Revolving Credit Facility;

                                    (2)      all Net Available Cash from such
                  Asset Sale will be applied pursuant to the provisions of this
                  Indenture and, to the extent applicable, the Revolving Credit
                  Facility;

                                    (3)      there is no Event of Default under
                  this Indenture or event of default under the Revolving Credit
                  Facility in effect or continuing on the date thereof or the
                  date of such Asset Sale;

                                    (4)      the release of the Collateral will
                  not result in an Event of Default under this Indenture or
                  event of default under the Revolving Credit Facility; and

                                    (5)      upon the delivery of such Officers'
                  Certificate, the Company shall have complied with all
                  conditions precedent in this Indenture and, to the extent
                  applicable, the Revolving Credit Facility, relating to the
                  release in question; and

                           (iii)    all other documentation required by the TIA,
         if any, prior to the release of Collateral by the Trustee and, in the
         event there is to be a contemporaneous substitution of property for the
         Collateral subject to the Asset Sale, all documentation necessary to
         effect the substitution of such new Collateral.

                  (c)      Notwithstanding clause (b) above, so long as no Event
of Default under this Indenture or event of default under the Revolving Credit
Facility shall have occurred and be continuing, the Company and the Subsidiary
Guarantors may engage in the following ordinary course activities in respect of
the Collateral, subject to the limited dollar amounts specified by the TIA, and
provided such activities would not result in an Event of Default hereunder or an
event of default under the Revolving Credit Agreement:

                           (i)      sell or otherwise dispose of any property
         subject to the Liens of the Revolving Credit Facility, the Indenture
         and the Security Documents, in the ordinary course or which may have
         become worn out or obsolete;

                           (ii)     abandon, terminate, cancel, release or make
         alterations in or substitutions of any leases or contracts subject to
         the Liens of the Revolving Credit Facility, the Indenture or any of the
         Security Documents;

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<PAGE>

                           (iii)    surrender or modify any franchise, license
         or permit subject to the Liens of the Revolving Credit Facility, the
         Indenture or any of the Security Documents which any of them may own or
         under which any of them may be operating;

                           (iv)     alter, repair, replace, change the location
         or position of or add to the structures, machinery, systems, equipment,
         fixtures and appurtenances of any of them;

                           (v)      demolish, dismantle, tear down, scrap or
         abandon any obsolete Collateral;

                           (vi)     grant leases or subleases in respect of real
         property to the extent any of the preceding does not constitute an
         Asset Sale; and

                           (vii)    such other ordinary course of business
         activities specifically permitted by the Security Documents.

         SECTION 11.3   DEPOSIT, USE AND RELEASE OF TRUST MONEYS.

                  (a)      The Net Available Cash from any Asset Sale involving
Collateral shall be deposited so long as any Debt is outstanding under the
Revolving Credit Facility with the Senior Collateral Agent or at any securities
intermediary selected by the Senior Collateral Agent in accordance with the
Revolving Credit Facility and the Intercreditor Agreement and otherwise into a
securities account styled the "Rent-Way Collateral Account" (such account being
the "Collateral Account") maintained by the Collateral Agent at its corporate
trust offices or at any securities intermediary selected by the Collateral
Agent, provided that such Collateral Agent or securities intermediary shall have
a combined capital and surplus of at least $250.0 million and shall have a
long-term debt rating of at least "A" by Moody's (or, solely in the case of
Manufacturers and Traders Trust Company, "A2") and at least "A" by S&P, such
Collateral Account shall be under the exclusive dominion and control of the
Senior Collateral Agent and the Collateral Agent. All amounts on deposit in the
Collateral Account shall be treated as financial assets and cash funds on
deposit in the Collateral Account may be invested at the direction of the
Company in Cash Equivalents; provided, however, in no event shall the Company
have the right to withdraw funds or assets from the Collateral Account except in
compliance with the terms of the Intercreditor Agreement (and any control or
collateral account agreement required by the Trustee as Collateral Agent upon
the termination of the Intercreditor Agreement) and all assets credited to the
Collateral Account shall be subject to a Lien in favor of the Collateral Agent.

                  (b)      Any such funds will be released to the Company by its
delivering to the Collateral Agent and the Trustee an Officers' Certificate
stating that:

                           (i)      no Event of Default under this Indenture or
         event of default under the Revolving Credit Facility has occurred and
         is continuing as of the date of the proposed release;

                           (ii)     if such funds represent Net Available Cash
         in respect of an Asset Sale, that such funds will be applied in
         accordance with Section 4.11 and the provisions of the Revolving Credit
         Facility;

                           (iii)    the Company and the Subsidiary Guarantors
         have complied with all other conditions precedent in the Indenture and
         the Revolving Credit Facility relating to the release of such funds;
         and

                           (iv)     the Company and the Subsidiary Guarantors
         have delivered all documentation required by the TIA, if any, prior to
         the release of such funds by the Collateral Agent to the Collateral
         Agent and the Trustee.

                  (c)      Notwithstanding the preceding, but subject to the
terms of the Intercreditor Agreement, if the maturity of the Notes has been
accelerated, and the acceleration has not been rescinded as permitted by this
Indenture, the Senior Collateral Agent or the Collateral Agent, as applicable,
shall apply such funds credited to the Collateral Account in accordance with the
Intercreditor Agreement.

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         SECTION 11.4   OPINIONS.

         The Company shall furnish to the Trustee within three months after each
anniversary of the Issue Date, an Opinion of Counsel, dated as of such date,
stating either that (a) in the opinion of such counsel, all action has been
taken (and stating what actions, if any, are necessary to be taken within the
next calendar year) with respect to the recording, registering, filing,
re-recording, re-registering and refiling of this Indenture and the Security
Documents, financing statements, continuation statements or other instruments of
further assurance as is necessary to maintain the Liens intended to be created
by the Security Documents and reciting the details of such action or (b) in the
opinion of such counsel, no such action is necessary to maintain such Liens,
which Opinion of Counsel also shall state what actions it then believes are
necessary to maintain the effectiveness of such Liens during the next two years.

         SECTION 11.5   AUTHORIZATION OF ACTIONS TO BE TAKEN BY THE TRUSTEE
UNDER THE SECURITY DOCUMENTS.

         Subject to the provisions of the Security Documents to which it is a
party and the Intercreditor Agreement, the Trustee may (but shall not be
required to), in its sole discretion and without the consent of the Holders, on
behalf of the Holders, take all actions it deems necessary or appropriate in
order to (a) enforce any of the terms of the Security Documents and (b) collect
and receive any and all amounts payable in respect of the Obligations of the
Company and the Subsidiary Guarantors hereunder. The Trustee shall have the
power to institute and to maintain such suits and proceedings as it may deem
expedient to prevent any impairment of the Collateral by any acts that may be
unlawful or in violation of the Security Documents or this Indenture, and such
suits and proceedings as the Trustee may deem expedient to preserve or protect
its interest and the interests of the Holders in the Collateral (including power
to institute and maintain suits or proceedings to restrain the enforcement of or
compliance with any legislative or other governmental enactment, rule or order
that may be unconstitutional or otherwise invalid if the enforcement of, or
compliance with, such enactment, rule or order would impair the security
interest hereunder or be prejudicial to the interests of the Holders or the
Trustee).

         SECTION 11.6   AUTHORIZATION OF RECEIPT OF FUNDS BY THE TRUSTEE UNDER
THE SECURITY DOCUMENTS.

         The Trustee is authorized to receive any funds for the benefit of the
Holders distributed under the Security Documents, and to make further
distributions of such funds to the Holders according to the provisions of this
Indenture and the Security Documents to which it is a party. So long as the
Intercreditor Agreement is in effect the distribution of proceeds from the sale
of Collateral will first be distributed in accordance with the Intercreditor
Agreement. All proceeds received by the Trustee from the sale of Collateral
pursuant to the Intercreditor Agreement or pursuant to the Security Documents
will be applied by the Trustee as follows:

                  (a)      first, to amounts owing to the Trustee as Collateral
Agent under the Security Documents;

                  (b)      second, to the Trustee, its agents and attorneys for
amounts due under Section 7.7, including payment of all compensation, expenses
and liabilities incurred, and all advances made, by the Trustee and the costs
and expenses of collection;

                  (c)      third, to Holders for amounts due and unpaid on the
Notes for principal, premium, if any, and interest, including Special Interest,
if any, ratably, without preference or priority of any kind, according to the
amounts due and payable on the Notes for principal, premium, if any, and
interest, including Special Interest, if any, respectively; and

                  (d)      fourth, to the Company or to such party as a court of
competent jurisdiction shall direct.

         SECTION 11.7   RELEASE UPON TERMINATION OF THE COMPANY'S OBLIGATIONS.

                  (a)      If the Company delivers to the Trustee (i) an
Officers' Certificate certifying that this Indenture has been discharged
pursuant to Section 13.1 hereof or (ii) an Officers' Certificate pursuant to
clause (i) of

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Section 8.4 hereof, thereupon the Trustee shall deliver to the Collateral Agent
a notice stating that the Trustee, for itself and on behalf of the Holders,
disclaims and has given up any and all rights it has in or to the Collateral,
and any rights it has under the Security Documents, and, upon and after the
receipt by the Collateral Agent of such notice, the Collateral Agent shall no
longer be deemed to hold the Lien in the Collateral on behalf of the Trustee for
the benefit of itself and the Holders.

                  (b)      Any release of Collateral made in compliance with
this Section 11.7 shall not be deemed to impair the Lien under the Security
Documents or the Collateral thereunder in contravention of the provisions of
this Indenture or the Security Documents.

                                  ARTICLE 12.
                           SATISFACTION AND DISCHARGE

         SECTION 12.1   SATISFACTION AND DISCHARGE.

                  (a)      This Indenture will be discharged and will cease to
be of further effect as to all Notes issued hereunder (except as to surviving
rights of registration of transfer or exchange of Notes expressly provided for
herein, the Company's obligations under Section 7.7, and the Trustee's and each
Paying Agent's obligations under Section 12.2 and Section 12.3), when:

                           (i)      either:

                                    (1)      all Notes that have been
                  authenticated (except lost, stolen or destroyed Notes that
                  have been replaced or paid and Notes for whose payment money
                  has theretofore been deposited in trust and thereafter repaid
                  to the Company) have been delivered to the Trustee for
                  cancellation; or

                                    (2)      all Notes that have not been
                  delivered to the Trustee for cancellation have become due and
                  payable by reason of the making of a notice of redemption or
                  otherwise or will become due and payable within one year and
                  the Company has irrevocably deposited or caused to be
                  deposited with the Trustee as trust funds in trust solely for
                  the benefit of the Holders, money or U.S. Government
                  Obligations, or a combination thereof, in such amounts as will
                  be sufficient without consideration of any reinvestment of
                  interest, to pay and discharge the entire indebtedness on the
                  Notes not delivered to the Trustee for cancellation for
                  principal, premium, if any, and accrued interest, including
                  Special Interest, if any, to the date of maturity or
                  redemption;

                           (ii)     no Default or Event of Default shall have
         occurred and be continuing on the date of such deposit or shall occur
         as a result of such deposit, and such deposit will not result in a
         breach or violation of, or constitute a default under, any other
         instrument to which the Company is a party or by which the Company is
         bound;

                           (iii)    the Company has paid or caused to be paid
         all sums payable by it under this Indenture; and

                           (iv)     the Company has delivered irrevocable
         instructions to the Trustee under this Indenture to apply the deposited
         money and/or U.S. Government Obligations toward the payment of the
         Notes at maturity or the redemption date, as the case may be.

                  (b)      The Company shall deliver an Officers' Certificate
and an Opinion of Counsel to the Trustee stating that all conditions precedent
to satisfaction and discharge have been satisfied.

                                       81

<PAGE>

         SECTION 12.2   DEPOSITED MONEY AND GOVERNMENT SECURITIES TO BE HELD IN
TRUST; OTHER MISCELLANEOUS PROVISIONS.

         Subject to Section 12.3, all money and U.S. Government Obligations
(including the proceeds thereof) deposited with the Trustee (or other qualifying
trustee, collectively for purposes of this Section 12.2, the "Trustee") pursuant
to Section 12.1 in respect of the outstanding Notes shall be held in trust and
applied by the Trustee, in accordance with the provisions of such Notes and this
Indenture, to the payment, either directly or through any Paying Agent
(including the Company acting as Paying Agent) as the Trustee may determine, to
the Holders of such Notes of all sums due and to become due thereon in respect
of principal, premium, if any, and interest and Special Interest, if any, but
such money need not be segregated from other funds except to the extent required
by law.

         SECTION 12.3   REPAYMENT TO COMPANY.

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

                                   ARTICLE 13.
                                  MISCELLANEOUS

         SECTION 13.1   TRUST INDENTURE ACT CONTROLS.

         If any provision of this Indenture limits, qualifies or conflicts with
the duties imposed by TIA Section 318(c), the imposed duties shall control.

         SECTION 13.2   NOTICES.

                  (a)      Any notice or communication by the Company, the
Subsidiary Guarantors or the Trustee to the others is duly given if in writing
(in the English language) and delivered in Person or mailed by first class mail
(registered or certified, return receipt requested), telecopier or overnight air
courier guaranteeing next-day delivery, to the other's address:

                  If to the Company or the Subsidiary Guarantors:

                           Rent-Way, Inc.
                           One RentWay Place
                           Erie, Pennsylvania  16505
                           Attention:  General Counsel
                           Telecopier No.: (814) 461-5405

                  With a copy to:

                           Hodgson Russ, LLP
                           One M&T Plaza, Suite 200
                           Buffalo, New York  14203
                           Attention:  John Zak
                           Telecopier No.: (716) 849-0349

                                       82

<PAGE>

                  If to the Trustee:

                           Manufacturers and Traders Trust Company
                           One M&T Plaza
                           Buffalo, New York  14203
                           Attention:  Corporate Trust Department
                           Telecopier No.: (716) 842-4474

                  (b)      The Company, the Subsidiary Guarantors or the
Trustee, by notice to the others, may designate additional or different
addresses for subsequent notices or communications.

                  (c)      All notices and communications (other than those sent
to Holders) shall be deemed to have been duly given: at the time delivered by
hand, if personally delivered; five Business Days after being deposited in the
mail, postage prepaid, if mailed; when receipt acknowledged, if telecopied; and
the next Business Day after timely delivery to the courier, if sent by overnight
air courier guaranteeing next-day delivery. Notwithstanding the foregoing,
notices to the Trustee shall be effective only upon receipt by the Trustee.

                  (d)      Any notice or communication to a Holder shall be
mailed by first class mail, certified or registered, return receipt requested,
or by overnight air courier guaranteeing next-day delivery to its address shown
on the Security Register. Any notice or communication shall also be so mailed to
any Person described in TIA Section 313(c), to the extent required by the TIA.
Failure to mail a notice or communication to a Holder or any defect in it shall
not affect its sufficiency with respect to other Holders.

                  (e)      If a notice or communication is mailed in the manner
provided above within the time prescribed, it is duly given, whether or not the
addressee receives it.

                  (f)      If the Company mails a notice or communication to
Holders, it shall mail a copy to the Trustee and each Agent at the same time.

         SECTION 13.3   COMMUNICATION BY HOLDERS OF NOTES WITH OTHER HOLDERS OF
NOTES.

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

         SECTION 13.4   CERTIFICATE AND OPINION AS TO CONDITIONS PRECEDENT.

         Upon any request or application by the Company to the Trustee to take
any action under any provision of this Indenture, the Company shall furnish to
the Trustee:

                  (a)      an Officers' Certificate in form and substance
reasonably satisfactory to the Trustee (which shall include the statements set
forth in Section 13.5) stating that, in the opinion of the signers, all
conditions precedent and covenants, if any, provided for in this Indenture
relating to the proposed action have been complied with; and

                  (b)      an Opinion of Counsel in form and substance
reasonably satisfactory to the Trustee (which shall include the statements set
forth in Section 13.5) stating that, in the opinion of such counsel, all such
conditions precedent and covenants have been complied with.

                                       83

<PAGE>

         SECTION 13.5   STATEMENTS REQUIRED IN CERTIFICATE OR OPINION.

         Each certificate or opinion with respect to compliance with a condition
or covenant provided for in this Indenture (other than a certificate provided
pursuant to TIA 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
or she has made such examination or investigation as is necessary to enable such
Person 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 13.6   RULES BY TRUSTEE AND AGENTS.

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

         SECTION 13.7   NO PERSONAL LIABILITY OF DIRECTORS, OFFICERS, EMPLOYEES
AND STOCKHOLDERS.

         No past, present or future director, officer, employee, incorporator,
member, partner or stockholder of the Company or any Subsidiary Guarantor as
such, shall have any liability for any Obligations of the Company or any
Subsidiary Guarantor under the Notes, this Indenture, the Security Documents or
for any claim based on, in respect of, or by reason of, such Obligations or
their creation (except to the extent such Person is a signatory thereto). Each
Holder by accepting a Note waives and releases all such liability. The waiver
and release are part of the consideration for issuance of the Notes.

         SECTION 13.8   GOVERNING LAW.

         THE INTERNAL LAW OF THE STATE OF NEW YORK SHALL GOVERN AND BE USED TO
CONSTRUE THIS INDENTURE AND THE NOTES.

         SECTION 13.9   NO ADVERSE INTERPRETATION OF OTHER AGREEMENTS.

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

         SECTION 13.10   SUCCESSORS.

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

         SECTION 13.11   SEVERABILITY.

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

                                       84

<PAGE>

         SECTION 13.12  COUNTERPART ORIGINALS.

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

         SECTION 13.13  TABLE OF CONTENTS, HEADINGS, ETC.

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

                         [Signatures on following page]

                                       85

<PAGE>

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

                                    ISSUER:

                                    RENT-WAY, INC.

                                    By: /s/ William E. Morgenstern
                                       -----------------------------------------
                                    Name: William E. Morgenstern
                                          --------------------------------------
                                    Title: Chairman of the Board and
                                           Chief Executive Officer
                                          --------------------------------------
                                    GUARANTORS:

                                    RENT-WAY OF TOMORROW, INC.

                                    By: /s/ William E. Morgenstern
                                        ----------------------------------------
                                    Name William E. Morgenstern
                                        ----------------------------------------
                                    Title Chairman of the Board, President and
                                          Chief Executive Officer
                                         ---------------------------------------
                                    RENT-WAY OF MICHIGAN, INC.

                                    By:  /s/ William E. Morgenstern
                                        ----------------------------------------
                                    Name William E. Morgenstern
                                        ----------------------------------------
                                    Title Chairman of the Board, President and
                                          Chief Executive Officer
                                         ---------------------------------------
                                    ACTION RENT TO OWN HOLDINGS OF SOUTH
                                    CAROLINA, INC.

                                    By:  /s/ William E. Morgenstern
                                        ----------------------------------------
                                    Name William E. Morgenstern
                                        ----------------------------------------
                                    Title Chairman of the Board, President and
                                          Chief Executive Officer
                                         ---------------------------------------
                                    RENT-WAY DEVELOPMENTS, INC.

                                    By:  /s/ William E. Morgenstern
                                        ----------------------------------------
                                    Name William E. Morgenstern
                                        ----------------------------------------
                                    Title Chairman of the Board, President and
                                          Chief Executive Officer
                                         ---------------------------------------
                                    RENT-WAY OF TTIG, L.P.

                                    By: RENT-WAY DEVELOPMENTS, INC., its general
                                        partner

                                        By:  /s/ William E. Morgenstern
                                            ------------------------------------
                                        Name William E. Morgenstern
                                            ------------------------------------
                                        Title Chairman of the Board, President
                                              and Chief Executive Officer
                                             -----------------------------------
                                       S-1

<PAGE>

                                    TRUSTEE:

                                    MANUFACTURERS AND TRADERS TRUST COMPANY

                                    By: /s/ Russell T. Whitley
                                        ________________________________________
                                    Name: Russell T. Whitley
                                          ______________________________________
                                    Title: Assistant Vice President
                                           _____________________________________

                                       S-2

<PAGE>

                                    EXHIBIT A

                                 (FACE OF NOTE)

                      11 7/8% SENIOR SECURED NOTE DUE 2010

                             CUSIP NO. [___________]

                                  $[ _________]

                                 RENT-WAY, INC.

         Promises to pay to _____________, or registered assigns, the principal
sum of _________________ Dollars ($______________) on June 15, 2010.

         Interest Payment Dates: June 15 and December 15, commencing December
15, 2003.

         Record Dates: June 1 and December 1.

         IN WITNESS WHEREOF, the Issuer has caused this Note to be signed
manually or by facsimile by its duly authorized officers.

                                    RENT-WAY, INC.

                                    By:_________________________________________
                                    Name:  _____________________________________
                                    Title: _____________________________________

                                    By:_________________________________________
                                    Name: ______________________________________
                                    Title: _____________________________________

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

MANUFACTURERS AND TRADERS TRUST COMPANY,
as Trustee

By:_________________________________________
   Authorized Signatory

Dated _____________, 2003

                                       A-1

<PAGE>

                                 (Back of Note)

                        11 7/8% Senior Secured Note due 2010

         THIS SECURITY HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933,
AS AMENDED (THE "SECURITIES ACT"), OR THE SECURITIES LAWS OF ANY STATE OR OTHER
JURISDICTION. NEITHER THIS SECURITY NOR ANY INTEREST OR PARTICIPATION HEREIN MAY
BE REOFFERED, SOLD, ASSIGNED, TRANSFERRED, PLEDGED, ENCUMBERED OR OTHERWISE
DISPOSED OF IN THE ABSENCE OF SUCH REGISTRATION UNLESS SUCH TRANSACTION IS
EXEMPT FROM, OR NOT SUBJECT TO, SUCH REGISTRATION.

         THE HOLDER OF THIS SECURITY BY ITS ACCEPTANCE HEREOF AGREES TO OFFER,
SELL OR OTHERWISE TRANSFER SUCH SECURITY BEFORE THE DATE (THE "RESALE
RESTRICTION TERMINATION DATE") WHICH IS TWO YEARS AFTER THE LATER OF THE
ORIGINAL ISSUE DATE HEREOF AND THE LAST DATE ON WHICH THE COMPANY OR ANY
AFFILIATE OF THE COMPANY WAS THE OWNER OF THIS SECURITY (OR ANY PREDECESSOR OF
SUCH SECURITY), ONLY (A) TO THE COMPANY, (B) UNDER A REGISTRATION STATEMENT THAT
HAS BEEN DECLARED EFFECTIVE UNDER THE SECURITIES ACT, (C) FOR SO LONG AS THE
SECURITIES ARE ELIGIBLE FOR RESALE UNDER RULE 144A UNDER THE SECURITIES ACT
("RULE 144A"), TO A PERSON IT REASONABLY BELIEVES IS A "QUALIFIED INSTITUTIONAL
BUYER" AS DEFINED IN RULE 144A THAT PURCHASES FOR ITS OWN ACCOUNT OR FOR THE
ACCOUNT OF A QUALIFIED INSTITUTIONAL BUYER TO WHOM NOTICE IS GIVEN THAT THE
TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, (D) UNDER OFFERS AND SALES TO
NON-U.S. PERSONS THAT OCCUR OUTSIDE THE UNITED STATES WITHIN THE MEANING OF
REGULATION S UNDER THE SECURITIES ACT, (E) TO AN "ACCREDITED INVESTOR" WITHIN
THE MEANING OF RULE 501(a)(1), (2), (3) OR (7) UNDER THE SECURITIES ACT THAT IS
AN INSTITUTIONAL ACCREDITED INVESTOR ACQUIRING THE SECURITY FOR ITS OWN ACCOUNT
OR FOR THE ACCOUNT OF SUCH AN INSTITUTIONAL ACCREDITED INVESTOR, IN EACH CASE IN
A MINIMUM PRINCIPAL AMOUNT OF THE SECURITIES OF $250,000, FOR INVESTMENT
PURPOSES AND NOT WITH A VIEW TO OR FOR OFFER OR SALE IN CONNECTION WITH ANY
DISTRIBUTION IN VIOLATION OF THE SECURITIES ACT OR (F) UNDER ANY OTHER AVAILABLE
EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT, SUBJECT TO
THE COMPANY'S AND THE TRUSTEE'S RIGHT BEFORE ANY SUCH OFFER, SALE OR TRANSFER
UNDER CLAUSES (D), (E) OR (F) TO REQUIRE THE DELIVERY OF AN OPINION OF COUNSEL,
CERTIFICATION AND/OR OTHER INFORMATION SATISFACTORY TO EACH OF THEM. THIS LEGEND
WILL BE REMOVED UPON THE REQUEST OF THE HOLDER AFTER THE RESALE RESTRICTION
TERMINATION DATE.

         THIS GLOBAL NOTE IS HELD BY THE DEPOSITARY (AS DEFINED IN THE INDENTURE
GOVERNING THIS NOTE) OR ITS NOMINEE IN CUSTODY FOR THE BENEFIT OF THE BENEFICIAL
OWNERS HEREOF, AND IS NOT TRANSFERABLE TO ANY PERSON UNDER ANY CIRCUMSTANCES
EXCEPT THAT (I) THE TRUSTEE MAY MAKE SUCH NOTATIONS HEREON AS MAY BE REQUIRED
PURSUANT TO SECTION 2.6 OF THE INDENTURE, (II) THIS GLOBAL NOTE MAY BE EXCHANGED
PURSUANT TO SECTION 2.6(a) OF THE INDENTURE, (III) THIS GLOBAL NOTE MAY BE
DELIVERED TO THE TRUSTEE FOR CANCELLATION PURSUANT TO SECTION 2.11 OF THE
INDENTURE AND (IV) THIS GLOBAL NOTE MAY BE TRANSFERRED TO A SUCCESSOR DEPOSITARY
WITH THE PRIOR WRITTEN CONSENT OF THE COMPANY.

         UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR NOTES IN
DEFINITIVE FORM, THIS NOTE MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE
DEPOSITARY TO A NOMINEE OF THE DEPOSITARY OR BY A NOMINEE OF THE DEPOSITARY TO
THE DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY OR BY THE DEPOSITARY OR ANY
SUCH NOMINEE TO A SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR
DEPOSITARY. UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE
OF THE DEPOSITORY TRUST COMPANY (55 WATER STREET, NEW YORK, NEW YORK) ("DTC"),
TO THE COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT,
AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR SUCH OTHER
NAME AS MAY BE REQUESTED BY AN

                                       A-2

<PAGE>

AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR SUCH
OTHER ENTITY AS MAY BE REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY
TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON
IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST
HEREIN.

         Capitalized terms used herein shall have the meanings assigned to them
in the Indenture referred to below unless otherwise indicated.

         1.       INTEREST. Rent-Way, Inc., a Pennsylvania corporation (the
"ISSUER"), promises to pay interest on the principal amount of this Note at 11?%
per annum until maturity and shall pay Special Interest, if any, as provided in
Section 2 below. The Issuer shall pay interest semi-annually on June 15, and
December 15 of each year, or if any such day is not a Business Day, on the next
succeeding Business Day (each an "INTEREST PAYMENT DATE"). Interest on the Notes
shall accrue from the most recent date to which interest has been paid or, if no
interest has been paid, from the date of issuance; provided, however, that if
there is no existing Default in the payment of interest, and if this Note is
authenticated between a record date referred to on the face hereof and the next
succeeding Interest Payment Date, interest shall accrue from such next
succeeding Interest Payment Date; provided, further, that the first Interest
Payment Date shall be December 15, 2003. The Issuer shall pay interest
(including post-petition interest in any proceeding under any Bankruptcy Law) on
overdue principal and premium, if any, from time to time on demand at a rate
that is 1% per annum in excess of the rate then in effect; it shall pay interest
(including post-petition interest in any proceeding under any Bankruptcy Law) on
overdue installments of interest (without regard to any applicable grace
periods) from time to time on demand at the same rate to the extent lawful.
Interest shall be computed on the basis of a 360-day year of twelve 30-day
months.

         2.       SPECIAL INTEREST. If (a) on or prior to the 180th day
following the original Issue Date of the Notes, neither the Exchange Offer
Registration Statement nor the Shelf Registration Statement has been filed with
the Commission, (b) on or prior to the 240th day following the original Issue
Date of the Notes, neither the Exchange Offer Registration Statement nor the
Shelf Registration Statement has been declared effective by the Commission, (c)
on or prior to the 30th Business Day following the date the Exchange Offer
Registration Statement is declared effective, neither the Registered Exchange
Offer has been consummated nor the Shelf Registration Statement has been
declared effective, or (d) after either the Exchange Offer Registration
Statement or the Shelf Registration Statement has been declared effective, such
registration statement thereafter ceases to be effective or usable in connection
with resales of Notes or Exchange Notes in accordance with and during the
periods specified in the Registration Rights Agreement (each such event referred
to in clauses (a) through (d), a ("Registration Default"), interest ("Special
Interest") will accrue on the principal amount of the Notes, the Additional
Notes and the Exchange Notes (in addition to the stated interest on the Notes,
Additional Notes and the Exchange Notes) from and including the date on which
any such Registration Default shall occur to but excluding the date on which all
Registration Defaults have been cured. Special Interest will accrue at a rate of
0.50% per annum during the 90-day period immediately following the occurrence of
such Registration Default and shall increase by 0.50% per annum at the end of
each subsequent 90-day period, but in no event shall such rate exceed 2.00% per
annum.

         All Obligations of the Company and the Subsidiary Guarantors set forth
in the preceding paragraph that are outstanding with respect to any Note at the
time such Note is exchanged for an Exchange Note shall survive until such time
as all such Obligations with respect to such Notes have been satisfied in full.

         3.       METHOD OF PAYMENT. The Issuer shall pay interest on the Notes
to the Holders at the close of business on the June 15 or December 15 next
preceding the Interest Payment Date, even if such Notes are cancelled after such
record date and on or before such Interest Payment Date, except as provided in
Section 2.12 of the Indenture with respect to defaulted interest. The Notes
shall be payable as to principal, premium, if any, and interest and Special
Interest, if any, at the office or agency of the Issuer maintained for such
purpose within or without the City and State of New York, or, at the option of
the Issuer, payment of interest may be made by check mailed to the Holders at
their addresses set forth in the Security Register; provided, however, that
payment by wire transfer of immediately available funds shall be required with
respect to principal of, and interest and Special Interest, if any, and premium,
if any, on, all Global Notes and all other Notes if the Holders of such Notes
have provided wire transfer instructions to the Issuer or the Paying Agent. Such
payment shall be in such coin or currency of the United States of America as at
the time of payment is legal tender for payment of public and private debts.

                                       A-3

<PAGE>

The principal of the Notes shall be payable only upon surrender of any Note at
the Corporate Trust Office of the Trustee or at the specified offices of any
other Paying Agent. If any Interest Payment Date for, or the due date for
payment of the principal of, the Notes is not a Business Day at the place in
which it is presented for payment, the Holder thereof shall not be entitled to
payment of the amount due until the next succeeding Business Day at such place
and shall not be entitled to any further interest or other payment in respect of
such delay.

         4.       PAYING AGENT AND REGISTRAR. Initially, Manufacturers and
Traders Trust Company, the Trustee under the Indenture, shall act as Paying
Agent and Registrar. The Issuer may change any Paying Agent or Registrar without
notice to any Holder. The Issuer or any of its Subsidiaries may act in any such
capacity.

         5.       INDENTURE. The Issuer issued the Notes under an Indenture
dated as of June 2, 2003 ("Indenture") among the Issuer, the guarantors party
thereto (the "SUBSIDIARY GUARANTORS") and the Trustee. The terms of the Notes
include those stated in the Indenture and those made part of the Indenture by
reference to the Trust Indenture Act of 1939, as amended (15 U.S. Code Sections
77aaa-77bbbb). The Notes are subject to all such terms, and Holders are referred
to the Indenture and such Act for a statement of such terms. To the extent any
provision of this Note conflicts with the express provisions of the Indenture,
the provisions of the Indenture shall govern and be controlling. The Notes are
obligations of the Issuer unlimited in aggregate principal amount, except only
$205,000,000 in aggregate principal amount of the Notes may be issued on the
Issue Date.

         6.       OPTIONAL REDEMPTION.

         (a)      Except as set forth below and in clause (b) of this Section 6,
the Notes will not be redeemable at the option of the Issuer. At any time prior
to June 15, 2010, the Company may redeem all or any portion of the Notes, at
once or over time, after giving the required notice under the Indenture, at a
redemption price equal to the greater of:

                           (i)      100% of the principal amount of the Notes to
         be redeemed, and

                           (ii)     the sum of the present values of (i) 100% of
         the principal amount of the Notes to be redeemed at June 15, 2010, and
         (ii) the remaining scheduled payments of interest from the redemption
         date through June 15, 2010, but excluding accrued and unpaid interest
         through the redemption date, discounted to the redemption date at the
         Treasury Rate plus 175 basis points,

plus, in either case, accrued and unpaid interest and Special Interest, if any,
to the redemption date (subject to the right of Holders of record on the
relevant record date to receive interest due on the relevant interest payment
date).

Any notice to Holders of Notes of such a redemption needs to include the
appropriate calculation of the redemption price, but does not need to include
the redemption price itself. The actual redemption price, calculated as
described above, must be set forth in an Officers' Certificate delivered to the
Trustee no later than two Business Days prior to the redemption date.

         (b)      At any time and from time to time prior to June 15, 2006, the
Issuer may redeem up to a maximum of 25% of the aggregate principal amount of
the Notes (including any Additional Notes) with the proceeds of one or more
Public Equity Offerings, at a redemption price equal to 111.875% of the
principal amount thereof, plus accrued and unpaid interest and Special Interest,
if any, to the redemption date (subject to the right of Holders on the relevant
record date to receive interest due on the relevant Interest Payment Date);
provided, however, that after giving effect to any such redemption, at least 75%
of the original aggregate principal amount of the Notes (including any
Additional Notes) issued on or after the Issue Date remains outstanding. Any
such redemption shall be made within 75 days of such Public Equity Offering upon
not less than 30 nor more than 60 days' prior notice.

         (c)      Any prepayment pursuant to this Section 6 shall be made
pursuant to the provisions of Section 3.1 through Section 3.6 of the Indenture.

         7.       MANDATORY REDEMPTION. The Issuer shall not be required to make
mandatory redemption or sinking fund payments with respect to the Notes.

                                       A-4

<PAGE>

         8.       NOTICE OF REDEMPTION. Notice of redemption shall be mailed at
least 30 days but not more than 60 days before the redemption date to each
Holder whose Notes are to be redeemed at its registered address. Notes in
denominations larger than $1,000 may be redeemed in part but only in whole
multiples of $1,000, unless all of the Notes held by a Holder are to be
redeemed. On and after the redemption date interest ceases to accrue on Notes or
portions thereof called for redemption.

         9.       DENOMINATIONS, TRANSFER, EXCHANGE. The Notes are in registered
form without coupons in denominations of $1,000 and integral multiples of
$1,000. The transfer of Notes may be registered and Notes may be exchanged as
provided in the Indenture. The Registrar and the Trustee may require a Holder,
among other things, to furnish appropriate endorsements and transfer documents
and the Issuer may require a Holder to pay any taxes and fees required by law or
permitted by the Indenture. The Issuer need not exchange or register the
transfer of any Note or portion of a Note selected for redemption, except for
the unredeemed portion of any Note being redeemed in part. Also, the Issuer need
not exchange or register the transfer of any Notes for a period of 15 days
before a selection of Notes to be redeemed or during the period between a record
date and the corresponding Interest Payment Date.

         10.      PERSONS DEEMED OWNERS. The registered holder of a Note may be
treated as its owner for all purposes.

         11.      AMENDMENT, SUPPLEMENT AND WAIVER. Subject to certain
exceptions, the Indenture, the Security Documents and the Notes may be amended
or supplemented with the consent of the Holders of at least a majority in
aggregate principal amount of the then outstanding Notes, including Additional
Notes, if any, voting as a single class, and any existing default or compliance
with any provision of the Indenture, the Security Documents or the Notes may be
waived with the consent of the Holders of at least a majority in aggregate
principal amount of the then outstanding Notes, including Additional Notes, if
any, voting as a single class. Without the consent of any Holder, the Indenture,
the Security Documents or the Notes may be amended or supplemented to: cure any
ambiguity, omission, defect or inconsistency in any manner that is not adverse
in any material respect to any Holder of the Notes; provide for the assumption
by a Surviving Person of the obligations of the Company under the Indenture or
of a Subsidiary Guarantor under the Indenture and its Subsidiary Guaranty;
provide for uncertificated Notes in addition to or in place of certificated
Notes (provided that the uncertificated Notes are issued in registered form for
purposes of Section 163(f) of the Code, or in a manner such that the
uncertificated Notes are described in Section 163(f) (2) (B) of the Code); add
additional Guarantees with respect to the Notes or to release Subsidiary
Guarantors from Subsidiary Guarantees with respect to the Notes as permitted by
the terms of the Indenture; add to the covenants of the Company and the
Subsidiary Guarantors for the benefit of the Holders of the Notes or to
surrender any right or power conferred upon the Company or any Subsidiary
Guarantor; make any change that does not adversely affect the rights of any
Holder of the Notes; make any change to comply with any requirement of the
Commission in connection with the qualification of the Indenture under the TIA;
provide for the issuance of Additional Notes in accordance with the Indenture;
or add any additional assets as Collateral.

         12.      DEFAULTS AND REMEDIES. Each of the following is an Event of
Default under the Indenture: (1) failure to make the payment of any interest,
including Special Interest, on the Notes issued under the Indenture when the
same becomes due and payable, and such failure continues for a period of 30
days; (2) failure to make the payment of any principal of, or premium, if any,
on, any of the Notes issued under the Indenture when the same becomes due and
payable at its Stated Maturity, upon acceleration, redemption, optional
redemption, required repurchase or otherwise; (3) failure to comply with Article
5 of the Indenture; (4) failure to comply with any other covenant or agreement
in the Notes, the Indenture or any Security Document (other than a failure that
is the subject of the foregoing clauses 1, 2 or 3) and such failure continues
for 30 days after written notice is given to the Company as provided in Section
6.1(b) of the Indenture; (5) a default under any Debt by the Issuer or any
Restricted Subsidiary that results in acceleration of the maturity of such Debt,
or failure to pay any such Debt at maturity, in an aggregate amount greater than
$10.0 million or its foreign currency equivalent at the time (the "cross
acceleration provisions"); (6) any judgment or judgments for the payment of
money in an aggregate amount in excess of $10.0 million (or its foreign currency
equivalent at the time) that shall be rendered against the Issuer or any
Restricted Subsidiary and that shall not be waived satisfied or discharged for
any period of 30 consecutive days during which a stay of enforcement shall not
be in effect (the "judgment default provisions"); (7) certain events involving
bankruptcy, insolvency or reorganization of the Issuer or any Significant
Subsidiary or Subsidiary Group; or (8) any Subsidiary Guaranty or any of the
Security Documents ceases to be in full force and effect (except as contemplated

                                       A-5

<PAGE>

by the terms of the Indenture) or any of the Subsidiary Guarantees or the
Security Documents is declared null and void or invalid and unenforceable, or
any Subsidiary Guarantor denies or disaffirms its obligations under the
Indenture or its Subsidiary Guaranty or any obligor denies or disaffirms its
liability under any Security Document to which it is a party. A Default under
clause (4) is not an Event of Default in respect of the Notes until the Trustee
or the registered Holders of not less than 25% in aggregate principal amount of
Notes then outstanding notify the Issuer of the Default, and the Issuer does not
cure such Default within the time specified after receipt of such notice. If any
Event of Default (other than under clause (7)) occurs and is continuing, the
Trustee or the registered Holders of not less than 25% in aggregate principal
amount of the Notes then outstanding may declare all the Notes to be due and
payable. In the case of an Event of Default under clause (7), all outstanding
Notes shall become due and payable immediately without any declaration or other
act on the part of the Trustee or the Holders. Holders may not enforce the
Indenture or the Notes except as provided in the Indenture. In the event of a
declaration of acceleration of the Notes because an Event of Default has
occurred and is continuing as a result of the acceleration of any Debt described
in clause (5), the declaration of acceleration of the Notes shall be
automatically annulled if the holders of a majority in aggregate principal
amount of the Notes then outstanding have rescinded the declaration of
acceleration in respect of such Debt within 30 days of the date of such
declaration and if (i) the annulment of the acceleration of the Notes would not
conflict with any judgment or decree of a court of competent jurisdiction, and
(ii) all existing Events of Default, except nonpayment of principal or interest
on the Notes that became due solely because of the acceleration of the Notes,
have been cured or waived. Subject to certain limitations, Holders of a majority
in aggregate principal amount of the Notes then outstanding may direct the
Trustee in its exercise of any trust or power. The Trustee may withhold from
Holders notice of any continuing Default or Event of Default (except a Default
or Event of Default relating to the payment of principal, premium, if any, or
interest, including Special Interest, if any) if it determines that withholding
the notice is in the interest of the Holders. Holders of not less than a
majority in aggregate principal amount of the then outstanding Notes by notice
to the Trustee may on behalf of the Holders of all of the Notes waive any
existing Default or Event of Default and its consequences under the Indenture,
except a continuing Default or Event of Default in the payment of interest or
Special Interest on, or the principal of, the Notes. The Issuer is required to
deliver to the Trustee annually a statement regarding compliance with the
Indenture, and the Issuer is required upon becoming aware of any Default or
Event of Default, to deliver to the Trustee a statement specifying such Default
or Event of Default.

         13.      TRUSTEE DEALINGS WITH ISSUER. The Trustee in its individual or
any other capacity may become the owner or pledgee of Notes and may otherwise
deal with the Issuer or any Affiliate of the Issuer with the same rights it
would have if it were not Trustee.

         14.      NO RECOURSE AGAINST OTHERS. No past, present or future
director, officer, employee, incorporator, member, partner or stockholder of the
Issuer or any Subsidiary Guarantor as such, shall have any liability for any
Obligations of the Issuer or any Subsidiary Guarantor under the Notes, the
Indenture, the Security Documents or for any claim based on, in respect of, or
by reason of, such Obligations or their creation (except to the extent such
Person is a signatory thereto). Each Holder by accepting a Note waives and
releases all such liability. The waiver and release are part of the
consideration for issuance of the Notes.

         15.      AUTHENTICATION. This Note shall not be valid until
authenticated by the manual signature of the Trustee or an authenticating agent.

         16.      ABBREVIATIONS. Customary abbreviations may be used in the name
of a Holder or an assignee, such as: TEN COM (= tenants in common), TEN ENT (=
tenants by the entireties), JT TEN (= joint tenants with right of survivorship
and not as tenants in common), CUST (= Custodian), and U/G/M/A (= Uniform Gifts
to Minors Act).

         17.      CUSIP NUMBERS. Pursuant to a recommendation promulgated by the
Committee on Uniform Security Identification Procedures, the Issuer has caused
CUSIP numbers to be printed on the Notes, and the Trustee may use CUSIP numbers
in notices of redemption as a convenience to Holders. No representation is made
as to the accuracy of such numbers either as printed on the Notes or as
contained in any notice of redemption and reliance may be placed only on the
other identification numbers placed thereon.

                                       A-6

<PAGE>

         The Issuer shall furnish to any Holder upon written request and without
charge a copy of the Indenture. Requests may be made to:

                           Rent-Way, Inc.
                           One RentWay Place
                           Erie, Pennsylvania  16505
                           Attention: General Counsel

                                       A-7

<PAGE>

                                 ASSIGNMENT FORM

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

________________________________________________________________________________
(Insert assignee's soc. sec. or tax I.D. no.)
________________________________________________________________________________
________________________________________________________________________________
________________________________________________________________________________
              (Print or type assignee's name, address and zip code)

and irrevocably appoint ________________________________________________________
to transfer this Note on the books of the Issuer. The agent may substitute
another to act for him.

Date:________________         Your Signature:___________________________________
                                              (Sign exactly as your name appears
                                                on the face of this Note)

                              Signature Guarantee:______________________________

                              (Signature must be guaranteed by a financial
                              institution that is a member of the Securities
                              Transfer Agent Medallion Program ("STAMP"), the
                              Stock Exchange Medallion Program ("SEMP"), the New
                              York Stock Exchange, Inc. Medallion Signature
                              Program ("MSP") or such other signature guarantee
                              program as may be determined by the Registrar in
                              addition to, or in substitution for, STAMP, SEMP
                              or MSP, all in accordance with the Securities
                              Exchange Act of 1934, as amended.)

                                       A-8

<PAGE>

                       OPTION OF HOLDER TO ELECT PURCHASE

         If you want to elect to have this Note purchased by the Issuer pursuant
to Section 4.11, Section 4.17 or Section 4.19 of the Indenture, check the box
below:

         [  ]  Section 4.11    [  ]  Section 4.17    [  ]  Section 4.19

         If you want to elect to have only part of the Note purchased by the
Issuer pursuant to Section 4.11, Section 4.17 or Section 4.19 of the Indenture,
state the amount you elect to have purchased: $

Date:________________         Your Signature:___________________________________
                                              (Sign exactly as your name appears
                                               on the Note)

                              Soc. Sec. or Tax Identification No.:______________

                              Signature Guarantee:______________________________

                              (Signature must be guaranteed by a financial
                              institution that is a member of the Securities
                              Transfer Agent Medallion Program ("STAMP"), the
                              Stock Exchange Medallion Program ("SEMP"), the New
                              York Stock Exchange, Inc. Medallion Signature
                              Program ("MSP") or such other signature guarantee
                              program as may be determined by the Registrar in
                              addition to, or in substitution for, STAMP, SEMP
                              or MSP, all in accordance with the Securities
                              Exchange Act of 1934, as amended.)

                                       A-9

<PAGE>

              SCHEDULE OF EXCHANGES OF INTERESTS IN THE GLOBAL NOTE

The following exchanges of an interest in this Global Note for an interest in
another Global Note or for a Definitive Note, or exchanges of an interest in
another Global Note or Definitive Note for an interest in this Global Note, have
been made:

<TABLE>
<CAPTION>
                 Amount of                                 Principal of this       Signature of
                decrease in            Amount of              Global Note           Authorized
                 Principal            increase in           following such         Signatory of
Date of       Amount of this        Principal Amount         decrease (or         Trustee or Note
Exchange        Global Note       of this Global Note          increase)             Custodian
--------      --------------      -------------------      -----------------      ---------------
<S>           <C>                 <C>                     <C>                    <C>
</TABLE>

                                      A-10

<PAGE>

                                    EXHIBIT B

                         FORM OF CERTIFICATE OF TRANSFER

Rent-Way, Inc.
One RentWay Place
Erie, Pennsylvania 16505
Attention: General Counsel

Manufacturers and Traders Trust Company, as Trustee
One M&T Plaza
Buffalo, New York 14203
Attention: Corporate Trust Department

         Re:      11 7/8% Senior Secured Notes due 2010

         Reference is hereby made to the Indenture, dated as of June 2, 2003
(the "Indenture"), among Rent-Way, Inc., as issuer (the "Issuer"), the
Subsidiary Guarantors party thereto and Manufacturers and Traders Trust Company,
as trustee. Capitalized terms used but not defined herein shall have the
meanings given to them in the Indenture.

         ___________________, (the "Transferor") owns and proposes to transfer
the Note[s] or interest in such Note[s] specified in Annex A hereto, in the
principal amount of $___________ in such Note[s] or interests (the "Transfer"),
to ___________________________ (the "Transferee"), as further specified in Annex
A hereto. In connection with the Transfer, the Transferor hereby certifies that:

                             [CHECK ALL THAT APPLY]

         1. [ ] CHECK IF TRANSFEREE WILL TAKE DELIVERY OF A BENEFICIAL INTEREST
IN THE 144A GLOBAL NOTE OR A DEFINITIVE NOTE PURSUANT TO RULE 144A. The Transfer
is being effected pursuant to and in accordance with Rule 144A under the United
States Securities Act of 1933, as amended (the "Securities Act"), and,
accordingly, the Transferor hereby further certifies that the beneficial
interest or Definitive Note is being transferred to a Person that the Transferor
reasonably believed and believes is purchasing the beneficial interest or
Definitive Note for its own account, or for one or more accounts with respect to
which such Person exercises sole investment discretion, and such Person and each
such account is a "qualified institutional buyer" within the meaning of Rule
144A in a transaction meeting the requirements of Rule 144A and such Transfer is
in compliance with any applicable blue sky securities laws of any state of the
United States. Upon consummation of the proposed Transfer in accordance with the
terms of the Indenture, the transferred beneficial interest or Definitive Note
will be subject to the restrictions on transfer enumerated in the Private
Placement Legend printed on the 144A Global Note and/or the Definitive Note and
in the Indenture and the Securities Act.

         2. [ ] CHECK IF TRANSFEREE WILL TAKE DELIVERY OF A BENEFICIAL INTEREST
IN THE REGULATION S GLOBAL NOTE OR A DEFINITIVE NOTE PURSUANT TO REGULATION S.
The Transfer is being effected pursuant to and in accordance with Rule 903 or
Rule 904 under the Securities Act and, accordingly, the Transferor hereby
further certifies that (i) the Transfer is not being made to a Person in the
United States and (x) at the time the buy order was originated, the Transferee
was outside the United States or such Transferor and any Person acting on its
behalf reasonably believed and believes that the Transferee was outside the
United States or (y) the transaction was executed in, on or through the
facilities of a designated offshore securities market and neither such
Transferor nor any Person acting on its behalf knows that the transaction was
prearranged with a buyer in the United States, (ii) no directed selling efforts
have been made in contravention of the requirements of Rule 903(b) or Rule
904(b) of Regulation S under the Securities Act, (iii) the transaction is not
part of a plan or scheme to evade the registration requirements of the
Securities Act and (iv) if the proposed transfer is being made prior to the
expiration of the Distribution Compliance Period, the transfer is not being made
to a U.S. Person or for the account or benefit of a U.S. Person (other than the
Initial Purchaser). Upon consummation of the proposed transfer in accordance
with the terms of the Indenture, the transferred beneficial interest or
Definitive Note will be subject to the restrictions on

                                       B-1

<PAGE>

Transfer enumerated in the Private Placement Legend printed on the Regulation S
Global Note, the Temporary Regulation S Global Note and/or the Definitive Note
and in the Indenture and the Securities Act.

         3. [ ] CHECK AND COMPLETE IF TRANSFEREE WILL TAKE DELIVERY OF A
BENEFICIAL INTEREST IN THE IAI GLOBAL NOTE OR A DEFINITIVE NOTE PURSUANT TO ANY
PROVISION OF THE SECURITIES ACT OTHER THAN RULE 144A OR REGULATION S. The
Transfer is being effected in compliance with the transfer restrictions
applicable to beneficial interests in Restricted Global Notes and Restricted
Definitive Notes and pursuant to and in accordance with the Securities Act and
any applicable blue sky securities laws of any state of the United States, and
accordingly the Transferor hereby further certifies that (check one):

                  (a) [ ] such Transfer is being effected pursuant to and in
accordance with Rule 144 under the Securities Act;

                                       or

                  (b) [ ] such Transfer is being effected to the Issuer or a
subsidiary thereof;

                                       or

                  (c) [ ] such Transfer is being effected pursuant to an
effective registration statement under the Securities Act and in compliance with
the prospectus delivery requirements of the Securities Act;

                                       or

                  (d) [ ] such Transfer is being effected to an Institutional
Accredited Investor and pursuant to an exemption from the registration
requirements of the Securities Act other than Rule 144A, Rule 144 or Rule 904,
in an aggregate principal amount of at least $250,000, and the Transferor hereby
further certifies that it has not engaged in any general solicitation within the
meaning of Regulation D under the Securities Act and the Transfer complies with
the transfer restrictions applicable to beneficial interests in a Restricted
Global Note or Restricted Definitive Notes and the requirements of the exemption
claimed, which certification is supported by (1) a certificate executed by the
Transferee in the form of Exhibit D to the Indenture and (2) an Opinion of
Counsel provided by the Transferor or the Transferee (a copy of which the
Transferor has attached to this certification), to the effect that such Transfer
is in compliance with the Securities Act. Upon consummation of the proposed
transfer in accordance with the terms of the Indenture, the transferred
beneficial interest or Definitive Note will be subject to the restrictions on
transfer enumerated in the Private Placement Legend printed on the IAI Global
Note and/or the Definitive Notes and in the Indenture and the Securities Act.

         4. [ ] CHECK IF TRANSFEREE WILL TAKE DELIVERY OF A BENEFICIAL INTEREST
IN AN UNRESTRICTED GLOBAL NOTE OR OF AN UNRESTRICTED DEFINITIVE NOTE.

                  (a) [ ] CHECK IF TRANSFER IS PURSUANT TO RULE 144. (i) The
Transfer is being effected pursuant to and in accordance with Rule 144 under the
Securities Act and in compliance with the transfer restrictions contained in the
Indenture and any applicable blue sky securities laws of any state of the United
States and (ii) the restrictions on transfer contained in the Indenture and the
Private Placement Legend are not required in order to maintain compliance with
the Securities Act. Upon consummation of the proposed Transfer in accordance
with the terms of the Indenture, the transferred beneficial interest or
Definitive Note will no longer be subject to the restrictions on transfer
enumerated in the Private Placement Legend printed on the Restricted Global
Notes, on Restricted Definitive Notes and in the Indenture.

                  (b) [ ] CHECK IF TRANSFER IS PURSUANT TO REGULATION S. (i) The
Transfer is being effected pursuant to and in accordance with Rule 903 or Rule
904 under the Securities Act and in compliance with the transfer restrictions
contained in the Indenture and any applicable blue sky securities laws of any
state of the United States and (ii) the restrictions on transfer contained in
the Indenture and the Private Placement Legend are not required in order to
maintain compliance with the Securities Act. Upon consummation of the proposed
Transfer in accordance with the terms of the Indenture, the transferred
beneficial interest or Definitive Note will no longer be

                                       B-2

<PAGE>

subject to the restrictions on transfer enumerated in the Private Placement
Legend printed on the Restricted Global Notes, on Restricted Definitive Notes
and in the Indenture.

                  (c) [ ] CHECK IF TRANSFER IS PURSUANT TO OTHER EXEMPTION. (i)
The Transfer is being effected pursuant to and in compliance with an exemption
from the registration requirements of the Securities Act other than Rule 144,
Rule 903 or Rule 904 and in compliance with the transfer restrictions contained
in the Indenture and any applicable blue sky securities laws of any State of the
United States and (ii) the restrictions on transfer contained in the Indenture
and the Private Placement Legend are not required in order to maintain
compliance with the Securities Act. Upon consummation of the proposed Transfer
in accordance with the terms of the Indenture, the transferred beneficial
interest or Definitive Note will not be subject to the restrictions on transfer
enumerated in the Private Placement Legend printed on the Restricted Global
Notes or Restricted Definitive Notes and in the Indenture.

         This certificate and the statements contained herein are made for your
benefit and the benefit of the Issuer.

                                    ____________________________________________
                                    [Insert Name of Transferor]

                                    By:_________________________________________
                                    Name:_______________________________________
                                    Title:______________________________________

                                    Dated:______________________________________

                                       B-3

<PAGE>

                       ANNEX A TO CERTIFICATE OF TRANSFER

1.       The Transferor owns and proposes to transfer the following:

                            [CHECK ONE OF (A) OR (B)]

         (a) [ ] a beneficial interest in the:

                  (i)   [ ] 144A Global Note (CUSIP _________), or

                  (ii)  [ ] Regulation S Global Note (CUSIP _________), or

                  (iii) [ ] IAI Global Note (CUSIP _________); or

         (b) [ ] a Restricted Definitive Note.

2.       After the Transfer the Transferee will hold:

                                   [CHECK ONE]

         (a) [ ] a beneficial interest in the:

                  (i)  [ ] 144A Global Note (CUSIP _________), or

                  (ii)  [ ] Regulation S Global Note (CUSIP _________), or

                  (iii) [ ] IAI Global Note (CUSIP _________); or

                  (iv)  [ ] Unrestricted Global Note (CUSIP _________); or

         (b) [ ] a Restricted Definitive Note; or

         (c) [ ] an Unrestricted Definitive Note, in accordance with the terms
             of the Indenture.

                                       B-4

<PAGE>

                                    EXHIBIT C

                         FORM OF CERTIFICATE OF EXCHANGE

Rent-Way, Inc.
One RentWay Place
Erie, Pennsylvania 16505
Attention: General Counsel

Manufacturers and Traders Trust Company, as Trustee
One M&T Plaza
Buffalo, New York 14203
Attention: Corporate Trust Department

         Re:      11 7/8% Senior Secured Notes due 2010

                              (CUSIP ____________)

         Reference is hereby made to the Indenture, dated as of June 2, 2003
(the "Indenture"), among Rent-Way, Inc., as issuer (the "Issuer"), the
Subsidiary Guarantors party thereto and Manufacturers and Traders Trust Company,
as trustee. Capitalized terms used but not defined herein shall have the
meanings given to them in the Indenture.

         __________________________, (the "Owner") owns and proposes to exchange
the Note[s] or interest in such Note[s] specified herein, in the principal
amount of $____________ in such Note[s] or interests (the "Exchange"). In
connection with the Exchange, the Owner hereby certifies that:

         1. [ ] EXCHANGE OF RESTRICTED DEFINITIVE NOTES OR BENEFICIAL INTERESTS
IN A RESTRICTED GLOBAL NOTE FOR UNRESTRICTED DEFINITIVE NOTES OR BENEFICIAL
INTERESTS IN AN UNRESTRICTED GLOBAL NOTE

                  (a) [ ] CHECK IF EXCHANGE IS FROM BENEFICIAL INTEREST IN A
RESTRICTED GLOBAL NOTE TO BENEFICIAL INTEREST IN AN UNRESTRICTED GLOBAL NOTE. In
connection with the Exchange of the Owner's beneficial interest in a Restricted
Global Note for a beneficial interest in an Unrestricted Global Note in an equal
principal amount, the Owner hereby certifies (i) the beneficial interest is
being acquired for the Owner's own account without transfer, (ii) such Exchange
has been effected in compliance with the transfer restrictions applicable to the
Global Notes and pursuant to and in accordance with the United States Securities
Act of 1933, as amended (the "Securities Act"), (iii) the restrictions on
transfer contained in the Indenture and the Private Placement Legend are not
required in order to maintain compliance with the Securities Act and (iv) the
beneficial interest in an Unrestricted Global Note is being acquired in
compliance with any applicable blue sky securities laws of any state of the
United States.

                  (b) [ ] CHECK IF EXCHANGE IS FROM BENEFICIAL INTEREST IN A
RESTRICTED GLOBAL NOTE TO UNRESTRICTED DEFINITIVE NOTE. In connection with the
Exchange of the Owner's beneficial interest in a Restricted Global Note for an
Unrestricted Definitive Note, the Owner hereby certifies (i) the Definitive Note
is being acquired for the Owner's own account without transfer, (ii) such
Exchange has been effected in compliance with the transfer restrictions
applicable to the Restricted Global Notes and pursuant to and in accordance with
the Securities Act, (iii) the restrictions on transfer contained in the
Indenture and the Private Placement Legend are not required in order to maintain
compliance with the Securities Act and (iv) the Definitive Note is being
acquired in compliance with any applicable blue sky securities laws of any state
of the United States.

                  (c) [ ] CHECK IF EXCHANGE IS FROM RESTRICTED DEFINITIVE NOTE
TO BENEFICIAL INTEREST IN AN UNRESTRICTED GLOBAL NOTE. In connection with the
Owner's Exchange of a Restricted Definitive Note for a beneficial interest in an
Unrestricted Global Note, the Owner hereby certifies (i) the beneficial interest
is being acquired for the Owner's own account without transfer, (ii) such
Exchange has been

                                       C-1

<PAGE>

effected in compliance with the transfer restrictions applicable to Restricted
Definitive Notes and pursuant to and in accordance with the Securities Act,
(iii) the restrictions on transfer contained in the Indenture and the Private
Placement Legend are not required in order to maintain compliance with the
Securities Act and (iv) the beneficial interest is being acquired in compliance
with any applicable blue sky securities laws of any state of the United States.

                  (d) [ ] CHECK IF EXCHANGE IS FROM RESTRICTED DEFINITIVE NOTE
TO UNRESTRICTED DEFINITIVE NOTE. In connection with the Owner's Exchange of a
Restricted Definitive Note for an Unrestricted Definitive Note, the Owner hereby
certifies (i) the Unrestricted Definitive Note is being acquired for the Owner's
own account without transfer, (ii) such Exchange has been effected in compliance
with the transfer restrictions applicable to Restricted Definitive Notes and
pursuant to and in accordance with the Securities Act, (iii) the restrictions on
transfer contained in the Indenture and the Private Placement Legend are not
required in order to maintain compliance with the Securities Act and (iv) the
Unrestricted Definitive Note is being acquired in compliance with any applicable
blue sky securities laws of any state of the United States.

         2. [ ] EXCHANGE OF RESTRICTED DEFINITIVE NOTES OR BENEFICIAL INTERESTS
IN RESTRICTED GLOBAL NOTES FOR RESTRICTED DEFINITIVE NOTES OR BENEFICIAL
INTERESTS IN RESTRICTED GLOBAL NOTES

                  (a) [ ] CHECK IF EXCHANGE IS FROM BENEFICIAL INTEREST IN A
RESTRICTED GLOBAL NOTE TO RESTRICTED DEFINITIVE NOTE. In connection with the
Exchange of the Owner's beneficial interest in a Restricted Global Note for a
Restricted Definitive Note with an equal principal amount, the Owner hereby
certifies that the Restricted Definitive Note is being acquired for the Owner's
own account without transfer. Upon consummation of the proposed Exchange in
accordance with the terms of the Indenture, the Restricted Definitive Note
issued will continue to be subject to the restrictions on transfer enumerated in
the Private Placement Legend printed on the Restricted Definitive Note and in
the Indenture and the Securities Act.

                  (b) [ ] CHECK IF EXCHANGE IS FROM RESTRICTED DEFINITIVE NOTE
TO BENEFICIAL INTEREST IN A RESTRICTED GLOBAL NOTE. In connection with the
Exchange of the Owner's Restricted Definitive Note for a beneficial interest in
the [CHECK ONE] 144A Global Note, Regulation S Global Note, IAI Global Note with
an equal principal amount, the Owner hereby certifies (i) the beneficial
interest is being acquired for the Owner's own account without transfer and (ii)
such Exchange has been effected in compliance with the transfer restrictions
applicable to the Restricted Global Notes and pursuant to and in accordance with
the Securities Act, and in compliance with any applicable blue sky securities
laws of any state of the United States. Upon consummation of the proposed
Exchange in accordance with the terms of the Indenture, the beneficial interest
issued will be subject to the restrictions on transfer enumerated in the Private
Placement Legend printed on the relevant Restricted Global Note and in the
Indenture and the Securities Act.

         This certificate and the statements contained herein are made for your
benefit and the benefit of the Issuer.

                                     ___________________________________________
                                     [Insert Name of Transferor]

                                    By:_________________________________________
                                    Name:_______________________________________
                                    Title:______________________________________

                                    Dated:______________________________________

                                       C-2

<PAGE>

                                    EXHIBIT D

                            FORM OF CERTIFICATE FROM

                   ACQUIRING INSTITUTIONAL ACCREDITED INVESTOR

Rent-Way, Inc.
One RentWay Place
Erie, Pennsylvania 16505
Attention: General Counsel

Manufacturers and Traders Trust Company, as Trustee
One M&T Plaza
Buffalo, New York 14203
Attention: Corporate Trust Department

         Re:______11 7/8% Senior Secured Notes due 2010

         Reference is hereby made to the Indenture, dated as of June 2, 2003
(the "Indenture"), among Rent-Way, Inc., as issuer (the "Issuer"), the
Subsidiary Guarantors signatory thereto and Manufacturers and Traders Trust
Company, as trustee. Capitalized terms used but not defined herein shall have
the meanings given to them in the Indenture.

         In connection with our proposed purchase of $____________ aggregate
principal amount of:

                  (a) [ ] a beneficial interest in a Global Note, or

                  (b) [ ] a Definitive Note,

we confirm that:

         1. We understand that any subsequent transfer of the Notes or any
interest therein is subject to certain restrictions and conditions set forth in
the Indenture and the undersigned agrees to be bound by, and not to resell,
pledge or otherwise transfer the Notes or any interest therein except in
compliance with, such restrictions and conditions and the United States
Securities Act of 1933, as amended (the "Securities Act").

         2. We understand that the offer and sale of the Notes have not been
registered under the Securities Act, and that the Notes and any interest therein
may not be offered or sold except as permitted in the following sentence. We
agree, on our own behalf and on behalf of any accounts for which we are acting
as hereinafter stated, that if we should sell the Notes or any interest therein,
we will do so only (A) to the Issuer or any subsidiary thereof, (B) in
accordance with Rule 144A under the Securities Act to a "qualified institutional
buyer" (as defined therein), (C) to an institutional "accredited investor" (as
defined below) that, prior to such transfer, furnishes (or has furnished on its
behalf by a U.S. broker-dealer) to you and to the Issuer a signed letter
substantially in the form of this letter and an Opinion of Counsel in form
reasonably acceptable to the Issuer to the effect that such transfer is in
compliance with the Securities Act, and such transfer is in an aggregate
principal amount of at least $250,000, (D) outside the United States in
accordance with Rule 904 of Regulation S under the Securities Act, (E) pursuant
to the provisions of Rule 144(k) under the Securities Act or (F) pursuant to an
effective registration statement under the Securities Act, and we further agree
to provide to any Person purchasing the Definitive Note or beneficial interest
in a Global Note from us in a transaction meeting the requirements of clauses
(A) through (E) of this paragraph a notice advising such purchaser that resales
thereof are restricted as stated herein.

                                       D-1

<PAGE>

         3. We understand that, on any proposed resale of the Notes or
beneficial interest therein, we will be required to furnish to you and the
Issuer such certifications, legal opinions and other information as you and the
Issuer may reasonably require to confirm that the proposed sale complies with
the foregoing restrictions. We further understand that the Notes purchased by us
will bear a legend to the foregoing effect.

         4. We are an institutional "accredited investor" (as defined in Rule
501(a)(1), (2), (3) or (7) of Regulation D under the Securities Act) and have
such knowledge and experience in financial and business matters as to be capable
of evaluating the merits and risks of our investment in the Notes, and we and
any accounts for which we are acting are each able to bear the economic risk of
our or its investment.

         5. We are acquiring the Notes or beneficial interest therein purchased
by us for our own account or for one or more accounts (each of which is an
institutional "accredited investor") as to each of which we exercise sole
investment discretion.

         You and the Issuer are entitled to rely upon this letter and are
irrevocably authorized to produce this letter or a copy hereof to any interested
party in any administrative or legal proceedings or official inquiry with
respect to the matters covered hereby.

                                    ____________________________________________
                                    [Insert Name of Accredited Investor]

                                    By:_________________________________________
                                    Name:_______________________________________
                                    Title:______________________________________

                                    Dated:______________________________________

                                       D-2

<PAGE>

                                    EXHIBIT E

                          FORM OF NOTATION OF GUARANTEE

         For value received, each Subsidiary Guarantor (which term includes any
successor Person under the Indenture), jointly and severally, unconditionally
guarantees, to the extent set forth in the Indenture and subject to the
provisions in the Indenture, dated as of June 2, 2003 (the "Indenture"), among
Rent-Way, Inc., as issuer (the "Issuer"), the Subsidiary Guarantors listed on
the signature pages thereto and Manufacturers and Traders Trust Company, as
trustee (the "Trustee"), (a) the due and punctual payment of the principal of,
premium, if any, and interest and Special Interest, if any, on, the Notes,
whether at maturity, by acceleration, redemption or otherwise, the due and
punctual payment of interest on overdue principal of, premium, if any, and
interest and Special Interest, if any, on, the Notes, if lawful, and the due and
punctual performance of all other obligations of the Issuer to the Holders or
the Trustee, all in accordance with the terms of the Indenture and (b) in case
of any extension of time of payment or renewal of any Notes or any of such other
obligations, that the same shall be promptly paid in full when due or performed
in accordance with the terms of the extension or renewal, whether at stated
maturity, by acceleration or otherwise. The obligations of the Subsidiary
Guarantors to the Holders of Notes and to the Trustee pursuant to the Subsidiary
Guaranty and the Indenture are expressly set forth in Article 10 of the
Indenture, and reference is hereby made to the Indenture for the precise terms
of the Subsidiary Guaranty. This Subsidiary Guaranty is subject to release as
and to the extent set forth in Sections 8.2, 8.3 and 10.5 of the Indenture. Each
Holder of a Note, by accepting the same, agrees to and shall be bound by such
provisions. Capitalized terms used herein and not defined are used herein as so
defined in the Indenture.

                                    RENT-WAY OF TOMORROW, INC.

                                    By: ________________________________________
                                    Name________________________________________
                                    Title_______________________________________

                                    RENT-WAY OF MICHIGAN, INC.

                                    By: ________________________________________
                                    Name________________________________________
                                    Title_______________________________________

                                    ACTION RENT TO OWN HOLDINGS OF SOUTH
                                    CAROLINA, INC.

                                    By: ________________________________________
                                    Name________________________________________
                                    Title_______________________________________

                                    RENT-WAY DEVELOPMENTS, INC.

                                    By: ________________________________________
                                    Name________________________________________
                                    Title_______________________________________

                                       E-1

<PAGE>

                                    RENT-WAY OF TTIG, L.P.

                                    By: RENT-WAY DEVELOPMENTS, INC., its general
                                        partner

                                        By: ____________________________________
                                        Name____________________________________
                                        Title___________________________________

                                       E-2

<PAGE>

                                    EXHIBIT F

                         FORM OF SUPPLEMENTAL INDENTURE

         This SUPPLEMENTAL INDENTURE, dated as of __________ ___, ____, is among
Rent-Way, Inc., a Pennsylvania corporation (the "Company"), each of the parties
identified under the caption "Subsidiary Guarantors" on the signature page
hereto (the "Guarantors") and Manufacturers and Traders Trust Company, as
Trustee.

                                    RECITALS

         WHEREAS, the Company, certain Subsidiary Guarantors and the Trustee
entered into an Indenture, dated as of June 2, 2003 (the "Indenture"), pursuant
to which the Company has originally issued $205,000,000 in aggregate principal
amount of 11 7/8% Senior Secured Notes due 2010 (the "Notes"); and

         WHEREAS, Section 9.1(a)(iv) of the Indenture provides that the Company,
the Subsidiary Guarantors and the Trustee may amend or supplement the Indenture
in order to add any new Subsidiary Guarantor to comply with Section 10.4
thereof, without the consent of the Holders of the Notes; and

         WHEREAS, all acts and things prescribed by the Indenture, by law and by
the charter and the bylaws (or comparable constituent documents) of the Company,
of the Subsidiary Guarantors and of the Trustee necessary to make this
Supplemental Indenture a valid instrument legally binding on the Company, the
Subsidiary Guarantors and the Trustee, in accordance with its terms, have been
duly done and performed;

         NOW, THEREFORE, to comply with the provisions of the Indenture and in
consideration of the above premises, the Company, the Subsidiary Guarantors and
the Trustee covenant and agree for the equal and proportionate benefit of the
respective Holders of the Notes as follows:

                                   ARTICLE 1.

         Section 1.1. This Supplemental Indenture is supplemental to the
Indenture and does and shall be deemed to form a part of, and shall be construed
in connection with and as part of, the Indenture for any and all purposes.

         Section 1.2. This Supplemental Indenture shall become effective
immediately upon its execution and delivery by each of the Company, the
Subsidiary Guarantors and the Trustee.

                                   ARTICLE 2.

         Section 2.1. From this date, in accordance with Section 10.4 and by
executing this Supplemental Indenture and the accompanying notation of
Subsidiary Guarantee (a copy of which is attached hereto), the Subsidiary
Guarantors whose signatures appear below are subject to the provisions of the
Indenture to the extent provided for in Article 10 thereof.

                                   ARTICLE 3.

         Section 3.1. Except as specifically modified herein, the Indenture and
the Notes are in all respects ratified and confirmed (mutatis mutandis) and
shall remain in full force and effect in accordance with their terms with all
capitalized terms used herein without definition having the same respective
meanings ascribed to them as in the Indenture.

         Section 3.2. Except as otherwise expressly provided herein, no duties,
responsibilities or liabilities are assumed, or shall be construed to be
assumed, by the Trustee by reason of this Supplemental Indenture. This
Supplemental Indenture is executed and accepted by the Trustee subject to all
the terms and conditions set forth in the Indenture with the same force and
effect as if those terms and conditions were repeated at length herein and made
applicable to the Trustee with respect hereto.

                                       F-1

<PAGE>

         Section 3.3. THE LAW OF THE STATE OF NEW YORK SHALL GOVERN AND BE USED
TO CONSTRUE AND ENFORCE THIS SUPPLEMENTAL INDENTURE.

         Section 3.4. The parties may sign any number of copies of this
Supplemental Indenture. Each signed copy shall be an original, but all of such
executed copies together shall represent the same agreement.

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

                                    RENT-WAY, INC.

                                    By:_________________________________________
                                    Name:_______________________________________
                                    Title:______________________________________

                                    [SUBSIDIARY GUARANTORS]

                                    By:_________________________________________
                                    Name:_______________________________________
                                    Title:______________________________________

                                    MANUFACTURERS AND TRADERS TRUST COMPANY

                                    By:_________________________________________
                                    Name:_______________________________________
                                    Title:______________________________________

                                       F-2

<PAGE>

                             CROSS-REFERENCE TABLE*

<TABLE>
<CAPTION>
Trust Indenture Act
-------------------
<S>                                                     <C>
310 (a)(1)...................................           7.10
(a)(2).......................................           7.10
(a)(3).......................................           N.A.
(a)(4).......................................           N.A.
(a)(5).......................................           7.10
(b)..........................................           7.10
(c)..........................................           N.A.
311(a).......................................           7.11
(b)..........................................           7.11
(c)..........................................           N.A.
312(a).......................................           2.5
(b)..........................................           13.3
(c)..........................................           13.3
313(a).......................................           7.6
(b)(2).......................................           7.6; 7.7
(c) .........................................           7.6; 13.2
(d)..........................................           7.6
314(a)(4)....................................           13.5
(c)(1) ......................................           N.A.
(c)(2).......................................           N.A.
(c)(3).......................................           N.A.
(e)..........................................           13.5
(f)..........................................           N.A.
315(a) 7.1(b)................................           N.A.
(c)..........................................           N.A.
(d)..........................................           N.A.
(e)..........................................           N.A.
316(a)(last sentence)........................           N.A.
(a)(1)(A)....................................           N.A.
(a)(1)(B)....................................           N.A.
(a)(2).......................................           N.A.
(b)..........................................           N.A.
(c)..........................................           N.A.
317(a)(1)....................................           N.A.
(a)(2).......................................           N.A.
(b)..........................................           N.A.
318(a).......................................           N.A.
(b)..........................................           N.A.
(c)..........................................           13.1
</TABLE>

N.A. means not applicable.

*This Cross-Reference Table is not part of this Indenture.<PAGE>
                                                                    Exhibit 10.1
                                 RENT-WAY, INC.

                                  $205,000,000

                      11 7/8% SENIOR SECURED NOTES DUE 2010

                          REGISTRATION RIGHTS AGREEMENT

<PAGE>

                                 RENT-WAY, INC.

                                  $205,000,000

                      11 7/8% SENIOR SECURED NOTES DUE 2010

                          REGISTRATION RIGHTS AGREEMENT

                                                              New York, New York
                                                                    May 23, 2003

Citigroup Global Markets Inc.
388 Greenwich Street
New York, New York  10013

Dear Sirs:

         Rent-Way, Inc., a corporation organized under the laws of the State of
Pennsylvania (the "COMPANY"), proposes to issue and sell its 11 7/8% Senior
Secured Notes due 2010 (the "NOTES") to Citigroup Global Markets Inc. (the
"INITIAL PURCHASER"), upon the terms set forth in a purchase agreement of even
date herewith among the Company, the subsidiary guarantors signatory thereto
(the "SUBSIDIARY GUARANTORS") and the Initial Purchaser (the "PURCHASE
AGREEMENT") relating to the initial placement of the Notes (the "INITIAL
PLACEMENT"). The Notes will be guaranteed (the "GUARANTEES" and, together with
the Notes, the "SECURITIES") on an unsecured senior basis by the Subsidiary
Guarantors. To induce the Initial Purchaser to enter into the Purchase Agreement
and to satisfy a condition of your obligations thereunder, the Company and the
Subsidiary Guarantors agree with you for your benefit and the benefit of the
holders from time to time of the Securities or New Securities, as the case may
be (including the Initial Purchaser) (each a "HOLDER" and, together, the
"HOLDERS"), as follows:

         1.       Definitions. Capitalized terms used herein without definition
shall have their respective meanings set forth in the Purchase Agreement. As
used in this Agreement, the following capitalized defined terms shall have the
following meanings:

         "ACT" shall mean the Securities Act of 1933, as amended, and the rules
and regulations of the Commission promulgated thereunder.

         "AFFILIATE" of any specified Person shall mean any other Person that,
directly or indirectly, is in control of, is controlled by, or is under common
control with, such specified Person. For purposes of this definition, control of
a Person shall mean the power, direct or indirect, to direct or cause the
direction of the management and policies of such Person whether by contract or
otherwise; and the terms "controlling" and "controlled" shall have meanings
correlative to the foregoing.

         "BROKER-DEALER" shall mean any broker or dealer registered as such
under the Exchange Act.

<PAGE>

         "BUSINESS DAY" shall mean any day other than a Saturday, a Sunday or a
legal holiday or a day on which banking institutions or trust companies are
authorized or obligated by law to close in the city of New York.

         "COMMISSION" shall mean the Securities and Exchange Commission.

         "EXCHANGE ACT" shall mean the Securities Exchange Act of 1934, as
amended, and the rules and regulations of the Commission promulgated thereunder.

         "EXCHANGE OFFER REGISTRATION PERIOD" shall mean the one year period
following the consummation of the Registered Exchange Offer, exclusive of any
period during which any stop order shall be in effect suspending the
effectiveness of the Exchange Offer Registration Statement.

         "EXCHANGE OFFER REGISTRATION STATEMENT" shall mean a registration
statement of the Company and the Subsidiary Guarantors on an appropriate form
under the Act with respect to the Registered Exchange Offer, all amendments and
supplements to such registration statement, including post-effective amendments
thereto, in each case including the Prospectus contained therein, all exhibits
thereto and all material incorporated by reference therein.

         "EXCHANGING DEALER" shall mean any Holder (which may include the
Initial Purchaser) that is a Broker-Dealer and elects to exchange for New
Securities any Securities that it acquired for its own account as a result of
market-making activities or other trading activities (but not directly from the
Company or any Affiliate of the Company) for New Securities.

         "FINAL MEMORANDUM" shall have the meaning set forth in the Purchase
Agreement.

         "HOLDER" shall have the meaning set forth in the preamble hereto.

         "INDENTURE" shall mean the Indenture relating to the Securities, dated
as of June 2, 2003, among the Company, the Subsidiary Guarantors and
Manufacturers and Traders Trust Company, as trustee, as the same may be amended
from time to time in accordance with the terms thereof.

         "INITIAL PLACEMENT" shall have the meaning set forth in the preamble
hereto.

         "INITIAL PURCHASER" shall have the meaning set forth in the preamble
hereto.

         "LOSSES" shall have the meaning set forth in Section 6(d) hereof.

         "MAJORITY HOLDERS" shall mean the Holders of a majority of the
aggregate principal amount of Securities or New Securities, as the case may be,
registered under a Registration Statement.

         "MANAGING UNDERWRITERS" shall mean the investment banker or investment
bankers and manager or managers that shall administer an underwritten offering.

         "NEW SECURITIES" shall mean debt securities of the Company and the
guarantees thereof by the Subsidiary Guarantors identical in all material
respects to the Securities (except that the

                                       2

<PAGE>

cash interest and interest rate step-up provisions and the transfer restrictions
shall be modified or eliminated, as appropriate) and to be issued under the
Indenture or the New Securities Indenture.

         "NEW SECURITIES INDENTURE" shall mean an indenture among the Company,
the Subsidiary Guarantors and the New Securities Trustee, identical in all
material respects to the Indenture (except that the cash interest and interest
rate step-up provisions will be modified or eliminated, as appropriate).

         "NEW SECURITIES TRUSTEE" shall mean a bank or trust company reasonably
satisfactory to the Initial Purchaser, as trustee with respect to the New
Securities under the New Securities Indenture.

         "PERSON" shall mean any individual, corporation, company (including any
limited liability company), association, partnership, joint venture, trust,
unincorporated organization, government or any agency or political subdivision
thereof or any other entity.

         "PROSPECTUS" shall mean the prospectus included in any Registration
Statement (including, without limitation, a prospectus that discloses
information previously omitted from a prospectus filed as part of an effective
registration statement in reliance upon Rule 430A under the Act), as amended or
supplemented by any prospectus supplement, with respect to the terms of the
offering of any portion of the Securities or the New Securities covered by such
Registration Statement, and all amendments and supplements thereto and all
material incorporated by reference therein.

         "PURCHASE AGREEMENT" shall have the meaning set forth in the preamble
hereto.

         "REGISTERED EXCHANGE OFFER" shall mean the proposed offer of the
Company to issue and deliver to the Holders of the Securities that are not
prohibited by any law or policy of the Commission from participating in such
offer, in exchange for the Securities, a like aggregate principal amount of the
New Securities.

         "REGISTRATION STATEMENT" shall mean any Exchange Offer Registration
Statement or Shelf Registration Statement that covers any of the Securities or
the New Securities pursuant to the provisions of this Agreement, any amendments
and supplements to such registration statement, including post-effective
amendments (in each case including the Prospectus contained therein), all
exhibits thereto and all material incorporated by reference therein.

         "SECURITIES" shall have the meaning set forth in the preamble hereto.

         "SHELF REGISTRATION" shall mean a registration effected pursuant to
Section 3 hereof.

         "SHELF REGISTRATION PERIOD" has the meaning set forth in Section 3(b)
hereof.

         "SHELF REGISTRATION STATEMENT" shall mean a "shelf" registration
statement of the Company and the Subsidiary Guarantors pursuant to the
provisions of Section 3 hereof which covers some or all of the Securities or New
Securities, as applicable, on an appropriate form under Rule 415 under the Act,
or any similar rule that may be adopted by the Commission, amendments and
supplements to such registration statement, including post-effective

                                       3

<PAGE>

amendments, in each case including the Prospectus contained therein, all
exhibits thereto and all material incorporated by reference therein.

         "TRUSTEE" shall mean the trustee with respect to the Securities under
the Indenture.

         "UNDERWRITER" shall mean any underwriter of Securities in connection
with an offering thereof under a Shelf Registration Statement.

         2.       Registered Exchange Offer. (a) The Company and the Subsidiary
Guarantors shall prepare and, not later than 180 days following the date of the
original issuance of the Securities (or if such 180th day is not a Business Day,
the next succeeding Business Day), shall file with the Commission the Exchange
Offer Registration Statement with respect to the Registered Exchange Offer. The
Company and the Subsidiary Guarantors shall use their respective best efforts to
cause the Exchange Offer Registration Statement to become effective under the
Act within 240 days of the date of the original issuance of the Securities (or
if such 240th day is not a Business Day, the next succeeding Business Day).

                  (b)      Upon the effectiveness of the Exchange Offer
Registration Statement, the Company and the Subsidiary Guarantors shall promptly
commence the Registered Exchange Offer, it being the objective of such
Registered Exchange Offer to enable each Holder electing to exchange Securities
for New Securities (assuming that such Holder is not an Affiliate of the
Company, acquires the New Securities in the ordinary course of such Holder's
business, has no arrangements with any Person to participate in the distribution
of the New Securities and is not prohibited by any law or policy of the
Commission from participating in the Registered Exchange Offer) to trade such
New Securities from and after their receipt without any limitations or
restrictions under the Act and without material restrictions under the
securities laws of a substantial proportion of the several states of the United
States.

                  (c)      In connection with the Registered Exchange Offer, the
Company and the Subsidiary Guarantors shall:

                           (i)      mail to each Holder a copy of the Prospectus
         forming part of the Exchange Offer Registration Statement, together
         with an appropriate letter of transmittal and related documents;

                           (ii)     keep the Registered Exchange Offer open for
         not less than 20 Business Days and not more than 30 Business Days after
         the date notice thereof is mailed to the Holders (or, in each case,
         longer if required by applicable law);

                           (iii)    use their respective best efforts to keep
         the Exchange Offer Registration Statement continuously effective under
         the Act, supplemented and amended as required, under the Act, to ensure
         that it is available for sales of New Securities by Exchanging Dealers
         during the Exchange Offer Registration Period;

                           (iv)     utilize the services of a depositary for the
         Registered Exchange Offer with an address in the Borough of Manhattan
         in New York City, which may be the Trustee, the New Securities Trustee
         or an Affiliate of either of them;

                                       4

<PAGE>

                           (v)      permit Holders to withdraw tendered
         Securities at any time prior to the close of business, New York time,
         on the last Business Day on which the Registered Exchange Offer is
         open;

                           (vi)     prior to effectiveness of the Exchange Offer
         Registration Statement, provide a supplemental letter to the Commission
         (A) stating that the Company and the Subsidiary Guarantors are
         conducting the Registered Exchange Offer in reliance on the position of
         the Commission in Exxon Capital Holdings Corporation (pub. avail. May
         13, 1988) and Morgan Stanley and Co., Inc. (pub. avail. June 5, 1991);
         and (B) including a representation that the Company and the Subsidiary
         Guarantors have not entered into any arrangement or understanding with
         any Person to distribute the New Securities to be received in the
         Registered Exchange Offer and that, to the best of the Company and the
         Subsidiary Guarantors' information and belief, each Holder
         participating in the Registered Exchange Offer is acquiring the New
         Securities in the ordinary course of business and has no arrangement or
         understanding with any Person to participate in the distribution of the
         New Securities; and

                           (vii)    comply in all respects with all applicable
         laws.

                  (d)      As soon as practicable after the close of the
Registered Exchange Offer, the Company and the Subsidiary Guarantors shall:

                           (i)      accept for exchange all Securities tendered
         and not validly withdrawn pursuant to the Registered Exchange Offer;

                           (ii)     deliver to the Trustee for cancellation in
         accordance with Section 4(s) all Securities so accepted for exchange;
         and

                           (iii)    cause the New Securities Trustee promptly to
         authenticate and deliver to each Holder of Securities a principal
         amount of New Securities equal to the principal amount of the
         Securities of such Holder so accepted for exchange.

                  (e)      Each Holder hereby acknowledges and agrees that any
Broker-Dealer and any such Holder using the Registered Exchange Offer to
participate in a distribution of the New Securities (i) could not under
Commission policy as in effect on the date of this Agreement rely on the
position of the Commission in Morgan Stanley and Co., Inc. (pub. avail. June 5,
1991) and Exxon Capital Holdings Corporation (pub. avail. May 13, 1988), as
interpreted in the Commission's letter to Shearman & Sterling dated July 2, 1993
and similar no-action letters; and (ii) must comply with the registration and
prospectus delivery requirements of the Act in connection with any secondary
resale transaction and the New Securities must be covered by an effective
registration statement containing the selling security holder information
required by Item 507 or 508, as applicable, of Regulation S-K under the Act if
the resales are of New Securities obtained by such Holder in exchange for
Securities acquired by such Holder directly from the Company or one of its
Affiliates. Accordingly, each Holder participating in the Registered Exchange
Offer shall be required to represent to the Company and the Subsidiary
Guarantors that, at the time of the consummation of the Registered Exchange
Offer:

                                       5

<PAGE>

                           (i)      any New Securities received by such Holder
         will be acquired in the ordinary course of business;

                           (ii)     such Holder will have no arrangement or
         understanding with any Person to participate in the distribution of the
         Securities or the New Securities within the meaning of the Act; and

                           (iii)    such Holder is not an Affiliate of the
         Company or any of the Subsidiary Guarantors.

                  (f)      If the Initial Purchaser determines that it is not
eligible to participate in the Registered Exchange Offer with respect to the
exchange of Securities constituting any portion of an unsold allotment, at the
request of the Initial Purchaser, the Company and the Subsidiary Guarantors
shall issue and deliver to the Initial Purchaser or the Person purchasing New
Securities registered under a Shelf Registration Statement as contemplated by
Section 3 hereof from the Initial Purchaser, in exchange for such Securities, a
like principal amount of New Securities. The Company and the Subsidiary
Guarantors shall use their respective best efforts to cause the CUSIP Service
Bureau to issue the same CUSIP number for such New Securities as for New
Securities issued pursuant to the Registered Exchange Offer.

         3.       Shelf Registration. (a) If (i) due to any change in law or
applicable interpretations thereof by the Commission's staff, the Company
determines upon advice of its outside counsel that it is not permitted to effect
the Registered Exchange Offer as contemplated by Section 2 hereof; (ii) for any
other reason the Exchange Offer Registration Statement is not declared effective
within 240 days after the date of the original issuance of the Securities or the
Registered Exchange Offer is not consummated within 30 Business Days after the
date the Exchange Offer Registration Statement is declared effective; (iii) the
Initial Purchaser so requests with respect to Securities that are not eligible
to be exchanged for New Securities in the Registered Exchange Offer and that are
held by it following consummation of the Registered Exchange Offer; (iv) any
Holder (other than the Initial Purchaser) is not eligible to participate in the
Registered Exchange Offer or does not receive freely tradeable New Securities in
the Registered Exchange Offer other than by reason of such Holder being an
Affiliate of the Company (it being understood that the requirement that a
participating Broker-Dealer deliver a Prospectus in connection with sales of New
Securities acquired in the Registered Exchange Offer in exchange for Securities
shall not result in such New Securities being not "freely tradeable"); or (v)
the Initial Purchaser participates in the Registered Exchange Offer or acquires
New Securities pursuant to Section 2(f) hereof, and the Initial Purchaser does
not receive freely tradeable New Securities in exchange for Securities
constituting any portion of an unsold allotment (it being understood that (x)
the requirement that the Initial Purchaser deliver a Prospectus containing the
information required by Item 507 or 508 of Regulation S-K under the Act in
connection with sales of New Securities acquired in exchange for such Securities
shall result in such New Securities being not "freely tradeable"; and (y) the
requirement that an Exchanging Dealer deliver a Prospectus in connection with
sales of New Securities acquired in the Registered Exchange Offer in exchange
for Securities acquired as a result of market-making activities or other trading
activities shall not result in such New Securities being not "freely
tradeable"), then the Company and the Subsidiary Guarantors shall effect a Shelf
Registration Statement in accordance with subsection (b) below.

                                       6

<PAGE>

                  (b)      (i)      The Company and the Subsidiary Guarantors
         shall as promptly as practicable (but in any event on or before the
         date that is the later of (A) 30 days after so required or requested
         pursuant to this Section 3 and (B) 180 days following the date of the
         original issuance of the Securities), file with the Commission and
         thereafter shall use their respective best efforts to cause to be
         declared effective under the Act a Shelf Registration Statement
         relating to the offer and sale of the Securities or the New Securities,
         as applicable, by the Holders thereof from time to time in accordance
         with the methods of distribution elected by such Holders and set forth
         in such Shelf Registration Statement; provided, however, that no Holder
         (other than the Initial Purchaser) shall be entitled to have the
         Securities held by it covered by such Shelf Registration Statement
         unless such Holder agrees in writing to be bound by all of the
         provisions of this Agreement applicable to such Holder; and provided
         further, that with respect to New Securities received by the Initial
         Purchaser in exchange for Securities constituting any portion of an
         unsold allotment, the Company and the Subsidiary Guarantors may, if
         permitted by current interpretations by the Commission's staff, file a
         post-effective amendment to the Exchange Offer Registration Statement
         containing the information required by Item 507 or 508 of Regulation
         S-K, as applicable, in satisfaction of their obligations under this
         subsection with respect thereto, and any such Exchange Offer
         Registration Statement, as so amended, shall be referred to herein as,
         and governed by the provisions herein applicable to, a Shelf
         Registration Statement.

                           (ii)     The Company and the Subsidiary Guarantors
         shall use their respective best efforts to keep the Shelf Registration
         Statement continuously effective, supplemented and amended as required
         by the Act, in order to permit the Prospectus forming part thereof to
         be usable by Holders for a period of two years from the date the Shelf
         Registration Statement is declared effective by the Commission or such
         shorter period that will terminate when all the Securities or New
         Securities, as applicable, covered by the Shelf Registration Statement
         have been sold pursuant to the Shelf Registration Statement (in any
         such case, such period being called the "SHELF REGISTRATION PERIOD").
         The Company and the Subsidiary Guarantors shall be deemed not to have
         used their respective best efforts to keep the Shelf Registration
         Statement effective during the requisite period if they voluntarily
         take any action that would result in Holders of Securities covered
         thereby not being able to offer and sell such Securities during that
         period, unless (A) such action is required by applicable law; or (B)
         such action is taken by the Company and the Subsidiary Guarantors in
         good faith and for valid business reasons (not including avoidance of
         the Company and the Subsidiary Guarantors' obligations hereunder),
         including the acquisition or divestiture of assets, so long as the
         Company and the Subsidiary Guarantors promptly thereafter comply with
         the requirements of Section 4(k) hereof, if applicable.

                           (iii)    The Company and the Subsidiary Guarantors
         shall cause the Shelf Registration Statement and the related Prospectus
         and any amendment or supplement thereto, as of the effective date of
         the Shelf Registration Statement or such amendment or supplement, (A)
         to comply in all material respects with the applicable requirements of
         the Act and the rules and regulations of the Commission; and (B) not to
         contain any untrue statement of a material fact or omit to state a
         material fact required to be stated therein or

                                       7

<PAGE>

         necessary in order to make the statements therein, in the light of the
         circumstances under which they were made, not misleading.

         4.       Additional Registration Procedures. In connection with any
Shelf Registration Statement and, to the extent applicable, any Exchange Offer
Registration Statement, the following provisions shall apply.

                  (a)      The Company and the Subsidiary Guarantors shall:

                           (i)      furnish to you, not less than five Business
         Days prior to the filing thereof with the Commission, a copy of any
         Exchange Offer Registration Statement and any Shelf Registration
         Statement, and each amendment thereof and each amendment or supplement,
         if any, to the Prospectus included therein (including all documents
         incorporated by reference therein after the initial filing) and shall
         use their respective best efforts to reflect in each such document,
         when so filed with the Commission, such comments as you reasonably
         propose;

                           (ii)     include the information set forth in Annex A
         hereto on the facing page of the Exchange Offer Registration Statement,
         in Annex B hereto in the forepart of the Exchange Offer Registration
         Statement in a section setting forth details of the Exchange Offer, in
         Annex C hereto in the underwriting or plan of distribution section of
         the Prospectus contained in the Exchange Offer Registration Statement,
         and in Annex D hereto in the letter of transmittal delivered pursuant
         to the Registered Exchange Offer;

                           (iii)    if requested by the Initial Purchaser,
         include the information required by Item 507 or 508 of Regulation S-K,
         as applicable, in the Prospectus contained in the Exchange Offer
         Registration Statement; and

                           (iv)     in the case of a Shelf Registration
         Statement, include the names of the Holders that propose to sell
         Securities pursuant to the Shelf Registration Statement as selling
         security holders.

                  (b)      The Company and the Subsidiary Guarantors shall
ensure that:

                           (i)      any Registration Statement and any amendment
         thereto and any Prospectus forming part thereof and any amendment or
         supplement thereto complies in all material respects with the Act and
         the rules and regulations thereunder; and

                           (ii)     any Registration Statement and any amendment
         thereto does not, when it becomes effective, contain an untrue
         statement of a material fact or omit to state a material fact required
         to be stated therein or necessary to make the statements therein not
         misleading.

                  (c)      The Company and the Subsidiary Guarantors shall
advise you, the Holders of Securities covered by any Shelf Registration
Statement and any Exchanging Dealer under any Exchange Offer Registration
Statement that has provided in writing to the Company a telephone or facsimile
number and address for notices, and, if requested by you or any such Holder or
Exchanging Dealer, shall confirm such advice in writing (which notice pursuant
to clauses (ii)-

                                       8

<PAGE>

(v) hereof shall be accompanied by an instruction to suspend the use of the
Prospectus until the Company and the Subsidiary Guarantors shall have remedied
the basis for such suspension):

                           (i)      when a Registration Statement and any
         amendment thereto has been filed with the Commission and when the
         Registration Statement or any post-effective amendment thereto has
         become effective;

                           (ii)     of any request by the Commission for any
         amendment or supplement to the Registration Statement or the Prospectus
         or for additional information;

                           (iii)    of the issuance by the Commission of any
         stop order suspending the effectiveness of the Registration Statement
         or the initiation of any proceedings for that purpose;

                           (iv)     of the receipt by the Company or any of the
         Subsidiary Guarantors of any notification with respect to the
         suspension of the qualification of the securities included therein for
         sale in any jurisdiction or the initiation of any proceeding for such
         purpose; and

                           (v)      of the happening of any event that requires
         any change in the Registration Statement or the Prospectus so that, as
         of such date, the statements therein are not misleading and do not omit
         to state a material fact required to be stated therein or necessary to
         make the statements therein (in the case of the Prospectus, in the
         light of the circumstances under which they were made) not misleading.

                  (d)      The Company and the Subsidiary Guarantors shall use
their respective best efforts to obtain the withdrawal of any order suspending
the effectiveness of any Registration Statement or the qualification of the
securities therein for sale in any jurisdiction at the earliest possible time.

                  (e)      The Company and the Subsidiary Guarantors shall
furnish to each Holder of Securities covered by any Shelf Registration
Statement, without charge, at least one copy of such Shelf Registration
Statement and any post-effective amendment thereto, including all material
incorporated therein by reference, and, if the Holder so requests in writing,
all exhibits thereto (including exhibits incorporated by reference therein).

                  (f)      The Company and the Subsidiary Guarantors shall,
during the Shelf Registration Period, deliver to each Holder of Securities
covered by any Shelf Registration Statement, without charge, as many copies of
the Prospectus (including each preliminary Prospectus) included in such Shelf
Registration Statement and any amendment or supplement thereto as such Holder
may reasonably request. The Company and the Subsidiary Guarantors consent to the
use of the Prospectus or any amendment or supplement thereto by each of the
selling Holders of Securities in connection with the offering and sale of the
Securities covered by the Prospectus, or any amendment or supplement thereto,
included in the Shelf Registration Statement.

                  (g)      The Company and the Subsidiary Guarantors shall
furnish to each Exchanging Dealer which so requests, without charge, at least
one copy of the Exchange Offer

                                       9

<PAGE>

Registration Statement and any post-effective amendment thereto, including all
material incorporated by reference therein, and, if the Exchanging Dealer so
requests in writing, all exhibits thereto (including exhibits incorporated by
reference therein).

                  (h)      The Company and the Subsidiary Guarantors shall
promptly deliver to the Initial Purchaser, each Exchanging Dealer and each other
Person required to deliver a Prospectus during the Exchange Offer Registration
Period, without charge, as many copies of the Prospectus included in such
Exchange Offer Registration Statement and any amendment or supplement thereto as
any such Person may reasonably request. The Company and the Subsidiary
Guarantors consent to the use of the Prospectus or any amendment or supplement
thereto by the Initial Purchaser, any Exchanging Dealer and any such other
Person that may be required to deliver a Prospectus following the Registered
Exchange Offer in connection with the offering and sale of the New Securities
covered by the Prospectus, or any amendment or supplement thereto, included in
the Exchange Offer Registration Statement.

                  (i)      Prior to the Registered Exchange Offer or any other
offering of Securities or New Securities pursuant to any Registration Statement,
the Company and the Subsidiary Guarantors shall arrange, if necessary, for the
qualification of the Securities or the New Securities for sale under the laws of
such jurisdictions as any Holder shall reasonably request and will maintain such
qualification in effect so long as required; provided that in no event shall the
Company or the Subsidiary Guarantors be obligated to qualify to do business in
any jurisdiction where they are not then so qualified or to take any action that
would subject them to service of process in suits, other than those arising out
of the Initial Placement, the Registered Exchange Offer or any offering pursuant
to a Shelf Registration Statement, in any such jurisdiction where they are not
then so subject.

                  (j)      The Company and the Subsidiary Guarantors shall
cooperate with the Holders of Securities to facilitate the timely preparation
and delivery of certificates representing New Securities or Securities to be
issued or sold pursuant to any Registration Statement free of any restrictive
legends and in such denominations and registered in such names as Holders may
request.

                  (k)      Upon the occurrence of any event contemplated by
subsections (c)(ii) through (v) above, the Company and the Subsidiary Guarantors
shall promptly prepare a post-effective amendment to the applicable Registration
Statement or an amendment or supplement to the related Prospectus or file any
other required document so that, as thereafter delivered to initial purchasers
of the securities included therein, the Prospectus will not include an untrue
statement of a material fact or omit to state any material fact necessary to
make the statements therein, in the light of the circumstances under which they
were made, not misleading. In such circumstances, the period of effectiveness of
the Exchange Offer Registration Statement provided for in Section 2 and the
Shelf Registration Statement provided for in Section 3(b) shall each be extended
by the number of days from and including the date of the giving of a notice of
suspension pursuant to Section 4(c) to and including the date when the Initial
Purchaser, the Holders of the Securities and any known Exchanging Dealer shall
have received such amended or supplemented Prospectus pursuant to this Section.

                                       10

<PAGE>

                  (l)      Not later than the effective date of any Registration
Statement, the Company and the Subsidiary Guarantors shall provide a CUSIP
number for the Securities or the New Securities, as the case may be, registered
under such Registration Statement and provide the Trustee with printed
certificates for such Securities or New Securities, in a form eligible for
deposit with The Depository Trust Company.

                  (m)      The Company and the Subsidiary Guarantors shall
comply with all applicable rules and regulations of the Commission and shall
make generally available to their security holders as soon as practicable after
the effective date of the applicable Registration Statement an earnings
statement satisfying the provisions of Section 11(a) of the Act.

                  (n)      The Company and the Subsidiary Guarantors shall cause
the Indenture or the New Securities Indenture, as the case may be, to be
qualified under the Trust Indenture Act in a timely manner.

                  (o)      The Company and the Subsidiary Guarantors may require
each Holder of Securities or New Securities to be sold pursuant to any Shelf
Registration Statement to furnish to the Company and the Subsidiary Guarantors
such information regarding the Holder and the distribution of such Securities or
New Securities as the Company and the Subsidiary Guarantors may from time to
time reasonably require for inclusion in such Registration Statement. The
Company and the Subsidiary Guarantors may exclude from such Shelf Registration
Statement the Securities or New Securities of any Holder that unreasonably fails
to furnish such information within a reasonable time after receiving such
request.

                  (p)      In the case of any Shelf Registration Statement, the
Company and the Subsidiary Guarantors shall enter into such agreements and take
all other appropriate actions (including if requested an underwriting agreement
in customary form) in order to expedite or facilitate the registration or the
disposition of the Securities or New Securities, and in connection therewith, if
an underwriting agreement is entered into, cause the same to contain
indemnification provisions and procedures no less favorable than those set forth
in Section 6 (or such other provisions and procedures acceptable to the Majority
Holders and the Managing Underwriters, if any, with respect to all parties to be
indemnified pursuant to Section 6).

                  (q)      In the case of any Shelf Registration Statement, the
Company and the Subsidiary Guarantors shall:

                           (i)      make reasonably available for inspection by
         the Holders of Securities or New Securities to be registered
         thereunder, any underwriter participating in any disposition pursuant
         to such Registration Statement, and any attorney, accountant or other
         agent retained by the Holders or any such underwriter all relevant
         financial and other records, pertinent corporate documents and
         properties of the Company and its subsidiaries;

                           (ii)     cause the Company's officers, directors and
         employees to supply all relevant information reasonably requested by
         the Holders or any such underwriter, attorney, accountant or agent in
         connection with any such Registration Statement as is customary for
         similar due diligence examinations; provided, however, that any

                                       11

<PAGE>

         information that is designated in writing by the Company, in good
         faith, as confidential at the time of delivery of such information
         shall be kept confidential by the Holders or any such underwriter,
         attorney, accountant or agent, unless such disclosure is made in
         connection with a court proceeding or required by law, or such
         information becomes available to the public generally or through a
         third party without an accompanying obligation of confidentiality;

                           (iii)    make such representations and warranties to
         the Holders of Securities or New Securities registered thereunder and
         the underwriters, if any, in form, substance and scope as are
         customarily made by issuers to underwriters in primary underwritten
         offerings and covering matters including, but not limited to, those set
         forth in the Purchase Agreement;

                           (iv)     obtain opinions of counsel to the Company
         and the Subsidiary Guarantors and updates thereof (which counsel and
         opinions (in form, scope and substance) shall be reasonably
         satisfactory to the Managing Underwriters, if any) addressed to each
         selling Holder and the underwriters, if any, covering such matters as
         are customarily covered in opinions requested in underwritten offerings
         and such other matters as may be reasonably requested by such Holders
         and underwriters;

                           (v)      obtain "cold comfort" letters and updates
         thereof from the independent certified public accountants of the
         Company (and, if necessary, any other independent certified public
         accountants of any subsidiary of the Company or of any business
         acquired by the Company for which financial statements and financial
         data are, or are required to be, included in the Registration
         Statement), addressed to each selling Holder of Securities or New
         Securities registered thereunder and the underwriters, if any, in
         customary form and covering matters of the type customarily covered in
         "cold comfort" letters in connection with primary underwritten
         offerings; and

                           (vi)     deliver such documents and certificates as
         may be reasonably requested by the Majority Holders and the Managing
         Underwriters, if any, including those to evidence compliance with
         Section 4(k) and with any customary conditions contained in the
         underwriting agreement or other agreement entered into by the Company
         and the Subsidiary Guarantors.

The actions set forth in clauses (iii), (iv), (v) and (vi) of this Section shall
be performed at (A) the effectiveness of such Registration Statement and each
post-effective amendment thereto; and (B) each closing under any underwriting or
similar agreement as and to the extent required thereunder.

                  (r)      In the case of any Exchange Offer Registration
Statement, the Company and the Subsidiary Guarantors shall:

                           (i)      make reasonably available for inspection by
         such Initial Purchaser, and any attorney, accountant or other agent
         retained by the Initial Purchaser, all relevant financial and other
         records, pertinent corporate documents and properties of the Company
         and its subsidiaries;

                                       12

<PAGE>

                           (ii)     cause the Company's officers, directors and
         employees to supply all relevant information reasonably requested by
         such Initial Purchaser or any such attorney, accountant or agent in
         connection with any such Registration Statement as is customary for
         similar due diligence examinations; provided, however, that any
         information that is designated in writing by the Company, in good
         faith, as confidential at the time of delivery of such information
         shall be kept confidential by such Initial Purchaser or any such
         attorney, accountant or agent, unless such disclosure is made in
         connection with a court proceeding or required by law, or such
         information becomes available to the public generally or through a
         third party without an accompanying obligation of confidentiality;

                           (iii)    make such representations and warranties to
         such Initial Purchaser, in form, substance and scope as are customarily
         made by issuers to underwriters in primary underwritten offerings and
         covering matters including, but not limited to, those set forth in the
         Purchase Agreement;

                           (iv)     obtain opinions of counsel to the Company
         and the Subsidiary Guarantors and updates thereof (which counsel and
         opinions (in form, scope and substance) shall be reasonably
         satisfactory to such Initial Purchaser and its counsel), addressed to
         such Initial Purchaser, covering such matters as are customarily
         covered in opinions requested in underwritten offerings and such other
         matters as may be reasonably requested by such Initial Purchaser or its
         counsel;

                           (v)      obtain "cold comfort" letters and updates
         thereof from the independent certified public accountants of the
         Company (and, if necessary, any other independent certified public
         accountants of any subsidiary of the Company or of any business
         acquired by the Company for which financial statements and financial
         data are, or are required to be, included in the Registration
         Statement), addressed to such Initial Purchaser, in customary form and
         covering matters of the type customarily covered in "cold comfort"
         letters in connection with primary underwritten offerings, or if
         requested by such Initial Purchaser or its counsel in lieu of a "cold
         comfort" letter, an agreed-upon procedures letter under Statement on
         Auditing Standards No. 35, covering matters requested by such Initial
         Purchaser or its counsel; and

                           (vi)     deliver such documents and certificates as
         may be reasonably requested by such Initial Purchaser or its counsel,
         including those to evidence compliance with Section 4(k) and with
         conditions customarily contained in underwriting agreements.

The foregoing actions set forth in clauses (iii), (iv), (v), and (vi) of this
Section shall be performed at the close of the Registered Exchange Offer and the
effective date of any post-effective amendment to the Exchange Offer
Registration Statement.

                  (s)      If a Registered Exchange Offer is to be consummated,
upon delivery of the Securities by Holders to the Company (or to such other
Person as directed by the Company) in exchange for the New Securities, the
Company shall mark, or caused to be marked, on the Securities so exchanged that
such Securities are being canceled in exchange for the New Securities. In no
event shall the Securities be marked as paid or otherwise satisfied.

                                       13

<PAGE>

                  (t)      The Company and the Subsidiary Guarantors will use
their respective best efforts (i) if the Securities have been rated prior to the
initial sale of such Securities, to confirm such ratings will apply to the
Securities or the New Securities, as the case may be, covered by a Registration
Statement; or (ii) if the Securities were not previously rated, to cause the
Securities covered by a Registration Statement to be rated with at least one
nationally recognized statistical rating agency, if so requested by Majority
Holders with respect to the related Registration Statement or by any Managing
Underwriters.

                  (u)      In the event that any Broker-Dealer shall underwrite
any Securities or participate as a member of an underwriting syndicate or
selling group or "assist in the distribution" (within the meaning of the Rules
of Fair Practice and the By-Laws of the National Association of Securities
Dealers, Inc.) thereof, whether as a Holder of such Securities or as an
underwriter, a placement or sales agent or a broker or dealer in respect
thereof, or otherwise, the Company and the Subsidiary Guarantors shall assist
such Broker-Dealer in complying with the requirements of such Rules and By-Laws,
including, without limitation, by:

                           (i)      if such Rules or By-Laws shall so require,
         engaging a "qualified independent underwriter" (as defined in such
         Rules) to participate in the preparation of the Registration Statement,
         to exercise usual standards of due diligence with respect thereto and,
         if any portion of the offering contemplated by such Registration
         Statement is an underwritten offering or is made through a placement or
         sales agent, to recommend the yield of such Securities;

                           (ii)     indemnifying any such qualified independent
         underwriter to the extent of the indemnification of underwriters
         provided in Section 6 hereof; and

                           (iii)    providing such information to such
         Broker-Dealer as may be required in order for such Broker-Dealer to
         comply with the requirements of such Rules.

                  (v)      The Company and the Subsidiary Guarantors shall use
their respective best efforts to take all other steps necessary to effect the
registration of the Securities or the New Securities, as the case may be,
covered by a Registration Statement.

         5.       Registration Expenses. The Company and the Subsidiary
Guarantors, jointly and severally, shall bear all expenses incurred in
connection with the performance of their obligations under Sections 2, 3 and 4
hereof and, in the event of any Shelf Registration Statement, will reimburse the
Holders for the reasonable fees and disbursements of one firm or counsel
designated by the Majority Holders to act as counsel for the Holders in
connection therewith, and, in the case of any Exchange Offer Registration
Statement, will reimburse the Initial Purchaser for the reasonable fees and
disbursements of counsel acting in connection therewith.

         6.       Indemnification and Contribution. (a) The Company and the
Subsidiary Guarantors, jointly and severally, agree to indemnify and hold
harmless each Holder of Securities or New Securities, as the case may be,
covered by any Registration Statement (including the Initial Purchaser and, with
respect to any Prospectus delivery as contemplated in Section 4(h) hereof, each
Exchanging Dealer), the directors, officers, employees and agents of each such
Holder and each Person who controls any such Holder within the meaning of either
the

                                       14

<PAGE>

Act or the Exchange Act against any and all losses, claims, damages or
liabilities, joint or several, to which they or any of them may become subject
under the Act, the Exchange Act or other Federal or state statutory law or
regulation, at common law or otherwise, insofar as such losses, claims, damages
or liabilities (or actions in respect thereof) arise out of or are based upon
any untrue statement or alleged untrue statement of a material fact contained in
the Registration Statement as originally filed or in any amendment thereof, or
in any preliminary Prospectus or the Prospectus, or in any amendment thereof or
supplement thereto, or arise out of or are based upon the omission or alleged
omission to state therein a material fact required to be stated therein or
necessary to make the statements therein not misleading, and agree to reimburse
each such indemnified party, as incurred, for any legal or other expenses
reasonably incurred by them in connection with investigating or defending any
such loss, claim, damage, liability or action; provided, however, that the
Company and the Subsidiary Guarantors will not be liable in any case to the
extent that any such loss, claim, damage or liability arises out of or is based
upon any such untrue statement or alleged untrue statement or omission or
alleged omission made therein in reliance upon and in conformity with written
information furnished to the Company and the Subsidiary Guarantors by or on
behalf of any such Holder specifically for inclusion therein. With respect to
any untrue statement in or omission from the Registration Statement the
preliminary Prospectus or the Prospectus, the indemnity agreement contained in
this Section 6(a) shall not inure to the benefit of any such indemnified party
to the extent that the sale to the person asserting any and all losses, claims,
damages, or liabilities was an initial resale by the Initial Purchaser and any
such losses, claims, damages, or liabilities of or with respect to the Initial
Purchaser results from the fact that both (i) to the extent required by
applicable law, a copy of the Prospectus was not sent or given to such
indemnified party at or prior to the written confirmation of the sale of such
New Securities to such person and (ii) the untrue statement in or omission from
the Registration Statement or the preliminary Prospectus was corrected in the
Prospectus unless such failure to deliver the Prospectus was a result of
non-compliance by the Company with Sections 2(c)(i) and 4(h). This indemnity
agreement will be in addition to any liability which the Company and the
Subsidiary Guarantors may otherwise have.

         The Company and the Subsidiary Guarantors also, jointly and severally,
agree to indemnify or contribute as provided in Section 6(d) to Losses of any
underwriter of Securities or New Securities, as the case may be, registered
under a Shelf Registration Statement, their directors, officers, employees or
agents and each Person who controls such underwriter on substantially the same
basis as that of the indemnification of the Initial Purchaser and the selling
Holders provided in this Section 6(a) and shall, if requested by any Holder,
enter into an underwriting agreement reflecting such agreement, as provided in
Section 4(p) hereof.

                  (b)      Each Holder of securities covered by a Registration
Statement (including the Initial Purchaser and, with respect to any Prospectus
delivery as contemplated in Section 4(h) hereof, each Exchanging Dealer)
severally agrees to indemnify and hold harmless the Company and the Subsidiary
Guarantors, each of their directors or officers who sign such Registration
Statement and each Person who controls the Company or any of the Subsidiary
Guarantors within the meaning of either the Act or the Exchange Act, to the same
extent as the foregoing indemnity from the Company and the Subsidiary Guarantors
to each such Holder, but only with reference to written information relating to
such Holder furnished to the Company or the Subsidiary Guarantors by or on
behalf of such Holder specifically for inclusion in the documents

                                       15

<PAGE>

referred to in the foregoing indemnity. This indemnity agreement will be in
addition to any liability which any such Holder may otherwise have.

                  (c)      Promptly after receipt by an indemnified party under
this Section 6 of notice of the commencement of any action, such indemnified
party will, if a claim in respect thereof is to be made against the indemnifying
party under this Section, notify the indemnifying party in writing of the
commencement thereof; but the failure so to notify the indemnifying party (i)
will not relieve it from liability under paragraph (a) or (b) above unless and
to the extent it did not otherwise learn of such action and such failure results
in the forfeiture by the indemnifying party of substantial rights and defenses;
and (ii) will not, in any event, relieve the indemnifying party from any
obligations to any indemnified party other than the indemnification obligation
provided in paragraph (a) or (b) above. The indemnifying party shall be entitled
to appoint counsel of the indemnifying party's choice at the indemnifying
party's expense to represent the indemnified party in any action for which
indemnification is sought (in which case the indemnifying party shall not
thereafter be responsible for the fees and expenses of any separate counsel
retained by the indemnified party or parties except as set forth below);
provided, however, that such counsel shall be satisfactory to the indemnified
party. Notwithstanding the indemnifying party's election to appoint counsel to
represent the indemnified party in an action, the indemnified party shall have
the right to employ separate counsel (including local counsel), and the
indemnifying party shall bear the reasonable fees, costs and expenses of such
separate counsel if (i) the use of counsel chosen by the indemnifying party to
represent the indemnified party would present such counsel with a conflict of
interest; (ii) the actual or potential defendants in, or targets of, any such
action include both the indemnified party and the indemnifying party and the
indemnified party shall have reasonably concluded that there may be legal
defenses available to it and/or other indemnified parties which are different
from or additional to those available to the indemnifying party; (iii) the
indemnifying party shall not have employed counsel satisfactory to the
indemnified party to represent the indemnified party within a reasonable time
after notice of the institution of such action; or (iv) the indemnifying party
shall authorize the indemnified party to employ separate counsel at the expense
of the indemnifying party. An indemnifying party will not, without the prior
written consent of the indemnified parties, settle or compromise or consent to
the entry of any judgment with respect to any pending or threatened claim,
action, suit or proceeding in respect of which indemnification or contribution
may be sought hereunder (whether or not the indemnified parties are actual or
potential parties to such claim or action) unless such settlement, compromise or
consent includes an unconditional release of each indemnified party from all
liability arising out of such claim, action, suit or proceeding.

                  (d)      In the event that the indemnity provided in paragraph
(a) or (b) of this Section is unavailable to or insufficient to hold harmless an
indemnified party for any reason, then each applicable indemnifying party shall
have a joint and several obligation to contribute to the aggregate losses,
claims, damages and liabilities (including legal or other expenses reasonably
incurred in connection with investigating or defending same) (collectively
"LOSSES") to which such indemnified party may be subject in such proportion as
is appropriate to reflect the relative benefits received by such indemnifying
party, on the one hand, and such indemnified party, on the other hand, from the
Initial Placement and the Registration Statement which resulted in such Losses;
provided, however, that in no case shall the Initial Purchaser or any subsequent
Holder of any Security or New Security be responsible, in the aggregate, for any
amount in excess of the purchase discount or commission applicable to such
Security, or in the

                                       16

<PAGE>

case of a New Security, applicable to the Security that was exchangeable into
such New Security, as set forth on the cover page of the Final Memorandum, nor
shall any underwriter be responsible for any amount in excess of the
underwriting discount or commission applicable to the securities purchased by
such underwriter under the Registration Statement which resulted in such Losses.
If the allocation provided by the immediately preceding sentence is unavailable
for any reason, the indemnifying party and the indemnified party shall
contribute in such proportion as is appropriate to reflect not only such
relative benefits but also the relative fault of such indemnifying party, on the
one hand, and such indemnified party, on the other hand, in connection with the
statements or omissions which resulted in such Losses as well as any other
relevant equitable considerations. Benefits received by the Company and the
Subsidiary Guarantors shall be deemed to be equal to the sum of (x) the total
net proceeds from the Initial Placement (before deducting expenses) as set forth
on the cover page of the Final Memorandum and (y) the total amount of additional
interest which the Company was not required to pay as a result of registering
the securities covered by the Registration Statement which resulted in such
Losses. Benefits received by the Initial Purchaser shall be deemed to be equal
to the total purchase discounts and commissions as set forth on the cover page
of the Final Memorandum, and benefits received by any other Holders shall be
deemed to be equal to the value of receiving Securities or New Securities, as
applicable, registered under the Act. Benefits received by any underwriter shall
be deemed to be equal to the total underwriting discounts and commissions, as
set forth on the cover page of the Prospectus forming a part of the Registration
Statement which resulted in such Losses. Relative fault shall be determined by
reference to, among other things, whether any alleged untrue statement or
omission relates to information provided by the indemnifying party, on the one
hand, or by the indemnified party, on the other hand, the intent of the parties
and their relative knowledge, access to information and opportunity to correct
or prevent such untrue statement or omission. The parties agree that it would
not be just and equitable if contribution were determined by pro rata allocation
(even if the Holders were treated as one entity for such purpose) or any other
method of allocation which does not take account of the equitable considerations
referred to above. Notwithstanding the provisions of this paragraph (d), no
Person guilty of fraudulent misrepresentation (within the meaning of Section
11(f) of the Act) shall be entitled to contribution from any Person who was not
guilty of such fraudulent misrepresentation. For purposes of this Section, each
Person who controls a Holder within the meaning of either the Act or the
Exchange Act and each director, officer, employee and agent of such Holder shall
have the same rights to contribution as such Holder, and each Person who
controls the Company or any of the Subsidiary Guarantors within the meaning of
either the Act or the Exchange Act, each officer of the Company or any of the
Subsidiary Guarantors who shall have signed the Registration Statement and each
director of the Company or any of the Subsidiary Guarantors shall have the same
rights to contribution as the Company and the Subsidiary Guarantors, subject in
each case to the applicable terms and conditions of this paragraph (d).

                  (e)      The provisions of this Section will remain in full
force and effect, regardless of any investigation made by or on behalf of any
Holder or the Company and the Subsidiary Guarantors or any of the officers,
directors or controlling Persons referred to in this Section hereof, and will
survive the sale by a Holder of securities covered by a Registration Statement.

                                       17

<PAGE>

         7.       Underwritten Registrations. (a) If any of the Securities or
New Securities, as the case may be, covered by any Shelf Registration Statement
are to be sold in an underwritten offering, the Managing Underwriters shall be
selected by the Majority Holders.

                  (b)      No Person may participate in any underwritten
offering pursuant to any Shelf Registration Statement, unless such Person (i)
agrees to sell such Person's Securities or New Securities, as the case may be,
on the basis reasonably provided in any underwriting arrangements approved by
the Persons entitled hereunder to approve such arrangements; and (ii) completes
and executes all questionnaires, powers of attorney, indemnities, underwriting
agreements and other documents reasonably required under the terms of such
underwriting arrangements.

         8.       No Inconsistent Agreements. The Company and the Subsidiary
Guarantors have not, as of the date hereof, entered into, nor shall they, on or
after the date hereof, enter into, any agreement with respect to their
securities that is inconsistent with the rights granted to the Holders herein or
otherwise conflicts with the provisions hereof.

         9.       Amendments and Waivers. The provisions of this Agreement,
including the provisions of this sentence, may not be amended, qualified,
modified or supplemented, and waivers or consents to departures from the
provisions hereof may not be given, unless the Company and the Subsidiary
Guarantors have obtained the written consent of the Majority Holders (or, after
the consummation of any Registered Exchange Offer in accordance with Section 2
hereof, the Majority Holders of the New Securities); provided that, with respect
to any matter that directly or indirectly affects the rights of the Initial
Purchaser hereunder, the Company and the Subsidiary Guarantors shall obtain the
written consent of the Initial Purchaser against which such amendment,
qualification, supplement, waiver or consent is to be effective. Notwithstanding
the foregoing (except the foregoing proviso), a waiver or consent to departure
from the provisions hereof with respect to a matter that relates exclusively to
the rights of Holders whose Securities or New Securities, as the case may be,
are being sold pursuant to a Registration Statement and that does not directly
or indirectly affect the rights of other Holders may be given by the Majority
Holders, determined on the basis of Securities or New Securities, as the case
may be, being sold rather than registered under such Registration Statement.

         10.      Notices. All notices and other communications provided for or
permitted hereunder shall be made in writing by hand-delivery, first-class mail,
telex, telecopier or air courier guaranteeing overnight delivery:

                  (a)      if to a Holder, at the most current address given by
such Holder to the Company in accordance with the provisions of this Section,
which address initially is, with respect to each Holder, the address of such
Holder maintained by the Registrar under the Indenture, with a copy in like
manner to Citigroup Global Markets Inc.;

                  (b)      if to you, initially at the respective addresses set
forth in the Purchase Agreement; and

                  (c)      if to the Company or the Subsidiary Guarantors,
initially at its or their address set forth in the Purchase Agreement.

                                       18

<PAGE>

         All such notices and communications shall be deemed to have been duly
given when received.

         The Initial Purchaser, the Company or the Subsidiary Guarantors by
notice to the other parties may designate additional or different addresses for
subsequent notices or communications.

         11.      Successors. This Agreement shall inure to the benefit of and
be binding upon the successors and assigns of each of the parties, including,
without the need for an express assignment or any consent by the Company
thereto, subsequent Holders of Securities and the New Securities. The Company
hereby agrees to extend the benefits of this Agreement to any Holder of
Securities and the New Securities, and any such Holder may specifically enforce
the provisions of this Agreement as if an original party hereto.

         12.      Counterparts. This Agreement may be in signed counterparts,
each of which shall an original and all of which together shall constitute one
and the same agreement.

         13.      Headings. The headings used herein are for convenience only
and shall not affect the construction hereof.

         14.      Applicable Law. This Agreement shall be governed by and
construed in accordance with the laws of the State of New York applicable to
contracts made and to be performed in the State of New York.

         15.      Severability. In the event that any one of more of the
provisions contained herein, or the application thereof in any circumstances, is
held invalid, illegal or unenforceable in any respect for any reason, the
validity, legality and enforceability of any such provision in every other
respect and of the remaining provisions hereof shall not be in any way impaired
or affected thereby, it being intended that all of the rights and privileges of
the parties shall be enforceable to the fullest extent permitted by law.

         16.      Securities Held by the Company, etc. Whenever the consent or
approval of Holders of a specified percentage of principal amount of Securities
or New Securities is required hereunder, Securities or New Securities, as
applicable, held by the Company or its Affiliates (other than subsequent Holders
of Securities or New Securities if such subsequent Holders are deemed to be
Affiliates solely by reason of their holdings of such Securities or New
Securities) shall not be counted in determining whether such consent or approval
was given by the Holders of such required percentage.

                                       19

<PAGE>

         If the foregoing is in accordance with your understanding of our
agreement, please sign and return to us the enclosed duplicate hereof, whereupon
this letter and your acceptance shall represent a binding agreement among the
Company, the Subsidiary Guarantors and the Initial Purchaser.

                                    Very truly yours,

                                    RENT-WAY, INC.

                                    By: /s/ William E. Morgenstern
                                        ________________________________________
                                        Name: William E. Morgenstern
                                        Title: Chief Executive Officer

                                    RENT-WAY OF TOMORROW, INC.

                                    By: /s/ William E. Morgenstern
                                        ________________________________________
                                        Name: William E. Morgenstern
                                        Title: Chief Executive Officer

                                    RENT-WAY OF MICHIGAN, INC.

                                    By: /s/ William E. Morgenstern
                                        ________________________________________
                                        Name: William E. Morgenstern
                                        Title: Chief Executive Officer

                                    ACTION RENT-TO-OWN HOLDINGS OF
                                      SOUTH CAROLINA, INC.

                                    By: /s/ William E. Morgenstern
                                        ________________________________________
                                        Name: William E. Morgenstern
                                        Title: Chief Executive Officer

                                    RENT-WAY DEVELOPMENTS, INC.

                                    By: /s/ William E. Morgenstern
                                        ________________________________________
                                        Name: William E. Morgenstern
                                        Title: Chief Executive Officer

                                      S-1

<PAGE>

                                    RENT-WAY OF TTIG, L.P.

                                    By: RENT-WAY DEVELOPMENTS, INC.,
                                        its general partner

                                         By: /s/ William E. Morgenstern
                                             ___________________________________
                                             Name: William E. Morgenstern
                                             Title: Chief Executive Officer

The foregoing Agreement is hereby confirmed and accepted as of the date first
above written.

CITIGROUP GLOBAL MARKETS INC.

By: /s/ Whit Marshall
    ________________________________
    Name: Whit Marshall
    Title: Director

                                      S-2

<PAGE>

                                                                         ANNEX A

         Each Broker-Dealer that receives New Securities for its own account
pursuant to the Exchange Offer must acknowledge that it will deliver a
prospectus in connection with any resale of such New Securities. The Letter of
Transmittal states that by so acknowledging and by delivering a prospectus, a
Broker-Dealer will not be deemed to admit that it is an "underwriter" within the
meaning of the Securities Act. This Prospectus, as it may be amended or
supplemented from time to time, may be used by a Broker-Dealer in connection
with resales of New Securities received in exchange for Securities where such
Securities were acquired by such Broker-Dealer as a result of market-making
activities or other trading activities. The Company has agreed that, starting on
the Expiration Date (as defined herein) and ending on the close of business one
year after the Expiration Date, it will make this Prospectus available to any
Broker-Dealer for use in connection with any such resale. See "PLAN OF
DISTRIBUTION".

<PAGE>

                                                                         ANNEX B

         Each Broker-Dealer that receives New Securities for its own account in
exchange for Securities, where such Securities were acquired by such
Broker-Dealer as a result of market-making activities or other trading
activities, must acknowledge that it will deliver a prospectus in connection
with any resale of such New Securities. See "PLAN OF DISTRIBUTION."

<PAGE>

                                                                         ANNEX C

                              PLAN OF DISTRIBUTION

         Each Broker-Dealer that receives New Securities for its own account
pursuant to the Exchange Offer must acknowledge that it will deliver a
prospectus in connection with any resale of such New Securities. This
Prospectus, as it may be amended or supplemented from time to time, may be used
by a Broker-Dealer in connection with resales of New Securities received in
exchange for Securities where such Securities were acquired as a result of
market-making activities or other trading activities. The Company and the
Subsidiary Guarantors have agreed that, starting on the Expiration Date and
ending on the close of business one year after the Expiration Date, they will
make this Prospectus, as amended or supplemented, available to any Broker-Dealer
for use in connection with any such resale.

         The Company will not receive any proceeds from any sale of New
Securities by broker-dealers. New Securities received by Broker-Dealers for
their own account pursuant to the Exchange Offer may be sold from time to time
in one or more transactions in the over-the-counter market, in negotiated
transactions, through the writing of options on the New Securities or a
combination of such methods of resale, at market prices prevailing at the time
of resale, at prices related to such prevailing market prices or negotiated
prices. Any such resale may be made directly to purchasers or to or through
brokers or dealers who may receive compensation in the form of commissions or
concessions from any such Broker-Dealer and/or the purchasers of any such New
Securities. Any Broker-Dealer that resells New Securities that were received by
it for its own account pursuant to the Exchange Offer and any broker or dealer
that participates in a distribution of such New Securities may be deemed to be
an "underwriter" within the meaning of the Securities Act and any profit of any
such resale of New Securities and any commissions or concessions received by any
such Persons may be deemed to be underwriting compensation under the Securities
Act. The Letter of Transmittal states that by acknowledging that it will deliver
and by delivering a prospectus, a Broker-Dealer will not be deemed to admit that
it is an "underwriter" within the meaning of the Securities Act.

         For a period of one year after the Expiration Date, the Company and the
Subsidiary Guarantors will promptly send additional copies of this Prospectus
and any amendment or supplement to this Prospectus to any Broker-Dealer that
requests such documents in the Letter of Transmittal. The Company has agreed to
pay all expenses incident to the Exchange Offer (including the expenses of one
counsel for the holder of the Securities) other than commissions or concessions
of any brokers or dealers and will indemnify the holders of the Securities
(including any Broker-Dealers) against certain liabilities, including
liabilities under the Securities Act.

<PAGE>

                                                                         ANNEX D

Rider A

         CHECK HERE IF YOU ARE A BROKER-DEALER AND WISH TO RECEIVE 10 ADDITIONAL
         COPIES OF THE PROSPECTUS AND 10 COPIES OF ANY AMENDMENTS OR SUPPLEMENTS
         THERETO.

         Name:       __________________________________________

         Address:    __________________________________________
                     __________________________________________

Rider B

         If the undersigned is not a Broker-Dealer, the undersigned represents
that it acquired the New Securities in the ordinary course of its business, it
is not engaged in, and does not intend to engage in, a distribution of New
Securities and it has no arrangements or understandings with any Person to
participate in a distribution of the New Securities. If the undersigned is a
Broker-Dealer that will receive New Securities for its own account in exchange
for Securities, it represents that the Securities to be exchanged for New
Securities were acquired by it as a result of market-making activities or other
trading activities and acknowledges that it will deliver a prospectus in
connection with any resale of such New Securities; however, by so acknowledging
and by delivering a prospectus, the undersigned will not be deemed to admit that
it is an "underwriter" within the meaning of the Securities Act.

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