Document:

Omnibus Addendum, dated as of February 10, 2006

 Exhibit 4.1 
  

OMNIBUS ADDENDUM 
  
 OMNIBUS ADDENDUM (the “Addendum”), dated as of February 10, 2006, to the various Terms Documents to the Indenture, dated as of
October 9, 2002, as amended and restated as of January 13, 2006 (the “Indenture”), as supplemented by the Asset Pool 1 Supplement, dated as of October 9, 2002 (the “Asset Pool 1 Supplement”), and as
further supplemented by the Card series Indenture Supplement, dated as of October 9, 2002 (the “Indenture Supplement”), between Capital One Multi-asset Execution Trust, as Issuer (the “Issuer”), and The Bank of
New York, as indenture trustee (the “Indenture Trustee”), listed on Schedule A (collectively, the “Class A Terms Documents”), Schedule B (collectively, the “Class B Terms Documents”) and Schedule C
(collectively, the “Class C Terms Documents” and together with the Class A Terms Documents and the Class B Terms Documents, the “Terms Documents”) attached hereto. 
  
 W I T N E S S E T H 
  
 WHEREAS, pursuant to Section 2.02(b) of each of the Class A Terms
Documents listed on Schedule A, the Issuer may change the Required Subordinated Percentage of Class B Notes, the Required Subordinated Percentage of Class C Notes and the Required Subordinated Percentage of Class D Notes, for the related tranche of
Class A Notes, without the consent of any Noteholder provided that the Issuer has (i) received written confirmation from each Note Rating Agency that has rated any Outstanding Notes of the Card series that the change in such percentage
will not result in a Ratings Effect with respect to any Outstanding Notes of such Tranche of Class A Notes and (ii) delivered to the Indenture Trustee and the Note Rating Agencies a Master Trust Tax Opinion for each Master Trust and an
Issuer Tax Opinion; 
  
 WHEREAS, the Indenture Trustee and each
Note Rating Agency has received a Master Trust Tax Opinion for each Master Trust and an Issuer Tax Opinion, and the Issuer has received written confirmation from each Note Rating Agency that has rated any Outstanding Notes of the Card series that
the change in the Required Subordinated Percentage of Class B Notes, the Required Subordinated Percentage of Class C Notes and the Required Subordinated Percentage of Class D Notes, set forth in each Class A Terms Document listed on Schedule A,
in each case for the related Tranche of Class A Notes, will not result in a Ratings Effect with respect to any Outstanding Notes of such Tranche of Class A Notes; 
  
 WHEREAS, pursuant to Section 2.02(b) of each of the Class B Terms Documents listed on Schedule B, the Issuer may change
the Required Subordinated Percentage of Class C Notes and the Required Subordinated Percentage of Class D Notes, for the related tranche of Class B Notes, without the consent of any Noteholder provided that the Issuer has (i) received written
confirmation from each Note Rating Agency that has rated any Outstanding Notes of the Card series that the change in such percentage will not result in a Ratings Effect with respect to any Outstanding Notes of such Tranche of Class B Notes and
(ii) delivered to the Indenture Trustee and the Note Rating Agencies a Master Trust Tax Opinion for each Master Trust and an Issuer Tax Opinion; 

 WHEREAS, the Indenture Trustee and each Note Rating Agency has received a Master Trust Tax Opinion for
each Master Trust and an Issuer Tax Opinion, and the Issuer has received written confirmation from each Note Rating Agency that has rated any Outstanding Notes of the Card series that the change in the Required Subordinated Percentage of Class C
Notes and the Required Subordinated Percentage of Class D Notes, set forth in each Class B Terms Document listed on Schedule B, in each case for the related Tranche of Class B Notes, will not result in a Ratings Effect with respect to any
Outstanding Notes of such Tranche of Class B Notes; 
  
 WHEREAS,
pursuant to Section 2.02(b) of each of the Class C Terms Documents listed on Schedule C, the Issuer may change the Required Subordinated Percentage of Class D Notes, for the related tranche of Class C Notes, without the consent of any
Noteholder provided that the Issuer has (i) received written confirmation from each Note Rating Agency that has rated any Outstanding Notes of the Card series that the change in such percentage will not result in a Ratings Effect with respect
to any Outstanding Notes of such Tranche of Class C Notes and (ii) delivered to the Indenture Trustee and the Note Rating Agencies a Master Trust Tax Opinion for each Master Trust and an Issuer Tax Opinion; 
  
 WHEREAS, the Indenture Trustee and each Note Rating Agency has received a
Master Trust Tax Opinion for each Master Trust and an Issuer Tax Opinion, and the Issuer has received written confirmation from each Note Rating Agency that has rated any Outstanding Notes of the Card series that the change in the Required
Subordinated Percentage of Class D Notes, set forth in each Class C Terms Document listed on Schedule C, in each case for the related Tranche of Class C Notes, will not result in a Ratings Effect with respect to any Outstanding Notes of such Tranche
of Class C Notes; 
  
 WHEREAS, pursuant to Section 901 of the
Indenture, the Issuer and the Indenture Trustee may amend any Indenture Supplement (including any supplement thereto, such as a Terms Document), including the amendments contained herein to the definitions of (a) Class C Reserve Account
Percentage in each of the Class C Terms Documents, (b) Maximum Subordination Amount of Class B Notes in each of the Class A Terms Documents and (c) Required Subordinated Amount of Class D Notes in each of the Terms Documents without
the consent of the Indenture Trustee or any of the Noteholders but with prior notice to each Note Rating Agency, provided that the Issuer has (i) received written confirmation from each Note Rating Agency that such amendment will not cause a
Ratings Effect; (ii) delivered to the Indenture Trustee and the Note Rating Agencies a Master Trust Tax Opinion for each applicable Master Trust and an Issuer Tax Opinion and (iii) delivered to the Indenture Trustee and the Owner Trustee
an Officers Certificate to the effect that the Issuer reasonably believes that such amendment will not have an Adverse Effect and is not reasonably expected to have an Adverse Effect at any time in the future; 
  
 WHEREAS, the Issuer has received written confirmation from each Note Rating
Agency that such amendments will not cause a Ratings Effect, has delivered to the Indenture Trustee and the Note Rating Agencies a Master Trust Tax Opinion for each applicable Master Trust and an Issuer Tax Opinion and has delivered to the Indenture
Trustee and the Owner Trustee an 
  

 2 

 Officer’s Certificate to the effect that the Issuer reasonably believes that such amendments will not have an
Adverse Effect and are not reasonably expected to have an Adverse Effect at any time in the future; and 
  
 WHEREAS, all other conditions precedent to the execution of this Addendum have been complied with; 
  
 NOW, THEREFORE, it is hereby agreed by and among the parties hereto in the
manner set forth below. 
  
 Capitalized terms used but not defined
herein shall have the meanings assigned to them in the Terms Documents, or if not therein, the Indenture, the Indenture Supplement or the Asset Pool 1 Supplement. 
  
 SECTION 1. Modification to Section 1.01 of the Class A Terms Documents. 
  
 (a) The percentage set forth in the definition of “Required
Subordinated Percentage of Class B Notes” in Section 1.01 of each Class A Terms Document is hereby reduced from 12.3077% to 10.8434%. 
  
 (b) The percentage set forth in the definition of “Required Subordinated Percentage of Class C Notes” in Section 1.01 of each Class A
Terms Document is hereby reduced from 8.9231% to 8.4338%. 
  
 (c)
The percentage set forth in the definition of “Required Subordinated Percentage of Class D Notes” in Section 1.01 of each Class A Terms Document is hereby reduced from 1.8462% to 1.2049%. 
  
 (d) The number 81.25 set forth in the definition of “Maximum
Subordination Amount of Class B Notes” in Section 1.01 of each Class A Terms Document is hereby increased to 83.00. 
  
 (e) The percentage set forth in the definition of “Required Subordinated Amount of Class D Notes” in Section 1.01 of each Class A
Terms Document is hereby reduced from 1.8462% to 1.2049%. 
  
 SECTION 2. Modification to Section 1.01 of the Class B Terms Documents. 
  
 (a) The percentage set forth in the definition of “Required Subordinated Percentage of Class C Notes” in Section 1.01 of each Class B Terms
Document is hereby reduced from 7.9453% to 7.6087%. 
  
 (b) The
percentage set forth in the definition of “Required Subordinated Percentage of Class D Notes” in Section 1.01 of each Class B Terms Document is hereby reduced from 1.6439% to 1.0870%. 
  
 (c) The percentage set forth in the definition of “Required Subordinated
Amount of Class D Notes” in Section 1.01 of each Class B Terms Document is hereby reduced from 1.6439% to 1.0870%. 
  

 3 

 SECTION 3. Modification to Section 1.01 of the Class C Terms Documents. 
  
 (a) The percentage set forth in the definition of “Required
Subordinated Percentage of Class D Notes” in Section 1.01 of each Class C Terms Document is hereby reduced from 1.5229% to 1.0102%. 
  
 (b) The percentage set forth in the definition of “Required Subordinated Amount of Class D Notes” in Section 1.01 of each Class C Terms
Document is hereby reduced from 1.5229% to 1.0102%. 
  
 (c) The
definition of “Class C Reserve Account Percentage” in Section 1.01 of each Class C Terms Document is hereby deleted in its entirety and replaced with the following: 
  
 ““Class C Reserve Account Percentage” means, (i) zero, if the Quarterly Excess
Spread Percentage on such Distribution Date is greater than or equal to 4.50%, (ii) 1.75%, if the Quarterly Excess Spread Percentage on such Distribution Date is less than 4.50% and greater than or equal to 4.00%, (iii) 2.75%, if the
Quarterly Excess Spread Percentage on such Distribution Date is less than 4.00% and greater than or equal to 3.50%, (iv) 3.50%, if the Quarterly Excess Spread Percentage on such Distribution Date is less than 3.50% and greater than or equal to
3.00%; (v) 5.00%, if the Quarterly Excess Spread Percentage on such Distribution Date is less than 3.00% and greater than or equal to 2.50%, (vi) 6.00%, if the Quarterly Excess Spread Percentage on such Distribution Date is less than 2.50%
and greater than or equal to 2.00%, and (vii) 7.75%, if the Quarterly Excess Spread Percentage on such Distribution Date is less than 2.00%.” 
  
 SECTION 4. Ratification of the Terms Documents. As modified by this Addendum, the Terms Documents are in all respects ratified and confirmed, and
the Terms Documents, as so modified by this Addendum shall be read, taken and construed as one and the same instrument. 
  
 SECTION 5. Severability. If any one or more of the covenants, agreements, provisions or terms or portions thereof of this Addendum shall be for any
reason whatsoever held invalid, then such covenants, agreements, provisions or terms or portions thereof shall be deemed severable from the remaining covenants, agreements, provisions or terms of this Addendum and shall in no way affect the validity
or enforceability of the other covenants, agreements, provisions or terms or portions of this Addendum. 
  
 SECTION 6. Counterparts. This Addendum may be executed simultaneously in any number of counterparts, each of which counterparts shall be deemed to
be an original, and all of which counterparts shall constitute one and the same instrument. 
  

 4 

 SECTION 7. Effectiveness. This Addendum shall become effective as of March 1, 2006 upon
satisfaction of the following conditions: 
  
 (a) the Issuer has
received written confirmation from each Note Rating Agency that has rated any Outstanding Notes of the Card series that this Addendum will not result in a Ratings Effect; 
  
 (b) delivery to the Indenture Trustee and the Note Rating Agencies a Master Trust Tax Opinion for each Master Trust and an
Issuer Tax Opinion; 
  
 (c) delivery to the Indenture Trustee and
the Owner Trustee an Officer’s Certificate to the effect that the Issuer reasonably believes that the amendments contained in Sections 1(d), 1(e), 2(c), 3(b) and 3(c) hereof will not have an Adverse Effect and
are not reasonably expected to have an Adverse Effect at any time in the future; and 
  
 (d) delivery to the Indenture Trustee of counterparts of this Addendum, duly executed by the parties hereto. 
  
 SECTION 8. Headings. The headings of the several paragraphs of this Addendum are inserted for convenience only and shall not in any way affect the
meaning or construction of any provision of this Addendum. 
  
 SECTION 9. Waiver of Conditions. By executing this Addendum, the parties hereto waive any other conditions under the Terms Documents which are required to enter into this Addendum and the transactions contemplated hereby, including
without limitation any requirement for prior written notice. 
  
 SECTION 10. GOVERNING LAW. THIS ADDENDUM WILL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAWS OF THE STATE OF NEW YORK, INCLUDING SECTION 5-1401 OF THE GENERAL OBLIGATION LAW, WITHOUT REFERENCE TO ITS CONFLICT OF LAW
PROVISIONS AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS. 
  

 5 

 IN WITNESS WHEREOF, the parties hereto have caused this Addendum to be executed by their respective
officers, thereunto duly authorized, as of the day and year first above written. 
  

					
	 CAPITAL ONE MULTI-ASSET EXECUTION TRUST,
 by
DEUTSCHE BANK TRUST COMPANY

	 DELAWARE, not in its individual capacity, but solely as
 Owner Trustee on behalf of the Trust

			
	 By:
	 	 /s/ Michele H. Y. Voon

	 	 /s/ Eva Aryeetey

	 Name:
	 	 Michele H. Y. Voon
	 	 Eva Aryeetey

	 Title:
	 	 Attorney-In-Fact
	 	 Attorney-In-Fact

	
	 THE BANK OF NEW YORK, as Indenture
 Trustee and not in its individual capacity

			
	 By:
	 	 /s/ Scott J. Tepper

	 	 
	 Name:
	 	 Scott J. Tepper
	 	 
	 Title:
	 	 Vice President
	 	 

  
 Acknowledged and Accepted: 
  

			
	 CAPITAL ONE BANK
 as Servicer and Administrator

		
	 By:
	 	 /s/ Jerry Hamstead

	 Name:
	 	 Jerry Hamstead

	 Title:
	 	 Director, Capital Markets

	
	 CAPITAL ONE FUNDING, LLC
 as Transferor

		
	 By:
	 	 /s/ Richard Johns

	 Name:
	 	 Richard Johns

	 Title:
	 	 Assistant Vice President

 Schedule A 
  
 Class A Card series Notes 
  

	1.	Class A(2002-1) Terms Document, dated as of October 9, 2002, to the Indenture, dated as of October 9, 2002, as amended and restated as of January 13, 2006 (the
“Indenture”), as supplemented by Asset Pool 1 Supplement, dated as of October 9, 2002 (the “Asset Pool 1 Supplement”), and as further supplemented by the Card series Indenture Supplement, dated as of
October 9, 2002 (the “Indenture Supplement”), by and between Capital One Multi-asset Execution Trust, as Issuer (the “Issuer”), and The Bank of New York, as Indenture Trustee (the “Indenture
Trustee”). 

  

	2.	Class A(2003-1) Terms Document, dated as of April 15, 2003, to the Indenture, as supplemented by the Asset Pool 1 Supplement, and as further supplemented by the Indenture
Supplement, by and between the Issuer and the Indenture Trustee. 

  

	3.	Class A(2003-A) Terms Document, dated as of May 20, 2003, to the Indenture, as supplemented by the Asset Pool 1 Supplement, and as further supplemented by the Indenture
Supplement, by and between the Issuer and the Indenture Trustee. 

  

	4.	Class A(2003-3) Terms Document, dated as of August 13, 2003, to the Indenture, as supplemented by the Asset Pool 1 Supplement, and as further supplemented by the Indenture
Supplement, by and between the Issuer and the Indenture Trustee. 

  

	5.	Class A(2003-4) Terms Document, dated as of September 26, 2003, to the Indenture, as supplemented by the Asset Pool 1 Supplement, and as further supplemented by the Indenture
Supplement, by and between the Issuer and the Indenture Trustee. 

  

	6.	Class A(2003-5) Terms Document, dated as of October 10, 2003, to the Indenture, as supplemented by the Asset Pool 1 Supplement, and as further supplemented by the Indenture
Supplement, by and between the Issuer and the Indenture Trustee. 

  

	7.	Class A(2003-6) Terms Document, dated as of October 24, 2003, to the Indenture, as supplemented by the Asset Pool 1 Supplement, and as further supplemented by the Indenture
Supplement, by and between the Issuer and the Indenture Trustee. 

  

	8.	Class A(2003-7) Terms Document, dated as of November 21, 2003, to the Indenture, as supplemented by the Asset Pool 1 Supplement, and as further supplemented by the Indenture
Supplement, by and between the Issuer and the Indenture Trustee. 

  

	9.	Class A(2004-1) Terms Document, dated as of February 26, 2004, to the Indenture, as supplemented by the Asset Pool 1 Supplement, and as further supplemented by the Indenture
Supplement, by and between the Issuer and the Indenture Trustee. 

	10.	Class A(2004-2) Terms Document, dated as of April 8, 2004, to the Indenture, as supplemented by the Asset Pool 1 Supplement, and as further supplemented by the Indenture
Supplement, by and between the Issuer and the Indenture Trustee. 

  

	11.	Class A(2004-3) Terms Document, dated as of May 6, 2004, to the Indenture, as supplemented by the Asset Pool 1 Supplement, and as further supplemented by the Indenture
Supplement, by and between the Issuer and the Indenture Trustee. 

  

	12.	Class A(2004-4) Terms Document, dated as of June 10, 2004, to the Indenture, as supplemented by the Asset Pool 1 Supplement, and as further supplemented by the Indenture
Supplement, by and between the Issuer and the Indenture Trustee. 

  

	13.	Class A(2004-5) Terms Document, dated as of June 10, 2004, to the Indenture, as supplemented by the Asset Pool 1 Supplement, and as further supplemented by the Indenture
Supplement, by and between the Issuer and the Indenture Trustee. 

  

	14.	Class A(2004-6) Terms Document, dated as of July 14, 2004, to the Indenture, as supplemented by the Asset Pool 1 Supplement, and as further supplemented by the Indenture
Supplement, by and between the Issuer and the Indenture Trustee. 

  

	15.	Class A(2004-7) Terms Document, dated as of September 9, 2004, to the Indenture, as supplemented by the Asset Pool 1 Supplement, and as further supplemented by the Indenture
Supplement, by and between the Issuer and the Indenture Trustee. 

  

	16.	Class A(2004-8) Terms Document, dated as of November 10, 2004, to the Indenture, as supplemented by the Asset Pool 1 Supplement, and as further supplemented by the Indenture
Supplement, by and between the Issuer and the Indenture Trustee. 

  

	17.	Class A(2005-1) Terms Document, dated as of April 1, 2005, to the Indenture, as supplemented by the Asset Pool 1 Supplement, and as further supplemented by the Indenture
Supplement, by and between the Issuer and the Indenture Trustee. 

  

	18.	Class A(2005-2) Terms Document, dated as of May 6, 2005, to the Indenture, as supplemented by the Asset Pool 1 Supplement, and as further supplemented by the Indenture
Supplement, by and between the Issuer and the Indenture Trustee. 

  

	19.	Class A(2005-3) Terms Document, dated as of June 10, 2005, to the Indenture, as supplemented by the Asset Pool 1 Supplement, and as further supplemented by the Indenture
Supplement, by and between the Issuer and the Indenture Trustee. 

  

	20.	Class A(2005-4) Terms Document, dated as of June 13, 2005, to the Indenture, as supplemented by the Asset Pool 1 Supplement, and as further supplemented by the Indenture
Supplement, by and between the Issuer and the Indenture Trustee. 

  

	21.	Class A(2005-5) Terms Document, dated as of July 8, 2005, to the Indenture, as supplemented by the Asset Pool 1 Supplement, and as further supplemented by the Indenture
Supplement, by and between the Issuer and the Indenture Trustee. 

  

 A-2 

	22.	Class A(2005-6) Terms Document, dated as of July 28, 2005, to the Indenture, as supplemented by the Asset Pool 1 Supplement, and as further supplemented by the Indenture
Supplement, by and between the Issuer and the Indenture Trustee. 

  

	23.	Class A(2005-7) Terms Document, dated as of August 18, 2005, to the Indenture, as supplemented by the Asset Pool 1 Supplement, and as further supplemented by the Indenture
Supplement, by and between the Issuer and the Indenture Trustee. 

  

	24.	Class A(2005-8) Terms Document, dated as of August 26, 2005, to the Indenture, as supplemented by the Asset Pool 1 Supplement, and as further supplemented by the Indenture
Supplement, by and between the Issuer and the Indenture Trustee. 

  

	25.	Class A(2005-9) Terms Document, dated as of October 19, 2005, to the Indenture, as supplemented by the Asset Pool 1 Supplement, and as further supplemented by the Indenture
Supplement, by and between the Issuer and the Indenture Trustee. 

  

	26.	Class A(2005-10) Terms Document, dated as of November 15, 2005, to the Indenture, as supplemented by the Asset Pool 1 Supplement, and as further supplemented by the Indenture
Supplement, by and between the Issuer and the Indenture Trustee. 

  

	27.	Class A(2005-11) Terms Document, dated as of November 23, 2005, to the Indenture, as supplemented by the Asset Pool 1 Supplement, and as further supplemented by the Indenture
Supplement, by and between the Issuer and the Indenture Trustee. 

  

	28.	Class A(2006-1) Terms Document, dated as of January 20, 2006, to the Indenture, as supplemented by the Asset Pool 1 Supplement, and as further supplemented by the Indenture
Supplement, by and between the Issuer and the Indenture Trustee. 

  

	29.	Class A(2006-2) Terms Document, dated as of February 3, 2006, to the Indenture, as supplemented by the Asset Pool 1 Supplement, and as further supplemented by the Indenture
Supplement, by and between the Issuer and the Indenture Trustee. 

  

 A-3 

 Schedule B 
  
 Class B Card series Notes 
  

	1.	Class B(2003-1) Terms Document, dated as of May 7, 2003, to the Indenture, dated as of October 9, 2002, as amended and restated as of January 13, 2006 (the
“Indenture”), as supplemented by Asset Pool 1 Supplement, dated as of October 9, 2002 (the “Asset Pool 1 Supplement”), and as further supplemented by the Card series Indenture Supplement, dated as of
October 9, 2002 (the “Indenture Supplement”), by and between Capital One Multi-asset Execution Trust, as Issuer (the “Issuer”), and The Bank of New York, as Indenture Trustee (the “Indenture
Trustee”). 

  

	2.	Class B(2003-2) Terms Document, dated as of May 7, 2003, to the Indenture, as supplemented by the Asset Pool 1 Supplement, and as further supplemented by the Indenture
Supplement, by and between the Issuer and the Indenture Trustee. 

  

	3.	Class B(2003-3) Terms Document, dated as of September 3, 2003, to the Indenture, as supplemented by the Asset Pool 1 Supplement, and as further supplemented by the Indenture
Supplement, by and between the Issuer and the Indenture Trustee. 

  

	4.	Class B(2003-4) Terms Document, dated as of September 16, 2003, to the Indenture, as supplemented by the Asset Pool 1 Supplement, and as further supplemented by the Indenture
Supplement, by and between the Issuer and the Indenture Trustee. 

  

	5.	Class B(2003-5) Terms Document, dated as of November 5, 2003, to the Indenture, as supplemented by the Asset Pool 1 Supplement, and as further supplemented by the Indenture
Supplement, by and between the Issuer and the Indenture Trustee. 

  

	6.	Class B(2003-6) Terms Document, dated as of November 20, 2003, to the Indenture, as supplemented by the Asset Pool 1 Supplement, and as further supplemented by the Indenture
Supplement, by and between the Issuer and the Indenture Trustee. 

  

	7.	Class B(2004-1) Terms Document, dated as of January 30, 2004, to the Indenture, as supplemented by the Asset Pool 1 Supplement, and as further supplemented by the Indenture
Supplement, by and between the Issuer and the Indenture Trustee. 

  

	8.	Class B(2004-2) Terms Document, dated as of March 11, 2004, to the Indenture, as supplemented by the Asset Pool 1 Supplement, and as further supplemented by the Indenture
Supplement, by and between the Issuer and the Indenture Trustee. 

  

	9.	Class B(2004-3) Terms Document, dated as of April 14, 2004, to the Indenture, as supplemented by the Asset Pool 1 Supplement, and as further supplemented by the Indenture
Supplement, by and between the Issuer and the Indenture Trustee. 

	10.	Class B(2004-4) Terms Document, dated as of July 16, 2004, to the Indenture, as supplemented by the Asset Pool 1 Supplement, and as further supplemented by the Indenture
Supplement, by and between the Issuer and the Indenture Trustee. 

  

	11.	Class B(2004-5) Terms Document, dated as of July 16, 2004, to the Indenture, as supplemented by the Asset Pool 1 Supplement, and as further supplemented by the Indenture
Supplement, by and between the Issuer and the Indenture Trustee. 

  

	12.	Class B(2004-6) Terms Document, dated as of October 8, 2004, to the Indenture, as supplemented by the Asset Pool 1 Supplement, and as further supplemented by the Indenture
Supplement, by and between the Issuer and the Indenture Trustee. 

  

	13.	Class B(2004-7) Terms Document, dated as of October 27, 2004, to the Indenture, as supplemented by the Asset Pool 1 Supplement, and as further supplemented by the Indenture
Supplement, by and between the Issuer and the Indenture Trustee. 

  

	14.	Class B(2005-1) Terms Document, dated as of March 3, 2005, to the Indenture, as supplemented by the Asset Pool 1 Supplement, and as further supplemented by the Indenture
Supplement, by and between the Issuer and the Indenture Trustee. 

  

	15.	Class B(2005-2) Terms Document, dated as of May 20, 2005, to the Indenture, as supplemented by the Asset Pool 1 Supplement, and as further supplemented by the Indenture
Supplement, by and between the Issuer and the Indenture Trustee. 

  

	16.	Class B(2005-3) Terms Document, dated as of August 4, 2005, to the Indenture, as supplemented by the Asset Pool 1 Supplement, and as further supplemented by the Indenture
Supplement, by and between the Issuer and the Indenture Trustee. 

  

 B-2 

 Schedule C 
  
 Class C Card series Notes 
  

	1.	Class C(2002-1) Terms Document, dated as of October 9, 2002, to the Indenture, dated as of October 9, 2002, as amended and restated as of January 13, 2006 (the
“Indenture”), as supplemented by Asset Pool 1 Supplement, dated as of October 9, 2002 (the “Asset Pool 1 Supplement”), and as further supplemented by the Card series Indenture Supplement, dated as of
October 9, 2002 (the “Indenture Supplement”), by and between Capital One Multi-asset Execution Trust, as Issuer (the “Issuer”), and The Bank of New York, as Indenture Trustee (the “Indenture
Trustee”). 

  

	2.	Class C(2003-A) Terms Document, dated as of February 18, 2003, to the Indenture, as supplemented by the Asset Pool 1 Supplement, and as further supplemented by the Indenture
Supplement, by and between the Issuer and the Indenture Trustee. 

  

	3.	Class C(2003-B) Terms Document, dated as of March 25, 2003, to the Indenture, as supplemented by the Asset Pool 1 Supplement, and as further supplemented by the Indenture
Supplement, by and between the Issuer and the Indenture Trustee. 

  

	4.	Class C(2003-1) Terms Document, dated as of May 28, 2003, to the Indenture, as supplemented by the Asset Pool 1 Supplement, and as further supplemented by the Indenture
Supplement, by and between the Issuer and the Indenture Trustee. 

  

	5.	Class C(2003-2) Terms Document, dated as of June 4, 2003, to the Indenture, as supplemented by the Asset Pool 1 Supplement, and as further supplemented by the Indenture
Supplement, by and between the Issuer and the Indenture Trustee. 

  

	6.	Class C(2003-3) Terms Document, dated as of September 23, 2003, to the Indenture, as supplemented by the Asset Pool 1 Supplement, and as further supplemented by the Indenture
Supplement, by and between the Issuer and the Indenture Trustee. 

  

	7.	Class C(2003-4) Terms Document, dated as of October 29, 2003, to the Indenture, as supplemented by the Asset Pool 1 Supplement, and as further supplemented by the Indenture
Supplement, by and between the Issuer and the Indenture Trustee. 

  

	8.	Class C(2003-5) Terms Document, dated as of December 23, 2003, to the Indenture, as supplemented by the Asset Pool 1 Supplement, and as further supplemented by the Indenture
Supplement, by and between the Issuer and the Indenture Trustee. 

  

	9.	Class C(2004-1) Terms Document, dated as of January 21, 2004, to the Indenture, as supplemented by the Asset Pool 1 Supplement, and as further supplemented by the Indenture
Supplement, by and between the Issuer and the Indenture Trustee. 

	10.	Class C(2004-2) Terms Document, dated as of March 5, 2004, to the Indenture, as supplemented by the Asset Pool 1 Supplement, and as further supplemented by the Indenture
Supplement, by and between the Issuer and the Indenture Trustee. 

  

	11.	Class C(2004-3) Terms Document, dated as of June 23, 2004, to the Indenture, as supplemented by the Asset Pool 1 Supplement, and as further supplemented by the Indenture
Supplement, by and between the Issuer and the Indenture Trustee. 

  

	12.	Class C(2004-4) Terms Document, dated as of September 2, 2004, to the Indenture, as supplemented by the Asset Pool 1 Supplement, and as further supplemented by the Indenture
Supplement, by and between the Issuer and the Indenture Trustee. 

  

	13.	Class C(2005-1) Terms Document, dated as of April 21, 2005, to the Indenture, as supplemented by the Asset Pool 1 Supplement, and as further supplemented by the Indenture
Supplement, by and between the Issuer and the Indenture Trustee. 

  

 C-2Indenture

 Exhibit 4.1 
  

  
 INDENTURE 
  
 Dated as of August 25, 2005,

  
 among 
  
 CITISTEEL USA, INC., 
  
 as Issuer, 
  
 THE GUARANTOR NAMED HEREIN, 
  

as Guarantor, 
  
 and 
  
 THE
BANK OF NEW YORK, 
  
 as Trustee and as Collateral Agent

  
 Senior Secured Floating Rate Notes due 2010 

 

 CROSS-REFERENCE TABLE 
  

						
	 TIA
 Section

	 	 	 	  	 Indenture
 Section

	310	(a)(1)	 	 	  	7.10(a)
	 	(a)(2)	 	 	  	7.10(a)
	 	(a)(3)	 	 	  	7.10(a)
	 	(a)(4)	 	 	  	N.A.
	 	(a)(5)	 	 	  	7.10(a)
	 	(b)	 	 	  	7.03; 7.08; 7.10(a)
	 	(c)	 	 	  	N.A.
	311	(a)	 	 	  	7.03; 7.11
	 	(b)	 	 	  	7.03; 7.11
	312	(a)	 	 	  	2.05
	 	(b)	 	 	  	7.07; 11.03
	 	(c)	 	 	  	11.03
	313	(a)	 	 	  	7.06
	 	(b)	 	 	  	7.06
	 	(c)	 	 	  	7.06
	 	(d)	 	 	  	7.06
	314	(a)	 	 	  	4.06; 4.21
	 	(b)	 	 	  	12.02
	 	(c)(1)	 	 	  	4.06; 11.04
	 	(c)(2)	 	 	  	11.04
	 	(c)(3)	 	 	  	4.06
	 	(d)	 	 	  	12.03(c)
	 	(e)	 	 	  	11.05
	 	(f)	 	 	  	N.A.
	315	(a)	 	 	  	7.01(b)
	 	(b)	 	 	  	7.05
	 	(c)	 	 	  	7.01(a)
	 	(d)	 	 	  	7.01(c)
	 	(e)	 	 	  	6.11
	316	(a)(last sentence)	 	 	  	2.09
	 	(a)(1)(A)	 	 	  	6.05
	 	(a)(1)(B)	 	 	  	6.04
	 	(a)(2)	 	 	  	N.A.
	 	(b)	 	 	  	6.07
	 	(c)	 	 	  	9.04
	317	(a)(1)	 	 	  	6.08
	 	(a)(2)	 	 	  	6.09
	 	(b)	 	 	  	2.04
	318	(a)	 	 	  	11.01
	 	(b)	 	 	  	N.A.
	 	(c)	 	 	  	11.01

 N.A. means Not
Applicable 
  
 NOTE: This Cross-Reference Table shall not, for any purpose, be
deemed to be a part of this Indenture. 

 TABLE OF CONTENTS 
  

					
	 	  	 	  	Page

		
	 ARTICLE One    DEFINITIONS AND INCORPORATION BY REFERENCE
	  	1
			
	 Section 1.01.
	  	Definitions	  	1
			
	 Section 1.02.
	  	Incorporation by Reference of Trust Indenture Act	  	24
			
	 Section 1.03.
	  	Rules of Construction	  	24
		
	 ARTICLE Two    THE NOTES
	  	25
			
	 Section 2.01.
	  	Form and Dating	  	25
			
	 Section 2.02.
	  	Execution and Authentication; Aggregate Principal Amount	  	26
			
	 Section 2.03.
	  	Registrar and Paying Agent	  	27
			
	 Section 2.04.
	  	Obligations of Paying Agent	  	27
			
	 Section 2.05.
	  	Holder Lists	  	28
			
	 Section 2.06.
	  	Transfer and Exchange	  	28
			
	 Section 2.07.
	  	Replacement Notes	  	28
			
	 Section 2.08.
	  	Outstanding Notes	  	29
			
	 Section 2.09.
	  	Treasury Notes; When Notes Are Disregarded	  	29
			
	 Section 2.10.
	  	Temporary Notes	  	29
			
	 Section 2.11.
	  	Cancellation	  	30
			
	 Section 2.12.
	  	CUSIP Numbers	  	30
			
	 Section 2.13.
	  	Deposit of Moneys	  	30
			
	 Section 2.14.
	  	Book-Entry Provisions for Global Notes	  	30
			
	 Section 2.15.
	  	Restrictive Legends	  	31
			
	 Section 2.16.
	  	Special Transfer Provisions	  	31
			
	 Section 2.17.
	  	Transfers of Global Notes and Physical Notes	  	34
		
	 ARTICLE Three    REDEMPTION
	  	34
			
	 Section 3.01.
	  	Optional Redemption	  	34
			
	 Section 3.02.
	  	Selection of Notes To Be Redeemed	  	34
			
	 Section 3.03.
	  	Notice of Redemption	  	35
			
	 Section 3.04.
	  	Effect of Notice of Redemption	  	36
			
	 Section 3.05.
	  	Deposit of Redemption Price	  	36
			
	 Section 3.06.
	  	Notes Redeemed in Part	  	36
		
	 ARTICLE Four    COVENANTS
	  	36
			
	 Section 4.01.
	  	Payment of Notes	  	36
			
	 Section 4.02.
	  	Maintenance of Office or Agency	  	37

  

 -i- 

 TABLE OF CONTENTS 
 (continued) 
  

					
	 	  	 	  	Page

			
	 Section 4.03.
	  	Corporate Existence	  	37
			
	 Section 4.04.
	  	Payment of Taxes and Other Claims	  	37
			
	 Section 4.05.
	  	Maintenance of Properties and Insurance; Compliance with Laws	  	37
			
	 Section 4.06.
	  	Compliance Certificate; Notice of Default	  	38
			
	 Section 4.07.
	  	Waiver of Stay, Extension or Usury Laws	  	38
			
	 Section 4.08.
	  	Limitation on Incurrence of Additional Indebtedness	  	39
			
	 Section 4.09.
	  	Limitation on Restricted Payments	  	39
			
	 Section 4.10.
	  	Limitation on Asset Sales	  	42
			
	 Section 4.11.
	  	Limitation on Dividend and Other Payment Restrictions Affecting Restricted Subsidiaries	  	44
			
	 Section 4.12.
	  	Limitation on Issuances and Sales of Capital Stock of Subsidiaries	  	45
			
	 Section 4.13.
	  	Limitation on Liens	  	45
			
	 Section 4.14.
	  	Limitations on Transactions with Affiliates	  	46
			
	 Section 4.15.
	  	Additional Guarantees	  	47
			
	 Section 4.16.
	  	Impairment of Security Interest	  	48
			
	 Section 4.17.
	  	Real Estate Mortgages and Filings	  	48
			
	 Section 4.18.
	  	Leasehold Mortgages and Filings; Landlord Waivers	  	49
			
	 Section 4.19.
	  	Conduct of Business	  	49
			
	 Section 4.20.
	  	Reports to Holders	  	49
			
	 Section 4.21.
	  	Payments for Consent	  	50
			
	 Section 4.22.
	  	Repurchase upon Change of Control	  	50
			
	 Section 4.23.
	  	Excess Cash Flow Offer	  	52
			
	 Section 4.24.
	  	Additional Interest	  	54
			
	 Section 4.25.
	  	Limitation on Acquisitions and Capital Expenditures	  	54
		
	 ARTICLE Five    SUCCESSOR CORPORATION
	  	54
			
	 Section 5.01.
	  	Merger, Consolidation and Sale of Assets	  	54
			
	 Section 5.02.
	  	Successor Entity Substituted	  	56
		
	 ARTICLE Six    DEFAULT AND REMEDIES
	  	56
			
	 Section 6.01.
	  	Events of Default	  	56
			
	 Section 6.02.
	  	Acceleration	  	57
			
	 Section 6.03.
	  	Other Remedies	  	58
			
	 Section 6.04.
	  	Waiver of Past Defaults	  	58
			
	 Section 6.05.
	  	Control by Majority	  	59

  

 -ii- 

 TABLE OF CONTENTS 
 (continued) 
  

					
	 	  	 	  	Page

			
	 Section 6.06.
	  	Limitation on Suits	  	59
			
	 Section 6.07.
	  	Rights of Holders To Receive Payment	  	59
			
	 Section 6.08.
	  	Collection Suit by Trustee or Collateral Agent	  	60
			
	 Section 6.09.
	  	Trustee May File Proofs of Claim	  	60
			
	 Section 6.10.
	  	Priorities	  	60
			
	 Section 6.11.
	  	Undertaking for Costs	  	61
			
	 Section 6.12.
	  	Restoration of Rights and Remedies	  	61
		
	 ARTICLE Seven    TRUSTEE
	  	61
			
	 Section 7.01.
	  	Duties of Trustee	  	61
			
	 Section 7.02.
	  	Rights of Trustee	  	62
			
	 Section 7.03.
	  	Individual Rights of Trustee	  	64
			
	 Section 7.04.
	  	Trustee’s Disclaimer	  	64
			
	 Section 7.05.
	  	Notice of Default	  	65
			
	 Section 7.06.
	  	Reports by Trustee to Holders	  	65
			
	 Section 7.07.
	  	Compensation and Indemnity	  	65
			
	 Section 7.08.
	  	Replacement of Trustee	  	66
			
	 Section 7.09.
	  	Successor Trustee by Merger, Etc	  	67
			
	 Section 7.10.
	  	Eligibility; Disqualification	  	68
			
	 Section 7.11.
	  	Preferential Collection of Claims Against Company	  	68
			
	 Section 7.12.
	  	Trustee as Paying Agent and Collateral Agent	  	68
			
	 Section 7.13.
	  	Co-Trustees, Co-Collateral Agent and Separate Trustees and Collateral Agent	  	68
			
	 Section 7.14.
	  	Form of Documents Delivered to Trustee	  	69
		
	 ARTICLE Eight    SATISFACTION AND DISCHARGE OF INDENTURE
	  	70
			
	 Section 8.01.
	  	Legal Defeasance and Covenant Defeasance	  	70
			
	 Section 8.02.
	  	Satisfaction and Discharge	  	72
			
	 Section 8.03.
	  	Survival of Certain Obligations	  	73
			
	 Section 8.04.
	  	Acknowledgment of Discharge by Trustee	  	73
			
	 Section 8.05.
	  	Application of Trust Moneys	  	73
			
	 Section 8.06.
	  	Repayment to the Company; Unclaimed Money	  	73
			
	 Section 8.07.
	  	Reinstatement	  	74
		
	 ARTICLE Nine    AMENDMENTS, SUPPLEMENTS AND WAIVERS
	  	74
			
	 Section 9.01.
	  	Without Consent of Holders	  	74

  

 -iii- 

 TABLE OF CONTENTS 
 (continued) 
  

					
	 	  	 	  	Page

			
	 Section 9.02.
	  	With Consent of Holders	  	75
			
	 Section 9.03.
	  	Compliance with TIA	  	76
			
	 Section 9.04.
	  	Revocation and Effect of Consents	  	76
			
	 Section 9.05.
	  	Notation on or Exchange of Notes	  	77
			
	 Section 9.06.
	  	Trustee to Sign Amendments, Etc	  	77
			
	 Section 9.07.
	  	Conformity with Trust Indenture Act	  	78
		
	 ARTICLE Ten        GUARANTEE
	  	78
			
	 Section 10.01.
	  	Guarantee	  	78
			
	 Section 10.02.
	  	Release of a Guarantor	  	79
			
	 Section 10.03.
	  	Limitation of Guarantor’s Liability	  	79
			
	 Section 10.04.
	  	Guarantors May Consolidate, etc., on Certain Terms	  	80
			
	 Section 10.05.
	  	Contribution	  	80
			
	 Section 10.06.
	  	Waiver of Subrogation	  	81
			
	 Section 10.07.
	  	Waiver of Stay, Extension or Usury Laws	  	81
		
	 ARTICLE Eleven    MISCELLANEOUS
	  	81
			
	 Section 11.01.
	  	Trust Indenture Act Controls	  	81
			
	 Section 11.02.
	  	Notices	  	81
			
	 Section 11.03.
	  	Communications by Holders with Other Holders	  	82
			
	 Section 11.04.
	  	Certificate and Opinion as to Conditions Precedent	  	82
			
	 Section 11.05.
	  	Statements Required in Certificate or Opinion	  	83
			
	 Section 11.06.
	  	Rules by Trustee, Paying Agent, Registrar	  	83
			
	 Section 11.07.
	  	Governing Law	  	83
			
	 Section 11.08.
	  	No Adverse Interpretation of Other Agreements	  	83
			
	 Section 11.09.
	  	No Recourse Against Others	  	83
			
	 Section 11.10.
	  	Successors	  	84
			
	 Section 11.11.
	  	Duplicate Originals	  	84
			
	 Section 11.12.
	  	Severability	  	84
			
	 Section 11.13.
	  	Waiver of Jury Trial	  	84
			
	 Section 11.14.
	  	Force Majeure	  	84
		
	 ARTICLE Twelve    SECURITY
	  	84
			
	 Section 12.01.
	  	Grant of Security Interest	  	84
			
	 Section 12.02.
	  	Recording and Opinions	  	85

  

 -iv- 

 TABLE OF CONTENTS 
 (continued) 
  

							
	 	  	 	  	 	  	Page

				
	 	  	Section 12.03.	  	Release of Collateral	  	86
				
	 	  	Section 12.04.	  	Specified Releases of Collateral	  	87
				
	 	  	Section 12.05.	  	Release upon Satisfaction or Defeasance of All Outstanding Obligations	  	87
				
	 	  	Section 12.06.	  	Form and Sufficiency of Release	  	88
				
	 	  	Section 12.07.	  	Purchaser Protected	  	88
				
	 	  	Section 12.08.	  	Authorization of Actions To Be Taken by the Collateral Agent Under the Collateral Agreements	  	88
				
	 	  	Section 12.09.	  	Authorization of Receipt of Funds by the Trustee Under the Collateral Agreements	  	89
				
	 	  	Section 12.10.	  	Intercreditor Agreement	  	89
			
	 Exhibit A        -  
	  	Form of Initial Note	  	A
			
	 Exhibit B        -  
	  	Form of Exchange Note	  	B
			
	 Exhibit C        -  
	  	Form of Legend for Global Security	  	C
			
	 Exhibit D        -  
	  	Form of Certificate To Be Delivered in Connection with Transfers to Non-QIB Accredited Investors	  	D
			
	 Exhibit E        -  
	  	Form of Certificate To Be Delivered in Connection with Transfers Pursuant to Regulation S	  	E
			
	Exhibit F	  	Form of Landlord Waiver	  	F

  
 NOTE: This Table of Contents shall
not, for any purpose, be deemed to be part of this Indenture. 
  

 -v- 

 INDENTURE, dated as of August 25, 2005, among CitiSteel USA, Inc., a Delaware corporation (the
“Company”), CitiSteel PA, a Pennsylvania corporation, and The Bank of New York, as trustee (in such capacity, the “Trustee”) and collateral agent (in such capacity, the “Collateral Agent”).

  
 WITNESSETH: 
  
 WHEREAS, the Company has duly authorized the creation of the Senior Secured
Floating Rate Notes due 2010 (the “Notes”) and, to provide therefor, the Company and the Guarantor have duly authorized the execution and delivery of this Indenture; and 
  
 WHEREAS, all things necessary to make the Notes, when duly issued and executed by the Company, as applicable, and
authenticated and delivered hereunder, the valid obligations of the Company and to make this Indenture a valid and binding agreement of each of the Company and the Guarantor, have been done. 
  
 NOW, THEREFORE, each party hereto agrees as follows for the benefit of the
other parties and for the equal and ratable benefit of the Holders (as defined herein): 
  
 ARTICLE ONE 
  
 DEFINITIONS AND INCORPORATION BY REFERENCE 
  
 Section 1.01. Definitions. 
  
 “Acceleration Notice” has the meaning set forth in Section 6.02. 
  
 “Acquired Indebtedness” means Indebtedness of a Person or any of its Subsidiaries existing at the time such Person becomes a Restricted
Subsidiary of the Company or at the time it merges or consolidates with or into the Company or any of its Restricted Subsidiaries or assumed in connection with the acquisition of assets from such Person and in each case not incurred by such Person
in connection with, or in anticipation or contemplation of, such Person becoming a Restricted Subsidiary of the Company or such acquisition, merger or consolidation and which Indebtedness is without recourse to the Company or any of its Subsidiaries
or to any of their respective properties or assets other than the Person or the assets to which such Indebtedness related prior to the time such Person became a Restricted Subsidiary of the Company or the time of such acquisition, merger or
consolidation. 
  
 “Additional Interest” has the
meaning set forth in the Registration Rights Agreement. 
  
 “Additional Notes” means all Notes issued after the Issue Date (other than pursuant to Sections 2.06, 2.07, 2.10 and 3.06 of this Indenture and other than Exchange Notes) from time to time in
accordance with the terms of this Indenture, including, without limitation, the provisions of Section 2.02. 
  
 “Administrative Agent” has the meaning set forth in the definition of the term “Credit Agreement.” 
  
 “Affiliate” means, with respect to any specified Person, any
other Person who directly or indirectly through one or more intermediaries controls, or is controlled by, or is under common control with, such specified Person. The term “control” means the possession, directly or indirectly, of the power
to direct or cause the direction of the management and policies of a Person, whether through the ownership of voting securities, by contract or otherwise; provided, that Beneficial Ownership of 10% or more of the Voting Stock of the Person shall be
deemed to be control. The terms “controlling” and “controlled” have meanings correlative of the foregoing. 
  

 1 

 “Affiliate Transaction” has the meaning set forth in Section 4.14.

  
 “Agent” means any Registrar, Paying Agent or
co-Registrar. 
  
 “Agent Members” has the meaning
set forth in Section 2.14 and means, with respect to DTC, Euroclear or Clearstream, a Person who has an account with DTC, Euroclear or Clearstream, respectively (and with respect to DTC, shall include Euroclear and Clearstream).

  
 “Applicable Indebtedness” means: 

 
 (1) in respect of any asset that is the subject of an Asset Sale at a
time when such asset is included in the Collateral, Indebtedness that is pari passu with the Notes and secured at such time by Collateral; or 
  
 (2) in respect of any other asset, Indebtedness that is pari passu with the Notes. 
  
 “Applicable Procedures” means, with respect to any transfer or exchange of or for beneficial interests in
any Global Note, the rules and procedures of DTC, Euroclear and Clearstream that apply to such transfer or exchange. 
  
 “Acquisition” means 
  
 (1) an Investment by the Company or any Subsidiary of the Company in any other Person (other than a Restricted Subsidiary of the Company) pursuant to
which the Company or such Subsidiary acquires, whether directly or indirectly, the Capital Stock of such other Person or the right to acquire any such Capital Stock (including an Investment in the Indebtedness of such other Person that is
convertible in to the Capital Stock of such other Person), or 
  
 (2) the acquisition by the Company or any Restricted Subsidiary of the Company of the assets of any Person (other than a Restricted Subsidiary of the Company) which constitute all or substantially all of the assets of such Person or
comprise any division or line of business of such Person or other than in the ordinary course of business, any other assets of such Person. 
  
 “Asset Acquisition” means: 
  
 (1) an Investment by the Company or any Restricted Subsidiary of the Company in any other Person pursuant to which such Person shall
become a Restricted Subsidiary of the Company or any Restricted Subsidiary of the Company, or shall be merged with or into the Company or any Restricted Subsidiary of the Company, or 
  
 (2) the acquisition by the Company or any Restricted Subsidiary of the Company of the assets of any Person
(other than a Restricted Subsidiary of the Company) which constitute all or substantially all of the assets of such Person or comprise any division or line of business of such Person or any other properties or assets of such Person other than in the
ordinary course of business. 
  
 “Asset Sale”
means any direct or indirect sale, issuance, conveyance, transfer, lease (other than operating leases entered into in the ordinary course of business), assignment or other transfer (other than a Lien in accordance with this Indenture) for value by
(x) the Company or any of its Restricted Subsidiaries 
  

 2 

 to any Person other than the Company or a Guarantor or (y) a Foreign Restricted Subsidiary to any Person other than
the Company or a Wholly-Owned Restricted Subsidiary of the Company of: 
  
 (1) any Capital Stock of any Restricted Subsidiary of the Company; or 
  
 (2) any other property or assets of the Company or any Restricted Subsidiary of the Company other than in the ordinary course of business; provided, however, that Asset Sales shall not include: 
  
 (a) a transaction or series of related transactions for which the Company or
its Restricted Subsidiaries receive aggregate consideration of less than $1.0 million; 
  
 (b) the sale, lease, conveyance, disposition or other transfer of all or substantially all of the assets of the Company as permitted under Section 5.01; 
  
 (c) any Restricted Payment permitted under Section 4.09,
including a Permitted Investment; 
  
 (d) the sale of Cash
Equivalents; and 
  
 (e) the sale or other disposition of used,
worn out, obsolete or surplus equipment. 
  
 “Authenticating Agent” has the meaning set forth in Section 2.02. 
  
 “Bankruptcy Code” means the Bankruptcy Reform Act of 1978, as amended, and codified as 11 U.S.C.§§101 et seq. 
  
 “Beneficial Owner” has the meaning assigned to such term in
Rule 13d-3 and Rule 13d-5 under the Exchange Act, except that in calculating the beneficial ownership of any particular “person” (as that term is used in Section 13(d)(3) of the Exchange Act), such “person” will be deemed to
have beneficial ownership of all securities that such “person” has the right to acquire by conversion or exercise of other securities, whether such right is currently exercisable or is exercisable only upon the occurrence of a subsequent
condition. The terms “Beneficially Owns” and “Beneficially Owned” have meanings correlative to the foregoing. 
  
 “Board of Directors” means, as to any Person, the board of directors or similar governing body of such Person or any duly authorized
committee thereof. 
  
 “Board Resolution” means,
with respect to any Person, a copy of a resolution certified by the Secretary or an Assistant Secretary of such Person to have been duly adopted by the Board of Directors of such Person and to be in full force and effect on the date of such
certification, and delivered to the Trustee. 
  
 “Business
Day” means a day that is not a Legal Holiday. 
  
 “Capital Expenditures” means for any period expenditures (other than contracts for expenditures under or with respect to operating leases that are accounted for as Capital Leases in accordance with GAAP and in which the
Company has no ownership interest and excluding expenditures made with the proceeds of casualty insurance or reinvestment of proceeds of asset dispositions as expressly permitted under Section 4.10) in respect of the purchase or other
acquisition of fixed or capital assets that have a useful life of more than one year and that are required to be capitalized in conformity with GAAP. 
  

 3 

 “Capital Stock” means: 
  
 (1) with respect to any Person that is a corporation, any and all shares, interests, participations or other equivalents
(however designated and whether or not voting) of corporate stock, including each class of Common Stock and Preferred Stock of such Person; 
  
 (2) with respect to any Person that is not a corporation, any and all partnership, membership or other equity interests of such Person; and 
  
 (3) any warrants, rights or options to purchase any of the instruments or
interests referred to in clause (1) or (2) above. 
  
 “Capitalized Lease Obligation” means, as to any Person, the obligations of such Person under a lease that are required to be classified and accounted for as capital lease obligations under GAAP and, for purposes of this
definition, the amount of such obligations at any date shall be the capitalized amount of such obligations at such date, determined in accordance with GAAP. 
  
 “Cash Equivalents” means: 
  
 (1) marketable direct obligations issued by, or unconditionally guaranteed by, the United States Government or issued by any agency thereof and backed by
the full faith and credit of the United States, in each case maturing within one year from the date of acquisition thereof; 
  
 (2) marketable direct obligations issued by any state of the United States of America or any political subdivision of any such state or any public
instrumentality thereof maturing within one year from the date of acquisition thereof and, at the time of acquisition, having one of the two highest ratings obtainable from either Standard & Poor’s Ratings Group (“S&P”)
or Moody’s Investors Service, Inc. (“Moody’s”); 
  
 (3) commercial paper maturing no more than one year from the date of creation thereof and, at the time of acquisition, having a rating of at least A-1 from S&P or at least P-1 from Moody’s; 
  
 (4) certificates of deposit or bankers’ acceptances maturing within one
year from the date of acquisition thereof issued by any bank organized under the laws of the United States of America or any state thereof or the District of Columbia or any U.S. branch of a foreign bank having at the date of acquisition thereof
combined net capital and surplus of not less than $250.0 million; 
  
 (5) repurchase obligations with a term of not more than seven days for underlying securities of the types described in clause (1) above entered into with any bank meeting the qualifications specified in clause (4) above; and

  
 (6) investments in money market funds which invest
substantially all their assets in securities of the types described in clauses (1) through (5) above. 
  
 “Change of Control” means the occurrence of one or more of the following events: 
  
 (1) any direct or indirect sale, lease, transfer, conveyance or other
disposition (other than by way of merger or consolidation), in one transaction or a series of related transactions, of all or substantially all of the assets of the Company to any Person or group of related Persons for purposes of Section 13(d)
of the Exchange Act (a “Group”), other than a transaction in which the transferee is controlled by one or more Permitted Holders; 
  

 4 

 (2) the Company consolidates with, or merges with or into, any Person, or any Person consolidates with,
or merges with or into, the Company, other than (A) a transaction in which the surviving or transferee Person is a Person that is controlled by the Permitted Holders or (B) any such transaction where the Voting Stock of the Company
outstanding immediately prior to such transaction is converted into or exchanged for Voting Stock (other than Disqualified Capital Stock) of the surviving or transferee Person constituting a majority of the outstanding shares of such Voting Stock of
such surviving or transferee Person (immediately after giving effect to such issuance); 
  
 (3) the approval by the holders of Capital Stock of the Company of any plan or proposal for the liquidation, winding up or dissolution of the Company; 
  
 (4) any Person or Group (other than the Permitted Holders) is or becomes the Beneficial Owner, directly or indirectly, in
the aggregate of more than 50% of the total voting power of the Voting Stock of the Company; or 
  
 (5) individuals who on the Issue Date constituted the Board of Directors of the Company (together with any new directors whose election by such Board of
Directors or whose nomination for election by the stockholders of the Company was approved pursuant to a vote of a majority of the directors then still in office who were either directors on the Issue Date 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. 
  
 “Change of Control Offer” has its meaning set forth in Section 4.22. 
  
 “Change of Control Payment Date” has its meaning set forth
in Section 4.22. 
  
 “Clearstream”
means Clearstream Banking, societe anonyme, and its successors. 
  
 “Collateral” shall mean collateral as such term is defined in the Security Agreement, all property mortgaged under the Mortgages and any other property, whether now owned or hereafter acquired, upon which a Lien securing
the Obligations is granted or purported to be granted under any Collateral Agreement. 
  
 “Collateral Agent” has the meaning set forth in the preamble of this Indenture. 
  
 “Collateral Agreements” means, collectively, the Security Agreement, the Stock Pledge Agreement and each Mortgage, in each case, as the
same may be in force from time to time. 
  
 “Commodity
Agreement” means any hedging agreement or other similar agreement or arrangement designed to protect the Company or any Restricted Subsidiary of the Company against fluctuations in commodity prices. 
  
 “Common Stock” of any Person means any and all shares,
interests or other participations in, and other equivalents (however designated and whether voting or non-voting) of such Person’s common stock, whether outstanding on the Issue Date or issued after the Issue Date, and includes, without
limitation, all series and classes of such common stock. 
  
 “Company” has the meaning set forth in the preamble to this Indenture or any successor under this Indenture. 
  

 5 

 “Consolidated EBITDA” means, with respect to any Person, for any period, the sum
(without duplication) of: 
  
 (1) Consolidated
Net Income; and 
  
 (2) to the extent Consolidated
Net Income has been reduced thereby: 
  
 (a) all
income taxes of such Person and its Restricted Subsidiaries paid or accrued in accordance with GAAP for such period; 
  
 (b) Consolidated Interest Expense, and interest attributable to write-offs of deferred financing costs; and 
  
 (c) Consolidated Non-cash Charges less any non-cash items
increasing Consolidated Net Income for such period; 
  
 all as determined on a consolidated basis for such Person and its Restricted Subsidiaries in accordance with GAAP. 
  
 “Consolidated Fixed Charge Coverage Ratio” means, with respect to any Person, the ratio of Consolidated EBITDA of such Person during the
four consecutive full fiscal quarters (the “Four Quarter Period”) most recently ending on or prior to the date of the transaction or event giving rise to the need to calculate the Consolidated Fixed Charge Coverage Ratio for which
financial statements are available (the “Transaction Date”) to Consolidated Fixed Charges of such Person for the Four Quarter Period. 
  
 In addition to and without limitation of the foregoing, for purposes of this definition, “Consolidated EBITDA” and “Consolidated Fixed
Charges” shall be calculated after giving effect on a pro forma basis for the period of such calculation to: 
  
 (1) the incurrence or repayment of any Indebtedness of such Person or any of its Restricted Subsidiaries (and the application of the
proceeds thereof) giving rise to the need to make such calculation and any incurrence or repayment of other Indebtedness (and the application of the proceeds thereof), other than the incurrence or repayment of Indebtedness in the ordinary course of
business for working capital purposes pursuant to working capital facilities, occurring during the Four Quarter Period or at any time subsequent to the last day of the Four Quarter Period and on or prior to the Transaction Date, as if such
incurrence or repayment, as the case may be (and the application of the proceeds thereof), occurred on the first day of the Four Quarter Period; and 
  
 (2) any Asset Sale or Asset Acquisition (including, without limitation, any Asset Acquisition giving rise to the need to make such
calculation as a result of such Person or one of its Restricted Subsidiaries (including any Person who becomes a Restricted Subsidiary as a result of any such Asset Acquisition) incurring, assuming or otherwise being liable for Acquired Indebtedness
during the Four Quarter Period or at any time subsequent to the last day of the Four Quarter Period and on or prior to the Transaction Date), as if such Asset Sale or other disposition or Asset Acquisition (including the incurrence, assumption or
liability for any such Indebtedness or Acquired Indebtedness and also including any Consolidated EBITDA associated with such Asset Acquisition) occurred on the first day of the Four Quarter Period; provided that the Consolidated EBITDA of any
Person acquired shall be included only to the extent includible pursuant to the definition of “Consolidated Net Income.” If such Person or any of its Restricted Subsidiaries directly or indirectly guarantees Indebtedness of a third Person,
the preceding 
  

 6 

 sentence shall give effect to the incurrence of such guaranteed Indebtedness as if such Person or any
Restricted Subsidiary of such Person had directly incurred or otherwise assumed such guaranteed Indebtedness. 
  
 Furthermore, in calculating “Consolidated Fixed Charges” for purposes of determining the denominator (but not the numerator) of this
“Consolidated Fixed Charge Coverage Ratio”: 
  
 (1) interest on outstanding Indebtedness determined on a fluctuating basis as of the Transaction Date (including Indebtedness actually incurred on the Transaction Date) and which will continue to be so determined thereafter shall be deemed
to have accrued at the average rate per annum on such Indebtedness during the period of four fiscal quarters ending on or most recently ended prior to the Transaction Date; provided that interest on any Indebtedness actually incurred on the
Transaction Date shall be deemed to have accrued at a fixed rate per annum equal to the rate of interest on such Indebtedness in effect on the Transaction Date; and 
  
 (2) notwithstanding clause (1) above, interest on Indebtedness determined on a fluctuating basis, to
the extent such interest is covered by agreements relating to Interest Swap Obligations, shall be deemed to accrue at the rate per annum resulting after giving effect to the operation of such agreements. 
  
 “Consolidated Fixed Charges” means, with respect to any
Person for any period, the sum, without duplication, of: 
  
 (1) Consolidated Interest Expense (excluding amortization or write-off of deferred financing costs); plus 
  
 (2) the product of (x) the amount of all dividend payments on any series of Preferred Stock of such Person (other than dividends paid
in Qualified Capital Stock) paid, accrued or scheduled to be paid or accrued during such period times (y) a fraction, the numerator of which is one and the denominator of which is one minus the then current effective consolidated federal, state
and local tax rate of such Person, expressed as a decimal. 
  
 Notwithstanding the foregoing, Consolidated Fixed Charges of a Person shall not include amounts described in clause (1) or (2) of any other Person to the extent the net income of such Person is excluded from Consolidated Net
Income by clause (3), (4) or (6) of the definition of Consolidated Net Income. 
  
 “Consolidated Interest Expense” means, with respect to any Person for any period, the aggregate of the interest expense of such Person and its Restricted Subsidiaries for such period, on a
consolidated basis, as determined in accordance with GAAP, and including, without duplication, (a) all amortization or accretion of original issue discount; (b) the interest component of Capitalized Lease Obligations paid, accrued and/or
scheduled to be paid or accrued by such Person and its Restricted Subsidiaries during such period; and (c) net cash costs under all Interest Swap Obligations (including amortization of fees). 
  
 “Consolidated Net Income” means, with respect to any Person,
for any period, the aggregate net income (or loss) of such Person and its Restricted Subsidiaries for such period on a consolidated basis, determined in accordance with GAAP; provided, however, that there shall be excluded therefrom: 
  
 (1) after-tax gains and losses from Asset Sales or
abandonments or reserves relating thereto; 
  

 7 

 (2) after-tax items classified as extraordinary gains or losses; 
  
 (3) the net income (but not loss) of any Restricted
Subsidiary of the referent Person to the extent that the declaration of dividends or similar distributions by that Restricted Subsidiary of that income is restricted by a contract, operation of law or otherwise; 
  
 (4) the net income of any Person, other than the referent
Person or a Restricted Subsidiary of the referent Person, except to the extent of cash dividends or distributions paid to the referent Person or to a Wholly-Owned Restricted Subsidiary of the referent Person by such Person; 
  
 (5) any restoration to income of any material contingency
reserve, except to the extent that provision for such reserve was made out of Consolidated Net Income accrued at any time following the Issue Date; 
  
 (6) income or loss attributable to discontinued operations (including, without limitation, operations disposed of during such period
whether or not such operations were classified as discontinued); 
  
 (7) all gains and losses realized on or because of the purchase or other acquisition by such Person or any of its Restricted Subsidiaries of any securities of such Person or any of its Restricted Subsidiaries;

  
 (8) the cumulative effect of a change in
accounting principles; 
  
 (9) interest expense
attributable to dividends on Qualified Capital Stock pursuant to Statement of Financial Accounting Standards No. 150, “Accounting for Certain Financial Instruments with Characteristics of both Liabilities and Equity;” 
  
 (10) non-cash charges resulting from the impairment of
intangible assets; and 
  
 (11) in the case of a
successor to the referent Person by consolidation or merger or as a transferee of the referent Person’s assets, any earnings of the successor corporation prior to such consolidation, merger or transfer of assets. 
  
 “Consolidated Net Worth” of any Person means the
consolidated stockholders’ equity of the Person, determined on a consolidated basis in accordance with GAAP, less (without duplication) amounts attributable to Disqualified Capital Stock of such Person. 
  
 “Consolidated Non-cash Charges” means, with respect to any
Person, for any period, the aggregate depreciation, amortization and other non-cash items and expenses of such Person and its Restricted Subsidiaries to the extent they reduce Consolidated Net Income of such Person and its Restricted Subsidiaries
for such period, determined on a consolidated basis in accordance with GAAP (excluding any such charges constituting an extraordinary item or loss or any such charge which requires an accrual of or a reserve for cash charges for any future period).

  
 “Corporate Trust Office” shall be the office
at the address specified in Section 11.02 hereof, or such other address as the Trustee may designate from time to time by notice to the Holders and the Issuer, or the principal corporate trust office of any successor Trustee (or such
other address as such successor Trustee may designate from time to time by notice to the Holders and the Issuer). 
  

 8 

 “Covenant Defeasance” has the meaning set forth in Section 8.01(c).

  
 “Credit Agreement” means the Credit Agreement
dated as of the Issue Date, among the Company, the Guarantor party thereto, the lenders party thereto (together with their successors and assigns, the “Lenders”) and U.S. Bank National Association, as administrative agent (in such
capacity, together with its successors and assigns, the “Administrative Agent”), setting forth the terms and conditions of the new senior revolving credit facility, together with the related documents thereto (including, without
limitation, any guarantee agreements and security documents), in each case as such agreements may be amended, supplemented or otherwise modified from time to time, including any agreement extending the maturity of, refinancing, replacing or
otherwise restructuring (including increasing the amount of available borrowings thereunder (provided that such increase in borrowings is permitted under clause (2) of the definition of the term “Permitted Indebtedness”) or adding
Subsidiaries of the Company as additional borrowers or guarantors thereunder) all or any portion of the Indebtedness under such agreement or any successor or replacement agreement and whether by the same or any other agent, lender or group of
lenders. 
  
 “Currency Agreement” means any
foreign exchange contract, currency swap agreement or other similar agreement or arrangement designed to protect the Company or any Restricted Subsidiary of the Company against fluctuations in currency values. 
  
 “CUSIP” has the meaning set forth in
Section 2.13. 
  
 “Custodian” means
any receiver, trustee, assignee, liquidator, sequestrator or similar official under any Bankruptcy Code. 
  
 “Default” means an event or condition the occurrence of which is, or with the lapse of time or the giving of notice or both would be, an
Event of Default. 
  
 “Depository” means DTC.

  
 “Disqualified Capital Stock” means that
portion of any Capital Stock which, by its terms (or by the terms of any security into which it is convertible or for which it is exchangeable at the option of the holder thereof), or upon the happening of any event (other than an event that would
constitute a Change of Control), matures or is mandatorily redeemable, pursuant to a sinking fund obligation or otherwise, or is redeemable at the sole option of the holder thereof (except in each case, upon the occurrence of a Change of Control) on
or prior to the first anniversary of the final maturity date of the Notes for cash or is convertible into or exchangeable for debt securities of the Company or its Subsidiaries at any time prior to such anniversary. 
  
 “Domestic Restricted Subsidiary” means, with respect to any
Person, a Domestic Subsidiary of such Person that is a Restricted Subsidiary of such Person. 
  
 “Domestic Subsidiary” means, with respect to any Person, a Subsidiary of such Person that is not a Foreign Subsidiary of such Person. 
  
 “DTC” means The Depository Trust Company, its nominees and successors. 
  
 “ERISA” shall mean the Employee Retirement Income Security
Act of 1974, as amended. 
  
 “Euroclear” means
Euroclear Bank S.A./N.V., as operator of the Euroclear system. 
  

 9 

 “Event of Default” has the meaning set forth in Section 6.01. 
  
 “Excess Cash Flow” means, for any period, the excess of
(i) Consolidated EBITDA for such period over (ii) the sum of (A) capital expenditures made in cash by the Company and its Restricted Subsidiaries during such period (other than any such capital expenditures made with insurance or
condemnation proceeds) in an aggregate amount not to exceed $7.0 million, (B) the aggregate principal amount of senior secured Indebtedness of the Company and its Restricted Subsidiaries permanently repaid or prepaid during such period by the
Company and its Restricted Subsidiaries to any Person (other than the Company or any Restricted Subsidiary), (C) the cash portion of Consolidated Interest Expense paid by the Company and its Restricted Subsidiaries during such period and
(D) the aggregate amount (without duplication) of all income and franchise taxes paid in cash by the Company and its Restricted Subsidiaries. 
  
 “Excess Cash Flow Offer” has the meaning set forth in Section 4.23. 
  
 “Excess Cash Flow Offer Amount” has the meaning set forth in Section 4.23. 
  
 “Excess Cash Flow Offer Payment Date” has the meaning set
forth in Section 4.23. 
  
 “Excess Cash Flow
Offer Period” has the meaning set forth in Section 4.23(a). 
  
 “Exchange Act” means the Securities Exchange Act of 1934, as amended, or any successor statute or statutes thereto. 
  
 “Exchange Notes” means the Notes issued in exchange for a like principal amount of the Initial Notes or any
Additional Notes pursuant to the terms of the Registration Rights Agreement. 
  
 “Exchange Offer” means an exchange offer that may be made by the Company, pursuant to the Registration Rights Agreement, to exchange for any and all the Notes a like aggregate principal amount of
Exchange Notes registered under the Securities Act having substantially identical terms to the Notes. 
  
 “Excluded Assets” has the meaning as set forth in the Security Agreement. 
  
 “Fair Market Value” means, with respect to any asset or property, the price which could be negotiated in an
arm’s length, free market transaction, for cash, between a willing seller and a willing and able buyer, neither of whom is under undue pressure or compulsion to complete the transaction. Fair Market Value shall be determined by the Board of
Directors of the Company acting in good faith and shall be evidenced by a Board Resolution of the Board of Directors of the Company delivered to the Trustee; provided, however, that with respect to any price less than $2.5 million only the good
faith determination by the Company’s senior management shall be required. 
  
 “Foreign Restricted Subsidiary” means any Restricted Subsidiary that is organized under the laws of any jurisdiction other than the United States of America, any state thereof or the District of
Columbia. 
  
 “Foreign Subsidiary” means, with
respect to any Person, any Subsidiary of such Person that is organized under the laws of any jurisdiction other than the United States of America, any state thereof or the District of Columbia. 
  
 “GAAP” means accounting principles generally accepted in the
United States set forth in the opinions and pronouncements of the Accounting Principles Board of the American Institute of Certified Public Accountants and statements and pronouncements of the Financial Accounting Standards Board or in such other
statements by such other entity as may be approved by a significant segment of the accounting profession of the United States. 
  

 10 

 “Global Notes” means, collectively, the 144A Global Notes, the IAI Global Notes, the
Regulation S Permanent Global Notes and the Regulation S Temporary Global Notes, as applicable. 
  
 “Group” has the meaning set forth in the definition of the term “Change of Control”. 
  
 “Guarantor” means (1) each of the Company’s
Domestic Restricted Subsidiaries existing on the Issue Date and (2) each of the Company’s Domestic Restricted Subsidiaries that in the future executes a supplemental indenture in which such Domestic Restricted Subsidiary agrees to be bound
by the terms of the Indenture as a Guarantor; provided that any Person constituting a Guarantor as described above shall cease to constitute a Guarantor when its respective Guarantee is released in accordance with the terms of the Indenture.

  
 “Guarantee” has the meaning set forth in
Section 10.01. 
  
 “Holder” means the
Person in whose name a Note is registered on the Registrar’s books. 
  
 “IAI Global Notes” has the meaning set forth in Section 2.01. 
  
 “incur” has the meaning set forth in Section 4.08. 
  
 “Indebtedness” means with respect to any Person, without duplication: 
  
 (1) all Obligations of such Person for borrowed money;

  
 (2) all Obligations of such Person evidenced
by bonds, debentures, notes or other similar instruments; 
  
 (3) all Capitalized Lease Obligations of such Person; 
  
 (4) all Obligations of such Person issued or assumed as the deferred purchase price of property, all conditional sale obligations and all
Obligations under any title retention agreement (but excluding trade accounts payable and other accrued liabilities arising in the ordinary course of business that are not overdue by 180 days or more or are being contested in good faith by
appropriate proceedings promptly instituted and diligently conducted and any deferred purchase price represented by earn outs consistent with the Company’s past practice); 
  
 (5) all Obligations for the reimbursement of any obligor on any letter of credit, banker’s acceptance
or similar credit transaction, whether or not then due; 
  
 (6) guarantees and other contingent obligations in respect of Indebtedness referred to in clauses (1) through (5) above and clause (8) below; 
  
 (7) all Obligations of any other Person of the type referred
to in clauses (1) through (6) which are secured by any Lien on any property or asset of such Person, the amount of any such Obligation being deemed to be the lesser of the Fair Market Value of the property or asset securing such Obligation
or the amount of such Obligation; 
  

 11 

 (8) all Interest Swap Obligations and all Obligations under Currency Agreements and
Commodity Agreements of such Person; and 
  
 (9)
all Disqualified Capital Stock issued by such Person with the amount of Indebtedness represented by such Disqualified Capital Stock being equal to the greater of its voluntary or involuntary liquidation preference and its maximum fixed repurchase
price, but excluding accrued dividends, if any. 
  
 Notwithstanding the foregoing, Indebtedness shall not include any Qualified Capital Stock. For purposes hereof, the “maximum fixed repurchase price” of any Disqualified Capital Stock which does not have a fixed repurchase
price shall be calculated in accordance with the terms of such Disqualified Capital Stock as if such Disqualified Capital Stock were purchased on any date on which Indebtedness shall be required to be determined pursuant to this Indenture, and if
such price is based upon, or measured by, the Fair Market Value of such Disqualified Capital Stock, such Fair Market Value shall be determined reasonably and in good faith by the Board of Directors of the issuer of such Disqualified Capital Stock.

  
 “Indemnified Party” has the meaning set forth
in Section 7.07. 
  
 “Indenture”
means this Indenture, as amended or supplemented from time to time in accordance with the terms hereof. 
  
 “Indenture Documents” means, collectively, this Indenture, the Notes, any Guarantee, the Collateral Agreements and the Intercreditor
Agreement. 
  
 “Independent Financial Advisor”
means a nationally-recognized accounting, appraisal or investment banking firm: (1) that does not, and whose directors, officers and employees or Affiliates do not, have a direct or indirect financial interest in the Company; and (2) that,
in the judgment of the Board of Directors of the Company, is otherwise independent and qualified to perform the task for which it is to be engaged. 
  
 “Initial Notes” means the Notes issued on the Issue Date. 
  
 “Initial Purchaser” means Jefferies & Company, Inc. 
  
 “Institutional Accredited Investor” means an institution
that is an “accredited investor” as that term is defined in Rule 501(a)(1), (2), (3) or (7) under the Securities Act. 
  
 “Intercreditor Agreement” means the Intercreditor Agreement, dated as of the Issue Date, among the Administrative Agent, the Trustee, the
Collateral Agent, the Company and the Guarantor party thereto, as the same may be amended, supplemented or modified from time to time. 
  
 “Interest Payment Date” means March 1 and September 1 of each year, commencing March 1, 2006. 
  
 “Interest Swap Obligations” means the obligations of any
Person pursuant to any arrangement with any other Person, whereby, directly or indirectly, such Person is entitled to receive from time to time periodic payments calculated by applying either a floating or a fixed rate of interest on a stated
notional amount in exchange for periodic payments made by such other Person calculated by applying a fixed or a floating rate of interest on the same notional amount and shall include, without limitation, interest rate swaps, caps, floors, collars
and similar agreements. 
  

 12 

 “Investment” in any Person means any direct or indirect advance, loan (other than
(x) advances to customers in the ordinary course of business that are recorded as accounts receivable on the balance sheet of the lender and (y) payments to vendors in the ordinary course of business that are recorded as prepaid expenses
on the balance sheet of the lender) or other extensions of credit (including by way of guarantee or similar arrangement) or capital contribution to (by means of any transfer of cash or other property to others or any payment for property or services
for the account or use of others), or any purchase or acquisition for value of Capital Stock, Indebtedness or other similar instruments issued by such Person. If the Company or any Restricted Subsidiary issues, sells or otherwise disposes of any
Capital Stock of a Person that is a Restricted Subsidiary such that, after giving effect thereto, such Person is no longer a Restricted Subsidiary, any Investment by the Company or any Restricted Subsidiary in such Person remaining after giving
effect thereto will be deemed to be a new Investment at such time. The acquisition by the Company or any Restricted Subsidiary of a Person that holds an Investment in a third Person will be deemed to be an Investment by the Company or such
Restricted Subsidiary in such third Person at such time. Except as otherwise provided for herein, the amount of an Investment shall be its Fair Market Value at the time the Investment is made and without giving effect to subsequent changes in value.

  
 For purposes of the definition of “Unrestricted
Subsidiary”, the definition of “Restricted Payment” and Section 4.09: 
  
 (1) “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 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 equal to 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; and 
  
 (2) any property transferred to or from an Unrestricted
Subsidiary shall be valued at its Fair Market Value at the time of such transfer, in each case as determined in good faith by the Board of Directors of the Company. 
  
 “IRC” shall mean the Internal Revenue Code of 1986, as amended. 
  
 “Issue Date” means August 25, 2005. 
  
 “Legal Defeasance” has the meaning set forth in
Section 8.01(b). 
  
 “Legal Holiday”
shall mean, with respect to a particular place of payment, a Saturday, a Sunday or a day on which banking institutions in New York, New York, or at such place of payment are not required to be open. If a payment date is a Legal Holiday at such
place, payment may be made at such place on the next succeeding day that is not a Legal Holiday, and no interest or Additional Interest, if applicable, shall accrue for the intervening period. 
  
 “Lenders” has the meaning set forth in the definition of the
term “Credit Agreement.” 
  
 “Lien”
means any lien, mortgage, deed of trust, pledge, security interest, charge or encumbrance of any kind (including any conditional sale or other title retention agreement, any lease in the nature thereof and any agreement to give any security
interest). 
  

 13 

 “Maturity Date” means September 1, 2010. 
  
 “Moody’s” means Moody’s Investors Service, Inc.

  
 “Mortgages” means the mortgages, deeds of
trust, deeds to secure Indebtedness or other similar documents securing Liens on the Premises and/or the Leased Premises, as well as the other Collateral secured by and described in the mortgages, deeds of trust, deeds to secure Indebtedness or
other similar documents. 
  
 “Net Cash Proceeds”
means, with respect to any Asset Sale, the proceeds in the form of cash or Cash Equivalents including payments in respect of deferred payment obligations when received in the form of cash or Cash Equivalents (other than the portion of any such
deferred payment constituting interest) received by the Company or any of its Restricted Subsidiaries from such Asset Sale net of: 
  
 (1) reasonable out-of-pocket expenses and fees relating to such Asset Sale (including, without limitation, legal, accounting and
investment banking fees and sales commissions); 
  
 (2) all taxes and other costs and expenses actually paid or estimated by the Company (in good faith) to be payable in cash in connection with such Asset Sale; 
  
 (3) repayment of Indebtedness that is secured by the property or assets that are the subject of such Asset
Sale and is required to be repaid in connection with such Asset Sale; and 
  
 (4) appropriate amounts to be provided by the Company or any Restricted Subsidiary, as the case may be, as a reserve, in accordance with GAAP, against any liabilities associated with such Asset Sale and retained by
the Company or any Restricted Subsidiary, as the case may be, after such Asset Sale, including, without limitation, pension and other post-employment benefit liabilities, liabilities related to environmental matters and liabilities under any
indemnification obligations associated with such Asset Sale, 
  
 provided,
however, that if, after the payment of all taxes with respect to such Asset Sale, the amount of estimated taxes, if any, pursuant to clause (2) above exceeded the tax amount actually paid in cash in respect of such Asset Sale, the aggregate
amount of such excess shall, at such time, constitute Net Cash Proceeds. 
  
 “Net Proceeds Offer” has the meaning set forth in Section 4.10. 
  
 “Net Proceeds Offer Amount” has the meaning set forth in Section 4.10. 
  
 “Net Proceeds Offer Payment Date” has the meaning set forth
in Section 4.10. 
  
 “Net Proceeds Offer
Trigger Date” has the meaning set forth in Section 4.10. 
  
 “Non-U.S. Person” means a Person who is not a U.S. person, as defined in Regulation S. 
  
 “Notes” has the meaning assigned to it in the preamble to this Indenture. The Initial Notes, the Additional Notes and the Exchange Notes
shall be treated as a single class for all purposes under this Indenture, and unless the context otherwise requires, all references to the Notes shall include the Initial Notes, Additional Notes and the Exchange Notes. 
  

 14 

 “Obligations” means all obligations for principal, premium, interest, Additional
Interest, penalties, fees, indemnifications, reimbursements, damages and other liabilities payable under the documentation governing any Indebtedness. 
  
 “Offering” means the offering of the Notes hereunder. 
  
 “Offering Circular” means the offering circular of the Company dated August 18, 2005. 
  
 “Officer” means the Executive Chairman, any President or
Vice President of the Company. 
  
 “Officers’
Certificate” means a certificate signed by two Officers of the Company, at least one of whom shall be the principal financial officer of the Company, and delivered to the Trustee. 
  
 “Opinion of Counsel” means a written opinion of counsel who
shall be reasonably acceptable to the Trustee. 
  
 “144A
Global Notes” has the meaning set forth in Section 2.01. 
  
 “Paying Agent” has the meaning set forth in Section 2.03. 
  
 “Permitted Business” means any business that is the same as or similar, reasonably related, complementary or incidental to the business
in which the Company and its Restricted Subsidiaries are engaged on the Issue Date. 
  
 “Permitted Holders” means H.I.G. Capital LLC, a Delaware limited liability company and its Affiliates. 
  
 “Permitted Indebtedness” means, without duplication, each of the following: 
  
 (1) Indebtedness under the Notes issued in the Offering or
in the Exchange Offer in an aggregate outstanding principal amount not to exceed $170.0 million and the related Guarantees; 
  
 (2) Indebtedness incurred pursuant to the Credit Agreement in an aggregate principal amount at any time outstanding not to exceed $20.0
million as such amount may be reduced from time to time as a result of permanent reductions of the revolving commitments thereunder as provided in Section 4.10; 
  
 (3) other Indebtedness of the Company and its Restricted Subsidiaries outstanding on the Issue Date;

  
 (4) Interest Swap Obligations of the Company
or any Restricted Subsidiary of the Company covering Indebtedness of the Company or any of its Restricted Subsidiaries; provided, however, that such Interest Swap Obligations are entered into for the purpose of fixing or hedging interest rates with
respect to any fixed or variable rate Indebtedness that is permitted by this Indenture to be outstanding to the extent that the notional amount of any such Interest Swap Obligation does not exceed the principal amount of Indebtedness to which such
Interest Swap Obligation relates; 
  
 (5)
Indebtedness under Currency Agreements, in each case arising in the ordinary course of business of the Company and its Restricted Subsidiaries; provided that in the case of 
  

 15 

 Currency Agreements which relate to Indebtedness, such Currency Agreements do not increase the
Indebtedness of the Company and its Restricted Subsidiaries outstanding other than as a result of fluctuations in foreign currency exchange rates or by reason of fees, indemnities and compensation payable thereunder; 
  
 (6) intercompany Indebtedness of the Company or a Restricted
Subsidiary for so long as such Indebtedness is held by the Company or a Restricted Subsidiary; provided that if as of any date any Person other than the Company or a Restricted Subsidiary owns or holds any such Indebtedness or holds a Lien (other
than a Permitted Lien) in respect of such Indebtedness, such date shall be deemed the incurrence of Indebtedness not constituting Permitted Indebtedness under this clause (6) by the issuer of such Indebtedness; 
  
 (7) Indebtedness arising from the honoring by a bank or
other financial institution of a check, draft or similar instrument inadvertently (except in the case of daylight overdrafts) drawn against insufficient funds in the ordinary course of business; provided, however, that such Indebtedness is
extinguished within three Business Days of incurrence; 
  
 (8) Indebtedness of the Company or any of its Restricted Subsidiaries represented by letters of credit for the account of the Company or such Restricted Subsidiary, as the case may be, in order to provide security for workers’
compensation claims, payment obligations in connection with self-insurance or similar requirements, trade obligations or similar obligations, in each case to the extent incurred in the ordinary course of business; 
  
 (9) obligations in respect of performance, bid and surety
bonds and completion guarantees provided by the Company or any Restricted Subsidiary in the ordinary course of business; 
  
 (10) Indebtedness represented by Capitalized Lease Obligations and Purchase Money Indebtedness of the Company and its Restricted
Subsidiaries incurred in the ordinary course of business (including Refinancings thereof that do not result in an increase in the aggregate principal amount of Indebtedness of such Person as of the date of such proposed Refinancing (plus the amount
of any premium required to be paid under the terms of the instrument governing such Indebtedness and plus the amount of reasonable expenses incurred by the Company in connection with such Refinancing)) not to exceed $5.0 million at any time
outstanding; 
  
 (11) Refinancing Indebtedness;

  
 (12) Indebtedness represented by guarantees
by the Company or a Restricted Subsidiary of Indebtedness incurred by the Company or a Restricted Subsidiary so long as the incurrence of such Indebtedness by the Company or any such Restricted Subsidiary is otherwise permitted by the terms of this
Indenture; 
  
 (13) Indebtedness arising from
agreements of the Company or a Subsidiary providing for indemnification, adjustment of purchase price or similar obligations, in each case, incurred in connection with the disposition of any business, assets or Subsidiary, other than guarantees of
Indebtedness incurred by any Person acquiring all or any portion of such business, assets or Subsidiary for the purpose of financing such acquisition; provided that the maximum aggregate liability in respect of all such Indebtedness shall at no time
exceed the gross proceeds actually received by the Company and the Subsidiary in connection with such disposition; 
  

 16 

 (14) Indebtedness of the Company or any of its Restricted Subsidiaries to the extent the
net proceeds thereof are promptly used to redeem the Notes in full or deposited to defease or discharge the Notes, in each case, in accordance with this Indenture; and 
  
 (15) additional Indebtedness of the Company and its Restricted Subsidiaries in an aggregate principal amount
not to exceed $5.0 million at any time outstanding. 
  
 For
purposes of determining compliance with Section 4.08, (a) the outstanding principal amount of any item of Indebtedness shall be counted only once and (b) in the event that an item of Indebtedness meets the criteria of more than
one of the categories of Permitted Indebtedness described in clauses (1) through (15) above or is entitled to be incurred pursuant to the Consolidated Fixed Charge Coverage Ratio provisions of Section 4.08, the Company shall, in its
sole discretion, classify (or later reclassify) such item of Indebtedness in any manner that complies with Section 4.08. Accrual of interest, accretion or amortization of original issue discount, the payment of interest on any Indebtedness in
the form of additional Indebtedness with the same terms, and the payment of dividends on Disqualified Capital Stock in the form of additional shares of the same class of Disqualified Capital Stock will not be deemed to be an incurrence of
Indebtedness or an issuance of Disqualified Capital Stock for purposes of Section 4.08. 
  
 “Permitted Investments” means: 
  
 (1) Investments by the Company or any Restricted Subsidiary of the Company in any Person that is or will become immediately after such
Investment a Restricted Subsidiary or that will merge or consolidate with or into the Company or a Restricted Subsidiary, or that transfers or conveys all or substantially all of its assets to the Company or a Restricted Subsidiary; 
  
 (2) Investments in the Company by any Restricted Subsidiary
of the Company; provided that any Indebtedness evidencing such Investment is unsecured and subordinated, pursuant to a written agreement, to the Company’s Obligations under the Notes and the Indenture; 
  
 (3) Investments in cash and Cash Equivalents; 
  
 (4) Currency Agreements and Interest Swap Obligations, in
each case, entered into (a) in the ordinary course of the Company’s or its Restricted Subsidiaries’ businesses, (b) not for speculative purposes and (c) otherwise in compliance with this Indenture; 
  
 (5) Investments in the Notes; 
  
 (6) Investments in securities of trade creditors or
customers received pursuant to any plan of reorganization or similar arrangement upon the bankruptcy or insolvency of such trade creditors or customers in exchange for claims against such trade creditors or customers; 
  
 (7) Investments made by the Company or its Restricted
Subsidiaries as a result of consideration received in connection with an Asset Sale made in compliance with Section 4.10; 
  
 (8) Investments in existence on the Issue Date; 
  

(9) loans and advances, including advances for travel and moving expenses, to employees, officers and directors of the Company and its
Restricted Subsidiaries in the ordinary course of business for bona fide business purposes not in excess of $250,000 at any one time outstanding; 
  

 17 

 (10) advances to suppliers and customers in the ordinary course of business; 

 
 (11) prepaid expenses and deposits in the ordinary course
of business for a bona fide business purpose not in excess of $500,000 at any time outstanding; and 
  
 (12) additional Investments in an aggregate amount not to exceed $1.0 million at any time outstanding. 
  
 “Permitted Liens” means the following types of Liens:

  
 (1) Liens for taxes, assessments or
governmental charges or claims either (a) not delinquent or (b) contested in good faith by appropriate proceedings and as to which the Company or its Restricted Subsidiaries shall have set aside on its books such reserves as may be
required pursuant to GAAP; 
  
 (2) statutory
Liens of landlords and Liens of carriers, warehousemen, mechanics, suppliers, materialmen, repairmen and other Liens imposed by law or pursuant to customary reservations or retentions of title incurred in the ordinary course of business for sums not
yet delinquent or being contested in good faith, if such reserve or other appropriate provision, if any, as shall be required by GAAP shall have been made in respect thereof; 
  
 (3) Liens incurred or deposits made in the ordinary course of business in connection with workers’
compensation, unemployment insurance and other types of social security, including any Lien securing letters of credit issued in the ordinary course of business consistent with past practice in connection therewith, or to secure the performance of
tenders, statutory obligations, surety and appeal bonds, bids, leases, government contracts, performance and return-of-money bonds and other similar obligations (exclusive of obligations for the payment of borrowed money); 
  
 (4) any judgment Lien not giving rise to an Event of
Default; 
  
 (5) easements, rights-of-way, zoning
restrictions and other similar charges or encumbrances in respect of real property not interfering in any material respect with the ordinary conduct of the business of the Company or any of its Restricted Subsidiaries; 
  
 (6) any interest or title of a lessor under any Capitalized
Lease Obligation permitted pursuant to clause (10) of the definition of “Permitted Indebtedness;” provided that such Liens do not extend to any property or assets which is not leased property subject to such Capitalized Lease
Obligation; 
  
 (7) Liens securing Purchase Money
Indebtedness permitted pursuant to clause (10) of the definition of “Permitted Indebtedness;” provided, however, that (a) the Indebtedness shall not exceed the cost of the property or assets acquired, together, in the case of
real property, with the cost of the construction thereof and improvements thereto, and shall not be secured by a Lien on any property or assets of the Company or any Restricted Subsidiary of the Company other than such property or assets so acquired
or constructed and improvements thereto and (b) the Lien securing such Indebtedness shall be created within 180 days of such acquisition or construction or, in the case of a refinancing of any Purchase Money Indebtedness, within 180 days of
such refinancing; 
  

 18 

 (8) Liens upon specific items of inventory or other goods and proceeds of any Person
securing such Person’s obligations in respect of bankers’ acceptances issued or created for the account of such Person to facilitate the purchase, shipment or storage of such inventory or other goods; 
  
 (9) Liens securing reimbursement obligations with respect to
commercial letters of credit which encumber documents and other property relating to such letters of credit and products and proceeds thereof; 
  
 (10) Liens encumbering deposits made to secure obligations arising from statutory, regulatory, contractual, or warranty requirements of
the Company or any of its Restricted Subsidiaries, including rights of offset and set-off; 
  
 (11) Liens securing Interest Swap Obligations which Interest Swap Obligations relate to Indebtedness that is otherwise permitted under
this Indenture; 
  
 (12) Liens securing
Indebtedness under Currency Agreements that are permitted under this Indenture; 
  
 (13) Liens securing Acquired Indebtedness incurred in accordance Section 4.08; provided that: 
  
 (a) such Liens secured such Acquired Indebtedness at the
time of and prior to the incurrence of such Acquired Indebtedness by the Company or a Restricted Subsidiary of the Company and were not granted in connection with, or in anticipation of, the incurrence of such Acquired Indebtedness by the Company or
a Restricted Subsidiary of the Company; and 
  
 (b) such Liens do not extend to or cover any property or assets of the Company or of any of its Restricted Subsidiaries other than the property or assets that secured the Acquired Indebtedness prior to the time such Indebtedness became
Acquired Indebtedness of the Company or a Restricted Subsidiary of the Company and are no more favorable to the lienholders than those securing the Acquired Indebtedness prior to the incurrence of such Acquired Indebtedness by the Company or a
Restricted Subsidiary of the Company; 
  
 (14)
Liens existing as of the Issue Date and securing Indebtedness permitted to be outstanding under clause (3) of the definition of the term “Permitted Indebtedness” to the extent and in the manner such Liens are in effect on the Issue
Date; 
  
 (15) Liens securing the Notes and all
other monetary obligations under this Indenture and the Guarantees; 
  
 (16) Liens securing Indebtedness under the Credit Agreement to the extent such Indebtedness is permitted under clause (2) of the definition of the term “Permitted Indebtedness”; provided, that any such
Liens on Priority Collateral shall be subordinated to the Liens securing the Notes pursuant to the Intercreditor Agreement; and 
  

 19 

 (17) Liens securing Refinancing Indebtedness which is incurred to Refinance any
Indebtedness which has been secured by a Lien permitted under this paragraph and which has been incurred in accordance with Section 4.08; provided, however, that such Liens: (i) are no less favorable to the Holders and are not more
favorable to the lienholders with respect to such Liens than the Liens in respect of the Indebtedness being Refinanced; and (ii) do not extend to or cover any property or assets of the Company or any of its Restricted Subsidiaries not securing
the Indebtedness so Refinanced. 
  
 “Person”
means an individual, partnership, corporation, limited liability company, unincorporated organization, trust or joint venture, or a governmental agency or political subdivision thereof. 
  
 “Physical Notes” has the meaning set forth in Section 2.14(b). 
  
 “Preferred Stock” of any Person means any Capital Stock of
such Person that has preferential rights to any other Capital Stock of such Person with respect to dividends or redemptions or upon liquidation. 
  
 “Premises” has the meaning set forth in Section 4.17. 
  
 “Priority Collateral” means all Collateral other than inventory, accounts receivable and certain related
assets. 
  
 “Private Placement Legend” means the
legend set forth on the Initial Notes in the form set forth in Exhibit A. 
  
 “Purchase Money Indebtedness” means Indebtedness of the Company and its Restricted Subsidiaries incurred for the purpose of financing all or any part of the purchase price, or the cost of
installation, construction or improvement, of property or equipment, provided that the aggregate principal amount of such Indebtedness does not exceed the lesser of the Fair Market Value of such property or such purchase price or cost. 

 
 “QIB” means a “qualified institutional buyer”
as defined in Rule 144A. 
  
 “Qualified Capital
Stock” means any Capital Stock that is not Disqualified Capital Stock. 
  
 “Record Date” means any of the Record Dates specified in the Notes, whether or not a Legal Holiday. 
  
 “Redemption Date” means, when used with respect to any Note to be redeemed, the date fixed for redemption pursuant to this Indenture and
the Notes. 
  
 “Redemption Price” means, when
used with respect to any Note to be redeemed, the price fixed for redemption pursuant to this Indenture and the Notes. 
  
 “Reference Date” has the meaning set forth in Section 4.09. 
  
 “Refinance” means, in respect of any security or Indebtedness, to refinance, extend, renew, refund, repay,
prepay, redeem, defease or retire, or to issue a security or Indebtedness in exchange or replacement for, such security or Indebtedness in whole or in part. “Refinanced” and “Refinancing” shall have correlative meanings.

  

 20 

 “Refinancing Indebtedness” means any Refinancing by the Company or any Restricted
Subsidiary of the Company of Indebtedness incurred in accordance with Section 4.08 (other than pursuant to Permitted Indebtedness) or clauses (1), (3) or (11) of the definition of Permitted Indebtedness, in each case that does
not: 
  
 (1) have an aggregate principal amount
(or, if such Indebtedness is issued with original issue discount, an aggregate offering price) greater than the sum of (x) the aggregate principal amount of the Indebtedness being Refinanced (or, if such Indebtedness being Refinanced is issued
with original issue discount, the aggregate accreted value) as of the date of such proposed Refinancing plus (y) the amount of fees, expenses, premium, defeasance costs and accrued but unpaid interest relating to the Refinancing of such
Indebtedness being Refinanced; 
  
 (2) create
Indebtedness with: (a) a Weighted Average Life to Maturity that is less than the Weighted Average Life to Maturity of the Indebtedness being Refinanced; or (b) a final maturity earlier than the final maturity of the Indebtedness being
Refinanced; or 
  
 (3) affect the security, if
any, for such Refinancing Indebtedness (except to the extent that less security is granted to holders of such Refinancing Indebtedness). 
  
 If such Indebtedness being Refinanced is subordinate or junior by its terms to the Notes, then such Refinancing Indebtedness shall be subordinate by its
terms to the Notes at least to the same extent and in the same manner as the Indebtedness being Refinanced. 
  
 “Register” is defined in Section 2.03. 
  
 “Registrar” has the meaning set forth in Section 2.03. 
  
 “Registration Rights Agreement” means the Registration
Rights Agreement, dated as of the Issue Date, among the Company, the Guarantor party thereto and the Initial Purchaser, as the same may be amended or modified from time to time in accordance with the terms thereof 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 or modified from time to time, relating to the 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 under the Securities Act. 
  
 “Regulation S Permanent Global Note” means a permanent Global Note deposited with or on behalf of and registered in the name of the Depository or its nominee, issued in a denomination equal to the
outstanding principal amount of the Regulation S Temporary Global Note upon expiration of the Restricted Period. 
  
 “Regulation S Temporary Global Note” means a temporary Global Note deposited with or on behalf of and registered in the name of the
Depository or its nominee, issued in a denomination equal to the outstanding principal amount of the Initial Notes or any Additional Notes initially sold in reliance on Rule 903 of Regulation S. 
  
 “Restricted Payment” has the meaning set forth in
Section 4.09. 
  
 “Restricted Period”
means the 40-day distribution compliance period as defined in Regulation S. 
  

 21 

 “Restricted Security” has the meaning assigned to such term in Rule 144(a)(3) under the
Securities Act; provided that the Trustee shall be entitled to request and conclusively rely on an Opinion of Counsel with respect to whether any Note constitutes a Restricted Security. 
  
 “Restricted Subsidiary” of any Person means any Subsidiary
of such Person which at the time of determination is not an Unrestricted Subsidiary. 
  
 “Rule 144A” means Rule 144A under the Securities Act. 
  
 “S&P” means Standard & Poor’s Ratings Group. 
  
 “SEC” has the meaning set forth in Section 4.20. 
  
 “Secured Parties” has the meaning set forth in the Security
Agreement. 
  
 “Securities Act” means the
Securities Act of 1933, as amended, or any successor statute or statutes thereto, and the rules and regulations of the SEC promulgated thereunder. 
  
 “Security Agreement” means the Security Agreements, each dated as of the Issue Date, made by the Company and the Guarantors in favor of
the Collateral Agent, as amended or supplemented from time to time in accordance with their terms. 
  
 “Significant Subsidiary” with respect to any Person, means any Restricted Subsidiary of such Person that satisfies the criteria for a
“significant subsidiary” set forth in clause (1) or (2) of Rule 1-02(w) of Regulation S-X under the Exchange Act. 
  
 “Stock Pledge Agreement” means the Stock Pledge Agreement, dated as of the Issue Date, made by the Company and the Guarantors in favor of
the Collateral Agent, as amended or supplemented from time to time in accordance with its terms. 
  
 “Subsidiary” with respect to any Person, means: 
  

(1) any corporation of which the outstanding Capital Stock having at least a majority of the votes entitled to be cast in the election
of directors under ordinary circumstances shall at the time be owned, directly or indirectly, by such Person; or 
  
 (2) any other Person of which at least a majority of the voting interest under ordinary circumstances is at the time, directly or
indirectly, owned by such Person. 
  
 “Surviving
Entity” has the meaning set forth in Section 5.01. 
  
 “TIA” means the Trust Indenture Act of 1939 (15 U.S.C. SS 77aaa-77bbbb) as amended, as in effect on the date of this Indenture. 
  
 “Transaction Date” has the meaning set forth in the definition of “Consolidated Fixed Charge Coverage Ratio.” 
  
 “Trustee” has the meaning set forth in the preamble to this
Indenture and any successor under this Indenture. 
  

 22 

 “Trust Officer” means, when used with respect to the Trustee, any officer within the
corporate trust department of the Trustee, including any vice president, assistant vice president, assistant secretary, assistant treasurer, trust officer or any other officer of the Trustee who customarily performs functions similar to those
performed by the Persons who at the time shall be such officers, respectively, or to whom any corporate trust matter is referred because of such person’s knowledge of and familiarity with the particular subject and who shall have direct
responsibility for the administration of this Indenture. 
  
 “Unrestricted Subsidiary” of any Person means: 
  
 (1) any Subsidiary of such Person that at the time of determination shall be or continue to be designated an Unrestricted Subsidiary by the Board of Directors of such Person in the manner provided below; and

  
 (2) any Subsidiary of an Unrestricted
Subsidiary. 
  
 The Board of Directors of the Company may
designate any Subsidiary (including any newly acquired or newly formed Subsidiary) to be an Unrestricted Subsidiary unless such Subsidiary owns any Capital Stock of, or owns or holds any Lien on any property of, the Company or any other Subsidiary
of the Company that is not a Subsidiary of the Subsidiary to be so designated, provided that: 
  
 (1) the Company certifies to the Trustee in an Officers’ Certificate that such designation complies with Section 4.09;
and 
  
 (2) each Subsidiary to be so designated
and each of its Subsidiaries has not at the time of designation, and does not thereafter, create, incur, issue, assume, guarantee or otherwise become directly or indirectly liable with respect to any Indebtedness pursuant to which the lender has
recourse to any of the assets of the Company or any of its Restricted Subsidiaries. 
  
 The Board of Directors of the Company may designate any Unrestricted Subsidiary to be a Restricted Subsidiary only if: 
  
 (1) immediately after giving effect to such designation, the Company is able to incur at least $1.00 of additional Indebtedness (other
than Permitted Indebtedness) in compliance with Section 4.08; and 
  
 (2) immediately before and immediately after giving effect to such designation, no Default or Event of Default shall have occurred and be continuing. 
  
 Any such designation by the Board of Directors shall be evidenced to the Trustee by promptly filing with the Trustee a copy
of the Board Resolution giving effect to such designation and an Officers’ Certificate certifying that such designation complied with the foregoing provisions. 
  
 “U.S. Government Obligations” means direct obligations of, and obligations guaranteed by, the United States
of America for the payment of which the full faith and credit of the United States of America is pledged. 
  
 “U.S. Legal Tender” means such coin or currency of the United States which, as at the time of payment, shall be immediately available
legal tender for the payment of public and private debts. 
  
 “Voting Stock” means, with respect to any Person, securities of any class or classes of Capital Stock of such Person entitling the holders thereof (whether at all times or only so long as no senior class of stock has voting
power by reason of any contingency) to vote in the election of members of the Board of Directors (or equivalent governing body) of such Person. 
  

 23 

 “Weighted Average Life to Maturity” means, when applied to any Indebtedness at any date,
the number of years obtained by dividing (1) the then outstanding aggregate principal amount of such Indebtedness into (2) the sum of the total of the products obtained by multiplying: 
  
 (a) the amount of each then remaining installment, sinking fund, serial
maturity or other required payment of principal, including payment at final maturity, in respect thereof, by 
  
 (b) the number of years (calculated to the nearest one-twelfth) which will elapse between such date and the making of such payment. 
  
 “Wholly Owned Restricted Subsidiary” of any Person means any
Restricted Subsidiary of such Person of which all the outstanding Capital Stock (other than in the case of a Foreign Subsidiary, directors’ qualifying shares or an immaterial amount of shares required to be owned by other Persons pursuant to
applicable law) are owned by such Person or any Wholly Owned Restricted Subsidiary of such Person. 
  
 Section 1.02. Incorporation by Reference of Trust Indenture Act. 
  
 Whenever this Indenture refers to a provision of the TIA, such provision is incorporated by reference in, and made a part
of, this Indenture. The following TIA terms used in this Indenture have the following meanings: 
  
 “indenture securities” means the Notes. 
  
 “indenture security holder” means a Holder. 
  
 “indenture to be qualified” means this Indenture. 
  
 “indenture trustee” or “institutional trustee” means the Trustee. 
  
 “obligor” on the indenture securities means the Company or
any other obligor on the Notes. 
  
 All other TIA terms used in
this Indenture that are defined by the TIA, defined by TIA reference to another statute or defined by SEC rule and not otherwise defined herein have the meanings assigned to them therein. 
  
 Section 1.03. Rules of Construction. 
  
 Unless the context otherwise requires: 
  
 (1) a term has the meaning assigned to it; 
  
 (2) an accounting term not otherwise defined has the meaning assigned to it in accordance with GAAP;

  
 (3) “or” is not exclusive;

  

 24 

 (4) words in the singular include the plural, and words in the plural include the
singular; 
  
 (5) “herein”,
“hereof” and other words of similar import refer to this Indenture as a whole and not to any particular Article, Section or other subdivision; 
  
 (6) when the words “includes” or “including” are used herein, they shall be deemed to be followed by the words
“without limitation”; and 
  
 (7) all
references to Sections or Articles refer to Sections or Articles of this Indenture unless otherwise indicated. 
  
 ARTICLE TWO 
  
 THE NOTES 
  
 Section 2.01. Form and
Dating. 
  
 The Initial Notes and any Additional Notes and
the Trustee’s certificate of authentication thereon shall be substantially in the form of Exhibit A hereto. The Exchange Notes and the Trustee’s certificate of authentication thereon shall be substantially in the form of Exhibit
B hereto. The Notes may have notations, legends or endorsements required by law, stock exchange rule or DTC rule or usage. The Company and the Trustee shall approve the form of the Notes and any notation, legend or endorsement on them. Each Note
shall be dated the date of its issuance and shall show the date of its authentication. 
  
 The terms and provisions contained in the forms of the Notes annexed hereto as Exhibit A and Exhibit B, shall constitute, and are hereby expressly made, a part of this Indenture and, to the extent
applicable, the Company, the Guarantor party hereto and the Trustee, by their execution and delivery of this Indenture, expressly agree to such terms and provisions and to be bound thereby upon authentication thereof pursuant to this Indenture.

  
 Notes offered and sold in reliance on Rule 144A shall be
issued initially in the form of one or more permanent global notes in registered form, substantially in the form set forth in Exhibit A (the “144A Global Notes”), deposited with the Trustee, as custodian for DTC, and
registered in the name of DTC or the nominee of DTC, duly executed by the Company and authenticated by the Trustee as hereinafter provided and shall bear the legend set forth in Exhibit C. 
  
 Notes offered and sold to Institutional Accredited Investors in reliance on
Rule 501(a)(1), (2), (3) or (7) under the Securities Act shall be issued initially in the form of one or more permanent global notes in registered form, substantially in the form set forth in Exhibit A (the “IAI Global
Notes”), deposited with the Trustee, as custodian for DTC, and registered in the name of DTC or the nominee of DTC, duly executed by the Company and authenticated by the Trustee as hereinafter provided and shall bear the legend set forth in
Exhibit C. 
  
 Notes offered and sold in offshore
transactions in reliance on Regulation S shall be issued initially in the form of one or more Regulation S Temporary Global Notes, substantially in the form set forth in Exhibit A, deposited with the Trustee (the “Regulation S
Temporary Global Notes”), as custodian for the Depository, and registered in the name of the Depository or the nominee of the Depository for the accounts of designated agents holding on behalf of Euroclear or Clearstream, duly executed by
the Company and authenticated by the Trustee as hereinafter provided and shall bear the legend set forth in Exhibit C. 
  

 25 

 Following the termination of the Restricted Period, beneficial interests in a Regulation S Temporary
Global Note will be exchanged for beneficial interests in a Regulation S Permanent Global Note (which shall be issued substantially in the form set forth in Exhibit A, deposited with the Trustee, as custodian for the Depository, and registered in
the name of the Depository or the nominee of the Depository, duly executed by the Company and authenticated by the Trustee as hereinafter provided and shall bear the legend set forth in Exhibit C) pursuant to the Applicable Procedures and the
Trustee will cancel the related Regulation S Temporary Global Note. 
  
 The provisions of the “Operating Procedures of the Euroclear System” and “Terms and Conditions Governing Use of Euroclear” and the “General Terms and Conditions of Clearstream Banking” and “Customer
Handbook” of Clearstream will be applicable to transfers of beneficial interests in the Regulation S Temporary Global Note and the Regulation S Permanent Global Note that are held by participants through Euroclear or Clearstream. 
  
 Exchange Notes issued in exchange for a like principal amount of Initial
Notes shall be issued initially in the form of one or more Global Notes, substantially in the form set forth in Exhibit B, deposited with the Trustee, as custodian for the Depository, and registered in the name of the Depository or the
nominee of the Depository, duly executed by the Company and authenticated by the Trustee as hereinafter provided and shall bear the legend set forth in Exhibit C. 
  
 The aggregate principal amount of any Global Note may from time to time be increased or decreased by adjustments made on the
records of the Trustee, as custodian for DTC, as hereinafter provided. 
  
 The definitive Notes shall be typed, printed, lithographed or engraved or produced by any combination of these methods or may be produced in any other manner permitted by the rules of any securities exchange on which the Notes may be
listed, all as determined by the Officer executing such Notes, as evidenced by their execution of such Notes. 
  
 Section 2.02. Execution and Authentication; Aggregate Principal Amount. 
  
 An Officer (who shall have been duly authorized by all requisite corporate actions) shall sign the Notes for the Company by
manual or facsimile signature. 
  
 If an Officer whose signature
is on a Note was an Officer at the time of such execution but no longer holds that office or position at the time the Trustee authenticates the Note, the Note shall nevertheless be valid. 
  
 A Note shall not be valid until an authorized signatory of the Trustee manually signs the certificate of authentication on
the Note. The signature shall be conclusive evidence that the Note has been authenticated under this Indenture. 
  
 The Trustee shall authenticate (i) Initial Notes for original issue on the Issue Date in an aggregate principal amount not to exceed $172,000,000,
(ii) Exchange Notes from time to time after the Issue Date for issue only in exchange for a like principal amount of Initial Notes or Additional Notes, and (iii) subject to compliance with Section 4.08, one or more series of
Additional Notes in an unlimited amount, in each case, upon written orders of the Company in the form of an Officers’ Certificate, which Officers’ Certificate shall, in the case of any issuance of Exchange Notes, certify that such issuance
is pursuant to and in compliance with the Registration Rights Agreement and, in the case of any issuance of Additional Notes, certify that such issuance is in compliance with Section 4.08, and receipt of an Opinion of Counsel addressed
to the Trustee covering such matters as the Trustee reasonably requests, including 
  

 26 

 an opinion relating to the validity and enforceability of the Indenture Documents against the Company and the Guarantors,
as applicable. In addition, each Officers’ Certificate shall specify the amount of Notes to be authenticated and the date on which the Notes are to be authenticated and whether the Notes are to be Initial Notes, Exchange Notes or Additional
Notes. All Notes issued under this Indenture shall vote and consent together on all matters as one class and no series of Notes shall have the right to vote or consent as a separate class on any matter. 
  
 The Trustee may appoint an authenticating agent (the “Authenticating
Agent”) reasonably acceptable to the Company to authenticate the Notes. Unless otherwise provided in the appointment, an Authenticating Agent may authenticate the Notes whenever the Trustee may do so. Each reference in this Indenture to
authentication by the Trustee includes authentication by such Authenticating Agent. An Authenticating Agent has the same rights as an Agent to deal with the Company and Affiliates of the Company. 
  
 The Notes shall be issuable in fully registered form only, without coupons,
in denominations of $1,000 in principal amount and any integral multiple thereof. 
  
 Section 2.03. Registrar and Paying Agent. 
  
 The Company shall maintain (or appoint any Person to so maintain on is behalf) an office or agency which shall initially be the Corporate Trust Office, where (a) Notes may be presented or surrendered for
registration of transfer or for exchange (the “Registrar”), (b) Notes may be presented or surrendered for payment (the “Paying Agent”) and (c) notices and demands to or upon the Company in respect of the
Notes and this Indenture may be served. The Registrar shall keep a register of the Notes and of their transfer and exchange (the “Register”). The Company may have one or more co-Registrars and one or more additional Paying Agents
reasonably acceptable to the Trustee. The term “Paying Agent” or “Registrar” includes any additional Paying Agent or Registrar, as the case may be. The Company and any of its Subsidiaries may act as Paying Agent or Registrar.

  
 The Company shall enter into an appropriate agency agreement
with any Agent not a party to this Indenture, which agreement shall incorporate the provisions of the TIA and implement the provisions of this Indenture that relate to such Agent. The Company shall notify the Trustee in writing, in advance,
of the name and address of any such Agent. If the Company fails to maintain a Registrar or Paying Agent, or fails to give the foregoing notice, the Trustee shall act as such. 
  
 The Company initially appoints the Trustee, as Registrar, Paying Agent and agent for service of demands and notices in
connection with the Notes and agent to so maintain the office or agency described under the first paragraph of this Section 2.03, until such time as the Trustee has resigned or a successor has been appointed. The Paying Agent or Registrar may
resign upon thirty (30) days’ written notice to the Company. The Company may change any Paying Agent or Registrar without notice to the Holders. 
  
 Section 2.04. Obligations of Paying Agent. 
  
 The Company shall require each Paying Agent other than the Trustee to agree in writing that such Paying Agent shall hold in trust separate and apart from,
and not commingle with any other properties, for the benefit of the Holders or the Trustee, all assets held by the Paying Agent for the payment of principal of, or interest or Additional Interest, if any, on, the Notes (whether such assets have been
distributed to it by the Company or any other obligor on the Notes), and the Company and the Paying Agent shall notify the Trustee of any Default by the Company (or any other obligor on the Notes) in making any such payment. The Company at any time
may require a Paying Agent to distribute all assets held by it to the Trustee and account for any assets disbursed and the Trustee may at any time during the continuance of 
  

 27 

 any payment Default, upon written request to a Paying Agent, require such Paying Agent to distribute all assets held by
it to the Trustee and to account for any assets distributed. Upon distribution to the Trustee of all assets that shall have been delivered by the Company to the Paying Agent, the Paying Agent shall have no further liability for such assets.

  
 Section 2.05. Holder Lists. 
  
 The Trustee shall preserve in as current a form as is reasonably practicable
the most recent list available to it of the names and addresses of the Holders and shall otherwise comply with TIA Section 312(a). If the Trustee is not the Registrar, the Company shall furnish or cause the Registrar to furnish to the Trustee
before each Record Date and at such other times as the Trustee may request in writing a list as of such date and in such form as the Trustee may reasonably require of the names and addresses of the Holders, which list may be conclusively relied upon
by the Trustee. 
  
 Section 2.06. Transfer and
Exchange. 
  
 Subject to the provisions of Sections
2.14 and 2.15, when Notes are presented to the Registrar or a co-Registrar with a request to register the transfer of such Notes or to exchange such Notes for an equal principal amount of Notes of other authorized denominations, the
Registrar or co-Registrar shall register the transfer or make the exchange as requested; provided, however, that the Notes presented or surrendered for registration of transfer or exchange shall be duly endorsed or accompanied by a
written instrument of transfer in form satisfactory to the Company and the Registrar or co-Registrar, duly executed by the Holder thereof or his attorney duly authorized in writing and such other documents as the Registrar or co-Registrar may
reasonably require. To permit registrations of transfers and exchanges, the Company shall execute and the Trustee shall authenticate Notes at the Registrar’s or co-Registrar’s written request. No service charge shall be made for any
registration of transfer or exchange, but the Company may require payment of a sum sufficient to cover any transfer tax or similar governmental charge payable in connection therewith (other than any such transfer taxes or similar governmental charge
payable upon exchanges or transfers pursuant to Section 2.10, 3.06, 4.10 or 4.22, in which event the Company shall be responsible for the payment of such taxes). 
  
 The Registrar or co-Registrar shall not be required to register the transfer
or exchange of any Note (i) during a period beginning at the opening of business on the day which is fifteen (15) days before the mailing of a notice of redemption of Notes and ending at the close of business on the day of such mailing and
(ii) selected for redemption in whole or in part pursuant to Article Three, except the unredeemed portion of any Note being redeemed in part. 
  
 Any Holder of a beneficial interest in a Global Note shall, by acceptance of such Global Note, agree that transfers of beneficial interests in such Global
Note may be effected only through DTC, in accordance with this Indenture and the Applicable Procedures. 
  
 Section 2.07. Replacement Notes. 
  
 If a mutilated Note is surrendered to the Trustee or if the Holder of a Note claims in writing that the Note has been lost, destroyed or wrongfully taken,
then, in the absence of written notice to the Company upon its request or the Trustee that such Note has been acquired by a protected purchaser, the Company shall issue and the Trustee shall authenticate a replacement Note of like tenor and
principal amount and bearing a number not contemporaneously outstanding if the Trustee’s requirements are met. Except with respect to mutilated Notes, if required by the Trustee or the Company, such Holder must provide an affidavit of lost
certificate and an indemnity bond or other indemnity, sufficient in the judgment of both the Company and the Trustee, to protect the Company, the Trustee or any Agent from 
  

 28 

 any loss which any of them may suffer if a Note is replaced. The Company may charge such Holder for its reasonable
out-of-pocket expenses in replacing a Note, including reasonable fees and expenses of its counsel and of the Trustee and its counsel. In case any mutilated, lost, destroyed or wrongfully taken Note has become or is about to become due and payable,
the Company in its discretion may pay such Note instead of issuing a new Note in replacement thereof. Every replacement Note shall constitute an obligation of the Company, entitled to the benefits of this Indenture. 
  
 Section 2.08. Outstanding Notes. 
  
 Notes outstanding at any time are all the Notes that have been authenticated
by the Trustee except those cancelled by it, those delivered to it for cancellation and those described in this Section 2.08 as not outstanding. Subject to the provisions of Section 2.09, a Note does not cease to be
outstanding because the Company or any of its Affiliates holds the Note. 
  
 If a Note is replaced pursuant to Section 2.07 (other than a mutilated Note surrendered for replacement), it ceases to be outstanding unless the Trustee receives proof satisfactory to it that the replaced
Note is held by a bona fide purchaser. A mutilated Note ceases to be outstanding upon surrender of such Note and replacement thereof pursuant to Section 2.07. 
  
 If on a Redemption Date or the Maturity Date the Paying Agent holds U.S. Legal Tender or U.S. Government Obligations
sufficient to pay all of the principal and interest and Additional Interest, if any, due on the Notes payable on that date and is not prohibited from paying such money to the Holders thereof pursuant to the terms of this Indenture, then on and after
that date such Notes cease to be outstanding and interest and Additional Interest, if applicable, on them ceases to accrue. 
  
 Section 2.09. Treasury Notes; When Notes Are Disregarded. 
  
 In determining whether the Holders of the required principal amount of Notes have concurred in any direction, waiver,
consent or notice, Notes owned by the Company or any of its Affiliates shall be considered as though they are 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 which the Trustee actually knows are so owned shall be so considered. Notes so owned which have been pledged in good faith may be regarded as outstanding if the pledgee establishes to the satisfaction of the Trustee the
pledgee’s right so to act with respect to such Notes and that the pledgee is not the Company or any other obligor upon the Notes or any Affiliate of the Company or of such other obligor. The Company shall notify the Trustee, in writing (which
notice shall constitute actual notice for purposes of the foregoing sentence), when it or, to its knowledge, any of its Affiliates repurchases or otherwise acquires Notes, of the aggregate principal amount of such Notes so repurchased or otherwise
acquired. 
  
 Section 2.10. Temporary Notes.

  
 Until definitive Notes are ready for delivery, the Company
may prepare and execute and the Trustee shall authenticate temporary Notes upon receipt of a written order of the Company in the form of an Officers’ Certificate. The Officers’ Certificate shall specify the amount of temporary Notes to be
authenticated and the date on which the temporary Notes are to be authenticated. Temporary Notes shall be substantially in the form of definitive Notes but may have variations that the Company considers appropriate for temporary Notes. Without
unreasonable delay, the Company shall prepare and the Trustee shall authenticate upon receipt of a written order of the Company pursuant to Section 2.02 definitive Notes in exchange for temporary Notes. Until so exchanged, the temporary
Notes shall be entitled to the same benefits under this Indenture as definitive Notes. 
  

 29 

 Section 2.11. Cancellation. 
  
 The Company at any time may deliver Notes to the Trustee for cancellation. The Registrar and the Paying Agent shall forward
to the Trustee any Notes surrendered to them for transfer, exchange or payment. The Trustee, or at the direction of the Trustee, the Registrar or the Paying Agent, and no one else, shall cancel all Notes surrendered for transfer, exchange, payment
or cancellation. Subject to Section 2.07, the Company may not issue new Notes to replace Notes that it has paid or delivered to the Trustee for cancellation. If the Company shall acquire any of the Notes, such acquisition shall not
operate as a redemption or satisfaction of the Indebtedness represented by such Notes unless and until the same are surrendered to the Trustee for cancellation pursuant to this Section 2.11. The Trustee shall dispose of all cancelled
Notes in accordance with customary procedures or, subject to the requirements of law, at the written request of the Company, shall return the same to the Company. 
  
 Section 2.12. CUSIP Numbers. 
  
 A “CUSIP” number shall be printed on the Notes, and the Trustee shall use the CUSIP number in notices of
redemption, purchase or exchange as a convenience to Holders; provided that any such notice may state that no representation is made as to the correctness or accuracy of the CUSIP number printed in the notice or on the Notes and that reliance
may be placed only on the other identification numbers printed on the Notes. The Company shall promptly notify the Trustee in writing of any change in any CUSIP number relating to the Notes. 
  
 Section 2.13. Deposit of Moneys. 
  
 Prior to 11:00 a.m. New York City time on each Interest Payment Date and the
Maturity Date, the Company shall deposit with the Paying Agent in immediately available funds money sufficient to make cash payments, if any, due on such Interest Payment Date or the Maturity Date, as the case may be. To the extent that such deposit
is insufficient to make such cash payments, the Company shall provide the Trustee an Officers’ Certificate instructing the Trustee as to the amount and recipient of payments pursuant to Section 4.01 as to which the Trustee shall be
entitled to rely solely thereupon without further investigation. 
  
 Section 2.14. Book-Entry Provisions for Global Notes. 
  
 (a) The Global Notes initially shall (i) be registered in the name of DTC or the nominee of DTC, (ii) be delivered to the Trustee as custodian for DTC and (iii) bear legends as set forth in Exhibit
C. 
  
 Members of, or participants in, DTC (“Agent
Members”) shall have no rights under this Indenture with respect to any Global Note held on their behalf by DTC, or the Trustee as its custodian, or under any Global Note, and DTC may be treated by the Company, the Trustee and any agent of
the Company or the Trustee as the absolute owner of the 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 DTC or impair, as between DTC and its Agent Members, the operation of customary practices governing the exercise of the rights of a Holder of any Global Note. 
  
 (b) Transfers of the Global Notes shall be limited to transfers in whole, but
not in part, to DTC, its successors or their respective nominees. Interests of beneficial owners in the Global Notes may be transferred or exchanged in accordance with the Applicable Procedures of DTC and the provisions of Section 2.15;
provided, however, that prior to the expiration of the Restricted Period, transfers of beneficial interests in the Regulation S Temporary Global Notes may not be made to a U.S. Person or for 
  

 30 

 the account or benefit of a U.S. Person (other than an Initial Purchaser). In addition, Notes in the form of certificated
Notes in registered form in substantially the form set forth in Exhibit A hereto (the “Physical Notes”) shall be transferred to all beneficial owners in exchange for their beneficial interests in the Global Notes if
(i) DTC notifies the Company that it is unwilling or unable to continue as depository for the Global Notes and a successor depository is not appointed by the Company within ninety (90) days of such notice or (ii) an Event of Default
has occurred and is continuing and the Registrar has received a request from DTC to issue Physical Notes; provided that a beneficial interest in the Regulation S Temporary Global Note may not be exchanged for a Physical Note or transferred to
a Person who takes delivery thereof in the form of a Physical Note prior to (A) the expiration of the Restricted Period and (B) the receipt by the Registrar of any certificates required pursuant to Rule 903(b)(3)(ii)(B) under the
Securities Act, except in the case of a transfer pursuant to an exemption from the registration requirements of the Securities Act other than Rule 903 or Rule 904. 
  
 (c) Any beneficial interest in one of the Global Notes that is transferred to a person who takes delivery in the form of an
interest in another Global Note shall, upon transfer, cease to be an interest in such Global Note and become a beneficial interest in such other Global Note and, accordingly, shall thereafter be subject to all transfer restrictions, if any, and
other procedures applicable to a beneficial interest in such other Global Notes for as long as it remains such an interest. 
  
 (d) In connection with any transfer or exchange of a portion of the beneficial interest in the Global Note to beneficial owners pursuant to paragraph
(b) of this Section 2.14, the Registrar shall (if one or more Physical Notes are to be issued) reflect on its books and records the date and a decrease in the principal amount of the Global Note in an amount equal to the
principal amount of the beneficial interest in the Global Note to be transferred, and the Company shall execute, and the Trustee shall authenticate and deliver, one or more Physical Notes of like tenor and aggregate principal amount. 
  
 (e) In connection with the transfer of an entire Global Note to beneficial
owners pursuant to clause (b) of this Section 2.14, the Global Notes shall be deemed to be surrendered to the Trustee for cancellation, and the Company shall execute, and the Trustee shall authenticate and deliver, to each
beneficial owner identified by DTC in exchange for its beneficial interest in the Global Notes, an equal aggregate principal amount of Physical Notes of authorized denominations. 
  
 (f) Any Physical Note constituting a Restricted Security delivered in exchange for an interest in the Global Note pursuant
to clause (b) or (c) shall, except as otherwise provided by clauses (a)(i)(x) and (c) of Section 2.15, bear the legend regarding transfer restrictions applicable to the Physical Notes set forth
in Exhibit A. 
  
 (g) The Holder of a Global Note may grant
proxies and otherwise authorize any Person, including Agent Members and Persons that may hold interests through Agent Members, to take any action which a Holder is entitled to take under this Indenture or the Notes. 
  
 Section 2.15. Restrictive Legends. 
  
 Each Global Note and each physical Note that is a Restricted Security shall
bear the Private Placement Legend on the face thereof until after the second anniversary of the later of the Issue Date and the last date in which the Company or any Affiliate of the Company was the owner of such Note. 
  
 Section 2.16. Special Transfer Provisions. 
  
 (a) Transfers to Non-QIB Institutional Accredited Investors and Non-U.S.
Persons. The following provisions shall apply with respect to the registration of any proposed transfer of a Note 
  

 31 

 constituting a Restricted Security (or a beneficial interest therein) to any Institutional Accredited Investor which is
not a QIB or to any Non-U.S. Person: 
  
 (i) the
Registrar shall register the transfer of any Physical Note constituting a Restricted Security, whether or not such Note bears the Private Placement Legend, if (x) the requested transfer is after August 25, 2007 or (y) (1) in the
case of a transfer to an Institutional Accredited Investor which is not a QIB (excluding Non-U.S. Persons), the proposed transferee has delivered to the Registrar a certificate substantially in the form of Exhibit D hereto or (2) in the
case of a transfer to a Non-U.S. Person, the proposed transferor has delivered to the Registrar a certificate substantially in the form of Exhibit E hereto, whereupon the Registrar shall reflect on its books and records the date and the
Company shall execute and the Trustee shall authenticate and deliver one or more Physical Notes of like tenor and principal amount; or 
  
 (ii) if the proposed transferor is an Agent Member holding a beneficial interest in a Global Note and the proposed transferee is an Agent
Member who will hold a beneficial interest in a Global Note, the Registrar shall register such transfer upon receipt of (x) the certificate, if any, required by clause (i) above and (y) instructions given in accordance with the
Applicable Procedures and the Registrar’s procedures, whereupon the Registrar shall reflect on its books and records the date and a decrease in the principal amount of the Global Note in an amount equal to the principal amount of the beneficial
interest in the Global Note to be transferred and a corresponding increase in the Global Note to which such beneficial interest is transferred; or 
  
 (iii) if the proposed transferor is an Agent Member holding a beneficial interest in a Global Note and the proposed transferee’s
interest will be evidenced by a Physical Note, the Registrar shall register such transfer upon receipt of (x) the certificate, if any, required by clause (i) above and (y) instructions given in accordance with the Applicable
Procedures and the Registrar’s procedures, whereupon the Registrar shall reflect on its books and records the date and a decrease in the principal amount of the Global Note in an amount equal to the principal amount of the beneficial interest
in the Global Note to be transferred, and the Company shall execute and the Trustee shall authenticate and deliver one or more Physical Notes of like tenor and principal amount or 
  
 (iv) if the proposed transferee is an Agent Member and the Notes to be transferred consist of Physical Notes
which after transfer are to be evidenced by an interest in a Global Note, the Registrar shall register such transfer upon receipt of (x) the certificate, if any, required by clause (i) above and (y) instructions given in accordance
with the Applicable Procedures and the Registrar’s procedures, whereupon the Registrar shall reflect on its books and records the date and an increase in the principal amount of such Global Note in an amount equal to the principal amount of the
Physical Notes to be transferred and the Trustee shall cancel the Physical Notes so transferred. 
  
 (b) Transfers to QIBs. The following provisions shall apply with respect to the registration of any proposed transfer of a Note constituting a
Restricted Security to a QIB (excluding transfers to Non-U.S. Persons): 
  
 (i) The Registrar shall register the transfer if such transfer is being made by a proposed transferor who has checked the box provided for on the form of Note stating, or has otherwise advised the Company and the
Registrar in writing, that the sale has been made in compliance with the provisions of Rule 144A to a transferee who has signed the certification provided for on the form of Note stating, or has otherwise advised the Company and the Registrar in
writing, that it is purchasing the Note for its own account or an account with respect to which it 
  

 32 

 exercises sole investment discretion and that it and any such account is a QIB within the meaning of Rule
144A, and is aware that the sale to it is being made in reliance on Rule 144A and acknowledges that it has received such information regarding the Company as it has requested pursuant to Rule 144A or has determined not to request such information
and that it is aware that the transferor is relying upon its foregoing representations in order to claim the exemption from registration provided by Rule 144A. 
  

(ii) Subject to compliance with clause (i), if the proposed transferee is an Agent Member, and the Notes to be transferred consist of
Physical Notes which after transfer are to be evidenced by an interest in the Global Note, upon receipt by the Registrar of instructions given in accordance with the Applicable Procedures and the Registrar’s procedures, the Registrar shall
reflect on its books and records the date and an increase in the principal amount of the Global Note in an amount equal to the principal amount of the Physical Notes to be transferred, and the Trustee shall cancel the Physical Notes so transferred.

  
 (iii) Subject to compliance with clause (i),
if the Notes to be transferred consist of Physical Notes, the Registrar shall reflect on its books and records the date and the Company shall execute and the Trustee shall authenticate and deliver one or more Physical Notes of like tenor and
principal amount. 
  
 (iv) Subject to compliance
with clause (i), if the proposed transferor is an Agent Member holding a beneficial interest in a Global Note and the proposed transferee is an Agent Member who will hold a beneficial interest in a Global Note, the Registrar shall reflect on its
books and records the date and a decrease in the principal amount of the Global Note in an amount equal to the principal amount of the beneficial interest in the Global Note to be transferred and a corresponding increase in the Global Note to which
such beneficial interest is transferred. 
  
 (v)
Subject to compliance with clause (i), if the proposed transferor is an Agent Member holding a beneficial interest in a Global Note and the proposed transferee’s interest will be evidenced by a Physical Note, the Registrar shall reflect on its
books and records the date and a decrease in the principal amount of the Global Note in an amount equal to the principal amount of the beneficial interest in the Global Note to be transferred, and the Company shall execute and the Trustee shall
authenticate and deliver one or more Physical Notes of like tenor and principal amount. 
  
 (c) Private Placement Legend. Upon the transfer, exchange or replacement of Notes not bearing the Private Placement Legend, the Registrar shall deliver Notes that do not bear the Private Placement Legend. Upon
the transfer, exchange or replacement of Notes bearing the Private Placement Legend, the Registrar shall deliver only Notes that bear the Private Placement Legend unless (i) the circumstance contemplated by clause (a)(i)(x) of this
Section 2.15 exists or (ii) there is delivered to the Registrar an Opinion of Counsel reasonably satisfactory to the Company to the effect that neither such legend nor the related restrictions on transfer are required in order to
maintain compliance with the provisions of the Securities Act. The Registrar shall not register a transfer of any Note unless such transfer complies with the restrictions on transfer of such Note set forth in this Indenture. In connection with any
transfer of Notes, each Holder agrees by its acceptance of the Notes to furnish the Registrar or the Company such certifications, legal opinions or other information as either of them may reasonably require to confirm that such transfer is being
made pursuant to an exemption from, or a transaction not subject to, the registration requirements of the Securities Act; provided that the Registrar shall not be required to determine (but may rely on a determination made by the Company with
respect to) the sufficiency of any such certifications, legal opinions or other information. 
  

 33 

 (d) General. By its acceptance of any Note bearing the Private Placement Legend, each Holder of
such a Note acknowledges the restrictions on transfer of such Note set forth in this Indenture and in the Private Placement Legend and agrees that it shall transfer such Note only as provided in this Indenture. 
  
 The Registrar shall retain copies of all letters, notices and other written
communications received pursuant to Section 2.14 or this Section 2.15. The Company shall have the right to inspect and make copies of all such letters, notices or other written communications at any reasonable time upon the
giving of reasonable written notice to the Registrar. 
  
 The
Trustee shall have no obligation or duty to monitor, determine or inquire as to compliance with any restrictions on transfer imposed under this Indenture or under applicable law with respect to any transfer of any interest in any Note (including any
transfers between or among Agent Members or beneficial owners of interests in any Global Note) other than to require delivery of such certificates and other documentation or evidence as are expressly required by, and to do so if and when expressly
required by the terms of, this Indenture, and to examine the same to determine substantial compliance as to form with the express requirements hereof. 
  
 Neither the Trustee nor any Agent shall have any responsibility for any actions taken or not taken by DTC. 
  
 Section 2.17. Transfers of Global Notes and Physical Notes.

  
 A transfer of a Global Note or a Physical Note (including the
right to receive principal and interest payable thereon) may be made only by the Registrar’s entering the transfer in the Register. Prior to such entry, the Company shall treat the person in whose name such Note is registered as the owner of
the Note for all purposes. 
  
 ARTICLE THREE 
  
 REDEMPTION 
  
 Section 3.01. Optional Redemption. 
  
 The Company may, at its option, redeem the Notes, in whole or in part, at
specified times and under specified conditions, as set forth in Section 6 of the Notes. If the Company elects to redeem Notes pursuant to Section 6 of the Notes, it shall, at least forty-five (45) days (or such shorter period as the
Trustee may agree) before the Redemption Date, furnish to the Trustee and Paying Agent an Officers’ Certificate setting forth the Redemption Date and the principal amount of the Notes to be redeemed and the Section of this Indenture or the
Section of Notes pursuant to which the redemption shall occur. 
  
 Each Officers’ Certificate provided for in this Section 3.01 shall be accompanied by an Opinion of Counsel stating that such redemption complies with the conditions contained herein and in the Notes. 
  
 Section 3.02. Selection of Notes To Be Redeemed. 
  
 If fewer than all of the Notes are to be redeemed pursuant to Section 6
of the Notes, the selection of the Notes for redemption will be made by the Trustee either: 
  
 (1) in compliance with the requirements of the principal national securities exchange, if any, on which such Notes are listed or

  

 34 

 (2) if such Notes are not then listed on a national securities exchange, on a pro rata
basis, by lot or by such method as the Trustee may reasonably determine is fair and appropriate; provided that no partial redemption will reduce the principal amount of a Note not redeemed to less than $1,000. 
  
 The Trustee shall make the selection from the Notes outstanding and not
previously called for redemption and 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 at maturity thereof, to be redeemed. Notes in
denominations of $1,000 in principal amount at maturity may be redeemed only in whole. The Trustee may select for redemption portions (equal to $1,000 in principal amount at maturity or any integral multiple thereof) of the principal of Notes that
have denominations larger than $1,000. Provisions of this Indenture that apply to Notes called for redemption also apply to portions of Notes called for redemption. 
  
 Section 3.03. Notice of Redemption. 
  
 At least thirty (30) days but not more than sixty (60) days before a Redemption Date, the Company shall mail or
cause to be mailed a notice of redemption by first class mail, postage prepaid, to each Holder whose Notes are to be redeemed at its registered address, with a copy to the Trustee and any Paying Agent. At the Company’s written request, the
Trustee shall give the notice of redemption in the Company’s name and at the Company’s expense. Failure to give notice of redemption, or any defect therein to any Holder of any Note selected for redemption shall not impair or affect the
validity of the redemption of any other Note. 
  
 Each notice of
redemption shall identify the Notes to be redeemed and shall state: 
  
 (1) the Redemption Date; 
  
 (2) the Redemption Price and the amount of accrued interest and Additional Interest, if any, to be paid; 
  
 (3) the name and address of the Paying Agent; 
  
 (4) the CUSIP number; 
  
 (5) the subsection of the Notes pursuant to which such redemption is being made; 
  
 (6) the place where such Notes called for redemption must be
surrendered to the Paying Agent to collect the Redemption Price plus accrued interest and Additional Interest, if any; 
  
 (7) that, unless the Company defaults in making the redemption payment, interest and Additional Interest, if any, on Notes called for
redemption ceases to accrue on and after the Redemption Date in accordance with Section 3.05, and the only remaining right of the Holders of such Notes is to receive payment of the Redemption Price plus accrued interest and Additional
Interest, if any, upon surrender to the Paying Agent of the Notes redeemed; 
  
 (8) 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, and upon surrender of such Note, a new Note or Notes in the aggregate
principal amount equal to the unredeemed portion thereof shall be issued; and 
  

 35 

 (9) if fewer than all the Notes are to be redeemed, the identification of the particular
Notes (or portion thereof) to be redeemed, as well as the aggregate principal amount of Notes to be redeemed and the aggregate principal amount of Notes to be outstanding after such partial redemption. 
  
 If any of the Notes to be redeemed is in the form of a Global Note, then the
Company shall modify such notice to the extent necessary to accord with the procedures of DTC applicable to redemption. 
  
 Section 3.04. Effect of Notice of Redemption. 
  
 Once notice of redemption is mailed in accordance with Section 3.03, Notes or portions thereof called for redemption shall become irrevocably
due and payable on the Redemption Date and at the Redemption Price plus accrued interest and Additional Interest, if any. Upon surrender to the Trustee or Paying Agent, such Notes or portions thereof called for redemption shall be paid at the
Redemption Price plus accrued interest and Additional Interest, if any, thereon to the Redemption Date, but installments of interest and Additional Interest, if applicable, the maturity of which is on or prior to the Redemption Date, shall be
payable to Holders of record at the close of business on the relevant Record Dates referred to in the Notes. 
  
 Section 3.05. Deposit of Redemption Price. 
  
 On or before the Redemption Date and in accordance with Section 2.14, the Company shall deposit with the Paying Agent U.S. Legal Tender
sufficient to pay the Redemption Price of, plus accrued interest and Additional Interest, if any, on all Notes or portions thereof to be redeemed on that date. 
  

The Paying Agent shall promptly return to the Company any U.S. Legal Tender so deposited which is not required for that purpose, except with respect to
monies owed as obligations to the Trustee pursuant to Article Seven. 
  
 Unless the Company fails to comply with the preceding paragraph and defaults in the payment of such Redemption Price plus accrued interest and Additional Interest, if any, interest on the Notes to be redeemed shall
cease to accrue on and after the applicable Redemption Date, whether or not such Notes are presented for payment. 
  
 Section 3.06. Notes Redeemed in Part. 
  
 Upon surrender of a Note that is to be redeemed in part, the Company shall issue and the Trustee shall authenticate for the Holder a new Note or Notes
equal in principal amount to the unredeemed portion of the Note surrendered. 
  
 ARTICLE FOUR 
  
 COVENANTS 
  
 Section 4.01. Payment of
Notes. 
  
 The Company shall pay the principal of, premium,
if any, and interest, and Additional Interest, if any, on the Notes on the dates and in the manner provided in the Notes and in this Indenture. An installment of principal of, premium, if any, and interest and Additional Interest, if any, on the
Notes shall be considered paid on the date it is due if the Trustee or Paying Agent (other than the Company or an 
  

 36 

 Affiliate of the Company) holds on that date U.S. Legal Tender designated for and sufficient to pay the installment in
full. The Company shall pay interest on overdue principal at 1% per annum in excess of the rate per annum set forth in the Notes, and it shall pay interest on overdue installments of interest and Additional Interest, if any, at the same rate to
the extent lawful. 
  
 Notwithstanding anything to the contrary
contained in this Indenture, the Company may, to the extent it is required to do so by law, deduct or withhold income or other similar taxes imposed by the United States from principal or interest payments hereunder. 
  
 Section 4.02. Maintenance of Office or Agency. 
  
 The Company shall maintain (or appoint any Person to so maintain on its
behalf) the office or agency required under Section 2.03. The Company shall give prior 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 and the Company hereby appoints the
Trustee as its agent to receive all such presentations, surrenders, notices and demands. 
  
 Section 4.03. Corporate Existence. 
  
 Except as otherwise permitted by Article Four, Article Five and Article Ten, the Company shall do or cause to be done, at its own cost and expense, all things necessary to preserve and keep in
full force and effect its corporate existence and the limited liability company, partnership or corporate existence of each of the Restricted Subsidiaries in accordance with the respective organizational documents of each such Restricted Subsidiary
and the material rights (charter and statutory) and franchises of the Company and each such Restricted Subsidiary; provided, however, that the Company shall not be required to preserve, with respect to any Restricted Subsidiary, any
such existence, material right or franchise, if the Board of Directors of the Company shall determine in good faith as evidence by a Board Resolution, that the preservation thereof is not material to and no longer desirable in the conduct of the
business of the Company and its Restricted Subsidiaries, taken as a whole. 
  
 Section 4.04. Payment of Taxes and Other Claims. 
  
 The Company shall pay or discharge or cause to be paid or discharged, before the same shall become delinquent, (i) all material taxes, assessments and governmental charges (including withholding taxes and any
penalties, interest and additions to taxes) levied or imposed upon it or any of the Restricted Subsidiaries or its properties or any of the Restricted Subsidiaries’ properties and (ii) all material lawful claims for labor, materials and
supplies that, if unpaid, might by law become a Lien upon its properties or any of its Restricted Subsidiaries’ properties; provided, however, that the Company shall not be required to pay or discharge or cause to be paid or
discharged any such tax, assessment, charge or claim whose amount, applicability or validity is being or shall be contested in good faith by appropriate negotiations or proceedings properly instituted and diligently conducted for which adequate
reserves, to the extent required under GAAP, have been taken. 
  
 Section 4.05. Maintenance of Properties and Insurance; Compliance with Laws. 
  
 (a) The Company shall, and shall cause each of its Restricted Subsidiaries to, maintain in good working order and condition in all material respects
(subject to ordinary wear and tear) its properties that are used or useful in the conduct of its business and that are material to the conduct of such business, and make all necessary repairs, renewals, replacements, additions, betterments and
improvements thereto 
  

 37 

 and actively conduct and carry on its business; provided, however, that nothing in this
Section 4.05 shall prevent the Company or any of the Restricted Subsidiaries from discontinuing the operation and maintenance of any of its properties if such discontinuance is, in the good faith judgment of the Board of Directors or
other governing body of the Company or the Restricted Subsidiary concerned, as the case may be, desirable in the conduct of its businesses and would not reasonably be expected to have a material adverse effect on the business operations, assets or
financial condition of the Company and its Subsidiaries, taken as a whole. 
  
 (b) The Company shall maintain insurance (including appropriate self-insurance) against loss or damage of the kinds that, in the good faith judgment of the Company, is adequate and appropriate for the conduct of the
business of the Company and the Restricted Subsidiaries in a prudent manner, with reputable insurers or with the government of the United States or an agency or instrumentality thereof. 
  
 (c) The Company shall, and shall cause each of its Subsidiaries to, comply with all applicable statutes, rules, regulations,
orders and restrictions of the United States, all states and municipalities thereof, and of any governmental department, commission, board, regulatory authority, bureau, agency and instrumentality of the foregoing, in respect of the conduct of its
businesses and the ownership of its properties, except for such noncompliances as are not in the aggregate reasonably likely to have a material adverse effect on the financial condition or results of operations of the Company and its Subsidiaries,
taken as a whole or the ability of the Company to perform its obligations hereunder. 
  
 Section 4.06. Compliance Certificate; Notice of Default. 
  
 (a) The Company shall deliver to the Trustee, within ninety (90) days after the end of the Company’s fiscal year, an Officers’ Certificate
stating that a review of the activities of the Company and its Restricted Subsidiaries during the preceding fiscal year has been made under the supervision of the signing Officers (one of the signatories thereto being the principal executive
officer, principal financial officer or principal accounting officer) with a view to determining whether they have kept, observed, performed and fulfilled their obligations under this Indenture and the other Indenture Documents and further stating,
as to each such Officer signing such certificate, to the best of such Officer’s actual knowledge the Company and its Restricted Subsidiaries during such preceding fiscal year kept, observed, performed and fulfilled each and every condition and
covenant under this Indenture and the other Indenture Documents in all material respects and at the date of such certificate there is no Default or Event of Default that has occurred and is continuing or, if such signers do know of such Default or
Event of Default, the certificate shall describe the Default or Event of Default and its status with particularity. 
  
 (b) So long as not contrary to the then current recommendations of the American Institute of Certified Public Accountants, the annual financial statements
delivered pursuant to Section 4.20 shall be accompanied by a written report of the Company’s independent accountants (who shall be a firm of established national reputation) stating whether, in conducting their audit of such
financial statements, any Default or Event of Default as they relate to accounting matters has come to their attention or, if they believe that 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, so long as any Notes are outstanding, upon any Officer of the Company becoming aware of any Default or Event of Default, deliver to
the Trustee and Collateral Agent an Officers’ Certificate specifying such Default or Event of Default within five (5) Business Days of such Officer becoming aware of such occurrence. 
  

 38 

 Section 4.07. Waiver of Stay, Extension or 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 or extension law or any usury law or other law that would prohibit or forgive the Company from paying all or any portion of the
principal of, premium, if any, or interest or Additional Interest, if any, on the Notes as contemplated herein, wherever enacted, now or at any time hereafter in force, or which may affect the covenants or the performance of this Indenture; and (to
the extent that it may lawfully do so) the Company hereby expressly waives all benefit or advantage of any such law, and covenant that it shall not, by resort to any such law, hinder, delay or impede the execution of any power herein granted to the
Trustee or Collateral Agent, but shall suffer and permit the execution of every such power as though no such law had been enacted. 
  
 Section 4.08. Limitation on Incurrence of Additional Indebtedness. 
  
 (a) The Company will not, and will not permit any of its Restricted Subsidiaries to, directly or indirectly, create, incur,
assume, guarantee, acquire, become liable, contingently or otherwise, with respect to, or otherwise become responsible for payment of (collectively, “incur”) any Indebtedness (other than Permitted Indebtedness); provided, however, that if
no Default or Event of Default shall have occurred and be continuing at the time of or as a consequence of the incurrence of any such Indebtedness, the Company or any of its Restricted Subsidiaries that is or, upon such incurrence, becomes a
Guarantor may incur Indebtedness (including, without limitation, Acquired Indebtedness) that is subordinated to and matures at least 91 days after the Notes if on the date of the incurrence of such Indebtedness the Consolidated Fixed Charge Coverage
Ratio of the Company will be, after giving effect to the incurrence thereof, greater than 2.50 to 1.0. 
 (b) The Company will not, and will
not permit any of its Domestic Restricted Subsidiaries to, directly or indirectly, incur any Indebtedness which by its terms (or by the terms of any agreement governing such Indebtedness) is subordinated to any other Indebtedness of the Company or
such Domestic Restricted Subsidiary unless such Indebtedness is also by its terms (or by the terms of any agreement governing such Indebtedness) made expressly subordinate to the Obligations of the Company or such Domestic Restricted Subsidiary
under (i) in the case of the Company, the Notes and the Indenture or (ii) in the case of such Domestic Restricted Subsidiary, its Guarantee and the Indenture, in each case, to the same extent and in the same manner as such Indebtedness is
subordinated pursuant to subordination provisions that are most favorable to the holders of any other Indebtedness of the Company or such Domestic Restricted Subsidiary. 
  
 Section 4.09. Limitation on Restricted Payments. 
  
 The Company will not, and will not cause or permit any of its Restricted Subsidiaries to, directly or indirectly:

  
 (1) declare or pay any dividend or make any
distribution (other than dividends or distributions payable in Qualified Capital Stock of the Company and dividends and distributions payable to the Company or another Restricted Subsidiary of the Company) on or in respect of shares of Capital Stock
of the Company or its Restricted Subsidiaries to holders of such Capital Stock; 
  
 (2) purchase, redeem or otherwise acquire or retire for value any Capital Stock of the Company or its Restricted Subsidiaries (other than
any such Capital Stock held by the Company or any Restricted Subsidiary); 
  

 39 

 (3) make any principal payment on, purchase, defease, redeem, prepay, decrease or
otherwise acquire or retire for value, prior to any scheduled final maturity, scheduled repayment or scheduled sinking fund payment, any Indebtedness of the Company or any Guarantor that is subordinate or junior in right of payment to the Notes or a
Guarantee; or 
  
 (4) make any Investment (other
than Permitted Investments), 
  
 (each of the foregoing actions set forth in
clauses (1), (2), (3) and (4) being referred to as a “Restricted Payment”), if at the time of such Restricted Payment or immediately after giving effect thereto: 
  
 (i) a Default or an Event of Default shall have occurred and
be continuing; 
  
 (ii) the Company is not able
to incur at least $1.00 of additional Indebtedness (other than Permitted Indebtedness) in compliance Section 4.08 or 
  
 (iii) the aggregate amount of Restricted Payments (including such proposed Restricted Payment) made subsequent to the Issue Date (the
amount expended for such purposes, if other than in cash, being the Fair Market Value of such property at the time of the making thereof) shall exceed the sum of: 
  
 (A) 25% of the cumulative Consolidated Net Income (or if cumulative Consolidated Net Income is a loss, minus
100% of such loss) of the Company earned during the period beginning on the first day of the first fiscal quarter after September 1, 2007 and ending on the last day of the Company’s most recent fiscal quarter ending prior to the date the
Restricted Payment occurs for which financial statements are available (the “Reference Date”) (treating such period as a single accounting period); plus 
  
 (B) 100% of the aggregate net cash proceeds received by the Company from any Person (other than a Subsidiary
of the Company) from the issuance and sale subsequent to the Issue Date and on or prior to the Reference Date of Qualified Capital Stock of the Company; plus 
  

(C) without duplication of any amounts included in clause (iii)(B) above, 100% of the aggregate net cash proceeds of any equity
contribution received by the Company from a holder of the Company’s Capital Stock subsequent to the Issue Date and on or prior to the Reference Date; plus 
  

(D) 100% of the aggregate net cash proceeds received from the issuance of Indebtedness or shares of Disqualified Capital Stock of the
Company that have been converted into or exchanged for Qualified Capital Stock of the Company subsequent to the Issue Date and on or prior to the Reference Date; plus 
  
 (E) an amount equal to the sum of (i) the net reduction in the Investments (other than Permitted
Investments) made by the Company or any of its Restricted Subsidiaries in any Person resulting from repurchases, repayments or redemptions of such Investments by such Person, proceeds realized on the sale of such Investment and proceeds representing
the return of capital (excluding dividends and distributions), in each case received by the Company or any of its Restricted Subsidiaries, and (ii) to the extent such Person is an Unrestricted Subsidiary, the portion (proportionate to the
Company’s equity interest in such Subsidiary) of the Fair Market Value of the net assets of such Unrestricted Subsidiary at the time such Unrestricted Subsidiary is designated a 
  

 40 

 Restricted Subsidiary; provided, however, that the foregoing sum shall not exceed, in the case of any
such Person or Unrestricted Subsidiary, the amount of Investments (excluding Permitted Investments) previously made (and treated as a Restricted Payment) by the Company or any of its Restricted Subsidiaries in such Person or Unrestricted Subsidiary.

  
 In the case of clauses (iii)(B) and (C) above, any net
cash proceeds from issuances and sales of Qualified Capital Stock of the Company financed directly or indirectly using funds borrowed from the Company or any Subsidiary of the Company, shall be excluded until and to the extent such borrowing is
repaid. 
  
 Notwithstanding the foregoing, the provisions set
forth in the immediately preceding paragraph do not prohibit: 
  
 (1) the payment of any dividend or other distribution or redemption within 60 days after the date of declaration of such dividend or call for redemption if such payment would have been permitted on the date of
declaration or call for redemption; 
  
 (2) the
acquisition of any shares of Qualified Capital Stock of the Company, either (i) solely in exchange for other shares of Qualified Capital Stock of the Company or (ii) through the application of net proceeds of a sale for cash (other than to
a Subsidiary of the Company) of shares of Qualified Capital Stock of the Company within 60 days after such sale; 
  
 (3) the acquisition of any Indebtedness of the Company or the Guarantors that is subordinate or junior in right of payment to the Notes
and Guarantees either (i) solely in exchange for shares of Qualified Capital Stock of the Company, or (ii) through the application of net proceeds of a sale for cash (other than to a Subsidiary of the Company) within 60 days after such
sale of (a) shares of Qualified Capital Stock of the Company or (b) if no Default or Event of Default would exist after giving effect thereto, Refinancing Indebtedness; 
  
 (4) an Investment either (i) solely in exchange for shares of Qualified Capital Stock of the Company or
(ii) through the application of the net proceeds of a sale for cash (other than to a Subsidiary of the Company) of shares of Qualified Capital Stock of the Company within 60 days after such sale; 
  
 (5) the repurchase or other acquisition of shares of Capital
Stock of the Company from employees, former employees, directors or former directors of the Company (or permitted transferees of such employees, former employees, directors or former directors), pursuant to the terms of the agreements (including
employment agreements) or plans (or amendments thereto) approved by the Board of Directors of the Company under which such individuals purchase or sell or are granted the option to purchase or sell, shares of such Capital Stock; provided, however,
that the aggregate amount of such repurchases and other acquisitions in any calendar year shall not exceed $500,000; 
  
 (6) repurchases of Capital Stock deemed to occur upon exercise of stock options, warrants or other similar rights if such Capital Stock
represents a portion of the exercise price (and related withholding tax) of such options, warrants or other similar rights; 
  
 (7) payments or distributions to dissenting stockholders of Capital Stock of the Company pursuant to applicable law, pursuant to or in
connection with a consolidation, merger or transfer of assets that complies with the provisions of this Indenture applicable to mergers, consolidations and transfers of all or substantially all of the property and assets of the Company or any of its
Restricted Subsidiaries; 
  

 41 

 (8) the application of the proceeds from the issuance of the Notes on the Issue Date as
described under the “Use of Proceeds” section of the Offering Circular; and 
  
 (9) other Restricted Payments in an aggregate amount not to exceed $1.0 million after September 1, 2007. 
  
 In determining the aggregate amount of Restricted Payments made subsequent to
the Issue Date in accordance with clause (iii) of this Section 4.09 amounts expended pursuant to clauses (1), (2)(ii), 3(ii)(a) and (4)(ii) shall be included in such calculation. 
  
 On the last Business Day of each fiscal quarter the Company shall deliver to
the Trustee an Officers’ Certificate stating that the Restricted Payments made by the Company during such fiscal quarter complied with the Indenture and setting forth in reasonable detail the basis upon which the required calculations were
computed, which calculations may be based upon the Company’s latest available internal quarterly financial statements. 
  
 Section 4.10. Limitation on Asset Sales. 
  
 The Company will not, and will not permit any of its Restricted Subsidiaries to, consummate an Asset Sale unless: 
  
 (1) the Company or the applicable Restricted Subsidiary, as
the case may be, receives consideration at the time of such Asset Sale at least equal to the Fair Market Value of the assets sold or otherwise disposed; 
  
 (2) at least 75% of the consideration received by the Company or the Restricted Subsidiary, as the case may be, from such Asset Sale is in
the form of cash or Cash Equivalents and is received at the time of such disposition; provided that the amount of any liabilities (as shown on the most recent applicable balance sheet) of the Company or such Restricted Subsidiary (other than
liabilities that are by their terms subordinated to the Notes) that are assumed by the transferee of any such assets shall be deemed to be cash for purposes of this provision so long as the documents governing such liabilities provide that there is
no further recourse to the Company or any of its Subsidiaries with respect to such liabilities; and 
  
 (3) the Company shall apply, or cause such Restricted Subsidiary to apply, the Net Cash Proceeds relating to such Asset Sale within 360
days of receipt thereof either: 
  
 (a) to the
extent that the assets and property sold pursuant to such Asset Sale do not constitute Priority Collateral, to repay Indebtedness under the Credit Agreement and permanently reduce the commitments thereunder; 
  
 (b) to make (or enter into a definitive agreement committing
to do so not later than 180 days after the date that is 360 days following the date of receipt of such Net Cash Proceeds) an investment in property, plant, equipment or other non-current assets that replace the properties and assets that were the
subject of such Asset Sale (including the repayment of indebtedness incurred in advance to replace such properties or assets) or that will be used or useful in a Permitted Business (including expenditures for maintenance, repair or improvement of
existing properties and assets) or the acquisition of all of the Capital Stock of a Person engaged in a 
  

 42 

 Permitted Business; provided that such definitive agreement will be treated as a permitted
application of the Net Cash Proceeds from the date of such agreement until and only until the earlier of (x) the date on which such investment or acquisition, as applicable, is consummated and (y) the 180th day following the expiration of
the aforementioned 360-day period. If the investment or acquisition, as applicable, contemplated by such definitive agreement is not consummated on or before such 180th day and the Company or such Restricted Subsidiary will not have applied such Net
Cash Proceeds pursuant to clause (a) of this paragraph on or before such 180th day, such definitive agreement will be deemed not to have been a permitted application of Net Cash Proceeds; or 
  
 (c) to the extent that the assets and property sold pursuant
to such Asset Sale do not constitute Priority Collateral, a combination of repayment and investment permitted by the foregoing clauses (3)(a) and (3)(b). 
  

Pending the final application of Net Cash Proceeds, the Company may temporarily reduce revolving credit borrowings or invest such Net Cash Proceeds in
Cash Equivalents. On the 361st day after an Asset Sale or such earlier date, if any, as the Board of Directors of the Company or of such Restricted Subsidiary determines not to apply the Net Cash Proceeds relating to such Asset Sale as set forth in
clauses (3)(a), (3)(b) and (3)(c) of the preceding paragraph (each, a “Net Proceeds Offer Trigger Date”), such aggregate amount of Net Cash Proceeds which have not been applied on or before such Net
Proceeds Offer Trigger Date as permitted in clauses (3)(a), (3)(b) and (3)(c) of the preceding paragraph (each a “Net Proceeds Offer Amount”) shall be applied by the Company or such Restricted Subsidiary to make an offer
to purchase (the “Net Proceeds Offer”) on a date (the “Net Proceeds Offer Payment Date”) not less than 30 nor more than 60 days following the applicable Net Proceeds Offer Trigger Date, from all Holders and all
holders of other Applicable Indebtedness (other and Indebtedness under the Credit Agreement) containing provisions similar to those set forth in this Section 4.10 on a pro rata basis, the maximum principal amount of Notes and such other
Applicable Indebtedness that may be purchased with the Net Proceeds Offer Amount at a price equal to 100% of the principal amount thereof (or if such Indebtedness was issued with original issue discount, 100% of the accreted value), plus accrued and
unpaid interest and Additional Interest thereon, if any, to the date of purchase. 
  
 The Company may defer any Net Proceeds Offer until there is an aggregate unutilized Net Proceeds Offer Amount equal to or in excess of $5.0 million resulting from one or more Asset Sales in which case the accumulation
of such amount shall constitute a Net Proceeds Offer Trigger Date (at which time, the entire unutilized Net Proceeds Offer Amount, and not just the amount in excess of $5.0 million, shall be applied as required pursuant to the immediately preceding
paragraph). Upon the completion of each Net Proceeds Offer, the Net Proceeds Offer Amount will be reset at zero. 
  
 In the event of the transfer of substantially all (but not all) of the property and assets of the Company and its Restricted Subsidiaries as an entirety
to a Person in a transaction permitted under Section 5.01 which transaction does not constitute a Change of Control, the successor entity shall be deemed to have sold the properties and assets of the Company and its Restricted Subsidiaries not
so transferred for purposes of this Section 4.10, and shall comply with the provisions of this Section 4.10 with respect to such deemed sale as if it constituted an Asset Sale. In addition, the Fair Market Value of such properties and
assets of the Company or its Restricted Subsidiaries deemed to be sold shall be deemed to be Net Cash Proceeds for purposes of this Section 4.10. 
  
 Each notice of a Net Proceeds Offer shall be mailed first class, postage prepaid, to the record Holders as shown on the register of Holders within 20 days
following the Net Proceeds Offer Trigger Date, with a copy to the Trustee, and shall comply with the procedures set forth in this Indenture. Upon receiving notice of the Net Proceeds Offer, Holders may elect to tender their Notes in whole or in part
in 
  

 43 

 integral multiples of $1,000 in exchange for cash. To the extent Holders properly tender Notes in an amount exceeding the
Net Proceeds Offer Amount, Notes of tendering Holders will be purchased on a pro rata basis (based on amounts tendered). A Net Proceeds Offer shall remain open for a period of 20 Business Days or such longer period as may be required by law.

  
 The Company will comply with the requirements of Rule 14e-1
under the Exchange Act and any other securities laws and regulations thereunder to the extent such laws and regulations are applicable in connection with the repurchase of Notes pursuant to a Net Proceeds Offer. To the extent that the provisions of
any securities laws or regulations conflict with this Section 4.10, the Company shall comply with the applicable securities laws and regulations and shall not be deemed to have breached its obligations under this Section 4.10 by virtue of
such compliance. 
  
 Section 4.11. Limitation on Dividend
and Other Payment Restrictions Affecting Restricted Subsidiaries. 
  
 The Company will not, and will not cause or permit any of its Restricted Subsidiaries to, directly or indirectly, create or otherwise cause or permit to exist or become effective any encumbrance or restriction on the ability of any
Restricted Subsidiary of the Company to: 
  
 (1)
pay dividends or make any other distributions on or in respect of its Capital Stock; 
  
 (2) make loans or advances or to pay any Indebtedness or other obligation owed to the Company or any other Restricted Subsidiary of the
Company; or 
  
 (3) transfer any of its property
or assets to the Company or any other Restricted Subsidiary of the Company, 
  
 except for such encumbrances or restrictions existing under or by reason of: 
  
 (a) applicable law, rule or regulation; 
  
 (b) this Indenture; 
  
 (c) customary non-assignment provisions of any lease or license of any Restricted Subsidiary of the Company to the extent such provisions
restrict the transfer of the lease or license or the property leased or licensed thereunder; 
  
 (d) any instrument governing Acquired Indebtedness, which encumbrance or restriction is not applicable to any Person, or the properties or
assets of any Person, other than the Person or the properties or assets of the Person so acquired; 
  
 (e) the Credit Agreement (and all replacements or substitutions thereof on terms no more adverse to the Holders and no less favorable or
more onerous to the Company and its Restricted Subsidiaries) and the Collateral Agreements; 
  
 (f) agreements existing on the Issue Date to the extent and in the manner such agreements are in effect on the Issue Date (and all
replacements or substitutions thereof on terms no more adverse to the Holders and no less favorable or more onerous to the Company and its Restricted Subsidiaries); 
  

 44 

 (g) restrictions on the transfer of assets subject to any Lien permitted under this
Indenture; 
  
 (h) restrictions imposed by any
agreement to sell assets or Capital Stock permitted under this Indenture to any Person pending the closing of such sale; 
  
 (i) provisions in joint venture agreements and other similar agreements (in each case relating solely to the respective joint venture or
similar entity or the equity interests therein) entered into in the ordinary course of business; 
  
 (j) restrictions contained in the terms of the Purchase Money Indebtedness or Capitalized Lease Obligations not incurred in violation of
this Indenture; provided, that such restrictions relate only to the assets financed with such Indebtedness; 
  
 (k) restrictions in other Indebtedness incurred in compliance with Section 4.08; provided that such restrictions, taken
as a whole, are, in the good faith judgment of the Company’s Board of Directors, no more materially restrictive with respect to such encumbrances and restrictions than those contained in the existing agreements referenced in clauses (b),
(e) and (f) above; 
  
 (l) restrictions
on cash or other deposits imposed by customers under contracts or other arrangements entered into or agreed to in the ordinary course of business; 
  
 (m) restrictions on the ability of any Foreign Restricted Subsidiary to make dividends or other distributions resulting from the operation
of covenants contained in documentation governing Indebtedness of such Subsidiary permitted under this Indenture; or 
  
 (n) an agreement governing Indebtedness incurred to Refinance the Indebtedness issued, assumed or incurred pursuant to an agreement
referred to in clause (b), (d), (e) or (f) above; provided, however, that the provisions relating to such encumbrance or restriction contained in any such Indebtedness are no less favorable to the Company in any material respect as
determined by the Board of Directors of the Company in their reasonable and good faith judgment than the provisions relating to such encumbrance or restriction contained in agreements referred to in such clause (b), (d), (e) or (f). 

 
 Section 4.12. Limitation on Issuances and Sales of Capital Stock
of Subsidiaries. 
  
 The Company will not permit or cause any
of its Restricted Subsidiaries to issue or sell any Capital Stock (other than to the Company or to a Wholly Owned Restricted Subsidiary of the Company) or permit any Person (other than the Company or a Wholly Owned Restricted Subsidiary of the
Company) to own or hold any Capital Stock of any Restricted Subsidiary of the Company or any Lien or security interest therein (other than as required by applicable law); provided, however, that this provision shall not prohibit (1) any
issuance or sale if, immediately after giving effect thereto, such Restricted Subsidiary would no longer constitute a Restricted Subsidiary and any Investment in such Person remaining after giving effect to such issuance or sale would have been
permitted to be made under Section 4.09 if made on the date of such issuance or sale or (2) the sale of all of the Capital Stock of a Restricted Subsidiary in compliance with the provisions of Section 4.10. 

 

 45 

 Section 4.13. Limitation on Liens. 
  
 The Company will not, and will not cause or permit any of its Restricted
Subsidiaries to, directly or indirectly, create, incur, assume or permit or suffer to exist any Liens (other than Permitted Liens) of any kind against or upon any property or assets of the Company or any of its Restricted Subsidiaries whether owned
on the Issue Date or acquired after the Issue Date, or any proceeds therefrom, or assign or otherwise convey any right to receive income or profits therefrom. 
  

Section 4.14. Limitations on Transactions with Affiliates. 
  
 (a) The Company will not, and will not permit any of its Restricted Subsidiaries to, directly or indirectly, enter into or
permit to exist any transaction or series of related transactions (including, without limitation, the purchase, sale, lease or exchange of any property or the rendering of any service) with, or for the benefit of, any of its Affiliates (each an
“Affiliate Transaction”), other than: 
  
 (x) Affiliate Transactions permitted under clause (b) below, and 
  
 (y) Affiliate Transactions on terms that are no less favorable than those that might reasonably have been obtained in a comparable
transaction at such time on an arm’s-length basis from a Person that is not an Affiliate of the Company or such Restricted Subsidiary. 
  
 With respect to all Affiliate Transactions that involve a Fair Market Value in excess of $500,000 (other than those listed in clause
(b) below), the Company shall deliver an Officers’ Certificate to the Trustee certifying that such transactions are in compliance with clause (a)(y) of the preceding paragraph. All Affiliate Transactions (and each series of
related Affiliate Transactions which are similar or part of a common plan) involving aggregate payments or other property with a Fair Market Value in excess of $1.0 million shall be approved by a majority of the members of the Board of Directors of
the Company (including a majority of the disinterested members thereof), as the case may be, such approval to be evidenced by a Board Resolution stating that such Board of Directors has determined that such transaction complies with the foregoing
provisions. If the Company or any Restricted Subsidiary of the Company enters into an Affiliate Transaction (or a series of related Affiliate Transactions related to a common plan) that involves an aggregate Fair Market Value of more than $5.0
million, the Company shall, prior to the consummation thereof, obtain a favorable opinion as to the fairness of the financial terms of such transaction or series of related transactions to the Company or the relevant Restricted Subsidiary, as the
case may be, from an Independent Financial Advisor and file the same with the Trustee. 
  
 (b) The restrictions set forth in clause (a) of this Section 4.14 shall not apply to: 
  
 (1) reasonable fees and compensation paid to, advances to and indemnity provided on behalf of, officers, directors, employees or
consultants of the Company or any Restricted Subsidiary of the Company as determined in good faith by the Company’s Board of Directors or senior management; 
  
 (2) transactions exclusively between or among the Company and any of its Restricted Subsidiaries or
exclusively between or among such Restricted Subsidiaries, provided such transactions are not otherwise prohibited by this Indenture; 
  
 (3) any agreement as in effect as of the Issue Date or any transaction contemplated thereby and any amendment thereto or any replacement
agreement thereto so long as any such amendment or replacement agreement is not more disadvantageous to the Holders in any material respect than the original agreement as in effect on the Issue Date; 
  

 46 

 (4) Permitted Investments of the type described under clauses (8), (9) and
(11) thereof and Restricted Payments permitted by this Indenture; 
  
 (5) any merger or other transaction with an Affiliate solely for the purpose of reincorporating the Company in another jurisdiction or creating a holding company of the Company; and 
  
 (6) any employment, stock option, stock repurchase, employee
benefit compensation, business expense reimbursement, severance, termination or other employment-related agreements, arrangements or plans entered into by the Company or any of its Restricted Subsidiaries in the ordinary course of business.

  
 Section 4.15. Additional Guarantees. 

 
 If the Company or any of its Restricted Subsidiaries acquires or creates
another Domestic Restricted Subsidiary after the Issue Date (other than an Unrestricted Subsidiary), then the Company shall cause such Domestic Restricted Subsidiary to: 
  
 (1) execute and deliver to the Trustee a supplemental indenture in form reasonably satisfactory to the
Trustee pursuant to which such Domestic Restricted Subsidiary shall unconditionally guarantee on a senior secured basis all of the Company’s obligations under the Notes and this Indenture on the terms set forth in this Indenture; 
  
 (2) execute and deliver to the Collateral Agent such
amendments to the Collateral Agreements as the Collateral Agent deems necessary or advisable in order to grant to the Collateral Agent, for the benefit of the Holders and the Lenders, a perfected security interest in the Capital Stock of such new
Domestic Restricted Subsidiary and any debt securities of such new Domestic Restricted Subsidiary, subject to the Permitted Liens, which are owned by the Company or such new Domestic Restricted Subsidiary and required to be pledged pursuant to the
Security Agreement, (b) deliver to the Collateral Agent any certificates representing such Capital Stock and debt securities, together with (i) in the case of such Capital Stock, undated stock powers or instruments of transfer, as
applicable, endorsed in blank, and (ii) in the case of such debt securities, endorsed in blank, in each case executed and delivered by an Officer of the Company or such Subsidiary, as the case may be; 
  
 (3) take such actions necessary or as the Collateral Agent
reasonably determines to be advisable to grant to the Collateral Agent for the benefit of the Holders a perfected security interest in the assets of such new Domestic Restricted Subsidiary, subject to the Permitted Liens, including the filing of
Uniform Commercial Code financing statements in such jurisdictions as may be required by the Security Agreement or by law or as may be reasonably requested by the Collateral Agent; 
  
 (4) take such further action and execute and deliver such other documents specified in this Indenture or
otherwise reasonably requested by the Trustee or the Collateral Agent to effectuate the foregoing; and 
  
 (5) deliver to the Trustee an Opinion of Counsel that such supplemental indenture and any other documents required to be delivered have
been duly authorized, executed and delivered by such Domestic Restricted Subsidiary and constitute legal, valid, binding and enforceable obligations of such Domestic Restricted Subsidiary and such other opinions regarding the perfection of such
Liens in the assets of such Domestic Restricted Subsidiary as provided for in this Indenture. 
  

 47 

 Thereafter, such Domestic Restricted Subsidiary shall be a Guarantor for all purposes of this Indenture.

  
 Section 4.16. Impairment of Security Interest.

  
 Subject to the Intercreditor Agreement, neither the Company
nor any of its Restricted Subsidiaries will take or omit to take any action which would adversely affect or impair in any material respect the Liens in favor of the Collateral Agent with respect to the Collateral. Neither the Company nor any of its
Domestic Restricted Subsidiaries shall grant to any Person (other than the Collateral Agent), or permit any Person (other than the Collateral Agent), to retain any interest whatsoever in the Collateral other than Permitted Liens. Neither the Company
nor any of its Restricted Subsidiaries will enter into any agreement that requires the proceeds received from any sale of Collateral to be applied to repay, redeem, defease or otherwise acquire or retire any Indebtedness of any Person, other than as
permitted by this Indenture, the Notes, the Intercreditor Agreement and the Collateral Agreements. The Company shall, and shall cause each 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 to more fully or accurately describe the property intended to be Collateral or the obligations intended to be secured by the Collateral Agreements. The Company shall, and shall cause each
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 Collateral Agreements at such times
and at such places as the Collateral Agent or the Trustee may reasonably request. 
  
 Section 4.17. Real Estate Mortgages and Filings. 
  
 With respect to any fee interest in any real property (individually and collectively, the “Premises”) (a) owned by the Company or a Domestic Restricted Subsidiary on the Issue Date or (b) acquired
by the Company or a Domestic Restricted Subsidiary after the Issue Date, with (i) a purchase price or (ii) as of the Issue Date, with a Fair Market Value, of greater than $500,000, on the Issue Date in the case of clause (a) and
within 90 days of the acquisition thereof in the case of clause (b): 
  
 (1) the Company shall deliver to the Collateral Agent, as mortgagee, fully executed counterparts of Mortgages, each dated as of the Issue Date or the date of acquisition of such property, as the case may be, duly
executed by the Company or the applicable Domestic Restricted Subsidiary, together with evidence of the completion (or satisfactory arrangements for the completion), of all recordings and filings of such Mortgage as may be necessary to create a
valid, perfected Lien, subject to Permitted Liens, against the properties purported to be covered thereby; 
  
 (2) the Company shall deliver to the Collateral Agent mortgagee’s title insurance policies in favor of the Collateral Agent, as
mortgagee for the ratable benefit of the Collateral Agent, the Trustee and the Holders in an amount equal to 100% of the Fair Market Value of the Premises purported to be covered by the related Mortgage, insuring that title to such property is
marketable and that the interests created by the Mortgage constitute valid Liens thereon free and clear of all Liens, defects and encumbrances other than Permitted Liens, and such policies shall also include, to the extent available, a revolving
credit endorsement and such other customary or other endorsements as the Collateral Agent shall reasonably request and shall be accompanied by evidence of the payment in full of all premiums thereon; and 
  

 48 

 (3) the Company shall deliver to the Collateral Agent, with respect to each of the
covered Premises, the most recent survey of such Premises, together with either (i) an updated survey certification in favor of the Trustee and the Collateral Agent from the applicable surveyor stating that, based on a visual inspection of the
property and the knowledge of the surveyor, there has been no change in the facts depicted in the survey or (ii) an affidavit from the Company and the Guarantors stating that there has been no change, other than, in each case, changes that do
not materially adversely affect the use by the Company or Guarantor, as applicable, of such Premises for the Company or such Guarantor’s business as so conducted, or intended to be conducted, at such Premises. 
  
 Section 4.18. Leasehold Mortgages and Filings; Landlord Waivers.
The Company and each of its Domestic Restricted Subsidiaries shall deliver Mortgages with respect to the Company’s leasehold interests in the premises (the “Leased Premises”) occupied by the Company or such Domestic Restricted
Subsidiary pursuant to leases entered into after the Issue Date, where the lease term is five years or longer and the total fixed rent payable in respect of the lease exceeds $250,000 (collectively, the “Leases,” and individually, a
“Lease”). 
  
 (a) Prior to the effective date of
any Lease, the Company and such Subsidiaries shall provide to the Trustee all of the items described in clauses (2) and (3) of Section 4.17 above and in addition shall use their respective reasonable commercial efforts to
obtain an agreement executed by the lessor under the Lease, whereby the lessor consents to the Mortgage and waives or subordinates its landlord Lien (whether granted by the instrument creating the leasehold estate or by applicable law), if any, and
which shall be entered into by the Collateral Agent. 
  
 (b) Each
of the Company and each of its Domestic Restricted Subsidiaries that is a lessee of, or becomes a lessee of, real property on or in which it will hold assets having an aggregate Fair Market Value in excess of $500,000, is, and will be, required to
use commercially reasonable efforts (which shall not include the obligation to make any payments to the landlord (other than payments pursuant to the lease)) to deliver to the Collateral Agent a landlord waiver, substantially in the form of
Exhibit G, executed by the lessor of such real property; provided that in the case where such lease is a lease in existence on the Issue Date, the Company or its Domestic Restricted Subsidiary that is the lessee thereunder shall
have 90 days from the Issue Date to satisfy such requirement. 
  
 Section 4.19. Conduct of Business. 
  
 The
Company will not, and will not permit any of its Restricted Subsidiaries to, engage in any businesses other than Permitted Businesses. 
  
 Section 4.20. Reports to Holders. Whether or not required by the rules and regulations of the Securities and Exchange Commission (the
“SEC”), so long as any Notes are outstanding, the Company will furnish to the Trustee and, upon request, to the Holders unless otherwise filed with the SEC via EDGAR: 
  
 (1) all quarterly and annual financial information that would be required to be contained in a filing with
the SEC on Forms 10-Q and 10-K if the Company were required to file such Forms, including a “Management’s Discussion and Analysis of Financial Condition and Results of Operations” that describes the financial condition and results of
operations of the Company and its consolidated Subsidiaries (showing in reasonable detail, either on the face of the financial statements or in the footnotes thereto and in Management’s Discussion and Analysis of Financial Condition and Results
of Operations, the financial condition and results of operations of the Company and its Restricted Subsidiaries separate from the financial condition and results of operations of the Unrestricted Subsidiaries of the Company, if any) and, with
respect to the annual information only, a report thereon by the Company’s certified independent accountants; and 
  

 49 

 (2) all current reports that would be required to be filed with the SEC on Form 8-K if
the Company were required to file such reports, 
  
 in each case
within the time periods specified in the SEC’s rules and regulations, provided that any breach of this covenant shall be cured upon the furnishing of such late report within 20 days of the date on which such report was required to be furnished.

  
 Delivery of such reports, information and documents to the
Trustee is for informational purposes only and the Trustee’s receipt of such shall not constitute constructive notice of any information contained therein or determinable from information contained therein, including the Company’s
compliance with any of its covenants hereunder (as to which the Trustee is entitled to rely exclusively on Officers’ Certificates). 
  
 Notwithstanding the foregoing, the Company may satisfy such requirements prior to the effectiveness of the registration statement contemplated by the
Registration Rights Agreement by filing with the SEC such registration statement within the time period required for such filing as specified in the Registration Rights Agreement, to the extent that any such registration statement contains
substantially the same information as would be required to be filed by the Company if it were subject to the reporting requirements of Section 13 or 15(d) of the Exchange Act, and by providing the Trustee and Holders with such Registration
Statement (and any amendments thereto) promptly following the filing thereof. 
  
 In addition, following the consummation of the Exchange Offer, whether or not required by the rules and regulations of the SEC, the Company will file a copy of all such information and reports with the SEC for public
availability within the time periods specified in the SEC’s rules and regulations (unless the SEC will not accept such a filing). In addition, the Company has agreed that, prior to the consummation of the Exchange Offer, for so long as any
Notes remain outstanding, it will furnish to the Holders upon their request, the information required to be delivered pursuant to Rule 144(A)(d)(4) under the Securities Act. 
  
 Section 4.21. Payments for Consent. The Company will not, and will not permit any of its Restricted Subsidiaries
to, directly or indirectly, pay or cause to be paid any consideration to or for the benefit of any Holder for or as an inducement to any consent, waiver or amendment of any of the terms or provisions of this Indenture, the Notes, any Collateral
Agreement or the Intercreditor Agreement unless such consideration is offered to be paid or is paid to all Holders that consent, waive or agree to amend in the time frame set forth in the solicitation documents relating to such consent, waiver or
agreement. 
  
 Section 4.22. Repurchase upon Change of
Control. 
  
 (a) Upon the occurrence of a Change of Control,
each Holder will have the right to require that the Company purchase all or a portion (in integral multiples of $1,000) of such Holder’s Notes using immediately available funds pursuant to the requirements described in clause
(b) below (the “Change of Control Offer”), at a purchase price in cash equal to 101% of the principal amount of such Holder’s tendered Notes on the date of purchase, plus accrued and unpaid interest and Additional
Interest, if any, to the date of purchase. 
  
 (b) Within 30 days
following the date upon which the Change of Control occurred, the Company shall send, by registered first-class mail, an offer to each record Holder as shown on the register 
  

 50 

 of Holders, with a copy to the Trustee, which offer shall govern the terms of the Change of Control Offer. The offer to
the Holders shall contain all instructions and materials necessary to enable such Holders to tender Notes pursuant to the Change of Control Offer. Such offer shall state: 
  
 (1) that the Change of Control Offer is being made pursuant to this Section 4.22 and that, to
the extent lawful, all Notes tendered and not withdrawn shall be accepted for payment; 
  
 (2) the purchase price (including the amount of accrued interest and Additional Interest, if any) and the purchase date (which unless
otherwise required by law shall be no earlier than thirty (30) days nor later than sixty (60) days from the date such notice is mailed) (the “Change of Control Payment Date”); 
  
 (3) that any Note not tendered shall continue to accrue
interest and Additional Interest, if applicable; 
  
 (4) that, unless the Company defaults in making payment therefor, any Note accepted for payment pursuant to the Change of Control Offer shall cease to accrue interest and Additional Interest, if applicable, after the Change of Control
Payment Date; 
  
 (5) Holders electing to have a
Note purchased pursuant to a Change of Control Offer shall be required to surrender its Note, with the form entitled “Option of Holder to Elect Purchase” on the reverse of the Note completed, to the Paying Agent at the address specified in
the offer (or otherwise comply with applicable DTC procedures) prior to the close of business on the third Business Day prior to the Change of Control Payment Date. If only a portion of a Note is purchased pursuant to a Change of Control Offer, a
new Note in a principal amount equal to the portion thereof not purchased will be issued in the name of the Holder thereof upon cancellation of the original Note (or appropriate adjustments to the amount and beneficial interests in a Global Note
will be made). Notes (or portions thereof) purchased pursuant to a Change of Control Offer will be cancelled and cannot be reissued; 
  
 (6) that Holders shall be entitled to withdraw their election if the Paying Agent receives, not later than five (5) Business Days
prior to the Change of Control Payment Date, a telegram, telex, facsimile transmission or letter setting forth the name of the Holder, the principal amount of the Notes the Holder delivered for purchase and a statement that such Holder is
withdrawing its election to have such Notes purchased; 
  
 (7) that Holders whose Notes are purchased only in part shall be issued new Notes in a principal amount equal to the unpurchased portion of the Notes surrendered; provided that each Note purchased and each new Note issued shall be in
an original principal amount of $1,000 or integral multiples thereof; and 
  
 (8) the circumstances and relevant facts regarding such Change of Control. 
  
 If any of the Notes subject to the Change of Control Offer is in the form of a Global Note, then the Company shall modify such notice to the extent
necessary to comply with the procedures of the Depository applicable to purchases. 
  
 On or before the Change of Control Payment Date, the Company shall, to the extent lawful (i) accept for payment Notes or portions thereof properly tendered pursuant to the Change of Control Offer,
(ii) deposit with the Paying Agent U.S. Legal Tender sufficient to pay the purchase price plus of, accrued interest and Additional Interest, if any, on all Notes or portions thereof so tendered and 
  

 51 

 (iii) deliver or cause to be delivered to the Trustee the Notes so accepted together with an Officers’
Certificate stating the aggregate principal amount of Notes or portions thereof being purchased by the Company. The Paying Agent shall promptly mail to the Holders of Notes so tendered the purchase price for such Notes and the Company shall promptly
issue and the Trustee shall promptly (but in any case not later than five days after the Change of Control Payment Date) authenticate and mail (or cause to be transferred by book entry) to each Holder a new Note equal in principal amount to any
unpurchased portion of the Notes surrendered; provided that each such new Note shall be in a principal amount of $1,000 or an integral multiple thereof. Any Notes not so accepted shall be promptly mailed by the Company to the Holders thereof.
For purposes of this Section 4.22, the Trustee shall act as the Paying Agent. 
  
 Any amounts remaining after the purchase of Notes pursuant to a Change of Control Offer shall be returned by the Paying Agent to the Company. 
  
 Neither the Board of Directors of the Company nor the Trustee may waive the Company’s obligation to offer to purchase
the Notes pursuant to this Section 4.22. 
  
 The
Company shall not be required to make a Change of Control Offer upon a Change of Control if a third party makes the Change of Control Offer in the manner, at the times and otherwise in compliance with the requirements of this
Section 4.22 and purchases all Notes validly tendered and not withdrawn under such Change of Control Offer. 
  
 The Company will comply with the requirements of Rule 14e-1 under the Exchange Act and any other securities laws and regulations thereunder to the extent
such laws and regulations are applicable in connection with the repurchase of Notes pursuant to a Change of Control Offer. To the extent that the provisions of any securities laws or regulations conflict with this Section 4.22, the
Company shall comply with the applicable securities laws and regulations and shall not be deemed to have breached its obligations under this Section 4.22 by virtue thereof. 
  
 Section 4.23. Excess Cash Flow Offer. 
  
 (a) If the Company has Excess Cash Flow (i) for the period from the Issue Date to December 31, 2005 (the
“Initial Period”) and (ii) subsequent to the Initial Period, for any fiscal year (the “Relevant Fiscal Year”), commencing with the fiscal year ending on December 31, 2006, then the Company shall apply an amount
(the “Excess Cash Flow Offer Amount”) equal to 75% of such Excess Cash Flow for such period to make an offer to the Holders to repurchase all or a portion (in integral multiples of $1,000) of their Notes with an aggregate repurchase
price in cash equal to the Excess Cash Flow Offer Amount pursuant to and subject to the conditions contained in this Indenture (an “Excess Cash Flow Offer”). Each Excess Cash Flow Offer will remain open for a period of twenty
(20) Business Days and no longer, unless a longer period is required by law (the ”Excess Cash Flow Offer Period”). Promptly after the termination of the Excess Cash Flow Offer Period, the Company will purchase and mail or
deliver payment (up to the Excess Cash Flow Offer Amount) for the Notes or portions thereof tendered, pro rata (based on amounts tendered) or by such other method as may be required by law, or, if less than the Excess Cash Flow Offer
Amount has been tendered, all Notes tendered pursuant to the Excess Cash Flow Offer. 
  
 (b) Within 90 days after the end of any fiscal year (or portion thereof) with respect to which the Company is required to make an Excess Cash Flow Offer pursuant to clause (a) of this
Section 4.23, the Company must send, by registered first-class mail, an offer to each Holder, with a copy to the Trustee, which offer shall govern the terms of the Excess Cash Flow Offer. Such offer shall state: 
  
 (1) the purchase price; 
  

 52 

 (2) the Excess Cash Flow Offer Period; 
  
 (3) that the Company is making an Excess Cash Flow Offer;

  
 (4) that any Note not tendered will continue
to accrue interest, and Additional Interest, if applicable; 
  
 (5) that unless the Company defaults on the payment of the purchase price, any Notes accepted for payment pursuant to the Excess Cash Flow Offer will cease to accrue interest, and Additional Interest, if applicable,
after the Excess Cash Flow Offer Period; 
  
 (6)
the repurchase date, which must be no earlier than 30 days nor later than 60 days from the date such notice is mailed, other than as may be required by law (the “Excess Cash Flow Offer Payment Date”); and 
  
 (7) the address of the Paying Agent and the procedures that
a Holder of Notes must follow to accept the Excess Cash Flow Offer or to withdraw such acceptance in accordance with this Section 4.23. 
  
 (c) Holders electing to have a Note purchased pursuant to an Excess Cash Flow Offer will be required to surrender the Note, with the form entitled
“Option of Holder to Elect Purchase” on the reverse of the Note completed, to the Paying Agent at the address specified in the notice prior to the close of business on the third Business Day prior to the Excess Cash Flow Offer Payment
Date. If only a portion of a Note is purchased pursuant to an Excess Cash Flow Offer, a new Note in a principal amount equal to the portion thereof not purchased will be issued in the name of the Holder thereof upon cancellation of the original Note
(or appropriate adjustments to the amount and beneficial interests in a Global Note will be made). Notes (or portions thereof) purchased pursuant to an Excess Cash Flow Offer will be cancelled and cannot be reissued. 
  
 (d) Promptly after the termination of the Excess Cash Flow Offer Period, the
Company will, to the extent lawful: 
  
 (1)
accept for payment all Notes or portions thereof properly tendered pursuant to the Excess Cash Flow Offer; 
  
 (2) deposit with the Paying Agent in cash an amount equal to 102% of the principal amount (without premium), plus accrued but unpaid
interest and Additional Interest, if any, thereon to the Excess Cash Flow Offer Payment Date in respect of all Notes or portions thereof so tendered; provided that the aggregate amount so deposited shall not exceed the Excess Cash Flow Offer
Amount; and 
  
 (3) deliver or cause to be
delivered to the Trustee the Notes so accepted together with an Officers’ Certificate stating the aggregate principal amount at maturity of Notes or portions thereof being purchased by the Company. 
  
 (e) With respect to each Excess Cash Flow Offer, the Company shall be
entitled to reduce the applicable Excess Cash Flow Offer Amount with respect thereto by the aggregate repurchase price of any Notes theretofore repurchased by the Company in the open market (to the extent such amount has not previously reduced any
Excess Cash Flow Offer Amount). If the aggregate repurchase price of Notes 
  

 53 

 tendered pursuant to any Excess Cash Flow Offer is less than the applicable Excess Cash Flow Offer Amount, the Company
may, subject to the other provisions of this Indenture, use any such Excess Cash Flow for any other lawful purpose. 
  
 (f) In each Excess Cash Flow Offer, the Company will be required to repurchase Notes validly tendered in response to such Excess Cash Flow Offer in
accordance with the procedures (including proration in the event of oversubscription) set forth in this Section 4.23. The Company will not be required to make an Excess Cash Flow Offer relating to any Relevant Fiscal Year if the Excess
Cash Flow for such Relevant Fiscal Year is less than $2.0 million. 
  
 (g) Notwithstanding the foregoing, the repurchase of Notes by the Company pursuant to any Excess Cash Flow Offer shall not be required if it would breach any covenant under the Credit Agreement that prohibits the consummation of the
applicable Excess Cash Flow Offer and shall be limited to amounts as provided under the Credit Agreement. 
  
 (h) The Company will comply with the requirements of Rule 14e-1 under the Exchange Act and any other securities laws and regulations thereunder to the
extent such laws and regulations are applicable in connection with the repurchase of Notes pursuant to an Excess Cash Flow Offer. To the extent that the provisions of any securities laws or regulations conflict with this Section 4.23 the
Company shall comply with the applicable securities laws and regulations and shall not be deemed to have breached its obligations under this Section 4.23 by virtue thereof. 
  
 Section 4.24. Additional Interest. 
  
 If Additional Interest becomes payable by the Company pursuant to the Registration Rights Agreement, the Company shall
deliver to the Trustee an Officers’ Certificate stating (i) the amount of Additional Interest due and payable, (ii) the Section of the Registration Rights Agreement pursuant to which Additional Interest is due and payable and
(iii) the date on which Additional Interest is payable. Unless and until a Responsible Officer of the Trustee receives such an Officers’ Certificate, the Trustee may assume without inquiry that no Additional Interest is payable;
provided, that the failure of the Company to deliver to the Trustee such Officers’ Certificate shall not relieve the Company of its obligation to pay any such Additional Interest when due and payable. 
  
 Section 4.25. Limitation on Acquisitions and Capital
Expenditures. 
  
 The Company and its Restricted Subsidiaries
shall not make Acquisitions or Capital Expenditures in excess of $12.0 million in the aggregate in any fiscal year, plus up to $2 million of unused amounts, if any, carried over from the preceding fiscal year, provided that any such Acquisitions
made shall consist of Permitted Investments of the type described in clause (1) of the definition thereof. 
  
 ARTICLE FIVE 
  
 SUCCESSOR CORPORATION 
  
 Section 5.01.
Merger, Consolidation and Sale of Assets. 
  
 The Company
will not, in a single transaction or series of related transactions, consolidate or merge with or into any Person, or sell, assign, transfer, lease, convey or otherwise dispose of (or cause or permit any Restricted Subsidiary of the Company to sell,
assign, transfer, lease, convey or otherwise 
  

 54 

 dispose of) all or substantially all of the Company’s assets (determined on a consolidated basis for the Company and
the Company’s Restricted Subsidiaries) whether as an entirety or substantially as an entirety to any Person unless: 
  
 (1) either: 
  
 (a) the Company shall be the surviving or continuing corporation; or 
  
 (b) the Person (if other than the Company) formed by such consolidation or into which the Company is merged
or the Person which acquires by sale, assignment, transfer, lease, conveyance or other disposition the properties and assets of the Company and of the Company’s Restricted Subsidiaries substantially as an entirety (the “Surviving
Entity”): 
  
 (x) shall be a corporation
organized and validly existing under the laws of the United States or any State thereof or the District of Columbia; and 
  
 (y) shall expressly assume, (i) by supplemental indenture (in form and substance reasonably satisfactory to the Trustee), executed
and delivered to the Trustee, the due and punctual payment of the principal of, and premium, if any, interest and Additional Interest, if any, on all of the Notes and the performance of every covenant of the Notes, this Indenture and the
Registration Rights Agreement on the part of the Company to be performed or observed thereunder and (ii) by amendment, supplement or other instrument (in form and substance reasonably satisfactory to the Trustee and the Collateral Agent),
executed and delivered to the Trustee, all obligations of the Company under the Collateral Agreements, and in connection therewith such person shall cause such instruments to be filed and recorded in such jurisdictions and take such other actions as
may be required by applicable law to perfect or continue the perfection of the Lien created under the Collateral Agreements on the Collateral owned by or transferred to the surviving entity; 
  
 (2) immediately after giving effect to such transaction and
the assumption contemplated by clause (1)(b)(y) above (including giving effect to any Indebtedness and Acquired Indebtedness incurred or anticipated to be incurred in connection with or in respect of such transaction), the Company or such
Surviving Entity, as the case may be, (a) shall have a Consolidated Net Worth at least equal to the Consolidated Net Worth of the Company immediately prior to such transaction and (b) shall be able to incur at least $1.00 of additional
Indebtedness (other than Permitted Indebtedness) in compliance with Section 4.08; 
  
 (3) immediately after giving effect to such transaction and the assumption contemplated by clause (1)(b)(y) above (including, without
limitation, giving effect to any Indebtedness and Acquired Indebtedness incurred or anticipated to be incurred and any Lien granted in connection with or in respect of the transaction), no Default or Event of Default shall have occurred or be
continuing; and 
  
 (4) the Company or the
Surviving Entity shall have delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel, each stating that such consolidation, merger, sale, assignment, transfer, lease, conveyance or other disposition and, if a supplemental
indenture is required in connection with such transaction, such supplemental indenture complies with the applicable provisions of this Indenture and that all conditions precedent in this Indenture relating to such transaction have been satisfied.

  

 55 

 For purposes of the foregoing, the transfer (by lease, assignment, sale or otherwise, in a single
transaction or series of transactions) of all or substantially all of the properties or assets of one or more Restricted Subsidiaries of the Company the Capital Stock of which constitutes all or substantially all of the properties and assets of the
Company, shall be deemed to be the transfer of all or substantially all of the properties and assets of the Company. 
  
 Any merger or consolidation of (i) a Guarantor with and into the Company (with the Company being the surviving entity) or another Guarantor or
(ii) a Guarantor or the Company with an Affiliate organized solely for the purpose of reincorporating such Guarantor or the Company in another jurisdiction in the United States or any state thereof or the District of Columbia need only comply
with: 
  
 (A) in the case of a merger or
consolidation described in clause (ii), clause (4) of the first paragraph of this Section 5.01; and 
  
 (B) (x) clause 1(b)(y) of the first paragraph of this Section and (y) clause (2) of this
Section 5.01. 
  
 Section 5.02. Successor
Entity Substituted. 
  
 Upon any consolidation, combination
or merger or any transfer of all or substantially all of the assets of the Company in accordance with the foregoing, in which the Company is not surviving or the continuing corporation, the successor Person formed by such consolidation or into which
the Company is merged or to which such conveyance, lease or transfer is made shall succeed to, and be substituted for, and may exercise every right and power of, the Company under this Indenture and the Notes with the same effect as if such
surviving entity had been named as such. Upon such substitution the Company and any Guarantors that remain Subsidiaries of the Company shall be released from their obligations under this Indenture and the Guarantees. 
  
 ARTICLE SIX 
  
 DEFAULT AND REMEDIES 
  
 Section 6.01. Events of Default. The following events are defined
as “Events of Default”: 
  
 (1)
the failure to pay interest and Additional Interest, if any, on any Notes or any other amount (other than principal for the Notes) when the same becomes due and payable and the default continues for a period of 30 days; 
  
 (2) the failure to pay the principal of or premium, if any,
on any Notes, when such principal becomes due and payable, at maturity, upon redemption or otherwise (including the failure to make a payment to purchase Notes tendered pursuant to a Change of Control Offer or a Net Proceeds Offer); 
  
 (3) a default in the observance or performance of any other
covenant or agreement contained in this Indenture (other than the payment of the principal of, or premium, if any, or interest and Additional Interest, if any, on any Note) or any Collateral Agreement which default continues for a period of 30 days
after the Company receives written notice specifying the default (and demanding that such default be remedied) from the Trustee or the Holders of at least 25% of the outstanding principal amount of the Notes (except in the case of a default with
respect to Section 5.01 or Section 10.04, which will constitute an Event of Default with such notice requirement but without such passage of time requirement); 
  

 56 

 (4) the failure to pay at final maturity (giving effect to any applicable grace periods
and any extensions thereof) the principal amount of any Indebtedness of the Company or any Restricted Subsidiary of the Company, or the acceleration of the final stated maturity of any such Indebtedness (which acceleration is not rescinded, annulled
or otherwise cured within 20 days from the date of acceleration) if the aggregate principal amount of such Indebtedness, together with the principal amount of any other such Indebtedness in default for failure to pay principal at final maturity or
which has been accelerated (in each case with respect to which the 20-day period described above has elapsed), aggregates $5.0 million or more at any time; 
  
 (5) one or more judgments in an aggregate amount in excess of $5.0 million shall have been rendered against the Company or any of its
Restricted Subsidiaries (other than any judgment as to which a reputable and solvent third party insurer has accepted full coverage) and such judgments remain undischarged, unpaid or unstayed for a period of 60 days after such judgment or judgments
become final and non-appealable; 
  
 (6) the
Company or any Significant Subsidiary (A) commences a voluntary case or proceeding under any Bankruptcy Code with respect to itself, (B) consents to the entry of an order for relief against it in an involuntary case under any Bankruptcy
Code, (C) consents to the appointment of a Custodian of it or for substantially all of its property, (D) makes a general assignment for the benefit of its creditors; or (E) takes any corporate action to authorize or effect any of the
foregoing; 
  
 (7) a court of competent
jurisdiction enters an order or decree that (A) is an order for relief in respect of the Company or any Significant Subsidiary in an involuntary case under any Bankruptcy Code, (B) appoints a Custodian of the Company or any Significant
Subsidiary or for substantially all of its property or (C) orders the winding-up or liquidation of its affairs; and such order or decree shall remain unstayed and in effect for a period of sixty (60) consecutive days; 
  
 (8) any Collateral Agreement at any time for any reason
shall cease to be in full force and effect in all material respects, or ceases to give the Collateral Agent the Liens, rights, powers and privileges purported to be created thereby, superior to and prior to the rights of all third Persons other than
the holders of Permitted Liens and subject to no other Liens except as expressly permitted by the applicable Collateral Agreement; 
  
 (9) the Company or any of the Guarantors, directly or indirectly, contest in any manner the effectiveness, validity, binding nature or
enforceability of any Collateral Agreement; or 
  
 (10) any Guarantee of a Significant Subsidiary ceases to be in full force and effect or any Guarantee of a Significant Subsidiary is declared to be null and void and unenforceable or any Guarantee of a Significant Subsidiary is found to be
invalid or any Guarantor denies its liability under its Guarantee (other than by reason of release of a Guarantor in accordance with the terms of this Indenture). 
  
 Section 6.02. Acceleration. 
  
 (a) If an Event of Default (other than an Event of Default specified in Section 6.01(6) or (7) with
respect to the Company) shall occur and be continuing and has not been waived, the Trustee or the Holders of at least 25% in principal amount of outstanding Notes may declare the principal of and premium, if any, accrued interest and Additional
Interest, if any, on all the Notes to be due and payable by notice in writing to the Company and the Trustee and the Collateral Agent specifying the Event of Default and that it is a “notice of acceleration” (the “Acceleration
Notice”), and the same shall become immediately due and payable. 
  

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 (b) If an Event of Default specified Section 6.01(6) or (7) above with respect to
the Company occurs and is continuing, then all unpaid principal of, and premium, if any, and accrued and unpaid interest and Additional Interest, if any, on all of the outstanding Notes shall ipso facto become and be immediately due and payable
without any declaration or other act on the part of the Trustee or any Holder. 
  
 (c) At any time after an Acceleration Notice has been provided with respect to the Notes as described in Section 6.02(a) and (b), the Holders of a majority in principal amount of the Notes may
rescind and cancel such declaration and its consequences: 
  
 (1) if the rescission would not conflict with any judgment or decree; 
  
 (2) if all existing Events of Default have been cured or waived except nonpayment of principal, premium, if any, interest or Additional
Interest, if any, that has become due solely because of the acceleration; 
  
 (3) to the extent the payment of such interest is lawful, interest on overdue installments of interest and overdue principal and premium, if any, and Additional Interest, if any, which has become due otherwise than by
such declaration of acceleration, has been paid; and 
  
 (4) in the event of the cure or waiver of an Event of Default of the type described in Section 6.01(6) or (7), the Trustee shall have received an Officers’ Certificate and an Opinion of Counsel that such Event of
Default has been cured or waived. 
 (d) No such rescission shall affect any subsequent Default or impair any right consequent thereto.

  
 Section 6.03. Other Remedies. 
  
 If an Event of Default occurs and is continuing, each of the Trustee and the
Collateral Agent may pursue any available remedy by proceeding at law or in equity to collect the payment of principal of, premium, if any, or interest or Additional Interest, if any, on the Notes or, subject to the Intercreditor Agreement, to
enforce the performance of any provision of the Notes, this Indenture or any of the other Indenture Documents. 
  
 Each of the Trustee and the Collateral Agent 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, the Collateral Agent 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. No remedy is exclusive of any other remedy. All available remedies are cumulative to the extent permitted by law. 
  
 Section 6.04. Waiver of Past Defaults. 
  
 Subject to Sections 2.09, 6.02, 6.07 and 9.02, the Holders of a majority in principal amount of the Notes may waive any
existing Default or Event of Default and its consequences, except (other than as provided in Section 6.02(c)) a default in the payment of the principal of or premium, if any, interest or Additional Interest, if any, on any Notes. When a
Default or Event of Default is waived, it is cured and ceases to exist. 
  

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 Section 6.05. Control by Majority. 
  
 Subject to Section 2.09 and any applicable law, the Holders of a
majority in principal amount of the outstanding Notes may direct the time, method and place of conducting any proceeding for exercising any remedy available to the Trustee or the Collateral Agent, as the case may be, or exercising any trust or power
conferred on the Trustee or the Collateral Agent, as the case may be, including, without limitation, any remedies provided for in Section 6.03. Subject to Section 7.01 and 7.02(f), however, the Trustee or the
Collateral Agent, as the case may be, may refuse to follow any request, order or direction (which request, order or direction, if sent to the Trustee or the Collateral Agent, as the case may be, shall be in writing) that the Trustee or the
Collateral Agent, as the case may be, reasonably believes conflicts with any applicable law, the Intercreditor Agreement or of the other Indenture Documents, that the Trustee or the Collateral Agent, as the case may be, determines may be unduly
prejudicial to the rights of another Holder, and unless the Holders have offered the Trustee or the Collateral Agent, as the case may be, reasonable indemnity in respect thereof; provided that the Trustee or the Collateral Agent, as the case
may be, may take any other action deemed proper by the Trustee or the Collateral Agent, as the case may be, which is not inconsistent with such direction (which direction, if sent to the Trustee or the Collateral Agent, as the case may be, shall be
in writing). 
  
 Section 6.06. Limitation on Suits.

  
 No Holder of any Notes shall have any right to institute any
proceeding with respect to this Indenture or the Notes or any remedy hereunder unless: 
  
 (1) the Holder gives to the Trustee written notice of a continuing Event of Default; 
  
 (2) subject to Section 2.09, Holders of at least 25% in
principal amount of the outstanding Notes make a written request to the Trustee to institute proceedings in respect of that Event of Default; 
  
 (3) such Holders offer to the Trustee indemnity reasonably satisfactory to the Trustee against any loss, liability or expense to be
incurred in compliance with such request; 
  
 (4)
the Trustee does not comply with the request within sixty (60) days after receipt of the request and the offer of indemnity; and 
  
 (5) during such sixty (60) day period the Holders of a majority in principal amount of the outstanding Notes do not give the Trustee
a written direction which, in the opinion of the Trustee, is inconsistent with the request. 
  
 A Holder may not use this Indenture to prejudice the rights of another Holder or to obtain a preference or priority over such other Holder. 
  
 Section 6.07. Rights of Holders To Receive Payment. 
  
 Notwithstanding any other provision of this Indenture, the right of any
Holder to receive payment of principal of, premium, if any, and interest and Additional Interest, if any, on a Note, on or after the respective due dates expressed in such Note, 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. 
  

 59 

 Section 6.08. Collection Suit by Trustee or Collateral Agent. 
  
 If an Event of Default specified in Section 6.01(1) or
(2) occurs and is continuing, subject to the Intercreditor Agreement, the Trustee or the Collateral Agent may recover judgment (i) in its own name and (ii)(x) in the case of the Trustee, as trustee of an express trust or (y) in
the case of the Collateral Agent, as collateral agent on behalf of each of the Secured Parties, in each case against the Company or any other obligor on the Notes for the whole amount of principal of, premium, if any, and accrued interest and
Additional Interest, if any, remaining unpaid on, the Notes, together with interest on overdue principal and, to the extent that payment of such interest is lawful, interest on overdue installments of interest and Additional Interest, if any, at the
rate set forth in Section 4.01 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, the Collateral Agent
and their respective agents and counsel and any other amounts due any such Person under the Collateral Agreements, the Intercreditor Agreement and Section 7.07. 
  
 Section 6.09. Trustee May File Proofs of Claim. 
  
 The Trustee and the Collateral Agent are 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 or Collateral Agent (including any claim for the reasonable compensation, expenses, disbursements and advances of the Trustee, the Collateral Agent, their respective agents and
counsel) and the Holders allowed in any judicial proceedings relating to the Company or any other obligor upon the Notes, any of their respective creditors or any of their respective property and, subject to the Intercreditor Agreement, shall be
entitled and empowered to collect and receive any monies or other property payable or deliverable on any such claims and to distribute the same, and any Custodian in any such judicial proceedings is hereby authorized by each Holder to make such
payments to the Trustee or Collateral Agent and, in the event that the Trustee shall consent to the making of such payments directly to the Holders, to pay to the Trustee or Collateral Agent any amount due to it for the reasonable compensation,
expenses, taxes, disbursements and advances of the Trustee, the Collateral Agent, their respective agents and counsel, and any other amounts due any such Person under the Collateral Agreements, the Intercreditor Agreement and
Section 7.07. The Company’s payment obligations under this Section 6.09 shall be secured in accordance with the provisions of Section 7.07. Nothing herein contained shall be deemed to authorize the Trustee or
Collateral Agent 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 thereof, or to authorize the Trustee or the
Collateral Agent, as the case may be, to vote in respect of the claim of any Holder in any such proceeding. 
  
 Section 6.10. Priorities. 
  
 If the Trustee collects any money or property pursuant to this Article Six, it shall pay out the money in the following order: 
  
 First: to the Trustee, the Collateral Agent, the Paying
Agent and the Registrar for amounts due under Section 7.07 (including payment of all compensation expense, all liabilities incurred and all advances made by the Trustee or the Collateral Agent, as the case may be, and the costs and
expenses of collection); 
  
 Second: if the
Holders are forced to proceed against the Company directly without the Trustee or the Collateral Agent, to Holders for their collection costs; 
  

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 Third: to Holders of the Notes for amounts due and unpaid on the Notes for principal,
premium, if any, and interest and Additional 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 and Additional Interest, if any,
respectively; 
  
 Fourth: to the Company or any
other obligor on the Notes, as their interests may appear, or as a court of competent jurisdiction may direct. 
  
 The Trustee, upon prior written notice to the Company, may fix a record date and payment date for any payment to Holders pursuant to this
Section 6.10. 
  
 Section 6.11. Undertaking
for Costs. 
  
 All parties to this Indenture agree, and each
Holder by its acceptance of its Note shall be deemed to have agreed, that in any suit for the enforcement of any right or remedy under this Indenture or in any suit against the Trustee or the Collateral Agent, as the case may be, for any action
taken or omitted by it as Trustee or the Collateral Agent, as the case may be, 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 or the Collateral Agent, as the case may be, a suit by a Holder pursuant to Section 6.07, or a suit by a Holder or Holders of more than 10% in principal amount of the outstanding Notes. 
  
 Section 6.12. Restoration of Rights and Remedies. 
  
 If the Trustee, the Collateral Agent or any Holder has instituted any
proceedings to enforce any right or remedy under this Indenture and such proceeding has been discontinued or abandoned for any reason, or has been determined adversely to the Trustee, the Collateral Agent, or to such Holder, then and in every such
case, subject to any determination in such proceeding, the Company, the Trustee, the Collateral Agent and the Holders shall be restored severally and respectively to their former positions hereunder and thereafter all rights and remedies of the
Trustee, the Collateral Agent and the Holders shall continue as though no such proceeding has been instituted. 
  
 ARTICLE SEVEN 
  
 TRUSTEE 
  
 Section 7.01. Duties of Trustee. 
  
 The
duties and responsibilities of the Trustee shall be as provided by the TIA and as set forth herein. 
  
 (a) If an Event of Default has occurred and is continuing, the Trustee shall exercise such rights and powers vested in it by this Indenture and use the
same degree of care and skill in its exercise thereof as a prudent person would exercise or use under the circumstances in the conduct of his or her own affairs. 
  
 (b) Except during the continuance of an Event of Default: 
  
 (1) the duties of the Trustee shall be determined solely by the express provisions of this Indenture and the
TIA and the Trustee need perform only those duties as are specifically set forth in this Indenture and no covenants or obligations shall be implied in or read into this Indenture against the Trustee; and 
  

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 (2) 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; provided, however, in case of any such
certificates or opinions furnished to the Trustee which by the provisions hereof are furnished to the Trustee, the Trustee shall examine the certificates and opinions to determine whether or not they conform to the requirements of this Indenture
(but the Trustee need not conform or investigate the accuracy of mathematical calculations or other facts stated therein). 
  
 (c) Notwithstanding anything to the contrary herein contained, the Trustee may not be relieved from liability for its own negligent action, its own
negligent failure to act, or its own willful misconduct, except that: 
  
 (1) this clause (c) does not limit the effect of clause (b) of this Section 7.01; 
  
 (2) the Trustee shall not be liable for any error of judgment made in good faith by a Trust Officer, unless it is proved that the Trustee
was negligent in ascertaining the pertinent facts; and 
  
 (3) the Trustee shall not be liable with respect to any action it takes or omits to take in good faith in accordance with a direction received by it pursuant to Section 6.05. 
  
 (d) No provision of this Indenture shall require the Trustee to expend or
risk its own funds or otherwise incur any liability (financial or otherwise). The Trustee shall be under no obligation to exercise any of its rights or powers under the Indenture Documents at the request, order or direction of any Holders unless
such Holders have offered to the Trustee security and indemnity reasonably satisfactory to the Trustee against the costs and expenses which may be incurred by it (including repayment of its own funds) in compliance with such request, order or
direction. 
  
 (e) 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), (c) and (d) of this Section 7.01. 
  
 (f) The Trustee shall not be liable for interest on any money or assets
received by it except as the Trustee may agree in writing with the Company. Money and assets held in trust by the Trustee need not be segregated from other funds or assets held by the Trustee except to the extent required by law. 
  
 Section 7.02. Rights of Trustee. 
  
 Subject to Section 7.01: 
  
 (a) The Trustee may conclusively rely and shall be fully
protected in acting or refraining from acting upon any resolution, certificate, statement, instrument, opinion, report, notice, request, direction, consent, order, bond, debenture, note, other evidence of indebtedness or other paper or 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. 
  

 62 

 (b) Before the Trustee acts or refrains from acting, it may consult with counsel of its
selection and may require an Officers’ Certificate or an Opinion of Counsel, or both, which shall conform to Sections 11.04 and 11.05. 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 advice of the Trustee’s 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 the Trustee 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 that it
takes or omits to take in good faith which it reasonably believes to be authorized or within its rights or powers under this Indenture. 
  
 (e) The Trustee shall not be bound to make any investigation into the facts or matters stated in any resolution, certificate, statement,
instrument, opinion, report, notice, request, direction, consent, order, bond, debenture, note, other evidence of indebtedness or other paper or document, but the Trustee, in its discretion, may make such further inquiry or investigation into such
facts or matters as it may see fit and, if the Trustee shall determine to make such further inquiry or investigation, it shall be entitled, upon reasonable notice to the Company, to examine the books, records and premises of the Company, personally
or by agent or attorney and to consult with the officers and representatives of the Company, including the Company’s accountants and attorneys and the Trustee shall incur no liability or additional liability of any kind by reason of such
inquiry or investigation. 
  
 (f) The Trustee
shall not be required to give any bond or surety in respect of the performance or exercise of its powers or duties hereunder. 
  
 (g) Unless otherwise specifically provided in this Indenture, any demand, request, direction or notice from the Company shall be
sufficient if signed by an Officer of the Company and any resolution of the Board of Directors shall be sufficient if evidenced by a copy of such resolution certified by an Officer of the Company to have been duly adopted and in full force and
effect on the date hereof. 
  
 (h) The Trustee
shall not be deemed to have notice or be charged with knowledge of any Default or Event of Default unless a Trust Officer of the Trustee shall have received from the Company, any Guarantor or any other obligor upon the Notes or from any Holder
written notice thereof at its address set forth in Section 11.02 hereof, and such notice references the Notes and this Indenture. In the absence of any such notice, the Trustee may conclusively assume that no such Default of Event of
Default exists. 
  
 (i) The rights, privileges,
protections, immunities and benefits given to the Trustee, including, without limitation, its right to be indemnified, are extended to, and shall be enforceable by, the Trustee in each of its capacities hereunder and under the Indenture Documents,
including the Trustee’s officers, directors, agents and employees and each agent, custodian and other Person employed to act hereunder or thereunder. Such rights, privileges, protections, immunities and benefits, including, without limitation,
the right to indemnification, together with the Trustee’s right to compensation and reimbursement expenses, shall survive the Trustee’s resignation or removal and final payment of the Notes. 
  

 63 

 (j) The Trustee may request that the Company deliver an Officers’ Certificate
setting forth the names of individuals and/or titles of officers authorized at such time to take specified actions pursuant to this Indenture, which Officers’ Certificate may be signed by any persons authorized to sign an Officers’
Certificate, including any person specified as so authorized in any such certificate previously delivered and not superseded. 
  
 (k) The permissive right of the Trustee to take any action under the Indenture Documents shall not be construed as a duty to so act.

  
 (l) In the event the Trustee receives
inconsistent or conflicting requests and indemnity from two or more groups of Holders, each representing less than a majority in aggregate principal amount of the Notes then outstanding, the Trustee, in its sole discretion, may determine what
action, if any, shall be taken. 
  
 (m) Whenever
in the administration of this Indenture the Trustee shall deem it desirable that a matter be proved or established prior to taking, suffering or omitting any action hereunder, the Trustee (unless other evidence be herein specifically prescribed)
may, in the absence of bad faith on its part, conclusively rely upon an Officers’ Certificate. 
  
 Section 7.03. 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, any Subsidiary of
the Company or its respective Affiliates with the same rights it would have if it were not Trustee or serving in any other such capacity. The Trustee in its individual or any other capacity may also engage in or be interested in any financial or
other transaction with the Company, any Subsidiary of the Company or its respective Affiliates and may act as depository, trustee or agent for any committee of Holders of Notes secured hereby or other obligations of the Company as freely as if it
were not Trustee or serving in any other such capacity. Any Agent may do the same with like rights. However, the Trustee must comply with Sections 7.10 and 7.11 of this Indenture, and the Trustee is subject to TIA Sections 310(b) and
311. 
  
 Section 7.04. Trustee’s Disclaimer.

  
 The Trustee makes no representation as to the validity,
adequacy or sufficiency of this Indenture, the Notes, any Guarantee, the Collateral Agreements or the Intercreditor Agreement, and it shall not be accountable for the Company’s use of the proceeds from the Notes, and it shall not be responsible
for any statement of the Company in this Indenture, the Notes, the Collateral Agreements, the Intercreditor Agreement or any other documents in connection with the issuance of the Notes, other than the Trustee’s certificate of authentication,
which shall be taken as the statement of the Company, and the Trustee assumes no responsibility for their correctness. Nothing herein, including in the recitals hereof, shall impose on the Trustee any obligations of the Company under any agreements,
documents or instruments that are part of the Collateral, all of which shall be retained by the Company. 
  
 Beyond the exercise of reasonable care in the custody thereof and the fulfillment of its obligations under this Indenture, the Intercreditor Agreement and
the Collateral Agreements, the Trustee shall have no duty as to any Collateral in its possession or control or in the possession or control of any agent or bailee or any income thereon or as to preservation of rights against prior parties or any
other rights pertaining thereto. The Trustee shall be deemed to have exercised reasonable care in the custody of the Collateral in its possession if the Collateral is accorded treatment substantially equal to that which it accords its own property.
The Trustee shall not be responsible for filing any financing or continuation statements or recording any documents or instruments in any public office or otherwise perfecting or maintaining the perfection of any collateral. 
  

 64 

 The Trustee makes no representations as to and shall not be responsible for the existence, genuineness,
value, sufficiency or condition of any of the Collateral or as to the security afforded or intended to be afforded thereby, hereby or by any Collateral Agreement, or for the validity, perfection, priority or enforceability of the Liens or security
interests in any of the Collateral created or intended to be created by any of the Collateral Agreements, whether impaired by operation of law or by reason of any action or omission to act on its part hereunder, except to the extent such action or
omission constitutes gross negligence or willful misconduct on the part of the Trustee, for the validity or sufficiency of the Collateral, any Collateral Agreements or any agreement or assignment contained in any thereof, for the validity of the
title of the Company or any Guarantor to the Collateral, for insuring the Collateral or for the payment of taxes, charges, assessments or Liens upon the Collateral or otherwise as to the maintenance of the Collateral. 
  
 Section 7.05. Notice of Default. 
  
 If a Default or an Event of Default occurs and is continuing and if a Trust
Officer has actual knowledge or has received written notice from the Company or any Holder, the Trustee shall mail to each Holder and the Collateral Agent, with a copy to the Company, notice of the Default or Event of Default within thirty
(30) days thereof. Except in the case of a Default or an Event of Default in payment of principal of, premium, if any, or interest and Additional Interest, if any, on, any Note, including an accelerated payment and the failure to make payment
on the Change of Control Payment Date pursuant to a Change of Control Offer and, except in the case of a failure to comply with Article Five, the Trustee may withhold the notice if and so long as its Board of Directors, the executive
committee of its Board of Directors or a committee of its directors and/or Trust Officers in good faith determines that withholding the notice is in the interest of the Holders. 
  
 Section 7.06. Reports by Trustee to Holders. 
  
 Within sixty (60) days after each March 1, beginning with March 1, 2006, the Trustee shall, to the extent
that any of the events described in TIA Section 313(a) occurred within the previous twelve months, but not otherwise, mail to each Holder a brief report dated as of such date that complies with TIA Section 313(a). The Trustee also shall
comply with TIA Sections 313(b) and (c). 
  
 A copy of each
report at the time of its mailing to Holders shall be mailed to the Company and filed by the Company with the SEC and each stock exchange or market, if any, on which the Notes are listed or quoted. 
  
 The Company shall promptly notify the Trustee in writing if the Notes become
listed or quoted on any stock exchange or market and the Trustee shall comply with TIA Section 313(d) and any delisting thereof. 
  
 Section 7.07. Compensation and Indemnity. 
  
 The Company shall pay to the Trustee, the Collateral Agent, the Paying Agent and the Registrar (each an “Indemnified Party”) from time to
time compensation for their respective services as Trustee, Collateral Agent, Paying Agent or Registrar, as the case may be, as agreed 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 each Indemnified Party upon request for all reasonable out-of-pocket expenses, disbursements and advances incurred or made by it in connection with the performance of its duties under, as the case may be,
the Indenture Documents. Such expenses shall include the reasonable fees and expenses of each of such Indemnified Party’s agents and counsel. 
  

 65 

 The Company and the Guarantors, jointly and severally, hereby indemnify each Indemnified Party and its
agents, employees, stockholders and directors and officers for, and holds each of them harmless against, any loss, cost, claim, liability or expense (including taxes) incurred by any of them except for such actions to the extent caused by any gross
negligence or willful misconduct on the part of such Indemnified Party, arising out of or in connection with the Indenture Documents or the administration of this trust, including the reasonable costs and expenses of enforcing this Indenture or the
other Indenture Documents against the Company or any Guarantor (including this Section 7.07) and defending themselves against any claim or liability in connection with the exercise or performance of any of their rights, powers or duties
hereunder or thereunder (including the reasonable fees and expenses of counsel). An Indemnified Party shall notify the Company promptly of any claim asserted against such Indemnified Party for which such Indemnified Party has advised the Trustee
that it may seek indemnity hereunder or under the other Indenture Documents. Failure by the Trustee to so notify the Company shall not relieve the Company of its obligations hereunder. At the Indemnified Party’s sole discretion, the Company
shall defend the claim and the Indemnified Party shall cooperate and may participate in the defense; provided that any settlement of a claim shall be approved in writing by the Indemnified Party. Alternatively, the Indemnified Party may at
its option have separate counsel of its own choosing and the Company shall pay the reasonable fees and expenses of such counsel; provided that the Company shall not be required to pay such fees and expenses if it assumes the Indemnified
Party’s defense and there is no conflict of interest between or alternative defenses between the Company and the Indemnified Party in connection with such defense as reasonably determined by the Indemnified Party. The Company need not pay for
any settlement made without its written consent, which consent shall not be unreasonably withheld. 
  
 To secure the Company’s and each Guarantor’s payment obligations in this Section 7.07, each Indemnified Party shall have a lien
prior to the Notes on all monies, property or Collateral held or collected by the Trustee, in its capacity as Trustee, except assets or money held in trust to pay principal of or interest and Additional Interest, if any, on particular Notes which
have been called for redemption. 
  
 When an Indemnified Party
incurs expenses or renders services after an Event of Default specified in Section 6.01(6) or (7) occurs, such expenses (including the reasonable fees and expenses of its counsel) and the compensation for such services are
intended to constitute expenses of administration under any Bankruptcy Code. 
  
 The obligations of the Company under this Section 7.07 shall survive the satisfaction and discharge of this Indenture, termination of the Collateral Agreements or the other Indenture Documents or the
resignation or removal of the Trustee, Collateral Agent, Paying Agent or the Registrar. 
  
 The Trustee shall comply with the provisions of TIA Section 312(b)(2) to the extent applicable. 
  
 “Trustee” for purposes of this Section 7.07 shall include any predecessor Trustee; provided, however, that the bad
faith, gross negligence or willful misconduct of any Trustee hereunder shall not affect the rights of any other Trustee hereunder. 
  
 Section 7.08. Replacement of Trustee. 
  
 The Trustee may resign at any time by so notifying the Company. The Holders of a majority in aggregate principal amount of the outstanding Notes may
remove the Trustee by so notifying the Company and the Trustee in writing and may appoint a successor Trustee. The Company, by a Board Resolution, may remove the Trustee if: 
  
 (1) the Trustee fails to comply with Section 7.10; 
  

 66 

 (2) the Trustee is adjudged bankrupt or insolvent; 
  
 (3) a receiver or other public officer takes charge of the
Trustee or its property; or 
  
 (4) the Trustee
becomes incapable of acting with respect to the Notes. 
  
 If the
Trustee resigns or is removed or if a vacancy exists in the office of Trustee for any reason, the Company shall notify each Holder in writing of such event and shall promptly appoint a successor Trustee. Within one year after the successor Trustee
takes office, the Holders of a majority in aggregate principal amount of the outstanding Notes may appoint a successor Trustee to replace the successor Trustee appointed by the Company. 
  
 A successor Trustee shall deliver a written acceptance of its appointment to the retiring Trustee and to the Company and
thereupon the resignation or removal of the retiring Trustee shall become effective and such successor Trustee, without any further act, deed or conveyance, shall become vested with all rights, powers, trusts, duties and obligations of the retiring
Trustee and shall such retiring Trustee duly assign, transfer and deliver to such successor Trustee all property and money held by such Trustee so ceasing to act hereunder subject nevertheless to its lien, if any, provided for in
Section 7.07. Upon written request of the Company or the successor Trustee, such retiring Trustee shall at the expense of the Company and upon payment of the charges of the Trustee then unpaid, execute and deliver an instrument
transferring to such successor Trustee all the rights, powers and trusts of the retiring Trustee, and shall duly assign, transfer and deliver to such successor Trustee all property and money held by such retiring Trustee hereunder. 
  
 If a successor Trustee does not take office within thirty (30) days
after the retiring Trustee resigns or is removed, the retiring Trustee, at the Company’s expense, the Company or the Holders of at least 10% in principal amount of the outstanding Notes may petition any court of competent jurisdiction for the
appointment of a successor Trustee. 
  
 If the Trustee fails to
comply with Section 7.10, any Holder who satisfies the requirements of TIA Section 310(b) may petition any court of competent jurisdiction for the removal of the Trustee and the appointment of a successor Trustee. 
  
 The Company shall give notice of any resignation and any removal of the
Trustee and each appointment of a successor Trustee to all Holders in writing. Each notice shall include the name of the successor Trustee and the address of its Corporate Trust Office and its notice address for purposes of
Section 11.02. 
  
 Notwithstanding any resignation or
replacement of the Trustee pursuant to this Section 7.08, the Company’s obligations under Section 7.07 shall continue for the benefit of the retiring Trustee. 
  
 Section 7.09. Successor Trustee by Merger, Etc. 
  
 If the Trustee consolidates with, merges or converts into, or transfers all or substantially all of its corporate trust
business to, another Person, the resulting, surviving or transferee Person without any further act shall, if such resulting, surviving or transferee Person is otherwise eligible hereunder, be the successor Trustee; provided, however,
that such Person shall be otherwise qualified and eligible under this Article Seven. 
  

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 In case any Notes have been authenticated, but not delivered, by the Trustee then in office, any
successor by merger, conversion or consolidation to such authenticating Trustee may adopt such authentication and deliver the Notes so authenticated with the same effect as if such successor Trustee had itself authenticated such Notes. 

 
 Section 7.10. Eligibility; Disqualification. 
  
 (a) This Indenture shall always have a Trustee who satisfies the
requirements of TIA Sections 310(a)(1), (2), (3) and (5). The Trustee (or, in the case of a corporation included in a bank holding company system, the related bank holding company) shall have a combined capital and surplus of at least
$50,000,000 as set forth in its most recent published annual report of condition. In addition, if the Trustee is a corporation included in a bank holding company system, the Trustee, independently of such bank holding company, shall meet the capital
requirements of TIA Section 310(a)(2). The Trustee shall comply with TIA Section 310(b); provided, however, that there shall be excluded from the operation of TIA Section 310(b)(1) any indenture or indentures under which
other securities, or certificates of interest or participation in other securities, of the Company are outstanding if the requirements for such exclusion set forth in TIA Section 310(b)(1) are met. The provisions of TIA Section 310 shall
apply to the Company, as obligor of the Notes. 
  
 (b) If the
Trustee has or acquires a conflicting interest within the meaning of the TIA, the Trustee shall either eliminate such interest or resign, to the extent and in the manner provided by, and subject to the provisions of, the TIA and this Indenture.

  
 Section 7.11. Preferential Collection of Claims
Against Company. 
  
 The Trustee shall comply with 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. 
  
 Section 7.12. Trustee as Paying Agent and Collateral Agent.

  
 References to the Trustee in Sections 7.01,
7.02, 7.03, 7.04, 7.07 and 7.08 and the first paragraph of Section 7.09 shall include the Trustee in its role as Paying Agent, as Registrar and as Collateral Agent. 
  
 Section 7.13. Co-Trustees, Co-Collateral Agent and Separate Trustees
and Collateral Agent. 
  
 (a) At any time or times, for the
purpose of meeting the legal requirements of any jurisdiction in which any of the Collateral may at the time be located, the Company, the Trustee and the Collateral Agent shall have the power to appoint, and, upon the written request of the Trustee,
the Collateral Agent or of the Holders of at least 25% in principal amount of the Notes outstanding, the Company shall for such purpose, join with the Trustee or the Collateral Agent, as the case may be, in the execution, delivery and performance of
all instruments and agreements necessary or proper to appoint, one or more Persons approved by the Trustee either to act as co-trustee, jointly with the Trustee, of all or any part of the Collateral, to act as co-collateral agent, jointly with the
Collateral Agent, or to act as separate trustees or Collateral Agent of any such property, in either case with such powers as may be provided in the instrument of appointment, and to vest in such Person or Persons in the capacity aforesaid, any
property, title, right or power, deemed necessary or desirable, subject to the other provisions of this Section 7.13. If the Company does not join such appointment within 15 days after the receipt by it of a request to do so, or if an
Event of Default shall have occurred and be continuing, the Trustee or the Collateral Agent alone shall have the power to make such appointment. 
  

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 (b) Should any written instrument from the Company be required by any co-trustee, co-collateral agent or
separate trustee or separate collateral agent so appointed for more fully confirming to such co-trustee or separate trustee such property, title, right or power, any and all such instruments shall, on request, be executed, acknowledged and delivered
by the Company. 
  
 (c) Every co-trustee, co-collateral agent or
separate trustee or separate collateral agent shall, to the extent permitted by law, but to such extent only, be appointed subject to the following terms, namely: 
  
 (i) The Notes shall be authenticated and delivered, and all rights, powers, duties and obligations hereunder
in respect of the custody of securities, cash and other personal property held by, or required to be deposited or pledged with, the Trustee hereunder, shall be exercised solely, by the Trustee. 
  
 (ii) The rights, powers, duties and obligations hereby
conferred or imposed upon the Trustee shall be conferred or imposed upon and exercised or performed by the Trustee or by the Trustee and such co-trustee or separate trustee, or by the Collateral Agent and such co-collateral agent or separate
collateral agent, jointly as shall be provided in the instrument appointing such co-trustee or separate trustee or co-collateral agent or separate collateral agent, except to the extent that under any law of any jurisdiction in which any particular
act is to be performed, the Trustee shall be incompetent or unqualified to perform such act, in which event such rights, powers, duties and obligations shall be exercised and performed by such co-trustee or separate trustee, collateral agent or
co-collateral agent or separate collateral agent. 
  
 (iii) The Trustee at any time, by an instrument in writing executed by it, with the concurrence of the Company evidenced by a Board Resolution, may accept the resignation of or remove any co-trustee or separate trustee appointed under this
Section 7.13, and, in case an Event of Default has occurred and is continuing, the Trustee shall have power to accept the resignation of, or remove, any such co-trustee, co-collateral agent, separate trustee or separate collateral agent
without the concurrence of the Company. Upon the written request of the Trustee, the Company shall join with the Trustee in the execution, delivery and performance of all instruments and agreements necessary or proper to effectuate such resignation
or removal. A successor to any co-trustee, co-collateral agent, separate trustee or separate collateral agent so resigned or removed may be appointed in the manner provided in this Section 7.13. 
  
 (iv) Neither the Trustee nor any co-trustee, co-collateral
agent or separate trustee or separate collateral agent hereunder shall be personally liable by reason of any act or omission of any other such trustee or collateral agent hereunder. 
  
 (v) Any act of Holders delivered to the Trustee shall be deemed to have been delivered to each such
co-trustee or separate trustee and any act of Holders delivered to the Collateral Agent shall be deemed to have been delivered to each such co-collateral agent or separate collateral agent. 
  
 Section 7.14. Form of Documents Delivered to Trustee. 

 
 In any case where several matters are required to be certified by, or
covered by an opinion of, any specified Person, it is not necessary that all such matters be certified by, or covered by the opinion of, 
  

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 only one such Person, or that they be so certified or covered by only one document, but one such Person may certify or
give an opinion with respect to some matters and one or more other Persons as to other matters and any such Person may certify or give an opinion as to such matters in one or several documents. 
  
 Any certificate or opinion of an Officer of the Company may be based, insofar
as it relates to legal matters, upon a certificate or opinion, or representation by, counsel, unless such Officer knows, or in the exercise of reasonable care should know, that the certificate or opinion or representations with respect to the
matters upon which his certificate or opinion is based are erroneous. Any such certificate or opinion of counsel or representation by counsel may be based, insofar as it relates to factual matters, upon a certificate or opinion of, or
representations by, an officer or officers of the Company stating that the information with respect to such factual matters is in the possession of the Company, unless such counsel knows that the certificate or opinion or representations with
respect to such matters are erroneous. 
  
 Where any Person is
required to make, give or execute two or more applications, requests, consents, certificates, statements, opinions or other instruments under this Indenture, they may, but need not, be consolidated and form one instrument. 
  
 ARTICLE EIGHT 
  
 SATISFACTION AND DISCHARGE OF INDENTURE 
  
 Section 8.01. Legal Defeasance and Covenant Defeasance.

  
 (a) The Company may, at its option and at any time, elect to
have either clause (b) or clause (c) below be applied to the outstanding Notes upon compliance with the applicable conditions set forth in clause (d). 
  
 (b) Upon the Company’s exercise under clause (a) of the option applicable to this clause (b), the
Company and the Guarantors shall be deemed to have been released and discharged from their obligations with respect to the outstanding Notes, the Guarantees and the Collateral Agreements on the date the applicable conditions set forth below are
satisfied (hereinafter, “Legal Defeasance”). For this purpose, such Legal Defeasance means that the Company shall be deemed to have paid and discharged the entire Indebtedness represented by the outstanding Notes, which shall
thereafter be deemed to be “outstanding” only for the purposes of the Sections and matters under this Indenture referred to in clause (i) and (ii) below, and the Company and the Guarantors shall be deemed to have
satisfied all their other obligations under such Notes and this Indenture, the Guarantees and the Collateral Agreements, except for the following which shall survive until otherwise terminated or discharged hereunder: (i) the rights of Holders
of outstanding Notes to receive solely from the trust fund described in clause (d) below and as more fully set forth in such clause, payments in respect of the principal of, and premium, if any, interest and Additional Interest, if any,
on such Notes when such payments are due, (ii) obligations listed in Section 8.03, subject to compliance with this Section 8.01, (iii) the Legal Defeasance provisions of this Section 8.01 and
(iv) the rights, powers, trusts, duties and immunities of the Trustee and the Collateral Agent and the Company’s obligations in connection therewith. The Company may exercise its option under this clause (b) notwithstanding the
prior exercise of its option under clause (c) below with respect to the Notes. 
  
 (c) Upon the Company’s exercise under clause (a) of the option applicable to this clause (c), the Company and its Restricted Subsidiaries shall be released and discharged from their obligations
under any covenant contained in Section 4.05 (other than clause (c) thereof), Sections 4.08 through 4.20, Sections 4.22 and 4.23 and Section 5.01(2), with respect to the outstanding Notes on
and after the date the 
  

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 conditions set forth below are satisfied (hereinafter, “Covenant Defeasance”), and the Notes shall
thereafter be deemed to be not “outstanding” for the purpose 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, such 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 6.01, but, except as specified above, the
remainder of this Indenture and such Notes shall be unaffected thereby. In addition, upon the Company’s exercise under clause (a) hereof of the option applicable to this clause (c), subject to the satisfaction of the
conditions set forth in clause (d) below, Sections 6.01(3), (4), (5), and Sections 6.01(8) through (10) shall not constitute Events of Default. 
  
 (d) The following shall be the conditions to application of either clause
(b) or clause (c) above to the outstanding Notes: 
  
 (1) The Company shall have irrevocably deposited in trust with the Trustee, pursuant to an irrevocable trust and security agreement in form and substance reasonably satisfactory to the Trustee, U.S. Legal Tender or
non-callable U.S. Government Obligations or a combination thereof, in such amounts and at such times as are sufficient, in the opinion of a nationally-recognized firm of independent public accountants, to pay the principal of, and premium, if any,
interest and Additional Interest, if any, on the outstanding Notes on the stated dates for payment or redemption, as the case may be; provided, however, that the Trustee (or other qualifying trustee) shall have received an irrevocable
written order from the Company instructing the Trustee (or other qualifying trustee) to apply such U.S. Legal Tender or the proceeds of such U.S. Government Obligations to said payments with respect to the Notes to maturity or redemption;

  
 (2) No Default or Event of Default shall have
occurred and be continuing on the date of such deposit pursuant to clause (1) of this clause (d) (except such Default or Event of Default resulting from the failure to comply with Section 4.08 as a result of the
borrowing of funds required to effect such deposit) or insofar as Defaults or Events of Default from bankruptcy or insolvency events are concerned, at any time in the period ending on the 91st day after the date of such deposit; 
  
 (3) Such Legal Defeasance or Covenant Defeasance shall not result in a breach of, or constitute a default here under or any other material
agreement or instrument to which the Company or any of its Subsidiaries is a party or by which the Company or any of its Subsidiaries is bound; 
  
 (4) (i) In the event the Company elects clause (b) above, the Company shall deliver to the Trustee an Opinion of Counsel
in the United States of America, in form and substance reasonably satisfactory to the Trustee, to the effect that (A) the Company has received from, or there has been published by, the Internal Revenue Service a ruling or (B) since the
Issue Date, there has been a change in the applicable federal income tax law, in either case to the effect that, and based thereon such Opinion of Counsel shall state that, Holders shall not recognize income, gain or loss for federal income tax
purposes as a result of such Legal Defeasance contemplated hereby and shall be subject to federal income tax in the same amounts, in the same manner and at the same times as would have been the case if such Legal Defeasance had not occurred or
(ii) in the event the Company elects clause (c) above, the Company shall deliver to the Trustee an 
  

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 Opinion of Counsel in the United States, in form and substance reasonably satisfactory to the Trustee, to
the effect that Holders shall not recognize income, gain or loss for federal income tax purposes as a result of such Covenant Defeasance contemplated hereby and shall be subject to federal income tax in 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; 
  
 (5) The Company shall have delivered to the Trustee an Officers’ Certificate stating that the deposit under clause (1) of
this clause (d) was not made by the Company with the intent of preferring the Holders over any other creditors of the Company or with the intent of defeating, hindering, delaying or defrauding any other creditors of the Company or
others; 
  
 (6) The Company shall have delivered
to the Trustee an Officers’ Certificate and an Opinion of Counsel, each stating that all conditions precedent provided for or relating to the Legal Defeasance or Covenant Defeasance, as the case may be, have been complied with; and 

 
 (7) The Company shall have delivered to the Trustee an
Opinion of Counsel (subject to customary qualifications and exclusions) to the effect that the trust resulting from the deposit under clause (1) of this clause (d) does not constitute, or is qualified as, a regulated
investment company under the Investment Company Act of 1940. 
  
 Notwithstanding the foregoing, the Opinion of Counsel required by Section 8.01(d)(4)(i) above with respect to a Legal Defeasance need not be delivered if all Notes not theretofore delivered to the Trustee for cancellation
(1) have become due and payable or (2) shall become due and payable on the maturity date within one year under arrangements satisfactory to the Trustee for the giving of notice of redemption by the Trustee in the name, and at the expense,
of the Company. 
  
 In the event all or any portion of the Notes
are to be redeemed through such irrevocable trust, the Company must make arrangements reasonably satisfactory to the Trustee, at the time of such deposit, for the giving of the notice of such redemption or redemptions by the Trustee in the name and
at the expense of the Company. 
  
 Section 8.02.
Satisfaction and Discharge. 
  
 In addition to the
Company’s rights under Section 8.01, the Company may terminate all of its obligations under this Indenture (subject to Section 8.03), and this Indenture, the Notes, the Subsidiary Guarantees, the Intercreditor Agreement
and the Collateral Agreements, and all Liens created thereunder, shall be discharged and shall cease to be in effect when: 
  
 (1) either: 
  
 (a) all the Notes theretofore authenticated and delivered (except lost, stolen or destroyed Notes which have been replaced or paid and
Notes for whose payment money has theretofore been deposited in trust or segregated and held in trust by the Company and thereafter repaid to the Company or discharged from such trust) have been delivered to the Trustee for cancellation; or

  
 (b) all Notes not theretofore delivered to
the Trustee for cancellation (i) have become due and payable, (ii) shall become due and payable at their stated maturity within one year or (iii) are to be called for redemption within one year under arrangements reasonably
satisfactory to the Trustee, and the Company has irrevocably deposited or caused to be deposited with the Trustee funds in an amount sufficient to pay and discharge the entire Indebtedness on the Notes not 
  

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 theretofore delivered to the Trustee for cancellation, for principal of, premium, if any, interest and
Additional Interest, if any, on the Notes to the date of deposit together with irrevocable instructions from the Company directing the Trustee to apply such funds to the payment thereof at maturity or redemption, as the case may be; 
  
 (2) the Company has paid all other sums payable under this
Indenture and the Collateral Agreements by the Company; and 
  
 (3) the Company has delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel stating that all conditions precedent under this Indenture relating to the satisfaction and discharge of this
Indenture have been complied with. 
  
 Section 8.03.
Survival of Certain Obligations. 
  
 Notwithstanding the
satisfaction and discharge of this Indenture and of the Notes referred to in Section 8.01 or 8.02, the respective obligations of the Company and the Trustee under Sections 2.03, 2.04, 2.05, 2.06,
2.07 and 2.08, Sections 7.07 and 7.08 and Sections 8.05, 8.06 and 8.07 shall survive until the Notes are no longer outstanding, and thereafter the obligations of the Company and the Trustee under
Sections 7.07, 8.04, 8.05 and 8.06 and 8.07 shall survive. 
  
 Section 8.04. Acknowledgment of Discharge by Trustee. 
  
 Subject to Section 8.07, after (i) the conditions of Section 8.01 or 8.02 have been satisfied, (ii) the Company
has paid or caused to be paid all other sums payable hereunder by the Company and (iii) the Company has delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel, each stating that all conditions precedent referred to in
clause (i) above relating to the satisfaction and discharge of this Indenture have been complied with, the Trustee, upon written request, shall acknowledge in writing the discharge of the Company’s obligations under this Indenture
except for those surviving obligations specified in Section 8.03 and the Collateral Agent shall execute and deliver to the Company any document reasonably requested by the Company to effect or evidence any release and discharge of Lien
or Collateral Agreement contemplated by Section 12.05. 
  
 Section 8.05. Application of Trust Moneys. 
  
 The Trustee shall hold any U.S. Legal Tender or U.S. Government Obligations deposited with it in the irrevocable trust established pursuant to Section 8.01. The Trustee shall apply the deposited U.S. Legal Tender or the U.S.
Government obligations, together with earnings thereon, through the Paying Agent, in accordance with this Indenture and the terms of the irrevocable trust agreement established pursuant to Section 8.01, to the payment of principal of,
premium, if any, and interest, and Additional Interest, if any, on the Notes. Anything in this Article Eight to the contrary notwithstanding, the Trustee shall deliver or pay to the Company from time to time upon the Company’s request
any U.S. Legal Tender or U.S. Government Obligations held by it as provided in Section 8.01(d) which, in the opinion of a nationally-recognized firm of independent public accountants expressed in a written certification thereof delivered
to the Trustee, are in excess of the amount thereof that would then be required to be deposited to effect an equivalent Legal Defeasance or Covenant Defeasance. 
  

The Company shall pay and indemnify the Trustee against any tax, fee or other charge imposed on or assessed against the U.S. Government Obligations
deposited pursuant to Section 8.01 or 8.02 or the principal, premium, if any, and interest and Additional Interest, if any, received in respect thereof other than any such tax, fee or other charge which by law is for the account
of the Holders of outstanding Notes. 
  

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 Section 8.06. Repayment to the Company; Unclaimed Money. 
  
 Subject to Sections 7.07, 8.01 and 8.02, the Trustee
and the Paying Agent shall promptly pay to the Company upon written request from the Company any excess U.S. Legal Tender or U.S. Government Obligations held by them at any time. The Trustee and the Paying Agent shall pay to the Company, upon
receipt by the Trustee or the Paying Agent, as the case may be, of a written request from the Company any money held by it for the payment of principal, premium, if any, or interest and Additional Interest, if any, that remains unclaimed for two
years after payment to the Holders is required, without interest thereon; provided, however, that the Trustee and the Paying Agent before being required to make any payment may, but need not, at the expense of the Company cause to be
published once in a newspaper of general circulation in the City of New York or mail to each Holder entitled to such money notice that such money remains unclaimed and that after a date specified therein, which shall be at least thirty
(30) days from the date of such publication or mailing, any unclaimed balance of such money then remaining shall be repaid to the Company, without interest thereon. After payment to the Company, Holders entitled to money must look solely to the
Company for payment as general creditors unless an applicable abandoned property law designated another Person, and all liability of the Trustee or Paying Agent with respect to such money shall thereupon cease. 
  
 Section 8.07. Reinstatement. 
  
 If the Trustee or Paying Agent is unable to apply any U.S. Legal Tender or
U.S. Government Obligations in accordance with Section 8.01 or 8.02 by reason of any legal proceeding or by reason of any order or judgment of any court or governmental authority enjoining, restraining or otherwise prohibiting
such application, the Company’s and each Guarantors’ obligations under this Indenture and each other Indenture Document to which such person is a party shall be revived and reinstated as though no deposit had occurred pursuant to
Section 8.01 or 8.02 until such time as the Trustee or Paying Agent is permitted to apply all such U.S. Legal Tender or U.S. Government Obligations in accordance with Section 8.01 or 8.02; provided,
however, that if the Company has made any payment of premium, if any, or interest and Additional Interest, if any, on or principal of any Notes because of the reinstatement of its obligations, the Company shall be subrogated to the rights of
the Holders of such Notes to receive such payment from the money or U.S. Government Obligations held by the Trustee or Paying Agent. 
  
 ARTICLE NINE 
  
 AMENDMENTS, SUPPLEMENTS AND WAIVERS 
  
 Section 9.01. Without Consent of Holders. 
  
 From time to time, the Company, the Guarantors, the Trustee and, if such amendment, modification or supplement relates to any Collateral Agreement or the
Intercreditor Agreement, the Collateral Agent, without the consent of the Holders, may amend, modify or supplement the Indenture, the Notes, the Guarantees, the Intercreditor Agreement and the Collateral Agreements: 
  
 (1) to cure any ambiguity, defect or inconsistency contained
therein; 
  
 (2) to provide for uncertificated
Notes in addition to or in place of certificated Notes; 
  
 (3) to provide for the assumption of the Company’s or a Guarantor’s obligations to Holders in accordance with Section 5.01; 
  

 74 

 (4) to make any change that would provide any additional rights or benefits to the
Holders or that does not adversely affect the legal rights of any such Holder under this Indenture, the Notes, the Guarantees, the Intercreditor Agreement or the Collateral Agreements; 
  
 (5) to comply with requirements of the SEC in order to effect or maintain the qualification of this
Indenture under the TIA; 
  
 (6) to conform the
text of the Indenture, the Notes, the Guarantees, the Intercreditor Agreement or the Collateral Agreements to any provision of the “Description of the Notes” section of the Offering Circular to the extent that such provision in the
“Description of the Notes” section of the Offering Circular was intended to be a verbatim recitation of a provision of the Indenture, the Intercreditor Agreement, the Notes, the Guarantees or the Collateral Agreements; 
  
 (7) to allow any Subsidiary or any other Person to guarantee
the Notes; 
  
 (8) to release a Guarantor as
permitted by this Indenture and the relevant Guarantee; or 
  
 (9) if necessary, in connection with any addition or release of Collateral permitted under the terms of this Indenture, the Intercreditor Agreement or Collateral Agreements, 
  
 so long as such amendment, modification or supplement does not, in the opinion of the Trustee
and, if such amendment, modification or supplement relates to any Collateral Agreement, or the Intercreditor Agreement, the Collateral Agent, adversely affect the rights of any of the Holders in any material respect. In formulating its opinion on
such matters, each of the Trustee and, if such amendment, modification or supplement relates to any Collateral Agreement or the Intercreditor Agreement, the Collateral Agent, will be entitled to rely on such evidence as it deems appropriate,
including, without limitation, solely on an Opinion of Counsel. 
  
 After an amendment, modification, waiver or supplement under this Section 9.01 becomes effective, the Company shall mail to the Holders affected thereby a notice briefly describing the amendment, modification, waiver or
supplement. Any failure of the Company to mail such notice, or any defect therein, shall not, however, in any way impair or affect the validity of any such amendment, modification, waiver or supplement. 
  
 Section 9.02. With Consent of Holders. 
  
 The Company and the Guarantors, when authorized by a Board Resolution, and
the Trustee, or the Collateral Agent, as applicable, together, with the written consent of the Holder or Holders of at least a majority in aggregate principal amount of the outstanding Notes, may amend or supplement this Indenture, the Notes, any
Collateral Agreement, the Registration Rights Agreement, the Intercreditor Agreement or the Guarantees without notice to any other Holders. The Holder or Holders of a majority in aggregate principal amount of the outstanding Notes may waive
compliance by the Company with any provision of this Indenture, any Collateral Agreement, the Intercreditor Agreement or the Notes without notice to any other Holder. However, no amendment, supplement or waiver, including a waiver pursuant to
Section 6.04, shall without the consent of each Holder of each Note affected thereby: 
  
 (1) reduce the amount of Notes whose Holders must consent to an amendment, supplement or waiver of any provision of this Indenture or the
Notes; 
  

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 (2) reduce the rate of or change or have the effect of changing the time for payment of
interest, including defaulted interest, or Additional Interest on any Notes; 
  
 (3) reduce the principal of or change or have the effect of changing the fixed maturity of any Notes, or change the date on which any Notes may be subject to redemption or reduce the redemption price therefor;

  
 (4) make any Notes payable in money other
than that stated in the Notes; 
  
 (5) make any
change in provisions of this Indenture protecting the right of each Holder to receive payment of principal of, premium, if any, interest and Additional Interest, if any, on such Note on or after the due date thereof or to bring suit to enforce such
payment, or permitting Holders of a majority in principal amount of Notes to waive Defaults or Events of Default; 
  
 (6) amend, change or modify in any material respect the obligation of the Company to make and consummate a Change of Control Offer after
the occurrence of a Change of Control or make and consummate a Net Proceeds Offer with respect to any Asset Sale that has been consummated or, modify any of the provisions or definitions with respect thereto; 
  
 (7) subordinate the Notes in right of payment to any other
Indebtedness of the Company or any Guarantor; 
  
 (8) release any Guarantor from any of its obligations under its Guarantee or this Indenture otherwise than in accordance with the terms of this Indenture; or 
  
 (9) release all or substantially all of the Collateral otherwise than in accordance with the terms of this
Indenture, the Intercreditor Agreement and the Collateral Agreements; 
  
 (10) make any change to Section 9.01 or this Section 9.02. 
  
 It shall not be necessary for the consent of the Holders under this Section 9.02 to approve the particular form of any proposed amendment,
supplement or waiver, but it shall be sufficient if such consent approves the substance thereof. 
  
 After an amendment, supplement or waiver under this Section 9.02 becomes effective, the Company shall mail to the Holders affected thereby a
notice briefly describing the amendment, supplement or waiver. Any failure of the Company to mail such notice, or any defect therein, shall not, however, in any way impair or affect the validity of any such amendment, supplement or waiver.

  
 Section 9.03. Compliance with TIA. 
  
 Every amendment, waiver or supplement of this Indenture, the Notes, the
Collateral Agreements, the Intercreditor Agreement or the Guarantees shall comply with the TIA as then in effect; provided, however, that this Section 9.03 shall not of itself require that this Indenture or the Trustees be qualified
under the TIA or constitute any admission or acknowledgment by any party hereto that any such qualification is required prior to the time this Indenture and the Trustee are required by the TIA to be so qualified. 
  

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 Section 9.04. Revocation and Effect of Consents. 
  
 Until an amendment, waiver or supplement becomes effective, a consent to it
by a Holder is a continuing consent by the Holder and every subsequent Holder of a Note or portion of a Note that evidences the same debt as the consenting Holder’s Note, even if notation of the consent is not made on any Note. Subject to the
following paragraph, any such Holder or subsequent Holder may revoke the consent as to such Holder’s Note or portion of such Note by written notice to the Trustee and the Company received before the date on which the Trustee and if such
amendment, waiver or supplement relates to any Collateral Agreement or the Intercreditor Agreement, the Collateral Agent, receives an Officers’ Certificate certifying that the Holders of the requisite principal amount of Notes have consented
(and not theretofore revoked such consent) to the amendment, supplement or waiver. An amendment, waiver or supplement shall become effective upon receipt by the Trustee or the Collateral Agent, as the case may be, of written consents from the
Holders of the requisite percentage in principal amount of the outstanding Notes or such Officers’ Certificate, whichever first occurs, and the execution thereof by the Trustee or the Collateral Agent, as the case may be. 
  
 The Company may, but shall not be obligated to, fix a record date for the
purpose of determining the Holders entitled to consent to any amendment, supplement or waiver. If a record date is fixed, then notwithstanding the last sentence of the immediately preceding paragraph, those Persons who were Holders at such record
date (or their duly designated proxies), and only those Persons, shall be entitled to revoke any consent previously given, whether or not such Persons continue to be Holders after such record date. No such consent shall be valid or effective for
more than ninety (90) days after such record date. 
  
 After
an amendment, supplement or waiver becomes effective, it shall bind every Holder unless it makes a change described in any of clauses (1) through (10) of Section 9.02, in which case, the amendment, supplement or
waiver shall bind only each Holder of a Note who has consented to it and every subsequent Holder of a Note or portion of a Note that evidences the same debt as the consenting Holder’s Note; provided that any such waiver shall not impair
or affect the right of any Holder to receive payment of principal of, premium, if any, and interest and Additional Interest, if any, on a Note, on or after the respective due dates expressed in such Note, or to bring suit for the enforcement of any
such payment on or after such respective dates without the consent of such Holder. 
  
 Section 9.05. Notation on or Exchange of Notes. 
  
 If an amendment, supplement or waiver changes the terms of a Note, the Trustee may require the Holder of the Note to deliver the Note to the Trustee. The Trustee at the written direction of the Company may place an
appropriate notation on the Note about the changed terms and return it to the Holder and the Trustee may place an appropriate notation on any Note thereafter authenticated. Alternatively, if the Company or the Trustee so determines, the Company in
exchange for the Note shall issue and the Trustee shall authenticate a new Note that reflects the changed terms. Failure to make an appropriate notation, or issue a new Note, shall not affect the validity and effect of such amendment, supplement or
waiver. Failure to make the appropriate notation or issue a new Note shall not affect the validity and effect of such amendment, supplement or waiver. 
  
 Section 9.06. Trustee to Sign Amendments, Etc. 
  
 The Trustee and/or the Collateral Agent, as applicable, shall execute any amendment, supplement or waiver authorized pursuant to this Article Nine;
provided that the Trustee or the Collateral Agent, as the case may be, may, but shall not be obligated to, execute any such amendment, supplement or waiver which affects the rights, duties or immunities of the Trustee or the Collateral Agent,
as the case may be, 
  

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 under this Indenture, the Intercreditor Agreement or any Collateral Agreement. The Trustee or the Collateral Agent, as
the case may be, shall be entitled to receive, and shall be fully protected in relying upon, an Opinion of Counsel and an Officers’ Certificate each stating that the execution of any amendment, supplement or waiver authorized pursuant to this
Article Nine is authorized or permitted by this Indenture. Such Opinion of Counsel shall also state that the amendment or supplement is a valid and enforceable obligation of the Company. Such Opinion of Counsel shall not be an expense of the
Trustee or the Collateral Agent, as the case may be, and shall be paid for by the Company. 
  
 Section 9.07. Conformity with Trust Indenture Act. 
  
 Every supplemental indenture executed pursuant to this Article Nine shall conform to the requirements of the TIA as then in effect. 
  
 ARTICLE TEN 
  
 GUARANTEE 
  
 Section 10.01. Guarantee. 
  
 The Guarantor party hereto hereby fully, irrevocably and unconditionally, jointly and severally, guarantees (such guarantee
to be referred to herein as the “Guarantee”), to each of the Holders, the Trustee and the Collateral Agent and its respective successors and assigns that (i) the principal of, premium, if any and interest, and Additional
Interest, if any, on the Notes shall be promptly paid in full when due, subject to any applicable grace period, whether upon redemption pursuant to the terms of the Notes, by acceleration or otherwise, and interest on the overdue principal, if any,
and interest on any interest and Additional Interest, if any, to the extent lawful, of the Notes and all other obligations of the Company to the Holders, the Trustee and the Collateral Agent hereunder, thereunder or under any Collateral Agreement or
the Intercreditor Agreement shall be promptly paid in full or performed, all in accordance with the terms hereof, thereof and of the Collateral Agreements and the Intercreditor Agreement; and (ii) in case of any extension of time of payment or
renewal of any of the Notes or of any such other obligations, the same shall be promptly paid in full when due or performed in accordance with the terms of the extension or renewal, subject to any applicable grace period, whether at stated maturity,
by acceleration or otherwise, subject, however, in the case of clauses (i) and (ii) above, to the limitations set forth in Section 10.03. The Guarantee of each Guarantor shall rank senior in right of payment to
all subordinated Indebtedness of such Guarantor and equal in right of payment with all other senior obligations of such Guarantor. The Guarantor party hereto hereby agrees that its obligations hereunder shall be unconditional, irrespective of the
validity, regularity or enforceability of the Notes, this Indenture, the Intercreditor Agreement or any Collateral Agreement, the absence of any action to enforce the same, any waiver or consent by any of the Holders with respect to any provisions
hereof or thereof, any release of any other Guarantor, the recovery of any judgment against the Company, any action to enforce the same or any other circumstance which might otherwise constitute a legal or equitable discharge or defense of a
Guarantor. The Guarantor party hereto hereby waives diligence, presentment, demand of payment, filing of claims with a court in the event of insolvency or bankruptcy of the Company, any right to require a proceeding first against the Company,
protest, notice and all demands whatsoever and covenants that this Guarantee shall not be discharged except by complete performance of the obligations contained in the Notes, this Indenture and in this Guarantee. The obligations of each Guarantor
are limited to the maximum amount which, after giving effect to all other contingent and fixed liabilities of such Guarantor and, to the extent permitted by applicable law, after giving effect to any collections from or payments made by or on behalf
of any other Guarantor in respect of the obligations of such other Guarantor under its Guarantee or pursuant to its contribution obligations under this Indenture, shall result in the obligations of such Guarantor under the Guarantee not constituting
a fraudulent conveyance or 
  

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 fraudulent transfer under federal or state law. The net worth of any Guarantor for such purpose shall include any claim
of such Guarantor against the Company for reimbursement and any claim against any other Guarantor for contribution. Each Guarantor may consolidate with or merge into or sell its assets to the Company or another Guarantor without limitation in
accordance with Sections 5.01, 4.10 and 10.04. If any Holder, the Collateral Agent or the Trustee is required by any court or otherwise to return to the Company, any Guarantor, or any custodian, trustee, liquidator or other
similar official acting in relation to the Company or any Guarantor, any amount paid by the Company or any Guarantor to the Trustee, the Collateral Agent or such Holder, this Guarantee, to the extent theretofore discharged, shall be reinstated in
full force and effect. Each Guarantor further agrees that, as between each Guarantor, on the one hand, and the Holders, the Collateral Agent and the Trustee, on the other hand, (x) the maturity of the obligations guaranteed hereby may be
accelerated as provided in Article Six for the purposes of this Guarantee notwithstanding any stay, injunction or other prohibition preventing such acceleration in respect of the obligations guaranteed hereby, and (y) in the event
of any acceleration of such obligations as provided in Article Six, such obligations (whether or not due and payable) shall forthwith become due and payable by each Guarantor for the purpose of this Guarantee. 
  
 Section 10.02. Release of a Guarantor. 
  
 Notwithstanding the foregoing, a Guarantor will be automatically and
unconditionally released from its Guarantee without any action required on the part of the Trustee or any Holder: 
  
 (1) if (a) all of the Capital Stock issued by such Guarantor or all or substantially all of the assets of such Guarantor are sold or
otherwise disposed of (including by way of merger or consolidation) to a Person other than the Company or any of its Domestic Restricted Subsidiaries or (b) such Guarantor ceases to be a Restricted Subsidiary, and the Company otherwise
complies, to the extent applicable, with Section 4.10; 
  
 (2) if the Company designates such Guarantor as an Unrestricted Subsidiary in accordance with Section 4.09; 
  
 (3) if the Company exercises its legal defeasance option or its covenant defeasance option as described in Section 8.01; or

  
 (4) upon satisfaction and discharge of this
Indenture in accordance with Section 8.02 or payment in full in cash of the principal of, and premium, if any, accrued and unpaid interest and Additional Interest, if any, on, the Notes and all other Obligations that are then due and
payable. 
  
 At the Company’s request and expense, the
Trustee shall promptly execute and deliver an appropriate instrument evidencing such release upon receipt of a request by the Company accompanied by an Officers’ Certificate certifying as to the compliance with this Section 10.02.
Any Subsidiary Guarantor not so released remains liable for the full amount of its Subsidiary Guarantee as provided in this Article Ten. 
  
 Section 10.03. Limitation of Guarantor’s Liability. 
  
 Each Guarantor and, by its acceptance hereof, each of the Holders hereby confirms that it is the intention of all such
parties that the guarantee by such Guarantor pursuant to its Guarantee not constitute a fraudulent transfer or conveyance for purposes of any Bankruptcy Code, the Uniform Fraudulent Conveyance Act, the Uniform Fraudulent Transfer Act or any similar
Federal or state law. To effectuate the foregoing intention, the Holders and such Guarantor hereby irrevocably agree that the obligations of 
  

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 such Guarantor under the Guarantee shall be limited to the maximum amount as shall, after giving effect to all other
contingent and fixed liabilities of such Guarantor and, to the extent permitted by applicable law, after giving effect to any collections from or payments made by or on behalf of any other Guarantor in respect of the obligations of such other
Guarantor under its Guarantee or pursuant to Section 10.05, result in the obligations of such Guarantor under the Guarantee not constituting such fraudulent transfer or conveyance. 
  
 Section 10.04. Guarantors May Consolidate, etc., on Certain
Terms. 
  
 Each Guarantor (other than any Guarantor whose
Guarantee is to be released in accordance with the terms of the Guarantee and this Indenture in connection with any transaction complying with this Section 10.04 and Section 4.10) will not, and the Company will not cause or
permit any Guarantor to, consolidate with or merge with or into any Person or sell, assign, transfer, lease, convey or otherwise dispose of all or substantially all of such Guarantors’ assets to any Person, other than the Company or any other
Guarantor unless: 
  
 (1) the entity formed by or
surviving any such consolidation or merger (if other than the Guarantor) or to which such sale, assignment, transfer, lease, conveyance or other disposition shall have been made is a corporation or limited liability company organized and existing
under the laws of the United States, any State thereof or the District of Columbia; 
  
 (2) such entity assumes (a) by supplemental indenture (in form and substance reasonably satisfactory to the Trustee), executed and
delivered to the Trustee and the Collateral Agent, all of the obligations of the Guarantor under the Guarantee and the performance of every covenant of the Guarantee, this Indenture and the Registration Rights Agreement and (b) by amendment,
supplement or other instrument (in form and substance satisfactory to the Trustee and the Collateral Agent) executed and delivered to the Trustee and the Collateral Agent, all obligations of the Guarantor under the Collateral Agreements and in
connection therewith such person shall cause such instruments to be filed and recorded in such jurisdictions and take such other actions as may be required by applicable law to perfect or continue the perfection of the Lien created under the
Collateral Agreements on the Collateral owned by or transferred to the surviving entity; 
  
 (3) immediately after giving effect to such transaction, no Default or Event of Default shall have occurred and be continuing; and

  
 (4) the Guarantor or the Surviving Entity
shall have delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel, each stating that such consolidation, merger, sale, assignment, transfer, lease, conveyance or other disposition and, if a supplemental indenture is
required in connection with such transaction, such supplemental indenture complies with the applicable provisions of this Indenture and that all conditions precedent in this Indenture relating to such transaction have been satisfied. 
  
 Any merger or consolidation of (i) a Guarantor with and into the Company
(with the Company being the surviving entity) or another Guarantor or (ii) a Guarantor or the Company with an Affiliate organized solely for the purpose of reincorporating such Guarantor or the Company in another jurisdiction in the United
States or any state thereof or the District of Columbia need only comply with: 
  
 (A) in the case of a merger or consolidation described in clause (ii), clause (4) of the first paragraph of Section 5.01;
and 
  

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 (B) (x) clause 1(b)(y) of the first paragraph of this Section and (y) clause
(2) of Section 5.01. 
  
 Section 10.05.
Contribution. 
  
 In order to provide for just and
equitable contribution among the Guarantors, the Guarantors agree, inter se, that each Guarantor that makes a payment or distribution under a Guarantee shall be entitled to a pro rata contribution from each other Guarantor hereunder based on
the net assets of each other Guarantor. The preceding sentence shall in no way affect the rights of the Holders of Notes to the benefits of this Indenture, the Notes or the Guarantees. 
  
 Section 10.06. Waiver of Subrogation. 
  
 Each 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. 
  
 Section 10.07. Waiver of Stay, Extension or Usury Laws. 
  
 Each Guarantor covenants to the extent permitted by law 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 or extension law or any usury law or other law that would prohibit or forgive such Guarantor from performing its Guarantee as contemplated herein, wherever enacted, now or at any time hereafter in force, or which
may affect the covenants or the performance of this Guarantee; and each Guarantor hereby expressly waives to the extent permitted by law all benefit or advantage of any such law, and covenants that it shall not hinder, delay or impede the execution
of any power herein granted to the Trustee, but shall suffer and permit the execution of every such power as though no such law had been enacted. 
  
 ARTICLE ELEVEN 
  
 MISCELLANEOUS 
  
 Section 11.01. Trust Indenture Act Controls. 
  
 If any provision of this Indenture limits, qualifies, or conflicts with another provision which is required to be included in this Indenture by the TIA, the required provision shall control. Any provision of the TIA
which is required to be included in a qualified Indenture, but not expressly included herein, shall be deemed to be included by this reference. 
  
 Section 11.02. Notices. 
  
 Any notices or other communications required or permitted hereunder shall be in writing, and shall be sufficiently given if made by hand delivery, by
telex, by telecopier or first-class mail, or registered or certified mail, postage prepaid, return receipt requested, addressed as follows: 
  
 if to the Company: 
  
 CitiSteel USA, Inc. 
 4001 Philadelphia Pike

 Claymont, Delaware 19703 
 Attention: Allen Egner, Vice President, Finance 
 Facsimile Number: (302) 792-1195 
  

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 if to the Trustee: 
  
 The Bank of New York 
 101 Barclay Street - 8th Floor West 
 New York, NY 10286 
 Attn: Corporate Trust Administration 
 Facsimile Number: (212) 815-5707 
  
 if to the
Collateral Agent: 
  
 The Bank of New York 
 101 Barclay Street - 8th Floor West 
 New
York, NY 10286 
 Attn: Corporate Trust Administration 
 Facsimile Number: (212) 815-5707 
  
 Each of the Company, the Trustee and the Collateral Agent by written notice to each other may designate additional or different addresses for notices to such Person. Any notice or communication to the Company, the Trustee or the Collateral
Agent shall be deemed to have been given or made as of the date so delivered if personally delivered; when answered back, if telexed; when receipt is acknowledged, if faxed; and five (5) calendar days after mailing if sent by registered or
certified mail, postage prepaid (except that a notice of change of address or a notice sent by mail to the Trustee shall not be deemed to have been given until actually received by the addressee). 
  
 Any notice or communication mailed to a Holder shall be mailed to such Holder
by first class mail or other equivalent means at such Holder’s address as it appears on the registration books of the Registrar and shall be sufficiently given to such Holder if so mailed within the time prescribed. 
  
 Failure to mail a notice or communication to a Holder or any defect in it
shall not affect its sufficiency with respect to other Holders. If a notice or communication is mailed in the manner provided above, it is duly given, whether or not the addressee receives it. 
  
 Section 11.03. Communications by Holders with Other Holders.

  
 Holders may communicate pursuant to TIA Section 312(b)
with other Holders with respect to their rights under this Indenture, any Collateral Agreement, the Intercreditor Agreement, any Guarantee or the Notes. The Company, the Trustee, the Collateral Agent, the Registrar and any other Person shall have
the protection of TIA Section 312(c). 
  
 Section 11.04.
Certificate and Opinion as to Conditions Precedent. 
  
 Upon any request or application by the Company or any Guarantor to the Trustee or the Collateral Agent, as the case may be, to take any action under this Indenture, any Collateral Agreement or any other Indenture Document, the Company shall
furnish to the Trustee or the Collateral Agent, as the case may be, upon request: 
  
 (1) an Officers’ Certificate, in form and substance reasonably satisfactory to the Trustee or the Collateral Agent, as the case may
be, stating that, in the opinion of the signers, all 
  

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 conditions precedent to be performed by the Company or the applicable Guarantor (as the case may be), if
any, provided for in this Indenture, any Collateral Agreement or any other Indenture Document relating to the proposed action have been complied with; and 
  
 (2) an Opinion of Counsel stating that, in the opinion of such counsel, all such conditions precedent to be performed by the Company or
the applicable Guarantor (as the case may be), if any, provided for in this Indenture, any Collateral Agreement or any other Indenture Document relating to the proposed action have been complied with. 
  
 Section 11.05. Statements Required in Certificate or Opinion.

  
 Each certificate or opinion with respect to compliance with a
condition or covenant provided for in this Indenture, any Collateral Agreement or any other Indenture Document other than the Officers’ Certificate required by Section 4.06, shall include: 
  
 (1) a statement that the Person making such certificate or
opinion has read such covenant or condition; 
  
 (2) 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; 
  
 (3) a statement that, in the opinion of such Person, he has made such examination or investigation as is
reasonably necessary to enable him to express an informed opinion as to whether or not such covenant or condition has been complied with; and 
  
 (4) a statement as to whether or not, in the opinion of each such Person, such condition or covenant has been complied with; provided,
however, that with respect to such matters of fact an Opinion of Counsel may rely on an Officers’ Certificate or certificates of public officials and provided, further, that an Opinion of Counsel may have qualifications for opinions of the type
required. 
  
 Section 11.06. Rules by Trustee, Paying
Agent, Registrar. 
  
 The Trustee may make reasonable rules
in accordance with the Trustee’s customary practices for action by or at a meeting of Holders. The Paying Agent or Registrar may make reasonable rules for its functions. 
  
 Section 11.07. Governing Law. 
  
 THIS INDENTURE, THE NOTES AND THE GUARANTEE SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF
NEW YORK, AS APPLIED TO CONTRACTS MADE AND PERFORMED WITHIN THE STATE OF NEW YORK, WITHOUT REGARD TO PRINCIPLES OF CONFLICT OF LAWS. EACH OF THE PARTIES HERETO AGREES TO SUBMIT TO THE JURISDICTION OF THE COURTS OF THE STATE OF NEW YORK IN ANY ACTION
OR PROCEEDING ARISING OUT OF OR RELATING TO THIS INDENTURE. 
  

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 Section 11.08. No Adverse Interpretation of Other Agreements. 
  
 This Indenture may not be used to interpret another indenture, loan or debt
agreement of the Company or any of its Subsidiaries. Any such indenture, loan or debt agreement may not be used to interpret this Indenture. 
  
 Section 11.09. No Recourse Against Others. 
  
 No past, present or future director, officer, employee, stockholder or incorporator of the Company, a Guarantor or of the Trustee shall have any liability
for any obligations of the Company or the Guarantors under the Notes, the Guarantees, the Collateral Agreements, the Intercreditor Agreement or this Indenture or for any claim based on, in respect of or by reason of such obligations or their
creation. Each Holder, by accepting a Note, waives and releases all such liability. Such waiver and release are part of the consideration for the issuance of the Notes. 
  
 Section 11.10. Successors. 
  
 All agreements of the Company and the Guarantors in this Indenture and the Notes shall bind their successors. All agreements
of each of the Trustee and the Collateral Agent in this Indenture shall bind their respective successors. 
  
 Section 11.11. Duplicate Originals. 
  
 All parties may sign any number of copies of this Indenture. Each signed copy shall be an original, but all of them together shall represent the same
agreement. 
  
 Section 11.12. Severability.

  
 In case any one or more of the provisions in this Indenture,
the Notes or in the Guarantees shall be held invalid, illegal or unenforceable, in any respect for any reason, the validity, legality and enforceability of any such provision in every other respect and of the remaining provisions shall not in any
way be affected or impaired thereby, it being intended that all of the provisions hereof shall be enforceable to the full extent permitted by law. 
  
 Section 11.13. Waiver of Jury Trial. 
  
 EACH PARTY HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY LAW, ANY RIGHT TO TRIAL BY JURY IN ANY ACTION OR PROCEEDING ARISING OUT OF
OR IN CONNECTION WITH THIS INDENTURE, THE NOTES, THE GUARANTEES, THE COLLATERAL AGREEMENTS, THE INTERCREDITOR AGREEMENT OR THE TRANSACTIONS CONTEMPLATED BY THIS INDENTURE. 
  
 Section 11.14. Force Majeure. 
  
 In no event shall the Trustee or the Collateral Agent be responsible or liable for any failure or delay in the performance
of its obligations hereunder arising out of or caused by, directly or indirectly, forces beyond its control, including, without limitation, acts of war or terrorism, civil or military disturbances, nuclear or natural catastrophes or acts of God, and
loss of utilities; it being understood that the Trustee and the Collateral Agent shall use reasonable efforts which are consistent with accepted practices in the banking industry to resume performance as soon as practicable under such circumstances.

  

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 ARTICLE TWELVE 
  
 SECURITY 
  
 Section 12.01. Grant of Security Interest. 
  
 (a) To secure the due and punctual payment of the principal of, premium, if any, and interest, or Additional Interest, if any, on the Notes and amounts
due hereunder and under the Guarantees when and as the same shall be due and payable, whether on an Interest Payment Date, by acceleration, purchase, repurchase, redemption or otherwise, and interest on the overdue principal of, premium, if any, and
interest (to the extent permitted by law), if any, on the Notes and the performance of all other Obligations of the Company and the Guarantors to the Holders, the Collateral Agent or the Trustee under this Indenture, the Collateral Agreements, the
Guarantees and the Notes, the Company and the Guarantors hereby covenant to cause the Collateral Agreements to be executed and delivered concurrently with this Indenture. The Collateral Agreements shall provide for the grant by the Company and
Guarantors party thereto to the Collateral Agent of a security interest in the Collateral. Notwithstanding anything to the contrary herein, no Collateral shall consist of any Excluded Assets. 
  
 (b) The Trustee and each Holder, by its acceptance of a Note, consents and
agrees to the terms of each Collateral Agreement and the Intercreditor Agreement, as the same may be in effect or may be amended from time to time in accordance with their respective terms, and authorizes and directs the Collateral Agent to enter
into this Indenture, the Collateral Agreements and the Intercreditor Agreement and to perform its obligations and exercise its rights thereunder in accordance therewith. The Company shall, and shall cause each of its Restricted Subsidiaries to, do
or cause to be done, at its sole cost and expense, all such actions and things as may be necessary or proper, or as may be required by the provisions of the Collateral Agreements, to assure and confirm to the Collateral Agent the security interests
in the Collateral contemplated hereby and by the Collateral Agreements, 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 and Guarantees secured hereby, according to
the intent and purpose herein and therein expressed and subject to the Intercreditor Agreement. The Company shall, and shall cause each of its Restricted Subsidiaries to, take any and all actions required or as may be requested by the Collateral
Agent to cause the Collateral Agreements to create and maintain, as security for the Obligations contained in this Indenture, the Notes, the Collateral Agreements and the Guarantees valid and enforceable, perfected (except as expressly provided
herein or therein) security interests in and on all the Collateral, in favor of the Collateral Agent, superior to and prior to the rights of all third Persons other than as set forth in the Intercreditor Agreement, and subject to no other Liens, in
each case, except as expressly provided herein or therein. 
  
 Section 12.02. Recording and Opinions. 
  
 (a) The Company shall, and shall cause each of its Restricted Subsidiaries to, at its sole cost and expense, take or cause to be taken all action required to perfect, maintain, preserve and protect the security interests in the Collateral
granted by the Collateral Agreements, including (i) the filing of financing statements, continuation statements, collateral assignments and any instruments of further assurance, in such manner and in such places as may be required by law to
preserve and protect fully the rights of the Holders, the Collateral Agent, and the Trustee under this Indenture and the Collateral Agreements to all property comprising the Collateral, and (ii) the delivery of the certificates evidencing the
securities pledged under the Security Agreement, duly endorsed in blank, it being understood that concurrently with the execution of this Indenture the Company and its Restricted Subsidiaries have delivered financing statements for filing by the
Initial Purchaser or its agents. The Company shall from time to time promptly pay all financing and continuation statement recording and/or filing fees, charges and recording and similar taxes relating to this Indenture, the Collateral Agreements
and any amendments hereto or thereto and any other instruments of further assurance required pursuant hereto or thereto. 
  

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 (b) The Company shall furnish to the Trustee, at such time as required by TIA Section 314(b) and, as
reasonably requested by the Trustee, promptly after the execution and delivery of any other instrument of further assurance or amendment granting, perfecting, protecting, preserving or making effective a security interest pursuant to any Collateral
Agreement, an Opinion of Counsel either (i) stating that, in the opinion of such counsel, this Indenture and the Collateral Agreements, financing statements and fixture filings then executed and delivered, as applicable, and all other
instruments of further assurance or amendment then executed and delivered have been properly recorded, registered and filed, and all certificates evidencing securities pledged to the Trustee for the benefit of itself and the Holders under the
Security Agreement have been delivered and duly endorsed in blank, to the extent necessary to perfect the security interests created by this Indenture and the Collateral Agreements and reciting the details of such action or referring to prior
Opinions of Counsel in which such details are given, and stating that as to such Collateral Agreements and such other instruments, such recording, registering, filing and delivery are the only recordings, registerings, filings and deliveries
necessary to perfect such security interest and that no re-recordings, re-registerings, re-filings or re-deliveries are necessary to maintain such perfection, and further stating that all financing statements and continuation statements have been
executed and filed, and all such certificates have been delivered, that are necessary fully to preserve and protect the rights of and perfect such security interests of the Trustee for the benefit of itself and the Holders, under the Collateral
Agreements or (ii) stating that, in the Opinion of such Counsel, no such action is necessary to perfect any security interest created under this Indenture, the Notes or any of the Collateral Agreements as intended by this Indenture, the Notes
or any such Collateral Agreement. 
  
 (c) The Company shall
furnish to the Trustee and the Collateral Agent (if other than the Trustee), on or within one month of June 30 of each year, commencing June 30, 2006, an Opinion of Counsel either (i) stating that, in the opinion of such counsel, all
action necessary to perfect or continue the perfection of the security interests created by the Collateral Agreements and reciting the details of such action or referring to prior Opinions of Counsel in which such details are given have been taken
or (ii) stating that, in the Opinion of such Counsel, no such action is necessary to perfect or continue the perfection of any security interest created under any of the Collateral Agreements. 
  
 Section 12.03. Release of Collateral. 
  
 (a) The Collateral Agent shall not at any time release Collateral from the
security interests created by the Collateral Agreements unless such release is in accordance with the provisions of this Indenture and the applicable Collateral Agreements or the Intercreditor Agreement. 
  
 (b) Subject to the Intercreditor Agreement, at any time when a Default or an
Event of Default shall have occurred and be continuing, no release of Collateral pursuant to the provisions of this Indenture and the Collateral Agreements shall be effective as against the Holders. 
  
 (c) The release of any Collateral from the terms of the Collateral Agreements
shall not be deemed to impair the security under this Indenture in contravention of the provisions hereof if and to the extent the Collateral is released pursuant to this Indenture and the Collateral Agreements or the Intercreditor Agreement. To the
extent applicable, the Company shall cause TIA Section 314(d) relating to the release of property from the security interests created by this Indenture and the Collateral Agreements to be complied with. Any certificate or opinion required by
TIA Section 314(d) may be made by an Officer of the Company, except in cases where TIA Section 314(d) requires that such certificate or opinion be made by an independent Person, which Person shall be an independent engineer, appraiser or
other expert selected or approved by the Trustee in the exercise of reasonable care. A Person 
  

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 is “independent” if such Person (a) is in fact independent, (b) does not have any direct financial
interest or any material indirect financial interest in the Company or in any Affiliate of the Company and (c) is not an officer, employee, promoter, underwriter, trustee, partner or director or person performing similar functions to any of the
foregoing for the Company. The Trustee and the Collateral Agent shall be entitled to receive and rely upon a certificate provided by any such Person confirming that such Person is independent within the foregoing definition. 
  
 (d) Notwithstanding any provision to the contrary herein, Collateral
comprised of accounts receivable, inventory or (prior to the occurrence and during the continuance of an Event of Default) the proceeds of the foregoing shall be subject to release upon sales of such inventory and collection of the proceeds of such
accounts receivable in the ordinary course of business. If requested in writing by the Company, the Trustee shall instruct the Collateral Agent to execute and deliver such documents, instruments and statements and to take all such other actions
promptly upon receipt of such instructions from the Trustee as the Company may reasonably request to evidence or confirm that the Collateral falling under this Section 12.03 has been released from the Liens of each of the Collateral
Agreements. 
  
 Section 12.04. Specified Releases of
Collateral. 
  
 Subject to Section 12.03,
Collateral may be released from the Lien and security interest created by the Security Documents at any time or from time to time in accordance with the provisions of the Collateral Agreements and the Intercreditor Agreement, or as provided hereby.
Upon the request of the Company pursuant to an Officers’ Certificate and an Opinion of Counsel certifying that all conditions precedent hereunder have been met and without the consent of any Holder, the Company and the Guarantors will be
entitled to releases of assets included in the Collateral from the Liens securing the obligations under the Notes and the Guarantees under any one or more of the following circumstances: 
  
 (1) to enable the Company to consummate asset sales or dispositions that are not Asset Sales or that are
Asset Sales permitted under Section 4.10; 
  
 (2) if any Subsidiary that is a Guarantor is released from its Guarantee in accordance with the terms of this Indenture, that Subsidiary’s assets will also be released; 
  
 (3) if the Company exercises its legal defeasance option or covenant defeasance option pursuant to
Section 8.01; 
  
 (4) upon
satisfaction and discharge of this Indenture in accordance with Section 8.02 or payment in full in cash of the principal of, and premium, if any, accrued and unpaid interest and Additional Interest, if any, on, the Notes and all other
Obligations that are then due and payable; or 
  
 (5) as required pursuant to the terms of the Intercreditor Agreement. 
  
 Upon receipt of such Officers’ Certificate and such Opinion of Counsel and any necessary or proper instruments of termination, satisfaction or release prepared by the Company, the Collateral Agent shall execute,
deliver or acknowledge such instruments or releases to evidence the release of any Collateral permitted to be released pursuant to this Indenture or the Collateral Agreements and the Intercreditor Agreement. 
  

 87 

 Section 12.05. Release upon Satisfaction or Defeasance of All Outstanding Obligations.

  
 The Liens on, and pledges of, all Collateral will also be
terminated and released upon (i) payment in full of the principal of, premium, if any, on, accrued and unpaid interest and Additional Interest, if any, on the Notes and all other Obligations hereunder, the Guarantees and the Collateral
Agreements that are due and payable at or prior to the time such principal, premium, if any, accrued and unpaid interest and Additional Interest, if any, are paid, (ii) a satisfaction and discharge of this Indenture as described above under
Section 8.02 and (iii) the occurrence of a Legal Defeasance or Covenant Defeasance as described above under Section 8.01. 
  
 Section 12.06. Form and Sufficiency of Release. 
  
 In the event that the Company or any Guarantor has sold, exchanged, or otherwise disposed of or proposes to sell, exchange or otherwise dispose of any
portion of the Collateral that may be sold, exchanged or otherwise disposed of by the Company or such Guarantor, and the Company or such Guarantor requests in writing the Collateral Agent to furnish a written disclaimer, release or quit-claim of any
interest in such property under this Indenture, the Intercreditor Agreement and the Collateral Agreements, the Collateral Agent shall execute, acknowledge and deliver to the Company or such Guarantor (in proper form prepared by the Company or such
Guarantor) such an instrument promptly after satisfaction of the conditions set forth herein for delivery of any such release. Notwithstanding the preceding sentence, all purchasers and grantees of any property or rights purporting to be released
herefrom shall be entitled to rely upon any release executed by the Collateral Agent hereunder as sufficient for the purpose of this Indenture and as constituting a good and valid release of the property therein described from the Lien of this
Indenture and of the Collateral Agreements. 
  
 Section 12.07. Purchaser Protected. 
  
 No
purchaser or grantee of any property or rights purporting to be released herefrom shall be bound to ascertain the authority of the Trustee or the Collateral Agent to execute the release or to inquire as to the existence of any conditions herein
prescribed for the exercise of such authority; nor shall any purchaser or grantee of any property or rights permitted by this Indenture to be sold or otherwise disposed of by the Company be under any obligation to ascertain or inquire into the
authority of the Company to make such sale or other disposition. 
  
 Section 12.08. Authorization of Actions To Be Taken by the Collateral Agent Under the Collateral Agreements. 
  
 The Bank of New York is hereby appointed Collateral Agent. Subject to the provisions of the applicable Collateral Agreements and the Intercreditor
Agreement, the Trustee and each Holder, by acceptance of its Note(s) agrees that (a) the Collateral Agent shall execute and deliver the Collateral Agreements and the Intercreditor Agreement and act in accordance with the terms thereof,
(b) the Collateral Agent may, in its sole discretion and without the consent of the Trustee or the Holders, take all actions it deems necessary or appropriate in order to (i) enforce any of the terms of the Collateral Agreements or the
Intercreditor Agreement and (ii) collect and receive any and all amounts payable in respect of the Obligations of the Company and the Guarantors hereunder and under the Notes, the Guarantees, the Intercreditor Agreement and the Collateral
Agreements and (c) the Collateral Agent shall have power to institute and to maintain such suits and proceedings as it may deem expedient to prevent any impairment of the Collateral by any act that may be unlawful or in violation of the
Collateral Agreements, the Intercreditor Agreement or this Indenture, and suits and proceedings as the Collateral Agent may deem expedient to preserve or protect its interests and the interests of the Trustee and the Holders in the Collateral
(including the power to institute and maintain suits or proceedings to restrain the 
  

 88 

 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 thereunder or be prejudicial to the interests of the Collateral Agent, the Holders or the Trustee).
Notwithstanding the foregoing, the Collateral Agent may, at the expense of the Company, request the direction of the Holders with respect to any such actions and upon receipt of the written consent of the Holders of at least a majority in aggregate
principal amount of the outstanding Notes, shall take such actions; provided that all actions so taken shall, at all times, be in conformity with the requirements of the Intercreditor Agreement. 
  
 Section 12.09. Authorization of Receipt of Funds by the Trustee Under
the Collateral Agreements. 
  
 The Collateral Agent is
authorized to receive any funds for the benefit of itself, the Trustee and the Holders distributed under the Collateral Agreements and the Intercreditor Agreement and to the extent not prohibited under the Intercreditor Agreement, for turnover to
the Trustee to make further distributions of such funds to itself, the Trustee and the Holders in accordance with the provisions of Section 6.10 and the other provisions of this Indenture. 
  
 Section 12.10. Intercreditor Agreement. 
  
 This Article Twelve, the Security Agreement and the Mortgages are
subject to the terms, limitations and conditions set forth in the Intercreditor Agreement. 
  

 89 

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

			
	CITISTEEL USA, INC.
		
	By:	 	 /s/ Jeff Bradley

	Name:	 	Jeff Bradley
	Title:	 	Executive Chairman
	
	CITISTEEL PA, INC.
		
	By:	 	 /s/ Jeff Bradley

	Name:	 	Jeff Bradley
	Title:	 	President

  

 Indenture 

			
	 THE BANK OF NEW YORK,
 as Trustee and
Collateral Agent

		
	By:	 	 /s/ Remo Reale

	 Name:
	 	Remo Reale
	Title:	 	Vice President

  

 Indenture 

 EXHIBIT A 
  

[FORM OF NOTE] 
  
 THIS SECURITY HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR ANY STATE SECURITIES LAWS. 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, REGISTRATION.

  
 THE HOLDER OF THIS SECURITY, BY ITS ACCEPTANCE HEREOF, (1) REPRESENTS
THAT (A) IT IS A “QUALIFIED INSTITUTIONAL BUYER” (AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT), (B) IT IS A NON-U.S. PURCHASER AND IS ACQUIRING THIS SECURITY IN AN OFFSHORE TRANSACTION WITHIN THE MEANING OF REGULATION S
UNDER THE SECURITIES ACT, OR (C) IT IS AN INSTITUTIONAL “ACCREDITED INVESTOR” WITHIN THE MEANING OF SUBPARAGRAPH (a)(1), (2), (3) OR (7) OF RULE 501 UNDER THE SECURITIES ACT, AND (2) AGREES TO OFFER, SELL OR OTHERWISE
TRANSFER SUCH SECURITY, PRIOR TO THE DATE (THE “RESALE RESTRICTION TERMINATION DATE”) THAT IS TWO YEARS (OR SUCH OTHER PERIOD THAT MAY BE HEREAFTER PROVIDED UNDER RULE 144(K) UNDER THE SECURITIES ACT PERMITTING RESALES OF RESTRICTED
SECURITIES BY NON-AFFILIATES WITHOUT RESTRICTION); OR AFTER THE LATER OF THE ORIGINAL ISSUE DATE HEREOF AND THE LAST DATE ON WHICH THE COMPANY (AS HEREINAFTER DEFINED) OR ANY AFFILIATE OF THE COMPANY WAS THE OWNER OF THIS SECURITY (OR ANY
PREDECESSOR OF SUCH SECURITY), ONLY (A) TO THE COMPANY OR ANY SUBSIDIARY THEREOF, (B) PURSUANT TO A REGISTRATION STATEMENT THAT HAS BEEN DECLARED EFFECTIVE UNDER THE SECURITIES ACT, (C) FOR SO LONG AS THIS SECURITY IS ELIGIBLE FOR
RESALE PURSUANT TO RULE 144A UNDER THE SECURITIES ACT, TO A PERSON IT REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT THAT PURCHASES FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A
QUALIFIED INSTITUTIONAL BUYER TO WHOM NOTICE IS GIVEN THAT THE TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, (D) PURSUANT TO OFFERS AND SALES TO NON-U.S. PERSONS THAT OCCUR OUTSIDE THE UNITED STATES WITHIN THE MEANING OF REGULATION S UNDER
THE SECURITIES ACT, (E) TO AN INSTITUTIONAL “ACCREDITED INVESTOR” WITHIN THE MEANING OF SUBPARAGRAPH (a)(1), (2), (3) OR (7) OF RULE 501 UNDER THE SECURITIES ACT THAT IS ACQUIRING THIS SECURITY FOR ITS OWN ACCOUNT, OR FOR
THE ACCOUNT OF SUCH AN INSTITUTIONAL ACCREDITED INVESTOR, 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) PURSUANT TO ANOTHER AVAILABLE
EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT, SUBJECT TO THE COMPANY’S AND THE TRUSTEE’S, OR TRANSFER AGENT’S, AS APPLICABLE, RIGHT PRIOR TO ANY SUCH OFFER, SALE OR TRANSFER PURSUANT TO CLAUSE 

 
(D), (E) OR (F) TO REQUIRE THE DELIVERY OF AN OPINION OF COUNSEL, CERTIFICATION AND/OR OTHER INFORMATION SATISFACTORY TO EACH OF THEM, AND IN EACH
OF THE FOREGOING CASES, A CERTIFICATE OF TRANSFER IN THE FORM APPEARING ON THE OTHER SIDE OF THIS SECURITY IS COMPLETED AND DELIVERED BY THE TRANSFEROR TO THE TRUSTEE OR TRANSFER AGENT. THIS LEGEND WILL BE REMOVED UPON THE REQUEST OF THE HOLDER
AFTER THE RESALE RESTRICTION TERMINATION DATE. 
  
 [For Regulation S Temporary
Global Notes include: THE RIGHTS ATTACHING TO THIS REGULATION S TEMPORARY GLOBAL NOTE, AND THE CONDITIONS AND PROCEDURES GOVERNING ITS EXCHANGE FOR CERTIFICATED NOTES, ARE AS SPECIFIED IN THE INDENTURE (AS DEFINED HEREIN). NEITHER THE HOLDER NOR
THE BENEFICIAL OWNERS OF THIS REGULATION S TEMPORARY GLOBAL NOTE SHALL BE ENTITLED TO RECEIVE PAYMENT OF INTEREST HEREON.] 
  

 A-2 

  
 CITISTEEL USA, INC.

  
 SENIOR SECURED FLOATING RATE NOTES DUE 2010

  

			
	 CUSIP No.
	  	 
	 No.
	  	$            

  
 CitiSteel USA, Inc., a
Delaware corporation, for value received promises to pay to ___________________, or registered assigns, the principal sum of ____________ DOLLARS ($[            ]) on September 1,
2010. 
  
 Interest Rate: LIBOR plus 7.500%

  
 Interest Payment Dates: March 1 and
September 1, commencing March 1, 2006 
  
 Record Dates: February 15 and August 15 
  
 Reference is made to the further provisions of this Note contained herein, which will for all purposes have the same effect as if set forth at this place. 
  
 IN WITNESS WHEREOF, the Company has caused this Note to be signed manually or by facsimile by its duly
authorized officer. 
  

			
	 CITISTEEL USA, INC.

		
	 By:
	 	 
	 	 	 Name:

	 	 	 Title:

  
 Dated: ________________

  

 A-3 

  
 TRUSTEE CERTIFICATE OF
AUTHENTICATION 
  
 This is one of the Senior Secured Floating
Rate Notes due 2010 referred to in the within-mentioned Indenture. 
  

									
	 	 	 	 	 THE BANK OF NEW YORK, as Trustee

				
	Date of Authentication: _________________________________	 	 	 	 By:
	 	 
	 	 	 	 	 	 	 	 	 Authorized Signatory

  

 A-4 

  
 Senior Secured Floating
Rate Notes due 2010 
  
 Capitalized terms used herein have the
meanings assigned to them in the Indenture referred to below unless otherwise indicated. 
  
 1. Interest. 
  
 CitiSteel
USA, Inc. (the “Company”, which term includes any Surviving Entity) promises to pay interest on the principal amount of this Note at the rate per annum described below. Interest on this Note will be due and payable semiannually
in cash on each March 1 and September 1, commencing on March 1, 2006. Interest on this Note will accrue, with respect to the period from and including the Issue Date to but excluding the first interest payment date after the Issue
Date and each successive six-month period from and including each interest payment date to but excluding the following interest payment date (each, an “Interest Accrual Period”), at a rate equal to LIBOR (as defined below) plus a margin of
7.500% per annum. 
  
 The Company will appoint the Trustee or
another financial institution (the “Calculation Agent”) to calculate the interest rate for the Notes. The Company has appointed the Trustee as the Calculation Agent. “LIBOR” will be determined by the Calculation Agent in
accordance with the following provisions: 
  
 (i) LIBOR for any
Interest Accrual Period will equal to the rate, as determined by the Calculation Agent, for six-month U.S. dollar deposits which appears on the Telerate Page 3750 as of 11:00 a.m., London time, on the applicable LIBOR Determination Date (as defined
below) as reported by Bloomberg Financial Markets Commodities News. 
  
 (ii) If, on any LIBOR Determination Date, such rate does not appear on the Telerate Page 3750, the Calculation Agent will determine the arithmetic mean of the offered quotations of the Reference Banks (as defined below) to prime banks in
the London interbank market for Eurodollar deposits for the relevant term by reference to requests for quotations as of approximately 11:00 a.m., London time, on such LIBOR Determination Date made by the Calculation Agent to the Reference Banks. If,
on the LIBOR Determination Date, at least two of the Reference Banks provide such quotations, LIBOR will equal such arithmetic mean. If, on any LIBOR Determination Date, only one or none of the Reference Banks provide such quotations, LIBOR will be
deemed to be the arithmetic mean of the offered quotations that the leading banks in The City of New York selected by the Calculation Agent, after consultation with the Company, are quoting on the relevant LIBOR Determination Date for U.S. dollar
deposits for the relevant term, to the principal London offices of leading banks in the London interbank market. 
  
 (iii) If the Calculation Agent is required but is unable to determine a rate in accordance with at least one of the procedures provided above, LIBOR with
respect to such Interest Accrual Period will be LIBOR as calculated on the immediately preceding LIBOR Determination Date. 
  
 For the purpose of clause (ii) above, all percentages resulting from such calculations will be rounded, if necessary, to the nearest one
thirty-second of a percentage point and, for purposes of clause (iii) above, all percentages resulting from such calculations will be rounded, if necessary, to the nearest one hundred-thousandth of a percentage point. 
  

 A-5 

 As used herein: 
  

“LIBOR Determination Date” means, with respect to any Interest Accrual Period, the second London Banking Day prior to the first day of such
Interest Accrual Period. 
  
 “London Banking Day” means
any day on which commercial banks are open for business, including dealings in foreign exchange and foreign currency deposits, in London. 
  
 “Reference Banks” means four major banks in the London interbank market selected by the Calculation Agent. 
  
 “Telerate Page 3750” means the display page currently so designated
on the Moneyline Telerate Service or such other page as may replace such page on such service for the purpose of displaying comparable rates. 
  
 2. Method of Payment. 
  
 The Company shall pay interest on the Notes (except defaulted interest) to the Persons who are the registered Holders at the close of business on the
Record Date immediately preceding the Interest Payment Date even if the Notes are cancelled on registration of transfer or registration of exchange after such Record Date, and on or before such Interest Payment Date. Holders must surrender Notes to
a Paying Agent to collect principal payments. The Company shall pay principal and interest in money of the United States that at the time of payment is legal tender for payment of public and private debts (“U.S. Legal Tender”).
However, the Company may pay principal and interest by check payable in such U.S. Legal Tender. The Company may deliver any such interest payment to the Paying Agent or to a Holder at the Holder’s registered address. 
  
 3. Paying Agent and Registrar. 
  
 Initially, The Bank of New York Association (the “Trustee”)
will act as Paying Agent and Registrar. The Company may change any Paying Agent, Registrar or co-Registrar without notice to the Holders. The Company and any of its Subsidiaries may act as Paying Agent or Registrar. If the Trustee acquires any
conflicting interest as described in the TIA, it must eliminate such conflict or resign. 
  
 4. Indenture. 
  
 The Notes
were issued under an Indenture, dated as of August 25, 2005 (the “Indenture”), by and among the Company, CitiSteel PA, Inc. and the Trustee and Collateral Agent. 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 (15 U.S. Code §§ 77aaa-77bbbb), as in effect on the date of the Indenture (the “TIA”). Notwithstanding anything to the contrary herein,
the Notes are subject to all such terms, and Holders of Notes are referred to the Indenture and the TIA for a statement of such terms. The Notes are senior secured obligations of the Company. Each Holder, by accepting a Note, agrees to be bound by
all of the terms and provisions of the Indenture and the Registration Rights Agreement. Any conflict between this Note and the Indenture will be governed by the Indenture. 
  

 A-6 

 5. Guarantees. 
  
 Payment of principal and premium, if any, interest and Additional Interest, if any, on the Notes, is unconditionally
guaranteed, jointly and severally, by each of the Guarantors. 
  
 6. Redemption. 
  
 (a) Optional Redemption.
At any time on or after September 1, 2006, the Company may redeem the Notes, at its option, in whole or in part, upon not less than 30 nor more than 60 days’ notice, at the following redemption prices (expressed as percentages of the
principal amount thereof) plus accrued and unpaid interest and Additional Interest, if any, if redeemed during the twelve-month period commencing on September 1 of the year set forth below: 
  

				
	 Year

	  	Percentage

	 
	 2006
	  	103.000	%
	 2007
	  	102.000	%
	 2008
	  	101.000	%
	 2009 and thereafter
	  	100.000	%

  
 (b) Notice of
Redemption. Notice of redemption will be mailed by first-class mail at least 30 days but not more than 60 days before the Redemption Date to the Holders of the Notes to be redeemed at such Holder’s registered address. If fewer than all of
the Notes are to be redeemed, at any time, selection of Notes for redemption will be made by the Trustee either in compliance with the requirements of the principal national securities exchange, if any, on which the Notes are listed, or, if the
Notes are not so listed, on a pro rata basis, by lot or by such method as the Trustee may reasonably determine is fair and appropriate; provided that no partial redemption will reduce the principal amount of a Note not redeemed to a
denomination of less than $1,000. Notes in denominations of $1,000 or more may be redeemed in part in multiples of $1,000 only. 
  
 Except as set forth in the Indenture, if monies for the redemption of the Notes called for redemption shall have been deposited with the Paying Agent for
redemption on such redemption date sufficient to pay such redemption price plus accrued and unpaid interest and Additional Interest, if any, the Notes called for redemption will cease to bear interest from and after such redemption date, and the
only remaining right of the Holders of such Notes will be to receive payment of the redemption price plus accrued and unpaid interest and Additional Interest, if any, as of the redemption date upon surrender to the Paying Agent of the Notes
redeemed. 
  
 7. Offers to Purchase. 
  
 Sections 4.10, 4.22 and 4.23 of the Indenture provide that after certain
Asset Sales, upon the occurrence of a Change of Control and upon the Company having Excess Cash Flow and subject to further limitations contained therein, the Company will make an offer to purchase certain amounts of the Notes in accordance with the
procedures set forth in the Indenture. 
  

 A-7 

 8. Registration Rights. 
  
 Pursuant to the Registration Rights Agreement, the Company will be obligated to use its reasonable best efforts to file a
registration statement with respect to a registered offer to exchange the Initial Notes for Senior Secured Floating Rate Notes due 2010 having substantially identical terms as the Notes and to cause that registration statement to be declared
effective within specified time periods. The Holders of the Initial Notes shall be entitled to receive certain additional interest payments in the event such exchange offer is not consummated and upon certain other conditions, all pursuant to and in
accordance with the terms of the Registration Rights Agreement. 
  
 9. Denominations; Transfer; Exchange. 
  
 The
Notes are in registered form, without coupons, in denominations of $1,000 and any integral multiples thereof. A Holder shall register the transfer of or exchange of the Notes in accordance with the Indenture. The Registrar may require a Holder,
among other things, to furnish appropriate endorsements and transfer documents and to pay any taxes, fees or similar governmental charges payable in connection therewith as permitted by the Indenture. The Registrar need not register the transfer of
or exchange of the Notes or portions thereof selected for redemption. 
  
 10. Persons Deemed Owners. 
  
 The registered
Holder of a Note shall be treated as the owner of it and the Notes of which it is composed for all purposes. 
  
 11. Unclaimed Money. 
  
 If money for the payment of principal or interest remains unclaimed for one year, the Trustee and the Paying Agent shall pay the money without interest
thereon back to the Company upon written request by the Company. After any such payment, Holders entitled to the money shall look only to the Company and not the Trustee for payment. 
  
 12. Discharge Prior to Redemption or Maturity. 
  
 If the Company at any time deposits with the Trustee U.S. Legal Tender or U.S. Government Obligations sufficient to pay the
principal of and interest on the Notes to redemption or Maturity and complies with the other provisions of the Indenture relating thereto, the Company shall be deemed to have paid and discharged the entire Indebtedness represented by the outstanding
Notes, except for the rights of Holders to receive payments in respect of the principal of, and premium, if any, interest and Additional Interest, if any, on the Notes when such payments are due from the deposits referred to above. 
  

 A-8 

 13. Amendment; Supplement; Waiver. 
  
 The Company, the Guarantors, the Trustee and, if such amendment, modification or supplement relates to any Collateral
Agreement or the Intercreditor Agreement, the Collateral Agent, without the consent of the Holders, may amend, modify or supplement the Indenture, the Notes, the Intercreditor Agreement and the Collateral Agreements: 
  
 (1) to cure any ambiguity, defect or inconsistency contained therein;

  
 (2) to provide for uncertificated Notes in addition to or in
place of certificated Notes; 
  
 (3) to provide for the
assumption of the Company’s or a Guarantor’s obligations to Holders in accordance with Section 5.01 of the Indenture; 
  
 (4) to make any change that would provide any additional rights or benefits to the Holders or that does not adversely affect the legal rights of any such
Holder under the Indenture, the Notes, the Intercreditor Agreement or the Collateral Agreements; 
  
 (5) to comply with requirements of the SEC in order to effect or maintain the qualification of the Indenture under the TIA; 
  
 (6) to conform the text of the Indenture, the Notes, the Intercreditor
Agreement or the Collateral Agreements to any provision of the “Description of the Notes” section of the Offering Circular to the extent that such provision in the “Description of the Notes” section of the Offering Circular was
intended to be a verbatim recitation of a provision of the Indenture, the Intercreditor Agreement, the Notes or the Collateral Agreements; 
  
 (7) to allow any Subsidiary or any other Person to guarantee the Notes; 
  
 (8) to release a Guarantor as permitted by the Indenture and the relevant Guarantee; or 
  
 (9) if necessary, in connection with any addition or release of Collateral
permitted under the terms of the Indenture, the Intercreditor Agreement or Collateral Agreements, 
  
 so long as such amendment, modification or supplement does not, in the opinion of the Trustee and, if such amendment, modification or supplement relates
to any Collateral Agreement or the Intercreditor Agreement, the Collateral Agent, adversely affect the rights of any of the Holders in any material respect. In formulating its opinion on such matters, each of the Trustee and, if such amendment,
modification or supplement relates to any Collateral Agreement or the Intercreditor Agreement, the Collateral Agent, will be entitled to rely on such evidence as it deems appropriate, including, without limitation, solely on an Opinion of Counsel.
Other amendments of, modifications to and supplements to the Indenture, the Notes, the Registration Rights Agreement, the 

  

 A-9 

 
Intercreditor Agreement and the Collateral Agreements may be made with the consent of the Holders of a majority in principal amount of the then outstanding
Notes issued under the Indenture, which may include consents obtained in connection with a tender offer or an exchange offer, except that, without the consent of each Holder affected thereby, no amendment may: 
  
 (1) reduce the amount of Notes whose Holders must consent to an amendment,
supplement or waiver of any provision of the Indenture or the Notes; 
  
 (2) reduce the rate of or change or have the effect of changing the time for payment of interest, including defaulted interest, or Additional Interest on any Notes; 
  
 (3) reduce the principal of or change or have the effect of changing the fixed maturity of any Notes, or change the date on
which any Notes may be subject to redemption or reduce the redemption price therefor; 
  
 (4) make any Notes payable in money other than that stated in the Notes; 
  
 (5) make any change in provisions of the Indenture protecting the right of each Holder to receive payment of principal of, premium, if any, interest and
Additional Interest, if any, on such Note on or after the due date thereof or to bring suit to enforce such payment, or permitting Holders of a majority in principal amount of Notes to waive Defaults or Events of Default; 
  
 (6) amend, change or modify in any material respect the obligation of the
Company to make and consummate a Change of Control Offer after the occurrence of a Change of Control or make and consummate a Net Proceeds Offer with respect to any Asset Sale that has been consummated or, modify any of the provisions or definitions
with respect thereto; 
  
 (7) subordinate the Notes in right of
payment to any other Indebtedness of the Company or any Guarantor; 
  
 (8) release any Guarantor from any of its obligations under its Guarantee or the Indenture otherwise than in accordance with the terms of the Indenture; 
  
 (9) release all or substantially all of the Collateral otherwise than in accordance with the terms of the Indenture and the
Collateral Agreements; or 
  
 (10) make any changes to
Sections 9.01 or 9.02 of the Indenture. 
  
 14.
Restrictive Covenants. 
  
 The Indenture imposes certain
limitations on the ability of the Company and the Restricted Subsidiaries to, among other things, incur additional Indebtedness or grant Liens, make payments in respect of their Capital Stock or certain Indebtedness, enter into transactions with
Affiliates, create dividend or other payment restrictions affecting Subsidiaries, merge or 

  

 A-10 

 
consolidate with any other Person, sell, assign, transfer, lease, convey or otherwise dispose of all or substantially all of its assets or adopt a plan of
liquidation. Such limitations are subject to a number of important qualifications and exceptions. The Company must annually report to the Trustee on compliance with such limitations. 
  
 15. Successors. 
  
 When a successor assumes, in accordance with the Indenture, all the obligations of its predecessor under the Notes, the Guarantees and the Indenture, the
predecessor will be released from those obligations. 
  
 16.
Defaults and Remedies. 
  
 The following events are defined
as Events of Default: 
  
 (1) the failure to pay interest and
Additional Interest, if any, on any Notes or any other amount (other than principal for the Notes) when the same becomes due and payable and the default continues for a period of 30 days; 
  
 (2) the failure to pay the principal of or premium, if any, on any Notes,
when such principal becomes due and payable, at maturity, upon redemption or otherwise (including the failure to make a payment to purchase Notes tendered pursuant to a Change of Control Offer or a Net Proceeds Offer); 
  
 (3) a default in the observance or performance of any other covenant or
agreement contained in the Indenture (other than the payment of the principal of, or premium, if any, or interest and Additional Interest, if any, on any Note) or any Collateral Agreement which default continues for a period of 30 days after the
Company receives written notice specifying the default (and demanding that such default be remedied) from the Trustee or the Holders of at least 25% of the outstanding principal amount of the Notes (except in the case of a default with respect to
Section 5.01 of the Indenture, which will constitute an Event of Default with such notice requirement but without such passage of time requirement); 
  
 (4) the failure to pay at final maturity (giving effect to any applicable grace periods and any extensions thereof) the principal amount of any
Indebtedness of the Company or any Restricted Subsidiary of the Company, or the acceleration of the final stated maturity of any such Indebtedness (which acceleration is not rescinded, annulled or otherwise cured within 20 days from the date of
acceleration) if the aggregate principal amount of such Indebtedness, together with the principal amount of any other such Indebtedness in default for failure to pay principal at final maturity or which has been accelerated (in each case with
respect to which the 20-day period described above has elapsed), aggregates $5.0 million or more at any time; 
  
 (5) one or more judgments in an aggregate amount in excess of $5.0 million shall have been rendered against the Company or any of its Restricted
Subsidiaries (other than any judgment as to which a reputable and solvent third 

  

 A-11 

 
party insurer has accepted coverage) and such judgments remain undischarged, unpaid or unstayed for a period of 60 days after such judgment or judgments
become final and non-appealable; 
  
 (6) the Company or any
Significant Subsidiary (A) commences a voluntary case or proceeding under any Bankruptcy Code with respect to itself, (B) consents to the entry of an order for relief against it in an involuntary case under any Bankruptcy Code,
(C) consents to the appointment of a Custodian of it or for substantially all of its property, (D) makes a general assignment for the benefit of its creditors; or (E) takes any corporate action to authorize or effect any of the
foregoing; 
  
 (7) a court of competent jurisdiction enters an
order or decree that (A) is an order for relief in respect of the Company or any Significant Subsidiary in an involuntary case under any Bankruptcy Code, (B) appoints a Custodian of the Company or any Significant Subsidiary or for
substantially all of its property or (C) orders the winding-up or liquidation of its affairs; and such order or decree shall remain unstayed and in effect for a period of sixty (60) consecutive days; 
  
 (8) any Collateral Agreement at any time for any reason shall cease to be in
full force and effect in all material respects, or ceases to give the Collateral Agent the Liens, rights, powers and privileges purported to be created thereby, superior to and prior to the rights of all third Persons other than the holders of
Permitted Liens and subject to no other Liens except as expressly permitted by the applicable Collateral Agreement; 
  
 (9) the Company or any of the Guarantors, directly or indirectly, contest in any manner the effectiveness, validity, binding nature or enforceability of
any Collateral Agreement; or 
  
 (10) any Guarantee of a
Significant Subsidiary ceases to be in full force and effect or any Guarantee of a Significant Subsidiary is declared to be null and void and unenforceable or any Guarantee of a Significant Subsidiary is found to be invalid or any Guarantor denies
its liability under its Guarantee (other than by reason of release of such Guarantor in accordance with the terms of the Indenture). 
  
 If an Event of Default (other than an Event of Default specified in clauses (6) and (7) above with respect to the Company) shall occur and be
continuing and has not been waived, the Trustee or the Holders of at least 25% in principal amount of outstanding Notes, may declare the principal of and premium, if any, accrued interest and Additional Interest, if any, on all the Notes to be due
and payable in the manner, at the time and with the effect provided in the Indenture. Holders of Notes may not enforce the Indenture except as provided in the Indenture. The Trustee is not obligated to enforce the Indenture or the Notes unless it
has received indemnity satisfactory to it. The Indenture permits, subject to certain limitations therein provided, Holders of a majority in principal amount of the Notes outstanding to direct the Trustee in its exercise of any trust or power. The
Trustee may withhold from Holders of Notes notice of any continuing 

  

 A-12 

 
Default or Event of Default (except a Default in payment of principal or interest, including Additional Interest) if it determines that withholding notice is
in their interest. 
  
 17. Trustee Dealings with Company.

  
 Subject to the terms of the TIA and the Indenture, the Trustee
under the Indenture, in its individual or any other capacity, may become the owner or pledgee of Notes and may otherwise deal with the Company, any Subsidiaries of the Company or its respective Affiliates as if it were not the Trustee. 

 
 18. No Recourse Against Others. 
  
 A past, present or future director, officer, employee, stockholder or
incorporator, as such, of the Company, a Guarantor or of the Trustee shall not have any liability for any obligations of the Company or the Guarantors under the Notes, the Guarantees, the Collateral Agreements, the Intercreditor Agreement or the
Indenture or for any claim based on, in respect of or by reason of such obligations or their creation. Each Holder, by accepting a Note, waives and releases all such liability. Such waiver and release are part of the consideration for the issuance
of the Notes. 
  
 19. Intercreditor Agreement; Registration
Rights Agreement. 
  
 Each Holder, by its acceptance of its
Note, agrees to be bound by the terms of the Intercreditor Agreement, dated as of August 25, 2005, by and among the parties thereto and the Registration Rights Agreement, and all such replacement thereof, and each of the Holders hereby
authorize the Trustee and the Collateral Agent to bind the Holders to the extent provided in the Indenture. 
  
 20. Authentication. 
  
 This Note shall not be valid until the Trustee or Authenticating Agent manually signs the certificate of authentication on this Note. 
  
 21. Governing Law. 
  
 THIS NOTE, THE INDENTURE AND THE GUARANTEE SHALL BE GOVERNED BY AND CONSTRUED
IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, AS APPLIED TO CONTRACTS MADE AND PERFORMED WITHIN THE STATE OF NEW YORK, WITHOUT REGARD TO PRINCIPLES OF CONFLICT OF LAWS. EACH OF THE PARTIES HERETO AGREES TO SUBMIT TO THE JURISDICTION OF THE
COURTS OF THE STATE OF NEW YORK IN ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS NOTE. 
  
 22. Waiver of Jury Trial. 
  
 EACH OF THE PARTIES HERETO AND THE HOLDERS (BY THEIR ACCEPTANCE OF A NOTE) HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY LAW, ANY RIGHT TO
TRIAL BY JURY IN ANY ACTION OR 

  

 A-13 

 
PROCEEDING ARISING OUT OF OR IN CONNECTION WITH THIS NOTE, THE INDENTURE, THE GUARANTEES, THE COLLATERAL AGREEMENTS, THE INTERCREDITOR AGREEMENT OR THE
TRANSACTIONS CONTEMPLATED BY THIS NOTE. 
  
 23. Abbreviations
and Defined Terms. 
  
 Customary abbreviations may be used in
the name of a Holder of a Note 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). 
  
 The Company will furnish to any
Holder of a Note upon written request and without charge a copy of the Indenture. Requests may be made to: CitiSteel USA, Inc., 4001 Philadelphia Pike, Claymont, Delaware 19703. 
  

 A-14 

  
 ASSIGNMENT FORM 

 
 If you the Holder want to assign this Note, fill in the form below and
have your signature guaranteed: 
  
 I or we
assign and transfer this Note to: 
  
                                       
                                        
                                        
                                        
                                        
                                        
                    
  
                                       
                                        
                                        
                                        
                                        
                                        
                    
  
 (Print or type name, address and zip code and 
 social security or tax ID number of assignee) 
  
 and irrevocably appoint
_______________________________________________________________________agent to transfer this Note on the books of the Company. The agent may substitute another to act for him. 
  

									
					
	 Dated:
	 	 	 	 	 	 Signed:
	 	 
	 	 	 	 	 	 	 	 	 (Sign exactly as your name appears on the other side of this Note)

  
 Signature Guarantee: __________________________________________________ 
  
 In connection with any transfer of this Note occurring prior to the date which is the earlier of (i) the date of the declaration by the SEC of the effectiveness of a registration statement under the Securities
Act of 1933, as amended (the “Securities Act”), covering resales of this Note (which effectiveness shall not have been suspended or terminated at the date of the transfer) and (ii) August 25, 2007, the undersigned confirms
that it has not utilized any general solicitation or general advertising in connection with the transfer and that this Note is being transferred: 
  
 [Check One] 

						
	 (1)
	  	 ̈	 	  	to the Company or a subsidiary thereof; or
			
	 (2)
	  	 ̈	 	  	pursuant to and in compliance with Rule 144A under the Securities Act; or
			
	 (3)
	  	 ̈	 	  	to an institutional “accredited investor” (as defined in Rule 501(a)(1), (2), (3) or (7) under the Securities Act) that has furnished to the Trustee a signed letter
containing certain representations and agreements (the form of which letter can be obtained from the Trustee); or
			
	 (4)
	  	 ̈	 	  	outside the United States to a person other than a “U.S. person” in compliance with Rule 904 of Regulation S under the Securities Act; or
			
	 (5)
	  	 ̈	 	  	pursuant to the exemption from registration provided by Rule 144 under the Securities Act; or

  

 A-15 

						
			
	 (6)
	  	 ̈	 	  	pursuant to an effective registration statement under the Securities Act.

  
 Unless one of the boxes is checked,
the Trustee will refuse to register any of the Notes evidenced by this certificate in the name of any person other than the registered Holder thereof; provided that if box (3), (4) or (5) is checked, the Company or the Trustee may
require, prior to registering any such transfer of the Notes, in its sole discretion, such legal opinions, certifications (including an investment letter in the case of box (3) or (4)) and other information as the Trustee or the Company
has reasonably requested to confirm that such transfer is being made pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act. 
  
 If none of the foregoing boxes is checked, the Trustee or Registrar shall not
be obligated to register this Note in the name of any person other than the Holder hereof unless and until the conditions to any such transfer of registration set forth herein and in Section 2.15 of the Indenture shall have been satisfied.

  

									
					
	Dated:	 	 	 	 	 	 Signed:
	 	 
	 	 	 	 	 	 	 	 	 (Sign exactly as your name appears on the other side of this Note)

  
 Signature Guarantee: _____________________________________________ 
  
 TO BE COMPLETED BY PURCHASER IF (2) ABOVE IS CHECKED 
  
 The undersigned represents and warrants that it is purchasing this Note for its own account or an account with respect to which it exercises sole investment discretion and that it and any such account is a
“qualified institutional buyer” within the meaning of Rule 144A under the Securities Act and is aware that the sale to it is being made in reliance on Rule 144A and acknowledges that it has received such information regarding the Company
as the undersigned has requested pursuant to Rule 144A or has determined not to request such information and that it is aware that the transferor is relying upon the undersigned’s foregoing representations in order to claim the exemption from
registration provided by Rule 144A. 
  

									
					
	 Dated:
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 NOTICE: To be executed by an executive officer

  

 A-16 

  
 [OPTION OF HOLDER TO ELECT
PURCHASE] 
  
 If you want to elect to have this Note purchased
by the Company pursuant to Section 4.10, 4.22 or 4.23 of the Indenture, check the appropriate box: 
  
 Section 4.10  ̈ 
  
 Section 4.22  ̈ 
  
 Section 4.23  ̈ 
  
 If you want to elect to have only part of this Note purchased by the Company pursuant to Section 4.10, 4.22 or 4.23 of the Indenture, state the
amount you elect to have purchased: 
  

									
	 	 	 	 	$ _______________________________
					
	Dated:	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 NOTICE:
	 	The signature on this assignment must correspond with the name as it appears upon the face of the within Note in every particular without alteration or enlargement or any change whatsoever
and be guaranteed by the endorser’s bank or broker.
					
	 	 	 	 	 	 	 	 	 Signature Guarantee: _____________________

  

 A-17 

 EXHIBIT B 
  

CITISTEEL USA, INC. 
  
 SENIOR SECURED FLOATING RATE NOTES DUE 2010 
  

				
	 CUSIP No.
	  	 	 
	No.	  	$	            

  
 CitiSteel USA, Inc., a
Delaware corporation, for value received promises to pay to ___________________, or registered assigns, the principal sum of ____________ DOLLARS ($[            ]) on September 1,
2010. 
  
 Interest Rate: LIBOR plus 7.500%

  
 Interest Payment Dates: March 1 and
September 1, commencing March 1, 2006 
  
 Record Dates: February 15 and August 15 
  
 Reference is made to the further provisions of this Note contained herein, which will for all purposes have the same effect as if set forth at this place. 
  
 IN WITNESS WHEREOF, the Company has caused this Note to be signed manually or by facsimile by its duly
authorized officer. 
  

			
	 CITISTEEL USA, INC.

		
	 By:
	 	 
	 	 	 Name:

	 	 	 Title:

  
 Dated: ______________

  
 TRUSTEE CERTIFICATE OF
AUTHENTICATION 
  
 This is one of the Senior Secured Floating
Rate Notes due 2010 referred to in the within-mentioned Indenture. 
  

									
	 	 	 	 	 THE BANK OF NEW YORK, as Trustee

				
	Date of Authentication: ______________________________	 	 	 	By:	 	 
	 	 	 	 	 	 	 	 	 Authorized Signatory

  

 B-2 

  
 Senior Secured Floating
Rate Notes due 2010 
  
 Capitalized terms used herein have the
meanings assigned to them in the Indenture referred to below unless otherwise indicated. 
  
 1. Interest. 
  
 CitiSteel
USA, Inc. (the “Company”, which term includes any Surviving Entity) promises to pay interest on the principal amount of this Note at the rate per annum described below. Interest on this Note will be due and payable semiannually
in cash on each March 1 and September 1, commencing on March 1, 2006. Interest on this Note will accrue, with respect to the period from and including the Issue Date to but excluding the first interest payment date after the Issue
Date and each successive six-month period from and including each interest payment date to but excluding the following interest payment date (each, an “Interest Accrual Period”), at a rate equal to LIBOR (as defined below) plus a margin of
7.500% per annum. 
  
 The Company will appoint the Trustee or
another financial institution (the “Calculation Agent”) to calculate the interest rate for the Notes. The Company has appointed the Trustee as the Calculation Agent. “LIBOR” will be determined by the Calculation Agent in
accordance with the following provisions: 
  
 (i) LIBOR for any
Interest Accrual Period will equal to the rate, as determined by the Calculation Agent, for six-month U.S. dollar deposits which appears on the Telerate Page 3750 as of 11:00 a.m., London time, on the applicable LIBOR Determination Date (as defined
below) as reported by Bloomberg Financial Markets Commodities News. 
  
 (ii) If, on any LIBOR Determination Date, such rate does not appear on the Telerate Page 3750, the Calculation Agent will determine the arithmetic mean of the offered quotations of the Reference Banks (as defined below) to prime banks in
the London interbank market for Eurodollar deposits for the relevant term by reference to requests for quotations as of approximately 11:00 a.m., London time, on such LIBOR Determination Date made by the Calculation Agent to the Reference Banks. If,
on the LIBOR Determination Date, at least two of the Reference Banks provide such quotations, LIBOR will equal such arithmetic mean. If, on any LIBOR Determination Date, only one or none of the Reference Banks provide such quotations, LIBOR will be
deemed to be the arithmetic mean of the offered quotations that the leading banks in The City of New York selected by the Calculation Agent, after consultation with the Company, are quoting on the relevant LIBOR Determination Date for U.S. dollar
deposits for the relevant term, to the principal London offices of leading banks in the London interbank market. 
  
 (iii) If the Calculation Agent is required but is unable to determine a rate in accordance with at least one of the procedures provided above, LIBOR with
respect to such Interest Accrual Period will be LIBOR as calculated on the immediately preceding LIBOR Determination Date. 
  
 For the purpose of clause (ii) above, all percentages resulting from such calculations will be rounded, if necessary, to the nearest one
thirty-second of a percentage point and, for purposes of clause (iii) above, all percentages resulting from such calculations will be rounded, if necessary, to the nearest one hundred-thousandth of a percentage point. 
  

 B-3 

 As used herein: 
  

“LIBOR Determination Date” means, with respect to any Interest Accrual Period, the second London Banking Day prior to the first day of such
Interest Accrual Period. 
  
 “London Banking Day” means
any day on which commercial banks are open for business, including dealings in foreign exchange and foreign currency deposits, in London. 
  
 “Reference Banks” means four major banks in the London interbank market selected by the Calculation Agent. 
  
 “Telerate Page 3750” means the display page currently so designated
on the Moneyline Telerate Service or such other page as may replace such page on such service for the purpose of displaying comparable rates. 
  
 2. Method of Payment. 
  
 The Company shall pay interest on the Notes (except defaulted interest) to the Persons who are the registered Holders at the close of business on the
Record Date immediately preceding the Interest Payment Date even if the Notes are cancelled on registration of transfer or registration of exchange after such Record Date, and on or before such Interest Payment Date. Holders must surrender Notes to
a Paying Agent to collect principal payments. The Company shall pay principal and interest in money of the United States that at the time of payment is legal tender for payment of public and private debts (“U.S. Legal Tender”).
However, the Company may pay principal and interest by check payable in such U.S. Legal Tender. The Company may deliver any such interest payment to the Paying Agent or to a Holder at the Holder’s registered address. 
  
 3. Paying Agent and Registrar. 
  
 Initially, The Bank of New York (the “Trustee”) will act as
Paying Agent and Registrar. The Company may change any Paying Agent, Registrar or co-Registrar without notice to the Holders. The Company and any of its Subsidiaries may act as Paying Agent or Registrar. If the Trustee acquires any conflicting
interest as described in the TIA, it must eliminate such conflict or resign. 
  
 4. Indenture. 
  
 The Notes
were issued under an Indenture, dated as of August 25, 2005 (the “Indenture”), by and among the Company, CitiSteel PA, Inc. and the Trustee and Collateral Agent. 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 (15 U.S. Code §§ 77aaa-77bbbb), as in effect on the date of the Indenture (the “TIA”). Notwithstanding anything to the contrary herein,
the Notes are subject to all such terms, and Holders of Notes are referred to the Indenture and the TIA for a statement of such terms. The Notes are senior secured obligations of the Company. Each Holder, by accepting a Note, agrees to be bound by
all of the terms and provisions of the Indenture and the Registration Rights Agreement. Any conflict between this Note and the Indenture will be governed by the Indenture. 
  

 B-4 

 5. Guarantees. 
  
 Payment of principal and premium, if any, interest and Additional Interest, if any, on the Notes, is unconditionally
guaranteed, jointly and severally, by each of the Guarantors. 
  
 6. Redemption. 
  
 (a) Optional Redemption.
At any time on or after September 1, 2006, the Company may redeem the Notes, at its option, in whole or in part, upon not less than 30 nor more than 60 days’ notice, at the following redemption prices (expressed as percentages of the
principal amount thereof) plus accrued and unpaid interest and Additional Interest, if any, if redeemed during the twelve-month period commencing on September 1 of the year set forth below: 
  

				
	 Year

	  	Percentage

	 
	 2006
	  	103.000	%
	 2007
	  	102.000	%
	 2008
	  	101.000	%
	 2009 and thereafter
	  	100.000	%

  
 (b) Notice of
Redemption. Notice of redemption will be mailed by first-class mail at least 30 days but not more than 60 days before the Redemption Date to each Holder of Notes to be redeemed at such Holder’s registered address. If fewer than all of the
Notes are to be redeemed, at any time, selection of Notes for redemption will be made by the Trustee either in compliance with the requirements of the principal national securities exchange, if any, on which the Notes are listed, or, if the Notes
are not so listed, on a pro rata basis, by lot or by such method as the Trustee may reasonably determine is fair and appropriate; provided that no partial redemption will reduce the principal amount of a Note not redeemed to a
denomination of less than $1,000. Notes in denominations of $1,000 or more may be redeemed in part in multiples of $1,000 only. 
  
 Except as set forth in the Indenture, if monies for the redemption of the Notes called for redemption shall have been deposited with the Paying Agent for
redemption on such redemption date sufficient to pay such redemption price plus accrued and unpaid interest and Additional Interest, if any, the Notes called for redemption will cease to bear interest from and after such redemption date, and the
only remaining right of the Holders of such Notes will be to receive payment of the redemption price plus accrued and unpaid interest and Additional Interest, if any, as of the redemption date upon surrender to the Paying Agent of the Notes
redeemed. 
  
 7. Offers to Purchase. 
  
 Sections 4.10, 4.22 and 4.23 of the Indenture provide that after certain
Asset Sales, upon the occurrence of a Change of Control and upon the Company having Excess Cash Flow and subject to further limitations contained therein, the Company will make an offer to purchase certain amounts of the Notes in accordance with the
procedures set forth in the Indenture. 
  

 B-5 

 8. Registration Rights. 
  
 Pursuant to the Registration Rights Agreement, the Company will be obligated to use its reasonable best efforts to file a
registration statement with respect to a registered offer to exchange the Initial Notes for Senior Secured Floating Rate Notes due 2010 having substantially identical terms as the Notes and to cause that registration statement to be declared
effective within specified time periods. The Holders of the Initial Notes shall be entitled to receive certain additional interest payments in the event such exchange offer is not consummated and upon certain other conditions, all pursuant to and in
accordance with the terms of the Registration Rights Agreement. 
  
 9. Denominations; Transfer; Exchange. 
  
 The
Notes are in registered form, without coupons, in denominations of $1,000 and any integral multiples thereof. A Holder shall register the transfer of or exchange of Notes in accordance with the Indenture. The Registrar may require a Holder, among
other things, to furnish appropriate endorsements and transfer documents and to pay any taxes, fees or similar governmental charges payable in connection therewith as permitted by the Indenture. The Registrar need not register the transfer of or
exchange of any Notes or portions thereof selected for redemption. 
  
 10. Persons Deemed Owners. 
  
 The registered
Holder of a Note shall be treated as the owner of it and the Notes of which it is composed for all purposes. 
  
 11. Unclaimed Money. 
  
 If money for the payment of principal or interest remains unclaimed for one year, the Trustee and the Paying Agent shall pay the money without interest
thereon back to the Company upon written request by the Company. After any such payment, Holders entitled to the money shall look only to the Company and not to the Trustee for payment. 
  
 12. Discharge Prior to Redemption or Maturity. 
  
 If the Company at any time deposits with the Trustee U.S. Legal Tender or U.S. Government Obligations sufficient to pay the
principal of and interest on the Notes to redemption or Maturity and complies with the other provisions of the Indenture relating thereto, the Company shall be deemed to have paid and discharged the entire Indebtedness represented by the outstanding
Notes, except for the rights of Holders to receive payments in respect of the principal of, and premium, if any, interest and Additional Interest, if any, on the Notes when such payments are due from the deposits referred to above. 
  
 13. Amendment; Supplement; Waiver. 
  
 The Company, the Guarantors, the Trustee and, if such amendment, modification
or supplement relates to any Collateral Agreement or the Intercreditor Agreement, the Collateral 

  

 B-6 

 
Agent, without the consent of the Holders, may amend, modify or supplement the Indenture, the Notes, the Intercreditor Agreement and the Collateral
Agreements: 
  
 (1) to cure any ambiguity, defect or
inconsistency contained therein; 
  
 (2) to provide for
uncertificated Notes in addition to or in place of certificated Notes; 
  
 (3) to provide for the assumption of the Company’s or a Guarantor’s obligations to Holders in accordance with Section 5.01 of the Indenture; 
  
 (4) to make any change that would provide any additional rights or benefits to the Holders or that does not adversely affect
the legal rights of any such Holder under the Indenture, the Notes, the Intercreditor Agreement or the Collateral Agreements; 
  
 (5) to comply with requirements of the SEC in order to effect or maintain the qualification of the Indenture under the TIA; 
  
 (6) to conform the text of the Indenture, the Notes, the Intercreditor
Agreement or the Collateral Agreements to any provision of the “Description of the Notes” section of the Offering Circular to the extent that such provision in the “Description of the Notes” section of the Offering Circular was
intended to be a verbatim recitation of a provision of the Indenture, the Intercreditor Agreement, the Notes or the Collateral Agreements; 
  
 (7) to allow any Subsidiary or any other Person to guarantee the Notes; 
  
 (8) to release a Guarantor as permitted by the Indenture and the relevant Guarantee; or 
  
 (9) if necessary, in connection with any addition or release of Collateral
permitted under the terms of the Indenture, the Intercreditor Agreement or Collateral Agreements, 
  
 so long as such amendment, modification or supplement does not, in the opinion of the Trustee and, if such amendment, modification or supplement relates
to any Collateral Agreement or the Intercreditor Agreement, the Collateral Agent, adversely affect the rights of any of the Holders in any material respect. In formulating its opinion on such matters, each of the Trustee and, if such amendment,
modification or supplement relates to any Collateral Agreement or the Intercreditor Agreement, the Collateral Agent, will be entitled to rely on such evidence as it deems appropriate, including, without limitation, solely on an Opinion of Counsel.
Other amendments of, modifications to and supplements to the Indenture, the Notes, the Registration Rights Agreement, the Intercreditor Agreement and the Collateral Agreements may be made with the consent of the Holders of a majority in principal
amount of the then outstanding Notes issued under the Indenture, which may include consents obtained in connection with a tender offer or 

  

 B-7 

 
an exchange offer, except that, without the consent of each Holder affected thereby, no amendment may: 
  
 (1) reduce the amount of Notes whose Holders must consent to an amendment,
supplement or waiver of any provision of the Indenture or the Notes; 
  
 (2) reduce the rate of or change or have the effect of changing the time for payment of interest, including defaulted interest, or Additional Interest on any Notes; 
  
 (3) reduce the principal of or change or have the effect of changing the fixed maturity of any Notes, or change the date on
which any Notes may be subject to redemption or reduce the redemption price therefor; 
  
 (4) make any Notes payable in money other than that stated in the Notes; 
  
 (5) make any change in provisions of the Indenture protecting the right of each Holder to receive payment of principal of, premium, if any, interest and
Additional Interest, if any, on such Note on or after the due date thereof or to bring suit to enforce such payment, or permitting Holders of a majority in principal amount of Notes to waive Defaults or Events of Default; 
  
 (6) amend, change or modify in any material respect the obligation of the
Company to make and consummate a Change of Control Offer after the occurrence of a Change of Control or make and consummate a Net Proceeds Offer with respect to any Asset Sale that has been consummated or, modify any of the provisions or definitions
with respect thereto; 
  
 (7) subordinate the Notes in right of
payment to any other Indebtedness of the Company or any Guarantor; 
  
 (8) release any Guarantor from any of its obligations under its Guarantee or the Indenture otherwise than in accordance with the terms of the Indenture; 
  
 (9) release all or substantially all of the Collateral otherwise than in accordance with the terms of the Indenture and the
Collateral Agreements; or 
  
 (10) make any changes to
Sections 9.01 or 9.02 of the Indenture. 
  
 14.
Restrictive Covenants. 
  
 The Indenture imposes certain
limitations on the ability of the Company and the Restricted Subsidiaries to, among other things, incur additional Indebtedness or grant Liens, make payments in respect of their Capital Stock or certain Indebtedness, enter into transactions with
Affiliates, create dividend or other payment restrictions affecting Subsidiaries, merge or consolidate with any other Person, sell, assign, transfer, lease, convey or otherwise dispose of all or substantially all of its assets or adopt a plan of
liquidation. Such limitations are subject to a 

  

 B-8 

 
number of important qualifications and exceptions. The Company must annually report to the Trustee on compliance with such limitations. 
  
 15. Successors. 
  
 When a successor assumes, in accordance with the Indenture, all the
obligations of its predecessor under the Notes, the Guarantees and the Indenture, the predecessor will be released from those obligations. 
  
 16. Defaults and Remedies. 
  
 The following events are defined as Events of Default: 
  
 (1) the failure to pay interest and Additional Interest, if any, on any Notes or any other amount (other than principal for the Notes) when the same
becomes due and payable and the default continues for a period of 30 days; 
  
 (2) the failure to pay the principal of or premium, if any, on any Notes, when such principal becomes due and payable, at maturity, upon redemption or otherwise (including the failure to make a payment to purchase
Notes tendered pursuant to a Change of Control Offer or a Net Proceeds Offer); 
  
 (3) a default in the observance or performance of any other covenant or agreement contained in the Indenture (other than the payment of the principal of, or premium, if any, or interest and Additional Interest, if
any, on any Note) or any Collateral Agreement which default continues for a period of 30 days after the Company receives written notice specifying the default (and demanding that such default be remedied) from the Trustee or the Holders of at least
25% of the outstanding principal amount of Notes (except in the case of a default with respect to Section 5.01 of the Indenture, which will constitute an Event of Default with such notice requirement but without such passage of time
requirement); 
  
 (4) the failure to pay at final maturity
(giving effect to any applicable grace periods and any extensions thereof) the principal amount of any Indebtedness of the Company or any Restricted Subsidiary of the Company, or the acceleration of the final stated maturity of any such Indebtedness
(which acceleration is not rescinded, annulled or otherwise cured within 20 days from the date of acceleration) if the aggregate principal amount of such Indebtedness, together with the principal amount of any other such Indebtedness in default for
failure to pay principal at final maturity or which has been accelerated (in each case with respect to which the 20-day period described above has elapsed), aggregates $5.0 million or more at any time; 
  
 (5) one or more judgments in an aggregate amount in excess of
$5.0 million shall have been rendered against the Company or any of its Restricted Subsidiaries (other than any judgment as to which a reputable and solvent third party insurer has accepted coverage) and such judgments remain undischarged,

  

 B-9 

 
unpaid or unstayed for a period of 60 days after such judgment or judgments become final and non-appealable; 
  
 (6) the Company or any Significant Subsidiary (A) commences a voluntary
case or proceeding under any Bankruptcy Code with respect to itself, (B) consents to the entry of an order for relief against it in an involuntary case under any Bankruptcy Code, (C) consents to the appointment of a Custodian of it or for
substantially all of its property, (D) makes a general assignment for the benefit of its creditors; or (E) takes any corporate action to authorize or effect any of the foregoing; 
  
 (7) a court of competent jurisdiction enters an order or decree that
(A) is an order for relief in respect of the Company or any Significant Subsidiary in an involuntary case under any Bankruptcy Code, (B) appoints a Custodian of the Company or any Significant Subsidiary or for substantially all of its
property or (C) orders the winding-up or liquidation of its affairs; and such order or decree shall remain unstayed and in effect for a period of sixty (60) consecutive days; 
  
 (8) any Collateral Agreement at any time for any reason shall cease to be in full force and effect in all material respects,
or ceases to give the Collateral Agent the Liens, rights, powers and privileges purported to be created thereby, superior to and prior to the rights of all third Persons other than the holders of Permitted Liens and subject to no other Liens except
as expressly permitted by the applicable Collateral Agreement; 
  
 (9) the Company or any of the Guarantors, directly or indirectly, contest in any manner the effectiveness, validity, binding nature or enforceability of any Collateral Agreement; or 
  
 (10) any Guarantee of a Significant Subsidiary ceases to be in full force
and effect or any Guarantee of a Significant Subsidiary is declared to be null and void and unenforceable or any Guarantee of a Significant Subsidiary is found to be invalid or any Guarantor denies its liability under its Guarantee (other than by
reason of release of such Guarantor in accordance with the terms of the Indenture). 
  
 If an Event of Default (other than an Event of Default specified in clauses (6) and (7) above with respect to the Company) shall occur and be continuing and has not been waived, the Trustee or the Holders of
at least 25% in principal amount of outstanding Notes, may declare the principal of and premium, if any, accrued interest and Additional Interest, if any, on all the Notes to be due and payable in the manner, at the time and with the effect provided
in the Indenture. Holders of Notes may not enforce the Indenture except as provided in the Indenture. The Trustee is not obligated to enforce the Indenture or the Notes unless it has received indemnity satisfactory to it. The Indenture permits,
subject to certain limitations therein provided, Holders of a majority in principal amount of the Notes outstanding to direct the Trustee in its exercise of any trust or power. The Trustee may withhold from Holders of Notes notice of any continuing

  

 B-10 

 
Default or Event of Default (except a Default in payment of principal or interest, including Additional Interest) if it determines that withholding notice is
in their interest. 
  
 17. Trustee Dealings with Company.

  
 Subject to the terms of the TIA and the Indenture, the Trustee
under the Indenture, in its individual or any other capacity, may become the owner or pledgee of Notes and may otherwise deal with the Company, any Subsidiaries of the Company or its respective Affiliates as if it were not the Trustee. 

 
 18. No Recourse Against Others. 
  
 A past, present or future director, officer, employee, stockholder or
incorporator, as such, of the Company, a Guarantor or of the Trustee shall not have any liability for any obligations of the Company or the Guarantors under the Notes, the Guarantees, the Collateral Agreements, the Intercreditor Agreement or the
Indenture or for any claim based on, in respect of or by reason of such obligations or their creation. Each Holder, by accepting a Note, waives and releases all such liability. Such waiver and release are part of the consideration for the issuance
of the Notes. 
  
 19. Intercreditor Agreement; Registration
Rights Agreement. 
  
 Each Holder, by its acceptance of its
Note, agrees to be bound by the terms of the Intercreditor Agreement, dated as of August 25, 2005, by and among the parties thereto and the Registration Rights Agreement, and all such replacement thereof, and each of the Holders hereby
authorize the Trustee and the Collateral Agent to bind the Holders to the extent provided in the Indenture. 
  
 20. Authentication. 
  
 This Note shall not be valid until the Trustee or Authenticating Agent manually signs the certificate of authentication on this Note. 
  
 21. Governing Law. 
  
 THIS NOTE, THE INDENTURE AND THE GUARANTEE SHALL BE GOVERNED BY AND CONSTRUED
IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, AS APPLIED TO CONTRACTS MADE AND PERFORMED WITHIN THE STATE OF NEW YORK, WITHOUT REGARD TO PRINCIPLES OF CONFLICT OF LAWS. EACH OF THE PARTIES HERETO AGREES TO SUBMIT TO THE JURISDICTION OF THE
COURTS OF THE STATE OF NEW YORK IN ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS NOTE. 
  
 22. Waiver of Jury Trial. 
  
 EACH OF THE PARTIES HERETO AND THE HOLDERS (BY THEIR ACCEPTANCE OF A NOTE) HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY LAW, ANY RIGHT TO
TRIAL BY JURY IN ANY ACTION OR 

  

 B-11 

 
PROCEEDING ARISING OUT OF OR IN CONNECTION WITH THIS NOTE, THE INDENTURE, THE GUARANTEES, THE COLLATERAL AGREEMENTS, THE INTERCREDITOR AGREEMENT OR THE
TRANSACTIONS CONTEMPLATED BY THIS NOTE. 
  
 23. Abbreviations
and Defined Terms. 
  
 Customary abbreviations may be used in
the name of a Holder of a Note 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). 
  
 The Company will furnish to any
Holder of a Note upon written request and without charge a copy of the Indenture. Requests may be made to: CitiSteel USA, Inc., 4001 Philadelphia Pike, Claymont, Delaware 19703. 
  

 B-12 

  
 ASSIGNMENT FORM

  
 If you the Holder want to assign this Note, fill in
the form below and have your signature guaranteed: 
  
 I or we assign and transfer
this Note to: 
  

  

 (Print or type name, address and zip code and 
 social security or tax ID number of assignee) 
  
 and irrevocably appoint
                                        
                                        
                                         agent
to transfer this Note on the books of the Company. The agent may substitute another to act for him. 
  

									
					
	 Dated: 
	 	 	 	 	 	Signed: 	 	 
	 	 	 	 	 	 	 	 	(Sign exactly as your name appears on the other side of this Note)

  

	Signature	Guarantee:
                                        

  

 B-13 

  
 [OPTION OF HOLDER TO ELECT
PURCHASE] 
  
 If you want to elect to have this Note purchased
by the Company pursuant to Section 4.10, 4.22 or 4.23 of the Indenture, check the appropriate box: 
  
 Section 4.10  ̈
  
 Section 4.22  ̈ 
  
 Section 4.23  ̈ 
  
 If you want to elect to have only part of this Note purchased by the Company pursuant to Section 4.10, 4.22 or 4.23 of the Indenture, state the
amount you elect to have purchased 
  

									
	 	 	 	 	 	 	$
                                        
                    
					
	Dated: 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 NOTICE: 
	 	The signature on this assignment must correspond with the name as it appears upon the face of the within Note in every particular without alteration or enlargement or any change whatsoever
and be guaranteed by the endorser’s bank or broker.
					
	 	 	 	 	 	 	 	 	 Signature Guarantee: __________________________

  

 B-14 

 EXHIBIT C 
  

FORM OF LEGEND FOR GLOBAL SECURITY 
  
 Any Global Security authenticated and delivered hereunder shall bear a legend (which would be in addition to any other legends required in the case of a
Restricted Security) in substantially the following form: 
  
 THIS SECURITY IS A
GLOBAL NOTE WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITORY OR A NOMINEE OF A DEPOSITORY OR A SUCCESSOR DEPOSITORY. THIS NOTE IS NOT EXCHANGEABLE FOR NOTES REGISTERED IN THE NAME OF A PERSON
OTHER THAN THE DEPOSITORY OR ITS NOMINEE EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE, AND NO TRANSFER OF THIS NOTE (OTHER THAN A TRANSFER OF THIS NOTE AS A WHOLE BY THE DEPOSITORY TO A NOMINEE OF THE DEPOSITORY OR BY A NOMINEE OF
THE DEPOSITORY TO THE DEPOSITORY OR ANOTHER NOMINEE OF THE DEPOSITORY) MAY BE REGISTERED EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE. 
  
 UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE COMPANY OR
ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO
CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF,
CEDE & CO., HAS AN INTEREST HEREIN. 

 EXHIBIT D 
  

Form of Certificate To Be 
 Delivered in
Connection with 
 Transfers to Non-QIB Accredited Investors 
  
 ___________, ____ 
  
 The Bank of New York 
 101 Barclay Street - 8th Floor West 
 New York, NY 10286 
  

	 	Re:	Senior Secured Floating Rate Notes due 2010 (the “Notes”) of CitiSteel USA, Inc., a Delaware corporation (the “Company”) 

  
 Ladies and Gentlemen: 
  
 In connection with our proposed purchase of $_____________ aggregate principal amount of the Notes, we confirm that:

  
 1. We are an institutional “Accredited Investor”
within the meaning of Rule 501(a)(1), (2), (3) or (7) under the Securities Act of 1933, as amended (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 accountants for which we are acting are each able to bear the economic risk of our or their investment, as the case may be. 
  
 2. Any purchase of the Notes by us will be for our own account or the account
of one or more other Accredited Investors as to which we exercise sole investment discretion. 
  
 3. Either (1) we are not, and will not transfer the Notes, to an entity holding “plan assets,” within the meaning of 29 C.F.R. 2510.3-101, of any “employee benefit plan” within the meaning of
Section 3(3) of the Employee Retirement Security Act of 1974, as amended (“ERISA”), or any “plan” within the meaning of Section 4975 of the Internal Revenue Code of 1986, as amended (the “Code”) or
(2) our purchase and holding of the Notes will not result in a non-exempt prohibited transaction under ERISA or Section 4975 of the Code (or any substantially similar applicable law). 
  
 4. We have such knowledge and experience in financial and business matters
that we are capable of evaluating the merits and risks of purchasing the Notes, and we and any accounts for which we are acting are able to bear the economic risks of an entire loss of our or their investment in the Notes. 
  
 5. We are not acquiring the Notes with a view to any distribution thereof in
a transaction that would violate the Securities Act or the securities laws of any state of the United States or any other applicable jurisdiction; provided that the disposition of our property and the 

 
property of any accounts for which we are acting as fiduciary shall remain at all times within our and their control. 
  
 6. We have received a copy of the Offering Circular dated August 18,
2005 (the “Offering Circular”) and acknowledge that we have had access to such financial and other information, and have been afforded the opportunity to ask such questions of representatives of the Company and receive answers thereto, as
we deem necessary to verify the information contained in the Offering Circular; and 
  
 7. We acknowledge that the Notes have not been registered under the Securities Act and that the notes may not be offered or sold within the United States or to, or for the benefit of, U.S. persons except as set forth
below. 
  
 We agree, on our own behalf and on behalf of each
account for which we acquire any notes, that, for a period of two years after the later of the date of (x) original issuance of the notes and (y) the last date on which the notes or any part thereof were owned by the Company or an
affiliate of the Company, such notes may be offered, resold, pledged or otherwise transferred only (i) to the Company or its subsidiaries, (ii) pursuant to a registration statement which has been declared effective under the Securities
Act, (iii) inside the United States to a person that we reasonably believe to be a “Qualified Institutional Buyer” (as defined in Rule 144A under the Securities Act) in compliance with Rule 144A, (iv) outside the United States to
persons other than U.S. persons in transactions that occur outside the United States within the meaning of Regulation S under the Securities Act, (v) inside the United States to a person we reasonably believe to be an Accredited Investor that,
prior to such transfer, furnishes to the trustee under the Indenture relating to the Notes (the “Trustee”) a signed letter containing certain representations and agreements (a form of which can be obtained from the Trustee),
(vi) pursuant to any other available exemption from the registration requirements of the Securities Act (if available), and in each case, in accordance with any applicable laws of any state of the United States or any other applicable
jurisdiction. 
  
 We understand that the Trustee will not be
required to accept for registration for transfer any Notes acquired by us, except upon presentation of evidence satisfactory to the Company and the Trustee that the foregoing restrictions on transfer have been complied with. We further understand
that the Notes purchased by us will bear a legend reflecting the substance of this paragraph. We further agree to provide to any person acquiring any of the notes from us a notice advising such person that resales of the Notes are restricted as
stated herein and that certificates representing the notes will bear a legend to that effect. 
  
 We acknowledge that you, the Company, the Trustee and others will rely upon our acknowledgements, representations and agreements set forth herein, and we agree to notify you promptly in writing if any of our
acknowledgements, representations and agreements herein cease to be accurate and complete. 
  
 We represent to you that we have full power to make the foregoing acknowledgments, representations and agreements on our own behalf or on behalf of any investor account for which we are acting as a fiduciary or agent.

  

 D-2 

 As used herein, the terms “offshore transaction,” “United States” and “U.S.
person” have the respective meanings given to them in Regulation S under the Securities Act. 
  
 THIS LETTER SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK. 
  

			
	[NAME OF ACCREDITED INVESTOR]
		
	By:	 	 
	 	 	Authorized Signature

  

 D-3 

 EXHIBIT E 
  

Form of Certificate To Be 
 Delivered in
Connection with  
 Transfers Pursuant to Regulation S 
  
 The Bank of New York 
 101 Barclay Street - 8th Floor West 
 New York, NY 10286 
  

	 	Re:	Senior Secured Floating Rate Notes due 2010 (the “Notes”) of CitiSteel USA, Inc. (the “Company”) 

  
 Ladies and Gentlemen: 
  
 In connection with our proposed sale of $________________ aggregate principal
amount of the Notes, we confirm that such sale has been effected pursuant to and in accordance with Regulation S under the U.S. Securities Act of 1933, as amended (the “Securities Act”), and, accordingly, we represent that:

  

	 	1.	the offer of the Notes was not made to a person in the United States; 

  

	 	2.	either (a) at the time the buy offer was originated, the transferee was outside the United States or we and any person acting on our behalf reasonably believed that the
transferee was outside the United States, or (b) the transaction was executed in, on or through the facilities of a designated off-shore securities market and neither we nor any person acting on our behalf knows that the transaction has been
pre-arranged with a buyer in the United States; 

  

	 	3.	no directed selling efforts have been made in the United States in contravention of the requirements of Rule 903(b) or Rule 904(b) of Regulation S, as applicable;

  

	 	4.	the transaction is not part of a plan or scheme to evade the registration requirements of the Securities Act; and 

  

	 	5.	we have advised the transferee of the transfer restrictions applicable to the Notes. 

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

 

			
	 Very truly yours,

	
	 [Name of Transferee]

		
	By:	 	 
	 	 	Authorized Signature

 EXHIBIT F 
  

LANDLORD’S WAIVER AND CONSENT 
  
 AGREEMENT, dated as of the ____ day of _________, 20__, among _______________________________________, a ________________ corporation (the “Landlord”),
U.S. BANK NATIONAL ASSOCIATION, a national banking association, in its capacity as agent (including any successor or replacement agent or similar contractual representative for any lender or group of lenders that at any time succeeds to or
refinances, replaces or substitutes the Credit Agreement (as defined below) from time to time, the “WC Agent”), for certain lenders from time to time party to the Credit Agreement (the “WC Lenders”), and The Bank of
New York, a New York banking corporation, not in its individual capacity, but in its capacity as trustee and collateral agent (including any successor or replacement trustee agent or similar contractual representative for the holders of the Notes
(as defined below) issued under the Indenture (as defined below) from time to time (the “Collateral Agent”)). 
  
 W I T N E S S E T H: 
  
 WHEREAS, [CITISTEEL PA, INC.] [CITISTEEL USA, INC.] (the “Tenant”) has entered into (a) a Credit
Agreement (as amended, restated, replaced, refinanced, substituted, refunded, renewed, supplemented or otherwise modified from time to time, the “Credit Agreement”) with the WC Agent and the WC Lenders, whereby the WC Agent and WC
Lenders are making or causing certain financial accommodations to be made to or for the benefit of the Tenant and (b) an Indenture (as amended, restated, replaced, refinanced, substituted, refunded, supplemented renewed or otherwise modified
from time to time, the “Indenture”) pursuant to which the Tenant has guaranteed the obligations of its parent corporation, CitiSteel USA, Inc. (“CitiSteel”) under certain notes (the “Notes”) issued by
CitiSteel under the Indenture; 
  
 WHEREAS, to secure payment and
performance of all of Tenant’s obligations and liabilities to the WC Agent and the WC Lenders under the Credit Agreement and (b) the Collateral Agent and the holders of the Notes (the “Noteholders”) under the Notes and the
Indenture, the Tenant has pledged and granted to the WC Agent and the Collateral Agent (or, with respect to certain Collateral, to the Collateral Agent only) a continuing first priority security interest in all personal property (excluding any
non-movable fixtures which have been permanently affixed to the Premises and made a part thereof) of the Tenant, wherever located and whether now or hereafter existing and whether now owned or hereafter acquired, of every kind and description,
tangible or intangible (the “Collateral”), including, without limitation, all of the Tenant’s accounts, books and records, inventory, machinery, equipment and furniture and all proceeds thereof, however, excluding Tenant’s
leasehold interest in the Premises (as defined below), subject to the Intercreditor Agreement, dated as of August 25, 2005, by and between WC Agent and the Collateral Agent (as such agreement may be amended, restated, replaced or otherwise
modified from time to time, the “Intercreditor Agreement”), and 
  
 WHEREAS, such security interest covers the Collateral now or hereafter located at ___________________, __________, ______________, which premises are owned by the Landlord (hereinafter the “Premises”)
and leased or subleased by the Landlord to the Tenant by the Lease, dated as of __________ __, 20__ (such Lease, together with any and all renewals, 

 
extensions, amendments, modifications, substitutions, and replacements thereof, being hereinafter referred to as the “Lease”); 

 
 NOW, THEREFORE, it is hereby agreed between the WC Agent, on behalf of the
WC Lenders, and the Collateral Agent, on behalf of the Noteholders, on the one hand, and the Landlord, on the other hand, as follows: 
  
 The Landlord consents to the location of the Collateral in or on the Premises, and subject to the terms of this Agreement, (a) agrees that the
Collateral shall be and remain personal property, (b) waives each and every right that Landlord now has or hereafter may have, under the laws of the state or commonwealth in which the Premises are located, or by virtue of the Lease, or by
virtue of Tenant’s occupation of the Premises, to levy or distrain upon for rent (whether in arrears, in advance or both) or for any monetary obligation arising by reason of default under the Lease, or to claim or assert any lien, right, claim,
interest or title to, or to take any action or institute any proceedings with respect to, any of the Collateral, which now or hereafter may be on the Premises, excluding any non-movable fixtures which have been permanently affixed to the Premises
and are part thereof, and (c) will not hinder or delay the Agent (as defined below), the WC Lenders or the Noteholders in enforcing their rights under this Agreement. The Agent and the Landlord hereby agree that the provisions of this
Section 1 are made in favor, and shall inure to the benefit, of only the Agent, the WC Lenders and the Noteholders and their respective successors and assigns, and to no other persons. 
  
 The Landlord hereby grants the Agent, the WC Lenders and the Noteholders and
their employees, agents and representatives the right, upon five (5) business days’ prior written notice to the Landlord to (a) enter the Premises to inspect or remove or take possession of the Collateral and, (b) provided it is
permitted under the Lease, and any restriction or agreement affecting the Premises, to conduct a public or private sale of the Collateral from the Premises at any time, in accordance with this Agreement so long as the Agent, the WC Lenders and the
Noteholders and their employees, agents and representatives do not damage the Premises or materially disrupt or interfere with any other tenant’s business within _____________________ (the “Mall”) and/or the common areas of the Mall.
The Agent, the WC Lenders and the Noteholders shall promptly repair, without any cost to the Landlord, any physical damage to the Premises that is caused by the Agent, the WC Lenders or the Noteholders. The Landlord further agrees that, during the
foregoing period, Landlord will not (i) remove any of the Collateral from the Premises or (ii) hinder the Agent’s actions in removing Collateral from the Premises or the Agent’s actions in otherwise enforcing its security
interest in the Collateral. Subject to the provisions of this Section 2, the Agent shall not be liable for any diminution in value of the Premises caused by the absence of Collateral actually removed or by the need to replace the Collateral
after such removal. The Landlord acknowledges that the Agent shall have no obligation to remove the Collateral from the Leased Premises. 
  
 Landlord acknowledges and agrees that Tenant’s granting of a security interest in the Collateral in favor of the WC Agent, for its benefit and the
benefit of the WC Lenders and to the Collateral Agent for its benefit and the benefit of the Noteholders shall not constitute a default under the Lease nor permit Landlord to terminate the Lease or re-enter or repossesses the Premises or otherwise
be the basis for the exercise of any remedy by Landlord. 
  

 F-2 

 The Landlord hereby represents to the Agent, the WC Lenders and the Noteholders that (i) Landlord is
the Landlord under the Lease, (ii) the Lease is in full force and effect and has not been amended, modified or supplemented except [                ], (iii) to
the best of Landlord’s knowledge, there is no defense, offset, claim or counterclaim by or in favor of Landlord against Tenant under the Lease or against the obligations of Landlord under the Lease, (iv) Tenant has not been given a notice
of default under the Lease that remains uncured and, to the best knowledge of the Landlord, there are no existing defaults under the Lease on the part of the Tenant. 
  
 If the Tenant shall default under the Lease beyond applicable notice and cure periods, if any, the Landlord shall give the
Agent notice of the said default and (without the necessity of the notice by the Agent in Section 2) provide the Agent with a thirty (30) day period after the receipt of such notice by the Agent to enter the Premises to inspect, remove, to
exercise the rights granted to the Agent under Section 2 hereof, provided the Landlord is paid for use and occupancy, and not as rent , an amount equal to the regular installments of rent due under the Lease for the Premises (on a per diem
basis based upon a thirty (30) day month)) for the number of days the Agent actually occupies the Premises. Agent’s payment of rent to Landlord shall not result in the Agent incurring any other obligations of Tenant under the Lease. In no
event shall Landlord exercise any remedies under the Lease or at law or in equity, without giving the Agent written notice of the default and the opportunity for exercising the rights granted the Agent herein. The Agent, the WC Lenders and the
Noteholders shall not, however, be obligated to cure any Tenant default and, except as expressly stated herein, nothing shall obligate the Agent, the WC Lenders or the Noteholders to assume the obligations for any remaining term of the Lease of the
Premises. 
  
 The WC Agent, the Collateral Agent and Landlord
hereby agree and acknowledge that the term “Agent” as used herein shall mean each of the WC Agent and the Collateral Agent, provided that, (a) any notices, instructions, claims or directions from the WC Agent or the Collateral Agent
to the Landlord shall be accompanied by a written certification that such Agent is entitled under the terms of the Intercreditor Agreement to act as agent and to take the actions contemplated hereunder and (b) in the event of any conflicting
certifications, notices, instructions, claims or directions, the Landlord shall follow the WC Agent’s certification, notices, instructions, claims or directions, provided the WC Agent, indemnifies Landlord from any and all claims and liability
resulting from sale. . 
  
 The provisions hereof shall remain in
full force and effect until the earlier of: (i) Tenant has fully paid and performed all of its present and future obligations to the Agent, the WC Lenders and the Noteholders, or (ii) the expiration or sooner termination of the Lease. The
Agent, the WC Lenders and the Noteholders (as applicable) may, without affecting the validity of this Agreement, extend, amend or in any way modify the terms of the Credit Agreement and the Indenture. 
  
 This Agreement shall be governed and controlled by and interpreted under the
laws of the State of New York and shall be binding upon and inure to the benefit of the parties herein named and their respective assigns and successors in interest. This Agreement may be executed in counterparts, each of which when so executed and
delivered shall be deemed an original, but all such counterparts together shall constitute but one and the same instrument. All notices to any party hereto under this Agreement shall be in writing and sent to such party at its respective 

  

 F-3 

 
address set forth below (or at such other address as shall be designated by such party in a written notice to the other party complying as to delivery with
the terms of this Section 9) by overnight delivery service for next business day delivery. 
  
 EACH OF THE LANDLORD, THE WC AGENT AND THE COLLATERAL AGENT HEREBY WAIVES ITS RESPECTIVE RIGHTS TO A JURY TRIAL OF ANY CLAIM OR CAUSE OF ACTION BASED UPON
OR ARISING OUT OF THIS AGREEMENT, INCLUDING CONTRACT CLAIMS, TORT CLAIMS, BREACH OF DUTY CLAIMS, AND ALL OTHER COMMON LAW OR STATUTORY CLAIMS. EACH OF THE LANDLORD, THE WC AGENT AND THE COLLATERAL AGENT REPRESENTS THAT IT HAS REVIEWED THIS AGREEMENT
AND EACH KNOWINGLY AND VOLUNTARILY WAIVES ITS JURY TRIAL RIGHTS FOLLOWING CONSULTATION WITH LEGAL COUNSEL. IN THE EVENT OF LITIGATION, A COPY OF THIS AGREEMENT MAY BE FILED AS A WRITTEN CONSENT TO A TRIAL BY THE COURT. 
  
 IN WITNESS WHEREOF, the parties hereto have duly executed this Agreement as of the day and
year first above written. 
  

			
	 
		
	By:	 	 
	 	 	 Name:

	 	 	 Title:

  

			
	 Address for Notices:

	 c/o

	
	 and

	
	 U.S. BANK NATIONAL ASSOCIATION, as WC Agent

		
	By:	 	 
	 	 	 Name:

	 	 	 Title:

  

 F-4 

			
	 Address for Notices:

		
	Phone:	 	 
	 Fax:
	 	 
		
	 and
	 	 
	
	 THE BANK OF NEW YORK, not in its individual capacity but solely as Collateral Agent

		
	By:	 	 
	 	 	 Name:

	 	 	 Title:

	
	 Address for Notices:

  

			
	ACKNOWLEDGED AND AGREED:
	
	[CITISTEEL USA, INC.]
	[CITISTEEL PA, INC.]
		
	By:	 	 
	 	 	 Name:

	 	 	 Title:

  

			
	 Address for Notices:
	  	 
		
	 If to Tenant, to:
	  	 c/o CitiSteel USA, Inc.
 4001 Philadelphia
Pike
 Claymont, Delaware
  
 Attention:    Mr. Jeff Bradley
                     Executive Chairman
 Facsimile:     (302) 792-1195

		
	 With copies to:
	  	 CitiSteel PA, Inc.
 [                                    
                                     ]
 Attention: [            ]
 Facsimile: (    )

		
	 	  	 and
  
 Morgan, Lewis & Bockius LLP
 One Oxford Centre
 301 Grant Street, 32nd FL.
 Pittsburgh, PA 15219
 Attention:    David Gerson, Esq. and
                           Kimberly Taylor, Esq.
 Facsimile:     (412) 560-7001

  

 F-5

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