Document:

ex4-1

    EXHIBIT
      4.1

    
 

    IRON
      MOUNTAIN INCORPORATED

     

    THE
      GUARANTORS NAMED HEREIN

     

    AND

     

    THE
      BANK
      OF NEW YORK TRUST COMPANY, N.A.,

     

    as
      Trustee

     

    8%
      Dollar
      Denominated Senior Subordinated Notes due 2018, and

     

    63⁄4%
      Euro
      Denominated Senior Subordinated Notes due 2018

     

    

     

    FOURTH
      SUPPLEMENTAL INDENTURE

     

    Dated
      as
      of October 16, 2006

     

    TO

     

    SENIOR
      SUBORDINATED INDENTURE

     

    Dated
      as
      of December 30, 2002

     

    

     

    
      
        
          

          

        

        
        

      

      
        
        

        
          

        

      

      
        
        

        
        

      

    

    

      
        	
                ARTICLE
                  1.

              	 
	
                DEFINITIONS

              	
                1

              
	 	
                Section
                  1.1. Definitions.

              	
                1

              
	
                ARTICLE
                  2.

              	 
	
                FORM
                  AND TERMS OF THE NOTES 

              	
                20

              
	 	
                Section
                  2.1. Form and Dating.

              	
                20

              
	 	
                Section
                  2.2. Execution and Authentication.

              	
                21

              
	 	
                Section
                  2.3. Depository and Paying Agent for Notes.

              	
                21

              
	 	
                Section
                  2.4. Amend, Restate and Replace Covenant Regarding Transfer and
                  Exchange
                  of Notes.

              	
                22

              
	 	
                Section
                  2.5. Amend, Restate and Replace Covenant Regarding Global Note
                  Legend.

              	
                32

              
	 	
                Section
                  2.6. Redemption.

              	
                34

              
	 	
                Section
                  2.7. Additional Covenants. 

              	
                37

              
	 	
                Section
                  2.8. Subsidiary Guarantees.

              	
                52

              
	 	
                Section
                  2.9. Legal Defeasance and Covenant Defeasance.

              	
                52

              
	 	
                Section
                  2.10. Subordination. 

              	
                52

              
	 	
                Section
                  2.11. Amend, Restate and Replace Covenant Regarding
                  Reports.

              	
                52

              
	 	
                Section
                  2.12. Events of Default. 

              	
                53

              
	 	
                Section
                  2.13. Amend, Restate and Replace Provision Regarding Amendment
                  with the
                  Consent of the Holders of the Notes

              	
                53

              
	
                ARTICLE
                  3.

              	 
	
                MISCELLANEOUS

              	
                55

              
	 	
                Section
                  3.1. No Representations by Trustee, Etc.

              	
                55

              
	 	
                Section
                  3.2. Effect of Headings. 

              	
                55

              
	 	
                Section
                  3.3. Successors and Assigns.

              	
                55

              
	 	
                Section
                  3.4. Separability Clause. 

              	
                55

              
	 	
                Section
                  3.5. Governing Law. 

              	
                55

              
	 	
                Section
                  3.6. Supplement to Supersede Indenture.

              	
                55

              

      

      

    

     

    
      
        
          

          

        

        
        

      

      
        
        

        
          

        

      

      
        
        

        
        

      

    

    THIS
      FOURTH SUPPLEMENTAL INDENTURE, dated as of October 16, 2006 (“Fourth
      Supplemental Indenture”),
      is by
      and between IRON MOUNTAIN INCORPORATED, a Delaware corporation (the
“Company”),
      having its principal office at 745 Atlantic Avenue, Boston, Massachusetts 02111,
      the Guarantors signatory hereto, and THE BANK OF NEW YORK TRUST COMPANY, N.A.,
      a
      national banking association, as trustee (the “Trustee”),
      having its principal corporate trust office at 222 Berkeley Street,
      2nd
      Floor,
      Boston, MA 02116.

     

    WITNESSETH:

     

    WHEREAS,
      the Company and the Trustee, as successor trustee, are parties to that certain
      Senior Subordinated Indenture, dated as of December 30, 2002 (the “Indenture”),
      to
      provide for the issuance by the Company from time to time of Securities to
      be
      issued in one or more series as provided in the Indenture;

     

    WHEREAS,
      the Board of Directors of the Company has authorized, by resolutions adopted
      on
      October 5, 2006, the issuance and sale of a Series of 8% Dollar Denominated
      Senior Subordinated Notes due 2018 (the “Dollar
      Notes”)
      and a
      Series of 63⁄4% Euro Denominated Senior Subordinated Notes due 2018 (the
“Euro
      Notes”
and
      with the Dollar Notes, the “Notes”);

     

    WHEREAS,
      the Company desires to issue and sell, on the date hereof, Dollar Notes in
      the
      aggregate principal amount of $50,000,000 and Euro Notes in the aggregate
      principal amount of €30,000,000;

     

    WHEREAS,
      the Company desires to enter into this Fourth Supplemental Indenture pursuant
      to
      Section 9.1 of the Indenture to supplement the Indenture to establish the form
      and terms of the Notes; and

     

    NOW,
      THEREFORE, for and in consideration of the premises stated herein and the
      purchase of the Notes by the Holders thereof, the parties hereto hereby enter
      into this Fourth Supplemental Indenture, for the equal and proportionate benefit
      of all Holders of Notes, as follows:

     

    ARTICLE
      1.

     

    DEFINITIONS

     

    Section
      1.1. Definitions. 

     

    (a) All
      of
      the terms used in this Fourth Supplemental Indenture that are defined in the
      Indenture shall have the meanings specified in the Indenture, unless otherwise
      defined herein (in which case they shall have the meanings defined herein for
      the purposes of the Indenture as well as for the Fourth Supplemental Indenture)
      or unless the context otherwise requires, and for the purposes of this Fourth
      Supplemental Indenture, the following terms have the meanings set forth in
      this
      Section:

     

    “Acquired
      Debt”
means,
      with respect to any specified Person:

     

    

    
      
        
          

          

        

        
        

      

      
        
        

        
          

        

      

      
        
        

        
          

        

      

    

    (1) Indebtedness
      of any other Person, existing at the time such other Person merged with or
      into
      or became a Subsidiary of such specified Person, including Indebtedness incurred
      in connection with, or in contemplation of, such other Person merging with
      or
      into or becoming a Subsidiary of such specified Person; and

     

    (2) Indebtedness
      encumbering any asset acquired by such specified Person.

     

    “Acquisition
      EBITDA”
means,
      as of any date of determination, with respect to an Acquisition EBITDA Entity,
      the sum of:

     

    (1) EBITDA
      of
      such Acquisition EBITDA Entity for the most recently ended four full quarters
      for which internal financial statements are available at such date of
      determination (adjusted to give pro forma effect to any acquisition or
      disposition of a business or Person by such Acquisition EBITDA Entity
      consummated during the period covered by, or after the date of, such four full
      fiscal quarters (or if statements are not available for such four full fiscal
      quarters, EBITDA for the most recently ended fiscal quarter for which internal
      financial statements are available, annualized), plus

     

    (2) projected
      quantifiable improvements in operating results (on an annualized basis) due
      to
      cost reductions calculated in good faith by the Company or one of its Restricted
      Subsidiaries, as certified by an Officers’ Certificate filed with the Trustee,
      without giving effect to any operating losses of the acquired
      Person.

     

    “Acquisition
      EBITDA Entity”
means,
      as of any date of determination, a business or Person:

     

    (1) which
      has
      been acquired by the Company or one of its Restricted Subsidiaries and with
      respect to which internal financial statements on a consolidated basis with
      the
      Company are not available for four full fiscal quarters; or

     

    (2) which
      is
      to be acquired in whole or in part with Indebtedness, the incurrence of which
      will require the calculation on such date of the Acquisition EBITDA of such
      Acquisition EBITDA Entity for purposes of Section 2.7(b) of this Fourth
      Supplemental Indenture (Section 4.9 of the Indenture).

     

    “Additional
      Dollar Notes”
means
      such amount of the Company’s Dollar Notes (other than the Initial Dollar Notes)
      as the Company may issue from time to time under this Fourth Supplemental
      Indenture in accordance with Section 2.2 hereof as part of the same series
      as
      the Initial Dollar Notes.

     

    “Additional
      Euro Notes”
means
      such amount of the Company’s Euro Notes (other than the Initial Euro Notes) as
      the Company may issue from time to time under this Fourth Supplemental Indenture
      in accordance with Section 2.2 hereof as part of the same series as the Initial
      Euro Notes.

     

    “Additional Notes”
means
      the Additional
      Dollar
      Notes and the Additional Euro Notes.

     

    

     

    
      
        
          

          

        

        
        

      

      
        -2-

        
          

        

      

      
        
        

        
          

        

      

    

    “Adjusted
      EBITDA”
means,
      as of any date of determination and without duplication, the sum
      of:

     

    (1) EBITDA
      of
      the Company and its Restricted Subsidiaries for the Company’s most recently
      ended four full fiscal quarters for which internal financial statements are
      available at such date of determination; and

     

    (2) Acquisition
      EBITDA of each business or Person that is an Acquisition EBITDA Entity as of
      such date of determination, multiplied by a fraction, (i) the numerator of
      which is 12 minus the number of months (and/or any portion thereof) in such
      most
      recent four full fiscal quarters for which the financial results of such
      Acquisition EBITDA Entity are included in the EBITDA of the Company and its
      Restricted Subsidiaries under clause (1) above, and (ii) the
      denominator of which is 12. The effects of unusual items, including
      merger-related expenses permitted to be shown as a separate line item on a
      statement of operations in accordance with GAAP, or non-recurring items in
      respect of the Company, a Restricted Subsidiary or an Acquisition EBITDA Entity
      occurring in any period shall be excluded in the calculation of Adjusted
      EBITDA.

     

    “Agent
      Members”
means
      members of, or participants in, the Depository.

     

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

     

    “Attributable
      Indebtedness”
in
      respect of a Sale and Leaseback Transaction means, as of the time of
      determination, the greater of:

     

    (1) the
      fair
      market value of the property subject to such arrangement (as determined by
      the
      Board of Directors); and

     

    (2) the
      present value (discounted at the rate of interest implicit in such transaction)
      of the total obligations of the lessee for rental payments during the remaining
      terms of the lease included in such Sale and Leaseback Transaction (including
      any period for which such lease has been extended).

     

    “Bund
      Rate”
means,
      with respect to any redemption date, the rate per annum equal to the semi-annual
      equivalent yield to maturity as of such date of the Comparable German Bund
      Issue, assuming a price for the Comparable German Bund Issue (expressed as
      a
      percentage of its principal amount) equal to the Comparable German Bund Price
      for such redemption date, where:

     

    (1) “Comparable
      German Bund Issue”
means
      the German Bundesanleihe
      security
      selected by any dealer of German Bundesanleihe
      securities appointed by the Company (a “Reference
      German Bund Dealer”)
      as
      having a fixed maturity most nearly equal to the period from such redemption
      date to the Euro Make-Whole Average Life; provided,
      however,
      that,
      if the Euro Make-Whole Average Life is not equal to the fixed maturity of the
      German Bundesanleihe
      security
      selected by such Reference German Bund 

     

    

     

    
      
        
          

          

        

        
        

      

      
        -3-

        
          

        

      

      
        
        

        
          

        

      

    

    Dealer,
      the Bund Rate shall be determined by linear interpolation (calculated to the
      nearest one-twelfth of a year) from the yields of German Bundesanleihe
      securities for which such yields are given, except that if the Euro Make-Whole
      Average Life is less than one year, a fixed maturity of one year shall be
      used;

     

    (2) “Comparable
      German Bund Price”
means,
      with respect to any redemption date, the average of all Reference German Bund
      Dealer Quotations for such date (which, in any event, must include at least
      two
      such quotations), after excluding the highest and lowest such Reference German
      Bund Quotations, or if the Company obtains fewer than four such Reference German
      Bund Dealer Quotations, the average of all such quotations; and

     

    (3) “Reference
      German Bund Dealer Quotations”
means,
      with respect to each Reference German Bund Dealer and any redemption date,
      the
      average as determined by the Company of the bid and offered prices for the
      Comparable German Bund Issue (expressed in each case as a percentage of its
      principal amount) quoted in writing to the Company by such Reference German
      Bund
      Dealer at 4:00 P.M. Frankfurt, Germany, time on the third Business Day preceding
      the redemption date.

     

    “Cash
      Equivalents”
      means:

     

    (1) securities
      with maturities of one year or less from the date of acquisition, issued, fully
      guaranteed or insured by the United States Government or any agency
      thereof;

     

    (2) certificates
      of deposit, time deposits, overnight bank deposits, bankers acceptances and
      repurchase agreements issued by a Qualified Issuer having maturities of
      270 days or less from the date of acquisition;

     

    (3) commercial
      paper of an issuer rated at least A-2 by Standard & Poor’s Rating
      Group, a division of McGraw Hill, Inc., or P-2 by Moody’s Investors
      Service, or carrying an equivalent rating by a nationally recognized rating
      agency if both of the two named rating agencies cease publishing ratings of
      investments and having maturities of 270 days or less from the date of
      acquisition;

     

    (4) money
      market accounts or funds with or issued by Qualified Issuers; and

     

    (5) Investments
      in money market funds substantially all of the assets of which are comprised
      of
      securities and other obligations of the types described in clauses
      (1) through (3) above.

     

    “Change
      of Control”
means
      the occurrence of any of the following events:

     

    (1) any
      “person” or “group” (as such terms are used in Sections 13(d) and 14(d) of the
      Exchange Act), other than the Principal Stockholders (or any of them), is or
      becomes the “beneficial owner” (as defined in Rules 13d-3 and 13d-5 under
      the Exchange Act), directly or indirectly, of more than a majority of the voting
      power of all classes of Voting Stock of the Company;

     

    

     

    
      
        
          

          

        

        
        

      

      
        -4-

        
          

        

      

      
        
        

        
          

        

      

    

    (2) the
      Company consolidates with, or merges with or into, another Person or conveys,
      transfers, leases or otherwise disposes of all or substantially all of its
      assets to any Person, or any Person consolidates with, or merges with or into,
      the Company, in any such event pursuant to a transaction in which the
      outstanding Voting Stock of the Company is converted into or exchanged for
      cash,
      securities or other property, other than any such transaction where (i) the
      outstanding Voting Stock of the Company is not converted or exchanged at all
      (except to the extent necessary to reflect a change in the jurisdiction of
      incorporation) or is converted into or exchanged for (A) Voting Stock
      (other than Disqualified Stock) of the surviving or transferee Person or
      (B) cash, securities and other property (other than Capital Stock described
      in the foregoing clause (A)) of the surviving or transferee Person in an
      amount that could be paid as a Restricted Payment pursuant to Section 2.7(a)
      of
      the Fourth Supplemental Indenture (Section 4.8 of the Indenture) and
      (ii) immediately after such transaction, no “person” or “group” (as such
      terms are used in Sections 13(d) and 14(d) of the Exchange Act), other than
      the
      Principal Stockholders (or any of them), is the “beneficial owner” (as defined
      in Rules 13d-3 and 13d-5 under the Exchange Act), directly or indirectly,
      of more than a majority of the total outstanding Voting Stock of the surviving
      or transferee Person;

     

    (3) during
      any consecutive two-year period, individuals who at the beginning of such period
      constituted the Board of Directors (together with any new directors whose
      election to such Board of Directors, or whose nomination for election by the
      stockholders of the Company, was approved by a vote of 662/3%
      of the
      directors then still in office who were either directors at the beginning of
      such period or whose election or nomination for election was previously so
      approved) cease for any reason to constitute a majority of the Board of
      Directors then in office; or

     

    (4) the
      Company is liquidated or dissolved or adopts a plan of liquidation or
      dissolution other than in a transaction which complies with Section 5.1 of
      the
      Indenture.

     

    “Clearstream”
means
      Clearstream Banking, S.A.

     

    “Common
      Depositary”
means
      The Bank of New York Depository (Nominees) Limited, as common depositary for
      Euroclear and Clearstream or any successor common depositary appointed as common
      depositary hereunder and having become such pursuant to the applicable provision
      of this Fourth Supplemental Indenture.

     

    “Consolidated
      Adjusted Net Income”
means,
      for any period, the net income (or net loss) of the Company and its Restricted
      Subsidiaries for such period as determined on a consolidated basis in accordance
      with GAAP, adjusted to the extent included in calculating such net income or
      loss by excluding:

     

    (1) any
      net
      after-tax extraordinary gains or losses (less all fees and expenses relating
      thereto);

     

    (2) any
      net
      after-tax gains or losses (less all fees and expenses relating thereto)
      attributable to Asset Sales;

     

    

     

    
      
        
          

          

        

        
        

      

      
        -5-

        
          

        

      

      
        
        

        
          

        

      

    

    (3) the
      portion of net income (or loss) of any Person (other than the Company or a
      Restricted Subsidiary), including Unrestricted Subsidiaries, in which the
      Company or any Restricted Subsidiary has an ownership interest, except to the
      extent of the amount of dividends or other distributions actually paid to the
      Company or any Restricted Subsidiary in cash dividends or distributions by
      such
      Person during such period; and

     

    (4) the
      net
      income (or loss) of any Person combined with the Company or any Restricted
      Subsidiary on a “pooling of interests” basis attributable to any period prior to
      the date of combination.

     

    “Consolidated
      Income Tax Expense”
means,
      for any period, the provision for federal, state, local and foreign income
      taxes
      of the Company and its Restricted Subsidiaries for such period as determined
      on
      a consolidated basis in accordance with GAAP.

     

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

     

    (1) the
      amount which, in conformity with GAAP, would be set forth opposite the caption
      “interest expense” (or any like caption) on a consolidated statement of
      operations of the Company and its Restricted Subsidiaries for such period,
      including, without limitation:

     

    
      	 	
              (A)

            	
              amortization
                of debt discount;

            

    

     

    
      	 	
              (B)

            	
              the
                net cost of interest rate contracts (including amortization of
                discounts);

            

    

     

    
      	 	
              (C)

            	
              the
                interest portion of any deferred payment
                obligation;

            

    

     

    
      	 	
              (D)

            	
              amortization
                of debt issuance costs; and

            

    

     

    
      	 	
              (E)

            	
              the
                interest component of Capital Lease Obligations of the Company and
                its
                Restricted Subsidiaries; plus

            

    

     

    (2) all
      interest on any Indebtedness of any other Person guaranteed and paid by the
      Company or any of its Restricted Subsidiaries;

     

    provided,
      however, that Consolidated Interest Expense will not include any gain or loss
      from extinguishment of debt, including write-off of debt issuance
      costs.

     

    “Consolidated
      Non-Cash Charges”
means,
      for any period, the aggregate depreciation, amortization and other non-cash
      expenses of the Company and its Restricted Subsidiaries (including without
      limitation any minority interest) reducing Consolidated Adjusted Net Income
      for
      such period, determined on a consolidated basis in accordance with GAAP
      (excluding any such non-cash charge to the extent that it requires an accrual
      of
      or reserve for cash charges for any future period).

     

    

     

    
      
        
          

          

        

        
        

      

      
        -6-

        
          

        

      

      
        
        

        
          

        

      

    

    “Credit
      Agent”
means
      JPMorgan Chase Bank, in its capacity as administrative agent for the lenders
      party to the Credit Agreement, or any successor or successors party
      thereto.

     

    “Credit
      Agreement”
means
      that certain Amended and Restated Credit Agreement, dated as of July 8, 2004,
      as
      amended, among the Company, the lenders party thereto and the Credit Agent,
      as
      amended, restated, supplemented, modified, renewed, refunded, increased,
      extended, replaced or refinanced from time to time.

     

    “Definitive
      Note”
means
      a
      certificated Note registered in the name of the Holder thereof and issued in
      accordance with Section 2.15.2 of the Indenture, substantially in the form
      of
      the Dollar Note attached hereto as Exhibit A-1 or the Euro Note attached hereto
      as Exhibit A-2 except that such Note shall not bear the Global Note Legend
      and
      shall not have the “Schedule of Exchanges of Notes” attached
      thereto.

     

    “Depository”
      means
      The Depository Trust Company and any and all successors thereto appointed as
      depository hereunder and having become such pursuant to the applicable provision
      of this Fourth Supplemental Indenture.

     

    “Dollar
      Make-Whole Amount”
means,
      with respect to any Dollar Note, an amount equal to the excess, if any,
      of:

     

    (1) the
      present value of the remaining principal, premium and interest payments that
      would be payable with respect to such Dollar Note if such Dollar Note were
      redeemed on October 15, 2011, computed using a discount rate equal to the
      Treasury Rate plus 75 basis points, over

     

    (2) the
      outstanding principal amount of such Dollar Note.

     

    “Dollar
      Make-Whole Average Life”
means,
      with respect to any date of redemption of Dollar Notes, the number of years
      (calculated to the nearest one-twelfth) from such redemption date to October
      15,
      2011.

     

    “Dollar
      Make-Whole Price”
means,
      with respect to any Dollar Note, the greater of:

     

    (1) the
      sum
      of the principal amount of and Dollar Make-Whole Amount with respect to such
      Dollar Note; and

     

    (2) the
      redemption price of such Dollar Note on October 15, 2011.

     

    “EBITDA”
means
      for any period Consolidated Adjusted Net Income for such period increased
      by:

     

    (1) Consolidated
      Interest Expense for such period; plus

     

    (2) Consolidated
      Income Tax Expense for such period; plus

     

    (3) Consolidated
      Non-Cash Charges for such period.

     

    

     

    
      
        
          

          

        

        
        

      

      
        -7-

        
          

        

      

      
        
        

        
          

        

      

    

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

     

    “Equity
      Proceeds”
      means:

     

    (1) with
      respect to Equity Interests (or debt securities converted into Equity Interests)
      issued or sold for cash Dollars, the aggregate amount of such cash Dollars;
      and

     

    (2) with
      respect to Equity Interests (or debt securities converted into Equity Interests)
      issued or sold for any consideration other than cash Dollars, the aggregate
      Market Price thereof computed on the date of the issuance or sale
      thereof.

     

    “Euro”
or
      “€”
means
      the lawful currency of the member states of the European Union that adopt the
      single currency in accordance with the Treaty establishing the European
      Community, as amended.

     

    “Euroclear”
means
      Euroclear Bank, S.A./N.V., as operator of the Euroclear system.

     

    “Euro
      Make-Whole Amount”
means,
      with respect to any Euro Note, an amount equal to the excess, if any,
      of:

     

    (1) the
      present value of the remaining principal, premium and interest payments that
      would be payable with respect to such Euro Note if such Euro Note were redeemed
      on October 15, 2011, computed using a discount rate equal to the Bund Rate
      plus
      75 basis points, over

     

    (2) the
      outstanding principal amount of such Euro Note.

     

    “Euro
      Make-Whole Average Life”
means,
      with respect to any date of redemption of Euro Notes, the number of years
      (calculated to the nearest one-twelfth) from such redemption date to October
      15,
      2011.

     

    “Euro
      Make-Whole Price”
means,
      with respect to any Euro Note, the greater of:

     

    (1) the
      sum
      of the principal amount of and Euro Make-Whole Amount with respect to such
      Euro
      Note; and

     

    (2) the
      redemption price of such Euro Note on October 15, 2011.

     

    “Excluded
      Restricted Subsidiary”
means
      any Restricted Subsidiary organized under the laws of a jurisdiction other
      than
      the United States (as defined in Regulation S under the Securities Act) and
      that
      has not delivered a Subsidiary Guarantee.

     

    “Existing
      Indebtedness”
means
      Indebtedness of the Company and its Subsidiaries (other than under the Credit
      Agreement) in existence on the date of the Indenture, until such amounts are
      repaid.

     

    

     

    
      
        
          

          

        

        
        

      

      
        -8-

        
          

        

      

      
        
        

        
          

        

      

    

    “Global
      Note Legend”
means
      the legend set forth in Section 2.15.3 of the Indenture, which is required
      to be
      placed on all Global Notes issued under the Fourth Supplemental
      Indenture.

     

    “Global
      Notes”
means,
      individually and collectively, each of the Restricted Global Notes and the
      Unrestricted Global Notes, substantially in the form of the Dollar Note attached
      hereto as Exhibit A-1 or the Euro Note attached hereto as Exhibit A-2, in each
      case bearing the Global Note Legend and with the “Schedule of Exchanges of
      Notes” attached thereto, issued in accordance with Section 2.1 of this Fourth
      Supplemental Indenture and 2.15.2(b)(3), 2.15.2(b)(4), 2.15.2(d)(2) or 2.15.2(h)
      of the Indenture.

     

    “IAI
      Global Note”
means
      a
      Global Note substantially in the form of the Dollar Note attached hereto as
      Exhibit A-1 or the Euro Note attached hereto as Exhibit A-2 bearing the Global
      Note Legend and the Private Placement Legend and deposited with or on behalf
      of
      and registered in the name of the Depository or its nominee or the Common
      Depositary or its nominee, as applicable, that will be issued in a denomination
      equal to the outstanding principal amount of the Dollar Notes or the Euro Notes
      (as the case may be) sold to Institutional Accredited Investors.

     

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

     

    “Initial
      Dollar Notes”
means
      the first $50,000,000 aggregate principal amount of the Dollar Notes that are
      issued under this Fourth Supplemental Indenture, as amended or supplemented
      from
      time to time pursuant to the Indenture.

     

    “Initial
      Euro Notes”
means
      the first €30,000,000 aggregate principal amount of the Euro Notes that are
      issued under this Fourth Supplemental Indenture, as amended or supplemented
      from
      time to time pursuant to the Indenture.

     

    “Initial
      Notes”
means
      the Initial Dollar Notes and the Initial Euro Notes.

     

    “Institutional
      Accredited Investor”
means
      an institution that is an “accredited investor” as defined in Rule 501(a)(1),
      (2), (3) or (7) under the Securities Act, who are not also QIBs.

     

    “Investments”
means,
      with respect to any Person, all investments by such Person in other Persons
      (including Affiliates) in the forms of loans (including Guarantees), advances
      or
      capital contributions (excluding commission, travel and similar advances to
      officers and employees made in the ordinary course of business), purchases
      or
      other acquisitions for consideration of Indebtedness, Equity Interests or other
      securities and all other items that are or would be classified as investments
      on
      a balance sheet prepared in accordance with GAAP.

     

    “Issue
      Date”
with
      respect to any Series of Notes hereunder, the date such Series of Notes are
      first issued by the Company and authenticated by the Trustee under the
      Indenture.

     

    “Leverage
      Ratio”
means,
      at any date, the ratio of:

     

    

     

    
      
        
          

          

        

        
        

      

      
        -9-

        
          

        

      

      
        
        

        
          

        

      

    

    (1) the
      aggregate principal amount of Indebtedness of the Company and its Restricted
      Subsidiaries outstanding as of the most recent available quarterly or annual
      balance sheet, to

     

    (2) Adjusted
      EBITDA, after giving pro forma effect, without duplication, to

     

    
      	 	
              (A)

            	
              the
                incurrence, repayment or retirement of any Indebtedness by the Company
                or
                its Restricted Subsidiaries since the last day of the most recent
                full
                fiscal quarter of the Company;

            

    

     

    
      	 	
              (B)

            	
              if
                the Leverage Ratio is being determined in connection with the incurrence
                of Indebtedness by the Company or a Restricted Subsidiary, such
                Indebtedness; and

            

    

     

    
      	 	
              (C)

            	
              the
                Indebtedness to be incurred in connection with the acquisition of
                any
                Acquisition EBITDA Entity.

            

    

     

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

     

    “Market
      Price”
      means:

     

    (1) with
      respect to the calculation of Equity Proceeds from the issuance or sale of
      debt
      securities which have been converted into Equity Interests, the value received
      upon the original issuance or sale of such converted debt securities, as
      determined reasonably and in good faith by the Board of Directors;
      and

     

    (2) with
      respect to the calculation of Equity Proceeds from the issuance or sale of
      Equity Interests, the average of the daily closing prices for such Equity
      Interests for the 20 consecutive trading days preceding the date of such
      computation.

     

    The
      closing price for each day shall be:

     

    (1) if
      such
      Equity Interests are then listed or admitted to trading on the New York Stock
      Exchange, the closing price on the NYSE Consolidated Tape (or any successor
      consolidated tape reporting transactions on the New York Stock Exchange) or,
      if
      such composite tape shall not be in use or shall not report transactions in
      such
      Equity Interests, or if such Equity Interests shall be listed on a stock
      exchange other than the New York Stock Exchange (including for this purpose
      the
      NASDAQ National Market), the last reported sale price regular way for such
      day,
      or in case no such reported sale takes place on such day, the average of the
      closing bid and asked prices regular way for such day, in each case on the
      principal national securities exchange on which such Equity Interests are listed
      or admitted to trading (which shall be the national securities exchange

     

    

     

    
      
        
          

          

        

        
        

      

      
        -10-

        
          

        

      

      
        
        

        
          

        

      

    

    on
      which
      the greatest number of such Equity Interests have been traded during such 20
      consecutive trading days); or

     

    (2) if
      such
      Equity Interests are not listed or admitted to trading on any such exchange,
      the
      average of the closing bid and asked prices thereof in the over-the-counter
      market as reported by the National Association of Securities Dealers Automated
      Quotation System or any successor system, or if not included therein, the
      average of the closing bid and asked prices thereof furnished by two members
      of
      the National Association of Securities Dealers selected reasonably and in good
      faith by the Board of Directors for that purpose. In the absence of one or
      more
      such quotations, the Market Price for such Equity Interests shall be determined
      reasonably and in good faith by the Board of Directors.

     

    “Net
      Proceeds”
means
      the aggregate cash proceeds received by the Company or any of its Restricted
      Subsidiaries in respect of any Asset Sale, which amount is equal to the excess,
      if any, of:

     

    (1) the
      cash
      received by the Company or such Restricted Subsidiary (including any cash
      payments received by way of deferred payment pursuant to, or monetization of,
      a
      note or installment receivable or otherwise, but only as and when received)
      in
      connection with such disposition, over

     

    (2) the
      sum
      of:

     

    
      	 	
              (A)

            	
              the
                amount of any Indebtedness which is secured by such asset and which
                is
                required to be repaid in connection with the disposition thereof;
                plus

            

    

     

    
      	 	
              (B)

            	
              the
                reasonable out-of-pocket expenses incurred by the Company or such
                Restricted Subsidiary, as the case may be, in connection with such
                disposition or in connection with the transfer of such amount from
                such
                Restricted Subsidiary to the Company;
                plus

            

    

     

    
      	 	
              (C)

            	
              provisions
                for taxes, including income taxes, attributable to the disposition
                of such
                asset or attributable to required prepayments or repayments of
                Indebtedness with the proceeds thereof;
                plus

            

    

     

    
      	 	
              (D)

            	
              if
                the Company does not first receive a transfer of such amount from
                the
                relevant Restricted Subsidiary with respect to the disposition of
                an asset
                by such Restricted Subsidiary and such Restricted Subsidiary intends
                to
                make such transfer as soon as practicable, the out-of-pocket expenses
                and
                taxes that the Company reasonably estimates will be incurred by the
                Company or such Restricted Subsidiary in connection with such transfer
                at
                the time such transfer is expected to be received by the Company
                (including, without limitation, withholding taxes on the remittance
                of
                such amount).

            

    

     

    

     

    
      
        
          

          

        

        
        

      

      
        -11-

        
          

        

      

      
        
        

        
          

        

      

    

    “Notes”
has
      the
      meaning assigned to it in the preamble to this Fourth Supplemental Indenture.
      The Initial Notes and any Additional Notes of any Series shall be treated as
      a
      single class for all purposes under this Fourth Supplemental Indenture and
      the
      Indenture.

     

    “Permitted
      Investments”
      means:

     

    (1) any
      Investments in the Company or in a Restricted Subsidiary (other than an Excluded
      Restricted Subsidiary) of the Company, including without limitation the
      Guarantee of Indebtedness permitted under Section 2.7(b) of the Fourth
      Supplemental Indenture (Section 4.9 of the Indenture);

     

    (2) any
      Investments in Cash Equivalents;

     

    (3) Investments
      by the Company or any Restricted Subsidiary of the Company in a Person, if
      as a
      result of such Investment;

     

    
      	 	
              (A)

            	
              such
                Person becomes a Restricted Subsidiary (other than an Excluded Restricted
                Subsidiary) of the Company; or

            

    

     

    
      	 	
              (B)

            	
              such
                Person is merged, consolidated or amalgamated with or into, or transfers
                or conveys substantially all of its assets to, or is liquidated into,
                the
                Company or a Restricted Subsidiary (other than an Excluded Restricted
                Subsidiary) of the Company;

            

    

     

    (4) Investments
      in assets (including accounts and notes receivable) owned or used in the
      ordinary course of business;

     

    (5) Investments
      for any purpose related to the Company’s records and information management
      business (including, without limitation, the Company’s confidential destruction
      and fulfillment businesses) in an aggregate outstanding amount not to exceed
      $10.0 million; and

     

    (6) Investments
      by the Company or a Restricted Subsidiary (other than an Excluded Restricted
      Subsidiary) in one or more Excluded Restricted Subsidiaries, the aggregate
      outstanding amount of which does not exceed 30% of the consolidated assets
      of
      the Company and its Restricted Subsidiaries.

     

    “Permitted
      Liens”
      means:

     

    (1) Liens
      existing as of the date of issuance of the Notes;

     

    (2) Liens
      on
      property or assets of the Company or any Restricted Subsidiary securing Senior
      Debt;

     

    (3) Liens
      on
      any property or assets of a Restricted Subsidiary granted in favor of the
      Company or any Wholly Owned Restricted Subsidiary;

     

    

     

    
      
        
          

          

        

        
        

      

      
        -12-

        
          

        

      

      
        
        

        
          

        

      

    

    (4) Liens
      securing the Notes or the Guarantees;

     

    (5) any
      interest or title of a lessor under any Capital Lease Obligation or Sale and
      Leaseback Transaction so long as the Indebtedness, if any, secured by such
      Lien
      does not exceed the principal amount of Indebtedness permitted under Section
      2.7(b) of the Fourth Supplemental Indenture (Section 4.9 of the
      Indenture);

     

    (6) Liens
      securing Acquired Debt created prior to (and not in connection with or in
      contemplation of) the incurrence of such Indebtedness by the Company or any
      Restricted Subsidiary; provided
      that
      such Lien does not extend to any property or assets of the Company or any
      Restricted Subsidiary other than the assets acquired in connection with the
      incurrence of such Acquired Debt;

     

    (7) Liens
      securing Hedging Obligations permitted to be incurred pursuant to
      clause (7) of Section 2.7(b) of the Fourth Supplemental Indenture (clause
      (7) of Section 4.9 of the Indenture);

     

    (8) Liens
      arising from purchase money mortgages and purchase money security interests,
      or
      in respect of the construction of property or assets, incurred in the ordinary
      course of the business of the Company or a Restricted Subsidiary; provided
      that
      (i) the related Indebtedness is not secured by any property or assets of
      the Company or any Restricted Subsidiary other than the property and assets
      so
      acquired or constructed and (ii) the Lien securing such Indebtedness is
      created within 60 days of such acquisition or construction;

     

    (9) statutory
      Liens or landlords’ and carriers’, warehousemen’s, mechanics’, suppliers’,
      materialmen’s, repairmen’s or other like Liens arising in the ordinary course of
      business and with respect to amounts not yet delinquent or being contested
      in
      good faith by appropriate proceedings, if a reserve or other appropriate
      provision, if any, as shall be required in conformity with GAAP shall have
      been
      made therefor;

     

    (10) Liens
      for
      taxes, assessments, government charges or claims with respect to amounts not
      yet
      delinquent or that are being contested in good faith by appropriate proceedings
      diligently conducted, if a reserve or other appropriate provision, if any,
      as is
      required in conformity with GAAP has been made therefor;

     

    (11) Liens
      incurred or deposits made to secure the performance of tenders, bids, leases,
      statutory obligations, surety and appeal bonds, government contracts,
      performance bonds and other obligations of a like nature incurred in the
      ordinary course of business (other than contracts for the payment of
      money);

     

    (12) easements,
      rights-of-way, restrictions and other similar charges or encumbrances not
      interfering in any material respect with the business of the Company or any
      Restricted Subsidiary incurred in the ordinary course of business;

     

    (13) Liens
      arising by reason of any judgment, decree or order of any court so long as
      such
      Lien is adequately bonded and any appropriate legal proceedings that may have
      been duly initiated for the review of such judgment, decree or order shall
      not
      have 

     

    

     

    
      
        
          

          

        

        
        

      

      
        -13-

        
          

        

      

      
        
        

        
          

        

      

    

    been
      finally terminated or the period within which such proceedings may be initiated
      shall not have expired;

     

    (14) Liens
      arising under options or agreements to sell assets;

     

    (15) other
      Liens securing obligations incurred in the ordinary course of business, which
      obligations do not exceed $10.0 million in the aggregate at any one time
      outstanding; and

     

    (16) any
      extension, renewal or replacement, in whole or in part, of any Lien described
      in
      the foregoing clauses (1) through (15); provided
      that any
      such extension, renewal or replacement shall not extend to any additional
      property or assets.

     

    “Principal
      Stockholders”
means
      each of Vincent J. Ryan, Schooner Capital LLC, C. Richard Reese, Kent P. Dauten,
      B. Thomas Golisano and their respective Affiliates.

     

    “Private
      Placement Legend”
means
      the legend set forth in Section 2.15.2(f)(1) of the Indenture to be placed
      on
      all Notes issued under this Fourth Supplemental Indenture except where otherwise
      permitted by the provisions of this Fourth Supplemental Indenture.

     

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

     

    “Qualified
      Equity Offering”
means
      an offering of Capital Stock, other than Disqualified Stock, of the Company
      for
      Dollars, whether registered or exempt from registration under the Securities
      Act.

     

    “Qualified
      Issuer”
      means:

     

    (1) any
      lender party to the Credit Agreement; or

     

    (2) any
      commercial bank:

     

    
      	 	
              (A)

            	
              which
                has capital and surplus in excess of $500,000,000;
                and

            

    

     

    
      	 	
              (B)

            	
              the
                outstanding short-term debt securities of which are rated at least
                A-2 by
                Standard & Poor’s Rating Group, a division of
                McGraw-Hill, Inc. or at least P-2 by Moody’s Investors Service, or
                carry an equivalent rating by a nationally recognized rating agency
                if
                both of the two named rating agencies cease publishing ratings of
                investments.

            

    

     

    “Qualifying
      Sale and Leaseback Transaction”
means
      any Sale and Leaseback Transaction between the Company or any of its Restricted
      Subsidiaries and any bank, insurance company or other lender or investor
      providing for the leasing to the Company or such Restricted Subsidiary of any
      property (real or personal) which has been or is to be sold or transferred
      by
      the Company or such Restricted Subsidiary to such lender or investor or to
      any
      Person to whom funds have been or are to be advanced by such lender or investor
      and where the property in question has been constructed or acquired after the
      date of the Fourth Supplemental Indenture.

     

    

     

    
      
        
          

          

        

        
        

      

      
        -14-

        
          

        

      

      
        
        

        
          

        

      

    

    “Refinancing
      Indebtedness”
means
      new Indebtedness incurred or given in exchange for, or the proceeds of which
      are
      used to repay, redeem, defease, extend, refinance, renew, replace or refund,
      other Indebtedness; provided,
      however,
      that:

     

    (1) the
      principal amount of such new Indebtedness shall not exceed the principal amount
      of Indebtedness so repaid, redeemed, defeased, extended, refinanced, renewed,
      replaced or refunded (plus the amount of fees, premiums, consent fees,
      prepayment penalties and expenses incurred in connection
      therewith);

     

    (2) such
      Refinancing Indebtedness shall have a Weighted Average Life to Maturity equal
      to
      or greater than the Weighted Average Life to Maturity of the Indebtedness so
      repaid, redeemed, defeased, extended, refinanced, renewed, replaced or refunded
      or shall mature after the maturity date of the Notes;

     

    (3) to
      the
      extent such Refinancing Indebtedness refinances Indebtedness that has a final
      maturity date occurring after the initial scheduled maturity date of the Notes,
      such new Indebtedness shall have a final scheduled maturity not earlier than
      the
      final scheduled maturity of the Indebtedness so repaid, redeemed, defeased,
      extended, refinanced, renewed, replaced or refunded and shall not permit
      redemption at the option of the holder earlier than the earliest date of
      redemption at the option of the holder of the Indebtedness so repaid, redeemed,
      defeased, extended, refinanced, renewed, replaced or refunded;

     

    (4) to
      the
      extent such Refinancing Indebtedness refinances Indebtedness subordinate to
      the
      Notes, such Refinancing Indebtedness shall be subordinated in right of payment
      to the Notes and to the extent such Refinancing Indebtedness refinances Notes
      or
      Indebtedness pari
      passu
      with the
      Notes, such Refinancing Indebtedness shall be pari
      passu
      with or
      subordinated in right of payment to the Notes, in each case on terms at least
      as
      favorable to the holders of Notes as those contained in the documentation
      governing the Indebtedness so repaid, redeemed, defeased, extended, refinanced,
      renewed, replaced or refunded; and

     

    (5) with
      respect to Refinancing Indebtedness incurred by a Restricted Subsidiary, such
      Refinancing Indebtedness shall rank no more senior, and shall be at least as
      subordinated, in right of payment to the Subsidiary Guarantee of such Restricted
      Subsidiary as the Indebtedness being extended, refinanced, renewed, replaced
      or
      refunded.

     

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

     

    “Regulation
      S Global Note”
means
      a
      Global Note substantially in the form of the Dollar Note attached hereto as
      Exhibit A-1 or the Euro Note attached hereto as Exhibit A-2, in each case
      bearing the Global Note Legend and the Private Placement Legend and deposited
      with or on behalf of and registered in the name of the Depository or its nominee
      or the Common Depositary or its nominee, as applicable, in a denomination equal
      to the outstanding principal amount of the Dollar Notes or the Euro Notes (as
      the case may be) sold in reliance on Rule 903 of Regulation S.

     

    

     

    
      
        
          

          

        

        
        

      

      
        -15-

        
          

        

      

      
        
        

        
          

        

      

    

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

     

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

     

    “Restricted
      Subsidiary”
      means:

     

    (1) each
      direct or indirect Subsidiary of the Company existing on the date of the Fourth
      Supplemental Indenture (other than Subsidiaries of Iron Mountain Global, Inc.
      (including Iron Mountain Europe Limited, Iron Mountain Cayman Ltd., Iron
      Mountain Mexico, S.A. de R.L. de C.V. and their respective Subsidiaries), Iron
      Mountain Assurance Corporation, Mountain West Palm Real Estate, Inc. and Upper
      Providence Venture I, L.P.); and

     

    (2) any
      other
      direct or indirect Subsidiary of the Company formed, acquired or existing after
      the date of the Fourth Supplemental Indenture (including an Excluded Restricted
      Subsidiary),

     

    which,
      in
      the case of (1) or (2), is not designated by the Board of Directors as an
“Unrestricted Subsidiary.”

     

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

     

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

     

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

     

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

     

    “Sale
      and Leaseback Transaction”
means
      any transaction or series of related transactions pursuant to which a Person
      sells or transfers any property or asset in connection with the leasing, or
      the
      resale against installment payments, of such property or asset to the seller
      or
      transferor.

     

    “Senior
      Bank Debt”
means
      all Obligations outstanding under or in connection with the Credit Agreement
      (including Guarantees of such Obligations by Subsidiaries of the
      Company).

     

    “Senior
      Debt”
      means:

     

    (1) the
      Senior Bank Debt; and

     

    (2) any
      other
      Indebtedness permitted to be incurred by the Company or any Restricted
      Subsidiary, as the case may be, under the terms of the Fourth Supplemental
      Indenture or the Indenture, unless the instrument under which such Indebtedness
      is incurred expressly provides that it is:

     

    

     

    
      
        
          

          

        

        
        

      

      
        -16-

        
          

        

      

      
        
        

        
          

        

      

    

    
      	 	
              (A)

            	
              on
                a parity with or subordinated in right of payment to the Notes;
                or

            

    

     

    
      	 	
              (B)

            	
              subordinated
                to Senior Debt on terms substantially similar to those of the
                Notes.

            

    

     

    Notwithstanding
      anything to the contrary in the foregoing, Senior Debt shall not
      include:

     

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

     

    (2) any
      Indebtedness of the Company to any of its Subsidiaries or other
      Affiliates;

     

    (3) any
      trade
      payables; or

     

    (4) any
      Indebtedness that is incurred in violation of the Fourth Supplemental Indenture
      or the Indenture, provided
      that
      such Indebtedness shall be deemed not to have been incurred in violation of
      the
      Fourth Supplemental Indenture or the Indenture for purposes of this
      clause (4) if, in the case of any obligations under the Credit Agreement,
      the holders of such obligations or their agent or representative shall have
      received a representation from the Company to the effect that the incurrence
      of
      such Indebtedness does not violate the provisions of the Fourth Supplemental
      Indenture or the Indenture.

     

    “Treasury
      Rate”
means,
      at any time of computation, the yield to maturity at such time (as compiled
      by
      and published in the most recent Federal Reserve Statistical Release H.15(519),
      which has become publicly available at least two business days prior to the
      date
      of the redemption notice or, if such Statistical Release is no longer published,
      any publicly available source of similar market data) of United States Treasury
      securities with a constant maturity most nearly equal to the Dollar Make-Whole
      Average Life; provided,
      however,
      that if
      the Dollar Make-Whole Average Life is not equal to the constant maturity of
      the
      United States Treasury security for which a weekly average yield is given,
      the
      Treasury Rate shall be obtained by linear interpolation (calculated to the
      nearest one-twelfth of a year) from the weekly average yields of United States
      Treasury securities for which such yields are given, except that if the Dollar
      Make-Whole Average Life is less than one year, the weekly average yield on
      actually traded United States Treasury securities adjusted to a constant
      maturity of one year shall be used.

     

    “Unrestricted
      Definitive Note”
means
      a
      Definitive Note that does not bear and is not required to bear the Private
      Placement Legend.

     

    “Unrestricted
      Global Note”
means
      a
      Global Note that does not bear and is not required to bear the Private Placement
      Legend.

     

    “Unrestricted
      Subsidiary”
      means:

     

    

     

    
      
        
          

          

        

        
        

      

      
        -17-

        
          

        

      

      
        
        

        
          

        

      

    

    (1) any
      Subsidiary that is designated by the Board of Directors as an Unrestricted
      Subsidiary in accordance with Section 2.7(h) of the Fourth Supplemental
      Indenture (Section 4.15 of the Indenture); and

     

    (2) any
      Subsidiary of an Unrestricted Subsidiary.

     

    As
      of the
      date of this Fourth Supplemental Indenture, the following Subsidiaries of the
      Company have been designated as Unrestricted Subsidiaries: Subsidiaries of
      Iron
      Mountain Global, Inc. (including Iron Mountain Europe Limited, Iron
      Mountain Cayman Ltd., Iron Mountain Mexico, S.A. de R.L. de C.V. and their
      respective Subsidiaries), Iron Mountain Assurance Corporation, Mountain West
      Palm Real Estate, Inc. and Upper Providence Venture I, L.P.

     

    “Voting
      Stock”
means
      any class or classes of Capital Stock pursuant to which the holders thereof
      have
      the general voting power under ordinary circumstances to elect at least a
      majority of the board of directors, managers or trustees of any Person
      (irrespective of whether or not, at the time, stock of any other class or
      classes has, or might have, voting power by reason of the happening of any
      contingency).

     

    “Weighted
      Average Life to Maturity”
means,
      when applied to any Indebtedness at any date, the number of years obtained
      by
      dividing:

     

    (1) the
      sum
      of the products obtained by multiplying (x) 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
      (y) the number of years (calculated to the nearest one-twelfth) that will
      elapse between such date and the making of such payment, by

     

    (2) the
      then
      outstanding principal amount of such Indebtedness.

     

    “Wholly
      Owned Restricted Subsidiary”
means
      any Restricted Subsidiary of the Company all of the outstanding Capital Stock
      or
      other ownership interests of which (other than directors’ qualifying shares)
      shall at the time be owned by the Company or by one or more Wholly Owned
      Restricted Subsidiaries of the Company.

     

    “144A
      Global Note”
means
      a
      Global Note substantially in the form of the Dollar Note attached hereto as
      Exhibit A-1 or the Euro Note attached hereto as Exhibit A-2 bearing the Global
      Note Legend and the Private Placement Legend and deposited with or on behalf
      of,
      and registered in the name of, the Depository or its nominee or the Common
      Depositary or its nominee, as applicable, that will be issued in a denomination
      equal to the outstanding principal amount of the Dollar Notes or the Euro Notes
      sold in reliance on Rule 144A.

     

    “1996
      Indenture Date”
means
      October 1, 1996.

     

    “1999
      Indenture Date”
means
      April 26, 1999.

     

    “65⁄8%
      Notes”
means
      the Company’s 65⁄8% Senior
      Subordinated Notes due 2016 issued pursuant to the Indenture.

     

    

     

    
      
        
          

          

        

        
        

      

      
        -18-

        
          

        

      

      
        
        

        
          

        

      

    

    “71⁄4%
      Notes”
means
      the Company’s 71⁄4% GBP
      Senior Subordinated Notes due 2014 issued pursuant to the
      Indenture.

     

    “73⁄4%
      Notes”
means
      the Company’s 73⁄4% Senior Subordinated Notes due 2015 issued pursuant to the
      Indenture.

     

    “83⁄4%
      Notes”
means
      the Company’s 83⁄4% Senior Subordinated Notes due 2018 issued pursuant to the
      Indenture.

     

    “85⁄8%
      Notes”
means
      the Company’s 85⁄8% Senior Subordinated Notes due 2013 issued pursuant to the
      indenture dated April 3, 2001, by and among the Company, certain of its
      subsidiaries and the Trustee.

     

    (b) Amendment
      to Definition of Stated Maturity.

     

    With
      respect to the Notes issued under this Fourth Supplemental Indenture, the
      definition of Stated Maturity in Section 1.1 of the Indenture is amended,
      restated and replaced in its entirety by the following:

     

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

     

    (c) Other
      Definitions.

     

    The
      definitions of the following terms may be found in the Sections indicated as
      follows:

     

    

    
      	
              Term

               

            	
              Defined
                in Section

               

            
	
              “Affiliate
                Transaction”

            	
              2.7(e)

            
	
              “Asset
                Sale”

            	
              2.7(j)

            
	
              “Asset
                Sale Offer”

            	
              2.7(j)

            
	
              “Change
                of Control Offer”

            	
              2.7(k)

            
	
              “Change
                of Control Payment”

            	
              2.7(k)

            
	
              “Change
                of Control Payment Date”

            	
              2.7(k)

            
	
              “Commencement
                Date”

            	
              2.7(j)

            
	
              “Company”

            	
              Preamble

            
	
              “Dollar
                Notes”

            	
              Recitals

            
	
              “DTC”

            	
              2.3

            
	
              “Euro
                Notes”

            	
              Recitals

            
	
              “Excess
                Proceeds”

            	
              2.7(j)

            
	
              “Fourth
                Supplemental Indenture”

            	
              Preamble

            

    

    

    
      
        
          

          

        

        
        

      

      
        -19-

        
          

        

      

      
        
        

        
          

        

      

    

    
      	
              “Indenture”

            	
              Recitals

            
	
              “Restricted
                Payments”

            	
              2.7(a)

            
	
              “Trustee”

            	
              Preamble

            

    

    

    

    ARTICLE
      2.

     

    FORM
      AND
      TERMS OF THE NOTES

    

    Section
      2.1. Form
      and Dating. 

     

    (a) General.
      The
      Dollar Notes and the Trustee’s certificate of authentication with respect
      thereto shall be substantially in the form of Exhibit A-1 attached hereto,
      and
      the Euro Notes and the Trustee’s certificate of authentication with respect
      thereto shall be substantially in the form of Exhibit A-2 attached hereto.
      The
      Notes shall have such notations, legends or endorsements as are required under
      this Fourth Supplemental Indenture or otherwise required by law, stock exchange
      rule or usage. Each Note shall be dated the date of its authentication. The
      Dollar Notes shall be in denominations of $2,000 and integral multiples of
      $1,000 in excess thereof. The Euro Notes shall be in denominations of €1,000 and
      integral multiples in excess thereof.

     

    The
      terms
      and provisions contained in the Notes shall constitute, and are hereby expressly
      made, a part of the Fourth Supplemental Indenture and the Indenture, and the
      Company, the Guarantors and the Trustee, by their execution and delivery of
      the
      Fourth Supplemental Indenture and the Indenture (or in the case of any Guarantor
      that becomes such after the date hereof, a supplemental indenture pursuant
      to
      Section 2.7(g) of this Fourth Supplemental Indenture (Section 4.14 of the
      Indenture)), expressly agree to such terms and provisions and to be bound
      thereby. However, to the extent any provision of any Note conflicts with the
      express provisions of the Indenture (as supplemented by this Fourth Supplemental
      Indenture), the provisions of the Indenture shall govern and be
      controlling.

     

    (b) Global
      Notes.
      Notes
      shall be issued initially in the form of the Global Notes, which shall be
      deposited on behalf of the purchasers of the Dollar Notes represented thereby
      with the Depository at its New York office, and registered in the name of the
      Depository or a nominee of the Depository, and deposited on behalf of the
      purchasers of the Euro Notes represented thereby with the Common Depositary
      at
      its London office, and registered in the name of the Common Depositary or a
      nominee of the Common Depositary, duly executed by the Company and authenticated
      by the Trustee as hereinafter provided. The aggregate principal amount of the
      Global Notes may from time to time be increased or decreased by adjustments
      made
      on the records of the Trustee and the Depository or its nominee or the Common
      Depositary or its nominee, as applicable, as hereinafter provided.

     

    Each
      Global Note shall represent such of the outstanding Dollar Notes or Euro Notes,
      as applicable, as shall be specified therein and each shall provide that it
      represents the aggregate principal amount of outstanding Dollar Notes or Euro
      Notes, as applicable, from time to time endorsed thereon and that the aggregate
      amount of outstanding Dollar Notes or Euro Notes, as applicable, represented
      thereby may from time to time be reduced or increased, as appropriate, to
      reflect exchanges and redemptions. Any endorsement of a Global Note to reflect
      

     

    

     

    
      
        
          

          

        

        
        

      

      
        -20-

        
          

        

      

      
        
        

        
          

        

      

    

    the
      amount of any increase or decrease in the aggregate principal amount of
      outstanding Notes represented thereby shall be made by the Trustee or the
      Service Agent, at the direction of the Trustee, in accordance with instructions
      given by the Holder thereof as required by Section 2.15.2 of the
      Indenture.

     

    (c) Book-Entry
      Provisions.
      This
      Section 2.1(c) shall apply only to the Global Notes deposited with or on behalf
      of the Depository or the Common Depositary.

     

    The
      Company shall execute and the Trustee shall, in accordance with this Section
      2.1(c), authenticate and deliver the Global Notes that (i) shall be
      registered (A) in the name of the Depository or the nominee of the Depository
      in
      the case of the Dollar Notes or (B) in the name of the Common Depositary or
      the
      nominee of the Common Depositary in the case of the Euro Notes, and
      (ii) shall be delivered by the Trustee to the Depository or the Common
      Depositary or pursuant to the Depository’s or the Common Depositary’s
      instructions or held by the Service Agent.

     

    Agent
      Members shall have no rights either under the Fourth Supplemental Indenture
      or
      the Indenture with respect to any Global Notes held on their behalf by the
      Depository or by the Service Agent or under such Global Notes, and the
      Depository may be treated by the Company, the Trustee and any agent of the
      Company or the Trustee as the absolute owner of such Global Notes for all
      purposes whatsoever.

     

    (d) Definitive
      Notes.
      Dollar
      Notes issued in certificated form shall be substantially in the form of Exhibit
      A-1 attached hereto and Euro Notes issued in certificated form shall be
      substantially in the form of Exhibit A-2 attached hereto (but without, in either
      case, the Global Note Legend). Except as provided in Section 2.15.2 of the
      Indenture, owners of beneficial interests in the Global Notes will not be
      entitled to receive physical delivery of certificated Securities.

     

    Section
      2.2. Execution
      and Authentication. 

     

    The
      Trustee shall, upon a written order of the Company signed by an Officer,
      authenticate up to (a) $50,000,000 aggregate principal amount of Initial Dollar
      Notes and such amount of Additional Dollar Notes as the Company may issue from
      time to time and (b) €30,000,000 aggregate principal amount of Initial Euro
      Notes and such amount of Additional Euro Notes as the Company may issue from
      time to time.

     

    Section
      2.3. Depository
      and Paying Agent for Notes. 

     

    The
      Company initially appoints The Depository Trust Company (“DTC”)
      to act
      as Depository with respect to the Dollar Notes. The Company initially appoints
      The Bank of New York Depository (Nominees) Limited to act as Common Depositary
      with respect to the Euro Notes. The Company initially appoints the Trustee
      to
      act as the Registrar, Paying Agent and Service Agent with respect to the Global
      Notes.

     

    As
      long
      as the Euro Notes remain outstanding, the
      Company will also, to the extent possible, ensure that it maintains a Paying
      Agent in a member state of the European Union that will not be obliged to
      withhold or deduct for on account of tax in connection with any 

     

    

     

    
      
        
          

          

        

        
        

      

      
        -21-

        
          

        

      

      
        
        

        
          

        

      

    

    payment
      made by it in relation to the Notes pursuant to the European Council Directive
      2003/48/EC or any other Directive implementing the conclusions of the ECOFIN
      Council meeting of November 26 and 27, 2000 on the taxation of savings
      income or any law implementing or complying with, or introduced in order to
      conform to, such Directive.

     

    Section
      2.4. Amend,
      Restate and Replace Provision Regarding Transfer and Exchange of
      Notes. 

     

    With
      respect to the Notes issued under this Fourth Supplemental Indenture, Section
      2.15.2 of the Indenture is amended, restated and replaced in its entirety by
      the
      following, including Exhibits A and B to the Indenture attached
      hereto:

     

    2.15.2 Transfer
      and Exchange of Notes.
      

     

    (a) Transfer
      and Exchange of Global Notes.
      A
      Global Note may not be transferred except as a whole by a Depository to a Common
      Depositary or a nominee of such Common Depositary, by a Common Depositary or
      a
      nominee of such Common Depositary to such Depository or to another nominee
      or
      Common Depositary of such Depository, or by such Common Depositary or Depository
      or any such nominee to a successor Depository or Common Depositary or a nominee
      thereof. All Global Notes will be exchanged by the Company for Definitive Notes
      if:

     

    (1) the
      Company delivers to the Trustee notice from the Depository or the Common
      Depositary, as the case may be, that it is unwilling or unable to continue
      to
      act as such or that it is no longer a clearing agency registered under the
      Exchange Act and, in either case, a successor Depository or Common Depositary
      is
      not appointed by the Company within 120 days after the date of such notice;
      

     

    (2) the
      Company in its sole discretion determines that the Global Notes (in whole but
      not in part) should be exchanged for Definitive Notes and delivers a written
      notice to such effect to the Trustee; or

     

    (3) there
      has
      occurred and is continuing a Default with respect to the Notes.

     

    Upon
      the
      occurrence of either of the preceding events in (1) or (2) above, Definitive
      Notes shall be issued in such names as the Depository or Common Depositary
      shall
      instruct the Trustee. Global Notes also may be exchanged or replaced, in whole
      or in part, as provided in Sections 2.8 or 2.11 of the Indenture. Every Note
      authenticated and delivered in exchange for, or in lieu of, a Global Note or
      any
      portion thereof, pursuant to this Section 2.15.2 or
      Section 2.8 or 2.11 of the Indenture, shall be authenticated and delivered
      in
      the form of, and shall be, a Global Note. A Global Note may not be exchanged
      for
      another Note other than as provided in this Section 2.15.2(a), however,
      beneficial interests in a Global Note may be transferred and exchanged as
      provided in Section 2.15.2(b), (c) or (h) hereof.

     

    (b) Transfer
      and Exchange of Beneficial Interests in the Global Notes.
      The
      transfer and exchange of beneficial interests in the Global Notes will be
      effected through the Depository or the Common Depositary, as applicable, in
      accordance with the provisions of the Fourth Supplemental Indenture or the
      Indenture and the Applicable Procedures. Beneficial interests in 

     

    

     

    
      
        
          

          

        

        
        

      

      
        -22-

        
          

        

      

      
        
        

        
          

        

      

    

    the
      Restricted Global Notes will be subject to restrictions on transfer comparable
      to those set forth herein to the extent required by the Securities Act.
      Transfers of beneficial interests in the Global Notes also will require
      compliance with either subparagraph (1) or (2) below, as applicable, as well
      as
      one or more of the other following subparagraphs, as applicable:

     

    (1) Transfer
      of Beneficial Interests in the Same Global Note.
      Beneficial interests in any Restricted Global Note may be transferred to Persons
      who take delivery thereof in the form of a beneficial interest in the same
      Restricted Global Note in accordance with the transfer restrictions set forth
      in
      the Private Placement Legend; provided,
      however,
      that
      prior to the expiration of the Restricted Period, transfers of beneficial
      interests in the Regulation S Global Note may not be made to a U.S. Person
      or
      for the account or benefit of a U.S. Person. Beneficial interests in any
      Unrestricted Global Note may be transferred to Persons who take delivery thereof
      in the form of a beneficial interest in an Unrestricted Global Note. No written
      orders or instructions shall be required to be delivered to the Registrar to
      effect the transfers described in this Section 2.15.2(b)(1).

     

    (2) All
      Other Transfers and Exchanges of Beneficial Interests in Global
      Notes.
      In
      connection with all transfers and exchanges of beneficial interests that are
      not
      subject to Section 2.15.2(b)(1) above, the transferor of such beneficial
      interest must deliver to the Registrar either:

     

    
      	 	
              (A)

            	
              both:
                

            

    

     

    (i) a
      written
      order from a Participant or an Indirect Participant given to the Depository
      or
      the Common Depositary in accordance with the Applicable Procedures directing
      such Depository or Common Depositary to credit or cause to be credited a
      beneficial interest in another Global Note in an amount equal to the beneficial
      interest to be transferred or exchanged; and

     

    (ii) instructions
      given in accordance with the Applicable Procedures containing information
      regarding the Participant account to be credited with such increase; or

     

    
      	 	
              (B)

            	
              both:

            

    

     

    (i) a
      written
      order from a Participant or an Indirect Participant given to the Depository
      or
      the Common Depositary in accordance with the Applicable Procedures directing
      the
      Depository or the Common Depositary to cause to be issued a Definitive Note
      in
      an amount equal to the beneficial interest to be transferred or exchanged;
      and

     

    (ii) instructions
      given by the Depository or the Common Depositary to the Registrar containing
      information regarding the Person in whose name such Definitive Note shall be
      registered to effect the transfer or exchange referred to in (1)
      above;

     

    

     

    
      
        
          

          

        

        
        

      

      
        -23-

        
          

        

      

      
        
        

        
          

        

      

    

    Upon
      satisfaction of all of the requirements for transfer or exchange of beneficial
      interests in Global Notes contained in the Indenture, the Fourth Supplemental
      Indenture and the Notes or otherwise applicable under the Securities Act, the
      Trustee shall adjust the principal amount of the relevant Global Note(s)
      pursuant to Section 2.15.2(h) hereof.

     

    (3) Transfer
      of Beneficial Interests in a Restricted Global Note to Another Restricted Global
      Note.
      A
      beneficial interest in any Restricted Global Note may be transferred to a Person
      who takes delivery thereof in the form of a beneficial interest in another
      Restricted Global Note if the transfer complies with the requirements of Section
      2.15.2(b)(2) above and the Registrar receives the following:

     

    
      	 	
              (A)

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

            

    

     

    
      	 	
              (B)

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

            

    

     

    
      	 	
              (C)

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

            

    

     

    (4) Transfer
      and Exchange of Beneficial Interests in a Restricted Global Note for Beneficial
      Interests in an Unrestricted Global Note.
      A
      beneficial interest in any Restricted Global Note may be exchanged by any holder
      thereof for a beneficial interest in an Unrestricted Global Note or transferred
      to a Person who takes delivery thereof in the form of a beneficial interest
      in
      an Unrestricted Global Note if the exchange or transfer complies with the
      requirements of Section 2.15.2(b)(2) above and the Registrar receives the
      following:

     

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

     

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

     

     

     

    

     

    
      
        
          

          

        

        
        

      

      
        -24-

        
          

        

      

      
        
        

        
          

        

      

    

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

     

    If
      any
      such transfer is effected as provided above at a time when an Unrestricted
      Global Note has not yet been issued, the Company shall issue and, upon receipt
      of an Authentication Order in accordance with Section 2.3 of the Indenture,
      the
      Trustee shall authenticate one or more Unrestricted Global Notes in an aggregate
      principal amount equal to the aggregate principal amount of beneficial interests
      transferred pursuant to this paragraph.

     

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

     

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

     

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

     

    
      	 	
              (A)

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

            

    

     

    
      	 	
              (B)

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

            

    

     

    
      	 	
              (C)

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

            

    

     

    
      	 	
              (D)

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

            

    

     

    
      	 	
              (E)

            	
              if
                such beneficial interest is being transferred to an Institutional
                Accredited Investor in reliance on an exemption from the registration
                requirements of the Securities Act other than those listed in
                subparagraphs (B) through (D) above, a certificate to the effect
                set forth
                in Exhibit A hereto, including the certifications,
                

            

    

     

    

     

    
      
        
          

          

        

        
        

      

      
        -25-

        
          

        

      

      
        
        

        
          

        

      

    

    certificates
      and Opinion of Counsel required by item (3) thereof, if applicable;

     

    
      	 	
              (F)

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

            

    

     

    
      	 	
              (G)

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

            

    

     

    the
      Trustee shall cause the aggregate principal amount of the applicable Global
      Note
      to be reduced accordingly pursuant to Section 2.15.2(h) hereof, and the Company
      shall execute and the Trustee shall authenticate and deliver to the Person
      designated in the instructions a Definitive Note in the appropriate principal
      amount. Any Definitive Note issued in exchange for a beneficial interest in
      a
      Restricted Global Note pursuant to this Section 2.15.2(c) shall be registered
      in
      such name or names and in such authorized denomination or denominations as
      the
      holder of such beneficial interest shall instruct the Registrar through
      instructions from the Depository or the Common Depositary, as applicable, and
      the Participant or Indirect Participant. The Trustee shall deliver such
      Definitive Notes to the Persons in whose names such Notes are so registered.
      Any
      Definitive Note issued in exchange for a beneficial interest in a Restricted
      Global Note pursuant to this Section 2.15.2(c)(1) shall bear the Private
      Placement Legend and shall be subject to all restrictions on transfer contained
      therein.

     

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

     

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

     

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

     

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

     

    

     

    
      
        
          

          

        

        
        

      

      
        -26-

        
          

        

      

      
        
        

        
          

        

      

    

    (3) Beneficial
      Interests in Unrestricted Global Notes to Unrestricted Definitive
      Notes.
      If any
      holder of a beneficial interest in an Unrestricted Global Note proposes to
      exchange such beneficial interest for a Definitive Note or to transfer such
      beneficial interest to a Person who takes delivery thereof in the form of a
      Definitive Note, then, upon satisfaction of the conditions set forth in Section
      2.15.2(b)(2) hereof, the Trustee will cause the aggregate principal amount
      of
      the applicable Global Note to be reduced accordingly pursuant to Section
      2.15.2(h) hereof, and the Company will execute and the Trustee will authenticate
      and deliver to the Person designated in the instructions a Definitive Note
      in
      the appropriate principal amount. Any Definitive Note issued in exchange for
      a
      beneficial interest pursuant to this Section 2.15.2(c)(3) will be registered
      in
      such name or names and in such authorized denomination or denominations as
      the
      holder of such beneficial interest requests through instructions to the
      Registrar from or through the Depository or the Common Depositary, as
      applicable, and the Participant or Indirect Participant. The Trustee will
      deliver such Definitive Notes to the Persons in whose names such Notes are
      so
      registered. Any Definitive Note issued in exchange for a beneficial interest
      pursuant to this Section 2.15.2(c)(3) will not bear the Private Placement
      Legend.

     

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

     

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

     

    
      	 	
              (A)

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

            

    

     

    
      	 	
              (B)

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

            

    

     

    
      	 	
              (C)

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

            

    

     

    
      	 	
              (D)

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

            

    

     

    

     

    
      
        
          

          

        

        
        

      

      
        -27-

        
          

        

      

      
        
        

        
          

        

      

    

    
      	 	
              (E)

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

            

    

     

    
      	 	
              (F)

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

            

    

     

    
      	 	
              (G)

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

            

    

     

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

     

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

     

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

     

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

     

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

     

    

     

    
      
        
          

          

        

        
        

      

      
        -28-

        
          

        

      

      
        
        

        
          

        

      

    

    Upon
      satisfaction of the conditions of any of the subparagraphs in this Section
      2.15.2(d)(2), the Trustee will cancel the Definitive Notes and increase or
      cause
      to be increased the aggregate principal amount of the Unrestricted Global
      Note.

     

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

     

    If
      any
      such exchange or transfer from a Definitive Note to a beneficial interest is
      effected pursuant to subparagraphs (2) or (3) above at a time when an
      Unrestricted Global Note has not yet been issued, the Company will issue and,
      upon receipt of an Authentication Order in accordance with Section 2.3 of the
      Indenture, the Trustee will authenticate one or more Unrestricted Global Notes
      in an aggregate principal amount equal to the principal amount of Definitive
      Notes so transferred.

     

    (e) Transfer
      and Exchange of Definitive Notes for Definitive Notes.
      Upon
      request by a Holder of Definitive Notes and such Holder’s compliance with the
      provisions of this Section 2.15.2(e), the Registrar will register the transfer
      or exchange of Definitive Notes. Prior to such registration of transfer or
      exchange, the requesting Holder must present or surrender to the Registrar
      the
      Definitive Notes duly endorsed or accompanied by a written instruction of
      transfer in form satisfactory to the Registrar duly executed by such Holder
      or
      by its attorney, duly authorized in writing. In addition, the requesting Holder
      must provide any additional certifications, documents and information, as
      applicable, required pursuant to the following provisions of this Section
      2.15.2(e).

     

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

     

    
      	 	
              (A)

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

            

    

     

    
      	 	
              (B)

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

            

    

     

    
      	 	
              (C)

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

            

    

     

    

     

    
      
        
          

          

        

        
        

      

      
        -29-

        
          

        

      

      
        
        

        
          

        

      

    

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

     

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

     

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

     

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

     

    Upon
      satisfaction of the conditions of this Section 2.15.2(e)(2), the Trustee will
      cancel the Restricted Definitive Registered Notes and the Registrar will
      register and the Trustee will authenticate and deliver the Unrestricted
      Definitive Registered Note.

    

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

     

    (f) Private
      Placement Legend. 

     

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

     

    “THE
      SECURITY (OR ITS PREDECESSOR) EVIDENCED HEREBY WAS ORIGINALLY ISSUED IN A
      TRANSACTION EXEMPT FROM REGISTRATION UNDER SECTION 5 OF THE UNITED STATES
      SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND MAY NOT BE
      OFFERED, SOLD OR OTHERWISE TRANSFERRED IN THE ABSENCE OF SUCH REGISTRATION
      OR AN
      APPLICABLE EXEMPTION THEREFROM. EACH PURCHASER OF THE SECURITY EVIDENCED HEREBY
      IS HEREBY NOTIFIED THAT THE SELLER MAY BE RELYING ON THE EXEMPTION FROM THE
      PROVISIONS OF SECTION 5 OF THE SECURITIES ACT. THE HOLDER OF THE SECURITY
      EVIDENCED HEREBY AGREES FOR THE BENEFIT OF 

    
      
        
        

      

      
        -30-

        
          

        

      

      
        
        

      

    

    THE
      ISSUER THAT (A) SUCH SECURITY MAY BE RESOLD, PLEDGED OR OTHERWISE TRANSFERRED
      ONLY (1) (a) IN THE UNITED STATES TO A PERSON WHO THE SELLER REASONABLY BELIEVES
      IS A QUALIFIED INSTITUTIONAL BUYER (AS DEFINED IN RULE 144A UNDER THE SECURITIES
      ACT) IN A TRANSACTION MEETING THE REQUIREMENTS OF RULE 144A, (b) OUTSIDE THE
      UNITED STATES IN AN OFFSHORE TRANSACTION IN ACCORDANCE WITH RULE 904 UNDER
      THE
      SECURITIES ACT, (c) IN A TRANSACTION MEETING THE REQUIREMENTS OF RULE 144 UNDER
      THE SECURITIES ACT, (d) TO AN INSTITUTIONAL “ACCREDITED INVESTOR” (AS DEFINED IN
      RULE 501 (a) (1), (2), (3) OR (7) OF THE SECURITIES ACT (AN “INSTITUTIONAL
      ACCREDITED INVESTOR”)) THAT, PRIOR TO SUCH TRANSFER, FURNISHES THE TRUSTEE A
      SIGNED LETTER CONTAINING CERTAIN REPRESENTATIONS AND AGREEMENTS (THE FORM OF
      WHICH CAN BE OBTAINED FROM THE TRUSTEE) AND, IF SUCH TRANSFER IS IN RESPECT
      OF
      AN AGGREGATE PRINCIPAL AMOUNT OF NOTES LESS THAN $250,000, AN OPINION OF COUNSEL
      ACCEPTABLE TO THE COMPANY THAT SUCH TRANSFER IS IN COMPLIANCE WITH THE
      SECURITIES ACT OR (e) IN ACCORDANCE WITH ANOTHER EXEMPTION FROM THE REGISTRATION
      REQUIREMENTS OF THE SECURITIES ACT (AND BASED UPON AN OPINION OF COUNSEL IF
      THE
      COMPANY SO REQUESTS), (2) TO THE COMPANY OR (3) PURSUANT TO AN EFFECTIVE
      REGISTRATION STATEMENT AND, IN EACH CASE, IN ACCORDANCE WITH ANY APPLICABLE
      SECURITIES LAWS OF ANY STATE OF THE UNITED STATES OR ANY OTHER APPLICABLE
      JURISDICTION AND (B) THE HOLDER WILL, AND EACH SUBSEQUENT HOLDER IS REQUIRED
      TO,
      NOTIFY ANY PURCHASER FROM IT OF THE SECURITY EVIDENCED HEREBY OF THE RESALE
      RESTRICTIONS SET FORTH IN (A) ABOVE.”

    

    (2) Notwithstanding
      the foregoing, any Global Note or Definitive Note issued pursuant to
      subparagraphs (b)(4), (c)(2), (c)(3), (d)(2), (d)(3), (e)(2) or (e)(3) of this
      Section 2.15.2 (and all Notes issued in exchange therefor or substitution
      thereof) will not bear the Private Placement Legend.

     

    (g) Cancellation
      and/or Adjustment of Global Notes.
      At such
      time as all beneficial interests in a particular Global Note have been exchanged
      for Definitive Notes or a particular Global Note has been redeemed, repurchased
      or canceled in whole and not in part, each such Global Note shall be returned
      to
      or retained and canceled by the Trustee in accordance with Section 2.12 of
      the
      Indenture. At any time prior to such cancellation, if any beneficial interest
      in
      a Global Note is exchanged for or transferred to a Person who will take delivery
      thereof in the form of a beneficial interest in another Global Note or for
      Definitive Notes, the principal amount of Notes represented by such Global
      Note
      shall be reduced accordingly and an endorsement shall be made on such Global
      Note by the Trustee or by the Depository or the Common Depositary, as
      applicable, at the direction of the Trustee to reflect such reduction; and
      if
      the beneficial interest is being exchanged for or transferred to a Person who
      will take delivery thereof in the form of a beneficial interest in another
      Global Note, such other Global Note shall be increased accordingly and an
      endorsement will be made on such Global Note by the Trustee or by the Depository
      or the Common Depositary, as applicable, at the direction of the Trustee to
      reflect such increase.

     

    (h) General
      Provisions Relating to Transfers and Exchanges.

     

    

     

    
      
        
          

          

        

        
        

      

      
        -31-

        
          

        

      

      
        
        

        
          

        

      

    

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

     

    (2) No
      service charge shall be made to a Holder of a beneficial interest in a Global
      Note or to a Holder of a Definitive Note for any registration of transfer or
      exchange, but the Company may require payment of a sum sufficient to cover
      any
      transfer tax or similar governmental charge payable in connection therewith
      (other than any such transfer taxes or similar governmental charge payable
      upon
      exchange or transfer pursuant to this Section 2.15.2). 

     

    (3) The
      Registrar shall not be required to register the transfer of or exchange of
      any
      Note selected for redemption in whole or in part, except the unredeemed portion
      of any Note being redeemed in part.

     

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

     

    (5) Neither
      the Registrar nor the Company will be required to register the transfer of
      or to
      exchange a Note between a record date and the next succeeding interest payment
      date.

     

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

     

    (7) The
      Trustee shall authenticate Global Notes and Definitive Notes in accordance
      with
      the provisions of Section 2.3 of the Indenture.

     

    (8) All
      certifications, certificates and Opinions of Counsel required to be submitted
      to
      the Registrar pursuant to this Section 2.15.2 to effect a registration of
      transfer or exchange may be submitted by facsimile.

     

    Section
      2.5. Amend,
      Restate and Replace Provision Regarding Global Note Legend. 

     

    With
      respect to the Notes issued under this Fourth Supplemental Indenture, Section
      2.15.3 of the Indenture is amended, restated and replaced in its entirety by
      the
      following:

     

    2.15.3 Legend.
      

     

    (a) Each
      Dollar Note evidenced by a Global Note will bear a legend in substantially
      the
      following form:

     

    

     

    
      
        
          

          

        

        
        

      

      
        -32-

        
          

        

      

      
        
        

        
          

        

      

    

    “THIS
      GLOBAL NOTE IS HELD BY THE DEPOSITORY (AS DEFINED IN THE INDENTURE GOVERNING
      THIS NOTE) OR ITS NOMINEE IN CUSTODY FOR THE BENEFIT OF THE BENEFICIAL OWNERS
      HEREOF, AND IS NOT TRANSFERABLE TO ANY PERSON UNDER ANY CIRCUMSTANCES EXCEPT
      THAT (1) THE TRUSTEE MAY MAKE SUCH NOTATIONS HEREON AS MAY BE REQUIRED PURSUANT
      TO SECTION 2.15.2 OF THE INDENTURE, (2) THIS GLOBAL NOTE MAY BE EXCHANGED IN
      WHOLE BUT NOT IN PART PURSUANT TO SECTION 2.15.2(A) OF THE INDENTURE, (3) THIS
      GLOBAL NOTE MAY BE DELIVERED TO THE TRUSTEE FOR CANCELLATION PURSUANT TO SECTION
      2.12 OF THE INDENTURE AND (4) THIS GLOBAL NOTE MAY BE TRANSFERRED TO A SUCCESSOR
      DEPOSITORY WITH THE PRIOR WRITTEN CONSENT OF THE COMPANY.

     

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

     

    (b) Each
      Euro
      Note evidenced by a Global Note will bear a legend 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 THE BANK OF NEW YORK DEPOSITORY
      (NOMINEES) LIMITED, THE NOMINEE OF THE BANK OF NEW YORK, LONDON BRANCH (THE
      “COMMON DEPOSITARY”), THE COMMON DEPOSITARY FOR CLEARSTREAM BANKING, SOCIÉTÉ
ANONYME
      (“CLEARSTREAM”) AND EUROCLEAR BANK S.A./N.V. (“EUROCLEAR”). THIS GLOBAL NOTE IS
      EXCHANGEABLE FOR SECURITIES REGISTERED IN THE NAME OF A PERSON OTHER THAN THE
      COMMON DEPOSITARY OR ITS NOMINEE ONLY IN THE LIMITED CIRCUMSTANCES DESCRIBED
      IN
      THE INDENTURE AND NO TRANSFER OF THIS SECURITY (OTHER THAN A TRANSFER OF THIS
      SECURITY AS A WHOLE BY THE COMMON DEPOSITARY TO A NOMINEE OF THE COMMON
      DEPOSITARY OR BY A NOMINEE OF THE COMMON DEPOSITARY TO THE COMMON DEPOSITARY
      OR
      ANOTHER NOMINEE OF THE COMMON DEPOSITARY) MAY BE REGISTERED EXCEPT IN SUCH
      LIMITED CIRCUMSTANCES. EVERY SECURITY DELIVERED UPON REGISTRATION OF TRANSFER
      OF, IN EXCHANGE FOR, OR IN LIEU OF, THIS GLOBAL NOTE SHALL BE A GLOBAL NOTE
      SUBJECT TO THE FOREGOING, EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED
      ABOVE.

     

    UNLESS
      THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE COMMON
      DEPOSITARY TO THE COMPANY OR ITS AGENT 

     

    

     

    
      
        
          

          

        

        
        

      

      
        -33-

        
          

        

      

      
        
        

        
          

        

      

    

    FOR
      REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT AND ANY CERTIFICATE ISSUED IS
      REGISTERED IN THE NAME OF THE COMMON DEPOSITARY OR SUCH OTHER NAME AS IS
      REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE COMMON DEPOSITARY (AND ANY
      PAYMENT IS TO BE MADE TO THE COMMON DEPOSITARY OR TO SUCH OTHER ENTITY AS IS
      REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE COMMON DEPOSITARY), ANY
      TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON
      IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, THE BANK OF NEW YORK
      DEPOSITORY (NOMINEES) LIMITED, HAS AN INTEREST HEREIN.”

     

    Section
      2.6. Redemption. 

     

    With
      respect to the Notes issued under this Fourth Supplemental Indenture, the
      following Sections supplement Article III of the Indenture:

     

    §
      3.7. Optional
      Redemptions.

     

    3.7.1 Dollar
      Notes.
      Prior
      to October 15, 2011, the Dollar Notes shall be subject to redemption at any
      time
      at the option of the Company, in whole or in part, upon not less than 10 nor
      more than 60 days’ notice, at the Dollar Make-Whole Price, plus accrued and
      unpaid interest, to but excluding the applicable redemption date. On and after
      October 15, 2011, the Dollar Notes will be subject to redemption at any time
      at
      the option of the Company, in whole or in part, upon not less than 10 nor more
      than 60 days’ notice, at the redemption price (expressed as percentages of
      principal amount) set forth below, plus accrued and unpaid interest to but
      excluding the applicable redemption date, if redeemed during the 12-month period
      beginning on October 15 of the years indicated below:

     

    
      	
              Year

            	
              Percentage

            
	 	 
	
              2011

            	
              104.000%

            
	
              2012

            	
              102.667%

            
	
              2013

            	
              101.333%

            
	
              2014
                and thereafter

            	
              100.000%

            
	 	 

    

    Notwithstanding
      the foregoing, at any time prior to October 15, 2009 the Company may on any
      one
      or more occasions redeem the Dollar Notes at a redemption price of 108% of
      the
      principal amount thereof, plus accrued and unpaid interest, and Liquidated
      Damages if any, to the redemption date, with the net cash proceeds of one or
      more Qualified Equity Offerings; provided
      that:

     

    (1) at
      least
      $50.0 million in the aggregate principal amount of the Dollar Notes (including
      any Additional Dollar Notes) issued under the Indenture remains outstanding
      immediately after the occurrence of such redemption (excluding Dollar Notes
      held
      by the Company and the Company’s Subsidiaries); and

     

    (2) the
      redemption must occur within six months of the date of the closing of any such
      Qualified Equity Offering.

     

    

     

    
      
        
          

          

        

        
        

      

      
        -34-

        
          

        

      

      
        
        

        
          

        

      

    

    3.7.2 Euro
      Notes.
      Prior
      to October 15, 2011, the Euro Notes shall be subject to redemption at any time
      at the option of the Company, in whole or in part, upon not less than 10 nor
      more than 60 days’ notice, at the Euro Make-Whole Price, plus accrued and
      unpaid interest, to but excluding the applicable redemption date. On and after
      October 15, 2011, the Euro Notes will be subject to redemption at any time
      at
      the option of the Company, in whole or in part, upon not less than 10 nor more
      than 60 days’ notice, at the redemption price (expressed as percentages of
      principal amount) set forth below, plus accrued and unpaid interest to but
      excluding the applicable redemption date, if redeemed during the 12-month period
      beginning on October 15 of the years indicated below:

     

    
      	
              Year

            	
              Percentage

            
	 	 
	
              2011

            	
              103.375%

            
	
              2012

            	
              102.250%

            
	
              2013

            	
              101.125%

            
	
              2014
                and thereafter

            	
              100.000%

            
	 	 

    

    Notwithstanding
      the foregoing, at any time prior to October 15, 2009 the Company may on any
      one
      or more occasions redeem the Euro Notes at a redemption price of 106.75% of
      the
      principal amount thereof, plus accrued and unpaid interest, and Liquidated
      Damages if any, to the redemption date, with the net cash proceeds of one or
      more Qualified Equity Offerings; provided
      that:

     

    (1) at
      least
€50.0 million in the aggregate principal amount of the Euro Notes (including
      any
      Additional Euro Notes) issued under the Indenture remains outstanding
      immediately after the occurrence of such redemption (excluding Euro Notes held
      by the Company and the Company’s Subsidiaries); and

     

    (2) the
      redemption must occur within six months of the date of the closing of any such
      Qualified Equity Offering.

     

    §
      3.8. Mandatory
      Redemption.

     

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

     

    §
      3.9 Asset
      Sale Offers.

     

    In
      the
      event that the Company shall commence an Asset Sale Offer pursuant to Section
      4.17 hereof, it shall follow the procedures specified below:

     

    The
      Asset
      Sale Offer shall remain open for 20 Business Days after the Commencement Date
      relating to such Asset Sale Offer, except to the extent required to be extended
      by applicable law (as so extended, the “Offer Period”). No later than one
      Business Day after the termination of the Offer Period (the “Purchase Date”),
      the Company shall purchase the principal amount (the “Offer Amount”) of Notes
      required to be purchased in such Asset Sale Offer pursuant to Sections 3.2
      and
      4.17 hereof or, if less than the Offer Amount has been tendered, all Notes
      tendered in response to the Asset Sale Offer.

     

    

     

    
      
        
          

          

        

        
        

      

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

     

    On
      the
      Commencement Date of any Asset Sale Offer, the Company shall send or cause
      to be
      sent, by first class mail, a notice to each of the Holders, with a copy to
      the
      Trustee. Such notice, which shall govern the terms of the Asset Sale Offer,
      shall contain all instructions and materials necessary to enable the Holders
      to
      tender Notes pursuant to the Asset Sale Offer and shall state:

     

    (1) that
      the
      Asset Sale Offer is being made pursuant to this Section 3.9 and Section 4.17
      hereof and the length of time the Asset Sale Offer shall remain
      open;

     

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

     

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

     

    (4) that,
      unless the Company defaults in the payment of the purchase price, any Note
      accepted for payment pursuant to the Asset Sale Offer shall cease to accrue
      interest on and after the Purchase Date;

     

    (5) that
      Holders electing to have a Note purchased pursuant to any Asset Sale Offer
      shall
      be required to surrender the Note, with the form entitled “Option of Holder to
      Elect Purchase” on the reverse of the Note completed, to the Company, a
      depository, if appointed by the Company, or a Paying Agent at the address
      specified in the notice prior to the close of business on the Business Day
      preceding the Purchase Date;

     

    (6) that
      Holders shall be entitled to withdraw their election if the Company, depository
      or Paying Agent, as the case may be, receives, not later than the close of
      business on the Business Day preceding the termination of the Offer Period,
      a
      facsimile transmission or letter setting forth the name of the Holder, the
      principal amount of the Note the Holder delivered for purchase and a statement
      that such Holder is withdrawing such Holder’s election to have the Note
      purchased;

     

    (7) that,
      if
      the aggregate principal amount of Notes surrendered by Holders exceeds the
      Offer
      Amount, the Trustee shall select the Notes to be purchased on a pro
      rata
      basis
      (with such adjustments as may be deemed to be appropriate by the Company so
      that
      only Dollar Notes in denominations of $2,000 or integral multiples of $1,000
      in
      excess thereof or Euro Notes in denominations of €1,000 or integral multiples
      thereof, shall be purchased); and

     

    (8) that
      Holders whose Notes were purchased only in part shall be issued new Notes equal
      in principal amount to the unpurchased portion of the Notes
      surrendered.

     

    

     

    
      
        
          

          

        

        
        

      

      
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    On
      or
      before 12:00 noon, New York City time, on each Purchase Date, the Company shall
      irrevocably deposit with the Trustee or Paying Agent in immediately available
      funds the aggregate purchase price with respect to a principal amount of Notes
      equal to the Offer Amount, together with accrued interest thereon, to be held
      for payment in accordance with the terms of this Section 3.9. On the Purchase
      Date, the Company shall, to the extent lawful, (i) accept for payment, on a
      pro
      rata
      basis to
      the extent necessary, an aggregate principal amount equal to the Offer Amount
      of
      Notes and other notes (in accordance with the terms of Section 4.17 of the
      Indenture) tendered pursuant to the Asset Sale Offer, or if less than the Offer
      Amount has been tendered, all Notes and such other notes or portions thereof
      tendered, (ii) deliver or cause the Paying Agent or depository, as the case
      may
      be, to deliver to the Trustee Notes so accepted and (iii) deliver to the Trustee
      an Officers’ Certificate stating that such Notes or portions thereof were
      accepted for payment by the Company in accordance with the terms of this Section
      3.9. The Company, depository or Paying Agent, as the case may be, shall promptly
      (but in any case not later than three Business Days after the Purchase Date)
      mail or deliver to each tendering Holder an amount equal to the purchase price
      with respect to the Notes tendered by such Holder and accepted by the Company
      for purchase, and the Company shall promptly issue a new Note, and upon receipt
      of a Company Order the Trustee shall authenticate and mail or deliver such
      new
      Note, to such Holder, equal in principal amount to any unpurchased portion
      of
      such Holder’s Notes surrendered. Any Note not accepted in the Asset Sale Offer
      shall be promptly mailed or delivered by the Company to the Holder thereof.
      The
      Company shall publicly announce in a newspaper of general circulation the
      results of the Asset Sale Offer on the Purchase Date.

     

    The
      Asset
      Sale Offer shall be made by the Company in compliance with all applicable laws,
      including, without limitation, Regulation 14E of the Exchange Act and the rules
      thereunder, to the extent applicable, and all other applicable federal and
      state
      securities laws.

     

    Each
      purchase pursuant to this Section 3.9 shall be made pursuant to the provisions
      of Sections 3.1 through 3.6 hereof to the extent applicable.

     

    In
      the
      event the amount of Excess Proceeds to be applied to an Asset Sale Offer would
      result in the purchase of a principal amount of Notes which is not evenly
      divisible by $1,000, the Trustee shall promptly refund to the Company the
      portion of such Excess Proceeds that is not necessary to purchase the
      immediately lesser principal amount of Notes that is so divisible.

     

    Section
      2.7. Additional
      Covenants. 

     

    With
      respect to the Notes issued under this Fourth Supplemental Indenture, Sections
      2.7(a) through 2.7(m) are added to Article IV of the Indenture.

     

    (a) Restricted
      Payments.

     

    §4.8.
      Restricted
      Payments.
      The
      Company shall not, and shall not permit any of its Restricted Subsidiaries
      to,
      directly or indirectly:

     

    (1) declare
      or pay any dividend or make any distribution on account of the Company’s or any
      of its Restricted Subsidiaries’ Equity Interests (other than dividends or

     

    

     

    
      
        
          

          

        

        
        

      

      
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    distributions
      payable in Equity Interests (other than Disqualified Stock) of the Company
      or
      such Restricted Subsidiary or dividends or distributions payable to the Company
      or any Restricted Subsidiary);

     

    (2) purchase,
      redeem or otherwise acquire or retire for value any Equity Interests of the
      Company or any Restricted Subsidiary or other Affiliate of the Company (other
      than any such Equity Interests owned by the Company or any Restricted
      Subsidiary);

     

    (3) purchase,
      redeem or otherwise acquire or retire prior to scheduled maturity for value
      any
      Indebtedness that is subordinated in right of payment to the Notes;
      or

     

    (4) make
      any
      Investment other than a Permitted Investment (all such payments and other
      actions set forth in clauses (1) through (4) above being collectively
      referred to as “Restricted Payments”);

     

    unless,
      at the time of such Restricted Payment:

     

    
      	 	
              (A)

            	
              no
                Default or Event of Default shall have occurred and be continuing
                or would
                occur as a consequence thereof; and

            

    

     

    
      	 	
              (B)

            	
              the
                Company would, at the time of such Restricted Payment and after giving
                pro
                forma effect thereto, have been permitted to incur at least $1.00
                of
                additional Indebtedness pursuant to the test set forth in the first
                paragraph of Section 4.9 of the Indenture;
                and

            

    

     

    
      	 	
              (C)

            	
              such
                Restricted Payment, together with the aggregate of all other Restricted
                Payments made by the Company and its Restricted Subsidiaries after
                the
                1996 Indenture Date is less than (x) the cumulative EBITDA of the
                Company, minus 1.75 times the cumulative Consolidated Interest Expense
                of
                the Company, in each case for the period (taken as one accounting
                period)
                from June 30, 1996, to the end of the Company’s most recently ended
                fiscal quarter for which internal financial statements are available
                at
                the time of such Restricted Payment, plus (y) the aggregate net
                Equity Proceeds received by the Company from the issuance or sale
                since
                the 1996 Indenture Date of Equity Interests of the Company or of
                debt
                securities of the Company that have been converted into such Equity
                Interests (other than Equity Interests or convertible debt securities
                sold
                to a Restricted Subsidiary of the Company and other than Disqualified
                Stock or debt securities that have been converted into Disqualified
                Stock), plus
                (z) $2.0 million.

            

    

     

    The
      foregoing provisions will not prohibit:

     

    (1) the
      payment of any dividend within 60 days after the date of declaration
      thereof, if at said date of declaration such payment would have complied with
      the provisions of the Indenture;

     

    

     

    
      
        
          

          

        

        
        

      

      
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    (2) the
      redemption, repurchase, retirement or other acquisition or retirement for value
      of any Equity Interests of the Company in exchange for, or with the net cash
      proceeds of, the substantially concurrent sale (other than to a Restricted
      Subsidiary of the Company) of other Equity Interests of the Company (other
      than
      any Disqualified Stock);

     

    (3) the
      defeasance, redemption, repurchase, retirement or other acquisition or
      retirement for value of Indebtedness that is subordinated in right of payment
      to
      the Notes in exchange for, or with the net cash proceeds of, a substantially
      concurrent issuance and sale (other than to a Restricted Subsidiary of the
      Company) of Equity Interests of the Company (other than Disqualified
      Stock);

     

    (4) the
      defeasance, redemption, repurchase, retirement or other acquisition or
      retirement for value of Indebtedness that is subordinated in right of payment
      to
      the Notes in exchange for, or with the net cash proceeds of, a substantially
      concurrent issue and sale (other than to the Company or any of its Restricted
      Subsidiaries) of Refinancing Indebtedness;

     

    (5) the
      repurchase of any Indebtedness subordinated in right of payment to the Notes
      at
      a purchase price not greater than 101% of the principal amount of such
      Indebtedness in the event of a Change of Control in accordance with provisions
      similar to the covenant set forth in Section 4.18 of the Indenture, provided
      that prior to or contemporaneously with such repurchase the Company has made
      the
      Change of Control Offer as provided in such covenant with respect to the Notes
      and has repurchased all Notes validly tendered for payment in connection with
      such Change of Control Offer; and

     

    (6) additional
      payments to current or former employees or directors of the Company for
      repurchases of stock, stock options or other equity interests, provided that
      the
      aggregate amount of all such payments under this clause (6) does not exceed
      $0.5 million in any year and $2.0 million in the
      aggregate.

     

    The
      Restricted Payments described in clauses (2), (3), (5) and (6) of the
      immediately preceding paragraph shall be Restricted Payments that shall be
      permitted to be taken in accordance with such paragraph but shall reduce the
      amount that would otherwise be available for Restricted Payments under clause
      (C) of the first paragraph of this Section, and the Restricted Payments
      described in clauses (1) and (4) of the immediately preceding
      paragraph shall be Restricted Payments that shall be permitted to be taken
      in
      accordance with such paragraph and shall not reduce the amount that would
      otherwise be available for Restricted Payments under clause (C) of the first
      paragraph of this Section.

     

    If
      an
      Investment results in the making of a Restricted Payment, the aggregate amount
      of all Restricted Payments deemed to have been made as calculated under the
      foregoing provision shall be reduced by the amount of any net reduction in
      such
      Investment (resulting from the payment of interest or dividends, loan repayment,
      transfer of assets or otherwise) to the extent such net reduction is not
      included in the Company’s EBITDA; provided,
      however,
      that
      the total amount by which the aggregate amount of all Restricted Payments may
      be
      reduced may not exceed the lesser of (a) the cash proceeds received by the
      Company and its Restricted 

     

    

     

    
      
        
          

          

        

        
        

      

      
        -39-

        
          

        

      

      
        
        

        
          

        

      

    

    Subsidiaries
      in connection with such net reduction and (b) the initial amount of such
      Investment. In addition, for the avoidance of doubt and to avoid double
      counting, if an Investment results in the making of a Restricted Payment, then
      the subsequent assignment, contribution, distribution or other transfer of
      such
      Investment by the Company or any Restricted Subsidiary of the Company to any
      Excluded Restricted Subsidiary or Unrestricted Subsidiary shall not be
      considered a new Investment or Restricted Payment and shall not further reduce
      the amount that would otherwise be available for Restricted Payments under
      clause (C) of the first paragraph of this Section.

     

    If
      the
      aggregate amount of all Restricted Payments calculated under the foregoing
      provision includes an Investment in an Unrestricted Subsidiary or other Person
      that thereafter becomes a Restricted Subsidiary, such Investment will no longer
      be counted as a Restricted Payment for purposes of calculating the aggregate
      amount of Restricted Payments.

     

    For
      the
      purpose of making any Restricted Payment calculations under the
      Indenture:

     

    (1) Investments
      shall include the fair market value of the net assets of any Restricted
      Subsidiary at the time that such Restricted Subsidiary is designated an
      Unrestricted Subsidiary and shall exclude the fair market value of the net
      assets of any Unrestricted Subsidiary that is designated as a Restricted
      Subsidiary, in each case with fair market value determined by the Board of
      Directors in good faith and, for the avoidance of doubt, such inclusions and
      exclusions will not be limited by the amount of any Investment or aggregate
      Investments;

     

    (2) any
      asset
      or property transferred to or from an Unrestricted Subsidiary shall be valued
      at
      fair market value at the time of such transfer, provided that, in each case,
      the
      fair market value of an asset or property is as determined by the Board of
      Directors in good faith and, for the avoidance of doubt, the fair market value
      (as so determined) of such asset of property shall be subtracted from (in the
      case of a transfer to an Unrestricted Subsidiary) or added to (in the case
      of a
      transfer from an Unrestricted Subsidiary) the calculation under clause (C)
      of
      the first paragraph of this Section; and

     

    (3) subject
      to the foregoing, the amount of any Restricted Payment, if other than cash,
      shall be determined by the Board of Directors, whose good faith determination
      shall be conclusive.

     

    The
      Board
      of Directors may designate a Restricted Subsidiary to be an Unrestricted
      Subsidiary in compliance with Section 4.15 of the Indenture. Upon such
      designation, all outstanding Investments by the Company and its Restricted
      Subsidiaries (except to the extent repaid in cash) in the Subsidiary so
      designated will be deemed to be Restricted Payments made at the time of such
      designation and will reduce the amount available for Restricted Payments under
      the first paragraph of this covenant. Such designation will only be permitted
      if
      such Restricted Payment would be permitted at such time and if such Restricted
      Subsidiary otherwise meets the definition of an Unrestricted
      Subsidiary.

     

    (b) Incurrence
      of Indebtedness and Issuance of Preferred Stock.

     

    

     

    
      
        
          

          

        

        
        

      

      
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    §4.9.
      Incurrence
      of Indebtedness and Issuance of Preferred Stock.
      The
      Company shall not, and shall not permit any of its Restricted Subsidiaries
      to,
      directly or indirectly, create, incur, issue, assume, guaranty or otherwise
      become directly or indirectly liable with respect to (collectively, “incur”) any
      Indebtedness (including Acquired Debt) and the Company shall not permit any
      of
      its Restricted Subsidiaries to issue any shares of preferred stock; provided,
      however, that the Company may incur Indebtedness and may permit a Restricted
      Subsidiary to incur Indebtedness if at the time of such incurrence and after
      giving effect thereto the Leverage Ratio would be less than 6.5 to
      1.0.

     

    The
      foregoing limitations shall not apply to:

     

    (1) the
      incurrence by the Company or any Restricted Subsidiary of Senior Bank Debt
      in an
      aggregate amount not to exceed $100.0 million at any one time
      outstanding;

     

    (2) the
      issuance by the Restricted Subsidiaries of Subsidiary Guarantees;

     

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

     

    (4) the
      issuance by the Company of the Notes;

     

    (5) the
      incurrence by the Company and its Restricted Subsidiaries of Capital Lease
      Obligations and/or additional Indebtedness constituting purchase money
      obligations up to an aggregate of $5.0 million at any one time outstanding,
      provided that the Liens securing such Indebtedness constitute Permitted
      Liens;

     

    (6) the
      incurrence of Indebtedness between (i) the Company and its Restricted
      Subsidiaries and (ii) the Restricted Subsidiaries;

     

    (7) Hedging
      Obligations that are incurred for the purpose of fixing or hedging interest
      rate
      risk with respect to any floating rate Indebtedness that is permitted by the
      terms of the Indenture to be outstanding;

     

    (8) the
      incurrence by the Company and its Restricted Subsidiaries of Indebtedness
      arising out of letters of credit, performance bonds, surety bonds and bankers’
acceptances incurred in the ordinary course of business up to an aggregate
      of
      $5.0 million at any one time outstanding;

     

    (9) the
      incurrence by the Company and its Restricted Subsidiaries of Indebtedness
      consisting of guarantees, indemnities or obligations in respect of purchase
      price adjustments in connection with the acquisition or disposition of assets,
      including, without limitation, shares of Capital Stock; and

     

    (10) the
      incurrence by the Company and its Restricted Subsidiaries of Refinancing
      Indebtedness issued in exchange for, or the proceeds of which are used to repay,
      redeem, defease, extend, refinance, renew, replace or refund, Indebtedness
      referred 

     

    

     

    
      
        
          

          

        

        
        

      

      
        -41-

        
          

        

      

      
        
        

        
          

        

      

    

    to
      in
      clauses (2) through (5) above, and this clause (10) or that was
      otherwise permitted to be incurred pursuant to the test set forth in the first
      paragraph of this Section 4.9.

     

    (c) Liens.

     

    §4.10.
      Liens.
      Neither
      the Company nor any of its Restricted Subsidiaries may directly or indirectly
      create, incur, assume or suffer to exist any Lien (other than a Permitted Lien)
      upon any property or assets now owned or hereafter acquired, or any income,
      profits or proceeds therefrom, or assign or otherwise convey any right to
      receive income therefrom, unless (a) in the case of any Lien securing any
      Indebtedness that is subordinate to the Notes, the Notes are secured by a Lien
      on such property, assets or proceeds that is senior in priority to such Lien
      and
      (b) in the case of any other Lien, the Notes are equally and ratably
      secured with the obligation or liability secured by such Lien.

     

    (d) Dividend
      and Other Payment Restrictions Affecting Restricted
      Subsidiaries.

     

    §4.11.
      Dividend
      and Other Payment Restrictions Affecting Restricted Subsidiaries.
      The
      Company shall not, and shall not permit any of its Restricted Subsidiaries
      to,
      directly or indirectly, create or otherwise cause or suffer to exist or become
      effective any encumbrance or restriction on the ability of any Restricted
      Subsidiary to:

     

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

     

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

     

    (3) transfer
      any of its properties or assets to the Company or any of its Restricted
      Subsidiaries.

     

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

     

    (1) Existing
      Indebtedness;

     

    (2) the
      Credit Agreement as in effect as of the date of the Indenture, and any
      amendments, modifications, restatements, renewals, increases, supplements,
      refundings, replacements or refinancing thereof, provided that such amendments,
      modifications, restatements, renewals, increases, supplements, refundings,
      replacements or refinancings are no more restrictive in the aggregate with
      respect to such dividend and other payment restrictions than those contained
      in
      the Credit Agreement as in effect on the date of the Indenture;

     

    (3) the
      Indenture and the Notes;

     

    (4) applicable
      law;

     

    

     

    
      
        
          

          

        

        
        

      

      
        -42-

        
          

        

      

      
        
        

        
          

        

      

    

    (5) any
      instrument governing Indebtedness or Capital Stock of a Person acquired by
      the
      Company or any of its Restricted Subsidiaries as in effect at the time of such
      acquisition (except to the extent such Indebtedness was incurred in connection
      with or in contemplation of such acquisition), which encumbrance or restriction
      is not applicable to any Person, or the properties or assets of any Person,
      other than the Person, or the property or assets of the Person, so acquired,
      provided that the EBITDA of such Person is not taken into account in determining
      whether such acquisition was permitted by the terms of the
      Indenture;

     

    (6) customary
      non-assignment provisions in leases entered into in the ordinary course of
      business and consistent with past practices;

     

    (7) restrictions
      on the transfer of property subject to purchase money obligations or Capital
      Lease Obligations otherwise permitted by clause (5) of Section 4.9 of the
      Indenture;

     

    (8) permitted
      Refinancing Indebtedness, provided that the restrictions contained in the
      agreements governing such Refinancing Indebtedness are no more restrictive
      in
      the aggregate than those contained in the agreements governing the Indebtedness
      being refinanced; or

     

    (9) any
      agreement or instrument governing Indebtedness of an Excluded Restricted
      Subsidiary provided that (i) at the time such agreement or instrument is
      entered into, such Excluded Restricted Subsidiary and its Restricted
      Subsidiaries have a Leverage Ratio of less than 6.5 to 1.0 and (ii) neither
      such Excluded Restricted Subsidiary nor any of its Restricted Subsidiaries
      shall, directly or indirectly, incur any Indebtedness (including Acquired Debt)
      unless at the time of such incurrence and after giving effect thereto, the
      Leverage Ratio for such Excluded Restricted Subsidiary and its Restricted
      Subsidiaries would be less than 6.5 to 1.0. For purposes of determining the
      Leverage Ratio under this clause (9) only, all references to the “Company”
and its “Restricted Subsidiaries” or similar references in the definition of
“Leverage Ratio” and other defined terms necessary to determine the Leverage
      Ratio shall be deemed to refer to such Excluded Restricted Subsidiary and its
      Restricted Subsidiaries, respectively.

     

    (e) Transactions
      with Affiliates.

     

    §4.12.
      Transactions
      with Affiliates.
      The
      Company shall not, and shall not permit any of its Restricted Subsidiaries
      to,
      sell, lease, transfer or otherwise dispose of any of its properties or assets
      to, or purchase any property or assets from, or enter into any contract,
      agreement, understanding, loan, advance or guarantee with, or for the benefit
      of, any Affiliate (each of the foregoing, an “Affiliate Transaction”),
      unless:

     

    
      	 	
              (A)

            	
              such
                Affiliate Transaction is on terms that are no less favorable to the
                Company or the relevant Restricted Subsidiary than those that would
                have
                been obtained in a comparable transaction by the Company or such
                Restricted Subsidiary with a non-Affiliated Person;
                and

            

    

     

    
      	 	
              (B)

            	
              the
                Company delivers to the Trustee:

            

    

     

    

     

    
      
        
          

          

        

        
        

      

      
        -43-

        
          

        

      

      
        
        

        
          

        

      

    

    (i) with
      respect to any Affiliate Transaction involving aggregate payments in excess
      of
      $5.0 million, a resolution of the Board of Directors set forth in an
      Officers’ Certificate certifying that such Affiliate Transaction complies with
      clause (a) above and such Affiliate Transaction is approved by a majority
      of the disinterested members of the Board of Directors; and

     

    (ii) with
      respect to any Affiliate Transaction involving aggregate payments in excess
      of
      $10.0 million, an opinion as to the fairness to the Company or such
      Restricted Subsidiary from a financial point of view issued by an investment
      banking firm of national standing.

     

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

     

    (1) any
      employment agreement entered into by the Company or any of its Restricted
      Subsidiaries in the ordinary course of business and consistent with the past
      practice of the Company or such Restricted Subsidiary;

     

    (2) transactions
      between or among the Company and/or its Restricted Subsidiaries;

     

    (3) transactions
      permitted by the provisions of Section 4.8 of the Indenture; and

     

    (4) the
      grant
      of stock, stock options or other equity interests to employees and directors
      of
      the Company and any Restricted Subsidiary in accordance with duly adopted
      Company stock grant, stock option and similar plans.

     

    The
      provisions set forth in clause (B) above shall not apply to sales of
      inventory by the Company or any Restricted Subsidiary to any Affiliate in the
      ordinary course of business. The provisions of clause (B) (ii) above
      shall not apply to loans or advances to the Company or any Restricted Subsidiary
      from, or equity investments in the Company or any Restricted Subsidiary by,
      any
      Affiliate to the extent permitted by the provisions of Section 4.9 of the
      Indenture.

     

    (f) Certain
      Senior Subordinated Debt.

     

    §4.13.
      Certain
      Senior Subordinated Debt.
      The
      Company shall not incur any Indebtedness that is subordinated or junior in
      right
      of payment to any Senior Debt of the Company and senior in any respect in right
      of payment to the Notes. The Company shall not permit any Restricted Subsidiary
      to incur any Indebtedness that is subordinated or junior in right of payment
      to
      its Senior Debt and senior in any respect in right of payment to its Subsidiary
      Guarantee.

     

    (g) Additional
      Subsidiary Guarantees.

     

    

     

    
      
        
          

          

        

        
        

      

      
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    §4.14.
      Additional
      Subsidiary Guarantees.
      If any
      entity (other than an Excluded Restricted Subsidiary) shall become a Restricted
      Subsidiary after the date of the Fourth Supplemental Indenture, then such
      Restricted Subsidiary shall execute a supplemental indenture in the form of
      Exhibit B attached hereto, pursuant to which it shall provide a Subsidiary
      Guarantee and deliver an Opinion of Counsel with respect thereto, in accordance
      with the terms of the Indenture.

     

    No
      Restricted Subsidiary (including any Excluded Restricted Subsidiary) shall
      consolidate with or merge with or into (whether or not such Restricted
      Subsidiary is the surviving Person), another Person (other than the Company)
      whether or not affiliated with such Restricted Subsidiary unless:

     

    (1) subject
      to the provisions of the following paragraph, the Person formed by or surviving
      any such consolidation or merger (if other than such Restricted Subsidiary)
      assumes all the obligations of such Restricted Subsidiary under its Subsidiary
      Guarantee (except in the case of an Excluded Restricted Subsidiary) pursuant
      to
      a supplemental indenture in form and substance reasonably satisfactory to the
      Trustee;

     

    (2) immediately
      after giving effect to such transaction, no Default or Event of Default exists;
      and

     

    (3) such
      Restricted Subsidiary, or any Person formed by or surviving any such
      consolidation or merger, would be permitted to incur, immediately after giving
      effect to such transaction, at least $1.00 of additional Indebtedness pursuant
      to the test set forth in the first paragraph of Section 4.9 of the
      Indenture.

     

    In
      the
      event of:

     

    (1) a
      sale or
      other disposition of all of the assets of any Restricted Subsidiary, by way
      of
      merger, consolidation or otherwise;

     

    (2) a
      sale or
      other disposition of all of the capital stock of any Restricted Subsidiary;
      or

     

    (3) the
      designation of a Restricted Subsidiary as an Unrestricted Subsidiary in
      accordance with the terms of Section 4.15 of the Indenture,

     

    then
      such
      Restricted Subsidiary (in the event of a sale or other disposition, by way
      of
      such a merger, consolidation or otherwise, of all of the capital stock of such
      Restricted Subsidiary or in the event of the designation of such Restricted
      Subsidiary as an Unrestricted Subsidiary) or the Person acquiring the property
      (in the event of a sale or other disposition of all of the assets of such
      Restricted Subsidiary) will be released and relieved of any obligations under
      its Subsidiary Guarantee, provided that the Net Proceeds of such sale or other
      disposition are applied in accordance with the applicable provisions of Section
      4.17 of the Indenture.

     

    (h) Designation
      of Unrestricted Subsidiaries.

     

    

     

    
      
        
          

          

        

        
        

      

      
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    §4.15.
      Designation
      of Unrestricted Subsidiaries.
      The
      Board of Directors may designate any Subsidiary (including any Restricted
      Subsidiary or any newly acquired or newly formed Subsidiary) to be an
      Unrestricted Subsidiary so long as:

     

    (1) neither
      the Company nor any Restricted Subsidiary is directly or indirectly liable
      for
      any Indebtedness of such Subsidiary;

     

    (2) no
      default with respect to any Indebtedness of such Subsidiary would permit (upon
      notice, lapse of time or otherwise) any holder of any other Indebtedness of
      the
      Company or any Restricted Subsidiary to declare a default on such other
      Indebtedness or cause the payment thereof to be accelerated or payable prior
      to
      its stated maturity;

     

    (3) any
      Investment in such Subsidiary deemed to be made as a result of designating
      such
      Subsidiary an Unrestricted Subsidiary will not violate the provisions of Section
      4.8 of the Indenture;

     

    (4) neither
      the Company nor any Restricted Subsidiary has a contract, agreement,
      arrangement, understanding or obligation of any kind, whether written or oral,
      with such Subsidiary other than (A) those that might be obtained at the
      time from Persons who are not Affiliates of the Company or
      (B) administrative, tax sharing and other ordinary course contracts,
      agreements, arrangements and understandings or obligations entered into in
      the
      ordinary course of business; and

     

    (5) neither
      the Company nor any Restricted Subsidiary has any obligation to subscribe for
      additional shares of Capital Stock or other Equity Interests in such Subsidiary,
      or to maintain or preserve such Subsidiary’s financial condition or to cause
      such Subsidiary to achieve certain levels of operating results other than as
      permitted under Section 4.8 of the Indenture.

     

    Notwithstanding
      the foregoing, the Company may not designate as an Unrestricted Subsidiary
      any
      Subsidiary which, on the 1999 Indenture Date, was a Significant Subsidiary,
      and
      may not sell, transfer or otherwise dispose of any properties or assets of
      any
      such Significant Subsidiary to an Unrestricted Subsidiary, other than in the
      ordinary course of business, in each case other than Iron Mountain Global,
      Inc.
      and its Subsidiaries (including without limitation Iron Mountain Europe Limited
      and its Subsidiaries).

     

    The
      Board
      of Directors may designate any Unrestricted Subsidiary as a Restricted
      Subsidiary; provided that such designation will be deemed to be an incurrence
      of
      Indebtedness by a Restricted Subsidiary of any outstanding Indebtedness of
      such
      Unrestricted Subsidiary and such designation will only be permitted
      if:

     

    (1) such
      Indebtedness is permitted under Section 4.9 of the Indenture; and

     

    (2) no
      Default or Event of Default would occur as a result of such
      designation.

     

    (i) Limitation
      on Sale and Leaseback Transactions.

     

    

     

    
      
        
          

          

        

        
        

      

      
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    §4.16.
      Limitation
      on Sale and Leaseback Transactions.
      The
      Company will not, and will not permit any Restricted Subsidiary to, enter into
      any Sale and Leaseback Transaction unless:

     

    (1) the
      consideration received in such Sale and Leaseback Transaction is at least equal
      to the fair market value of the property sold, as determined by a resolution
      of
      the Board of Directors; and

     

    (2) the
      Company or such Restricted Subsidiary could incur the Attributable Indebtedness
      in respect of such Sale and Leaseback Transaction in compliance with Section
      4.9
      of the Indenture.

     

    (j) Asset
      Sales.

     

    §4.17.
      Asset
      Sales.
      The
      Company shall not, and shall not permit any of its Restricted Subsidiaries
      to:

     

    (1) sell,
      lease, convey or otherwise dispose of any assets (including by way of a Sale
      and
      Leaseback Transaction, but excluding a Qualifying Sale and Leaseback
      Transaction) other than sales of inventory in the ordinary course of business
      (provided that the sale, lease, conveyance or other disposition of all or
      substantially all of the assets of the Company will be governed by the
      provisions of Section 4.18 of the Indenture and/or the provisions of Section
      5.1
      of the Indenture and not by the provisions of this Section 4.17);
      or

     

    (2) issue
      or
      sell Equity Interests of any of its Restricted Subsidiaries

     

    that
      in
      the case of either clause (1) or (2) above, whether in a single
      transaction or a series of related transactions:

     

    
      	 	
              (A)

            	
              have
                a fair market value in excess of $2.0 million;
                or

            

    

     

    
      	 	
              (B)

            	
              result
                in Net Proceeds in excess of $2.0 million (each of the foregoing, an
                “Asset Sale”) unless (x) the Company (or the Restricted Subsidiary,
                as the case may be) receives consideration at the time of such Asset
                Sale
                at least equal to the fair market value (evidenced by an Officers’
                Certificate delivered to the Trustee, and for Asset Sales having
                a fair
                market value or resulting in Net Proceeds in excess of $10.0 million,
                evidenced by a resolution of the Board of Directors set forth in
                an
                Officers’ Certificate delivered to the Trustee) of the assets sold or
                otherwise disposed of and (y) at least 75% of the consideration
                therefor received by the Company or such Restricted Subsidiary is
                in the
                form of cash or like-kind assets (in each case as determined in good
                faith
                by the Company, evidenced by a resolution of the Board of Directors
                and
                certified by an Officers’ Certificate delivered to the
                Trustee);

            

    

     

    provided,
      however,
      that
      the amount of:

     

    

     

    
      
        
          

          

        

        
        

      

      
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    (i) any
      liabilities (as shown on the Company’s or such Restricted Subsidiary’s most
      recent balance sheet or in the notes thereto) of the Company or such Restricted
      Subsidiary (other than liabilities that are by their terms subordinated to
      the
      Notes or any Subsidiary Guarantee) that are assumed by the transferee of any
      such assets; and

     

    (ii) any
      notes
      or other obligations received by the Company or such Restricted Subsidiary
      from
      such transferee that are immediately converted by the Company or such Restricted
      Subsidiary into cash (to the extent of the cash received) or Cash
      Equivalents,

     

    shall
      be
      deemed to be cash for purposes of this provision; and provided, further, that
      the 75% limitation referred to in the foregoing clause (B)(y) shall
      not apply to any Asset Sale in which the cash portion of the consideration
      received therefrom is equal to or greater than what the after-tax proceeds
      would
      have been had such Asset Sale complied with the aforementioned 75%
      limitation.

     

    A
      transfer of assets or issuance of Equity Interests by the Company to a Wholly
      Owned Restricted Subsidiary or by a Wholly Owned Restricted Subsidiary to the
      Company or to another Wholly Owned Restricted Subsidiary will not be deemed
      to
      be an Asset Sale.

     

    Within
      360 days of any Asset Sale, the Company may, at its option, apply an amount
      equal to the Net Proceeds from such Asset Sale either:

     

    (1) to
      permanently reduce Senior Debt; or

     

    (2) to
      an
      investment in a Restricted Subsidiary or in another business or capital
      expenditure or other long-term/tangible assets, in each case, in the same line
      of business as the Company or any of its Restricted Subsidiaries was engaged
      in
      on the date of the Fourth Supplemental Indenture or in businesses similar or
      reasonably related thereto.

     

    Pending
      the final application of any such Net Proceeds, the Company may temporarily
      reduce Senior Bank Debt or otherwise invest such Net Proceeds in any manner
      that
      is not prohibited by the Indenture. Any Net Proceeds from such Asset Sale that
      are not applied or invested as provided in the first sentence of this paragraph
      will be deemed to constitute “Excess Proceeds.” When the aggregate amount of
      Excess Proceeds exceeds $10.0 million, the Company shall make an offer to
      all Holders of the Notes, all holders of the 83⁄4% Notes, the 85⁄8% Notes, the 71⁄4%
      Notes, the 73⁄4% Notes and the 65⁄8% Notes and the holders of any future
      Indebtedness ranking pari
      passu
      with the
      Notes, which Indebtedness contains similar provisions requiring the Company
      to
      repurchase such Indebtedness (an “Asset Sale Offer”), to purchase the maximum
      principal amount of Notes and such other Indebtedness that may be purchased
      out
      of the Excess Proceeds, at an offer price in cash in an amount equal to 100%
      of
      the principal amount thereof plus accrued and unpaid interest, if any, to the
      date of purchase, in accordance with the procedures set forth in the Indenture.
      To the extent that the aggregate amount of Notes and other pari
      passu
      Indebtedness (including the 83⁄4% Notes, the 85⁄8% Notes, the 71⁄4% Notes, the 73⁄4%
      Notes and the 65⁄8% Notes) tendered pursuant to an Asset Sale Offer is less than
      the 

     

    

     

    
      
        
          

          

        

        
        

      

      
        -48-

        
          

        

      

      
        
        

        
          

        

      

    

    Excess
      Proceeds, the Company may use any remaining Excess Proceeds for general
      corporate purposes. If the aggregate principal amount of Notes and such other
      Indebtedness surrendered by Holders thereof exceeds the amount of Excess
      Proceeds, the Trustee shall select the Notes and such other Indebtedness to
      be
      purchased on a pro rata basis. Upon completion of such offer to purchase, the
      amount of Excess Proceeds shall be reset at zero.

     

    The
      Company shall comply with the requirements of Rule 14e-1 under the Exchange
      Act and any other securities laws and regulations thereunder to the extent
      those
      laws and regulations are applicable in connection with each repurchase of Notes
      pursuant to an Asset Sale Offer. To the extent that the provisions of any
      securities laws or regulations conflict with the provisions of this Section
      4.17, the Company shall comply with the applicable securities laws and
      regulations and shall not be deemed to have breached its obligations under
      the
      Asset Sale provisions of the Indenture by virtue of such conflict.

     

    An
      Asset
      Sale Offer shall be made pursuant to the provisions of Section 3.9 hereof.
      No
      later than the date which is five Business Days after the date on which the
      aggregate amount of Excess Proceeds exceeds $10.0 million, the Company shall
      notify the Trustee of such Asset Sale Offer and provide the Trustee with an
      Officers’ Certificate setting forth the calculations used in determining the
      amount of Net Proceeds to be applied to the purchase of Notes. The Company
      shall
      commence or cause to be commenced the Asset Sale Offer on a date no later than
      15 Business Days after such notice (the “Commencement Date”).

     

    (k) Change
      of Control Offer.

     

    §
      4.18. Change
      of Control Offer.

     

    (a) Upon
      the
      occurrence of a Change of Control, each Holder of Notes shall have the right
      to
      require the Company to repurchase all or any part (equal to $2,000 or an
      integral multiple of $1,000 in excess thereof for any Dollar Note or €1,000 or
      an integral multiple thereof for any Euro Note) of such Holder’s Notes pursuant
      to the offer described below (the “Change of Control Offer”) at an offer price
      in cash equal to 101% of the aggregate principal amount thereof plus accrued
      and
      unpaid interest to but excluding the date of repurchase (the “Change of Control
      Payment”).

     

    Within
      30
      calendar days following any Change of Control, the Company shall mail a notice
      to each Holder, with a copy to the Trustee, stating:

     

    (1) that
      the
      Change of Control Offer is being made pursuant to this Section 4.18 and that
      all
      Notes tendered shall be accepted for payment;

     

    (2) the
      purchase price and the purchase date, which shall be no earlier than 30 calendar
      days nor later than 60 calendar 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;

     

    

     

    
      
        
          

          

        

        
        

      

      
        -49-

        
          

        

      

      
        
        

        
          

        

      

    

    (4) that,
      unless the Company defaults in the payment of the Change of Control Payment,
      all
      Notes accepted for payment pursuant to the Change of Control Offer shall cease
      to accrue interest on and after the Change of Control Payment Date;

     

    (5) that
      Holders electing to have any Notes purchased pursuant to a Change of Control
      Offer shall be required to surrender the Notes, with the form entitled “Option
      of Holder to Elect Purchase” on the reverse of the Notes completed, to the
      Paying Agent at the address specified in such notice prior to the close of
      business on the fifth Business Day preceding the Change of Control Payment
      Date;

     

    (6) that
      Holders will be entitled to withdraw their election if the Paying Agent
      receives, not later than the close of business on the second Business Day
      preceding the Change of Control Payment Date, facsimile transmission or letter
      setting forth the name of the Holder, the principal amount of Notes delivered
      for purchase, and a statement that such Holder is withdrawing its election
      to
      have such Notes purchased; and

     

    (7) that
      Holders whose Notes are being purchased only in part will be issued new Notes
      equal in principal amount to the unpurchased portion of the Notes surrendered,
      which unpurchased portion must be equal to $2,000 in principal amount or an
      integral multiple of $1,000 in excess thereof in the case of the Dollar Notes,
      and €1,000 or an integral multiple thereof in the case of the Euro
      Notes.

     

    The
      Company shall 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 to the repurchase of the Notes in connection
      with a Change of Control. To the extent that the provisions of any securities
      laws or regulations conflict with this Section 4.18, the Company shall comply
      with the applicable securities laws and regulations and shall not be deemed
      to
      have breached its obligations under the Change of Control provisions of the
      Indenture or the Fourth Supplemental Indenture by virtue of such
      conflict.

     

    (b) On
      the
      Change of Control Payment Date, the Company shall, to the extent
      lawful:

     

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

     

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

     

    (3) deliver
      or cause to be delivered to the Trustee the Notes so accepted together with
      an
      Officers’ Certificate stating the Notes or portions thereof tendered to the
      Company.

     

    The
      Paying Agent shall promptly mail to each Holder of Notes so accepted the Change
      of Control Payment for such Notes, and the Trustee shall promptly authenticate
      and mail to each Holder a new Note equal in principal amount to any unpurchased
      portion of the Notes surrendered, if any; provided that any such new Dollar
      Note
      will be in a principal amount of $2,000 or an integral multiple of $1,000 in
      excess thereof, and any such new Euro Note will be 

     

    
      
        
        

      

      
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    in
      a
      principal amount of €1,000 or an integral multiple thereof. Prior to complying
      with the provisions of this Section 4.18, but in any event within 90 calendar
      days following a Change of Control, the Company shall either repay all
      outstanding Senior Debt or obtain the requisite consents, if any, under all
      agreements governing outstanding Senior Debt to permit the repurchase of Notes
      required by this Section 4.18. The Company shall publicly announce in The Wall
      Street Journal, or if no longer published, a national newspaper of general
      circulation, the results of the Change of Control Offer on or as soon as
      practicable after the Change of Control Payment Date.

     

    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 set forth in this
      Section 4.18 applicable to a Change of Control Offer made by the Company and
      purchases all Notes properly tendered and not withdrawn under the Change of
      Control Offer.

     

    (l) Changes
      in Covenants When Notes Rated Investment Grade.

     

    §
      4.19. Changes
      in Covenants When Notes Rated Investment Grade.

     

    If
      on any
      date following the date of this Fourth Supplemental Indenture:

     

    (1) at
      least
      two of the following events occur:

     

    
      	 	
              (A)

            	
              the
                Notes are rated Baa3 or better by Moody’s Investors
                Service,

            

    

     

    
      	 	
              (B)

            	
              the
                Notes are rated BBB- or better by Standard & Poor’s Rating Group, a
                division of McGraw Hill, Inc., or

            

    

     

    
      	 	
              (C)

            	
              the
                Notes rated BBB- or better by Fitch Ratings,
                Inc.,

            

    

     

    (or,
      if
      any such entity ceases to rate the Notes for reasons outside of the control
      of
      the Company, the equivalent investment grade credit rating from any other
“nationally recognized statistical rating organization” within the meaning of
      Rule 15c3-1(c)(2)(vi)(F) under the Exchange Act selected by the Company as
      a replacement agency); and

     

    (2) no
      Default or Event of Default shall have occurred and be continuing, then,
      beginning on that day and continuing at all times thereafter regardless of
      any
      subsequent changes in the rating of the Notes, Sections 3.9, 4.8, 4.9, 4.11,
      4.12, 4.15 and 4.17, clause (3) of Section 4.14, clause (2) of Section 4.16
      and
      clause (d) of Section 5.1 of the Indenture shall no longer be applicable to
      the
      Notes.

     

    

     

    
      
        
          

          

        

        
        

      

      
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    Section
      2.8. Subsidiary
      Guarantees. 

     

    With
      respect to the Notes issued under this Fourth Supplemental Indenture, Article
      XII of the Indenture shall apply, and the Notes shall constitute a Series to
      be
      guaranteed by the Guarantors pursuant to Article XII of the
      Indenture.

     

    Section
      2.9. Legal
      Defeasance and Covenant Defeasance. 

     

    With
      respect to the Notes issued under this Fourth Supplemental Indenture, Article
      VIII of the Indenture shall apply, and the Company shall have the option to
      effect Legal Defeasance or Covenant Defeasance pursuant to Article VIII of
      the
      Indenture. In connection with any Covenant Defeasance, the Company shall be
      released from its obligations under the covenants specified in Sections 4.2
      and
      5.1 of the Indenture and Section 2.7 of this Fourth Supplemental
      Indenture.

     

    Section
      2.10. Subordination. 

     

    With
      respect to the Notes issued under this Fourth Supplemental Indenture, Article
      XIII of the Indenture shall apply, and the Notes shall be subject to
      subordination pursuant to Article XIII of the Indenture.

     

    Section
      2.11. Amend,
      Restate and Replace Covenant Regarding Reports. 

     

    With
      respect to the Notes issued under this Fourth Supplemental Indenture, Section
      4.2 of the Indenture is amended, restated and replaced in its entirety by the
      following:

     

    §
      4.2. Reports.

     

    Whether
      or not required by the rules and regulations of the Commission, so long as
      any
      Notes are outstanding, the Company will furnish to the Holders of
      Notes:

     

    (1) all
      quarterly and annual financial information that would be required to be
      contained in a filing with the Commission 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” and, with respect to
      the annual information only, a report thereon by the Company’s certified
      independent accountants; and

     

    (2) all
      financial information that would be required to be included in a Form 8-K
      filed with the Commission if the Company were required to file such
      reports.

     

    In
      addition, whether or not required by the rules and regulations of the
      Commission, the Company will file a copy of all such information and reports
      with the Commission for public availability (unless the Commission will not
      accept such a filing) and make such information available to investors who
      request it in writing.

     

    Notwithstanding
      the foregoing, if at any time the Notes are guaranteed by any direct or indirect
      parent company of the Company, the indenture will permit the Company to satisfy
      its 

     

    

     

    
      
        
          

          

        

        
        

      

      
        -52-

        
          

        

      

      
        
        

        
          

        

      

    

    obligations
      under this covenant with respect to financial information relating to the
      Company by furnishing financial information relating to such direct or indirect
      parent company; provided,
      however,
      that
      the same is accompanied by consolidating information that explains in reasonable
      detail the differences between the information relating to such direct or
      indirect parent company and any of its Subsidiaries other than the Company
      and
      its Subsidiaries, on the one hand, and the information relating to the Company,
      the Guarantors and the other Subsidiaries of the Company on a standalone basis,
      on the other hand.

     

    Section
      2.12. Events
      of Default. 

     

    Article
      VI of the Indenture is amended with regard to this Fourth Supplemental Indenture
      and the Notes issued hereunder in the following respects: 

     

    (a) Section
      6.1 of the Indenture is amended by deleting the $10.0 million threshold in
      Sections 6.1(e)(ii) and 6.1(f) and substituting in lieu thereof the threshold
      of
      $50.0 million.

     

    (b) Any
      reference to “that Series, “such Series”, “a Series” or words of similar effect
      contained in Article VI shall mean and be a collective reference to the Dollar
      Notes and the Euro Notes, which shall be treated as a single Series of
      Securities for all purposes of Article VI. 

     

    Section
      2.13. Amend,
      Restate and Replace Provision Regarding Amendment with the Consent of the
      Holders of the Notes.

     

    With
      respect to the Notes issued under this Fourth Supplemental Indenture, Section
      9.2 of the Indenture is amended, restated and replaced in its entirety by the
      following:

     

    §
      9.2 With
      Consent of Holders.

     

    Except
      as
      provided in Sections 9.1 and 9.3 of the Indenture, the Indenture or the Notes
      of
      any Series may be amended or supplemented by the Company and the Trustee after
      having received the Required Consent (as defined below) with respect to such
      Series, and except as provided in Sections 6.8 and 6.12 of the Indenture, any
      existing Default or Event of Default or compliance with any provision of the
      Indenture or the Notes of such Series may be waived by the Trustee upon receipt
      by the Trustee of the Required Consent with respect to such Series.

     

    The
      term
“Required
      Consent”
means:
      

     

    (a) except
      as
      otherwise expressly provided in this Indenture with respect to matters requiring
      the consent of each holder of Dollar Notes, the consent of either (A) a majority
      in aggregate principal amount at Stated Maturity of the Dollar Notes (with
      respect to matters requiring only the consent of the holders of the Dollar
      Notes) or (B) a majority in aggregate principal amount at Stated Maturity
      of (1) the Dollar Notes and the Euro Notes, (2) the Previously Issued
      Notes (defined below), if the holders of the Previously Issued Notes are being
      requested to consent to such action with respect to the terms of the Previously
      Issued Notes or the Previously Issued Notes Indenture (defined below), and
      (3) any other issue or series of notes issued by the Company that rank
pari passu
      with the
      Dollar Notes (including any other Series of the Securities), if such notes
      or
      the indenture pursuant to which such notes were issued both (I) require the
      consent of the holders of such notes to such action and (II) provide that
      the holders 

     

    

     

    
      
        
          

          

        

        
        

      

      
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    thereof
      will vote with the holders of the Notes and the other securities referenced
      above with respect to such action; and 

     

    (b)
      except as otherwise expressly provided in this Indenture with respect to matters
      requiring the consent of each holder of Euro Notes, the consent of either (A)
      a
      majority in aggregate principal amount at Stated Maturity of the Euro Notes
      (with respect to matters requiring only the consent of the holders of the Euro
      Notes) or (B) a majority in aggregate principal amount at Stated Maturity
      of (1) the Euro Notes and the Dollar Notes, (2) the Previously Issued
      Notes (defined below), if the holders of the Previously Issued Notes are being
      requested to consent to such action with respect to the terms of the Previously
      Issued Notes or the Previously Issued Notes Indenture (defined below), and
      (3) any other issue or series of notes issued by the Company that rank
pari passu
      with the
      Euro Notes (including any other Series of the Securities), if such notes or
      the
      indenture pursuant to which such notes were issued both (I) require the
      consent of the holders of such notes to such action and (II) provide that
      the holders thereof will vote with the holders of the Notes and the other
      securities referenced above with respect to such action. 

     

    The
      term
“Previously
      Issued Notes”
means
      the 85⁄8%
      Notes,
      the 73⁄4% Notes, the 71⁄4% Notes, the 65⁄8%
      Notes
      and the 83⁄4% Notes. 

     

    The
      term
“Previously
      Issued Notes Indentures”
means
      the indentures, as from time to time in effect, under which the Previously
      Issued Notes have been issued.

     

    It
      shall
      not be necessary for the Required Consent to approve the particular form of
      any
      proposed amendment or waiver, but it shall be sufficient if such Required
      Consent approves the substance thereof. After a supplemental indenture or waiver
      under this Section 9.2 becomes effective, the Company shall mail to the Holders
      of Securities affected thereby and, and if any Bearer Securities affected
      thereby are outstanding, publish on one occasion in an Authorized Newspaper,
      a
      notice briefly describing the supplemental indenture or waiver. Any failure
      by
      the Company to mail or publish such notice, or any defect therein, shall not,
      however, in any way impair or affect the validity of any such supplemental
      indenture or waiver.

     

    Upon
      the
      request of the Company accompanied by a resolution of its Board of Directors
      authorizing the execution of any such amended or supplemental Indenture, and
      upon receipt by the Trustee of the Required Consent and the documents described
      in Section 7.2 hereof, the Trustee shall join with the Company and the
      Guarantors in the execution of such amended or supplemental Indenture unless
      such amended or supplemental Indenture affects the Trustee’s own rights, duties
      or immunities under this Indenture or otherwise, in which case the Trustee
      may
      in its discretion, but shall not be obligated to, enter into such amended or
      supplemental Indenture.

     

    

     

    
      
        
          

          

        

        
        

      

      
        -54-

        
          

        

      

      
        
        

        
          

        

      

    

    ARTICLE
      3.

     

    MISCELLANEOUS

    

    Section
      3.1. No
      Representations by Trustee, Etc.

     

    The
      Trustee makes no representations as to the validity of sufficiency of this
      Fourth Supplemental Indenture. All recitals and statements herein are deemed
      to
      be those of the Company and not the Trustee.

     

    Section
      3.2. Effect
      of Headings. 

     

    The
      Article and Section headings herein are for convenience only and shall not
      affect the construction hereof.

     

    Section
      3.3. Successors
      and Assigns. 

     

    All
      covenants and agreements in this Fourth Supplemental Indenture by the Company
      shall bind its successors and assigns, whether so expressed or not.

     

    Section
      3.4. Separability
      Clause. 

     

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

     

    Section
      3.5. Governing
      Law. 

     

    This
      Fourth Supplemental Indenture and the Notes created hereby shall be governed
      by
      and construed in accordance with the laws of the State of New York without
      giving effect to any conflicts of law provisions (other than Section 5-1401
      of
      the New York General Obligations Law) that might cause this Fourth Supplemental
      Indenture and the Notes to be governed by or construed or enforced in accordance
      with the laws of any other jurisdiction.

     

    Section
      3.6. Supplement
      to Supersede Indenture. 

     

    The
      Indenture, as supplemented by the Fourth Supplemental Indenture, remains in
      full
      force and effect as of the date hereof. Notwithstanding the foregoing, to the
      extent that any provision of the Indenture shall conflict with any provision
      of
      this Fourth Supplemental Indenture, the terms of this Fourth Supplemental
      Indenture shall be deemed controlling and the conflicting provision of the
      Indenture shall be null and void to the extent of such conflict.

     

    [The
      rest of this page has been intentionally left blank.]

     

    

    
      
        
          

          

        

        
        

      

      
        -55-

        
          

        

      

      
        
        

        
          

        

      

    

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

     

    

      
        	 	
                IRON
                  MOUNTAIN INCORPORATED

              
	 	 
	 	 
	 	
                By:
                  /s/
                  John P. Lawrence

              
	 	
                Name:
                  John P. Lawrence

              
	 	
                Title:
                  Senior Vice President and Treasurer

              
	 	 
	 	
                COMAC,
                  INC.

              
	 	
                IRON
                  MOUNTAIN INTELLECTUAL PROPERTY MANAGEMENT, INC.

              
	 	
                IRON
                  MOUNTAIN GLOBAL, INC.

              
	 	
                IRON
                  MOUNTAIN GOVERNMENT SERVICES INCORPORATED

              
	 	
                IRON
                  MOUNTAIN INFORMATION MANAGEMENT, INC.

              
	 	
                MOUNTAIN
                  REAL ESTATE ASSETS, INC.

              
	 	
                MOUNTAIN
                  RESERVE III, INC.

              
	 	
                TREELINE
                  SERVICES CORPORATION

              
	 	
                NETTLEBED
                  ACQUISITION CORP.

              
	 	 
	 	 
	 	
                By:
                  /s/
                  John P. Lawrence

              
	 	
                Name:
                  John P. Lawrence

              
	 	
                Title:
                  Senior Vice President and Treasurer

              
	 	 
	 	 
	 	
                IRON
                  MOUNTAIN GLOBAL, LLC

              
	 	 
	 	
                By:
                  Iron Mountain Global, Inc., its sole member

              
	 	 
	 	
                By:
                  /s/
                  John P. Lawrence

              
	 	
                Name:
                  John P. Lawrence

              
	 	
                Title:
                  Senior Vice President and Treasurer

              
	 	 
	 	 
	 	
                IRON
                  MOUNTAIN STATUTORY TRUST - 1998

              
	 	 
	 	
                By: U.S.
                  BANK NATIONAL ASSOCIATION, not individually but as Owner Trustee
                  under
                  that certain Amended and Restated Owner Trust Agreement dated as
                  of
                  October 1, 1998, as amended

              
	 	 
	 	
                By:
                  /s/
                  Timothy A. Donmoyer

              
	 	
                Name:
                  Timothy A. Donmoyer

              
	 	
                Title:
                  Vice President

              
	 	 

      

    

    

    

    
      
        
          

          

        

        
        

      

      
        -56-

        
          

        

      

      
        
        

        
          

        

      

    

    

    

      
        	 	
                IRON
                  MOUNTAIN STATUTORY TRUST - 1999

              
	 	 
	 	
                By: U.S.
                  BANK NATIONAL ASSOCIATION, not individually but as Owner Trustee
                  under
                  that certain Owner Trust Agreement dated as of July 1, 1999, as
                  amended

              
	 	 
	 	 
	 	
                By:
                  /s/
                  Timothy A. Donmoyer

              
	 	
                Name:
                  Timothy A. Donmoyer

              
	 	
                Title:
                  Vice President

              
	 	 
	 	 
	 	 
	 	
                THE
                  BANK OF NEW YORK TRUST COMPANY, N.A.

              
	 	 
	 	 
	 	
                By:
                  /s/ Peter M. Murphy

              
	 	
                Name:
                  Peter M. Murphy

              
	 	
                Title:
                  Vice President

              

      

    

    

    

    
      
        
        

      

      
        -57-

        
          

        

      

      
        
        

      

    

    
      

        

        EXHIBIT
          A-1

         

        FORM
          OF DOLLAR NOTE

         

        [Face
          of
          Note]

         

        8%
          Dollar
          Denominated Senior Subordinated Notes due 2018

         

        
          	
                  CUSIP
                    No.: 46284P AJ 3

                	
                  $50,000,000

                

        

         

        IRON
          MOUNTAIN INCORPORATED

         

        promises
          to pay to CEDE & Co. or registered assigns, the principal sum of Fifty
          Million Dollars on October 15, 2018.

         

        Interest
          Payment Dates: April 15 and October 15

         

        Record
          Dates: April 1 and October 1

         

        Dated:
          October __, 2006

         

        
          
            	 	
                    IRON
                      MOUNTAIN INCORPORATED

                  
	 	 
	 	 
	 	
                    By:

                  	 
	 	
                    Name:

                  
	 	
                    Title:

                  
	 	 
	 	 
	 	 
	 	
                    By:
                      

                  	 
	 	
                    Name:

                  
	 	
                    Title

                  
	 	
                    (SEAL)

                  

          

        

        

        This
          is
          one of the Notes

        referred
          to in the within-

        mentioned
          Indenture:

         

        

        THE
          BANK
          OF NEW YORK TRUST COMPANY, N.A.,

        as
          Trustee

        

          
            	
                    By:

                  	 	 
	 	
                    Authorized
                      Signature

                  	 

          

        

        

          
            
              
              

            

            
              
              

              
                

              

            

            
              
              

            

          

        

         

        8%
          Dollar
          Denominated Senior Subordinated Notes due 2018

         

        [Insert
          the Global Note Legend, if applicable]

         

        [Insert
          the Private Placement Legend, if applicable]

         

        Capitalized
          terms used herein shall have the meanings assigned to them in the Indenture
          referred to below unless otherwise indicated.

         

        1.    INTEREST.
          Iron
          Mountain Incorporated, a Delaware corporation (the “Company”) promises to pay
          interest on the principal amount of this Note at 8% per annum from October
          16,
          2006 until October 15, 2018. The Company shall pay interest, semi-annually
          in
          arrears on April 15 and October 15 of each year, or if any such day is
          not a
          Business Day, on the next succeeding Business Day (each an “Interest Payment
          Date”). Interest on this Note will accrue from the most recent date to which
          interest has been paid or, if no interest has been paid, from the date
          of
          issuance; provided
          that if
          there is no existing Default in the payment of interest, and if this Note
          is
          authenticated between a record date referred to on the face hereof and
          the next
          succeeding Interest Payment Date, interest shall accrue from such next
          succeeding Interest Payment Date; provided,
          further,
          that
          the first Interest Payment Date shall be April 15, 2007. The Company shall
          pay
          interest (including post-petition interest to the extent allowed in any
          proceeding under any Bankruptcy Law) on overdue principal and premium,
          if any,
          from time to time on demand at a rate equal to the per annum rate on the
          Dollar
          Notes then in effect; it shall pay interest (including post-petition interest
          to
          the extent allowed in any proceeding under any Bankruptcy Law) on overdue
          installments of interest (without regard to any applicable grace periods)
          from
          time to time on demand at the same rate to the extent lawful. Interest
          will be
          computed on the basis of a 360-day year of twelve 30-day months.

         

        2.    METHOD
          OF PAYMENT.
          The
          Company will pay principal, premium, if any, and interest on this Note
          in money
          of the United States that at the time of payment is legal tender for payment
          of
          public and private debts. The Company, however, may pay principal, premium,
          if
          any, and interest by check payable in such money. It may mail an interest
          check
          to a Holder’s registered address.

         

        3.    PAYING
          AGENT, REGISTRAR AND SERVICE AGENT.
          Initially, The Bank of New York Trust Company, N.A., the Trustee under
          the
          Indenture, will act as paying agent, registrar and service agent. This
          Note may
          be presented for registration of transfer and exchange at the offices of
          the
          registrar. The Company may change any paying agent, service agent or registrar
          without notice to any Holder. The Company or any of its Subsidiaries may
          act in
          any such capacity.

         

        4.    INDENTURE.
          This
          Note is one of a Series of Notes issued under an Indenture dated as of
          December
          30, 2002 (the “Base Indenture”), as supplemented by a Fourth Supplemental
          Indenture dated as of October 16, 2006 (the “Fourth Supplemental Indenture” and,
          together with the Base Indenture, the “Indenture”), among the Company, the
          Guarantors and the Trustee. The Series to which this Note belongs (the
          8% Dollar
          Denominated Senior Subordinated Notes due 2018) is referred to as the “Dollar
          Notes” herein and in the Indenture. The Dollar Notes, together with the Series
          of Notes referred to herein and in the Indenture as the “Euro Notes” (the 63⁄4%
          Euro Denominated Senior Subordinated Notes due 2018), are collectively
          referred
          to as the “Notes”. The terms of the Dollar Notes include those stated in the
          Indenture and those made part of the Indenture by reference to the Trust
          Indenture Act of 1939, as amended (15 U.S. Code §§ 77aaa-77bbbb). The
          Dollar Notes are subject to all such terms, and Holders are referred to
          the
          Indenture and such Act for a statement of such terms. To the extent any
          provision of this Note conflicts with the express provisions of the Indenture,
          the provisions of the Indenture shall govern and be controlling. The Dollar
          Notes issued under the Indenture are subordinated unsecured obligations
          of the
          Company.

         

        
          
            
              
              

            

            
              
              

              
                

              

            

            
              
              

            

          

        

         

        5.    OPTIONAL
          REDEMPTION.
          Prior
          to October 15, 2011, the Dollar Notes shall be subject to redemption at
          any time
          at the option of the Company, in whole or in part, upon not less than 10
          nor
          more than 60 days’ notice, at the Dollar Make-Whole Price, plus accrued and
          unpaid interest, to but excluding the applicable redemption date. On and
          after
          October 15, 2011, the Dollar Notes will be subject to redemption at any
          time at
          the option of the Company, in whole or in part, upon not less than 10 nor
          more
          than 60 days’ notice, at the redemption price (expressed as percentages of
          principal amount) set forth below, plus accrued and unpaid interest to
          but
          excluding the applicable redemption date, if redeemed during the twelve-month
          period beginning on April 1 of the years indicated below:

         

        
          	
                  Year

                	 	
                  Percentage

                	 
	 	 	 	 
	
                  2011

                	 	 	
                  104.000

                	
                  %

                
	
                  2012

                	 	 	
                  102.667

                	
                  %

                
	
                  2013

                	 	 	
                  101.333

                	
                  %

                
	
                  2014
                    and thereafter

                	 	 	
                  100.000

                	
                  %

                

        

        

        Notwithstanding
          the foregoing, at any time prior to October 15, 2009, the Company may on
          any one
          or more occasions redeem the Dollar Notes at a redemption price of 108%
          of the
          principal amount thereof, plus accrued and unpaid interest, and Liquidated
          Damages if any, to the redemption date, with the net cash proceeds of one
          or
          more Qualified Equity Offerings; provided that (i) at least $50.0 million
          in the
          aggregate principal amount of the Dollar Notes (including any Additional
          Dollar
          Notes) issued under the Indenture remains outstanding immediately after
          the
          occurrence of such redemption (excluding Dollar Notes held by the Company
          and
          the Company’s Subsidiaries) and (ii) the redemption must occur within six months
          of the date of the closing of any such Qualified Equity Offering.

         

        6.    NOTICE
          OF REDEMPTION.
          Notice
          of redemption will be mailed at least 10 days but not more than 60 days
          before
          the redemption date to each Holder of the Dollar Notes to be redeemed at
          such
          Holder’s address of record. Dollar Notes in denominations larger than $2,000 may
          be redeemed in part but only in integral multiples of $1,000 in excess
          thereof,
          unless all the Dollar Notes held by a Holder are to be redeemed. In the
          event of
          a redemption of less than all of the Dollar Notes, the Dollar Notes will
          be
          chosen for redemption by the Trustee in accordance with the Indenture.
          On and
          after the redemption date, interest ceases to accrue on the Dollar Notes
          or
          portions of them called for redemption.

         

        If
          this
          Note is redeemed subsequent to a Record Date with respect to any Interest
          Payment Date specified above and on or prior to such Interest Payment Date,
          then
          any accrued interest will be paid to the Person in whose name this Note
          is
          registered at the close of business on such Record Date.

         

        
          
            
              
              

            

            
              -
                2
                -

              
                

              

            

            
              
              

            

          

        

         

        7.    MANDATORY
          REDEMPTION.
          Except
          as set forth in paragraph 8 below, the Company shall not be required to
          repurchase or to make mandatory redemption payments with respect to the
          Dollar
          Notes. There are no sinking fund payments with respect to the Dollar
          Notes.

         

        8.    REPURCHASE
          AT OPTION OF HOLDER.
          This
          Note is subject to purchase at the option of the Holder upon the circumstances
          set forth in Sections 3.9, 4.17 and 4.18 of the Indenture.

         

        9.    SUBORDINATION.
          The
          payment of the principal of, interest on or any other amounts due on the
          Dollar
          Notes is subordinated in right of payment to all existing and future Senior
          Debt
          of the Company, as described in the Indenture. Each Holder, by accepting
          a
          Dollar Note, agrees to such subordination and authorizes and directs the
          Trustee
          on its behalf to take such action as may be necessary or appropriate to
          effectuate the subordination so provided and appoints the Trustee as its
          attorney-in-fact for such purpose.

         

        10.   DENOMINATIONS,
          TRANSFER, EXCHANGE.
          The
          Dollar Notes are in registered form without coupons in minimum denominations
          of
          $2,000 and integral multiples of $1,000 in excess thereof. The transfer
          of
          Dollar Notes may be registered and Dollar Notes may be exchanged as provided
          in
          the Indenture. The Registrar and the Trustee may require a Holder, among
          other
          things, to furnish appropriate endorsements and transfer documents and
          the
          Company may require a Holder to pay any taxes and fees required by law
          or
          permitted by the Indenture. The Company need not exchange or register the
          transfer of any Dollar Note or portion of a Dollar Note selected for redemption,
          except for the unredeemed portion of any Dollar Note being redeemed in
          part.
          Also, the Company need not exchange or register the transfer of any Dollar
          Notes
          for a period of 15 days before a selection of Dollar Notes to be redeemed
          or
          during the period between a record date and the corresponding Interest
          Payment
          Date.

         

        11.   PERSONS
          DEEMED OWNERS.
          The
          registered Holder of a Dollar Note may be treated as its owner for all
          purposes.

         

        12.   AMENDMENT,
          SUPPLEMENT AND WAIVER.
          The
          Indenture with respect to the Dollar Notes may be amended or supplemented
          by the
          Company and the Trustee after receipt of the Required Consent (as defined
          in the
          Indenture), and any existing Default or Event of Default or compliance
          with any
          provision of the Indenture with respect to the Dollar Notes may be waived
          by the
          Trustee upon receipt by the Trustee of the Required Consent. With respect
          to
          certain actions, the consent of (a) the holders of a majority in aggregate
          outstanding principal amount at Stated Maturity of the Dollar Notes, or
          (b) the
          holders of a majority in aggregate outstanding principal amount at Stated
          Maturity of (i) the Notes, (ii) the
          Company’s existing 85⁄8%
          Notes,
          73⁄4% Notes, 71⁄4% Notes, 65⁄8%
          Notes
          and 83⁄4% Notes and (iii) any other issue or series of notes issued by the Company
          that rank pari passu with the Dollar Notes, if such notes or the indenture
          pursuant to which such notes were issued both (1) request the consent of
          the holders of such notes to such action and (2) provide that the holders
          thereof will vote with the holders of the Notes (and the other securities
          referenced above) with respect to such action, will constitute a “Required
          Consent”. 

         

        
          
            
              
              

            

            
              -
                3
                -

              
                

              

            

            
              
              

            

          

        

        

        Without
          the consent of any Holder of the Dollar Notes, the Indenture with respect
          to the
          Dollar Notes or the Dollar Notes may be amended or supplemented to, in
          addition
          to other events more fully described in the Indenture, cure any ambiguity,
          defect or inconsistency, provide for uncertificated Notes in addition to
          or in
          place of certificated Notes, provide for the assumption of the Company’s
          obligations to Holders of the Dollar Notes in the case of a merger or
          consolidation, make any change that would provide any additional rights
          or
          benefits to the Holders of the Dollar Notes or that does not adversely
          affect
          the legal rights under the Indenture of any such Holder, or comply with
          requirements of the SEC in order to effect or maintain the qualification
          of the
          Indenture under the TIA.

         

        13.   DEFAULTS
          AND REMEDIES.
          An
          Event of Default with respect to the Notes occurs upon the occurrence of
          any of
          the following events: the default for 30 days in the payment when due of
          interest on the Notes (whether or not prohibited by the subordination provisions
          of the Indenture); the default in payment when due of the principal of
          or
          premium, if any, on the Notes (whether or not prohibited by the subordination
          provisions of the Indenture); the failure by the Company to comply with
          Section
          4.18 of the Indenture; the failure by the Company or any Guarantor for
          60 days
          after written notice from the Trustee or Holders of not less than 25% of
          the
          aggregate principal amount of the Notes (including Additional Notes, if
          any)
          outstanding to comply with any of its other agreements in the Indenture,
          Notes
          or the Subsidiary Guarantees; the default under any mortgage, indenture
          or
          instrument under which there may be issued or by which there may be secured
          or
          evidenced any Indebtedness for money borrowed by the Company or any of
          its
          Restricted Subsidiaries (or the payment of which is guaranteed by the Company
          or
          any of its Restricted Subsidiaries) whether such Indebtedness or guarantee
          exists on the date of the Indenture or is created thereafter, if: (i) such
          default results in the acceleration of such Indebtedness prior to its express
          maturity or shall constitute a default in the payment of such Indebtedness
          at
          final maturity of such Indebtedness; and (ii) the principal amount of any
          such
          Indebtedness that has been accelerated or not paid at maturity, when added
          to
          the aggregate principal amount of all other such Indebtedness that has
          been
          accelerated or not paid at maturity, exceeds $50.0 million; the failure
          by the
          Company or any of its Restricted Subsidiaries to pay final judgments aggregating
          in excess of $50.0 million, which judgments remain unpaid, undischarged
          or
          unstayed for a period of 60 days; certain events of bankruptcy or insolvency
          with respect to the Company or any of its Restricted Subsidiaries that
          is a
          Significant Subsidiary; or except as permitted by the Indenture or the
          Subsidiary Guarantees, any Subsidiary Guarantee issued by a Restricted
          Subsidiary shall be held in any judicial proceeding to be unenforceable
          or
          invalid or shall cease for any reason to be in full force and effect, or
          any
          Restricted Subsidiary or any Person acting on behalf of any Restricted
          Subsidiary shall deny or disaffirm in writing its obligations under its
          Subsidiary Guarantee.

         

        If
          any
          Event of Default occurs and is continuing, the Trustee or the Holders of
          at
          least 25% in principal amount of the then outstanding Notes (including
          Additional Notes, if any) may declare all the Notes to be due and payable
          immediately; provided, however, that if any Obligation with respect to
          Senior
          Bank Debt is outstanding pursuant to the Credit Agreement upon a declaration
          of
          acceleration of the Notes, the principal, premium, if any, and interest
          on the
          Notes will not be payable until the earlier of: (1) the day which is five
          business days after written notice of acceleration is received by the Company
          and the Credit Agent; or (2) the date of acceleration of the Indebtedness
          under
          the Credit Agreement. Notwithstanding the foregoing, in the case of an
          Event of
          Default arising from certain events of bankruptcy or insolvency with respect
          to
          the Company or any Restricted Subsidiary that is a Significant Subsidiary,
          the
          principal of, and premium, if any, and any accrued and unpaid interest
          on all
          outstanding Notes will become immediately due and payable without further
          action
          or notice. In the event of a declaration of acceleration of the Notes because
          an
          Event of Default has occurred and is continuing as a result of the acceleration
          of any Indebtedness described in Section 6.1(e) of the Indenture, the
          declaration of acceleration of the Notes shall be automatically annulled
          if the
          holders of any Indebtedness described in such section have rescinded the
          declaration of acceleration in respect of such Indebtedness within 30 days
          from the date of such declaration and if: (1) the annulment of the acceleration
          of the Notes would not conflict with any judgment or decree of a competent
          jurisdiction; and (2) all existing Events of Default, except non-payment
          of
          principal or interest on the Notes that became due solely because of the
          acceleration of the Notes, have been cured or waived.

         

        
          
            
              
              

            

            
              -
                4
                -

              
                

              

            

            
              
              

            

          

        

         

        Subject
          to certain limitations, Holders of a majority in principal amount of the
          then
          outstanding Notes may direct the Trustee in its exercise of any trust or
          power.
          The Trustee may withhold from Holders of the Notes notice of any continuing
          Default or Event of Default (except a Default or Event of Default relating
          to
          the payment of principal or interest) if it determines that withholding
          notice
          is in their interest. The Company is required to deliver to the Trustee
          annually
          a statement regarding compliance with the Indenture, and the Company is
          required, upon becoming aware of any Default or Event of Default, to deliver
          to
          the Trustee a statement specifying such Default or Event of Default and
          what
          action the Company is taking or proposes to take thereto.

         

        14.   SUBSIDIARY
          GUARANTEES.
          Payment
          of principal of, premium, if any, and interest (including interest on overdue
          principal, if any, and interest, if lawful) on the Dollar Notes is guaranteed
          on
          an unsecured, senior subordinated basis by the Guarantors pursuant to Article
          XII of the Indenture.

         

        15.   TRUSTEE
          DEALINGS WITH COMPANY.
          The
          Trustee, in its individual or any other capacity, may make loans to, accept
          deposits from, and perform services for the Company or its Affiliates,
          and may
          otherwise deal with the Company or its Affiliates, as if it were not the
          Trustee.

         

        16.   NO
          RECOURSE AGAINST OTHERS.
          No
          past, present or future director, officer, employee, incorporator or
          stockholder, as such, of the Company or any Guarantor shall have any liability
          for any obligations of the Company or any Guarantor under the Notes, the
          Subsidiary Guarantees 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 and the related Subsidiary Guarantees waives and releases all such
          liability. The waiver and release are part of the consideration for the
          issuance
          of the Notes.

         

        17.   AUTHENTICATION.
          This
          Note shall not be valid until authenticated by the manual signature of
          the
          Trustee or an authenticating agent.

         

        18.   ABBREVIATIONS.
          Customary abbreviations may be used in the name of a Holder or an assignee,
          such
          as: TEN COM (= tenants in common), TEN ENT (= tenants by the entireties),
          JT
          TEN (=
          joint tenants with right of survivorship and not as tenants in common),
          CUST (=
          Custodian), and U/G/M/A (= Uniform Gifts to Minors Act).

         

        
          
            
              
              

            

            
              -
                5
                -

              
                

              

            

            
              
              

            

          

        

         

        19.   CUSIP
          NUMBERS.
          Pursuant to a recommendation promulgated by the Committee on Uniform Security
          Identification Procedures, the Company has caused CUSIP numbers to be printed
          on
          the Dollar Notes and the Trustee may use CUSIP numbers in notices of redemption
          as a convenience to Holders. No representation is made as to the accuracy
          of
          such numbers either as printed on the Dollar Notes or as contained in any
          notice
          of redemption and reliance may be placed only on the other identification
          numbers placed thereon.

         

        The
          Company shall furnish to any Holder upon written request and without charge
          a
          copy of the Indenture. Requests may be made to:

         

        Iron
          Mountain Incorporated

        745
          Atlantic Avenue

        Boston,
          Massachusetts 02111

        Attention:
          Chief Financial Officer

        

        
          
            
              
              

            

            
              -
                6
                -

              
                

              

            

            
              
              

            

          

        

        

        ASSIGNMENT
          FORM

        

          To
            assign
            this Note, fill in the form below: (I) or (we) assign and transfer this
            Note to

           

        

        
          
            	 
	
                    (Insert
                      assignee’s soc. sec. or tax I.D.no.)

                  
	 
	 
	 
	 
	 
	 
	 
	 
	
                    (Print
                      or type assignee’s name, address and zip code)

                  
	 	 
	
                    and
                      irrevocably appoint 

                  	 
	
                    to
                      transfer this Note on the books of the Company. The agent may
                      substitute
                      another to act for him.

                  

          

          

          
            	
                    Date:
                      

                  	 	 

          

           

          

            
              	
                      Your
                        Signature: 

                    	 
	
                      (Sign
                        exactly as your name appears on the face of this
                        Note)

                    

            

          

        

         

        
          
            
              
              

            

            
              
              

              
                

              

            

            
              
              

            

          

        

        

        OPTION
          OF HOLDER TO ELECT PURCHASE

         

        If
          you
          want to elect to have this Note purchased by the Company pursuant to Section
          4.17 or 4.18 of the Indenture, check the box below:

         

         ̈ Section
          4.17

         

         ̈ Section
          4.18

         

        If
          you
          want to elect to have only part of the Note purchased by the Company pursuant
          to
          Section 4.17 of the Indenture, state the amount you elect to have purchased:
          $__________

         

        
          
            	
                    Date:

                  	 	 	
                    Your
                      Signature:

                  	 
	 	 
	 	
                    Sign
                      exactly as your name appears on the Note)

                  
	 	 
	 	
                    Tax
                      Identification No.:

                  	 

          

        

         

        
          
            
              
              

            

            
              
              

              
                

              

            

            
              
              

            

          

        

        

        SCHEDULE
          OF EXCHANGES OF NOTES* 

         

        The
          following exchanges of a part of this Global Note for other Dollar Notes
          have
          been made:

         

        
          	
                  Date
                    of Exchange

                	 	
                  Amount
                    of decrease in Principal Amount of this Global Note

                	 	
                  Amount
                    of increase in Principal Amount of this Global Note

                	 	
                  Principal
                    Amount of this Global Note following such decrease (or
                    increase)

                	 	
                  Signature
                    of authorized office of
                    Trustee or Service Agent

                
	 	 	 	 	 	 	 	 	 

        

         

        _________________________

        *This
          schedule should be included only if the Note is issued in global
          form.

         

        
          
            
              
              

            

            
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                2
                -

              
                

              

            

            
              
              

            

          

        

        

        EXHIBIT
          A-2

         

        FORM
          OF EURO NOTE

         

        [Face
          of
          Note]

         

        63⁄4%
          Euro
          Denominated Senior Subordinated Notes due 2018

         

        
          	
                  ISIN
                    No.: XS0272096453

                	
                  €30,000,000

                

        

         

        Common
          Code: _____________

         

        IRON
          MOUNTAIN INCORPORATED

         

        promises
          to pay to The Bank of New York Depository (Nominees) Limited, as nominee
          for the
          Common Depositary or registered assigns, the principal sum of Thirty Million
          Euros on October 15, 2018.

         

        As
          used
          herein, the term “Common Depositary” shall mean The Bank of New York, London
          Branch, as common depositary for Clearstream Banking, Société Anonyme
          (“Clearstream”) and Euroclear Bank S.A./N.V. (“Euroclear”)

         

        Interest
          Payment Dates: April 15 and October 15

         

        Record
          Dates: April 1 and October 1

         

        Dated:
          October __, 2006

         

        

          
            	 	
                    IRON
                      MOUNTAIN INCORPORATED

                  
	 	 
	 	 
	 	
                    By:

                  	 
	 	
                    Name:

                  
	 	
                    Title:

                  
	 	 
	 	 
	 	 
	 	
                    By:

                  	 
	 	
                    Name:

                  
	 	
                    Title

                  
	 	
                    (SEAL)

                  

          

        

         

        This
          is
          one of the Euro Notes

        referred
          to in the within-

        mentioned
          Indenture:

        

        THE
          BANK
          OF NEW YORK TRUST COMPANY, N.A.,

        as
          Trustee

        
          

            
              	
                      By:

                    	 	 
	 	
                      Authorized
                        Signatory

                    	 

            

          

          

            
              
                
                

              

              
                -
                  2 -

                
                  

                

              

              
                
                

              

            

          

           

        

        63⁄4%
          Euro
          Denominated Senior Subordinated Notes due 2018

         

        [Insert
          the Global Note Legend, if applicable]

         

        [Insert
          the Private Placement Legend, if applicable]

         

        Capitalized
          terms used herein shall have the meanings assigned to them in the Indenture
          referred to below unless otherwise indicated.

         

        1.    INTEREST.
          Iron
          Mountain Incorporated, a Delaware corporation (the “Company”) promises to pay
          interest on the principal amount of this Note at 63⁄4% per annum from October 17,
          2006 until October 15, 2018. The Company shall pay interest, semi-annually
          in
          arrears on April 15 and October 15 of each year, or if any such day is
          not a
          Business Day, on the next succeeding Business Day (each an “Interest Payment
          Date”). Interest on this Note will accrue from the most recent date to which
          interest has been paid or, if no interest has been paid, from the date
          of
          issuance; provided
          that if
          there is no existing Default in the payment of interest, and if this Note
          is
          authenticated between a record date referred to on the face hereof and
          the next
          succeeding Interest Payment Date, interest shall accrue from such next
          succeeding Interest Payment Date; provided,
          further,
          that
          the first Interest Payment Date shall be April 15, 2007. The Company shall
          pay
          interest (including post-petition interest to the extent allowed in any
          proceeding under any Bankruptcy Law) on overdue principal and premium,
          if any,
          from time to time on demand at a rate equal to the per annum rate on the
          Euro
          Notes then in effect; it shall pay interest (including post-petition interest
          to
          the extent allowed in any proceeding under any Bankruptcy Law) on overdue
          installments of interest (without regard to any applicable grace periods)
          from
          time to time on demand at the same rate to the extent lawful. Interest
          will be
          computed on the basis of a 360-day year of twelve 30-day months.

         

        2.    METHOD
          OF PAYMENT.
          The
          Company will pay principal, premium, if any, and interest on this Note
          in Euros.
          The Company, however, may pay principal, premium, if any, and interest
          by check
          payable in such money. It may mail an interest check to a Holder’s registered
          address.

         

        3.    PAYING
          AGENT, REGISTRAR AND SERVICE AGENT.
          Initially, The Bank of New York Trust Company, N.A., the Trustee under
          the
          Indenture, will act as paying agent, registrar and service agent. This
          Note may
          be presented for registration of transfer and exchange at the offices of
          the
          registrar. The Company may change any paying agent, service agent or registrar
          without notice to any Holder. The Company or any of its Subsidiaries may
          act in
          any such capacity.

         

        4.    INDENTURE.
          This
          Note is one of a Series of Notes issued under an Indenture dated as of
          December
          30, 2002 (the “Base Indenture”), as supplemented by a Fourth Supplemental
          Indenture dated as of October 16, 2006 (the “Fourth Supplemental Indenture” and,
          together with the Base Indenture, the “Indenture”), among the Company, the
          Guarantors and the Trustee. The Series to which this Note belongs (the
          63⁄4% Euro
          Denominated Senior Subordinated Notes due 2018) is referred to as the “Euro
          Notes” herein and in the Indenture. The Euro Notes, together with the Series of
          Notes referred to herein and in the Indenture as the “Dollar Notes” (the 8%
          Dollar Denominated Senior Subordinated Notes due 2018), are collectively
          referred to as the “Notes”. The terms of the Euro Notes include those stated in
          the Indenture and those made part of the Indenture by reference to the
          Trust
          Indenture Act of 1939, as amended (15 U.S. Code §§ 77aaa-77bbbb). The Euro
          Notes are subject to all such terms, and Holders are referred to the Indenture
          and such Act for a statement of such terms. To the extent any provision
          of this
          Note conflicts with the express provisions of the Indenture, the provisions
          of
          the Indenture shall govern and be controlling. The Euro Notes issued under
          the
          Indenture are subordinated unsecured obligations of the Company.

         

        
          
            
              
              

            

            
              
              

              
                

              

            

            
              
              

            

          

        

         

        5.    OPTIONAL
          REDEMPTION.
          Prior
          to October 15, 2011, the Euro Notes shall be subject to redemption at any
          time
          at the option of the Company, in whole or in part, upon not less than 10
          nor
          more than 60 days’ notice, at the Euro Make-Whole Price, plus accrued and
          unpaid interest, to but excluding the applicable redemption date. On and
          after
          October 15, 2011, the Euro Notes will be subject to redemption at any time
          at
          the option of the Company, in whole or in part, upon not less than 10 nor
          more
          than 60 days’ notice, at the redemption price (expressed as percentages of
          principal amount) set forth below, plus accrued and unpaid interest to
          but
          excluding the applicable redemption date, if redeemed during the twelve-month
          period beginning on April 1 of the years indicated below:

         

        
          	
                  Year

                	 	
                  Percentage

                	 
	 	 	 	 
	
                  2011

                	 	 	
                  103.375

                	
                  %

                
	
                  2012

                	 	 	
                  102.250

                	
                  %

                
	
                  2013

                	 	 	
                  101.125

                	
                  %

                
	
                  2014
                    and thereafter

                	 	 	
                  100.000

                	
                  %

                

        

        

        Notwithstanding
          the foregoing, at any time prior to October 15, 2009, the Company may on
          any one
          or more occasions redeem the Euro Notes at a redemption price of 106.75%
          of the
          principal amount thereof, plus accrued and unpaid interest, and Liquidated
          Damages if any, to the redemption date, with the net cash proceeds of one
          or
          more Qualified Equity Offerings; provided that (i) at least €50.0 million in the
          aggregate principal amount of all Euro Notes (including any Additional
          Euro
          Notes) issued under the Indenture remains outstanding immediately after
          the
          occurrence of such redemption (excluding Euro Notes held by the Company
          and the
          Company’s Subsidiaries) and (ii) the redemption must occur within six months of
          the date of the closing of any such Qualified Equity Offering.

         

        6.    NOTICE
          OF REDEMPTION.
          Notice
          of redemption will be mailed at least 10 days but not more than 60 days
          before
          the redemption date to each Holder of the Euro Notes to be redeemed at
          such
          Holder’s address of record. Euro Notes in denominations larger than €1,000 may
          be redeemed in part but only in integral multiples of €1,000, unless all the
          Euro Notes held by a Holder are to be redeemed. In the event of a redemption
          of
          less than all of the Euro Notes, the Euro Notes will be chosen for redemption
          by
          the Trustee in accordance with the Indenture. On and after the redemption
          date,
          interest ceases to accrue on the Euro Notes or portions of them called
          for
          redemption.

         

        If
          this
          Note is redeemed subsequent to a Record Date with respect to any Interest
          Payment Date specified above and on or prior to such Interest Payment Date,
          then
          any accrued interest will be paid to the Person in whose name this Note
          is
          registered at the close of business on such Record Date.

         

        
          
            
              
              

            

            
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                2
                -

              
                

              

            

            
              
              

            

          

        

         

        7.    MANDATORY
          REDEMPTION.
          Except
          as set forth in paragraph 8 below, the Company shall not be required to
          repurchase or to make mandatory redemption payments with respect to the
          Euro
          Notes. There are no sinking fund payments with respect to the Euro
          Notes.

         

        8.    REPURCHASE
          AT OPTION OF HOLDER.
          This
          Note is subject to purchase at the option of the Holder upon the circumstances
          set forth in Sections 3.9, 4.17 and 4.18 of the Indenture.

         

        9.    SUBORDINATION.
          The
          payment of the principal of, interest on or any other amounts due on the
          Euro
          Notes is subordinated in right of payment to all existing and future Senior
          Debt
          of the Company, as described in the Indenture. Each Holder, by accepting
          a Euro
          Note, agrees to such subordination and authorizes and directs the Trustee
          on its
          behalf to take such action as may be necessary or appropriate to effectuate
          the
          subordination so provided and appoints the Trustee as its attorney-in-fact
          for
          such purpose.

         

        10.   DENOMINATIONS,
          TRANSFER, EXCHANGE.
          The
          Euro Notes are in registered form without coupons in minimum denominations
          of
€1,000 and integral multiples of €1,000 in excess thereof. The transfer of Euro
          Notes may be registered and Euro Notes may be exchanged as provided in
          the
          Indenture. The Registrar and the Trustee may require a Holder, among other
          things, to furnish appropriate endorsements and transfer documents and
          the
          Company may require a Holder to pay any taxes and fees required by law
          or
          permitted by the Indenture. The Company need not exchange or register the
          transfer of any Euro Note or portion of a Euro Note selected for redemption,
          except for the unredeemed portion of any Euro Note being redeemed in part.
          Also,
          the Company need not exchange or register the transfer of any Euro Notes
          for a
          period of 15 days before a selection of Euro Notes to be redeemed or during
          the
          period between a record date and the corresponding Interest Payment
          Date.

         

        11.   PERSONS
          DEEMED OWNERS.
          The
          registered Holder of a Euro Note may be treated as its owner for all
          purposes.

         

        12.   AMENDMENT,
          SUPPLEMENT AND WAIVER.
          The
          Indenture with respect to the Euro Notes may be amended or supplemented
          by the
          Company and the Trustee after receipt of the Required Consent (as defined
          in the
          Indenture), and any existing Default or Event of Default or compliance
          with any
          provision of the Indenture with respect to the Euro Notes may be waived
          by the
          Trustee upon receipt by the Trustee of the Required Consent. With respect
          to
          certain actions, the consent of (a) the holders of a majority in aggregate
          outstanding principal amount at Stated Maturity of the Euro Notes, or (b)
          the
          holders of a majority in aggregate outstanding principal amount at Stated
          Maturity of (i) the Notes, (ii) the
          Company’s existing 85⁄8%
          Notes,
          73⁄4% Notes, 71⁄4% Notes, 65⁄8%
          Notes
          and 83⁄4% Notes and (iii) any other issue or series of notes issued by the Company
          that rank pari passu with the Euro Notes, if such notes or the indenture
          pursuant to which such notes were issued both (1) request the consent of
          the holders of such notes to such action and (2) provide that the holders
          thereof will vote with the holders of the Notes (and the other securities
          referred to above) with respect to such action, will constitute a “Required
          Consent”. 

         

        Without
          the consent of any Holder of the Euro Notes, the Indenture with respect
          to the
          Euro Notes or the Euro Notes may be amended or supplemented to, in addition
          to
          other events more fully described in the Indenture, cure any ambiguity,
          defect
          or inconsistency, provide for uncertificated Notes in addition to or in
          place of
          certificated Notes, provide for the assumption of the Company’s obligations to
          Holders of the Euro Notes in the case of a merger or consolidation, make
          any
          change that would provide any additional rights or benefits to the Holders
          of
          the Euro Notes or that does not adversely affect the legal rights under
          the
          Indenture of any such Holder, or comply with requirements of the SEC in
          order to
          effect or maintain the qualification of the Indenture under the
          TIA.

         

        
          
            
              
              

            

            
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                3
                -

              
                

              

            

            
              
              

            

          

        

         

        13.   DEFAULTS
          AND REMEDIES.
          An
          Event of Default with respect to the Notes occurs upon the occurrence of
          any of
          the following events: the default for 30 days in the payment when due of
          interest on the Notes (whether or not prohibited by the subordination provisions
          of the Indenture); the default in payment when due of the principal of
          or
          premium, if any, on the Notes (whether or not prohibited by the subordination
          provisions of the Indenture); the failure by the Company to comply with
          Section
          4.18 of the Indenture; the failure by the Company or any Guarantor for
          60 days
          after written notice from the Trustee or Holders of not less than 25% of
          the
          aggregate principal amount of the Notes (including Additional Notes, if
          any)
          outstanding to comply with any of its other agreements in the Indenture,
          Notes
          or the Subsidiary Guarantees; the default under any mortgage, indenture
          or
          instrument under which there may be issued or by which there may be secured
          or
          evidenced any Indebtedness for money borrowed by the Company or any of
          its
          Restricted Subsidiaries (or the payment of which is guaranteed by the Company
          or
          any of its Restricted Subsidiaries) whether such Indebtedness or guarantee
          exists on the date of the Indenture or is created thereafter, if: (i) such
          default results in the acceleration of such Indebtedness prior to its express
          maturity or shall constitute a default in the payment of such Indebtedness
          at
          final maturity of such Indebtedness; and (ii) the principal amount of any
          such
          Indebtedness that has been accelerated or not paid at maturity, when added
          to
          the aggregate principal amount of all other such Indebtedness that has
          been
          accelerated or not paid at maturity, exceeds $50.0 million; the failure
          by the
          Company or any of its Restricted Subsidiaries to pay final judgments aggregating
          in excess of $50.0 million, which judgments remain unpaid, undischarged
          or
          unstayed for a period of 60 days; certain events of bankruptcy or insolvency
          with respect to the Company or any of its Restricted Subsidiaries that
          is a
          Significant Subsidiary; or except as permitted by the Indenture or the
          Subsidiary Guarantees, any Subsidiary Guarantee issued by a Restricted
          Subsidiary shall be held in any judicial proceeding to be unenforceable
          or
          invalid or shall cease for any reason to be in full force and effect, or
          any
          Restricted Subsidiary or any Person acting on behalf of any Restricted
          Subsidiary shall deny or disaffirm in writing its obligations under its
          Subsidiary Guarantee.

         

        If
          any
          Event of Default occurs and is continuing, the Trustee or the Holders of
          at
          least 25% in principal amount of the then outstanding Notes (including
          Additional Notes, if any) may declare all the Notes to be due and payable
          immediately; provided, however, that if any Obligation with respect to
          Senior
          Bank Debt is outstanding pursuant to the Credit Agreement upon a declaration
          of
          acceleration of the Notes, the principal, premium, if any, and interest
          on the
          Notes will not be payable until the earlier of: (1) the day which is five
          business days after written notice of acceleration is received by the Company
          and the Credit Agent; or (2) the date of acceleration of the Indebtedness
          under
          the Credit Agreement. Notwithstanding the foregoing, in the case of an
          Event of
          Default arising from certain events of bankruptcy or insolvency with respect
          to
          the Company or any Restricted Subsidiary that is a Significant Subsidiary,
          the
          principal of, and premium, if any, and any accrued and unpaid interest
          on all
          outstanding Notes will become immediately due and payable without further
          action
          or notice. In the event of a declaration of acceleration of the Notes because
          an
          Event of Default has occurred and is continuing as a result of the acceleration
          of any Indebtedness described in Section 6.1(e) of the Indenture, the
          declaration of acceleration of the Notes shall be automatically annulled
          if the
          holders of any Indebtedness described in such section have rescinded the
          declaration of acceleration in respect of such Indebtedness within 30 days
          from the date of such declaration and if: (1) the annulment of the acceleration
          of the Notes would not conflict with any judgment or decree of a competent
          jurisdiction; and (2) all existing Events of Default, except non-payment
          of
          principal or interest on the Notes that became due solely because of the
          acceleration of the Notes, have been cured or waived.

         

        
          
            
              
              

            

            
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                4
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        Subject
          to certain limitations, Holders of a majority in principal amount of the
          then
          outstanding Notes may direct the Trustee in its exercise of any trust or
          power.
          The Trustee may withhold from Holders of the Notes notice of any continuing
          Default or Event of Default (except a Default or Event of Default relating
          to
          the payment of principal or interest) if it determines that withholding
          notice
          is in their interest. The Company is required to deliver to the Trustee
          annually
          a statement regarding compliance with the Indenture, and the Company is
          required, upon becoming aware of any Default or Event of Default, to deliver
          to
          the Trustee a statement specifying such Default or Event of Default and
          what
          action the Company is taking or proposes to take thereto.

         

        14.   SUBSIDIARY
          GUARANTEES.
          Payment
          of principal of, premium, if any, and interest (including interest on overdue
          principal, if any, and interest, if lawful) on the Euro Notes is guaranteed
          on
          an unsecured, senior subordinated basis by the Guarantors pursuant to Article
          XII of the Indenture.

         

        15.   TRUSTEE
          DEALINGS WITH COMPANY.
          The
          Trustee, in its individual or any other capacity, may make loans to, accept
          deposits from, and perform services for the Company or its Affiliates,
          and may
          otherwise deal with the Company or its Affiliates, as if it were not the
          Trustee.

         

        16.   NO
          RECOURSE AGAINST OTHERS.
          No
          past, present or future director, officer, employee, incorporator or
          stockholder, as such, of the Company or any Guarantor shall have any liability
          for any obligations of the Company or any Guarantor under the Notes, the
          Subsidiary Guarantees 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 and the related Subsidiary Guarantees waives and releases all such
          liability. The waiver and release are part of the consideration for the
          issuance
          of the Notes.

         

        17.   AUTHENTICATION.
          This
          Note shall not be valid until authenticated by the manual signature of
          the
          Trustee or an authenticating agent.

         

        
          	 	
                  18.

                	
                  ABBREVIATIONS.
                    Customary abbreviations may be used in the name of a Holder or
                    an
                    assignee, such as: TEN COM (= tenants in common), TEN ENT (=
                    tenants by
                    the entireties), JT TEN (= joint tenants with right of survivorship
                    and
                    not as tenants in common), CUST (= Custodian), and U/G/M/A (=
                    Uniform
                    Gifts to Minors Act).

                

        

         

        
          
            
              
              

            

            
              -
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        19.   ISIN/COMMON
          CODE NUMBERS.
          The
          Company has caused ISIN/Common Code numbers to be printed on the Euro Notes
          and
          the Trustee may use ISIN/Common Code numbers in notices of redemption as
          a
          convenience to Holders. No representation is made as to the accuracy of
          such
          numbers either as printed on the Euro Notes or as contained in any notice
          of
          redemption and reliance may be placed only on the other identification
          numbers
          placed thereon.

         

        The
          Company shall furnish to any Holder upon written request and without charge
          a
          copy of the Indenture. Requests may be made to:

         

        Iron
          Mountain Incorporated

        745
          Atlantic Avenue

        Boston,
          Massachusetts 02111

        Attention:
          Chief Financial Officer

        

        
          
            
              
              

            

            
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          ASSIGNMENT
            FORM

          

            To
              assign
              this Note, fill in the form below: (I) or (we) assign and transfer
              this Note to

             

          

          
            
              	 
	
                      (Insert
                        assignee’s soc. sec. or tax I.D.no.)

                    
	 
	 
	 
	 
	 
	 
	 
	 
	
                      (Print
                        or type assignee’s name, address and zip code)

                    
	 	 
	
                      and
                        irrevocably appoint 

                    	 
	
                      to
                        transfer this Note on the books of the Company. The agent
                        may substitute
                        another to act for him.

                    

            

            

            
              	
                      Date:
                        

                    	 	 

            

             

            

              
                	
                        Your
                          Signature: 

                      	 
	
                        (Sign
                          exactly as your name appears on the face of this
                          Note)

                      

              

            

          

           

        

        
          
            
              
              

            

            
              
              

              
                

              

            

            
              
              

            

          

        

        

        OPTION
          OF HOLDER TO ELECT PURCHASE

         

        If
          you
          want to elect to have this Note purchased by the Company pursuant to Section
          4.17 or 4.18 of the Indenture, check the box below:

         

         ̈ Section
          4.17

         

         ̈ Section
          4.18

         

        If
          you
          want to elect to have only part of the Note purchased by the Company pursuant
          to
          Section 4.17 of the Indenture, state the amount you elect to have purchased:
          €__________

         

        
          
            
              	
                      Date:

                    	 	 	
                      Your
                        Signature:

                    	 
	 	 
	 	
                      Sign
                        exactly as your name appears on the Note)

                    
	 	 
	 	
                      Tax
                        Identification No.:

                    	 

            

          

        

         

        
          
            
              
              

            

            
              
              

              
                

              

            

            
              
              

            

          

        

        

        SCHEDULE
          OF EXCHANGES OF NOTES* 

         

        The
          following exchanges of a part of this Global Note for other Euro Notes
          have been
          made:

         

        
          
            	
                    Date
                      of Exchange

                  	 	
                    Amount
                      of decrease in Principal Amount of this Global Note

                  	 	
                    Amount
                      of increase in Principal Amount of this Global Note

                  	 	
                    Principal
                      Amount of this Global Note following such decrease (or
                      increase)

                  	 	
                    Signature
                      of authorized office of
                      Trustee or Service Agent

                  
	 	 	 	 	 	 	 	 	 

          

        

         

        _________________________

          *This
            schedule should be included only if the Note is issued in global
            form.

        

         

        
          
            
              
              

            

            
              
              

              
                

              

            

            
              
              

            

          

        

        

        EXHIBIT
          B

         

         

        FORM
          OF SUPPLEMENTAL INDENTURE

         

        TO
          BE DELIVERED BY FUTURE GUARANTORS

         

        SUPPLEMENTAL
          INDENTURE
          (this
“Supplemental
          Indenture”),
          dated
          as of ________________, 20__, among _______________ (the “Guaranteeing
          Subsidiary”),
          a
          subsidiary of Iron Mountain Incorporated (or its successor), a Delaware
          corporation (the “Company”),
          the
          Company, and The Bank of New York Trust Company, N.A., a national banking
          association, as trustee under the Indenture referred to below (the “Trustee”).

         

        W
          I T N E
          S S E T H

         

        WHEREAS,
          the Company has heretofore executed and delivered to the Trustee an Indenture,
          dated as of December 30, 2002, as supplemented by the Fourth Supplemental
          Indenture, dated as of October 16, 2006 (the Indenture, as so supplemented,
          the
“Indenture”)
          providing for the issuance and sale of a Series of 8% Dollar Denominated
          Senior
          Subordinated Notes due 2018 (the “Dollar
          Notes”)
          and a
          Series of 63⁄4% Euro Denominated Senior Subordinated Notes due 2018 (the
“Euro
          Notes”
and
          with the Dollar Notes, the “Notes”);

         

        WHEREAS,
          the Indenture provides that under certain circumstances the Guaranteeing
          Subsidiary shall execute and deliver to the Trustee a supplemental indenture
          pursuant to which the Guaranteeing Subsidiary shall unconditionally guarantee
          all of the Company’s obligations under the Notes and the Indenture on the terms
          and conditions set forth herein (the “Note
          Guarantee”);
          and

         

        WHEREAS,
          pursuant to Section 9.1 of the Indenture, the Trustee is authorized to
          execute
          and deliver this Supplemental Indenture.

         

        NOW
          THEREFORE, in consideration of the foregoing and for other good and valuable
          consideration, the receipt of which is hereby acknowledged, the Guaranteeing
          Subsidiary and the Trustee mutually covenant and agree for the equal and
          ratable
          benefit of the Holders of the Notes as follows:

         

        1.    
CAPITALIZED
          TERMS.
          Capitalized terms used herein without definition shall have the meanings
          assigned to them in the Indenture.

         

        2.    
AGREEMENT
          TO GUARANTEE.
          The
          Guaranteeing Subsidiary hereby agrees that its obligations to the Holder
          and the
          Trustee pursuant to this Subsidiary Guarantee shall be as expressly set
          forth in
          Article XII of the Indenture and in such other provisions of the Indenture
          as
          are applicable to the Guarantors (including, without limitation, Article
          XIII of
          the Indenture), and reference is made to the Indenture for the precise
          terms of
          this Supplemental Indenture. The terms of Article XII of the Indenture
          and such
          other provisions of the Indenture (including, without limitation, Article
          XIII
          of the Indenture) as are applicable to the Guarantors are incorporated
          herein by
          reference.

        
           

          
            
              	 	
                      3.

                    	
                      EXECUTION
                        AND DELIVERY OF SUBSIDIARY GUARANTEES.

                    

            

             

          

        

         

        
          
            
              
              

            

            
              
              

              
                

              

            

            
              
              

            

          

        

        (a)    If
          an
          Officer whose signature is on this Supplemental Indenture no longer holds
          that
          office at the time the Trustee authenticates the Note, the Subsidiary Guarantee
          shall be valid nevertheless.

         

        (b)    The
          delivery of any Note by the Trustee, after the authentication thereof under
          the
          Indenture, shall constitute due delivery of the Subsidiary Guarantee set
          forth
          in this Supplemental Indenture on behalf of the Guaranteeing
          Subsidiary.

         

        4.    
NO
          RECOURSE AGAINST OTHERS.
          No
          past, present or future director, officer, employee, incorporator or stockholder
          of the Guaranteeing Subsidiary, as such, shall have any liability for any
          obligations of the Company or any Guarantor (including the Guaranteeing
          Subsidiary) under the Notes, any Subsidiary Guarantee, the Indenture or
          this
          Supplemental Indenture or for any claim based on, in respect of, or by
          reason
          of, such obligations or their creation. Each Holder of the Notes by accepting
          a
          Note waives and releases all such liability. The waiver and release are
          part of
          the consideration for issuance of the Notes.

         

        5.    
NEW
          YORK
          LAW TO GOVERN. THE INTERNAL LAW OF THE STATE OF NEW YORK SHALL GOVERN AND
          BE
          USED TO CONSTRUE THIS SUPPLEMENTAL INDENTURE BUT WITHOUT GIVING EFFECT
          TO
          APPLICABLE PRINCIPLES OF CONFLICTS OF LAW TO THE EXTENT THAT THE APPLICATION
          OF
          THE LAWS OF ANOTHER JURISDICTION WOULD BE REQUIRED THEREBY.

         

        6.    
COUNTERPARTS.
          The
          parties may sign any number of copies of this Supplemental Indenture. Each
          signed copy shall be an original, but all of them together represent the
          same
          agreement.

         

        7.    
EFFECT
          OF
          HEADINGS.
          The
          Section headings herein are for convenience only and shall not affect the
          construction hereof.

         

        8.    
THE
          TRUSTEE.
          The
          Trustee shall not be responsible in any manner whatsoever for or in respect
          of
          the validity or sufficiency of this Supplemental Indenture or for or in
          respect
          of the recitals contained herein, all of which recitals are made solely
          by the
          Guaranteeing Subsidiary and the Company.

         

        
          
            
              
              

            

            
              B-2

              
                

              

            

            
              
              

            

          

        

        

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

         

        Dated:
          _______________, 20___

         

        
          
            	 	
                    [Guaranteeing
                      Subsidiary]

                  
	 	 
	 	
                    By:

                  	 
	 	
                    Name:

                  
	 	
                    Title:

                  
	 	 
	 	 
	 	
                    [Company]

                  
	 	 
	 	 
	 	
                    By:
                      

                  	 
	 	
                    Name:

                  
	 	
                    Title:

                  
	 	 
	 	 
	 	
                    [Trustee],

                  
	 	
                    as
                      Trustee

                  
	 	
                    By:
                      

                  	 
	 	 	
                    Authorized
                      Signatory

                  

          

        

         

        
          
            
              
              

            

            
              B-3

              
                

              

            

            
              
              

            

          

        

        

        EXHIBIT
          A

        TO
          THE INDENTURE

         

        FORM
          OF
          CERTIFICATE OF TRANSFER

         

        IRON
          MOUNTAIN INCORPORATED

        745
          Atlantic Avenue

        Boston,
          Massachusetts 02111

        

        THE
          BANK
          OF NEW YORK TRUST COMPANY, N.A.

        as
          Trustee 

        222
          Berkeley Street, 2nd
          Floor

        Boston,
          Massachusetts 02116

        
          	 	
                   

                	 
	
                   

                	
                  Re:

                	
                  8%
                    Dollar Denominated Senior Subordinated Notes due 2018 

                  63⁄4%
                    Euro Denominated Senior Subordinated Notes due
                    2018

                

        

         

        (CUSIP/ISIN
          No. _________________)

        

        Reference
          is hereby made to the Indenture, dated as of December 30, 2002, as supplemented
          by the Fourth Supplemental Indenture, dated as of October 16, 2006 (the
          Indenture, as so supplemented, the “Indenture”)
          among
          Iron Mountain Incorporated, as issuer (the “Company”),
          the
          Guarantors party thereto and The Bank of New York Trust Company, N.A.,
          as
          trustee. Capitalized terms used but not defined herein shall have the meanings
          given to them in the Indenture.

         

        ___________________,
          (the “Transferor”)
          owns
          and proposes to transfer the Note[s] or interest in such Note[s] specified
          in
          Annex A hereto, in the principal amount of [$][€]___________ in such Note[s] or
          interests (the “Transfer”),
          to
          ___________________________ (the “Transferee”),
          as
          further specified in Annex A hereto. In connection with the Transfer, the
          Transferor hereby certifies that:

         

        [CHECK
          ALL THAT APPLY]

         

        1.  o 
Check
          if Transferee will take delivery of a beneficial interest in the 144A Global
          Note or a Restricted Definitive Note pursuant to Rule
          144A.
          The
          Transfer is being effected pursuant to and in accordance with Rule 144A
          under
          the Securities Act of 1933, as amended (the “Securities
          Act”),
          and,
          accordingly, the Transferor hereby further certifies that the beneficial
          interest or Definitive Note is being transferred to a Person that the Transferor
          reasonably believes is purchasing the beneficial interest or Definitive
          Note for
          its own account, or for one or more accounts with respect to which such
          Person
          exercises sole investment discretion, and such Person and each such account
          is a
“qualified institutional buyer” within the meaning of Rule 144A in a transaction
          meeting the requirements of Rule 144A, and such Transfer is in compliance
          with
          any applicable blue sky securities laws of any state of the United States.
          Upon
          consummation of the proposed Transfer in accordance with the terms of the
          Indenture, the transferred beneficial interest or Definitive Note will
          be
          subject to the restrictions on transfer enumerated in the Private Placement
          Legend printed on the 144A Global Note and/or the Restricted Definitive
          Note and
          in the Indenture and the Securities Act.

         

        2.
o Check
          if Transferee will take delivery of a beneficial interest in the Regulation
          S
          Global Note or a Restricted Definitive Note pursuant to Regulation
          S.
          The
          Transfer is being 

         

        
          
            
              
              

            

            
              A-1

              
                

              

            

            
              
              

            

          

        

        

        effected
          pursuant to and in accordance with Rule 903 or Rule 904 under the Securities
          Act
          and, accordingly, the Transferor hereby further certifies that (i) the
          Transfer
          is not being made to a Person in the United States and (x) at the time
          the buy
          order was originated, the Transferee was outside the United States or such
          Transferor and any Person acting on its behalf reasonably believed and
          believes
          that the Transferee was outside the United States or (y) the transaction
          was
          executed in, on or through the facilities of a designated offshore securities
          market and neither such Transferor nor any Person acting on its behalf
          knows
          that the transaction was prearranged with a buyer in the United States,
          (ii) no
          directed selling efforts have been made in contravention of the requirements
          of
          Rule 903(b) or Rule 904(b) of Regulation S under the Securities Act, (iii)
          the
          transaction is not part of a plan or scheme to evade the registration
          requirements of the Securities Act and (iv) if the proposed transfer is
          being
          made prior to the expiration of the Restricted Period, the transfer is
          not being
          made to a U.S. Person or for the account or benefit of a U.S. Person (other
          than
          an Initial Purchaser). 
          Upon
          consummation of the proposed transfer in accordance with the terms of the
          Indenture, the transferred beneficial interest or Definitive Note will
          be
          subject to the restrictions on Transfer enumerated in the Private Placement
          Legend printed on the Regulation S Global Note and/or the Restricted Definitive
          Note and in the Indenture and the Securities Act.

         

        3. oCheck
          and complete if Transferee will take delivery of a beneficial interest
          in the
          IAI Global Note or a Restricted Definitive Note pursuant to any provision
          of the
          Securities Act other than Rule 144A or Regulation S.
          The
          Transfer is being effected in compliance with the transfer restrictions
          applicable to beneficial interests in Restricted Global Notes and Restricted
          Definitive Notes and pursuant to and in accordance with the Securities
          Act and
          any applicable blue sky securities laws of any state of the United States,
          and
          accordingly the Transferor hereby further certifies that (check
          one):

         

        (a)  o such
          Transfer is being effected pursuant to and in accordance with Rule 144
          under the
          Securities Act;

         

        or

         

        (b)  o such
          Transfer is being effected
          to the Company or a subsidiary thereof;

         

        or

         

        (c)  o such
          Transfer is being effected
          pursuant to an effective registration statement under the Securities Act
          and in
          compliance with the prospectus delivery requirements of the Securities
          Act;

         

        or

         

        (d)  o such
          Transfer is being effected to an Institutional Accredited Investor and
          pursuant
          to an exemption from the registration requirements of the Securities Act
          other
          than Rule 144A, Rule 144, Rule 903 or Rule 904, and the Transferor hereby
          further certifies that it has not engaged in any general solicitation within
          the
          meaning of Regulation D under the Securities Act and the Transfer complies
          with
          the transfer restrictions applicable to beneficial interests in a Restricted
          Global Note or Restricted Definitive Notes and the requirements of the
          exemption
          claimed, which certification is supported by (1) a certificate executed
          by the
          Transferee in the form of Exhibit B to the Fourth Supplemental Indenture
          and (2)
          if such Transfer is in respect of a principal amount of Notes at the time
          of
          transfer of less than 

        
          
            
              
              

            

            
              A-2

              
                

              

            

            
              
              

            

          

        

        $250,000,
          an Opinion of Counsel provided by the Transferor or the
          Transferee (a copy of which the Transferor has attached to this certification),
          to the effect that such Transfer is in compliance with the Securities Act.
          Upon
          consummation of the proposed transfer in accordance with the terms of the
          Indenture, the transferred beneficial interest or Definitive Note will
          be
          subject to the restrictions on transfer enumerated in the Private Placement
          Legend printed on the IAI Global Note and/or the Restricted Definitive
          Notes and
          in the Indenture and the Securities Act.

         

        4.
o Check
          if Transferee will take delivery of a beneficial interest in an Unrestricted
          Global Note or of an Unrestricted Definitive Note.

         

        (a)
o Check
          if Transfer is pursuant to Rule 144.
          (i) The
          Transfer is being effected pursuant to and in accordance with Rule 144
          under the
          Securities Act and in compliance with the transfer restrictions contained
          in the
          Indenture and any applicable blue sky securities laws of any state of the
          United
          States and (ii) the restrictions on transfer contained in the Indenture
          and the
          Private Placement Legend are not required in order to maintain compliance
          with
          the Securities Act. Upon consummation of the proposed Transfer in accordance
          with the terms of the Indenture, the transferred beneficial interest or
          Definitive Note will no longer be subject to the restrictions on transfer
          enumerated in the Private Placement Legend printed on the Restricted Global
          Notes, on Restricted Definitive Notes and in the Indenture.

         

        (b)
o Check
          if Transfer is Pursuant to Regulation S.
          (i) The
          Transfer is being effected pursuant to and in accordance with Rule 903
          or Rule
          904 under the Securities Act and in compliance with the transfer restrictions
          contained in the Indenture and any applicable blue sky securities laws
          of any
          state of the United States and (ii) the restrictions on transfer contained
          in
          the Indenture and the Private Placement Legend are not required in order
          to
          maintain compliance with the Securities Act. Upon consummation of the proposed
          Transfer in accordance with the terms of the Indenture, the transferred
          beneficial interest or Definitive Note will no longer be subject to the
          restrictions on transfer enumerated in the Private Placement Legend printed
          on
          the Restricted Global Notes, on Restricted Definitive Notes and in the
          Indenture.

         

        (c) oCheck
          if Transfer is Pursuant to Other Exemption.
          (i) The
          Transfer is being effected pursuant to and in compliance with an exemption
          from
          the registration requirements of the Securities Act other than Rule 144,
          Rule
          903 or Rule 904 and in compliance with the transfer restrictions contained
          in
          the Indenture and any applicable blue sky securities laws of any State
          of the
          United States and (ii) the restrictions on transfer contained in the Indenture
          and the Private Placement Legend are not required in order to maintain
          compliance with the Securities Act. Upon consummation of the proposed Transfer
          in accordance with the terms of the Indenture, the transferred beneficial
          interest or Definitive Note will not be subject to the restrictions on
          transfer
          enumerated in the Private Placement Legend printed on the Restricted Global
          Notes or Restricted Definitive Notes and in the Indenture.

         

        
          
            
              
              

            

            
              A-3

              
                

              

            

            
              
              

            

          

        

         

        This
          certificate and the statements contained herein are made for your benefit
          and
          the benefit of the Company.

         

        
          
            	 	 
	 	
                    [Insert
                      Name of Transferor]

                  
	 	 	 
	 	
                    By: 

                  	 
	 	 	
                    Name:

                  
	 	 	
                    Title:

                  

          

        

         

        Dated:
          _______________________

         

        
          
            
              
              

            

            
              A-4

              
                

              

            

            
              
              

            

          

        

        

        ANNEX
          A
          TO CERTIFICATE OF TRANSFER

         

        1.    The
          Transferor owns and proposes to transfer the following:

         

        [CHECK
          ONE OF (a) OR (b)]

         

        (a)
o
a
          beneficial interest in the:

         

        (i)
             o 144A
          Global Note (CUSIP/ISIN _________), or

         

        (ii)
            o Regulation
          S Global Note (CUSIP/ISIN _________), or

         

        (iii)  o IAI
          Global Note (CUSIP/ISIN _________); or

         

        (b)
o
a
          Restricted Definitive Note.

         

        2.    After
          the
          Transfer the Transferee will hold:

         

        [CHECK
          ONE]

         

        (a) 
          o a
          beneficial interest in the:

         

        (i) 
            o 144A
          Global Note (CUSIP/ISIN _________), or

         

        (ii)
            o Regulation
          S Global Note (CUSIP/ISIN _________), or

         

        (iii)  o IAI
          Global Note (CUSIP/ISIN _________); or

         

        (iv)    
           o Unrestricted
          Global Note (CUSIP/ISIN _________); or

         

        (b) 
          o a
          Restricted Definitive Note; or

         

        (c)
           o an
          Unrestricted Definitive Note,

         

        in
          accordance with the terms of the Indenture.

         

        
          
            
              
              

            

            
              A-5

              
                

              

            

            
              
              

            

          

        

        

        EXHIBIT
          B

        TO
          THE INDENTURE

         

        FORM
          OF
          CERTIFICATE OF EXCHANGE

         

        IRON
          MOUNTAIN INCORPORATED

        745
          Atlantic Avenue

        Boston,
          Massachusetts 02111

        

        THE
          BANK
          OF NEW YORK TRUST COMPANY, N.A.

        as
          Trustee 

        222
          Berkeley Street, 2nd
          Floor

        Boston,
          Massachusetts 02116

        
          	 	
                   

                	 
	
                   

                	
                  Re:
                    

                	
                  8%
                    Dollar Denominated Senior Subordinated Notes due 2018

                  63⁄4%
                    Euro Denominated Senior Subordinated Notes due
                    2018

                

        

        

        (CUSIP/ISIN
          No. _________________)

        

        Reference
          is hereby made to the Indenture, dated as of December 30, 2002, as supplemented
          by the Fourth Supplemental Indenture, dated as of October 16, 2006 (the
          Indenture, as so supplemented, the “Indenture”)
          among
          Iron Mountain Incorporated, as issuer (the “Company”),
          the
          Guarantors party thereto and The Bank of New York Trust Company, N.A.,
          as
          trustee. Capitalized terms used but not defined herein shall have the meanings
          given to them in the Indenture.

         

        __________________________,
          (the “Owner”)
          owns
          and proposes to exchange the Note[s] or interest in such Note[s] specified
          herein, in the principal amount of [$][€]____________ in such Note[s] or
          interests (the “Exchange”).
          In
          connection with the Exchange, the Owner hereby certifies that:

         

        1.   Exchange
          of Restricted Definitive Notes or Beneficial Interests in a Restricted
          Global
          Note for Unrestricted Definitive Notes or Beneficial Interests in an
          Unrestricted Global Note

         

        (a)
oCheck
          if Exchange is from beneficial interest in a Restricted Global Note to
          beneficial interest in an Unrestricted Global Note.
          In
          connection with the Exchange of the Owner’s beneficial interest in a Restricted
          Global Note for a beneficial interest in an Unrestricted Global Note in
          an equal
          principal amount, the Owner hereby certifies (i) the beneficial interest
          is
          being acquired for the Owner’s own account without transfer, (ii) such Exchange
          has been effected in compliance with the transfer restrictions applicable
          to the
          Global Notes and pursuant to and in accordance with the Securities Act
          of 1933,
          as amended (the “Securities
          Act”),
          (iii)
          the restrictions on transfer contained in the Indenture and the Private
          Placement Legend are not required in order to maintain compliance with
          the
          Securities Act and (iv) the beneficial interest in an Unrestricted Global
          Note
          is being acquired in compliance with any applicable blue sky securities
          laws of
          any state of the United States.

         

        (b) oCheck
          if Exchange is from beneficial interest in a Restricted Global Note to
          Unrestricted Definitive Note.
          In
          connection with the Exchange of the Owner’s beneficial 

         

        
          
            
              
              

            

            
              B-1

              
                

              

            

            
              
              

            

          

        

        

        interest
          in a Restricted Global Note for an Unrestricted Definitive Note, the Owner
          hereby certifies (i) the Definitive Note is being acquired for the Owner’s own
          account without transfer, (ii) such Exchange has been effected in compliance
          with the transfer restrictions applicable to the Restricted Global Notes
          and
          pursuant to and in accordance with the Securities Act, (iii) the restrictions
          on
          transfer contained in the Indenture and the Private Placement Legend are
          not
          required in order to maintain compliance with the Securities Act and (iv)
          the
          Definitive Note is being acquired in compliance with any applicable blue
          sky
          securities laws of any state of the United States.

         

        (c) oCheck
          if Exchange is from Restricted Definitive Note to beneficial interest in
          an
          Unrestricted Global Note.
          In
          connection with the Owner’s Exchange of a Restricted Definitive Note for a
          beneficial interest in an Unrestricted Global Note, the Owner hereby certifies
          (i) the beneficial interest is being acquired for the Owner’s own account
          without transfer, (ii) such Exchange has been effected in compliance with
          the
          transfer restrictions applicable to Restricted Definitive Notes and pursuant
          to
          and in accordance with the Securities Act, (iii) the restrictions on transfer
          contained in the Indenture and the Private Placement Legend are not required
          in
          order to maintain compliance with the Securities Act and (iv) the beneficial
          interest is being acquired in compliance with any applicable blue sky securities
          laws of any state of the United States.

         

        (d) oCheck
          if Exchange is from Restricted Definitive Note to Unrestricted Definitive
          Note.
          In
          connection with the Owner’s Exchange of a Restricted Definitive Note for an
          Unrestricted Definitive Note, the Owner hereby certifies (i) the Unrestricted
          Definitive Note is being acquired for the Owner’s own account without transfer,
          (ii) such Exchange has been effected in compliance with the transfer
          restrictions applicable to Restricted Definitive Notes and pursuant to
          and in
          accordance with the Securities Act, (iii) the restrictions on transfer
          contained
          in the Indenture and the Private Placement Legend are not required in order
          to
          maintain compliance with the Securities Act and (iv) the Unrestricted Definitive
          Note is being acquired in compliance with any applicable blue sky securities
          laws of any state of the United States.

         

        2.   Exchange
          of Restricted Definitive Notes or Beneficial Interests in Restricted Global
          Notes for Restricted Definitive Notes or Beneficial Interests in Restricted
          Global Notes

         

        (a) oCheck
          if Exchange is from beneficial interest in a Restricted Global Note to
          Restricted Definitive Note.
          In
          connection with the Exchange of the Owner’s beneficial interest in a Restricted
          Global Note for a Restricted Definitive Note with an equal principal amount,
          the
          Owner hereby certifies that the Restricted Definitive Note is being acquired
          for
          the Owner’s own account without transfer. Upon consummation of the proposed
          Exchange in accordance with the terms of the Indenture, the Restricted
          Definitive Note issued will continue to be subject to the restrictions
          on
          transfer enumerated in the Private Placement Legend printed on the Restricted
          Definitive Note and in the Indenture and the Securities Act.

         

        (b) oCheck
          if Exchange is from Restricted Definitive Note to beneficial interest in
          a
          Restricted Global Note.
          In
          connection with the Exchange of the Owner’s Restricted Definitive Note for a
          beneficial interest in the [CHECK ONE]   o144A
          Global Note, o Regulation
          S Global Note,  oIAI
          Global Note with an equal principal amount, the Owner hereby certifies
          (i) the
          beneficial interest is being acquired for the Owner’s own account without
          transfer and (ii) such Exchange has been effected in compliance with the
          transfer restrictions applicable to the Restricted Global Notes and pursuant
          to
          and in accordance with the Securities Act, and in compliance with any applicable
          blue sky securities laws of any state of the United States. Upon 

        
          
            
              
              

            

            
              B-2

              
                

              

            

            
              
              

            

          

        

        consummation of the proposed Exchange in accordance
          with the
          terms of the Indenture, the beneficial interest issued will be subject
          to the
          restrictions on transfer enumerated in the Private Placement Legend printed
          on
          the relevant Restricted Global Note and in the Indenture and the Securities
          Act.

        
           

          
            
              
                
                

              

              
                B-3

                
                  

                

              

              
                
                

              

            

          

        

        This
          certificate and the statements contained herein are made for your benefit
          and
          the benefit of the Company.

         

        
          
            
              	 	 
	 	
                      [Insert
                        Name of Transferor]

                    
	 	 
	 	
                      By: 

                    	 
	 	 	
                      Name:

                    
	 	 	
                      Title:

                    

            

          

        

         

        Dated:
          ______________________

         

        
          
            
              
              

            

            
              B-4

              
                

              

            

            
              
              

            

          

        

        

        EXHIBIT
          C

        TO
          THE INDENTURE

        

        FORM
          OF
          CERTIFICATE FROM

        ACQUIRING
          INSTITUTIONAL ACCREDITED INVESTOR

         

        IRON
          MOUNTAIN INCORPORATED

        745
          Atlantic Avenue

        Boston,
          Massachusetts 02111

        

        THE
          BANK
          OF NEW YORK TRUST COMPANY, N.A.

        as
          Trustee 

        222
          Berkeley Street, 2nd
          Floor

        Boston,
          Massachusetts 02116

        
          	 	
                   

                	 
	
                   

                	
                  Re:
                    

                	
                  8%
                    Dollar Denominated Senior Subordinated Notes due 2018

                  63⁄4%
                    Euro Denominated Senior Subordinated Notes due
                    2018

                

        

         

        Reference
          is hereby made to the Indenture, dated as of December 30, 2002, as supplemented
          by the Fourth Supplemental Indenture, dated as of October 16, 2006 (the
          Indenture, as so supplemented, the “Indenture”)
          among
          Iron Mountain Incorporated, as issuer (the “Company”),
          the
          Guarantors party thereto and The Bank of New York Trust Company, N.A.,
          as
          trustee. Capitalized terms used but not defined herein shall have the meanings
          given to them in the Indenture.

         

        In
          connection with our proposed purchase of [$][€]____________ aggregate principal
          amount of:

         

        (a)
o a
          beneficial interest in a Global Note, or

         

        (b)
o a
          Definitive Note,

         

        we
          confirm that:

         

        1.    We
          understand that any subsequent transfer of the Notes or any interest therein
          is
          subject to certain restrictions and conditions set forth in the Indenture
          and
          the undersigned agrees to be bound by, and not to resell, pledge or otherwise
          transfer the Notes or any interest therein except in compliance with, such
          restrictions and conditions and the Securities Act of 1933, as amended
          (the
“Securities
          Act”).

         

        2.    We
          understand that the offer and sale of the Notes have not been registered
          under
          the Securities Act, and that the Notes and any interest therein may not
          be
          offered or sold except as permitted in the following sentence. We agree,
          on our
          own behalf and on behalf of any accounts for which we are acting as hereinafter
          stated, that if we should sell the Notes or any interest therein, we will
          do so
          only (A) to the Company or any subsidiary thereof, (B) in accordance with
          Rule
          144A under the Securities Act to a “qualified institutional buyer” (as defined
          therein), (C) to an institutional “accredited investor” (as defined below) that,
          prior to such transfer, furnishes (or has furnished on its behalf by a
          U.S.
          broker-dealer) to you and to the Company a signed letter substantially
          in the
          form of this letter and, if such transfer is in respect of a principal
          amount of
          Notes, at the time of transfer of less than $250,000, an Opinion of Counsel
          in
          form reasonably 

        
          
            
              
              

            

            
              
              

              
                

              

            

            
              
              

            

          

        

        acceptable to the Company to the effect that such transfer
          is
          in compliance with the Securities Act, (D) outside the United States in
          accordance with Rule 904 of Regulation S under the Securities Act, (E)
          pursuant
          to the provisions of Rule 144(k) under the Securities Act or (F) pursuant
          to an
          effective registration statement under the Securities Act, and we further
          agree
          to provide to any Person purchasing the Definitive Note or beneficial interest
          in a Global Note from us in a transaction meeting the requirements of clauses
          (A) through (E) of this paragraph a notice advising such purchaser that
          resales
          thereof are restricted as stated herein.

         

        3.    We
          understand that, on any proposed resale of the Notes or beneficial interest
          therein, we will be required to furnish to you and the Company such
          certifications, legal opinions and other information as you and the Company
          may
          reasonably require to confirm that the proposed sale complies with the
          foregoing
          restrictions. We further understand that the Notes purchased by us will
          bear a
          legend to the foregoing effect.

         

        4.    We
          are an
          institutional “accredited investor” (as defined in Rule 501(a)(1), (2), (3) or
          (7) of Regulation D under the Securities Act) and have such knowledge and
          experience in financial and business matters as to be capable of evaluating
          the
          merits and risks of our investment in the Notes, and we and any accounts
          for
          which we are acting are each able to bear the economic risk of our or its
          investment.

         

        5.    We
          are
          acquiring the Notes or beneficial interest therein purchased by us for
          our own
          account or for one or more accounts (each of which is an institutional
          “accredited investor”) as to each of which we exercise sole investment
          discretion.

         

        You
          and
          the 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.

         

        
          
            
              
                	 	 
	 	
                        [Insert
                          Name of Transferor]

                      
	 	 
	 	
                        By: 

                      	 
	 	 	
                        Name:

                      
	 	 	Title:

              

            

          

        

         

        Dated:
          _____________________

         

         

        C-2EX-10.1

 

Exhibit 10.1

THE PBG DIRECTORS’ STOCK PLAN

(As Amended and Restated as of July 19, 2006)

	1.	 	Purposes

     The principal purposes of The PBG Directors’ Stock Plan (the “Plan”) are to provide
compensation to those members of the Board of Directors of The Pepsi Bottling Group, Inc. (“PBG”)
who are not also employees of PBG, to assist PBG in attracting and retaining outside directors with
experience and ability on a basis competitive with industry practices, and to associate more fully
the interests of such directors with those of PBG’s shareholders.

	2.	 	Effective Date

     The Plan was unanimously approved by the Board of Directors of PBG, conditional on shareholder
approval, and became effective on May 23, 2001, superseding The PBG Directors’ Stock Plan of 1999.
The Plan was amended on January 23, 2003. This amendment and restatement of the Plan is effective
as of July 19, 2006, and it shall apply to awards made on and after that date.

	3.	 	Administration

     The Plan shall be administered and interpreted by the Board of Directors of PBG (the “Board”).
The Board shall have full power and authority to administer and interpret the Plan and to adopt
such rules, regulations, guidelines and instruments for the administration of the Plan and for the
conduct of its business as the Board deems necessary or advisable. The Board’s interpretations of
the Plan, and all actions taken and determinations made by the Board pursuant to the powers vested
in them hereunder, shall be conclusive and binding on all parties concerned, including PBG, its
directors and shareholders and any employee of PBG. The costs and expenses of administering the
Plan shall be borne by PBG and not charged against any award or to any award recipient.

	4.	 	Eligibility

     Directors of PBG who are not employees of PBG (“Non-Employee Directors”) are eligible to
receive awards under the Plan. Directors of PBG who are employees of PBG are not eligible to
participate in the Plan, but shall be eligible to participate in other PBG benefit and compensation
plans.

	5.	 	Initial Award

     Under the Plan, each Non-Employee Director shall, on the first day of the month after
commencing service as a Non-Employee Director of PBG, receive a formula grant of restricted stock
(“Restricted Stock”). The number of shares of Restricted Stock to be included in each such award
shall be determined by dividing $25,000 by the Fair Market Value (as defined below) of a share of
PBG Common Stock on the date of grant (the “Stock Grant Date”), or if such day is not a trading day
on the New York Stock Exchange (“NYSE”), on the immediately preceding trading day. The number of
shares so determined shall be rounded to the nearest number of whole shares. If the recipient of
the Restricted Stock continuously remains a director of PBG, the Restricted Stock granted hereunder
shall vest and any restrictions thereon shall lapse on the first anniversary of the Stock Grant
Date; provided, however, that, in the event of a Non-Employee Director’s death or Disability (as
defined in Section 6(c)), the Restricted Stock granted to such Non-Employee Director shall vest and
any restrictions thereon shall lapse immediately. Notwithstanding the foregoing, a Non-Employee
Director may not sell or otherwise transfer any Restricted Stock granted to him or her prior to the
date such Non-Employee Director ceases to serve as a director for any reason. The

 

 

Non-Employee Director
shall have all of the rights of a stockholder with respect to such Restricted Stock, including the
right to receive all dividends or other distributions paid or made with respect to the stock. Any
dividends or distributions that are paid or made in PBG Common Stock shall be subject to the
same restrictions as the Restricted Stock in respect of which such dividends or distributions were
paid or made. However, any dividends or distributions paid or made in cash shall not be subject to
the restrictions. Each Restricted Stock award shall be evidenced by an agreement setting forth the
terms and conditions thereof, which terms and conditions shall not be inconsistent with those set
forth in this Plan.

	6.	 	Annual Stock Option Award

     (a) Under the Plan, each Non-Employee Director shall receive an annual formula grant of
options to purchase shares of PBG Common Stock (“Options”) at a fixed price (the “Exercise Price”).
Such grant shall be made annually on April 1 (the “Option Grant Date”); provided, however, that
each individual who commences services as a Non-Employee Director after April 1 of a year shall
receive a pro-rated annual formula grant of options (a “Pro-Rated Grant”) with respect to his or
her first year of service, on the first day of the month following the date he or she commences
service (the “Pro-Rated Option Grant Date”). To receive a grant of Options, a Non-Employee
Director must be actively serving as a director of PBG on the Option Grant Date or the Pro-Rated
Option Grant Date, as applicable.

     (b) The number of Options to be included in each annual option award shall be determined by
dividing the Grant Amount (as defined below) by the Fair Market Value (as defined below) of a share
of PBG Common Stock on the Option Grant Date or Pro-Rated Option Grant Date, as applicable, or if
such day is not a trading day on the NYSE, on the immediately preceding trading day. Grant Amount
shall mean $180,000, except that, in the case of a Pro-Rated Grant, Grant Amount shall mean the
following: (i) $135,000 in the case of an individual who commences service as a Non-Employee
Director of PBG on or after April 2 and on or before June 30; (ii) $90,000 in the case of an
individual who commences service as a Non-Employee Director of PBG on or after July 1 and on or
before September 30; (iii) $45,000 in the case of an individual who commences service as a
Non-Employee Director of PBG on or after October 1 and on or before December 31. No Pro-Rated
Grant shall be made in the case of an individual who commences service as a Non-Employee Director
of PBG on or after January 1 and on or before April 1. The number of Options so determined shall
be rounded up (if necessary) to the nearest number of whole Options. “Fair Market Value” shall
mean the average of the high and low per share sale prices for PBG Common Stock on the composite
tape for securities listed on the NYSE for the day in question, except that such average price
shall be rounded up (if necessary) to the nearest cent.

     (c) Options shall vest and become immediately exercisable on the Option Grant Date or
Pro-Rated Option Grant Date, as applicable. Each Option shall have an Exercise Price equal to the
Fair Market Value of PBG Common Stock on the Option Grant Date or Pro-Rated Option Grant Date, as
applicable, or if such day is not a trading day on the NYSE, on the immediately preceding trading
day. Each Option shall have a term of ten years; provided, however, in the event the holder
thereof shall cease to be a director of PBG, or its successor, for a reason other than death or
Disability (as defined below), such Options shall terminate and expire upon the earlier of (i) the
expiration of the original term, or (ii) five years from the date the holder ceased to be a
director. A Non-Employee Director has a “Disability” if he or she is totally disabled as
determined using the standards PBG applies under its long term disability program.

     (d) Non-Employee Directors may exercise their Options by giving an exercise notice to PBG in
the manner specified from time to time by the Board. Options may be exercised by using either a
standard cash exercise procedure or a cashless exercise procedure. From time to time, the Board
may change or adopt procedures relating to Option exercises. If, at any time, a Non-Employee
Director suffers a Disability or is otherwise incapable of exercising his or her Options before the
expiration thereof, the Board may take any steps it deems appropriate to prevent such Options from
lapsing prior to being exercised.

 

 

     (e) Each Option award shall be evidenced by a written agreement setting forth the terms and
conditions thereof, which terms and conditions shall not be inconsistent with those set forth in
this Plan.

	7.	 	Annual Restricted Stock Unit Award

     (a) Under the Plan, each Non-Employee Director shall receive an annual formula grant of
restricted stock units (“RSUs”). When a Non-Employee Director’s RSUs become payable, they shall be
settled in shares of PBG Common Stock with the Non-Employee Director receiving one share of PBG
Common Stock for each RSU. The grant of RSUs shall be made annually on April 1 (the “RSU Grant
Date”); provided, however, that each individual who commences service as a Non-Employee Director
after April 1 of a year shall receive a pro-rated annual formula grant of RSUs (a “Pro-Rated RSU
Grant”) with respect to his or her first year of service on the first day of the month following
the date he or she commences service (the “Pro-Rated RSU Grant Date”). To receive a grant of RSUs,
a Non-Employee Director must be actively serving as a director of PBG on the RSU Grant Date or the
Pro-Rated RSU Grant Date, as applicable.

     (b) The number of RSUs to be included in each annual RSU award shall be determined by dividing
the RSU Grant Amount (as defined below) by the Fair Market Value of a share of PBG Common Stock on
the RSU Grant Date or Pro-Rated RSU Grant Date, as applicable, or if such day is not a trading day
on the NYSE, on the immediately preceding trading day. RSU Grant Amount shall mean $60,000, except
that, in the case of a Pro-Rated RSU Grant, RSU Grant Amount shall mean the following: (i) $45,000
in the case of an individual who commences service as a Non-Employee Director on or after April 2
and on or before June 30; (ii) $30,000 in the case of an individual who commences service as a
Non-Employee Director on or after July 1 and on or before September 30; (iii) $15,000 in the case
of an individual who commences service as a Non-Employee Director on or after October 1 and on or
before December 31. No Pro-Rated RSU Grant shall be made in the case of an individual who
commences service as a Non-Employee Director on or after January 1 and on or before April 1. The
number of RSUs so determined shall be rounded up (if necessary) to the nearest number of whole
RSUs.

     (c) RSUs shall vest on the RSU Grant Date or Pro-Rated RSU Grant Date, as applicable. RSUs
granted in 2006 become payable on the first anniversary of the RSU Grant Date or Pro-Rated RSU
Grant Date, as applicable. A Non-Employee Director who receives a 2006 RSU grant on April 1, 2006
may make a one-time election to defer the payment date of his or her 2006 RSUs no later than
September 30, 2006, and such election to defer the payment date of his or her 2006 RSU grant must
specify a future payment date (the beginning of any calendar quarter) that will result in a minimum
deferral period of at least one year. A Non-Employee Director who receives a 2006 Pro-Rated RSU
Grant may make a one-time election to defer the payment date of his or her 2006 Pro-Rated RSU Grant
at least one day prior to the Pro-Rated Grant Date of the award and such election must specify a
future payment date (the beginning of any calendar quarter) that will result in a minimum deferral
period of at least two years.

     (d) RSUs granted in 2007 and later years shall be payable on the RSU Grant Date or Pro-Rated
RSU Grant Date, as applicable, unless the Non-Employee Director timely elects to defer the payment
of such RSUs. In general, any such deferral election with respect to RSUs must be made in the
calendar year preceding the year of the grant; provided, however, that any such deferral election
with respect to Pro-Rated RSU Grants must be made at least one day prior to the Pro-Rata RSU Grant.
Any such election to defer the payment date of an RSU Grant or a Pro-Rata RSU Grant must
specify a future payment date (the beginning of any calendar quarter) that will result in a minimum
deferral period of at least two years.

     (e) Rather than deferring to a specified future payment date, a Non-Employee Director may
instead defer payment until his or her separation from service as a director of PBG, and any

 

 

such deferral shall be paid as of the beginning of the calendar quarter following such separation from
service. Alternatively, a Non-Employee Director may elect to defer until the earlier of (i)
separation from service as a director of PBG, and (ii) a specified future payment date determined
in accordance with Section 7(c) or (d) above, whichever applies. The determination of when a
Non-Employee Director separates from service as a director of PBG shall be made in accordance with
Section 409A(a)(2)(A)(i) of the Internal Revenue Code of 1986, as amended (“Code”), and no minimum
deferral period shall apply to the extent the deferral is until separation from service as a
director of PBG.

     (f) Notwithstanding the preceding provisions of this Section 7, a Non-Employee Director’s RSUs
shall be immediately paid out in the event of the Non-Employee Director’s Permanent Disability (as
defined below), separation from service as a director of PBG or death. For this purpose, a
Non-Employee Director is considered to have a Permanent Disability as of the date the Non-Employee
Director would be considered disabled within the meaning of Section 409A(a)(2)(C) of the Code.

     (g) During any period that the payment of RSUs is deferred (either by election or
automatically), the Non-Employee Director whose RSUs are deferred shall be entitled to be credited
with dividend equivalents. Dividend equivalents shall equal the dividends actually paid with
respect to a corresponding amount of PBG Common Stock during the deferral period, while the RSUs
remain unpaid, and shall be credited on the date such dividends are actually paid. Upon crediting,
a Non-Employee Director’s dividend equivalents shall be immediately converted to additional RSUs
(whole and/or fractional, as appropriate) by dividing the aggregate amount of dividend equivalents
credited to the Non-Employee Director on a day by the Fair Market Value of a share of PBG Common
Stock on such day, or if such day is not a trading day on the NYSE, on the immediately preceding
trading day. Additional RSUs credited under this Section 7(g) are in turn entitled to be credited
with dividend equivalents, and a Non-Employee Director’s aggregate additional RSUs shall be paid
out at the same time as the underlying RSUs to which they relate. Any cumulative fractional RSU
remaining at such time shall be rounded up to a whole RSU prior to its settlement in PBG Common
Stock.

     (h) Each RSU award shall be evidenced by a written agreement setting forth the terms and
conditions thereof, which terms and conditions shall not be inconsistent with those set forth in
this Plan.

	8.	 	Annual Non-Executive Chair Restricted Stock Unit Award

     (a) Under the Plan, a Non–Employee Director serving as Non-Executive Chair of the Board (the
“Chair”) shall receive an additional annual formula grant of restricted stock units (“Chair RSUs”).
Such grant shall be made upon commencement of services as Chair, unless otherwise determined by the
Board; provided however, that for 2006, the Non-Executive Chair-Elect shall receive such award on
July 24, 2006 pursuant to a resolution adopted by the Board on July 19, 2006; and annually,
thereafter, on the anniversary of formal commencement of services as Chair, except as otherwise
determined by the Board (the “Chair RSU Grant Date”). When the Chair’s RSUs become payable, they
shall be settled in shares of PBG Common Stock with the Chair receiving one share of PBG Common
Stock for each Chair RSU.

     (b) The number of Chair RSUs to be included in each Chair RSU award shall be determined by
dividing the Chair RSU Grant Amount (as defined below) by the Fair Market Value of
a share of PBG Common Stock on the Chair RSU Grant Date or, if such day is not a trading day on the
NYSE, on the immediately preceding trading day. The Chair RSU Grant Amount shall mean $100,000.
The number of Chair RSUs so determined shall be rounded up (if necessary) to the nearest number of
whole RSUs.

 

 

     (c) Chair RSUs shall vest on the Chair RSU Grant Date. Notwithstanding the foregoing, payment
of the Chair RSUs shall be deferred until such time as the Chair ceases to serve as a director of
PBG for any reason. The Chair RSUs shall be immediately paid out in the event of the Chair’s
Permanent Disability, separation from service as a director of PBG or death.

     (d) During any period that the payment of Chair RSUs is deferred, the Chair shall be entitled
to be credited with dividend equivalents. Dividend equivalents shall equal the dividends actually
paid with respect to a corresponding amount of PBG Common Stock during the period payment of the
Chair RSUs is deferred, and shall be credited on the date such dividends are actually paid. Upon
crediting, the Chair’s dividend equivalents shall be immediately converted to additional RSUs
(whole and/or fractional, as appropriate) by dividing the aggregate amount of dividend equivalents
credited to the Chair on a day by the Fair Market Value of a share of PBG Common Stock on such day,
or if such day is not a trading day on the NYSE, on the immediately preceding trading day.
Additional RSUs credited under this Section 8(g) are in turn entitled to be credited with dividend
equivalents, and the Chair’s aggregate additional RSUs shall be paid out at the same time as the
underlying Chair RSUs to which they relate. Any cumulative fractional RSU remaining at such time
shall be rounded up to a whole RSU prior to its settlement in PBG Common Stock.

     (e) Each Chair RSU award shall be evidenced by a written agreement setting forth the terms and
conditions thereof, which terms and conditions shall not be inconsistent with those set forth in
this Plan.

	9.	 	Shares of Stock Subject to the Plan

     The shares that may be delivered under this Plan shall not exceed an aggregate of 300,000
shares of PBG Common Stock, adjusted, if appropriate, in accordance with Section 11 below; provided
that any shares authorized but not delivered under the Prior Plan (as hereinafter defined) shall be
available for delivery under this Plan in addition to the above mentioned 300,000 shares. The
shares granted or delivered under the Plan may be newly issued shares of Common Stock or treasury
shares.

	10.	 	Deferral of Initial Awards

     (a) Non-Employee Directors may make an advance, one-time election to defer into PBG phantom
stock units all of the shares of Restricted Stock otherwise granted under Section 5. Any such
election shall be made at least one day prior to the grant date of such Restricted Stock. The
deferral period shall equal the Non-Employee Director’s period of service as a director of PBG
(i.e., such deferral period shall end on the date the Non-Employee Director has a separation from
service as a director of PBG for purposes of Code Section 409A(a)(2)(A)(i)). Non-Employee
Directors who elect to defer receipt of such shares shall be credited on the grant date with a
number of phantom stock units equal to that number of shares of Restricted Stock which they would
have received had they not elected to defer. During the deferral period, the value of the phantom
stock units will fluctuate based on the market value of PBG Common Stock. At the end of the
deferral period, all payments of deferred awards shall be made in shares of PBG Common Stock (one
share of PBG Common Stock for each PBG phantom stock unit), unless the Board in its discretion
decides to make the distribution in cash or in a combination of cash and shares of PBG Common
Stock. To the extent that a distribution is made in cash, in whole or in part, the Non-Employee
Directors will receive the aggregate value of the PBG phantom stock units credited to them which
are to be paid in cash. The value of PBG phantom stock units will be determined by multiplying the number of PBG phantom stock
units which are to be paid in cash by the Fair Market Value of PBG Common Stock on the last NYSE
trading day of the deferral period.

     (b) During the deferral period, the Non-Employee Director whose Restricted Stock is
deferred as phantom stock units shall be entitled to be credited with dividend equivalents.
Dividend

 

 

equivalents shall equal the dividends actually paid with respect to a corresponding amount
of PBG Common Stock during the deferral period and shall be credited on the date such dividends are
actually paid. Upon crediting, a Non-Employee Director’s dividend equivalents shall be immediately
converted to additional phantom stock units (whole and/or fractional, as appropriate) by dividing
the aggregate amount of dividend equivalents credited to the Non-Employee Director on a day by the
Fair Market Value of a share of PBG Common Stock on such day, or if such day is not a trading day
on the NYSE, on the immediately preceding trading day. Additional phantom stock units credited
under this Section 10(b) are in turn entitled to be credited with dividend equivalents, and a
Non-Employee Director’s aggregate additional phantom stock units shall be paid out at the same time
as the underlying phantom stock units to which they relate. Any fractional phantom stock unit
remaining at such time shall be rounded up to a whole phantom stock unit prior to its settlement in
PBG Common Stock.

	11.	 	Dilution and Other Adjustments

     The number and kind of shares of PBG Common Stock issuable under the Plan, or which may or
have been awarded to any Non-Employee Director, may be adjusted proportionately by the Board to
reflect stock dividends, stock splits, recapitalizations, mergers, consolidations, combinations or
exchanges of shares, any spin off or other distribution of assets of the Company to its
shareholders, any partial or complete liquidation, or other similar corporate changes. Such
adjustment shall be conclusive and binding for all purposes of the Plan.

	12.	 	Effect of Misconduct

     Notwithstanding anything to the contrary herein, if a Non-Employee Director commits
“Misconduct,” he or she shall forfeit all rights to any unexercised Options, any RSUs, any Chair
RSUs, and Restricted Stock, as well as any phantom stock units credited to him or her under
Sections 10. For purposes of this Plan, Misconduct occurs if a majority of the Board determines
that a Non-Employee Director has: (a) engaged in any act which is considered to be contrary to the
Company’s best interests; (b) violated the Company’s Code of Conduct or engaged in any other
activity which constitutes gross misconduct; (c) engaged in unlawful trading in the securities of
PBG or of any other company based on information gained as a result of his or her service as a
director of PBG; or (d) disclosed to an unauthorized person or misused confidential information or
trade secrets of the Company.

	13.	 	Withholding Taxes and Section 409A

     (a) Except to the extent other arrangements are made by a Non-Employee Director that are
satisfactory to the Company, the Company shall withhold a number of shares of PBG Common Stock
otherwise deliverable having a Fair Market Value sufficient to satisfy the minimum withholding
taxes (if any) required by federal, state, local or foreign law in respect of any award.

     (b) At all times, this Plan shall be interpreted and operated (i) in accordance with the
requirements of Section 409A with respect to Plan deferred compensation that is subject to Code
Section 409A, (ii) to maintain the exemption from Code Section 409A of stock option awards and
undeferred Restricted Stock (collectively, “Excepted Awards”), and (iii) to preserve the status of
deferrals made prior to the effective date of Code Section 409A (“Prior Deferrals”) as exempt from
Section 409A, i.e., to preserve the grandfathered status of Prior Deferrals. Thus, for example, a
Non-Employee Director’s ability to defer a Pro-Rated RSU Grant is conditioned on the Non-Employee
Director not having been previously eligible for a PBG deferral plan of the same type. In
addition, if a Non-Employee Director is determined to be a specified employee (within the meaning
of Code Section 409A(a)(2)(B)(i)), any payment made based on separation from service as a director
of PBG shall not be made until the beginning of the calendar quarter that occurs at least six
months after the separation from service. Similarly, any election that must be made at least one
day prior to a

 

 

specified date must be considered effectively made and irrevocable, under the
applicable requirements of Code Section 409A, by the day preceding such specified date.

     (c) Any action that may be taken (and, to the extent possible, any action actually taken)
under the Plan shall not be taken (or shall be void and without effect), if such action violates
the requirements of Code Section 409A or if such action would adversely affect the exemption of
Excepted Awards or the grandfather of Prior Deferrals. If the failure to take an action under the
Plan would violate Code Section 409A, then to the extent it is possible thereby to avoid a
violation of Code Section 409A, the rights and effects under the Plan shall be altered to avoid
such violation. A corresponding rule shall apply with respect to a failure to take an action that
would adversely affect the exemption of Excepted Awards or the grandfather of Prior Deferrals. Any
provision in this Plan document that is determined to violate the requirements of Code Section 409A
or to adversely affect the exemption of Excepted Awards or the grandfather of the Prior Deferrals
shall be void and without effect. In addition, any provision that is required to appear in this
Plan document to satisfy the requirements of Code Section 409A, but that is not expressly set
forth, shall be deemed to be set forth herein, and the Plan shall be administered in all respects
as if such provision were expressly set forth. A corresponding rule shall apply with respect to a
provision that is required to preserve the exemption of Excepted Awards or the grandfather of the
Prior Deferrals. In all cases, the provisions of this Section shall apply notwithstanding any
contrary provision of the Plan that is not contained in this Section.

	14.	 	Resale Restrictions, Assignment and Transfer

     Options (unless the Board of Directors specifically determines otherwise), RSUs, Chair RSUs,
Restricted Stock and PBG phantom stock units may not be sold, transferred or assigned, except in
the event of the Non-Employee Director’s death, in which case his or her Options, Restricted Stock
or PBG phantom stock units may be transferred by will or by the laws of descent and distribution.
All restrictions on Restricted Stock granted to a Non-Employee Director shall lapse upon his or her
death. Options may be exercised by the decedent’s personal representative, or by whomever inherits
the Options, at any time, through and including their original expiration date.

     Once awarded, the shares of PBG Common Stock received by Non-Employee Directors may be freely
transferred, assigned, pledged or otherwise subjected to lien, subject to restrictions imposed by
the Securities Act of 1933, as amended, and subject to the trading restrictions imposed by Section
16 of the Securities Exchange Act of 1934, as amended. PBG phantom stock units may not be
transferred or assigned except by will or the laws of descent and distribution.

	15.	 	Funding

     The Plan shall be unfunded. PBG shall not be required to establish any special or separate
fund or to make any other segregation of assets to assure the payment of any award under the Plan.

	16.	 	Supersession of Prior Plan

     This Plan superseded The PBG Directors’ Stock Plan of 1999 (the “Prior Plan”) when
shareholders approved this Plan on May 23, 2001. As of that date, all awards granted under the
Prior Plan became subject to the terms of this Plan and all shares that were authorized but not delivered
under the Prior Plan became available for delivery under this Plan, in addition to those shares
authorized for issuance pursuant to Section 9 of this Plan. No awards were made under the Prior
Plan after May 23, 2001.

	17.	 	Duration, Amendments and Terminations

     The Board of Directors may terminate or amend the Plan in whole or in part; provided, however,
that the Plan may not be amended more than once every six (6) months, other than to

 

 

comport with
changes in the Internal Revenue Code or the rules and regulations thereunder; provided further,
however, that no such action shall have a material adverse effect on any rights or obligations with
respect to any awards theretofore granted under the Plan, unless consented to by the recipients of
such awards (unless the amendment is required to comply with Code Section 409A in which case, the
amendment shall be effective without consent of the recipient unless the recipient expressly denies
consent to such amendment in writing); and provided further, however, that any amendment and the
termination of the Plan shall neither violate Code Section 409A nor adversely affect the exemption
of Excepted Awards or the grandfather of the Prior Deferrals. The Plan shall continue until
terminated.

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