Document:

Exhibit 4.1

 

DELUXE CORPORATION

and

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

as Trustee

7.375% Senior
Notes due 2015

INDENTURE

Dated as of May 14, 2007

Table of Contents

	
  

  	
   

  	
  Page

  
	
   

  	
   

  	
   

  
	
  ARTICLE
  I

  
	
  DEFINITIONS
  AND INCORPORATION BY REFERENCE

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  SECTION 1.1.

  	
   

  	
  Definitions

  	
   

  	
  1

  
	
  SECTION 1.2.

  	
   

  	
  Other Definitions

  	
   

  	
  29

  
	
  SECTION 1.3.

  	
   

  	
  Incorporation by Reference of Trust Indenture Act

  	
   

  	
  30

  
	
  SECTION 1.4.

  	
   

  	
  Rules of Construction

  	
   

  	
  30

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE
  II

  
	
  THE
  SECURITIES

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  SECTION 2.1.

  	
   

  	
  Form, Dating and Terms

  	
   

  	
  31

  
	
  SECTION 2.2.

  	
   

  	
  Execution and Authentication

  	
   

  	
  38

  
	
  SECTION 2.3.

  	
   

  	
  Registrar and Paying Agent

  	
   

  	
  39

  
	
  SECTION 2.4.

  	
   

  	
  Paying Agent to Hold Money in Trust

  	
   

  	
  40

  
	
  SECTION 2.5.

  	
   

  	
  Holder Lists

  	
   

  	
  40

  
	
  SECTION 2.6.

  	
   

  	
  Transfer and Exchange

  	
   

  	
  41

  
	
  SECTION 2.7.

  	
   

  	
  Form of Certificate to be Delivered in Connection
  with Transfers to IAIs

  	
   

  	
  44

  
	
  SECTION 2.8.

  	
   

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

  	
   

  	
  46

  
	
  SECTION 2.9.

  	
   

  	
  Mutilated, Destroyed, Lost or Stolen Securities

  	
   

  	
  47

  
	
  SECTION 2.10.

  	
   

  	
  Outstanding Securities

  	
   

  	
  48

  
	
  SECTION 2.11.

  	
   

  	
  Temporary Securities

  	
   

  	
  48

  
	
  SECTION 2.12.

  	
   

  	
  Cancellation

  	
   

  	
  49

  
	
  SECTION 2.13.

  	
   

  	
  Payment of Interest; Defaulted Interest

  	
   

  	
  49

  
	
  SECTION 2.14.

  	
   

  	
  Computation of Interest

  	
   

  	
  50

  
	
  SECTION 2.15.

  	
   

  	
  CUSIP, Common Code and ISIN Numbers

  	
   

  	
  50

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE
  III

  
	
  COVENANTS

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  SECTION 3.1.

  	
   

  	
  Payment of Securities

  	
   

  	
  51

  
	
  SECTION 3.2.

  	
   

  	
  Limitation on Indebtedness

  	
   

  	
  51

  
	
  SECTION 3.3.

  	
   

  	
  Limitation on Restricted Payments

  	
   

  	
  55

  
	
  SECTION 3.4.

  	
   

  	
  Limitation on Restrictions on Distributions from
  Restricted Subsidiaries

  	
   

  	
  60

  
	
  SECTION 3.5.

  	
   

  	
  Limitation on Sales of Assets and Subsidiary Stock

  	
   

  	
  62

  
	
  SECTION 3.6.

  	
   

  	
  Limitation on Liens

  	
   

  	
  65

  
	
  SECTION 3.7.

  	
   

  	
  Limitation on Subsidiary Guarantees

  	
   

  	
  65

  
	
  SECTION 3.8.

  	
   

  	
  Limitation on Affiliate Transactions

  	
   

  	
  67

  
	
  SECTION 3.9.

  	
   

  	
  Change of Control

  	
   

  	
  69

  
	
  SECTION 3.10.

  	
   

  	
  SEC Reports

  	
   

  	
  70

  

 

 

	
  SECTION 3.11.

  	
   

  	
  Effectiveness of Covenants

  	
   

  	
  70

  
	
  SECTION 3.12.

  	
   

  	
  Maintenance of Office or Agency

  	
   

  	
  71

  
	
  SECTION 3.13.

  	
   

  	
  Corporate Existence

  	
   

  	
  71

  
	
  SECTION 3.14.

  	
   

  	
  Payment of Taxes and Other Claims

  	
   

  	
  72

  
	
  SECTION 3.15.

  	
   

  	
  Payments for Consent

  	
   

  	
  72

  
	
  SECTION 3.16.

  	
   

  	
  Compliance Certificate

  	
   

  	
  72

  
	
  SECTION 3.17.

  	
   

  	
  Further Instruments and Acts

  	
   

  	
  72

  
	
  SECTION 3.18.

  	
   

  	
  Statement by Officers as to Default

  	
   

  	
  72

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE
  IV

  
	
  INVESTMENT
  GRADE COVENANTS

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  SECTION 4.1.

  	
   

  	
  Definitions

  	
   

  	
  73

  
	
  SECTION 4.2.

  	
   

  	
  Restrictions on Secured Debt

  	
   

  	
  73

  
	
  SECTION 4.3.

  	
   

  	
  Restriction on Sale and Leaseback Transactions

  	
   

  	
  75

  
	
  SECTION 4.4.

  	
   

  	
  Additional Investment Grade Covenants

  	
   

  	
  75

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE
  V

  
	
  SUCCESSOR
  COMPANY

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  SECTION 5.1.

  	
   

  	
  Merger and Consolidation

  	
   

  	
  75

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE
  VI

  
	
  REDEMPTION
  OF SECURITIES

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  SECTION 6.1.

  	
   

  	
  Redemption

  	
   

  	
  76

  
	
  SECTION 6.2.

  	
   

  	
  Applicability of Article

  	
   

  	
  76

  
	
  SECTION 6.3.

  	
   

  	
  Election to Redeem; Notice to Trustee

  	
   

  	
  76

  
	
  SECTION 6.4.

  	
   

  	
  Selection by Trustee of Securities to Be Redeemed

  	
   

  	
  77

  
	
  SECTION 6.5.

  	
   

  	
  Notice of Redemption

  	
   

  	
  77

  
	
  SECTION 6.6.

  	
   

  	
  Deposit of Redemption Price

  	
   

  	
  78

  
	
  SECTION 6.7.

  	
   

  	
  Securities Payable on Redemption Date

  	
   

  	
  78

  
	
  SECTION 6.8.

  	
   

  	
  Securities Redeemed in Part

  	
   

  	
  79

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE
  VII

  
	
  DEFAULTS
  AND REMEDIES

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  SECTION 7.1.

  	
   

  	
  Events of Default

  	
   

  	
  79

  
	
  SECTION 7.2.

  	
   

  	
  Acceleration

  	
   

  	
  80

  
	
  SECTION 7.3.

  	
   

  	
  Other Remedies

  	
   

  	
  81

  
	
  SECTION 7.4.

  	
   

  	
  Waiver of Past Defaults

  	
   

  	
  81

  
	
  SECTION 7.5.

  	
   

  	
  Control by Majority

  	
   

  	
  82

  
	
  SECTION 7.6.

  	
   

  	
  Limitation on Suits

  	
   

  	
  82

  
	
  SECTION 7.7.

  	
   

  	
  Rights of Holders to Receive Payment

  	
   

  	
  82

  
	
  SECTION 7.8.

  	
   

  	
  Collection Suit by Trustee

  	
   

  	
  83

  
	
  SECTION 7.9.

  	
   

  	
  Trustee May File Proofs of Claim

  	
   

  	
  83

  
	
  SECTION 7.10.

  	
   

  	
  Priorities

  	
   

  	
  83

  
	
  SECTION 7.11.

  	
   

  	
  Undertaking for Costs

  	
   

  	
  83

  

 

 ii
 

 

	
  ARTICLE VIII

  
	
  TRUSTEE

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  SECTION 8.1.

  	
   

  	
  Duties of Trustee

  	
   

  	
  84

  
	
  SECTION 8.2.

  	
   

  	
  Rights of Trustee

  	
   

  	
  85

  
	
  SECTION 8.3.

  	
   

  	
  Individual Rights of Trustee

  	
   

  	
  87

  
	
  SECTION 8.4.

  	
   

  	
  Trustee’s Disclaimer

  	
   

  	
  87

  
	
  SECTION 8.5.

  	
   

  	
  Notice of Defaults

  	
   

  	
  87

  
	
  SECTION 8.6.

  	
   

  	
  Reports by Trustee to Holders

  	
   

  	
  87

  
	
  SECTION 8.7.

  	
   

  	
  Compensation and Indemnity

  	
   

  	
  87

  
	
  SECTION 8.8.

  	
   

  	
  Replacement of Trustee

  	
   

  	
  89

  
	
  SECTION 8.9.

  	
   

  	
  Successor Trustee by Merger

  	
   

  	
  89

  
	
  SECTION 8.10.

  	
   

  	
  Eligibility; Disqualification

  	
   

  	
  90

  
	
  SECTION 8.11.

  	
   

  	
  Preferential Collection of Claims Against the
  Company

  	
   

  	
  90

  
	
  SECTION 8.12.

  	
   

  	
  Trustee’s Application for Instruction from the
  Company

  	
   

  	
  90

  
	
  SECTION 8.13.

  	
   

  	
  Paying Agents

  	
   

  	
  90

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE
  IX

  
	
  DISCHARGE
  OF INDENTURE; DEFEASANCE

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  SECTION 9.1.

  	
   

  	
  Discharge of Liability on Securities; Defeasance

  	
   

  	
  91

  
	
  SECTION 9.2.

  	
   

  	
  Conditions to Defeasance

  	
   

  	
  93

  
	
  SECTION 9.3.

  	
   

  	
  Application of Trust Money

  	
   

  	
  94

  
	
  SECTION 9.4.

  	
   

  	
  Repayment to the Company

  	
   

  	
  94

  
	
  SECTION 9.5.

  	
   

  	
  Indemnity for U.S. Government Obligations

  	
   

  	
  95

  
	
  SECTION 9.6.

  	
   

  	
  Reinstatement

  	
   

  	
  95

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE
  X

  
	
  AMENDMENTS

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  SECTION 10.1.

  	
   

  	
  Without Consent of Holders

  	
   

  	
  95

  
	
  SECTION 10.2.

  	
   

  	
  With Consent of Holders

  	
   

  	
  96

  
	
  SECTION 10.3.

  	
   

  	
  Compliance with Trust Indenture Act

  	
   

  	
  97

  
	
  SECTION 10.4.

  	
   

  	
  Revocation and Effect of Consents and Waivers

  	
   

  	
  97

  
	
  SECTION 10.5.

  	
   

  	
  Notation on or Exchange of Securities

  	
   

  	
  98

  
	
  SECTION 10.6.

  	
   

  	
  Trustee to Sign Amendments

  	
   

  	
  98

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE
  XI

  
	
  MISCELLANEOUS

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  SECTION 11.1.

  	
   

  	
  Trust Indenture Act Controls

  	
   

  	
  98

  
	
  SECTION 11.2.

  	
   

  	
  Notices

  	
   

  	
  98

  
	
  SECTION 11.3.

  	
   

  	
  Communication by Holders with other Holders

  	
   

  	
  99

  
	
  SECTION 11.4.

  	
   

  	
  Certificate and Opinion as to Conditions Precedent

  	
   

  	
  100

  
	
  SECTION 11.5.

  	
   

  	
  Statements Required in Certificate or Opinion

  	
   

  	
  100

  
	
  SECTION 11.6.

  	
   

  	
  When Securities Disregarded

  	
   

  	
  100

  
	
  SECTION 11.7.

  	
   

  	
  Rules by Trustee, Paying Agent and Registrar

  	
   

  	
  100

  

 

 iii
 

 

	
  SECTION 11.8.

  	
   

  	
  Legal Holidays

  	
   

  	
  100

  
	
  SECTION 11.9.

  	
   

  	
  Governing Law

  	
   

  	
  101

  
	
  SECTION 11.10.

  	
   

  	
  No Recourse Against Others

  	
   

  	
  101

  
	
  SECTION 11.11.

  	
   

  	
  Successors

  	
   

  	
  101

  
	
  SECTION 11.12.

  	
   

  	
  Multiple Originals

  	
   

  	
  101

  
	
  SECTION 11.13.

  	
   

  	
  Qualification of Indenture

  	
   

  	
  101

  
	
  SECTION 11.14.

  	
   

  	
  Table of Contents; Headings

  	
   

  	
  101

  
	
  SECTION 11.15.

  	
   

  	
  Force Majeure

  	
   

  	
  101

  
	
  SECTION 11.16.

  	
   

  	
  Waiver of Jury Trial

  	
   

  	
  101

  
	
  SECTION 11.17.

  	
   

  	
  Severability

  	
   

  	
  102

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  EXHIBITS

  
	
  EXHIBIT A

  	
   

  	
  Form of Restricted Global Note

  	
   

  	
   

  
	
  EXHIBIT B

  	
   

  	
  Form of Global Note

  	
   

  	
   

  
	
  EXHIBIT C

  	
   

  	
  Form of Indenture Supplement to Add Subsidiary
  Guarantors

  	
   

  	
   

  
							

 

 iv
 

 

CROSS-REFERENCE TABLE

	
  TIA Section

  	
   

  	
   

  	
   

  	
  Indenture Section

  
	
  310(a)(1)

  	
   

  	
   

  	
   

  	
  8.10

  
	
  (a)(2)

  	
   

  	
   

  	
   

  	
  8.10

  
	
  (a)(3)

  	
   

  	
   

  	
   

  	
  N.A.

  
	
  (a)(4)

  	
   

  	
   

  	
   

  	
  N.A.

  
	
  (a)(5)

  	
   

  	
   

  	
   

  	
  8.10

  
	
  (b)

  	
   

  	
   

  	
   

  	
  8.3; 8.8; 8.10

  
	
  (c)

  	
   

  	
   

  	
   

  	
  N.A.

  
	
  311(a)

  	
   

  	
   

  	
   

  	
  8.11

  
	
  (b)

  	
   

  	
   

  	
   

  	
  8.11

  
	
  (c)

  	
   

  	
   

  	
   

  	
  N.A.

  
	
  312(a)

  	
   

  	
   

  	
   

  	
  2.5

  
	
  (b)

  	
   

  	
   

  	
   

  	
  11.3

  
	
  (c)

  	
   

  	
   

  	
   

  	
  11.3

  
	
  313(a)

  	
   

  	
   

  	
   

  	
  8.6

  
	
  (b)(1)

  	
   

  	
   

  	
   

  	
  8.6

  
	
  (b)(2)

  	
   

  	
   

  	
   

  	
  8.6

  
	
  (c)

  	
   

  	
   

  	
   

  	
  8.6

  
	
  (d)

  	
   

  	
   

  	
   

  	
  8.6

  
	
  314(a)

  	
   

  	
   

  	
   

  	
  3.10; 3.16; 11.5

  
	
  (b)

  	
   

  	
   

  	
   

  	
  N.A.

  
	
  (c)(1)

  	
   

  	
   

  	
   

  	
  9.1; 11.4

  
	
  (c)(2)

  	
   

  	
   

  	
   

  	
  9.1; 11.4

  
	
  (c)(3)

  	
   

  	
   

  	
   

  	
  N.A.

  
	
  (d)

  	
   

  	
   

  	
   

  	
  N.A.

  
	
  (e)

  	
   

  	
   

  	
   

  	
  11.5

  
	
  (f)

  	
   

  	
   

  	
   

  	
  N.A.

  
	
  315(a)

  	
   

  	
   

  	
   

  	
  8.1

  
	
  (b)

  	
   

  	
   

  	
   

  	
  8.5

  
	
  (c)

  	
   

  	
   

  	
   

  	
  8.1

  
	
  (d)

  	
   

  	
   

  	
   

  	
  8.1

  
	
  (e)

  	
   

  	
   

  	
   

  	
  7.11

  
	
  316(a)(last
  sentence)

  	
   

  	
   

  	
   

  	
  11.6

  
	
  (a)(1)(A)

  	
   

  	
   

  	
   

  	
  7.5

  
	
  (a)(1)(B)

  	
   

  	
   

  	
   

  	
  7.4

  
	
  (a)(2)

  	
   

  	
   

  	
   

  	
  N.A.

  
	
  (b)

  	
   

  	
   

  	
   

  	
  7.7

  
	
  (c)

  	
   

  	
   

  	
   

  	
  10.4

  
	
  317(a)(1)

  	
   

  	
   

  	
   

  	
  7.8

  
	
  (a)(2)

  	
   

  	
   

  	
   

  	
  7.9

  
	
  (b)

  	
   

  	
   

  	
   

  	
  2.4

  
	
  318(a)

  	
   

  	
   

  	
   

  	
  11.1

  
	
  318(b)

  	
   

  	
   

  	
   

  	
  N.A.

  
	
  318(c)

  	
   

  	
   

  	
   

  	
  N.A.

  

 

N.A. means Not Applicable.

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

 v

INDENTURE dated as of May
14, 2007 among Deluxe Corporation, a Minnesota corporation (the “Company”),
and The Bank of New York Trust Company, N.A., a national banking association,
as trustee (the “Trustee”).

Each party agrees for the
benefit of the other party and for the equal and ratable benefit of the holders
of (i) the Company’s 7.375% Senior Notes due 2015 (the “Initial Securities”),
(ii) if and when issued, an unlimited principal amount of additional 7.375%
Senior Notes due 2015 in a non-registered or registered offering of the
Company, that may be offered from time to time subsequent to the Issue Date
(the “Additional Securities”), and (iii) if and when issued, the Company’s
7.375% Senior Notes due 2015, that may be issued from time to time if and when
issued in exchange for Initial Securities or any Additional Securities as
provided in the Registration Rights Agreement, the Company’s 7.375% Senior
Notes due 2015 registered under the Securities Act (the “Exchange Securities”
and, together with the Initial Securities and any Additional Securities, the “Securities”)
as follows:

ARTICLE I

DEFINITIONS AND INCORPORATION BY REFERENCE

SECTION 1.1.        Definitions.

“Acquired Indebtedness”
means Indebtedness (i) of a Person or any of its Subsidiaries existing at the
time such Person becomes a Restricted Subsidiary or (ii) assumed in connection
with the acquisition of assets from such Person, in each case whether or not
Incurred by such Person in connection with, or in anticipation or contemplation
of, such Person becoming a Restricted Subsidiary or such acquisition. Acquired
Indebtedness shall be deemed to have been Incurred, with respect to clause (i)
of the preceding sentence, on the date such Person becomes a Restricted
Subsidiary and, with respect to clause (ii) of the preceding sentence, on the
date of consummation of such acquisition of assets.

“Additional Assets”
means:

(1)           any property, plant, equipment or
other assets to be used by the Company or a Restricted Subsidiary;

(2)           the Capital Stock of a Person that becomes
a Restricted Subsidiary as a result of the acquisition of such Capital Stock by
the Company or a Restricted Subsidiary; or

(3)           Capital Stock constituting a minority
interest in any Person that at such time is a Restricted Subsidiary.

“Additional Interest”
means additional interest, if any, payable pursuant to Section 2(d) of the
Registration Rights Agreement.

“Affiliate” of any
specified Person means any other Person, directly or indirectly, controlling or
controlled by or under direct or indirect common control with such specified
Person. For the purposes of this definition, “control” when used with respect
to any Person means the power to direct the management and policies of such
Person, directly or indirectly,

 1
 

whether through the
ownership of voting securities, by contract or otherwise; and the terms “controlling”
and “controlled” have meanings correlative to the foregoing; provided that
exclusively for purposes of Section 3.8, beneficial ownership of 10% or
more of the Voting Stock of a Person shall be deemed to be control.

“Asset Disposition” means
any direct or indirect sale, lease (other than an operating lease entered into
in the ordinary course of business), transfer, issuance or other disposition,
or a series of related sales, leases, transfers, issuances or dispositions that
are part of a common plan, of shares of Capital Stock of a Subsidiary (other
than directors’ qualifying shares or shares required to be held by foreign
nationals), property or other assets (each referred to for the purposes of this
definition as a “disposition”) by the Company or any of its Restricted
Subsidiaries, including any disposition by means of a merger, consolidation or
similar transaction.

Notwithstanding the
preceding, the following items shall not be deemed to be Asset Dispositions:

(1)           a disposition of assets by a
Restricted Subsidiary to the Company or by the Company or a Restricted
Subsidiary to a Restricted Subsidiary (other than a Receivables Entity);

(2)           the sale of Cash Equivalents or
Auction Rate Securities in the ordinary course of business;

(3)           a disposition of inventory in the
ordinary course of business;

(4)           a disposition of obsolete or worn out
equipment or equipment in the ordinary course of business;

(5)           transactions permitted under Section
5.1;

(6)           an issuance of Capital Stock by a
Restricted Subsidiary to the Company or to a Restricted Subsidiary (other than
a Receivables Entity);

(7)           for purposes of Section 3.5
only, the making of a Permitted Investment (other than a Permitted Investment
to the extent such transaction results in the receipt of cash or Cash
Equivalents by the Company or its Restricted Subsidiaries) or a disposition
subject to Section 3.3;

(8)           sales of accounts receivable and
related assets or an interest therein of the type specified in the definition
of “Qualified Receivables Transaction” to a Receivables Entity or pursuant to a
Credit Facility;

(9)           dispositions of assets in a single
transaction or series of related transactions with an aggregate fair market
value in any calendar year of less than $25 million (with unused amounts in any
calendar year being carried over to the next succeeding calendar year subject
to a maximum of $40 million in such next succeeding fiscal year;

 2
 

(10)         the creation of a Permitted Lien and
dispositions in connection with Permitted Liens;

(11)         dispositions of receivables in
connection with the compromise, settlement or collection thereof in the
ordinary course of business or in bankruptcy or similar proceedings and
exclusive of factoring or similar arrangements;

(12)         the issuance by a Restricted Subsidiary
of Preferred Stock that is permitted by Section 3.2;

(13)         the licensing or sublicensing of
intellectual property or other general intangibles and licenses, leases or
subleases of other property in the ordinary course of business which do not
materially interfere with the business of the Company and its Restricted
Subsidiaries; and

(14)         foreclosure on assets.

“Attributable
Indebtedness” in respect of a Sale/Leaseback Transaction means, as at the time
of determination, the present value (discounted at the interest rate implicit
in the transaction) of the total obligations of the lessee for rental payments
during the remaining term of the lease included in such Sale/Leaseback
Transaction (including any period for which such lease has been extended),
determined in accordance with GAAP; provided, however, that
if such Sale/Leaseback Transaction results in a Capitalized Lease Obligation,
the amount of Indebtedness represented thereby will be determined in accordance
with the definition of “Capitalized Lease Obligations.”

“Auction Rate Securities”
means long-term variable rate bonds tied to short-term interest rates that are
reset through a dutch auction.

“Average Life” means, as
of the date of determination, with respect to any Indebtedness or Preferred
Stock, the quotient obtained by dividing (1) the sum of the products of the
numbers of years from the date of determination to the dates of each successive
scheduled principal payment of such Indebtedness or redemption or similar
payment with respect to such Preferred Stock multiplied by the amount of such
payment by (2) the sum of all such payments.

“Bankruptcy Law” means
Title 11 of the United States Code or any similar federal or state law for the
relief of debtors.

“Bankruptcy Law Event of
Default” means:

(1)                                  that
either the Company or a Significant Subsidiary or group of Restricted
Subsidiaries that, taken together (as of the latest audited consolidated
financial statements for the Company and its Restricted Subsidiaries), would
constitute a Significant Subsidiary, pursuant to or within the meaning of any
Bankruptcy Law: (i) commences a voluntary case or proceeding; (ii) consents to
the entry of judgment, decree or order for relief against it in an involuntary
case or proceeding; (iii) consents to the appointment of a Custodian of it or
for any substantial part of its property; (iii) makes a general assignment for
the benefit of

 3
 

its creditors; (iv)
consents to or acquiesces in the institution of a bankruptcy or an insolvency
proceeding against it; (v) takes any corporate action to authorize or effect
any of the foregoing; (vi) takes any comparable action under any foreign laws
relating to insolvency; or

(2)                                  a
court of competent jurisdiction enters an order or decree under any Bankruptcy
Law that: (i) is for relief in an involuntary case against the Company or a
Significant Subsidiary or group of Restricted Subsidiaries that, taken together
(as of the latest audited consolidated financial statements for the Company and
its Restricted Subsidiaries), would constitute a Significant Subsidiary,
pursuant to or within the meaning of any Bankruptcy Law; (ii) appoints a
Custodian for all or substantially all of the property of the Company or a
Significant Subsidiary or group of Restricted Subsidiaries that, taken together
(as of the latest audited consolidated financial statements for the Company and
its Restricted Subsidiaries), would constitute a Significant Subsidiary,
pursuant to or within the meaning of any Bankruptcy Law; or (iii) orders the
winding up or liquidation of the Company or a Significant Subsidiary or group
of Restricted Subsidiaries that, taken together (as of the latest audited
consolidated financial statements for the Company and its Restricted Subsidiaries),
would constitute a Significant Subsidiary, pursuant to or within the meaning of
any Bankruptcy Law; and (iv) in each case the order, decree or relief remains
unstayed and in effect for 60 days.

“Board of Directors”
means, as to any Person, the board of directors 
or managers, as applicable, of such Person (or, if such Person is a
partnership, the board of directors or other governing body of the general
partner of such Person) or any duly authorized committee thereof.

“Board Resolution” means
a copy of a resolution certified by the Secretary or an Assistant Secretary of
a company to have been duly adopted by the Board of Directors of such company
and to be in full force and effect on the date of such certification, and
delivered to the Trustee.

“Business Day” means each
day that is not a Saturday, Sunday or other day on which banking institutions
in New York, New York are authorized or required by law to close.

“Capital Stock” of any
Person means any and all shares, interests, rights to purchase, warrants,
options, participation or other equivalents of or interests in (however
designated) equity of such Person, including any Preferred Stock and limited
liability or partnership interests (whether general or limited), but excluding
any debt securities convertible into such equity.

“Capitalized Lease
Obligations” means an obligation that is required to be classified and
accounted for as a capitalized lease for financial reporting purposes in
accordance with GAAP, and the amount of Indebtedness represented by such
obligation will be the capitalized amount of such obligation at the time any
determination thereof is to be made as determined in accordance with GAAP, and
the Stated Maturity thereof will be the date of the last payment of rent or any
other amount due under such lease prior to the first date such lease may be
terminated without penalty.

 4
 

“Cash Equivalents” means:

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

(2)           marketable general obligations issued
by any state of the United States of America or any political subdivision of
any such state or any public instrumentality thereof maturing within one year
from the date of acquisition of the United States (provided that the full faith and credit of the United States
is pledged in support thereof) and, at the time of acquisition, having a credit
rating of “A” or better from either Standard & Poor’s Ratings Group, Inc.
or Moody’s Investors Service, Inc.;

(3)           certificates of deposit, time
deposits, eurodollar time deposits, overnight bank deposits or bankers’
acceptances having maturities of not more than one year from the date of
acquisition thereof issued by any commercial bank the long-term debt of
which is rated at the time of acquisition thereof at least “A” or the
equivalent thereof by Standard & Poor’s Ratings Group, Inc., or “A” or the
equivalent thereof by Moody’s Investors Service, Inc., and having combined
capital and surplus in excess of $500 million;

(4)           repurchase obligations with a term of
not more than seven days for underlying securities of the types described in
clauses (1), (2) and (3) entered into with any bank meeting the qualifications
specified in clause (3) above;

(5)           commercial paper rated at the time of
acquisition thereof at least “A-2” or the equivalent thereof by Standard
& Poor’s Ratings Group, Inc. or “P-2” or the equivalent thereof by
Moody’s Investors Service, Inc., or carrying an equivalent rating by a
nationally recognized rating agency, if both of the two named rating agencies
cease publishing ratings of investments, and in any case maturing within one
year after the date of acquisition thereof; and

(6)           interests in any investment company
or money market fund which invests 95% or more of its assets in instruments of
the type specified in clauses (1) through (5) above.

“Change of Control”
means:

(1)           any “person” or “group” of related
persons (as such terms are used in Sections 13(d) and 14(d) of the Exchange
Act), becomes the beneficial owner (as defined in Rules 13d-3 and 13d-5
under the Exchange Act, except that such person or group shall be deemed to
have “beneficial ownership” of all shares that any such person or group has the
right to acquire, whether such right is exercisable immediately or only after
the passage of time), directly or indirectly, of more than 50% of the total
voting power of the Voting Stock of the Company (or its successor by merger,
consolidation or purchase of all or substantially all of its assets); or

 5
 

(2)           the first day on which a majority of
the members of the Board of Directors of the Company are not Continuing
Directors; or

(3)           the sale, lease, transfer, conveyance
or other disposition (other than by way of merger or consolidation), in one or
a series of related transactions, of all or substantially all of the assets of
the Company and its Restricted Subsidiaries taken as a whole to any “person”
(as such term is used in Sections 13(d) and 14(d) of the Exchange Act); or

(4)           the adoption by the stockholders of
the Company of a plan or proposal for the liquidation or dissolution of the
Company.

“Code” means the Internal
Revenue Code of 1986, as amended.

“Common Stock” means with
respect to any Person, any and all shares, interest or other participations in,
and other equivalents (however designated and whether voting or nonvoting) of
such Person’s common stock whether or not outstanding on the Issue Date, and
includes, without limitation, all series and classes of such common stock.

“Consolidated Coverage
Ratio” means as of any date of determination, with respect to any Person, the
ratio of (x) the aggregate amount of Consolidated EBITDA of such Person for the
period of the most recent four consecutive fiscal quarters ending prior to the
date of such determination for which financial statements are in existence to
(y) Consolidated Interest Expense for such four fiscal quarters, provided, however,
that:

(1)           if the Company or any Restricted
Subsidiary:

(a)           has Incurred any Indebtedness since
the beginning of such period that remains outstanding on such date of
determination or if the transaction giving rise to the need to calculate the
Consolidated Coverage Ratio is an Incurrence of Indebtedness, Consolidated
EBITDA and Consolidated Interest Expense for such period will be calculated
after giving effect on a pro forma basis to such Indebtedness as if such
Indebtedness had been Incurred on the first day of such period (except that in
making such computation, the amount of Indebtedness under any revolving credit
facility outstanding on the date of such calculation will be deemed to be (i)
the average daily balance of such Indebtedness during such four fiscal quarters
or such shorter period for which such facility was outstanding or (ii) if such
facility was created after the end of such four fiscal quarters, the average
daily balance of such Indebtedness during the period from the date of creation
of such facility to the date of such calculation) and the discharge of any
other Indebtedness repaid, repurchased, defeased or otherwise discharged with
the proceeds of such new Indebtedness as if such discharge had occurred on the
first day of such period; or

(b)           has repaid, repurchased, defeased or
otherwise discharged any Indebtedness since the beginning of the period that is
no longer outstanding on such date of determination or if the transaction
giving rise to the need to calculate the Consolidated Coverage Ratio involves a
discharge of Indebtedness (in each

 6
 

case other than
Indebtedness Incurred under any revolving credit facility unless such
Indebtedness has been permanently repaid and the related commitment
terminated), Consolidated EBITDA and Consolidated Interest Expense for such
period will be calculated after giving effect on a pro forma basis to such
discharge of such Indebtedness, including with the proceeds of such new
Indebtedness, as if such discharge had occurred on the first day of such
period;

(2)           if since the beginning of such period
the Company or any Restricted Subsidiary will have made any Asset Disposition
or disposed of any company, division, operating unit, segment, business, group
of related assets or line of business or if the transaction giving rise to the
need to calculate the Consolidated Coverage Ratio is such an Asset Disposition:

(a)           the
Consolidated EBITDA for such period will be reduced by an amount equal to the
Consolidated EBITDA (if positive) directly attributable to the assets which are
the subject of such disposition for such period or increased by an amount equal
to the Consolidated EBITDA (if negative) directly attributable thereto for such
period; and

(b)           Consolidated Interest Expense for
such period will be reduced by an amount equal to the Consolidated Interest
Expense directly attributable to any Indebtedness of the Company or any
Restricted Subsidiary repaid, repurchased, defeased or otherwise discharged
with respect to the Company and its continuing Restricted Subsidiaries in
connection with such disposition for such period (or, if the Capital Stock of
any Restricted Subsidiary is sold, the Consolidated Interest Expense for such
period directly attributable to the Indebtedness of such Restricted Subsidiary
to the extent the Company and its continuing Restricted Subsidiaries are no
longer liable for such Indebtedness after such sale);

(3)           if since the beginning of such period
the Company or any Restricted Subsidiary (by merger or otherwise) will have
made an Investment in any Restricted Subsidiary (or any Person which becomes a
Restricted Subsidiary or is merged with or into the Company) or an acquisition
of assets, including any acquisition of assets occurring in connection with a
transaction causing a calculation to be made hereunder, which constitutes all
or substantially all of a company, division, operating unit, segment, business,
group of related assets or line of business, Consolidated EBITDA and
Consolidated Interest Expense for such period will be calculated after giving
pro forma effect thereto (including the Incurrence of any Indebtedness) as if
such Investment or acquisition occurred on the first day of such period; and

(4)           if since the beginning of such period
any Person (that subsequently became a Restricted Subsidiary or was merged with
or into the Company or any Restricted Subsidiary since the beginning of such
period) will have Incurred any Indebtedness or discharged any Indebtedness,
made any disposition or any Investment or acquisition of assets that would have
required an adjustment pursuant to clause (1), (2) or (3) above if made by the
Company or a Restricted Subsidiary during such period, Consolidated EBITDA and
Consolidated Interest Expense for such period will be

 7
 

calculated after
giving pro forma effect thereto as if such transaction occurred on the first
day of such period.

For purposes of this definition, whenever pro forma
effect is to be given to any calculation under this definition, the pro forma
calculations will be determined in good faith by a responsible financial or
accounting officer of the Company (including pro forma expense and cost
reductions calculated on a basis consistent with Regulation S-X under the
Securities Act). If any Indebtedness bears a floating rate of interest and is
being given pro forma effect, the interest expense on such Indebtedness will be
calculated as if the rate in effect on the date of determination had been the
applicable rate for the entire period (taking into account any Interest Rate
Agreement applicable to such Indebtedness if such Interest Rate Agreement has a
remaining term in excess of 12 months). If any Indebtedness that is being given
pro forma effect bears an interest rate at the option of the Company, the
interest rate shall be calculated by applying such optional rate chosen by the
Company.

“Consolidated
EBITDA” for any period means, without duplication, the Consolidated Net
Income for such period, plus the following to the extent deducted in calculating
such Consolidated Net Income:

(1)           Consolidated Interest Expense; plus

(2)           Consolidated Income Taxes; plus

(3)           consolidated depreciation expense;
plus

(4)           consolidated amortization expense or
impairment charges recorded in connection with the application of Financial
Accounting Standard No. 142 “Goodwill and Other Intangibles” and Financial
Accounting Standard No. 144 “Accounting for the Impairment or Disposal of Long
Lived Assets;” plus

(5)           other non-cash charges reducing
Consolidated Net Income (provided that any such non-cash charge that represents
an accrual of or reserve for cash expenditures in any future period shall be
deducted when expended in such future period); less

(6)           non-cash items increasing
Consolidated Net Income of such Person for such period (excluding any items
which represent the reversal of any accrual of, or reserve for, anticipated
cash charges made in any prior period).

Notwithstanding the preceding sentence, clauses (2)
through (6) relating to amounts of a Restricted Subsidiary of a Person will be
added to Consolidated Net Income to compute Consolidated EBITDA of such Person
only to the extent (and in the same proportion) that the net income (loss) of
such Restricted Subsidiary was included in calculating the Consolidated Net Income
of such Person and, to the extent the amounts set forth in clauses (2) through
(6) are in excess of those necessary to offset a net loss of such Restricted
Subsidiary or if such Restricted Subsidiary has net income for such period
included in Consolidated Net Income, only if a corresponding amount would be
permitted at the date of determination to be dividended to the Company by such
Restricted Subsidiary without prior approval (that has not been obtained),
pursuant to the terms of its charter and all agreements, instruments,
judgments, decrees, orders,

 8
 

statutes, rules and governmental regulations
applicable to that Restricted Subsidiary or its stockholders.

“Consolidated Income Taxes” means, with respect to
any Person for any period, taxes imposed upon such Person or other payments
required to be made by such Person by any governmental authority which taxes or
other payments are calculated by reference to the income or profits of such
Person or such Person and its Restricted Subsidiaries (to the extent such
income or profits were included in computing Consolidated Net Income for such
period), regardless of whether such taxes or payments are required to be
remitted to any governmental authority.

“Consolidated Interest
Expense” means, for any period, the total interest expense of the Company and
its consolidated Restricted Subsidiaries, whether paid or accrued, plus, to the
extent not included in such interest expense:

(1)           interest expense attributable to
Capitalized Lease Obligations and the interest portion of rent expense
associated with Attributable Indebtedness in respect of the relevant lease
giving rise thereto, determined as if such lease were a capitalized lease in
accordance with GAAP and the interest component of any deferred payment
obligations;

(2)           amortization of debt discount and
debt issuance cost; provided, however,  that any amortization of bond premium will be
credited to reduce Consolidated Interest Expense unless, pursuant to GAAP, such
amortization of bond premium has otherwise reduced Consolidated Interest
Expense;

(3)           non-cash interest expense;

(4)           commissions, discounts and other fees
and charges owed with respect to letters of credit and bankers’ acceptance
financing;

(5)           the interest expense on Indebtedness
of another Person that is Guaranteed by such Person or one of its Restricted
Subsidiaries or secured by a Lien on assets of such Person or one of its
Restricted Subsidiaries;

(6)           costs associated with Hedging
Obligations (including amortization of fees)
provided,  however,
that if Hedging Obligations result in net benefits rather than costs, such
benefits shall be credited to reduce Consolidated Interest Expense unless,
pursuant to GAAP, such net benefits are otherwise reflected in Consolidated Net
Income;

(7)           the consolidated interest expense of
such Person and its Restricted Subsidiaries that was capitalized during such
period;

(8)           the product of (a) all dividends paid
or payable, in cash, Cash Equivalents or Indebtedness or accrued during such
period on any series of Disqualified Stock of such Person or on Preferred Stock
of its Restricted Subsidiaries that are not Subsidiary Guarantors payable to a
party other than the Company or a wholly-owned Subsidiary, times (b) a
fraction, the numerator of which is one and the denominator of which is one

 9
 

minus the then current
combined federal, state, provincial and local statutory tax rate of such
Person, expressed as a decimal, in each case, on a consolidated basis and in
accordance with GAAP;

(9)           Receivables Fees; and

(10)         the cash contributions to any employee
stock ownership plan or similar trust to the extent such contributions are used
by such plan or trust to pay interest or fees to any Person (other than the
Company and its Restricted Subsidiaries) in connection with Indebtedness Incurred
by such plan or trust.

For the purpose of
calculating the Consolidated Coverage Ratio, the calculation of Consolidated
Interest Expense shall include all interest expense (including any amounts
described in clauses (1) through (10) above) relating to any Indebtedness of
the Company or any Restricted Subsidiary described in the final paragraph of
the definition of “Indebtedness.”

For purposes of the
foregoing, total interest expense will be determined (i) after giving effect to
any net payments made or received by the Company and its Subsidiaries with
respect to Interest Rate Agreements and (ii) exclusive of amounts classified as
other comprehensive income in the balance sheet of the Company. Notwithstanding
anything to the contrary contained herein, commissions, discounts, yield and
other fees and charges Incurred in connection with any transaction pursuant to
which the Company or its Restricted Subsidiaries may sell, convey or otherwise
transfer or grant a security interest in any accounts receivable or related
assets shall be included in Consolidated Interest Expense.

“Consolidated
Net Income” means, for any period, the net income (loss) of the Company
and its consolidated Restricted Subsidiaries determined in accordance with
GAAP; provided, however, that
there will not be included in such Consolidated Net Income:

(1)           any net income (loss) of any Person
if such Person is not a Restricted Subsidiary, except that:

(a)           subject
to the limitations contained in clauses (3), (4) and (5) below, the Company’s
equity in the net income of any such Person for such period will be included in
such Consolidated Net Income up to the aggregate amount of cash actually
distributed by such Person during such period to the Company or a Restricted
Subsidiary as a dividend or other distribution (subject, in the case of a
dividend or other distribution to a Restricted Subsidiary, to the limitations
contained in clause (2) below); and

(b)           the Company’s equity in a net loss of
any such Person (other than an Unrestricted Subsidiary) for such period will be
included in determining such Consolidated Net Income to the extent such loss
has been funded with cash from the Company or a Restricted Subsidiary;

(2)           any net income (but not loss) of any
Restricted Subsidiary if such Subsidiary is subject to restrictions, directly
or indirectly, on the payment of dividends or

 10
 

the making of
distributions by such Restricted Subsidiary, directly or indirectly, to the
Company, except that:

(a)           subject
to the limitations contained in clauses (3), (4) and (5) below, the Company’s
equity in the net income of any such Restricted Subsidiary for such period will
be included in such Consolidated Net Income up to the aggregate amount of cash
that could have been distributed by such Restricted Subsidiary during such
period to the Company or another Restricted Subsidiary as a dividend (subject,
in the case of a dividend to another Restricted Subsidiary, to the limitation
contained in this clause); and

(b)           the Company’s equity in a net loss of
any such Restricted Subsidiary for such period will be included in determining
such Consolidated Net Income;

(3)           any gain (loss) realized upon the
sale or other disposition of any property, plant or equipment of the Company or
its consolidated Restricted Subsidiaries (including pursuant to any
Sale/Leaseback Transaction) which is not sold or otherwise disposed of in the
ordinary course of business and any gain (loss) realized upon the sale or other
disposition of any Capital Stock of any Person;

(4)           any extraordinary gain or loss; and

(5)           the cumulative effect of a change in
accounting principles.

“Consolidated Net
Tangible Assets” means the total amount of assets (less accumulated
depreciation and valuation reserves and other reserves and items deductible
from gross book value of specific asset accounts under GAAP) that under GAAP
are included on a balance sheet of the Company and its Subsidiaries after
deducting therefrom all goodwill, trade names, trademarks, patents, favorable
lease rights, unamortized debt discount and expense and other like intangibles,
which in each such case would be so included on such balance sheet, net of
accumulated amortization.

“Continuing Directors”
means, as of any date of determination, any member of the Board of Directors of
the Company who: (1) was a member of such Board of Directors on the Issue Date;
or (2) was nominated for election or elected to such Board of Directors with
the approval of a majority of the Continuing Directors who were members of such
Board at the time of such nomination or election.

“Credit Facility” means,
with respect to the Company, one or more debt facilities (including, without
limitation, the Senior Credit Agreements or commercial paper facilities with
banks or other institutional lenders providing for revolving credit loans, term
loans, receivables financing (including through the sale of receivables to such
lenders or to special purpose entities formed to borrow from such lenders
against such receivables) or letters of credit, or indentures, in each case, as
amended, restated, modified, renewed, refunded, replaced or refinanced in whole
or in part from time to time (and whether or not with the original
administrative agent and lenders or another administrative agent or agents or
other lenders and whether provided under the original Senior Credit Agreement
or any other credit or other agreement or indenture).

 11
 

“Currency Agreement”
means in respect of a Person any foreign exchange contract, currency swap
agreement, futures contract, option contract or other similar agreement as to
which such Person is a party or a beneficiary.

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

“Definitive Securities”
means certificated Securities.

“Disqualified
Stock” means, with respect to any Person, any Capital Stock of such
Person which by its terms (or by the terms of any security into which it is
convertible or for which it is exchangeable) or upon the happening of any
event:

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

(2)           is convertible or exchangeable for
Indebtedness or Disqualified Stock (excluding Capital Stock which is
convertible or exchangeable solely at the option of the Company or a Restricted
Subsidiary); or

(3)           is redeemable at the option of the
holder of the Capital Stock in whole or in part,

in each case on or prior to the date that is 91 days
after the earlier of the date (a) of the Stated Maturity of the Securities or
(b) on which there are no Securities outstanding, provided that only the portion of Capital Stock which so
matures or is mandatorily redeemable, is so convertible or exchangeable or is
so redeemable at the option of the holder thereof prior to such date will be
deemed to be Disqualified Stock; provided,
further that any Capital Stock that would constitute Disqualified
Stock solely because the holders thereof have the right to require the Company
to repurchase such Capital Stock upon the occurrence of a change of control or
asset sale (each defined in a substantially identical manner to the
corresponding definitions in this Indenture) shall not constitute Disqualified
Stock if the terms of such Capital Stock (and all such securities into which it
is convertible or for which it is ratable or exchangeable) provide that the
Company may not repurchase or redeem any such Capital Stock (and all such
securities into which it is convertible or for which it is ratable or
exchangeable) pursuant to such provision prior to compliance by the Company
with Section 3.9 and Section 3.5.

“Equity Offering” means a
public or private offering for cash by the Company of its Common Stock, or
options, warrants or rights with respect to its Common Stock, other than (x)
public offerings with respect to the Company’s Common Stock, or options,
warrants or rights, registered on Form S-4 or S-8 or (y) an issuance to any
Subsidiary.

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

“Exchange Offer” has the
meaning set forth in the Registration Rights Agreement.

 12
 

“GAAP” means generally
accepted accounting principles in the United States of America as in effect as
of the Issue Date, including those set forth in the opinions and pronouncements
of the Accounting Principles Board of the American Institute of Certified
Public Accountants and statements and pronouncements of the Financial
Accounting Standards Board or in such other statements by such other entity as
approved by a significant segment of the accounting profession. All ratios and
computations based on GAAP contained in this Indenture will be computed in
conformity with GAAP, except that in the event the Company is
acquired in a transaction that is accounted for using purchase accounting, the
effects of the application of purchase accounting shall be disregarded in the
calculation of such ratios and other computations contained in this Indenture.

“Guarantee” means any
obligation, contingent or otherwise, of any Person directly or indirectly
guaranteeing any Indebtedness of any other Person and any obligation, direct or
indirect, contingent or otherwise, of such Person:

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

(2)           entered into for purposes of assuring
in any other manner the obligee of such Indebtedness of the payment thereof or
to protect such obligee against loss in respect thereof (in whole or in part); provided, however, that the term “Guarantee”
will not include endorsements for collection or deposit in the ordinary course
of business. The term “Guarantee” used as a verb has a corresponding meaning.

“Guarantor Pari Passu
Indebtedness” means Indebtedness of a Subsidiary Guarantor that ranks equally
in right of payment to its Subsidiary Guarantee.

“Guarantor Subordinated
Obligation” means, with respect to a Subsidiary Guarantor, any Indebtedness of
such Subsidiary Guarantor which is expressly subordinated in right of payment
to the obligations of such Subsidiary Guarantor under its Subsidiary Guarantee
pursuant to a written agreement.

“Hedging Obligations” of
any Person means the obligations of such Person pursuant to any Interest Rate
Agreement or Currency Agreement.

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

“Incur” means issue,
create, assume, Guarantee, incur or otherwise become liable for; provided,
however, that any Indebtedness or Capital Stock of a Person existing at the
time such person becomes a Restricted Subsidiary (whether by merger,
consolidation, acquisition or otherwise) will be deemed to be Incurred by such
Restricted Subsidiary at the time it becomes a Restricted Subsidiary; and the
terms “Incurred” and “Incurrence” have meanings correlative to the foregoing.

 13
 

“Indebtedness” means,
with respect to any Person on any date of determination (without duplication):

(1)           the principal of and premium (if any)
in respect of indebtedness of such Person for borrowed money;

(2)           the principal of and premium (if any)
in respect of obligations of such Person evidenced by bonds, debentures, notes
or other similar instruments;

(3)           the principal component of all
obligations of such Person in respect of letters of credit, bankers’
acceptances or other similar instruments (including reimbursement obligations
with respect thereto except to the extent such reimbursement obligation relates
to a trade payable and such obligation is satisfied within 30 days of
Incurrence);

(4)           the principal component of all
obligations of such Person to pay the deferred and unpaid purchase price of
property (except trade payables), which purchase price is due more than six
months after the date of placing such property in service or taking delivery
and title thereto;

(5)           Capitalized Lease Obligations and all
Attributable Indebtedness of such Person;

(6)           the principal component or
liquidation preference of all obligations of such Person with respect to the
redemption, repayment or other repurchase of any Disqualified Stock or, with
respect to any Subsidiary that is not a Subsidiary Guarantor, any Preferred
Stock (but excluding, in each case, any accrued dividends);

(7)           the principal component of all
Indebtedness of other Persons secured by a Lien on any asset of such Person,
whether or not such Indebtedness is assumed by such Person; provided, however, that the amount of such
Indebtedness will be the lesser of (a) the fair market value of such asset at
such date of determination and (b) the amount of such Indebtedness of such
other Persons;

(8)           the principal component of
Indebtedness of other Persons to the extent Guaranteed by such Person;

(9)           to the extent not otherwise included
in this definition, net obligations of such Person under Hedging Obligations
(the amount of any such obligations to be equal at any time to the termination
value of such agreement or arrangement giving rise to such obligation that
would be payable by such Person at such time); and

(10)         to the extent not otherwise included in
this definition, the Receivables Transaction Amount outstanding relating to a
Qualified Receivables Transaction.

The amount of Indebtedness of any Person at any date
will be the outstanding balance at such date of all unconditional obligations
as described above and the maximum liability, upon the occurrence of the
contingency giving rise to the obligation, of any contingent obligations at
such

 14
 

date. Notwithstanding the foregoing, money borrowed
and set aside at the time of the Incurrence of any Indebtedness in order to
pre-fund the payment of interest on such Indebtedness shall not be deemed to be
“Indebtedness” provided that such money is held to secure the payment of such
interest.

In addition, “Indebtedness”
of any Person shall include Indebtedness described in the preceding paragraph
that would not appear as a liability on the balance sheet of such Person if:

(1)           such Indebtedness is the obligation
of a partnership or joint venture that is not a Restricted Subsidiary (a “Joint
Venture”);

(2)           such Person or a Restricted
Subsidiary of such Person is a general partner of the Joint Venture (a “General
Partner”); and

(3)           there is recourse, by contract or
operation of law, with respect to the payment of such Indebtedness to property
or assets of such Person or a Restricted Subsidiary of such Person; and then
such Indebtedness shall be included in an amount not to exceed:

(a)           the
lesser of (i) the net assets of the General Partner and (ii) the amount of such
obligations to the extent that there is recourse, by contract or operation of
law, to the property or assets of such Person or a Restricted Subsidiary of
such Person; or

(b)           if less than the amount determined
pursuant to clause (a) immediately above, the actual amount of such
Indebtedness that is recourse to such Person or a Restricted Subsidiary of such
Person, if the Indebtedness is evidenced by a writing and is for a determinable
amount.

“Interest Rate Agreement”
means with respect to any Person any interest rate protection agreement,
interest rate future agreement, interest rate option agreement, interest rate
swap agreement, interest rate cap agreement, interest rate collar agreement,
interest rate hedge agreement or other similar agreement or arrangement as to
which such Person is party or a beneficiary.

“Indenture” means this
Indenture as amended or supplemented from time to time.

“Initial Purchasers”
means, together, J.P. Morgan Securities Inc., Wachovia Capital Markets, LLC,
BNY Capital Markets, Inc., Mitsubishi UFJ Securities International plc, Lehman
Brothers, NatCity Investments, Inc., BNP Paribas Securities Corp.

“Investment” means, with
respect to any Person, all investments by such Person in other Persons
(including Affiliates) in the form of any direct or indirect advance, loan
(other than advances or extensions of credit to customers in the ordinary
course of business) or other extensions of credit (including by way of
Guarantee or similar arrangement, but excluding any debt or extension of credit
represented by a bank deposit other than a time deposit) or capital
contribution to (by means of any transfer of cash or other property to others or
any payment for

 15
 

property or services for
the account or use of others), or any purchase or acquisition of Capital Stock,
Indebtedness or other similar instruments issued by, such Person and all other
items that are or would be classified as investments on a balance sheet
prepared in accordance with GAAP; provided
that none of the following will be deemed to be an Investment:

(1)           Hedging Obligations entered into in
the ordinary course of business and in compliance with this Indenture;

(2)           endorsements of negotiable
instruments and documents in the ordinary course of business; and

(3)           an acquisition of assets, Capital
Stock or other securities by the Company or a Subsidiary for consideration to
the extent such consideration consists of Common Stock of the Company.

For purposes of Section
3.3,

(1)           “Investment” will include the portion
(proportionate to the Company’s equity interest in a Restricted Subsidiary to
be designated as an Unrestricted Subsidiary) of the fair market value of the
net assets of such Restricted Subsidiary at the time that such Restricted
Subsidiary is designated an Unrestricted Subsidiary; provided, however, that upon a redesignation of such
Subsidiary as a Restricted Subsidiary, the Company will be deemed to continue
to have a permanent “Investment” in an Unrestricted Subsidiary in an amount (if
positive) equal to (a) the Company’s “Investment” in such Subsidiary at the
time of such redesignation less (b) the portion (proportionate to the Company’s
equity interest in such Subsidiary) of the fair market value of the net assets
(as conclusively determined by the Board of Directors of the Company in good
faith) of such Subsidiary at the time that such Subsidiary is so re-designated
a Restricted Subsidiary;

(2)           any property transferred to or from
an Unrestricted Subsidiary will be valued at its fair market value at the time
of such transfer, in each case as determined in good faith by the Board of
Directors of the Company; and

(3)           if the Company or any Restricted
Subsidiary sells or otherwise disposes of any Voting Stock of any Restricted
Subsidiary such that, after giving effect to any such sale or disposition, such
entity is no longer a Subsidiary of the Company, the Company shall be deemed to
have made an Investment on the date of any such sale or disposition equal to
the fair market value (as conclusively determined by the Board of Directors of
the Company in good faith) of the Capital Stock of such Subsidiary not sold or
disposed of.

“Investment Grade Rating”
means a rating equal to or higher than Baa3 (or the equivalent) in the case of
Moody’s Investors Service, Inc., a rating equal to or higher than BBB- (or the
equivalent) in the case of Standard & Poor’s Ratings Group, Inc. and a
rating equal to or higher than BBB- (or the equivalent) in the case of Fitch
Ratings Ltd., in each case, with a stable or better outlook.

 16
 

“Issue Date” means the
date of original issuance of the Securities.

“Lien” means any
mortgage, pledge, security interest, encumbrance, lien or charge of any kind
(including any conditional sale or other title retention agreement or lease in
the nature thereof).

“Net Available Cash” from
an Asset Disposition means cash payments received (including any cash payments
received by way of deferred payment of principal pursuant to a note or
installment receivable or otherwise and net proceeds from the sale or other
disposition of any securities received as consideration, but only as and when
received, but excluding any other consideration received in the form of
assumption by the acquiring person of Indebtedness or other obligations
relating to the properties or assets that are the subject of such Asset
Disposition or received in any other non-cash form) therefrom, in each
case net of:

(1)           all legal, accounting, investment
banking, title and recording tax expenses, commissions and other fees and
expenses Incurred, and all Federal, state, provincial, foreign and local taxes
required to be paid or accrued as a liability under GAAP (after taking into
account any available tax credits or deductions and any tax sharing
agreements), as a consequence of such Asset Disposition;

(2)           all payments made on any Indebtedness
which is secured by any assets subject to such Asset Disposition, in accordance
with the terms of any Lien upon such assets, or which must by its terms, or in
order to obtain a necessary consent to such Asset Disposition, or by applicable
law be repaid out of the proceeds from such Asset Disposition;

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

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

“Net Cash Proceeds,” with
respect to any issuance or sale of Capital Stock, means the cash proceeds of
such issuance or sale net of attorneys’ fees, accountants’ fees, underwriters’
or placement agents’ fees, listing fees, discounts or commissions and
brokerage, consultant and other fees and charges actually Incurred in
connection with such issuance or sale and net of taxes paid or payable as a result
of such issuance or sale (after taking into account any available tax credit or
deductions and any tax sharing arrangements).

“Non-Guarantor Restricted
Subsidiary” means any Restricted Subsidiary that is not a Subsidiary Guarantor.

“Non-Recourse Debt” means Indebtedness of a Person:

(1)           as to which neither the Company nor
any Restricted Subsidiary (a) provides any Guarantee or credit support of any
kind (including any undertaking,

 17
 

guarantee,
indemnity, agreement or instrument that would constitute Indebtedness) or (b)
is directly or indirectly liable (as a guarantor or otherwise);

(2)           no default with respect to which
(including any rights that the holders thereof may have to take enforcement
action against an Unrestricted Subsidiary) would permit (upon notice, lapse of
time or both) any holder of any other Indebtedness of the Company or any
Restricted Subsidiary to declare a default under such other Indebtedness or
cause the payment thereof to be accelerated or payable prior to its Stated
Maturity; and

(3)           the explicit terms of which provide
there is no recourse against any of the assets of the Company or its Restricted
Subsidiaries, except that Standard Securitization Undertakings shall not be
considered recourse.

“Offering Memorandum”
means the final Offering Memorandum dated May 9, 2007 relating to the offering
of the Securities.

“Officer” means the
Chairman of the Board, the Chief Executive Officer, the President, the Chief
Financial Officer, any Vice President, the Treasurer, the Assistant Treasurer or
the Secretary of the Company. Officer of any Subsidiary Guarantor has a
correlative meaning.

“Officers’ Certificate”
means a certificate signed by two Officers or by an Officer and either an
Assistant Treasurer or an Assistant Secretary of the Company.

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

“Pari Passu Indebtedness”
means Indebtedness that ranks equally in right of payment to the Securities.

“Permitted Investment”
means an Investment by the Company or any Restricted Subsidiary in:

(1)           a Restricted
Subsidiary (other than a Receivables Entity) or a Person which will,
upon the making of such Investment, become a Restricted Subsidiary (other than
a Receivables Entity);

(2)           another Person if as a result of such
Investment such other Person is merged or consolidated with or into, or
transfers or conveys all or substantially all its assets to, the Company or a
Restricted Subsidiary;

(3)           cash and Cash Equivalents and Auction
Rate Securities;

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

 18
 

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

(6)           loans or advances to employees,
officers or directors of the Company or any Restricted Subsidiary of the
Company in the ordinary course of business consistent with past practices, in
an aggregate amount not in excess of $5 million with respect to all loans or
advances made since the Issue Date (without giving effect to the forgiveness of
any such loan);

(7)           Capital Stock, obligations or
securities received in settlement of debts created in the ordinary course of
business and owing to the Company or any Restricted Subsidiary or in
satisfaction of judgments or pursuant to any plan of reorganization or similar
arrangement upon the bankruptcy or insolvency of a debtor;

(8)           Investments made as a result of the
receipt of non-cash consideration from an Asset Disposition that was made
pursuant to and in compliance with Section 3.5;

(9)           Investments in existence on the Issue
Date;

(10)         Currency Agreements, Interest Rate
Agreements and related Hedging Obligations, which transactions or obligations
are Incurred in compliance with Section 3.2;

(11)         Investments by the Company or any of
its Restricted Subsidiaries, together with all other Investments pursuant to
this clause (11), in an aggregate amount at the time of such Investment not to
exceed the greater of (i) $50 million and (ii) 10% of Consolidated Net Tangible
Assets outstanding at any one time (with the fair market value of such
Investment being measured at the time made and without giving effect to
subsequent changes in value);

(12)         Guarantees issued in accordance with Section
3.2;

(13)         Investments by the Company or a
Restricted Subsidiary in a Receivables Entity or any Investment by a
Receivables Entity in any other Person, in each case, in connection with a
Qualified Receivables Transaction, provided,
however, that any Investment in any such Person is in the form of a
Purchase Money Note, or any equity interest or interests in Receivables and
related assets generated by the Company or a Restricted Subsidiary and
transferred to any Person in connection with a Qualified Receivables
Transaction or any such Person owning such Receivables; and

(14)         Investments consisting of purchases and
acquisitions of inventory, supplies and equipment in the ordinary course of
business.

“Permitted
Liens” means, with respect to any Person:

(1)           Liens securing Indebtedness and other
obligations under a Credit Facility and related Hedging Obligations and liens
on assets of Restricted Subsidiaries securing

 19
 

Guarantees of
Indebtedness and other obligations of the Company under a Credit Facility
permitted to be Incurred under Section 3.2(b)(i); provided,
however, that if such Liens  include Liens upon any Principal Property (as
defined in Section 4.1) or upon any shares of capital stock or
indebtedness of any Restricted Subsidiary (as defined in Section 4.1)
(such Liens upon any Principal Property or upon any shares of capital stock or
indebtedness of any Restricted Subsidiary being called “Principal Property
Liens”) and, as a result, other Indebtedness is secured by such Principal
Property Liens, the Securities shall be equally and ratably secured by such
Principal Property Liens as provided under Section 3.6;

(2)           pledges or deposits by such Person
under workers’ compensation laws, unemployment insurance laws or similar
legislation, or good faith deposits in connection with bids, tenders, contracts
(other than for the payment of Indebtedness) or leases to which such Person is
a party, or deposits to secure public or statutory obligations of such Person
or deposits of cash or United States government bonds to secure surety or
appeal bonds to which such Person is a party, or deposits as security for
contested taxes or import or customs duties or for the payment of rent, in each
case Incurred in the ordinary course of business;

(3)           Liens imposed by law, including
carriers’, warehousemen’s, mechanics’, materialmen’s and repairmen’s Liens, in
each case for sums not yet due or being contested in good faith by appropriate
proceedings if a reserve or other appropriate provisions, if any, as shall be
required by GAAP shall have been made in respect thereof;

(4)           Liens for taxes, assessments or other
governmental charges not yet subject to penalties for non-payment or
which are being contested in good faith by appropriate proceedings provided
appropriate reserves required pursuant to GAAP have been made in respect
thereof;

(5)           Liens in favor of issuers of surety
or performance bonds or letters of credit or bankers’ acceptances issued
pursuant to the request of and for the account of such Person in the ordinary
course of its business; provided,
however, that such letters of
credit do not constitute Indebtedness;

(6)           encumbrances, ground leases,
easements or reservations of, or rights of others for, licenses, rights of way,
sewers, electric lines, telegraph and telephone lines and other similar
purposes, or zoning, building codes or other restrictions (including, without
limitation, minor defects or irregularities in title and similar encumbrances)
as to the use of real properties or liens incidental to the conduct of the
business of such Person or to the ownership of its properties which do not in
the aggregate materially adversely affect the value of said properties or
materially impair their use in the operation of the business of such Person;

(7)           Liens securing Hedging Obligations so
long as the related Indebtedness is, and is permitted to be under this
Indenture, secured by a Lien on the same property securing such Hedging
Obligation;

 20
 

(8)           leases, licenses, subleases and
sublicenses of assets (including, without limitation, real property and
intellectual property rights) which do not materially interfere with the
ordinary conduct of the business of the Company or any of its Restricted
Subsidiaries;

(9)           judgment Liens not giving rise to an
Event of Default so long as such Lien is adequately bonded and any appropriate
legal proceedings which may have been duly initiated for the review of such
judgment have not been finally terminated or the period within which such
proceedings may be initiated has not expired;

(10)         Liens for the purpose of securing
Indebtedness represented by Capitalized Lease Obligations, mortgage financings,
purchase money obligations or other payments Incurred to finance all or any
part of the purchase price or cost of construction or improvement of assets or
property (other than Capital Stock or other Investments) acquired, constructed
or improved in the ordinary course of business provided
that:

(a)           the
aggregate principal amount of Indebtedness secured by such Liens is otherwise
permitted to be Incurred under this Indenture and does not exceed the cost of
the assets or property so acquired, constructed or improved; and

(b)           such Liens are created within 180
days of construction, acquisition or improvement of such assets or property and
do not encumber any other assets or property of the Company or any Restricted
Subsidiary other than such assets or property and assets affixed or appurtenant
thereto;

(11)         Liens arising solely by virtue of any
statutory or common law provisions relating to banker’s Liens, rights of
set-off or similar rights and remedies as to deposit accounts or other funds
maintained with a depositary institution; provided
that:

(a)           such
deposit account is not a dedicated cash collateral account and is not subject
to restrictions against access by the Company in excess of those set forth by
regulations promulgated by the Federal Reserve Board; and

(b)           such deposit account is not intended
by the Company or any Restricted Subsidiary to provide collateral to the
depository institution;

(12)         Liens arising from Uniform Commercial
Code financing statement filings regarding operating leases entered into by the
Company and its Restricted Subsidiaries in the ordinary course of business;

(13)         Liens existing on the Issue Date;

(14)         Liens on property or shares of stock of
a Person at the time such Person becomes a Restricted Subsidiary; provided, however, that such Liens are not
created, Incurred or assumed in connection with, or in contemplation of, such
other Person becoming a Restricted Subsidiary; provided
further, however, that any such Lien may not extend to any other
property owned by the Company or any Restricted Subsidiary;

 21
 

(15)         Liens on property at the time the
Company or a Restricted Subsidiary acquired the property, including any
acquisition by means of a merger or consolidation with or into the Company or
any Restricted Subsidiary; provided, however,
that such Liens are not created, Incurred or assumed in connection with, or in
contemplation of, such acquisition; provided
further, however, that such Liens may not extend to any other
property owned by the Company or any Restricted Subsidiary;

(16)         Liens securing Indebtedness or other
obligations of a Restricted Subsidiary owing to the Company or another
Restricted Subsidiary (other than a Receivables Entity);

(17)         Liens securing the Securities and
Subsidiary Guarantees and related exchange notes and guarantees thereof;

(18)         Liens securing Refinancing Indebtedness
Incurred to refinance, refund, replace, amend, extend or modify, as a whole or
in part, Indebtedness that was previously so secured pursuant to clauses (10),
(13), (14), (15), (17) and (18) of this definition, provided that any such Lien is limited to all or part of the
same property or assets (plus improvements, accessions, proceeds or dividends
or distributions in respect thereof) that secured (or, under the written
arrangements under which the original Lien arose, could secure) the
Indebtedness being refinanced or is in respect of property that is the security
for a Permitted Lien hereunder;

(19)         any interest or title of a lessor under
any Capitalized Lease Obligation or operating lease;

(20)         Liens under industrial revenue,
municipal or similar bonds; and

(21)         Liens on assets transferred to a
Receivables Entity or on assets of a Receivables Entity, in either case
Incurred in connection with a Qualified Receivables Transaction; and

(22)         Liens securing Indebtedness (other than
Subordinated Obligations and Guarantor Subordinated Obligations and other than
Indebtedness secured as a result of the securing of Indebtedness under the
Credit Facilities) in an aggregate principal amount outstanding at any one time
not to exceed $50 million.

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

“Preferred Stock,” as
applied to the Capital Stock of any corporation, means Capital Stock of any
class or classes (however designated) which is preferred as to the payment of
dividends, or as to the distribution of assets upon any voluntary or
involuntary liquidation or dissolution of such corporation, over shares of
Capital Stock of any other class of such corporation.

 22
 

“Purchase Money Note”
means a promissory note of a Receivables Entity evidencing the deferred
purchase price of Receivables (and related assets) and a line of credit, which
may be irrevocable, from the Company or any Restricted Subsidiary in connection
with a Qualified Receivables Transaction with a Receivables Entity, which
deferred purchase price or line is repayable from cash available to the
Receivables Entity, other than amounts required to be established as reserves
pursuant to agreements, amounts paid to investors in respect of interest,
principal and other amounts owing to such investors and amounts owing to such
investors and amounts paid in connection with the purchase of newly generated
Receivables.

“QIB” means any “qualified
institutional buyer” as such term is defined in Rule 144A.

“Qualified Receivables
Transaction” means any transaction or series of transactions that may be
entered into by the Company or any of its Restricted Subsidiaries pursuant to
which the Company or any of its Restricted Subsidiaries may sell, convey or
otherwise transfer to (1) a Receivables Entity (in the case of a transfer by
the Company or any of its Restricted Subsidiaries) and (2) any other Person (in
the case of a transfer by a Receivables Entity), or may grant a security
interest in, any Receivables (whether now existing or arising in the future) of
the Company or any of its Restricted Subsidiaries, and any assets related
thereto including, without limitation, all collateral securing such
Receivables, all contracts and all guarantees or other obligations in respect
of such accounts receivable, the proceeds of such Receivables and other assets
which are customarily transferred, or in respect of which security interests
are customarily granted, in connection with asset securitization involving
Receivables.

“Rating Agencies” means
Standard & Poor’s Ratings Group, Inc., Moody’s Investors Service, Inc. and
Fitch Ratings, Ltd., or if Standard & Poor’s Ratings Group, Inc., Moody’s
Investors Service, Inc. or Fitch Ratings, Ltd. or all of them shall not make a
rating on the Securities publicly available, a nationally recognized statistical
rating agency or agencies, as the case may be, selected by the Company (as
certified by a resolution of the Board of Directors) which shall be substituted
for Standard & Poor’s Ratings Group, Inc., Moody’s Investors Service, Inc.
or Fitch Ratings, Ltd. or all of them, as the case may be.

“Receivable” means a
right to receive payment arising from a sale or lease of goods or the
performance of services by a Person pursuant to an arrangement with another
Person pursuant to which such other Person is obligated to pay for goods or
services under terms that permit the purchase of such goods and services on
credit and shall include, in any event, any items of property that would be
classified as an “account,” “chattel paper,” “payment intangible” or “instrument”
under the Uniform Commercial Code as in effect in the State of New York and any
“supporting obligations” as so defined.

“Receivables Entity”
means a wholly-owned Subsidiary (or another Person in which the Company
or any Restricted Subsidiary makes an Investment and to which the Company or
any Restricted Subsidiary transfers Receivables and related assets) which
engages in no activities other than in connection with the financing of
Receivables and which is designated by the Board of Directors of the Company
(as provided below) as a Receivables Entity:

 23
 

(1)           no portion of the Indebtedness or any
other obligations (contingent or otherwise) of which:

(a)           is
guaranteed by the Company or any Restricted Subsidiary (excluding guarantees of
Obligations (other than the principal of, and interest on, Indebtedness)
pursuant to Standard Securitization Undertakings);

(b)           is recourse to or obligates the
Company or any Restricted Subsidiary in any way other than pursuant to Standard
Securitization Undertakings; or

(c)           subjects any property or asset of the
Company or any Restricted Subsidiary, directly or indirectly, contingently or
otherwise, to the satisfaction thereof, other than pursuant to Standard
Securitization Undertakings;

(2)           with which neither the Company nor any
Restricted Subsidiary has any material contract, agreement, arrangement or
understanding (except in connection with a Purchase Money Note or Qualified
Receivables Transaction) other than on terms no less favorable to the Company
or such Restricted Subsidiary than those that might be obtained at the time
from Persons that are not Affiliates of the Company, other than fees payable in
the ordinary course of business in connection with servicing Receivables; and

(3)           to which neither the Company nor any
Restricted Subsidiary has any obligation to maintain or preserve such entity’s
financial condition or cause such entity to achieve certain levels of operating
results.

Any such designation by the Board of Directors of the
Company shall be evidenced to the Trustee by filing with the Trustee a
certified copy of the resolution of the Board of Directors of the Company
giving effect to such designation and an Officers’ Certificate certifying that
such designation complied with the foregoing conditions.

“Receivables Fees” means
any fees or interest paid to purchasers or lenders providing the financing in
connection with a Qualified Receivables Transaction, factoring agreement or
other similar agreement, including any such amounts paid by discounting the
face amount of Receivables or participations therein transferred in connection
with a Qualified Receivables Transaction, factoring agreement or other similar
arrangement, regardless of whether any such transaction is structured as
on-balance sheet or off- balance sheet or through a Restricted Subsidiary or an
Unrestricted Subsidiary.

“Receivables Transaction
Amount” means the amount of obligations outstanding under the legal documents
entered into as part of such Qualified Receivables Transaction on any date of
determination that would be characterized as principal if such Qualified
Receivables Transaction were structured as a secured lending transaction rather
than as a purchase.

“Redemption Date” means,
with respect to any redemption of Securities, the date of redemption with
respect thereto.

 24
 

“Refinancing Indebtedness”
means Indebtedness that is Incurred to refund, refinance, replace, exchange,
renew, repay or extend (including pursuant to any defeasance or discharge
mechanism) (collectively, “refinance;” “refinances,” and “refinanced” shall
each have a correlative meaning) any Indebtedness existing on the Issue Date or
Incurred in compliance with this Indenture (including Indebtedness of the
Company that refinances Indebtedness of any Restricted Subsidiary and
Indebtedness of any Restricted Subsidiary that refinances Indebtedness of
another Restricted Subsidiary) including Indebtedness that refinances
Refinancing Indebtedness, provided, however,
that:

(1)           (a) if the Stated Maturity of the
Indebtedness being refinanced is earlier than the Stated Maturity of the
Securities, the Refinancing Indebtedness has a Stated Maturity no earlier than
the Stated Maturity of the Indebtedness being refinanced or (b) if the Stated
Maturity of the Indebtedness being refinanced is later than the Stated Maturity
of the Securities, the Refinancing Indebtedness has a Stated Maturity at least
91 days later than the Stated Maturity of the Securities;

(2)           the Refinancing Indebtedness has an
Average Life at the time such Refinancing Indebtedness is Incurred that is
equal to or greater than the Average Life of the Indebtedness being refinanced;

(3)           such Refinancing Indebtedness is
Incurred in an aggregate principal amount (or if issued with original issue
discount, an aggregate issue price) that is equal to or less than the sum of
the aggregate principal amount (or if issued with original issue discount, the
aggregate accreted value) then outstanding of the Indebtedness being refinanced
(plus, without duplication, any additional Indebtedness Incurred to pay
interest or premiums required by the instruments governing such existing
Indebtedness and fees Incurred in connection therewith); and

(4)           if the Indebtedness being refinanced
is subordinated in right of payment to the Securities or the Subsidiary Guarantee,
such Refinancing Indebtedness is subordinated in right of payment to the
Securities or the Subsidiary Guarantee on terms at least as favorable to the
holders as those contained in the documentation governing the Indebtedness
being refinanced.

“Registration Rights
Agreement” means that certain registration rights agreement dated as of the
Issue Date by and among the Company, the Subsidiary Guarantors and the initial
purchasers set forth therein and, with respect to any Additional Securities,
one or more substantially similar registration rights agreements among the
Company and the other parties thereto, as such agreements may be amended from
time to time.

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

“Restricted Investment”
means any Investment other than a Permitted Investment.

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

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

 25

“Sale/Leaseback
Transaction” means an arrangement relating to property now owned or hereafter
acquired whereby the Company or a Restricted Subsidiary transfers such property
to a Person and the Company or a Restricted Subsidiary leases it from such
Person.

“SEC” means the United
States Securities and Exchange Commission.

“Securities Act” means
the Securities Act of 1933, as amended, and the rules and regulations of the
SEC promulgated thereunder.

“Securities Custodian”
means the custodian with respect to the Global Securities (as appointed by
DTC), or any successor Person thereto and shall initially be the Trustee.

“Securities Register”
means the register of Securities, maintained by the Registrar, pursuant to Section
2.3.

“Senior Credit Agreements”
means, collectively, the 5-year revolving credit agreement dated as of July 22,
2004, as amended as of July 20, 2005, among the Company, JPMorgan Chase Bank,
N.A., as Administrative Agent, and the lenders parties thereto from time to
time, and the amended and restated 5-year revolving credit agreement dated as
of July 20, 2005 among the Company, JPMorgan Chase Bank, N.A., as
Administrative Agent, and the lenders parties thereto from time to time, in
each case, as the same may be amended, restated, modified, renewed, refunded,
replaced or refinanced in whole or in part from time to time (including
increasing the amount loaned thereunder provided that such additional
Indebtedness is Incurred in accordance with Section 3.2).

“Significant Subsidiary”
means any Restricted Subsidiary that would be a “Significant Subsidiary” of the
Company within the meaning of Rule 1-02 under Regulation S-X promulgated by the
SEC.

“Standard Securitization
Undertakings” means representations, warranties, covenants and indemnities
entered into by the Company or any Restricted Subsidiary which are reasonably
customary in securitization of Receivables transactions.

“Stated Maturity” means,
with respect to any security, the date specified in such security as the fixed
date on which the payment of principal of such security is due and payable,
including pursuant to any mandatory redemption provision, but shall not include
any contingent obligations to repay, redeem or repurchase any such principal
prior to the date originally scheduled for the payment thereof.

“Subordinated Obligation”
means any Indebtedness of the Company (whether outstanding on the Issue Date or
thereafter Incurred) which is subordinated or junior in right of payment to the
Securities pursuant to a written agreement.

“Subsidiary” of any
Person means (a) any corporation, association or other business entity (other
than a partnership, joint venture, limited liability company or similar entity)
of which more than 50% of the total ordinary voting power of shares of Capital
Stock entitled (without regard to the occurrence of any contingency) to vote in
the election of directors, managers or trustees thereof (or persons performing
similar functions) or (b) any partnership,

 26
 

joint venture limited
liability company or similar entity of which more than 50% of the capital
accounts, distribution rights, total equity and voting interests or general or
limited partnership interests, as applicable, is, in the case of clauses (a)
and (b), at the time owned or controlled, directly or indirectly, by (1) such
Person, (2) such Person and one or more Subsidiaries of such Person or (3) one
or more Subsidiaries of such Person. Unless otherwise specified herein, each
reference to a Subsidiary will refer to a Subsidiary of the Company.

“Subsidiary Guarantee”
means, individually, any Guarantee of payment of the Securities by a Subsidiary
Guarantor pursuant to the terms of this Indenture and any supplemental
indenture thereto, and, collectively, all such Guarantees. Each such Subsidiary
Guarantee will be in the form prescribed by this Indenture.

“Subsidiary Guarantor”
means each Restricted Subsidiary that provides a Subsidiary Guarantee in
accordance with this Indenture; provided  that upon release or
discharge of such Restricted Subsidiary from its Subsidiary Guarantee in
accordance with this Indenture, such Restricted Subsidiary ceases to be a
Subsidiary Guarantor.

“Trust Officer” shall
mean, when used with respect to the Trustee, any officer within the corporate
trust department of the Trustee having direct responsibility for the
administration of this Indenture, or any other officer to whom any corporate
trust matter is referred because of such person’s knowledge of and familiarity
with the particular subject.

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

“Unrestricted Subsidiary” means:

(1)           any Subsidiary of the Company that at
the time of determination shall be designated an Unrestricted Subsidiary by the
Board of Directors of the Company in the manner provided below; and

(2)           any Subsidiary of an Unrestricted
Subsidiary.

The Board of Directors of
the Company may designate any Subsidiary of the Company (including any newly
acquired or newly formed Subsidiary or a Person becoming a Subsidiary through
merger or consolidation or Investment therein) to be an Unrestricted Subsidiary
only if:

(1)           such Subsidiary or any of its
Subsidiaries does not own any Capital Stock or Indebtedness of or have any
Investment in, or own or hold any Lien on any property of, any other Subsidiary
of the Company which is not a Subsidiary of the Subsidiary to be so designated
or otherwise an Unrestricted Subsidiary;

(2)           all the Indebtedness of such
Subsidiary and its Subsidiaries shall, at the date of designation, and will at
all times thereafter, consist of Non-Recourse Debt;

(3)           such designation and the Investment
of the Company in such Subsidiary complies with Section 3.3;

 27
 

(4)           such Subsidiary, either alone or in
the aggregate with all other Unrestricted Subsidiaries, does not operate,
directly or indirectly, all or substantially all of the business of the Company
and its Subsidiaries;

(5)           such Subsidiary is a Person with
respect to which neither the Company nor any of its Restricted Subsidiaries has
any direct or indirect obligation:

(a)           to
subscribe for additional Capital Stock of such Person; or

(b)           to maintain or preserve such Person’s
financial condition or to cause such Person to achieve any specified levels of
operating results; and

(6)           on the date such Subsidiary is
designated an Unrestricted Subsidiary, such Subsidiary is not a party to any
agreement, contract, arrangement or understanding with the Company or any
Restricted Subsidiary with terms substantially less favorable to the Company
than those that might have been obtained from Persons who are not Affiliates of
the Company.

Any such designation by
the Board of Directors of the Company shall be evidenced to the Trustee by
filing with the Trustee a Board Resolution giving effect to such designation and
an Officers’ Certificate certifying that such designation complies with the
foregoing conditions. If, at any time, any Unrestricted Subsidiary would fail
to meet the foregoing requirements as an Unrestricted Subsidiary, it shall
thereafter cease to be an Unrestricted Subsidiary for purposes of this
Indenture and any Indebtedness of such Subsidiary shall be deemed to be
Incurred as of such date.

The Board of Directors of
the Company may designate any Unrestricted Subsidiary to be a Restricted
Subsidiary; provided that
immediately after giving effect to such designation, no Default or Event of
Default shall have occurred and be continuing or would occur as a consequence
thereof and the Company could Incur at least $1.00 of additional Indebtedness
pursuant to Section 3.2(a) on a pro forma basis taking into account such
designation.

“U.S. Government
Obligations” means securities that are (a) direct obligations of the United
States of America for the timely payment of which its full faith and credit is
pledged or (b) obligations of a Person controlled or supervised by and acting
as an agency or instrumentality of the United States of America the timely
payment of which is unconditionally guaranteed as a full faith and credit
obligation of the United States of America, which, in either case, are not
callable or redeemable at the option of the issuer thereof, and shall also
include a depositary receipt issued by a bank (as defined in Section 3(a)(2) of
the Securities Act), as custodian with respect to any such U.S. Government
Obligations or a specific payment of principal of or interest on any such U.S.
Government Obligations held by such custodian for the account of the holder of
such depositary receipt; provided
that (except as required by law) such custodian is not authorized to make any
deduction from the amount payable to the holder of such depositary receipt from
any amount received by the custodian in respect of the U.S. Government
Obligations or the specific payment of principal of or interest on the U.S. Government
Obligations evidenced by such depositary receipt.

 28
 

“Voting Stock” of a
Person means all classes of Capital Stock of such Person then outstanding and
normally entitled to vote in the election of directors, managers or trustees,
as applicable.

SECTION 1.2.                       Other
Definitions.

	
  Term

  	
   

  	
  Defined in Section

  
	
   

  	
   

  	
   

  
	
  “Additional
  Restricted Securities”

  	
   

  	
  2.1(b)

  
	
  “Additional
  Securities”

  	
   

  	
  preamble

  
	
  “Affiliate
  Transaction”

  	
   

  	
  3.8

  
	
  “Agent”

  	
   

  	
  3.12

  
	
  “Agent Members”

  	
   

  	
  2.1(e)(iii)

  
	
  “Asset
  Disposition Offer”

  	
   

  	
  3.5(a)

  
	
  “Asset
  Disposition Offer Amount”

  	
   

  	
  3.5(a)

  
	
  “Asset
  Disposition Purchase Date”

  	
   

  	
  3.5(a)

  
	
  “Attributable
  Debt”

  	
   

  	
  4.1

  
	
  “Authenticating
  Agent”

  	
   

  	
  2.2

  
	
  “Change of
  Control Offer”

  	
   

  	
  3.9(b)

  
	
  “Change of
  Control Payment”

  	
   

  	
  3.9(b)(i)

  
	
  “Change of
  Control Payment Date”

  	
   

  	
  3.9(b)(ii)

  
	
  “Company”

  	
   

  	
  preamble

  
	
  “Company Order”

  	
   

  	
  2.2

  
	
  “Consolidated
  Total Assets”

  	
   

  	
  4.1

  
	
  “Covenant
  Defeasance”

  	
   

  	
  9.1(b)(ii)

  
	
  “cross
  acceleration provision”

  	
   

  	
  7.1(v)(B)

  
	
  “Defaulted
  Interest”

  	
   

  	
  2.13

  
	
  “Event of
  Default”

  	
   

  	
  7.1

  
	
  “Excess
  Proceeds”

  	
   

  	
  3.5(a)

  
	
  “Exchange Global
  Note”

  	
   

  	
  2.1(b)

  
	
  “Exchange
  Securities”

  	
   

  	
  preamble

  
	
  “Global
  Securities”

  	
   

  	
  2.1(b)

  
	
  “Initial
  Securities”

  	
   

  	
  preamble

  
	
  “Institutional
  Accredited Investor Global Note”

  	
   

  	
  2.1(b)

  
	
  “Institutional
  Accredited Investor Notes”

  	
   

  	
  2.1(b)

  
	
  “judgment
  default provision”

  	
   

  	
  7.1(vii)

  
	
  “Legal
  Defeasance”

  	
   

  	
  9.1(b)(i)

  
	
  “Legal Holiday”

  	
   

  	
  11.8

  
	
  “Net Rental
  Payments”

  	
   

  	
  4.1

  
	
  “payment
  default”

  	
   

  	
  7.1(v)(A)

  
	
  “Paying Agent”

  	
   

  	
  2.3

  
	
  “Principal
  Property”

  	
   

  	
  4.1

  
	
  “Private
  Placement Legend”

  	
   

  	
  2.1(d)(1)

  
	
  “protected
  purchaser”

  	
   

  	
  2.9

  
	
  “Registrar”

  	
   

  	
  2.3

  
	
  “Regulation S
  Global Note”

  	
   

  	
  2.1(b)

  
	
  “Regulation S
  Legend”

  	
   

  	
  2.1(d)(2)

  

 

 29
 

 

	
  “Regulation S Notes”

  	
   

  	
  2.1(b)

  
	
  “Resale
  Restriction Termination Date”

  	
   

  	
  2.6(a)

  
	
  “Restricted
  Payment”

  	
   

  	
  3.3(iv)

  
	
  “Restricted
  Securities”

  	
   

  	
  2.1(a)

  
	
  “Restricted Subsidiary”

  	
   

  	
  4.1

  
	
  “Rule 144A
  Global Note”

  	
   

  	
  2.1(b)

  
	
  “Rule 144A
  Notes”

  	
   

  	
  2.1(b)

  
	
  “Securities”

  	
   

  	
  preamble

  
	
  “Special
  Interest Payment Date”

  	
   

  	
  2.13(a)

  
	
  “Special Record
  Date”

  	
   

  	
  2.13(a)

  
	
  “Successor
  Company”

  	
   

  	
  5.1(a)(i)

  
	
  “Trustee”

  	
   

  	
  preamble, 1.1

  

 

SECTION
1.3.        Incorporation by Reference
of Trust Indenture Act.  This Indenture is subject to the
mandatory provisions of the TIA, which are incorporated by reference in and
made a part of this Indenture.  The
following TIA terms have the following meanings:

“Commission” means the
SEC.

“indenture securities”
means the Securities.

“indenture security
holder” means a Holder.

“indenture to be
qualified” means this Indenture.

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

“obligor” on the
indenture securities means the Company, any Subsidiary Guarantors and any other
obligor on the indenture securities.

All other TIA terms used
in this Indenture that are defined by the TIA, defined in the TIA by reference
to another statute or defined by SEC rule have the meanings assigned to them by
such definitions.

SECTION 1.4.        Rules
of Construction.  Unless the context
otherwise requires:

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

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

(3)           “including”
means including without limitation;

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

 30
 

(5)           all
references to the date the Securities were originally issued shall refer to the
Issue Date or the date any Additional Securities were originally issued, as the
case may be;

(6)           references
to sections of or rules under the Securities Act or the Exchange Act, as the
case may be, will be deemed to include substitute, replacement of successor
sections or rules adopted by the SEC from time to time; and

(7)           all
references herein to particular Sections or Articles shall refer to this
Indenture unless otherwise so indicated.

ARTICLE II

THE SECURITIES

SECTION 2.1.        Form, Dating and Terms.

(a)           The aggregate principal amount of
Securities that may be authenticated and delivered under this Indenture is
unlimited.  The Initial Securities issued
on the date hereof will be in an aggregate principal amount of $200,000,000.  In addition, the Company may issue, from time
to time in accordance with the provisions of this Indenture,  Additional Securities and Exchange
Securities.  Furthermore, Securities may
be authenticated and delivered upon registration or transfer, or in lieu of,
other Securities pursuant to Section 2.6, 2.9,  2.11, 6.8
or 10.5 or in connection with an Asset Disposition Offer under Section
3.5 or a Change of Control Offer pursuant to Section 3.11.

The
Initial Securities shall be known and designated as “7.375% Senior Notes due
2015” of the Company.

With
respect to any Additional Securities, the Company shall set forth in (a) a
Board Resolution of the Company and (b) (i) an Officers’ Certificate or (ii)
one or more indentures supplemental hereto, the following information:

(1)           the
aggregate principal amount of such Additional Securities to be authenticated
and delivered pursuant to this Indenture;

(2)           the
issue price and the issue date of such Additional Securities, including the
date from which interest shall accrue; and

(3)           whether
such Additional Securities shall be transfer restricted securities issued in
the form of Exhibit A hereto (“Restricted Securities”) or registered
securities issued in the form of Exhibit B hereto.

The
Initial Securities, the Additional Securities and the Exchange Securities shall
be considered collectively as a single class for all purposes of this
Indenture.  Holders of the Initial
Securities, the Additional Securities and the Exchange Securities will vote and
consent together on all matters to which such Holders are entitled to vote or consent
as one class, and none of the Holders of the Initial Securities, the Additional
Securities or the Exchange Securities

 31
 

shall have the right to vote or consent as a separate
class on any matter to which such Holders are entitled to vote or consent.

(b)           The Initial Securities are being
offered and sold by the Company pursuant to a Purchase Agreement, dated May 9,
2007, among the Company and the Initial Purchasers.  The Initial Securities and any Additional
Securities (if issued as Restricted Securities) (the “Additional Restricted
Securities”) will be resold initially only to (A) QIBs in reliance on
Rule 144A and (B) Non-U.S. Persons in reliance on
Regulation S.  Such Initial
Securities and Additional Restricted Securities may thereafter be transferred
to, among others, QIBs, purchasers in reliance on Regulation S and IAIs in
accordance with Rule 501 of the Securities Act, in each case, in
accordance with the procedures described herein.  Additional Securities offered after the date
hereof may be offered and sold by the Company from time to time pursuant to one
or more purchase agreements in accordance with applicable law.

Initial Securities and
Additional Restricted Securities offered and sold to QIBs in the United States
of America in reliance on Rule 144A (the “Rule 144A Notes”)
shall be issued in the form of a permanent global Security, without interest
coupons, substantially in the form of Exhibit A, which is hereby
incorporated by reference and made a part of this Indenture, including
appropriate legends as set forth under Section 2.1(d) (the “Rule 144A
Global Note”), deposited with the Trustee, as Securities Custodian, duly
executed by the Company and authenticated by the Trustee as hereinafter
provided.  The Rule 144A Global Note
may be represented by more than one certificate, if so required by DTC’s rules
regarding the maximum principal amount to be represented by a single
certificate.  The aggregate principal
amount of the Rule 144A Global Note may from time to time be increased or
decreased by adjustments made on the Rule 144A Global Note and on the records
of the Trustee, as Securities Custodian or its nominee, as hereinafter
provided.

Initial Securities and
Additional Securities offered and sold outside the United States of America
(the “Regulation S Notes”) in reliance on Regulation S shall
be issued in the form of a permanent global Security, without interest coupons,
substantially in the form of Exhibit A including appropriate
legends as set forth under Section 2.1(d) (the “Regulation S
Global Note”). The Regulation S Global Note will be deposited upon
issuance with the Trustee, as Securities Custodian, duly executed by the
Company and authenticated by the Trustee as hereinafter provided.  During the Restricted Period, interests in
the Regulation S Global Note may be transferred to Non-U.S. Persons
pursuant to Regulation S or to QIBs and IAIs in accordance with this
Indenture.  The Regulation S Global
Note may be represented by more than one certificate, if so required by DTC’s
rules regarding the maximum principal amount to be represented by a single
certificate.  The aggregate principal
amount of the Regulation S Global Note may from time to time be increased
or decreased by adjustments made on the Regulation S Global Note and on the
records of the Trustee, as Securities Custodian or its nominee, as hereinafter
provided.

Initial Securities and
Additional Securities resold to IAIs (the “Institutional Accredited Investor
Notes”) in the United States of America shall be issued in the form of a
permanent global Security, without interest coupons, substantially in the form
of Exhibit A including appropriate legends as set forth under Section 2.1(d)
(the “Institutional Accredited Investor Global Note”) deposited with the
Trustee, as Securities Custodian, duly executed by the

 32
 

Company and authenticated
by the Trustee as hereinafter provided. 
The Institutional Accredited Investor Global Note may be represented by
more than one certificate, if so required by DTC’s rules regarding the maximum
principal amount to be represented by a single certificate.  The aggregate principal amount of the
Institutional Accredited Investor Global Note may from time to time be
increased or decreased by adjustments made on the Institutional Accredited
Investor Note and on the records of the Trustee, as Securities Custodian or its
nominee, as hereinafter provided.

Exchange Securities
exchanged for interests in the Rule 144A Notes, the Regulation S
Notes and the Institutional Accredited Investor Notes will be issued in the
form of a permanent global Security, without interest coupons, substantially in
the form of Exhibit B, which is hereby incorporated by reference
and made a part of this Indenture, deposited with the Trustee as hereinafter
provided, including the appropriate legend set forth under Section 2.1(d)
(the “Exchange Global Note”).  The
Exchange Global Note will be deposited upon issuance with, or on behalf of, the
Trustee as Securities Custodian, duly executed by the Company and authenticated
by the Trustee as hereinafter provided. The Exchange Global Note may be
represented by more than one certificate, if so required by DTC’s rules
regarding the maximum principal amount to be represented by a single
certificate.

The Rule 144A Global
Note, the Regulation S Global Note, the Institutional Accredited Investor
Global Note and the Exchange Global Note are sometimes collectively herein
referred to as the “Global Securities.”

The principal of (and
premium, if any) and interest on the Securities shall be payable at the office or
agency of the Company maintained for such purpose in the Borough of Manhattan,
The City of New York, State  of  New  York,
or at such other office or agency of the Company as may be maintained for such
purpose pursuant to Section 2.3; provided,
however, that, at the option of the Company, each installment of
interest may be paid by (i) check mailed to addresses of the Persons entitled
thereto as such addresses shall appear on the Securities Register or (ii) wire
transfer to an account located in the United States maintained by the
payee.  Payments in respect of Securities
represented by a Global Security (including principal, premium, if any, and
interest) will be made by wire transfer of immediately available funds to the
accounts specified by DTC.  Payments in
respect of Securities represented by Definitive Securities (including
principal, premium, if any, and interest) held by a Holder of at least
$1,000,000 aggregate principal amount of Securities represented by Definitive
Securities will be made by wire transfer to a U.S. dollar account maintained by
the payee with a bank in the United States if such Holder elects payment by
wire transfer by giving written notice to the Trustee or the Paying Agent to
such effect designating such account no later than 15 days immediately
preceding the relevant due date for payment (or such other date as the Trustee
may accept in its discretion).

The Securities may have
notations, legends or endorsements required by law, stock exchange rule or
usage, in addition to those set forth on Exhibit A and Exhibit B
and under Section 2.1(d). 
The Company and the Trustee shall approve the forms of the Securities
and any notation, endorsement or legend on them.  Each Security shall be dated the date of its
authentication.  The terms of the
Securities set forth in Exhibit A and Exhibit B are
part of the

 33
 

terms of this Indenture
and, to the extent applicable, the Company and the Trustee by their execution
and delivery of this Indenture, expressly agree to be bound by such terms.

(c)           Denominations.  The Securities shall be issuable only in
fully registered form, without interest coupons, and only in denominations of
$2,000 and integral multiples of $1,000 in excess thereof.

(d)           Restrictive Legends.  Unless and until (i) an Initial Security
is sold under an effective registration statement or (ii) an Initial
Security is exchanged for an Exchange Security in connection with an effective
registration statement, in each case pursuant to the Registration Rights
Agreement or a similar agreement,

(1)           the
Rule 144A Global Note and the Institutional Accredited Investor Global
Note shall bear the following legend (the “Private Placement Legend”) on
the face thereof:

THIS SECURITY HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933,
AS AMENDED (THE “SECURITIES ACT”), OR THE SECURITIES LAWS OF ANY STATE OR OTHER
JURISDICTION.  NEITHER THIS SECURITY NOR
ANY INTEREST OR PARTICIPATION HEREIN MAY BE REOFFERED, SOLD, ASSIGNED,
TRANSFERRED, PLEDGED, ENCUMBERED OR OTHERWISE DISPOSED OF IN THE ABSENCE OF
SUCH REGISTRATION OR UNLESS SUCH TRANSACTION IS EXEMPT FROM, OR NOT SUBJECT TO,
SUCH REGISTRATION.  THE HOLDER OF THIS
SECURITY, BY ITS ACCEPTANCE HEREOF, AGREES ON ITS OWN BEHALF AND ON BEHALF OF
ANY INVESTOR ACCOUNT FOR WHICH IT HAS PURCHASED SECURITIES, TO OFFER, SELL OR
OTHERWISE TRANSFER SUCH SECURITY, PRIOR TO THE DATE (THE “RESALE RESTRICTION
TERMINATION DATE”) THAT IS TWO YEARS AFTER THE LATER OF THE ORIGINAL ISSUE DATE
HEREOF AND THE LAST DATE ON WHICH THE ISSUER OR ANY AFFILIATE OF THE ISSUER WAS
THE OWNER OF THIS SECURITY (OR ANY PREDECESSOR OF SUCH SECURITY), ONLY (A) TO
THE ISSUER, (B) PURSUANT TO A REGISTRATION STATEMENT THAT HAS BEEN DECLARED
EFFECTIVE UNDER THE SECURITIES ACT, (C) FOR SO LONG AS THE SECURITIES ARE
ELIGIBLE FOR RESALE PURSUANT TO RULE 144A UNDER THE SECURITIES ACT, TO A
PERSON IT REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” AS DEFINED
IN RULE 144A UNDER THE SECURITIES ACT THAT PURCHASES FOR ITS OWN ACCOUNT
OR FOR THE ACCOUNT OF A QUALIFIED INSTITUTIONAL BUYER TO WHOM NOTICE IS GIVEN
THAT THE TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, (D) PURSUANT TO
OFFERS AND SALES THAT OCCUR OUTSIDE THE UNITED STATES WITHIN THE MEANING OF
REGULATION S UNDER THE SECURITIES ACT, (E) TO AN INSTITUTIONAL “ACCREDITED
INVESTOR” WITHIN THE MEANING OF RULE 501(a)(1), (2), (3) OR (7) UNDER THE
SECURITIES ACT THAT IS AN INSTITUTIONAL ACCREDITED INVESTOR ACQUIRING THE
SECURITY FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF SUCH AN INSTITUTIONAL
ACCREDITED INVESTOR, IN EACH CASE IN A MINIMUM PRINCIPAL

 34
 

AMOUNT OF THE SECURITIES OF $250,000, FOR INVESTMENT PURPOSES AND NOT
WITH A VIEW TO OR FOR OFFER OR SALE IN CONNECTION WITH ANY DISTRIBUTION IN
VIOLATION OF THE SECURITIES ACT, OR (F) PURSUANT TO ANOTHER AVAILABLE EXEMPTION
FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT, SUBJECT TO THE ISSUER’S
AND THE TRUSTEE’S RIGHT PRIOR TO ANY SUCH OFFER, SALE OR TRANSFER PURSUANT TO
CLAUSES (D), (E) OR (F) TO REQUIRE THE DELIVERY OF AN OPINION OF COUNSEL,
CERTIFICATION AND/OR OTHER INFORMATION SATISFACTORY TO EACH OF THEM.  THIS LEGEND WILL BE REMOVED UPON THE REQUEST
OF THE HOLDER AFTER THE RESALE RESTRICTION TERMINATION DATE.

(2)           the
Regulation S Global Note shall bear the following legend (the “Regulation S
Legend”) on the face thereof:

THIS SECURITY HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933,
AS AMENDED (THE “SECURITIES ACT”), OR THE SECURITIES LAWS OF ANY STATE OR OTHER
JURISDICTION.  NEITHER THIS SECURITY NOR
ANY INTEREST OR PARTICIPATION HEREIN MAY BE REOFFERED, SOLD, ASSIGNED, TRANSFERRED,
PLEDGED, ENCUMBERED OR OTHERWISE DISPOSED OF IN THE ABSENCE OF SUCH
REGISTRATION OR UNLESS SUCH TRANSACTION IS EXEMPT FROM, OR NOT SUBJECT TO, SUCH
REGISTRATION.  THE HOLDER OF THIS
SECURITY, BY ITS ACCEPTANCE HEREOF, AGREES ON ITS OWN BEHALF AND ON BEHALF OF
ANY INVESTOR ACCOUNT FOR WHICH IT HAS PURCHASED SECURITIES, TO OFFER, SELL OR
OTHERWISE TRANSFER SUCH SECURITY, PRIOR TO THE DATE (THE “RESALE RESTRICTION
TERMINATION DATE”) THAT IS 40 DAYS AFTER THE LATER OF THE ORIGINAL ISSUE
DATE HEREOF AND THE LAST DATE ON WHICH THE ISSUER OR ANY AFFILIATE OF THE
ISSUER WAS THE OWNER OF THIS SECURITY (OR ANY PREDECESSOR OF SUCH SECURITY),
ONLY (A) TO THE ISSUER, (B) PURSUANT TO A REGISTRATION STATEMENT THAT HAS BEEN
DECLARED EFFECTIVE UNDER THE SECURITIES ACT, (C) FOR SO LONG AS THE SECURITIES
ARE ELIGIBLE FOR RESALE PURSUANT TO RULE 144A UNDER THE SECURITIES ACT, TO
A PERSON IT REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” AS DEFINED
IN RULE 144A UNDER THE SECURITIES ACT THAT PURCHASES FOR ITS OWN ACCOUNT
OR FOR THE ACCOUNT OF A QUALIFIED INSTITUTIONAL BUYER TO WHOM NOTICE IS GIVEN
THAT THE TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, (D) PURSUANT TO
OFFERS AND SALES THAT OCCUR OUTSIDE THE UNITED STATES WITHIN THE MEANING OF
REGULATION S UNDER THE SECURITIES ACT, (E) TO AN INSTITUTIONAL “ACCREDITED
INVESTOR” WITHIN THE MEANING OF RULE 501(a)(1), (2), (3) OR (7) UNDER THE
SECURITIES ACT THAT IS AN INSTITUTIONAL ACCREDITED INVESTOR ACQUIRING THE
SECURITY FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF SUCH AN INSTITUTIONAL
ACCREDITED INVESTOR, IN EACH CASE IN A MINIMUM PRINCIPAL AMOUNT OF THE
SECURITIES OF $250,000, FOR INVESTMENT PURPOSES

 35
 

AND NOT WITH A VIEW TO OR FOR OFFER OR SALE IN CONNECTION WITH ANY
DISTRIBUTION IN VIOLATION OF THE SECURITIES ACT, OR (F) PURSUANT TO ANOTHER
AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT,
SUBJECT TO THE ISSUER’S AND THE TRUSTEE’S RIGHT PRIOR TO ANY SUCH OFFER, SALE
OR TRANSFER PURSUANT TO CLAUSES (D), (E) OR (F) TO REQUIRE THE DELIVERY OF
AN OPINION OF COUNSEL, CERTIFICATION AND/ OR OTHER INFORMATION SATISFACTORY TO
EACH OF THEM.  THIS LEGEND WILL BE
REMOVED UPON THE REQUEST OF THE HOLDER AFTER THE RESALE RESTRICTION TERMINATION
DATE.  BY ITS ACQUISITION HEREOF, THE
HOLDER HEREOF REPRESENTS THAT IT IS NOT A U.S. PERSON NOR IS IT PURCHASING FOR
THE ACCOUNT OF A U.S. PERSON AND IS ACQUIRING THIS SECURITY IN AN OFFSHORE
TRANSACTION IN ACCORDANCE WITH REGULATION S UNDER THE SECURITIES ACT.

(3)           Each
Global Security, whether or not an Initial Security, shall bear the following
legend on the face thereof:

UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF
THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), NEW YORK, NEW
YORK, TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR
PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO.
OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC
(AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED
BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE
HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE
REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

TRANSFERS OF THIS GLOBAL SECURITY SHALL BE LIMITED TO TRANSFERS IN
WHOLE, BUT NOT IN PART, TO DTC, TO NOMINEES OF DTC OR TO A SUCCESSOR THEREOF OR
SUCH SUCCESSOR’S NOMINEE, AND TRANSFERS OF PORTIONS OF THIS GLOBAL SECURITY
SHALL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS SET
FORTH IN THE INDENTURE REFERRED TO ON THE REVERSE HEREOF.

(e)           Book-Entry Provisions.

(i)            This
Section 2.1(e) shall apply only to Global Securities deposited with
the Trustee, as Securities Custodian.

(ii)           Each
Global Security initially shall (x) be registered in the name of DTC or
the nominee of DTC, (y) be delivered to the Trustee as Securities
Custodian and (z) bear legends as set forth under Section 2.1(d).

 36
 

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

(iv)          In
connection with any transfer of a portion of the beneficial interest in a
Global Security pursuant to subsection (f) of this Section 2.1
to beneficial owners who are required to hold Definitive Securities, the
Securities Custodian shall reflect on its books and records the date and a
decrease in the principal amount of such Global Security in an amount equal to
the principal amount of the beneficial interest in the Global Security to be
transferred, and the Company shall execute, and the Trustee shall authenticate
and make available for delivery, one or more Definitive Securities of like
tenor and amount.

(v)           In
connection with the transfer of an entire Global Security to beneficial owners
pursuant to subsection (f) of this Section 2.1, such Global
Security shall be deemed to be surrendered to the Trustee for cancellation, and
the Company shall execute, and the Trustee shall authenticate and make
available for delivery, to each beneficial owner identified by DTC in exchange
for its beneficial interest in such Global Security, an equal aggregate
principal amount of Definitive Securities of authorized denominations.

(vi)          The
registered Holder of a Global Security may grant proxies and otherwise
authorize any person, including Agent Members and persons that may hold
interests through Agent Members, to take any action which a Holder is entitled
to take under this Indenture or the Securities.

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

(f)            Definitive Securities.

(i)            Except
as provided below, owners of beneficial interests in Global Securities will not
be entitled to receive Definitive Securities. 
If required to do so pursuant to any applicable law or regulation,
beneficial owners may obtain Definitive Securities in exchange for their
beneficial interests in a Global Security upon written request in accordance
with DTC’s and the Registrar’s procedures. 
In addition, Definitive

 37
 

Securities shall be transferred to all
beneficial owners in exchange for their beneficial interests in a Global
Security if (A) DTC notifies the Company at any time that it is unwilling
or unable to continue as depositary for such Global Security or DTC ceases to
be a clearing agency registered under the Exchange Act, at a time when DTC is
required to be so registered in order to act as depositary, and in each case a
successor depositary is not appointed by the Company within 90 days of
such notice or (B) the Company in its sole discretion executes and
delivers to the Trustee and Registrar an Officers’ Certificate stating that
such Global Security shall be so exchangeable or (C) an Event of Default
has occurred and is continuing and the Registrar has received a request from
DTC.  In the event of the occurrence of
any of the events specified in clause (A), (B) or (C) of the preceding
sentence, the Company shall promptly make available to the Trustee a reasonable
supply of Definitive Securities in fully registered form without interest
coupons.

(ii)           Any
Definitive Security delivered in exchange for an interest in a Global Security
pursuant to Section 2.1(e)(iv) or (v) shall, except as
otherwise provided by Section 2.6(c), bear the applicable legend
regarding transfer restrictions applicable to the Definitive Security set forth
under Section 2.1(d).

(iii)          In
connection with the exchange of a portion of a Definitive Security for a
beneficial interest in a Global Security, the Trustee shall cancel such
Definitive Security, and the Company shall execute, and the Trustee shall
authenticate and make available for delivery, to the transferring Holder a new
Definitive Security representing the principal amount not so transferred.

(g)           OID Legend.  Each Security issued with “original issue
discount” as defined in Section 1273 of the Code, whether an Initial
Security, Additional Security or Exchange Security, shall bear the following
legend on the face thereof:

THIS SECURITY WAS
ISSUED WITH “ORIGINAL ISSUE DISCOUNT” AS DEFINED IN SECTION 1273 OF THE
INTERNAL REVENUE CODE OF 1986, AS AMENDED. 
YOU MAY OBTAIN INFORMATION REGARDING THE AMOUNT OF ORIGINAL ISSUE
DISCOUNT, THE ISSUE PRICE, THE ISSUE DATE AND THE YIELD TO MATURITY BY
CONTACTING THE CHIEF FINANCIAL OFFICER OF DELUXE CORPORATION AT 3680 VICTORIA
ST., N., SHOREVIEW, MINNESOTA 55126-2966, OR AT (651) 483-7111.

SECTION 2.2.        Execution
and Authentication.  One Officer
shall sign the Securities for the Company by manual or facsimile
signature.  If an Officer whose signature
is on a Security no longer holds that office at the time the Trustee
authenticates the Security, the Security shall be valid nevertheless.

A Security shall not be
valid until an authorized signatory of the Trustee manually authenticates the
Security.  The signature of the Trustee
on a Security shall be conclusive evidence that such Security has been duly and
validly authenticated and issued under this Indenture.  A Security shall be dated the date of its
authentication.

 38
 

At any time and from time
to time after the execution and delivery of this Indenture, the Trustee shall
authenticate and make available for delivery: 
(1) Initial Securities for original issue on the Issue Date in an
aggregate principal amount of $200,000,000, (2) subject to the terms of
this Indenture, Additional Securities for original issue in an unlimited
principal amount and (3) Exchange Securities for issue only in an Exchange
Offer or upon resale under an effective Shelf Registration Statement, and only
in exchange for Initial Securities or Additional Securities of an equal
principal amount, in each case upon a written order of the Company signed by
one Officer of the Company (the “Company Order”).  Such Company Order shall specify whether the
Securities will be in the form of Definitive Securities or Global Securities,
the amount of the Securities to be authenticated and the date on which the
original issue of Securities is to be authenticated and whether the Securities
are to be Initial Securities, Additional Securities or Exchange Securities.

The Trustee may appoint
an agent (the “Authenticating Agent”) reasonably acceptable to the
Company to authenticate the Securities. 
Any such appointment shall be evidenced by an instrument signed by a
Trust Officer, a copy of which shall be furnished to the Company.  Unless limited by the terms of such
appointment, any such Authenticating Agent may authenticate Securities whenever
the Trustee may do so.  Each reference in
this Indenture to authentication by the Trustee includes authentication by the
Authenticating Agent.  An Authenticating
Agent has the same rights as any Registrar, Paying Agent or agent for service
of notices and demands.

In case the Company,
pursuant to Article V, shall be consolidated or merged with or into
any other Person or shall convey, transfer, lease or otherwise dispose of its
properties and assets substantially as an entirety to any Person, and the
successor Person resulting from such consolidation, or surviving such merger,
or into which the Company shall have been merged, or the Person which shall
have received a conveyance, transfer, lease or other disposition as aforesaid,
shall have executed an indenture supplemental hereto with the Trustee pursuant
to Article V, any of the Securities authenticated or delivered
prior to such consolidation, merger, conveyance, transfer, lease or other
disposition may, from time to time, at the request of the successor Person, be
exchanged for other Securities executed in the name of the successor Person
with such changes in phraseology and form as may be appropriate, but otherwise
in substance of like tenor as the Securities surrendered for such exchange and
of like principal amount; and the Trustee, upon Company Order of the successor
Person, shall authenticate and make available for delivery Securities as
specified in such order for the purpose of such exchange.  If Securities shall at any time be
authenticated and delivered in any new name of a successor Person pursuant to
this Section 2.2 in exchange or substitution for or upon
registration of transfer of any Securities, such successor Person, at the
option of the Holders but without expense to them, shall provide for the
exchange of all Securities at the time outstanding for Securities authenticated
and delivered in such new name.

SECTION 2.3.        Registrar
and Paying Agent.  The Company shall
maintain an office or agency where Securities may be presented for registration
of transfer or for exchange (the “Registrar”) and an office or agency
where Securities may be presented for payment (the “Paying Agent”).  The Company shall cause each of the Registrar
and the Paying Agent to maintain an office or agency in New York, New
York.  The Registrar shall keep a
register of the Securities and of their transfer and exchange.  The Company may have one or more co-registrars

 39
 

and one or more additional paying agents.  The term “Paying Agent” includes any
additional paying agent, and the term “Registrar” includes any co-registrar.

The Company shall enter
into an appropriate agency agreement with any Registrar or Paying Agent not a
party to this Indenture, which shall incorporate the terms of the TIA.  The agreement shall implement the provisions
of this Indenture that relate to such agent. 
The Company shall notify the Trustee of the name and address of each
such agent.  If the Company fails to
maintain a Registrar or Paying Agent, the Trustee shall act as such and shall
be entitled to appropriate compensation therefor pursuant to Section 7.7.  Any of the Company’s Restricted Subsidiaries
organized in the United States may act as Paying Agent, Registrar or transfer
agent.

The Company initially
appoints the Trustee as Registrar and Paying Agent for the Securities.  The Company may remove any Registrar or
Paying Agent without notice to any Holder upon written notice to such Registrar
or Paying Agent and to the Trustee; provided,
however, that no such removal shall become effective until
(i) acceptance of any appointment by a successor as evidenced by an
appropriate agreement entered into by the Company and such successor Registrar
or Paying Agent, as the case may be, and delivered to the Trustee or
(ii) notification to the Trustee that the Trustee shall serve as Registrar
or Paying Agent until the appointment of a successor in accordance with
clause (i) above.  The Registrar or
Paying Agent may resign at any time upon written notice to the Company and the
Trustee.

SECTION 2.4.        Paying
Agent to Hold Money in Trust.  By no
later than 10:00 a.m. (New York City time) on the date on which any
principal of, premium, if any, or interest on any Security is due and payable,
the Company shall deposit with the Paying Agent a sum sufficient in immediately
available funds to pay such principal, premium, if any, or interest when
due.  The Company shall require each
Paying Agent (other than the Trustee) to agree in writing that such Paying
Agent shall hold in trust for the benefit of the Holders or the Trustee all
money held by such Paying Agent for the payment of principal, premium, if any,
of or interest on the Securities (whether such assets have been distributed to
it by the Company or other obligors on the Securities) and shall notify the
Trustee in writing of any default by the Company in making any such
payment.  The Company at any time may
require a Paying Agent (other than the Trustee) to pay all money held by it to
the Trustee and to account for any funds or assets disbursed by such Paying
Agent.  Upon complying with this Section
2.4, the Paying Agent shall have no further liability for the money
delivered to the Trustee.  Upon any bankruptcy,
reorganization or similar proceeding with respect to the Company, the Trustee
shall serve as Paying Agent for the Securities.

SECTION 2.5.        Holder
Lists.  The Trustee shall preserve in
as current a form as is reasonably practicable the most recent list available
to it of the names and addresses of Holders and shall otherwise comply with TIA
§ 312(a).  If the Trustee is not the
Registrar, or to the extent otherwise required under the TIA, the Company, on
its own behalf and on behalf of each of the Subsidiary Guarantors, if any,
shall furnish or cause the Registrar to furnish to the Trustee, in writing at
least five Business Days before each interest payment date and at such other
times as the Trustee may request in writing, a list in such form and as of such
date as the Trustee may reasonably require of the names and addresses of the
Holders, and the Company and the Subsidiary Guarantors, if any, shall otherwise
comply with TIA § 312(a).

 40
 

SECTION 2.6.        Transfer and Exchange.

(a)           The following provisions shall apply
with respect to any proposed transfer of a Rule 144A Note or an
Institutional Accredited Investor Note prior to the date which is two years
after the later of the date of its original issue and the last date on which
the Company or any Affiliate of the Company was the owner of such Securities
(or any predecessor thereto) (the “Resale Restriction Termination Date”):

(i)            a
transfer of a Rule 144A Note or an Institutional Accredited Investor Note
or a beneficial interest therein to a QIB shall be made upon the representation
of the transferee, in the form of assignment as set forth on the reverse of the
Security, that it is purchasing the Security for its own account or an account
with respect to which it exercises sole investment discretion and that it and
any such account is a “qualified institutional buyer” within the meaning of
Rule 144A, and is aware that the sale to it is being made in reliance on
Rule 144A and acknowledges that it has received such information regarding
the Company as the undersigned has requested pursuant to Rule 144A or has
determined not to request such information and that it is aware that the
transferor is relying upon its foregoing representations in order to claim the
exemption from registration provided by Rule 144A;

(ii)           a
transfer of a Rule 144A Note or an Institutional Accredited Investor Note
or a beneficial interest therein to an IAI shall be made upon receipt by the
Trustee or its agent of a certificate substantially in the form set forth under
Section 2.7 from the proposed transferee and, if requested by the
Company or the Trustee, the receipt by the Trustee or its agent of an Opinion
of Counsel, certification and/or other information satisfactory to each of
them; and

(iii)          a
transfer of a Rule 144A Note or an Institutional Accredited Investor Note
or a beneficial interest therein to a Non-U.S. Person shall be made upon
receipt by the Trustee or its agent of a certificate substantially in the form
set forth under Section 2.8 from the proposed transferor and, if
requested by the Company or the Trustee, the delivery of an Opinion of Counsel,
certification and/or other information satisfactory to each of them.

After the Resale
Restriction Termination Date, interests in a Rule 144A Note or an
Institutional Accredited Investor Note may be transferred in accordance with
applicable law without requiring the certifications set forth under Section 2.7
or Section 2.8 or any additional certification.

(b)           The following provisions shall apply
with respect to any proposed transfer of a Regulation S Note prior to the
expiration of the Restricted Period:

(i)            a
transfer of a Regulation S Note or a beneficial interest therein to a QIB
shall be made upon the representation of the transferee, in the form of
assignment as set forth on the reverse of the Security, that it is purchasing
the Security for its own account or an account with respect to which it
exercises sole investment discretion and that it and any such account is a QIB,
and is aware that the sale to it is being made in reliance on

 41
 

Rule 144A and acknowledges that it has
received such information regarding the Company as the undersigned has
requested pursuant to Rule 144A or has determined not to request such
information and that it is aware that the transferor is relying upon its
foregoing representations in order to claim the exemption from registration
provided by Rule 144A;

(ii)           a
transfer of a Regulation S Note or a beneficial interest therein to an IAI
shall be made upon receipt by the Trustee or its agent of a certificate
substantially in the form set forth under Section 2.7 from the
proposed transferee and, if requested by the Company or the Trustee, the
delivery of an Opinion of Counsel, certification and/or other information
satisfactory to each of them; and

(iii)          a
transfer of a Regulation S Note or a beneficial interest therein to a
Non-U.S. Person shall be made upon receipt by the Trustee or its agent of a
certificate substantially in the form set forth under Section 2.8
hereof from the proposed transferor and, if requested by the Company or the
Trustee, receipt by the Trustee or its agent of an Opinion of Counsel,
certification and/or other information satisfactory to each of them.

After the expiration of
the Restricted Period, interests in the Regulation S Note may be
transferred in accordance with applicable law without requiring the
certifications set forth under Section 2.7 or Section 2.8 or
any additional certification.

(c)           Restricted Securities Legend.  Upon the transfer, exchange or replacement of
Securities not bearing a Restricted Securities Legend, the Registrar shall
deliver Securities that do not bear a Restricted Securities Legend.  Upon the transfer, exchange or replacement of
Securities bearing a Restricted Securities Legend, the Registrar shall deliver
only Securities that bear a Restricted Securities Legend unless
(i) Initial Securities are being exchanged for Exchange Securities in an
Exchange Offer, in which case the Exchange Securities shall not bear a
Restricted Securities Legend, (ii) an Initial Security is being
transferred pursuant to the Shelf Registration Statement or other effective
registration statement or (iii) there is delivered to the Registrar an
Opinion of Counsel reasonably satisfactory to the Company and the Trustee to
the effect that neither such legend nor the related restrictions on transfer
are required in order to maintain compliance with the provisions of the
Securities Act.  Any Additional
Securities sold in a registered offering shall not be required to bear the
Restricted Securities Legend.

(d)           The Registrar shall retain copies of
all letters, notices and other written communications received pursuant to Section 2.1
or this Section 2.6.  The
Company shall have the right to inspect and make copies of all such letters,
notices or other written communications at any reasonable time upon the giving
of reasonable prior written notice to the Registrar.

(e)           Obligations with Respect to
Transfers and Exchanges of Securities.

(i)            To
permit registrations of transfers and exchanges, the Company shall, subject to
the other terms and conditions of this Article II, execute, and the
Trustee shall authenticate, Definitive Securities and Global Securities at the
Registrar’s request.

(ii)           No
service charge shall be made to a Holder for any registration of transfer or
exchange, but the Company or the Trustee may require the Holder to pay a

 42
 

sum sufficient to cover any transfer tax,
assessment or similar governmental charge payable in connection therewith
(other than any such transfer taxes, assessments or similar governmental
charges payable upon exchange pursuant to Section 9.5).

(iii)          The
Company (and the Registrar) shall not be required to register the transfer of
or exchange of any Security for a period beginning 15 days before the
mailing of a notice of an offer to repurchase or redeem Securities and ending
at the close of business on the day of such mailing.  The Company (and the Registrar) shall not be
required to register the transfer of or exchange of any Security selected for
redemption.

(iv)          Prior
to the due presentation for registration of transfer of any Security, the
Company, the Trustee, the Paying Agent or the Registrar may deem and treat the
person in whose name a Security is registered as the absolute owner of such
Security for the purpose of receiving payment of principal of, premium, if any,
and interest on such Security and for all other purposes whatsoever, including
the transfer or exchange of such Security, whether or not such Security is
overdue, and none of the Company, the Trustee, the Paying Agent or the
Registrar shall be affected by notice to the contrary.

(v)           All
Securities issued upon any DTC registration of transfer or exchange pursuant to
the terms of this Indenture shall evidence the same debt and shall be entitled
to the same benefits under this Indenture as the Securities surrendered upon
such DTC registration of transfer or exchange.

(f)            No Obligation of the Trustee.

(i)            The
Trustee shall have no responsibility or obligation to any beneficial owner of a
Global Security, a member of, or a participant in, DTC or other Person with
respect to the accuracy of the records of DTC or its nominee or of any
participant or member thereof, with respect to any ownership interest in the
Securities or with respect to the delivery to any participant, member,
beneficial owner or other Person (other than DTC) of any notice (including any
notice of redemption) or the payment of any amount or delivery of any
Securities (or other security or property) under or with respect to such
Securities.  All notices and
communications to be given to the Holders and all payments to be made to
Holders in respect of the Securities shall be given or made only to or upon the
order of the registered Holders (which shall be DTC or its nominee in the case
of a Global Security).  The rights of
beneficial owners in any Global Security shall be exercised only through DTC
subject to the applicable rules and procedures of DTC.  The Trustee may rely and shall be fully
protected in relying upon information furnished by DTC with respect to its
members, participants and any beneficial owners.

(ii)           The
Trustee shall have no obligation or duty to monitor, determine or inquire as to
compliance with any restrictions on transfer imposed under this Indenture or
under applicable law with respect to any transfer of any interest in any
Security (including any transfers between or among DTC participants, members or
beneficial owners in any Global Security) other than to require delivery of
such certificates and other documentation or evidence as are expressly required
by, and to do so if and when

 43
 

expressly required by, the terms of this
Indenture, and to examine the same to determine substantial compliance as to
form with the express requirements hereof.

SECTION 2.7.        Form of Certificate to be Delivered
in Connection with Transfers to IAIs.

[Date]

The Bank of New
York Trust Company, N.A.

2 North LaSalle

Chicago, Illinois  60602

Attention: Global Corporate Trust

	
  Re:

  	
   

  	
  Deluxe Corporation

  7.375% Senior Notes due 2015

  

 

Ladies and Gentlemen:

This certificate is
delivered to request a transfer of $                          
principal amount of the 7.375% Senior Notes due 2015 (the “Securities”)
of Deluxe Corporation (the “Company”).

Upon transfer, the
Securities would be registered in the name of the new beneficial owner as
follows:

Name:

Address:

Taxpayer ID
Number:

The undersigned
represents and warrants to you that:

1.             We are an institutional “accredited investor” (as
defined in Rule 501(a)(1), (2), (3) or (7) under the Securities Act of 1933, as
amended (the “Securities Act”)), purchasing for our own account or for
the account of such an institutional “accredited investor” at least $250,000
principal amount of the Securities, and we are acquiring the Securities not
with a view to, or for offer or sale in connection with, any distribution in
violation of the Securities Act.  We have
such knowledge and experience in financial and business matters as to be capable
of evaluating the merits and risk of our investment in the Securities, and we
invest in or purchase securities similar to the Securities in the normal course
of our business.  We and any accounts for
which we are acting are each able to bear the economic risk of our or its
investment.

2.             We understand that the Securities have not been
registered under the Securities Act and, unless so registered, may not be sold
except as permitted in the following sentence. 
We agree on our own behalf and on behalf of any investor account for
which we are purchasing Securities to offer, sell or otherwise transfer such
Securities prior to the date that is two years after the later of the date of
original issue and the last date on which the Company or

 44
 

any affiliate of the
Company was the owner of such Securities (or any predecessor thereto) (the “Resale
Restriction Termination Date”) only (a) to the Company,
(b) pursuant to a registration statement that has been declared effective
under the Securities Act, (c) in a transaction complying with the
requirements of Rule 144A under the Securities Act, to a person we
reasonably believe is a “qualified institutional buyer” under Rule 144A
under the Securities Act (a “QIB”) that is purchasing for its own
account or for the account of a QIB and to whom notice is given that the
transfer is being made in reliance on Rule 144A, (d) pursuant to
offers and sales that occur outside the United States within the meaning of
Regulation S under the Securities Act, (e) to an institutional “accredited
investor” within the meaning of Rule 501(a)(1), (2), (3) or (7) under the
Securities Act that is purchasing for its own account or for the account of
such an institutional “accredited investor,” in each case in a minimum
principal amount of Securities of $250,000, for investment purposes and not
with a view to or for offer or sale in connection with any distribution in
violation of the Securities Act or (f) pursuant to any other available
exemption from the registration requirements of the Securities Act, subject in
each of the foregoing cases to any requirement of law that the disposition of
our property or the property of such investor account or accounts be at all
times within our or their control and in compliance with any applicable state
securities laws.  The foregoing
restrictions on resale will not apply subsequent to the Resale Restriction
Termination Date.  If any resale or other
transfer of the Securities is proposed to be made pursuant to clause (e)
above prior to the Resale Restriction Termination Date, the transferor shall deliver
a letter from the transferee substantially in the form of this letter to the
Company and The Bank of New York Trust Company, N.A., as Trustee (the “Trustee”),
which shall provide, among other things, that the transferee is an
institutional “accredited investor” (within the meaning of Rule 501(a)(1),
(2), (3) or (7) under the Securities Act) and that it is acquiring such
Securities for investment purposes and not for distribution in violation of the
Securities Act.  Each purchaser
acknowledges that the Company and the Trustee reserve the right prior to any
offer, sale or other transfer prior to the Resale Termination Date of the
Securities pursuant to clause (d), (e) or (f) above to require the
delivery of an opinion of counsel, certifications and/or other information
satisfactory to the Company and the Trustee.

The Trustee 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.

	
  

  	
  TRANSFEREE:

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  BY:

  	
   

  	
   

  
					

 

cc:  Deluxe Corporation

 45
 

SECTION 2.8.        Form of Certificate to be Delivered
in Connection with Transfers Pursuant to Regulation S.

[Date]

The Bank of New
York Trust Company, N.A.

2 North LaSalle

Chicago, Illinois  60602

Attention: Global Corporate Trust

	
  Re:

  	
   

  	
  Deluxe Corporation

  7.375% Senior Notes due 2015

  

 

Ladies and Gentlemen:

In connection with our
proposed sale of $                        
aggregate principal amount of the 7.375% Senior Notes due 2015 (the “Securities”)
of Deluxe Corporation (the “Company”), we confirm that such sale has
been effected pursuant to and in accordance with Regulation S under the
United States Securities Act of 1933, as amended (the “Securities Act”),
and, accordingly, we represent that:

(a)           the offer of the Securities was not
made to a person in the United States;

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

(c)           no directed selling efforts have been
made in the United States in contravention of the requirements of
Rule 903(a)(2) or Rule 904(a)(2) of Regulation S, as applicable;
and

(d)           the transaction is not part of a plan
or scheme to evade the registration requirements of the Securities Act.

In addition, if the sale
is made during a restricted period and the provisions of Rule 903(b)(2) or
Rule 904(b)(1) of Regulation S are applicable thereto, we confirm
that such sale has been made in accordance with the applicable provisions of
Rule 903(b)(2) or Rule 904(b)(1), as the case may be.

The Bank of New York
Trust Company, N.A., as Trustee, 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.  Terms used in this certificate have the
meanings set forth in Regulation S.

 46
 

 

	
   

  	
  Very truly yours,

  
	
   

  	
   

  
	
   

  	
  [Name of
  Transferor]

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Authorized
  Signature

  	
   

  

 

cc:  Deluxe Corporation

SECTION 2.9.        Mutilated,
Destroyed, Lost or Stolen Securities. 
If a mutilated Security is surrendered to the Registrar or if the Holder
claims that the Security has been lost, destroyed or wrongfully taken, the
Company shall issue and the Trustee shall authenticate a replacement Security
if the requirements of Section 8-405 of the Uniform Commercial Code
are met, such that the Holder (a) notifies the Company or the Trustee
within a reasonable time after such Holder has notice of such loss, destruction
or wrongful taking and the Registrar has not registered a transfer prior to
receiving such notification, (b) makes such request to the Company or the
Trustee prior to the Security being acquired by a protected purchaser as
defined in Section 8-303 of the Uniform Commercial Code (a “protected
purchaser”) and (c) satisfies any other reasonable requirements of the
Trustee.  If required by the Trustee or
the Company, such Holder shall furnish an indemnity bond sufficient in the
judgment of the Company and the Trustee to protect the Company, the Trustee,
the Paying Agent and the Registrar from any loss which any of them may suffer
if a Security is replaced, and, in the absence of notice to the Company, any
Subsidiary Guarantor (if applicable) or the Trustee that such Security has been
acquired by a bona fide purchaser, the Company shall execute and, upon receipt
of a Company Order, the Trustee shall authenticate and make available for
delivery, in exchange for any such mutilated Security or in lieu of any such destroyed,
lost or stolen Security, a new Security of like tenor and principal amount,
bearing a number not contemporaneously outstanding.

In case any such
mutilated, destroyed, lost or stolen Security has become or is about to become
due and payable, the Company in its discretion may, instead of issuing a new
Security, pay such Security.

Upon the issuance of any
new Security under this Section, the Company may require that such Holder pay a
sum sufficient to cover any tax or other governmental charge that may be
imposed in relation thereto and any other expenses (including the fees and
expenses of counsel and of the Trustee) in connection therewith.

Every new Security issued
pursuant to this Section in lieu of any mutilated, destroyed, lost or stolen
Security shall constitute an original additional contractual obligation of the
Company, any Subsidiary Guarantor (if applicable) and any other obligor upon
the Securities, whether or not the mutilated, destroyed, lost or stolen
Security shall be at any time enforceable by anyone, and shall be entitled to
all benefits of this Indenture equally and proportionately with any and all
other Securities duly issued hereunder.

 47

The provisions of this
Section are exclusive and shall preclude (to the extent lawful) all other
rights and remedies with respect to the replacement or payment of mutilated,
destroyed, lost or stolen Securities.

SECTION
2.10.      Outstanding Securities.  Securities outstanding at any time are all
Securities authenticated by the Trustee except for those cancelled by it, those
delivered to it for cancellation and those described in this Section as not
outstanding.  A Security does not cease
to be outstanding in the event either of the Company or an Affiliate of the
Company holds the Security; provided,
however, that (i) for purposes of determining which are
outstanding for consent or voting purposes hereunder, the provisions of Section 12.6
shall apply and (ii) in determining whether the Trustee shall be protected
in making a determination whether the Holders of the requisite principal amount
of outstanding Securities are present at a meeting of Holders of Securities for
quorum purposes or have consented to or voted in favor of any request, demand,
authorization, direction, notice, consent, waiver, amendment or modification
hereunder, or relying upon any such quorum, consent or vote, only Securities
which a Trust Officer of the Trustee actually knows to be held by the Company
or an Affiliate of the Company shall not be considered outstanding.

If a Security is replaced
pursuant to Section 2.9 (other than a mutilated Security
surrendered for replacement), it ceases to be outstanding and interest on it
ceases to accrue unless the Trustee and the Company receive proof satisfactory
to them that the replaced Security is held by a protected purchaser.  A mutilated Security ceases to be outstanding
upon surrender of such Security and replacement pursuant to Section 2.9.

Securities, or portions
thereof, for whose payment, redemption or purchase (including pursuant to an
Asset Disposition Offer or Change of Control Offer, but not including pursuant
to Section 9.2(b) hereof) money in the necessary amount has been theretofore deposited
with the Trustee or any Paying Agent (other than the Company) in trust or set
aside and segregated in trust by the Company (if the Company shall act as
Paying Agent) for the Holders of such Securities cease to be outstanding at the
time such Securities are accepted for payment in accordance with the provisions
of this Indenture.

If the Paying Agent
segregates and holds in trust, in accordance with this Indenture, on a
Redemption Date or maturity date money sufficient to pay all principal,
premium, if any, and accrued interest payable on that date with respect to the
Securities (or portions thereof) to be redeemed or maturing, as the case may
be, and the Paying Agent is not prohibited from paying such money to the
Holders on that date pursuant to the terms of this Indenture, then on and after
that date such Securities (or portions thereof) cease to be outstanding and
interest on them ceases to accrue.

SECTION
2.11.      Temporary Securities.  In the event that Definitive Securities are
to be issued under the terms of this Indenture, until such Definitive
Securities are ready for delivery, the Company may prepare and the Trustee
shall authenticate temporary Securities. 
Temporary Securities shall be substantially in the form, and shall carry
all rights, of Definitive Securities but may have variations that the Company
considers appropriate for temporary Securities. 
Without unreasonable delay, the Company shall prepare and the Trustee
shall authenticate Definitive Securities. 
After the preparation of Definitive Securities, the temporary Securities
shall be

 48
 

exchangeable
for Definitive Securities upon surrender of the temporary Securities at any
office or agency maintained by the Company for that purpose and such exchange
shall be without charge to the Holder.  Upon
surrender for cancellation of any one or more temporary Securities, the Company
shall execute, and the Trustee shall authenticate and make available for
delivery in exchange therefor, one or more Definitive Securities representing
an equal principal amount of Securities. 
Until so exchanged, the Holder of temporary Securities shall in all
respects be entitled to the same benefits under this Indenture as a Holder of
Definitive Securities.

SECTION
2.12.      Cancellation.  The Company at any time may deliver Securities
to the Trustee for cancellation.  The
Registrar and the Paying Agent shall forward to the Trustee any Securities
surrendered to them for registration of transfer, exchange or payment.  The Trustee and no one else shall cancel all
Securities surrendered for registration of transfer, exchange, payment or
cancellation and dispose of such Securities in accordance with its internal
policies and customary procedures and shall deliver canceled Securities to the
Company pursuant to written direction by an Officer of the Company.  If the Company acquires any of the
Securities, such acquisition shall not operate as a redemption or satisfaction
of the Indebtedness represented by such Securities unless and until the same
are surrendered to the Trustee for cancellation pursuant to this Section 2.12.  The Company may not issue new Securities to
replace Securities it has paid or delivered to the Trustee for cancellation for
any reason other than in connection with a transfer or exchange.

At such time as all
beneficial interests in a Global Security have either been exchanged for
Definitive Securities, transferred, redeemed, repurchased or canceled, such
Global Security shall be returned by DTC to the Trustee for cancellation or
retained and canceled by the Trustee.  At
any time prior to such cancellation, if any beneficial interest in a Global
Security is exchanged for Definitive Securities, transferred in exchange for an
interest in another Global Security, redeemed, repurchased or canceled, the
principal amount of Securities represented by such Global Security shall be
reduced and an adjustment shall be made on the books and records of the Trustee
(if it is then the Securities Custodian for such Global Security) with respect
to such Global Security, by the Trustee or the Securities Custodian, to reflect
such reduction.

SECTION
2.13.      Payment of Interest;
Defaulted Interest.  Interest on any
Security which is payable, and is punctually paid or duly provided for, on any
interest payment date shall be paid to the Person in whose name such Security
(or one or more predecessor Securities) is registered at the close of business
on the regular record date for such payment at the office or agency of the
Company maintained for such purpose pursuant to Section 2.3.

Any interest on any
Security which is payable, but is not paid when the same becomes due and
payable and such nonpayment continues for a period of 30 days shall
forthwith cease to be payable to the Holder on the regular record date, and
such defaulted interest and (to the extent lawful) interest on such defaulted
interest at the rate borne by the Securities (such defaulted interest and
interest thereon herein collectively called “Defaulted Interest”) shall
be paid by the Company, at its election in each case, as provided in
clause (a) or (b) below:

(a)           The
Company may elect to make payment of any Defaulted Interest to the Persons in
whose names the Securities (or their respective predecessor Securities) are
registered at the close of business on a Special Record Date (as defined below)
for the

 49
 

payment of such Defaulted Interest, which
shall be fixed in the following manner. 
The Company shall notify the Trustee in writing of the amount of
Defaulted Interest proposed to be paid on each Security and the date (not less
than 30 days after such notice) of the proposed payment (the “Special
Interest Payment Date”), and at the same time the Company shall deposit
with the Trustee an amount of money equal to the aggregate amount proposed to
be paid in respect of such Defaulted Interest or shall make arrangements
satisfactory to the Trustee for such deposit prior to the date of the proposed
payment, such money when deposited to be held in trust for the benefit of the
Persons entitled to such Defaulted Interest as in this clause provided.  Thereupon the Trustee shall fix a record date
(the “Special Record Date”) for the payment of such Defaulted Interest,
which date shall be not more than 15 days and not less than 10 days
prior to the Special Interest Payment Date and not less than 10 days after
the receipt by the Trustee of the notice of the proposed payment.  The Trustee shall promptly notify the Company
of such Special Record Date and, in the name and at the expense of the Company,
shall cause notice of the proposed payment of such Defaulted Interest and the
Special Record Date and Special Interest Payment Date therefor to be given in
the manner provided for under Section 11.6 not less than
10 days prior to such Special Record Date. 
Notice of the proposed payment of such Defaulted Interest and the
Special Record Date and Special Interest Payment Date therefor having been so
given, such Defaulted Interest shall be paid on the Special Interest Payment
Date to the Persons in whose names the Securities (or their respective
predecessor Securities) are registered at the close of business on such Special
Record Date and shall no longer be payable pursuant to the following
clause (b).

(b)           The
Company may make payment of any Defaulted Interest in any other lawful manner
not inconsistent with the requirements of any securities exchange on which the
Securities may be listed, and upon such notice as may be required by such
exchange, if, after notice given by the Company to the Trustee of the proposed
payment pursuant to this clause, such manner of payment shall be deemed
practicable by the Trustee.

Subject to the foregoing
provisions of this Section, each Security delivered under this Indenture upon
registration of, transfer of or in exchange for or in lieu of any other
Security shall carry the rights to interest accrued and unpaid, and to accrue,
which were carried by such other Security.

SECTION 2.14.      Computation
of Interest.  Interest on the
Securities will be computed on the basis of a 360-day year consisting of twelve
30-day months, as provided in Section 1 of the Securities.

SECTION 2.15.      CUSIP,
Common Code and ISIN Numbers.  The
Company in issuing the Securities may use “CUSIP,” “Common Code” or “ISIN”
numbers and, if so, the Trustee shall use “CUSIP,” “Common Code” or “ISIN”
numbers in notices of redemption or purchase as a convenience to Holders; provided, however, that any such notice
may state that no representation is made as to the correctness of such numbers
either as printed on the Securities or as contained in any notice of a redemption
or purchase and that reliance may be placed only on the other identification
numbers printed on the Securities, and any such redemption or purchase shall
not be affected by any defect in or omission of such CUSIP, Common Code or ISIN

 50
 

number.  The
Company shall promptly notify the Trustee in writing of any change in any
CUSIP, Common Code or ISIN number.

ARTICLE III

COVENANTS

SECTION 3.1.        Payment
of Securities.  The Company shall
promptly pay the principal of, premium, if any, and interest on the Securities
on the dates and in the manner provided in the Securities and in this
Indenture.  Principal, premium, if any,
and interest shall be considered paid on the date due if on such date the
Trustee or the Paying Agent holds in accordance with this Indenture immediately
available funds sufficient to pay all principal, premium, if any, and interest
then due and the Trustee or the Paying Agent, as the case may be, is not
prohibited from paying such money to the Holders on that date pursuant to the
terms of this Indenture.

The Company shall
pay interest on overdue principal at the rate specified therefor in the
Securities, and it shall pay interest on overdue installments of interest at
the same rate to the extent lawful.

The Company and any Subsidiary Guarantors (if
applicable) will pay any present or future stamp, court or documentary taxes or
any other excise or property taxes, charges or similar levies that arise in any
jurisdiction from the execution, delivery, enforcement or registration of the
Securities, the Subsidiary Guarantees (if any), this Indenture or any other
document or instrument in relation thereof, or the receipt of any payments with
respect to the Securities or any Subsidiary Guarantees, excluding such taxes,
charges or similar levies imposed by any jurisdiction outside of the United
States, the jurisdiction of incorporation of any successor of the Company or
any Subsidiary Guarantor (if applicable) or any jurisdiction in which a Paying
Agent is located, other than those resulting from, or required to be paid in
connection with, the enforcement of the Securities, the Subsidiary Guarantees
or any other such document or instrument following the occurrence of any Event
of Default with respect to the Securities. 
The Company or the Subsidiary Guarantors, if any, will agree to
indemnify the Holders for any such taxes paid by such Holders.

Notwithstanding
anything to the contrary contained in this Indenture, the Company or any
Subsidiary Guarantor (if applicable) may, to the extent it is required to do so
by law, deduct or withhold income or other similar taxes imposed by the United
States of America from principal, premium or interest payments hereunder.

SECTION
3.2.        Limitation on Indebtedness.

(a)           The Company will not, and will not permit any of
its Restricted Subsidiaries to, Incur any Indebtedness (including Acquired
Indebtedness); provided, however,
that the Company and the Subsidiary Guarantors, if any, may Incur Indebtedness if on the date thereof:

(i)            the
Consolidated Coverage Ratio for the Company and its Restricted Subsidiaries is
at least 2.00 to 1.00; and

 51
 

(ii)           no
Default or Event of Default will have occurred or be continuing or would occur
as a consequence of Incurring the Indebtedness or transactions relating to such
Incurrence.

(b)           Section 3.2(a) will not prohibit the Incurrence of the
following Indebtedness:

(i)            Indebtedness
of the Company or any Subsidiary Guarantor Incurred pursuant to a Credit
Facility together with the principal component of amounts outstanding under
Qualified Receivables Transactions in an aggregate amount up to $500 million
less the aggregate principal amount of all principal repayments with the
proceeds from Asset Dispositions utilized in accordance with Section
3.5(a)(iii)(A) that permanently reduce the commitments thereunder;

(ii)           Guarantees
by (x) the Company or Subsidiary Guarantors of Indebtedness Incurred by the
Company or a Subsidiary Guarantor in accordance with this Section 3.2, provided that in the event such
Indebtedness that is being Guaranteed is a Subordinated Obligation or a
Guarantor Subordinated Obligation, then the related Guarantee shall be
subordinated in right of payment to the Securities or the Subsidiary Guarantee,
as the case may be, and (y) Non-Guarantor Restricted Subsidiaries of
Indebtedness Incurred by Non-Guarantor Restricted Subsidiaries in accordance
with Section 3.2;

(iii)          Indebtedness
of the Company owing to and held by any Restricted Subsidiary (other than a
Receivables Entity) or Indebtedness of a Restricted Subsidiary owing to and
held by the Company or any other Restricted Subsidiary (including Preferred
Stock); provided, however,

(A)          if
the Company is the obligor on such Indebtedness, such Indebtedness is expressly
subordinated to the prior payment in full in cash of all obligations with
respect to the Securities;

(B)           if
a Subsidiary Guarantor is the obligor on such Indebtedness and the Company or a
Subsidiary Guarantor is not the obligee, such Indebtedness is subordinated in
right of payment to the Subsidiary Guarantees of such Subsidiary Guarantor; and

(C)          (1)            any subsequent issuance or transfer
of Capital Stock or any other event which results in any such Indebtedness
being beneficially held by a Person other than the Company or a Restricted
Subsidiary (other than a Receivables Entity) of the Company; and

(2)  any sale or
other transfer of any such Indebtedness to a Person other than the Company or a
Restricted Subsidiary (other than a Receivables Entity) of the Company

shall be deemed, in each case, to constitute an Incurrence of such
Indebtedness by the Company or such Subsidiary, as the case may be.

 52
 

(iv)          Indebtedness
represented by (A) the Securities issued on the Issue Date, the related
exchange notes issued in a registered exchange offer pursuant to the
Registration Rights Agreement and any Subsidiary Guarantees of the Securities
and related exchange notes, (B) any Indebtedness (other than the Indebtedness
described in clauses (i), (ii), (iii), (vi), (viii), (ix) and (x) of this Section
3.2(b)) outstanding on the Issue Date and (C) any Refinancing Indebtedness
Incurred in respect of any Indebtedness described in this Section 3.2(b)(iv)
or Section 3.2(b)(v) or Incurred pursuant to Section 3.2(a);

(v)           Indebtedness
of a Restricted Subsidiary Incurred and outstanding on the date on which such
Restricted Subsidiary was acquired by, or merged into, the Company or any
Restricted Subsidiary (other than Indebtedness Incurred (A) to provide all or
any portion of the funds utilized to consummate the transaction or series of
related transactions pursuant to which such Restricted Subsidiary became a
Restricted Subsidiary or was otherwise acquired by the Company or (B) otherwise
in connection with, or in contemplation of, such acquisition); provided, however, that at the time such Restricted Subsidiary
is acquired by the Company, the Company would have been able to Incur $1.00 of
additional Indebtedness pursuant to Section 3.2(a) after giving effect
to the Incurrence of such Indebtedness pursuant to this Section 3.2(b)(v);

(vi)          Indebtedness
under Hedging Obligations that are Incurred in the ordinary course of business
(and not for speculative purposes) (A) for the purpose of fixing or hedging
interest rate risk with respect to any Indebtedness Incurred in accordance with
this Indenture; (B) for the purpose of fixing or hedging currency exchange rate
risk with respect to any currency exchanges; or (C) for the purpose of fixing
or hedging commodity price risk with respect to any commodities;

(vii)         the
Incurrence by the Company or any of its Restricted Subsidiaries of Indebtedness
represented by Capitalized Lease Obligations, mortgage financings, purchase
money obligations or other payments, in each case Incurred to finance all or
any part of the purchase price or cost of construction or improvement of assets
or property (other than Capital Stock or other Investments) acquired,
constructed or improved in the ordinary course of business of the Company or
such Restricted Subsidiary and Attributable Indebtedness, in an aggregate
principal amount, including all Refinancing Indebtedness Incurred to refund,
defease, renew, extend, refinance or replace any Indebtedness Incurred pursuant
to this Section 3.2(b)(vii), not to exceed the greater of (A) $50
million and (B) 10% of Consolidated Net Tangible Assets, at any time
outstanding;

(viii)        Indebtedness
Incurred in respect of workers’ compensation claims, self-insurance
obligations, performance, surety and similar bonds, letters of credit and
completion guarantees provided by the Company or a Restricted Subsidiary in the
ordinary course of business;

(ix)           Indebtedness
arising from agreements of the Company or a Restricted Subsidiary providing for
indemnification, adjustment of purchase price or similar obligations, in each
case, Incurred or assumed in connection with the disposition of any business,
assets or Capital Stock of a Restricted Subsidiary;

 53
 

(x)            Indebtedness
arising from the honoring by a bank or other financial institution of a check,
draft or similar instrument (except in the case of daylight overdrafts) drawn
against insufficient funds in the ordinary course of business, provided, however, that
such Indebtedness is extinguished within five business days of Incurrence;

(xi)           Indebtedness
of foreign Subsidiaries not to exceed in the aggregate $10 million at any one
time outstanding;

(xii)          Indebtedness
used to defease the Securities; and

(xiii)         in
addition to the items referred to in clauses (i) through (x) above,
Indebtedness of the Company or any of its Restricted Subsidiaries in an
aggregate outstanding principal amount which, when taken together with the
principal amount of all other Indebtedness Incurred pursuant to this Section
3.2(b)(xiii) and then outstanding, will not exceed the greater of (A) $150
million and (B) 30% of Consolidated Net Tangible Assets, at any time
outstanding.

(c)           For purposes of determining compliance with, and the
outstanding principal amount of any particular Indebtedness Incurred pursuant
to and in compliance with, this Section 3.2:

(i)            subject
to Section 3.2(c)(ii) below, in the event that Indebtedness meets the
criteria of more than one of the types of Indebtedness described in Section
3.2(a) and Section 3.2(b), the Company, in its sole discretion, will
classify such item of Indebtedness on the date of Incurrence and may later
classify such item of Indebtedness in any manner that complies with this Section
3.2 and only be required to include the amount and type of such
Indebtedness in one of such clauses;

(ii)           all
Indebtedness outstanding on the Issue Date under the Senior Credit Agreement
shall be deemed Incurred under Section 3.2(b)(i) and not Section
3.2(a) or Section 3.2(b)(iv);

(iii)          Guarantees
of, or obligations in respect of letters of credit relating to, Indebtedness
which is otherwise included in the determination of a particular amount of
Indebtedness shall not be included;

(iv)          if
obligations in respect of letters of credit are Incurred pursuant to a Credit
Facility and are being treated as Incurred pursuant to Section 3.2(b)(i)
and the letters of credit relate to other Indebtedness, then such other
Indebtedness shall not be included;

(v)           the
principal amount of any Disqualified Stock of the Company or a Restricted
Subsidiary, or Preferred Stock of a Restricted Subsidiary that is not a
Subsidiary Guarantor, will be equal to the greater of the maximum mandatory
redemption or repurchase price (not including, in either case, any redemption
or repurchase premium) or the liquidation preference thereof;

 54
 

(vi)          Indebtedness
permitted by this Section 3.2 need not be permitted solely by reference
to one provision permitting such Indebtedness but may be permitted in part by
one such provision and in part by one or more other provisions of this Section
3.2 permitting such Indebtedness;

(vii)         the
amount of Indebtedness issued at a price that is less than the principal amount
thereof will be equal to the amount of the liability in respect thereof
determined in accordance with GAAP; and

(viii)        the
principal amount of any Indebtedness outstanding in connection with a Qualified
Receivables Transaction is the Receivables Transaction Amount relating to such
Qualified Receivables Transaction.

(d)           Accrual of interest, accrual of
dividends, the accretion of accreted value, the payment of interest in the form
of additional Indebtedness and the payment of dividends in the form of
additional shares of Preferred Stock or Disqualified Stock will not be deemed
to be an Incurrence of Indebtedness for purposes of this Section 3.2.
The amount of any Indebtedness outstanding as of any date shall be (i) the
accreted value
thereof in the case of any Indebtedness issued with original issue discount and
(ii) the principal amount or liquidation preference thereof, together with
any interest thereon that is more than 30 days past due, in the case of
any other Indebtedness.

(e)           For purposes of determining compliance with any U.S.
dollar-denominated restriction on the Incurrence of Indebtedness, the
U.S. dollar-equivalent principal amount of Indebtedness denominated in a
foreign currency shall be calculated based on the relevant currency exchange
rate in effect on the date such Indebtedness was Incurred, in the case of term
Indebtedness, or first committed, in the case of revolving credit Indebtedness;
provided that if such
Indebtedness is Incurred to refinance other Indebtedness denominated in a
foreign currency, and such refinancing would cause the applicable U.S. dollar-dominated
restriction to be exceeded if calculated at the relevant currency exchange rate
in effect on the date of such refinancing, such U.S. dollar-dominated
restriction shall be deemed not to have been exceeded so long as the principal
amount of such refinancing Indebtedness does not exceed the principal amount of
such Indebtedness being refinanced. Notwithstanding any other provision of this
Section 3.2, the maximum amount of Indebtedness that the Company may
Incur pursuant to this Section 3.2 shall not be deemed to be exceeded
solely as a result of fluctuations in the exchange rate of currencies. The
principal amount of any Indebtedness Incurred to refinance other Indebtedness,
if Incurred in a different currency from the Indebtedness being refinanced,
shall be calculated based on the currency exchange rate applicable to the
currencies in which such Refinancing Indebtedness is denominated that is in effect
on the date of such refinancing.

SECTION 3.3.        Limitation
on Restricted Payments.

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

(i)            declare
or pay any dividend or make any distribution (whether made in cash, securities
or other property) on or in respect of its Capital Stock (including any

 55
 

payment in connection with any merger or
consolidation involving the Company or any of its Restricted Subsidiaries)
except:

(A)          dividends
or distributions payable in Capital Stock of the Company (other than
Disqualified Stock) or in options, warrants or other rights to purchase such
Capital Stock of the Company; and

(B)           dividends
or distributions payable to the Company or another Restricted Subsidiary (and
if such Restricted Subsidiary is not a wholly-owned Subsidiary, to its
other holders of common Capital Stock on a pro rata basis);

(ii)           purchase,
redeem, retire or otherwise acquire for value any Capital Stock of the Company
held by Persons other than the Company or a Restricted Subsidiary (other than
in exchange for Capital Stock of the Company (other than Disqualified Stock));

(iii)          purchase,
repurchase, redeem, defease or otherwise acquire or retire for value, prior to
scheduled maturity, scheduled repayment or scheduled sinking fund payment, any
Subordinated Obligations or Guarantor Subordinated Obligations (other than (x)
Indebtedness of the Company owing to and held by any Subsidiary Guarantor or
Indebtedness of a Subsidiary Guarantor owing to and held by the Company or any
other Subsidiary Guarantor permitted under Section 3.2(b)(iii) or (y)
the purchase, repurchase, redemption, defeasance or other acquisition or
retirement of Subordinated Obligations or Guarantor Subordinated Obligations
purchased in anticipation of satisfying a sinking fund obligation, principal
installment or final maturity, in each case due within one year of the date of
purchase, repurchase, redemption, defeasance or other acquisition or
retirement); or

(iv)          make
any Restricted Investment in any Person;

(any such dividend, distribution, purchase, redemption, repurchase,
defeasance, other acquisition, retirement or Restricted Investment referred to
in clauses (i) through (iv) shall be referred to herein as a “Restricted
Payment”), if at the time the Company or such Restricted Subsidiary makes such
Restricted Payment:

(A)          a
Default shall have occurred and be continuing (or would result therefrom); or

(B)           the
Company is not able to Incur $1.00 of additional Indebtedness pursuant to Section
3.2(a) after giving effect, on a pro forma basis, to such Restricted
Payment; or

(C)           the
aggregate amount of such Restricted Payment and all other Restricted Payments
declared or made subsequent to the Issue Date (excluding Restricted Payments
made pursuant to clauses (i),(ii),(iii),(iv),(vi),(vii),(viii),(ix) and (xiv)
of Section 3.3(b)) would exceed the sum of:

 56
 

(1)                                  50%
of Consolidated Net Income for the period (treated as one accounting period)
from the beginning of the fiscal quarter in which the Issue Date occurs to the
end of the most recent fiscal quarter ending prior to the date of such
Restricted Payment for which financial statements are in existence (or, in case
such Consolidated Net Income is a deficit, minus 100% of such deficit);

(2)                                  100%
of the aggregate Net Cash Proceeds, plus the fair market value of property,
received by the Company from the issue or sale of its Capital Stock (other than
Disqualified Stock) or other capital contributions subsequent to the Issue Date
(other than Net Cash Proceeds received from an issuance or sale of such Capital
Stock to a Subsidiary of the Company or an employee stock ownership plan,
option plan or similar trust to the extent such sale to an employee stock
ownership plan or similar trust is financed by loans from or Guaranteed by the
Company or any Restricted Subsidiary unless such loans have been repaid with
cash on or prior to the date of determination);

(3)                                  the
amount by which Indebtedness of the Company or its Restricted Subsidiaries is
reduced on the Company’s balance sheet upon the conversion or exchange (other
than by a Subsidiary of the Company) subsequent to the Issue Date of any
Indebtedness of the Company or its Restricted Subsidiaries convertible or
exchangeable for Capital Stock (other than Disqualified Stock) of the Company;

(4)                                  the
amount equal to the net reduction in Restricted Investments made by the Company
or any of its Restricted Subsidiaries in any Person resulting from:

(I)            repurchases or redemptions of such
Restricted Investments by such Person, proceeds realized upon the sale of such
Restricted Investment to an unaffiliated purchaser, repayments of loans or
advances or other transfers of assets (including by way of dividend or
distribution) by such Person to the Company or any Restricted Subsidiary (other
than for reimbursement of tax payments); or

(II)           the redesignation of Unrestricted
Subsidiaries as Restricted Subsidiaries (valued in each case as provided in the
definition of “Investment”),

which amount in each case
under this Section 3.3(a)(iv)(C)(4) shall not exceed the amount of
Restricted Investments previously made in such Person; provided, however, that no amount will be
included under this Section 3.3(a)(iv)(C)(4) to the extent it is already
included in Consolidated Net Income; and

(5)                                  $15
million.

(b)           The provisions of Section 3.3(a)
will not prohibit:

(i)            any
purchase, repurchase, redemption, defeasance or other acquisition or retirement
of Capital Stock, Disqualified Stock or Subordinated Obligations of the Company
or Guarantor Subordinated Obligations of any Subsidiary Guarantor made by
exchange for, or out of the proceeds of the substantially concurrent sale of,
Capital Stock of the Company (other than Disqualified Stock and other than
Capital Stock issued or

 57
 

sold to a Subsidiary or an employee stock
ownership plan or similar trust to the extent such sale to an employee stock
ownership plan or similar trust is financed by loans from or Guaranteed by the
Company or any Restricted Subsidiary unless such loans have been repaid with
cash on or prior to the date of determination); provided, however, that the Net Cash Proceeds from such sale
of Capital Stock will be excluded from Section 3.3(a)(iv)(C)(2);

(ii)           any
purchase, repurchase, redemption, defeasance or other acquisition or retirement
of Subordinated Obligations of the Company or Guarantor Subordinated
Obligations of any Subsidiary Guarantor made by exchange for, or out of the
proceeds of the substantially concurrent sale of, Subordinated Obligations of
the Company or any purchase, repurchase, redemption, defeasance or other
acquisition or retirement of Guarantor Subordinated Obligations made by
exchange for or out of the proceeds of the substantially concurrent sale of
Guarantor Subordinated Obligations that, in each case, is permitted to be
Incurred pursuant to Section 3.2 and that in each case constitutes
Refinancing Indebtedness;

(iii)          any
purchase, repurchase, redemption, defeasance or other acquisition or retirement
of Disqualified Stock of the Company or a Restricted Subsidiary made by
exchange for or out of the proceeds of the substantially concurrent sale of
Disqualified Stock of the Company or such Restricted Subsidiary, as the case
may be, that, in each case, is permitted to be Incurred pursuant to Section
3.2 and that in each case constitutes Refinancing Indebtedness;

(iv)          so
long as no Default or Event of Default has occurred and is continuing, any
purchase or redemption of Subordinated Obligations or Guarantor Subordinated
Obligations of a Subsidiary Guarantor from Net Available Cash to the extent
permitted under Section 3.5;

(v)           dividends
paid within 60 days after the date of declaration if at such date of
declaration such dividend would have complied with this Section 3.3(b)(v);

(vi)          so
long as no Default or Event of Default has occurred and is continuing,

(A)          the
purchase, redemption or other acquisition, cancellation or retirement for value
of Capital Stock, or options, warrants, equity appreciation rights or other
rights to purchase or acquire Capital Stock of the Company or any Restricted
Subsidiary held by any existing or former directors, employees or management of
the Company or any Subsidiary of the Company or their assigns, estates or
heirs, in each case in connection with the repurchase provisions under employee
stock option or stock purchase agreements or other agreements to compensate
management employees; provided
such redemptions or repurchases pursuant to this Section 3.3(b)(vi)(A)
will not exceed $3 million in the aggregate during any calendar year and $12
million in the aggregate for all such redemptions and repurchases, plus the
amount of any capital contributions to the Company as a result of sales of
Capital Stock, or options, warrants, equity appreciation rights or other rights
to purchase or acquire Capital Stock, of the

 58
 

Company to such persons (provided,
however, that the Net Cash Proceeds from
such sale of Capital Stock will be excluded from Section 3.3(a)(iv)(C)(2));
and

(B)           loans
or advances to employees, officers or directors of the Company or any
Subsidiary of the Company the proceeds of which are used to purchase Capital
Stock of the Company, in an aggregate amount not in excess of $5 million with
respect to all loans or advances made since the Issue Date (without giving
effect to the forgiveness of any such loan);

(vii)         so
long as no Default or Event of Default has occurred and is continuing, the
declaration and payment of dividends to holders of any class or series of
Disqualified Stock of the Company issued in accordance with the terms of this
Indenture to the extent such dividends are included in the definition of “Consolidated
Interest Expense;”

(viii)        repurchases
of Capital Stock deemed to occur upon the exercise of stock options, warrants
or other convertible securities if such Capital Stock represents a portion of
the exercise price thereof;

(ix)           the
purchase, repurchase, redemption, defeasance or other acquisition or retirement
for value of any Subordinated Obligation (i) at a purchase price not greater
than 101% of the principal amount of such Subordinated Obligation in the event
of a Change of Control in accordance with provisions similar to Section 3.9
or (ii) at a purchase price not greater than 100% of the principal amount
thereof in accordance with provisions similar to Sections 3.5; provided
that, prior to or simultaneously with such purchase, repurchase, redemption,
defeasance or other acquisition or retirement, the Company has made the Change
of Control Offer or Asset Disposition Offer, as applicable, as provided in such
Section with respect to the Securities and has completed the repurchase or
redemption of all Securities validly tendered for payment in connection with
such Change of Control Offer or Asset Disposition Offer;

(x)            the
repurchase or redemption of the Company’s preferred stock purchase rights, or
any substitute therefor, in an aggregate amount not to exceed the product of
(x) the number of outstanding shares of Common Stock of the Company and (y)
$0.01 per share, as such amount may be adjusted in accordance with the rights
agreement relating to the Common Stock of the Company;

(xi)           so
long as (a) no Default or Event of Default shall have occurred and be
continuing and (b) immediately before and immediately after giving effect
thereto, the Company would have been permitted to Incur at least $1.00 of
additional Indebtedness pursuant to Section 3.2(a), payments of
quarterly per share cash dividends on the Company’s Common Stock not greater
than the per share cash dividends paid on the Company’s Common Stock for the
most recent fiscal quarter ending prior to the Issue Date (adjusted for stock
dividends, splits, combination reclassifications or other similar events
(including in connection with a merger or consolidation) affecting the Company’s
Common Stock);

 59
 

(xii)          payments
or distributions to stockholders pursuant to appraisal rights required under
applicable law in connection with any consolidation, merger or transfer of
assets that complies with Section 5.1;

(xiii)         cash
payments to stockholders in lieu of fractional shares; and

(xiv)        so
long as no Default or Event of Default has occurred and is continuing,
Restricted Payments in an amount not to exceed $60 million.

(c)           The
amount of all Restricted Payments (other than cash) shall be the fair market
value on the date of such Restricted Payment of the asset(s) or securities
proposed to be paid, transferred or issued by the Company or such Restricted
Subsidiary, as the case may be, pursuant to such Restricted Payment. The fair
market value of any property or assets required to be valued by this Section
3.3 shall be determined by the Board of Directors of the Company whose
resolution with respect thereto shall be delivered to the Trustee.

SECTION 3.4.        Limitation on Restrictions on
Distributions from Restricted Subsidiaries.

(a)           The Company will not, and will not
permit any Restricted Subsidiary to, create or otherwise cause or permit to
exist or become effective any consensual encumbrance or consensual restriction
on the ability of any Restricted Subsidiary to:

(i)            pay
dividends or make any other distributions on its Capital Stock or pay any
Indebtedness or other obligations owed to the Company or any Restricted
Subsidiary (it being understood that the priority of any Preferred Stock in
receiving dividends or liquidating distributions prior to dividends or
liquidating distributions being paid on Common Stock shall not be deemed a
restriction on the ability to make distributions on Capital Stock);

(ii)           make
any loans or advances to the Company or any Restricted Subsidiary (it being
understood that the subordination of loans or advances made to the Company or
any Restricted Subsidiary to other Indebtedness Incurred by the Company or any
Restricted Subsidiary shall not be deemed a restriction on the ability to make
loans or advances); or

(iii)          transfer
any of its property or assets to the Company or any Restricted Subsidiary (it
being understood that such transfers shall not include any type of transfer
described in Section 3.4(a)(i) and Section 3.4(a)(ii) above).

(b)           Section 3.4(a) will not
prohibit:

(i)            any
encumbrance or restriction pursuant to an agreement in effect at or entered
into on the Issue Date including, without limitation, this Indenture, the
Securities, the Exchange Notes, the Subsidiary Guarantees, and the Senior
Credit Agreements (and related documentation) in effect on such date;

 60
 

(ii)           any
encumbrance or restriction with respect to a Restricted Subsidiary pursuant to
an agreement relating to any Capital Stock or Indebtedness Incurred by a
Restricted Subsidiary on or before the date on which such Restricted Subsidiary
was acquired by the Company or a Restricted Subsidiary (other than Capital
Stock or Indebtedness Incurred as consideration in, or to provide all or any
portion of the funds utilized to consummate, the transaction or series of
related transactions pursuant to which such Restricted Subsidiary became a
Restricted Subsidiary or was acquired by the Company or in contemplation of the
transaction) and outstanding on such date provided,
that any such encumbrance or restriction shall not extend to any assets or
property of the Company or any other Restricted Subsidiary other than the
assets and property so acquired and that, in the case of Indebtedness, was
permitted to be Incurred pursuant to this Indenture;

(iii)          any
encumbrance or restriction with respect to a Restricted Subsidiary pursuant to
an agreement effecting a refunding, replacement or refinancing of Indebtedness
Incurred pursuant to an agreement referred to in Section 3.4(b)(i) or Section
3.4(b)(ii) or this Section 3.4(b)(iii) or contained in any
amendment, restatement, modification, renewal, supplement, refunding,
replacement or refinancing of an agreement referred to in Section 3.4(b)(i)
or Section 3.4(b)(ii) or this Section 3.4(b)(iii); provided, however, that the encumbrances
and restrictions with respect to such Restricted Subsidiary contained in any
such agreement are no more restrictive, taken as a whole, to the Company than
the encumbrances and restrictions contained in such agreements referred to in Section
3.4(b)(i) or Section 3.4(b)(ii) on the Issue Date or the date such
Restricted Subsidiary became a Restricted Subsidiary or was merged into a
Restricted Subsidiary, whichever is applicable;

(iv)          in
the case of Section 3.4(a)(iii), any encumbrance or restriction:

(A)          that
restricts in a customary manner the subletting, assignment or transfer of any
property or asset that is subject to a lease, license or similar contract, or
the assignment or transfer of any such lease, license or other contract;

(B)           contained
in mortgages, pledges or other security agreements permitted under this
Indenture securing Indebtedness of the Company or a Restricted Subsidiary to
the extent such encumbrances or restrictions restrict the transfer of the
property subject to such mortgages, pledges or other security agreements; or

(C)           pursuant
to customary provisions restricting dispositions of real property interests set
forth in any reciprocal easement agreements of the Company or any Restricted
Subsidiary;

(v)           (a)
purchase money obligations for property acquired in the ordinary course of
business and (b) Capitalized Lease Obligations permitted under this Indenture,
in each case, that impose encumbrances or restrictions of the nature described
in Section 3.4(a)(iii) on the property so acquired;

 61
 

(vi)          any
Purchase Money Note or other Indebtedness or contractual requirements Incurred
with respect to a Qualified Receivables Transaction relating exclusively to a
Receivables Entity that, in the good faith determination of the Board of
Directors, are necessary to effect such Qualified Receivables Transaction;

(vii)         any
restriction with respect to a Restricted Subsidiary (or any of its property or
assets) imposed pursuant to an agreement entered into for the direct or
indirect sale or disposition of the Capital Stock or assets of such Restricted
Subsidiary (or the property or assets that are subject to such restriction)
pending the closing of such sale or disposition;

(viii)        any
customary provisions in joint venture agreements relating to joint ventures
that are not Restricted Subsidiaries and other similar agreements entered into
in the ordinary course of business;

(ix)           restrictions
on cash or other deposits or net worth provisions in leases and other
agreements entered into by the Company or any Restricted Subsidiary in the
ordinary course of business;

(x)            encumbrances
or restrictions arising or existing by reason of applicable law or any
applicable rule, regulation or order;

(xi)           encumbrances
or restrictions contained in indentures or debt instruments or other debt
arrangements Incurred or Preferred Stock issued by Subsidiary Guarantors in
accordance with Section 3.2 that are not more restrictive, taken as a
whole, than those applicable to the Company in either this Indenture or the
Senior Credit Agreements on the Issue Date (which results in encumbrances or
restrictions comparable to those applicable to the Company at a Restricted
Subsidiary level); and

(xii)          encumbrances
or restrictions contained in indentures or other debt instruments or debt
arrangements Incurred or Preferred Stock issued by Restricted Subsidiaries that
are not Subsidiary Guarantors subsequent to the Issue Date pursuant to Section
3.2(b)(v) and Section 3.2(b)(xiii) by Restricted Subsidiaries, provided that after giving effect to such
Incurrence of Indebtedness, the Company would be permitted to incur at least
$1.00 of additional Indebtedness pursuant to Section 3.2(a).

SECTION 3.5.        Limitation on Sales of Assets and
Subsidiary Stock.

(a)           The Company will not, and will not
permit any of its Restricted Subsidiaries to, make any Asset Disposition unless:

(i)            the
Company or such Restricted Subsidiary, as the case may be, receives
consideration at least equal to the fair market value (such fair market value
to be determined on the date of contractually agreeing to such Asset
Disposition), as determined in good faith by the Board of Directors (including
as to the value of all non-cash consideration), of the shares and assets
subject to such Asset Disposition;

 62
 

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

(iii)          an
amount equal to 100% of the Net Available Cash from such Asset Disposition is
applied by the Company or such Restricted Subsidiary, at its option:

(A)          to
prepay, repay or purchase Indebtedness of the Company (other than any
Disqualified Stock or Subordinated Obligations) or Indebtedness of a Restricted
Subsidiary (other than any Disqualified Stock or Guarantor Subordinated
Obligations of a Subsidiary Guarantor) (in each case other than Indebtedness
owed to the Company or an Affiliate of the Company) within 365 days from the
later of the date of such Asset Disposition or the receipt of such Net
Available Cash; provided, however,
that, in connection with any prepayment, repayment or purchase of Indebtedness
pursuant to this Section 3.5(a)(iii)(A), the Company or such Restricted
Subsidiary will retire such Indebtedness and will cause the related commitment
(if any) to be permanently reduced in an amount equal to the principal amount
so prepaid, repaid or purchased; or

(B)           to
invest in Additional Assets within 365 days from the later of the date of such
Asset Disposition or the receipt of such Net Available Cash, provided that a binding commitment shall be treated as a
permitted application of the Net Available Cash from the date of such
commitment and, in the event such binding commitment is later canceled or
terminated for any reason before such Net Available Cash is so applied, the
Company or such Restricted Subsidiary enters into another binding commitment
within nine months of such cancellation or termination of the prior binding
commitment, provided, further, that any such binding
commitment to invest shall be subject to customary conditions (other than
financing).

Pending the
final application of any such Net Available Cash in accordance with Section
3.5(a)(iii)(A) or Section 3.5(a)(iii)(B) above, the Company and its
Restricted Subsidiaries may temporarily reduce Indebtedness
or otherwise invest such Net Available Cash in any manner not prohibited by
this Indenture.

Any Net
Available Cash from Asset Dispositions that are not applied or invested as
provided in Section 3.5(a)(iii) will be deemed to constitute “Excess
Proceeds.” On the 366th day after an
Asset Disposition, if the aggregate amount of Excess Proceeds exceeds $25
million, the Company will be required to make an offer (“Asset Disposition
Offer”) to all holders of Securities and to the extent required by the
terms of other Pari Passu Indebtedness, to all holders of other Pari Passu
Indebtedness outstanding with similar provisions requiring the Company to make
an offer to purchase such Pari Passu Indebtedness with the proceeds from any
Asset Disposition (“Pari Passu Notes”), to purchase the maximum principal
amount of Securities and any such Pari Passu Notes to which the Asset
Disposition Offer applies 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 of
the Securities and Pari Passu Notes plus accrued and unpaid interest to the
date of purchase, in accordance with the procedures set forth in this Indenture
or the agreements governing the Pari Passu Notes, as applicable, in each case
in a principal amount of $2,000 and integral multiples of $1,000 in excess
thereof. To the extent that the aggregate amount of Notes

 63
 

and Pari Passu Notes so validly tendered and
not properly withdrawn pursuant to an Asset Disposition Offer is less than the
Excess Proceeds, the Company may use any remaining Excess Proceeds for any
purpose not prohibited by this Indenture. If the aggregate principal amount of
Securities surrendered by holders thereof and other Pari Passu Notes surrendered
by holders or lenders, collectively, exceeds the amount of Excess Proceeds, the
Trustee shall select the Securities and Pari Passu Notes to be purchased on a
pro rata basis on the basis of the aggregate principal amount of tendered
Securities and Pari Passu Notes. Upon completion of such Asset Disposition
Offer, the amount of Excess Proceeds shall be reset at zero.

No later than
five Business Days after the termination of the Asset Disposition Offer (the “Asset
Disposition Purchase Date”), the Company will purchase the principal amount
of Securities and Pari Passu Notes required to be purchased pursuant to this Section
3.5 (the “Asset Disposition Offer Amount”) or, if less than the
Asset Disposition Offer Amount has been so validly tendered, all Securities and
Pari Passu Notes validly tendered in response to the Asset Disposition Offer.

If the Asset
Disposition Purchase Date is on or after an interest record date and on or
before the related interest payment date, any accrued and unpaid interest will
be paid to the Person in whose name a Security is registered at the close of
business on such record date, and no Additional Interest will be payable to
holders who tender Securities pursuant to the Asset Disposition Offer.

On or before
the Asset Disposition Purchase Date, the Company will, to the extent lawful,
accept for payment, on a pro rata basis to the extent necessary, the Asset
Disposition Offer Amount of Securities and Pari Passu Notes or portions of
Securities and Pari Passu Notes so validly tendered and not properly withdrawn
pursuant to the Asset Disposition Offer, or if less than the Asset Disposition
Offer Amount has been validly tendered and not properly withdrawn, all
Securities and Pari Passu Notes so validly tendered and not properly withdrawn,
in each case in a principal amount of $2,000 and integral multiples of $1,000
in excess thereof. The Company will deliver to the Trustee an Officers’
Certificate stating that such Securities or portions thereof were accepted for
payment by the Company in accordance with the terms of this Section 3.5
and, in addition, the Company will deliver all certificates and notes required,
if any, by the agreements governing the Pari Passu Notes. The Company or the
Paying Agent, as the case may be, will promptly (but in any case not later than
five Business Days after termination of the Asset Disposition Offer) mail or
deliver to each tendering holder of Securities or holder or lender of Pari
Passu Notes, as the case may be, an amount equal to the purchase price of the
Securities or Pari Passu Notes so validly tendered and not properly withdrawn
by such holder or lender, as the case may be, and accepted by the Company for
purchase, and the Company will promptly issue a new Security, and the Trustee,
upon delivery of an Officers’ Certificate from the Company, will authenticate
and mail or deliver such new Security to such holder, in a principal amount
equal to any unpurchased portion of the Security surrendered; provided that
each such new Security will be in a principal amount of $2,000 and integral
multiples of $1,000 in excess thereof. In addition, the Company will take any
and all other actions required by the agreements governing the Pari Passu
Notes. Any Security not so accepted will be promptly mailed or delivered by the
Company to the holder thereof. The Company will publicly announce the results
of the Asset Disposition Offer on the Asset Disposition Purchase Date.

 64
 

For the
purposes of this Section 3.5, the following will be deemed to be cash:

(i)            the
assumption by the transferee of Indebtedness (other than Subordinated
Obligations or Disqualified Stock) of the Company or Indebtedness of a
Restricted Subsidiary (other than Guarantor Subordinated Obligations or
Disqualified Stock of any Subsidiary Guarantor) and the release of the Company
or such Restricted Subsidiary from all liability on such Indebtedness in
connection with such Asset Disposition (in which case the Company will, without
further action, be deemed to have applied such deemed cash to Indebtedness in
accordance with Section 3.5(a)(iii)(A) above);

(ii)           securities,
notes or other obligations received by the Company or any Restricted Subsidiary
from the transferee that are converted by the Company or such Restricted
Subsidiary into cash within 180 days after the close of the Asset Disposition;
and

(iii)          Additional
Assets.

The Company
will comply, to the extent applicable, with the requirements of Rule 14e-1
under the Exchange Act and any other securities laws or regulations in
connection with the repurchase of Securities pursuant to this Indenture. To the
extent that the provisions of any securities laws or regulations conflict with
provisions of this Section 3.5, the Company will comply with the
applicable securities laws and regulations and will not be deemed to have
breached its obligations under this Indenture by virtue of any conflict.

SECTION 3.6.        Limitation on Liens.  The
Company will not, and will not permit any of its Restricted Subsidiaries to,
directly or indirectly, create, Incur or suffer to exist any Lien (other than
Permitted Liens) upon any of its property or assets (including Capital Stock of
Subsidiaries), whether owned on the Issue Date or acquired after that date,
which Lien is securing any Indebtedness, unless contemporaneously with the
Incurrence of such Liens effective provision is made to secure the Indebtedness
due under this Indenture and the Securities or, in respect of Liens on any
Restricted Subsidiary’s property or assets, any Subsidiary Guarantee of such
Restricted Subsidiary, equally and ratably with (or senior in priority to in
the case of Liens with respect to Subordinated Obligations or Guarantor
Subordinated Obligations, as the case may be) the Indebtedness secured by such
Lien for so long as such Indebtedness is so secured.

SECTION 3.7.        Limitation
on Subsidiary Guarantees.

(a)           The
Company will not permit any Restricted Subsidiary (other than a
Receivables Entity) to Guarantee the payment of any Indebtedness of the Company
or any Subsidiary Guarantor (other than a Receivable Entity) unless:

(i)            such
Restricted Subsidiary simultaneously executes and delivers a supplemental
indenture to this Indenture (which supplemental indenture may be in the form of
Exhibit C hereto or such other form as shall be reasonably satisfactory to the
Trustee) pursuant to which such Restricted Subsidiary will unconditionally
Guarantee, on a joint and several basis, the full and prompt payment of the
principal of, premium, if any, and interest (including Additional Interest, if
any) on the Securities and all other

 65
 

obligations under this Indenture on a senior
basis except that if such Indebtedness is by its express terms subordinated in
right of payment to the Securities, any such Guarantee of such Restricted
Subsidiary with respect to such Indebtedness shall be subordinated in right of
payment to such Restricted Subsidiary’s Subsidiary Guarantee with respect to
the Securities substantially to the same extent as such Indebtedness is
subordinated to the Securities or the Subsidiary Guarantee, as the case may be;

(ii)           such
Restricted Subsidiary waives and will not in any manner whatsoever claim or
take the benefit or advantage of, any rights or reimbursement, indemnity or
subrogation or any other rights against the Company or any other Restricted
Subsidiary as a result of any payment by such Restricted Subsidiary under its
Subsidiary Guarantee of the Securities; and

(iii)          such
Restricted Subsidiary shall deliver to the Trustee an opinion of counsel to the
effect that (A) such Subsidiary Guarantee has been duly executed and authorized
and (B) such Subsidiary Guarantee constitutes a valid, binding and enforceable
obligation of such Restricted Subsidiary, except insofar as enforcement thereof
may be limited by bankruptcy, insolvency or similar laws (including, without
limitation, all laws relating to fraudulent transfers) and except insofar as
enforcement thereof is subject to general principles of equity; provided that this paragraph (a) shall not
be applicable to any Guarantee of any Restricted Subsidiary that (A) existed at
the time such Person became a Restricted Subsidiary of the Company and (B) was
not Incurred in connection with, or in contemplation of, such Person becoming a
Restricted Subsidiary of the Company.

The obligations of each
Subsidiary Guarantor will be limited to the maximum amount as will, after
giving effect to all other contingent and fixed liabilities of such Subsidiary
Guarantor (including, without limitation, any Guarantees of Indebtedness) and
after giving effect to any collections from or payments made by or on behalf of
any other Subsidiary Guarantor in respect of the obligations of such other
Subsidiary Guarantor under its Subsidiary Guarantee or pursuant to its
contribution obligations under this Indenture, result in the obligations of
such Subsidiary Guarantor under its Subsidiary Guarantee not constituting a
fraudulent conveyance or fraudulent transfer under federal or state law.

In the event a Subsidiary
Guarantor is sold or disposed of (whether by merger, consolidation, the sale of
its Capital Stock or the sale of all or substantially all of its assets (other
than by lease) and whether or not the Subsidiary Guarantor is the surviving
corporation in such transaction) to a Person which is not the Company or a
Restricted Subsidiary of the Company, such Subsidiary Guarantor will be
released from its obligations under its Subsidiary Guarantee if:

(i)            the
sale or other disposition is in compliance with this Indenture, including Section
3.5 (it being understood that only such portion of the Net Available Cash
as is required to be applied on or before the date of such release in
accordance with the terms of this Indenture needs to be applied in accordance
therewith at such time) and Section 5.1; and

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(ii)           all
the obligations of such Subsidiary Guarantor under all Credit Facilities and
related documentation, and any other agreements relating to any other
Indebtedness of the Company or its Restricted Subsidiaries terminate upon
consummation of such transaction.

In the event (a) a
Subsidiary Guarantor is released and discharged in full from all of its
obligations under its Guarantees of (1) the Credit Facilities and (2) all other
Indebtedness of the Company and its Restricted Subsidiaries and (b) such
Subsidiary Guarantor has not Incurred any Indebtedness in reliance on its
status as a Subsidiary Guarantor under Section 5.2 or such Subsidiary
Guarantor’s obligations under such Indebtedness are satisfied in full and
discharged or are otherwise permitted to be Incurred by a Restricted Subsidiary
(other than a Subsidiary Guarantor) under Section 5.2(b), then the
Subsidiary Guarantee of such Subsidiary Guarantor shall be automatically and
unconditionally released or discharged. In addition, a Subsidiary Guarantor
will be released from its obligations under this Indenture and its Subsidiary
Guarantee if the Company designates such Subsidiary as an Unrestricted
Subsidiary and such designation complies with the other applicable provisions
of this Indenture or in connection with any legal defeasance of the Securities
or upon satisfaction and discharge of this Indenture, each in accordance with
the terms of this Indenture.

SECTION 3.8.        Limitation
on Affiliate Transactions.

(a)           The Company will not, and will not
permit any of its Restricted Subsidiaries to, directly or indirectly, enter
into or conduct any transaction (including the purchase, sale, lease or
exchange of any property or the rendering of any service) with any Affiliate of
the Company (an “Affiliate Transaction”) unless:

(i)            the
terms of such Affiliate Transaction are no less favorable to the Company or
such Restricted Subsidiary, as the case may be, than those that could be
obtained in a comparable transaction at the time of such transaction in arm’s-length
dealings with a Person who is not such an Affiliate;

(ii)           in
the event such Affiliate Transaction involves an aggregate consideration in
excess of $10 million, the terms of such transaction have been approved by a
majority of the members of the Board of Directors of the Company and by a
majority of the members of such Board having no personal stake in such
transaction, if any (and such majority or majorities, as the case may be,
determines that such Affiliate Transaction satisfies the criteria in Section
3.8(a)(i) above); and

(iii)          in
the event such Affiliate Transaction involves an aggregate consideration in
excess of $20 million, the Company has received a written opinion from an
independent investment banking, accounting or appraisal firm of nationally
recognized standing that such Affiliate Transaction is not materially less
favorable than those that might reasonably have been obtained in a comparable
transaction at such time on an arm’s-length basis from a Person that is
not an Affiliate.

(b)           Section 3.8(a) will not apply
to:

(i)            any
Restricted Payment permitted to be made pursuant to Section 3.3;

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(ii)           Permitted
Investments;

(iii)          any
issuance of securities, or other payments, awards or grants in cash, securities
or otherwise pursuant to, or the funding of, employment agreements and other
compensation arrangements, options to purchase Capital Stock of the Company,
restricted stock plans, long-term incentive plans, stock appreciation rights
plans, participation plans or similar employee benefits plans and/or indemnity
provided on behalf of officers and employees approved by the Board of Directors
of the Company;

(iv)          loans
or advances to employees, officers or directors of the Company or any
Restricted Subsidiary of the Company in the ordinary course of business
consistent with past practices, in an aggregate amount not in excess of $3
million with respect to all loans or advances made since the Issue Date
(without giving effect to the forgiveness of any such loan);

(v)           any
transaction between the Company and a Restricted Subsidiary or between Restricted
Subsidiaries and Guarantees issued by the Company or a Restricted Subsidiary
for the benefit of the Company or a Restricted Subsidiary, as the case may be,
in accordance with Section 3.2;

(vi)          the
payment of reasonable and customary fees paid to, and indemnity provided on
behalf of, directors of the Company or any Restricted Subsidiary;

(vii)         the
existence of, and the performance of obligations of the Company or any of its
Restricted Subsidiaries under the terms of any agreement to which the Company
or any of its Restricted Subsidiaries is a party as of or on the Issue Date, as
these agreements may be amended, modified, supplemented, extended or renewed
from time to time; provided, however,
that any future amendment, modification, supplement, extension or renewal
entered into after the Issue Date will be permitted to the extent that its
terms are not more disadvantageous to the holders of the Securities in any
material respect than the terms of the agreements in effect on the Issue Date;

(viii)        transactions
with customers, clients, suppliers or purchasers or sellers of goods or
services, in each case in the ordinary course of the business of the Company
and its Restricted Subsidiaries and otherwise in compliance with the terms of
this Indenture;

(ix)           any
issuance or sale of Capital Stock (other than Disqualified Stock) to Affiliates
of the Company and the granting of registration and other customary rights in
connection therewith; and

(x)            sales
or other transfers or dispositions of accounts receivable and other related
assets customarily transferred in an asset securitization transaction involving
accounts receivable to a Receivables Entity in a Qualified Receivables
Transaction, and acquisitions of Permitted Investments in connection with a
Qualified Receivables Transaction.

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SECTION 3.9.        Change
of Control.

(a)           If a Change of Control occurs, unless
the Company has exercised its right to redeem all of the Securities as
described in Article VI, each holder will have the right to require the
Company to repurchase all or any part (equal to $2,000 and integral multiples
of $1,000 in excess thereof) of such holder’s Securities at a purchase price in
cash equal to 101% of the principal amount of the Securities plus accrued and
unpaid interest, if any, to the date of purchase (subject to the right of
holders of record on the relevant record date to receive interest due on the
relevant interest payment date).

(b)           Within 30 days following any Change of Control, unless the
Company has exercised its right to redeem all of the Securities as described in Article VI, the
Company will mail a notice (the “Change of Control Offer”) to each
holder, with a copy to the Trustee, stating:

(i)            that
a Change of Control has occurred and that such holder has the right to require
the Company to purchase such holder’s Securities at a purchase price in cash
equal to 101% of the principal amount of such Securities plus accrued and
unpaid interest, if any, to the date of purchase (subject to the right of
holders of record on a record date to receive interest on the relevant interest
payment date) (the “Change of Control Payment”);

(ii)           the
repurchase date (which shall be no earlier than 30 days nor later than 60 days
from the date such notice is mailed) (the “Change of Control Payment Date”);
and

(iii)          the
procedures determined by the Company, consistent with this Indenture, that a
holder must follow in order to have its Securities repurchased.

(c)           On the Change of Control Payment Date, the Company
will, to the extent lawful:

(i)            accept
for payment all Securities or portions of Securities (equal to $2,000 and
integral multiples of $1,000 in excess thereof) properly tendered pursuant to
the Change of Control Offer;

(ii)           deposit
with the paying agent an amount equal to the Change of Control Payment in
respect of all Securities or portions of Securities so tendered; and

(iii)          deliver
or cause to be delivered to the Trustee the Securities so accepted together
with an Officers’ Certificate stating the aggregate principal amount of
Securities or portions of Securities being purchased by the Company.

(d)           The paying agent will promptly mail to each holder of
Securities so tendered the Change of Control Payment for such Securities, and
the Trustee will promptly authenticate and mail (or cause to be transferred by
book entry) to each holder a new Security equal in principal amount to any
unpurchased portion of the Securities surrendered, if any; provided that each such new Security will
be in a principal amount of $2,000 and integral multiples of $1,000 in excess
thereof.

(e)           If the Change of Control Payment Date
is on or after an interest record date and on or before the related interest
payment date, any accrued and unpaid interest, if any, will be

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paid to the Person in whose
name a Security is registered at the close of business on such record date, and
no Additional Interest will be payable to holders who tender pursuant to the
Change of Control Offer.

(f)            The Change of Control provisions
described in this Section 3.9 will be applicable whether or not any
other provisions of this Indenture are applicable. Except as described above
with respect to a Change of Control, this Indenture does not contain provisions
that permit the holders to require that the Company repurchase or redeem the
Securities in the event of a takeover, recapitalization or similar transaction.

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

(h)           The Company will comply, to the extent
applicable, with the requirements of Rule 14e-1 under the Exchange Act and any
other securities laws or regulations in connection with the repurchase of
Securities pursuant to this Section 3.9. To the extent that the
provisions of any securities laws or regulations conflict with provisions of
this Indenture, the Company will comply with the applicable securities laws and
regulations and will not be deemed to have breached its obligations described
in this Indenture by virtue of the conflict.

SECTION 3.10.      SEC
Reports.

(a)           Notwithstanding that the Company may
not be subject to the reporting requirements of Section 13 or 15(d) of the
Exchange Act, to the extent permitted by the Exchange Act, the Company will
file with the SEC, and make available to the Trustee and the registered holders
of the Securities, the annual reports and the information, documents and other
reports (or copies of such portions of any of the foregoing as the SEC may by
rules and regulations prescribe) that are specified in Sections 13 and 15(d) of
the Exchange Act with respect to U.S. issuers within the time periods specified
therein or in the relevant forms. In the event that the Company is not
permitted to file such reports, documents and information with the SEC pursuant
to the Exchange Act, the Company will nevertheless make available such Exchange
Act information to the Trustee and the holders of the Securities as if the
Company were subject to the reporting requirements of Section 13 or 15(d) of
the Exchange Act within the time periods specified therein or in the relevant
forms.

SECTION 3.11.      Effectiveness of Covenants.

(a)           Following the first day:

(i)            the
Securities have an Investment Grade Rating from at least two of the Ratings
Agencies; and

(ii)           no
Default has occurred and is continuing under this Indenture;

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the Company and its Restricted Subsidiaries will not
be subject to Sections 3.2, 3.3, 3.4, 3.5, 3.6,
3.8 and Section 5.1(a)(iii) (collectively, the “Suspended
Covenants”) and will instead be subject to the provisions of Article IV
below.   If at any time the Securities’
credit rating is downgraded from an Investment Grade Rating by two or more of
the Rating Agencies, then the Suspended Covenants will thereafter be reinstated
as if such covenants had never been suspended and be applicable pursuant to the
terms of this Indenture (including in connection with performing any
calculation or assessment to determine compliance with the terms of this
Indenture), unless and until the Securities subsequently attain Investment
Grade Rating by two or more of the Rating Agencies (in which event the
Suspended Covenants shall no longer be in effect for such time that the
Securities maintain an Investment Grade Rating); provided, however, that no Default, Event of Default or
breach of any kind shall be deemed to exist under this Indenture, the
Securities or the Subsidiary Guarantees with respect to the Suspended Covenants
based on, and none of the Company or any of its Subsidiaries shall bear any
liability for, any actions taken or events occurring after the Securities
attain Investment Grade Rating from two or more of the Ratings Agencies and
before any reinstatement of such Suspended Covenants as provided above, or any
actions taken at any time pursuant to any contractual obligation arising prior
to such reinstatement, regardless of whether such actions or events would have
been permitted if the applicable Suspended Covenants remained in effect during
such period.

SECTION
3.12.      Maintenance of Office or
Agency.  The Company shall maintain an office or agency where the
Securities may be presented or surrendered for payment, where, if applicable,
the Securities may be surrendered for registration of transfer or exchange and
where notices and demands to or upon the Company in respect of the Securities
and this Indenture may be served.  The
agency of The Bank of New York Trust Company, N.A. (the “Agent”),
currently located at 2 North LaSalle, Chicago, Illinois 60602, Attention:  Global Corporate Trust (or at such address in
the Borough of Manhattan, The City of New York as the Agent shall designate
upon request therefor from the Company or any Holder), shall be such office or
agency of the Company, unless the Company shall designate and maintain some
other office or agency for one or more of such purposes.  The Company shall give prompt written notice
to the Trustee of any change in the location of any such office or agency.  If at any time the Company shall fail to
maintain any such required office or agency or shall fail to furnish the
Trustee with the address thereof, such presentations, surrenders, notices and
demands may be made or served at the Agent of the Trustee, and the Company
hereby appoints the Trustee as its agent to receive all such presentations,
surrenders, notices and demands.

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

SECTION 3.13.      Corporate
Existence.  Except as otherwise
provided in Article III and Article V, the Company
shall do or cause to be done all things necessary to preserve and keep in full
force and effect its corporate existence and the corporate, partnership,
limited liability company or other existence of each Subsidiary Guarantor, if
any, in accordance with their

 71
 

respective organizational documents (as the same may
be amended from time to time) and the rights (charter and statutory) licenses
and franchises of the Company and each such Subsidiary Guarantor; provided, however, that the Company shall
not be required to preserve any such right, license or franchise or the
corporate, partnership, limited liability company or other existence of any
Subsidiary Guarantor if the Board of Directors of the Company shall determine
that the preservation thereof is no longer desirable in the conduct of the
business of the Company and each of its Restricted Subsidiaries, taken as a
whole, and that the loss thereof is not, and will not be, disadvantageous in
any material respect to the Holders; provided,
further, that the foregoing shall not prohibit a sale, transfer, or
conveyance of a Restricted Subsidiary or any of its assets in compliance with
the terms of this Indenture.

SECTION 3.14.      Payment
of Taxes and Other Claims.  The
Company shall pay or discharge or cause to be paid or discharged, before the
same shall become delinquent, (i) all material taxes, assessments and
governmental charges levied or imposed upon the Company or any Restricted
Subsidiary or upon the income, profits or property of the Company or any
Restricted Subsidiary and (ii) all lawful claims for labor, materials and
supplies, which, if unpaid, might by law become a material liability or lien
upon the property of the Company or any Restricted Subsidiary; provided, however, that the Company shall
not be required to pay or discharge or cause to be paid or discharged any such
tax, assessment, charge or claim the amount, applicability or validity of which
is being contested in good faith by appropriate actions and for which
appropriate reserves, if necessary (in the good faith judgment of management of
the Company), are being maintained in accordance with GAAP or where the failure
to effect such payment will not be disadvantageous to the Holders.

SECTION 3.15.      Payments
for Consent.  Neither the Company nor
any of its Restricted Subsidiaries will, directly or indirectly, pay or cause
to be paid any consideration, whether by way of interest, fees or otherwise, to
any holder of any Securities for or as an inducement to any consent, waiver or
amendment of any of the terms or provisions of this Indenture or the Securities
unless such consideration is offered to be paid or is paid to all holders of
the Securities that consent, waive or agree to amend in the time frame set
forth in the solicitation documents relating to such consent, waiver or
amendment.

SECTION 3.16.      Compliance
Certificate.  The Company shall
deliver to the Trustee within 120 days after the end of each fiscal year
of the Company an Officers’ Certificate stating that in the course of the
performance by the signers of their duties as Officers of the Company they
would normally have knowledge of any Default or Event of Default and whether or
not the signers know of any Default or Event of Default that occurred during
the previous fiscal year.  If they do,
the certificate shall describe the Default or Event of Default, its status and
the action the Company is taking or proposes to take with respect thereto.  The Company also shall comply with TIA
§ 314(a)(4).

SECTION 3.17.      Further
Instruments and Acts.  The Company
shall execute and deliver such further instruments and do such further acts as
the Trustee may request as reasonably necessary or proper to comply with any
future developments or requirements.

SECTION 3.18.      Statement
by Officers as to Default.  The
Company shall deliver to the Trustee, as soon as possible and in any event
within 30 days after the occurrence of any Event of

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Default or an event which, with notice or the lapse of
time or both, would constitute an Event of Default, an Officers’ Certificate
setting forth the details of such Event of Default or Default, its status and
the actions which the Company is taking or proposes to take with respect
thereto.

ARTICLE IV

INVESTMENT GRADE COVENANTS

SECTION 4.1.        Definitions.  For purposes of Section 4.2, Section
4.3 and Section 4.4, the following defined terms will be applicable
to the Securities during any period when the Securities have an Investment
Grade Rating as provided under Section 3.11.    To the extent applicable, such defined
terms will supersede the corresponding definitions of such term under “Certain
definitions”.

“Attributable Debt”
means, as of the date of determination, the present value (discounted at the
rate of interest implicit in the terms of the lease) of the obligation of the
lessee for Net Rental Payments during the remaining term of the lease.

“Consolidated Total
Assets” means the total of all the assets appearing on the consolidated balance
sheet of the Company and its subsidiaries, determined according to U.S.
generally accepted accounting principles applicable to the type of business in
which the Company and its subsidiaries are engaged, all as shown in the
consolidated balance sheet of the Company for its most recent quarter prior to
the event for which the determination is being made.

“Net Rental Payments”
means the sum of the rental and other payments required to be paid in the
period by the lessee under the lease, but excluding payments on account of
maintenance and repairs, insurance, taxes, assessments, water rtes or similar
charges, and any amounts required to be paid by the lessee that are contingent
upon the amount of sales, maintenance and repairs, insurances, taxes,
assessments, water rates or similar charges.

“Principal Property”
means any manufacturing plant (consisting of real estate, buildings and
fixtures) located within the United States of America (other than its
territories or possessions) owned by the Company or any of its subsidiaries,
which individually has a gross book value (without deduction of any
depreciation reserves), on the date when the determination is being made, in
excess of 2% of Consolidated Total Assets (as defined above).  However, a Principal Property does not
include any manufacturing plant to the extent it is financed by obligations
issued by a State or local governmental unit pursuant to Section 142(a)(5),
142(a)(6), 142(a)(8) or 144(a) of the Internal Revenue Code of 1986, as
amended, or any successor provision thereof. 
A Principal Property also does not include any manufacturing plant that
is not of material importance to the business conducted by the Company or its
subsidiaries, taken as a whole.

“Restricted Subsidiary”
means any of the Company’s subsidiaries that owns or leases a Principal
Property.

SECTION 4.2.        Restrictions on Secured Debt.  The Company will not, nor will the Company
permit any Restricted Subsidiary to issue, assume or guarantee any indebtedness
secured by a pledge, mortgage, security interest, lien or other encumbrance
(pledges, mortgages,

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security interests, liens
and other encumbrances are called “liens”) upon any Principal Property or upon
any shares of capital stock or indebtedness of any Restricted Subsidiary
(whether the Principal Property, shares or indebtedness are now owned are
acquired in the future), without effectively providing that all of the
Securities issued under this Indenture are secured equally and ratably.  These restrictions do not apply to
indebtedness secured by liens existing on the date of this Indenture or to:

(i)            liens
on any property existing at the time of its acquisition.

(ii)           liens
on property of a company existing at the time it is merged into or consolidated
with us or a Restricted Subsidiary or at the time of a sale, lease, or other
disposition of the properties of a company as an entirety or substantially as an
entirety to us or a Restricted Subsidiary;

(iii)          liens
on property of a company existing at the time it becomes a Restricted
Subsidiary;

(iv)          liens
securing inter-company indebtedness;

(v)           liens
to secure all or part of the cost of acquisition, construction or improvement
of the underlying property; provided that the commitment of the creditor to
extend the credit secured by the lien is obtained within 120 days before or
after the completion of the acquisition, construction or improvement.

(vi)          liens
in favor of any foreign or domestic governmental agency to secure certain
payments;

(vii)         certain
liens imposed by operation of law or in connection with contracts (other than
for the payment of money), leases, self-insurance and litigation;

(viii)        liens
consisting of easements, rights-of-way, zoning restrictions, restrictions on
the use of real property or other title defects which do not materially impair
the use of the real property or materially detract from the value of the real
property; and

(ix)           any
extension, renewal or replacement of any of the liens referred to above,
provided that the principal amount of the indebtedness secured by the lien is
not increased and the lien is limited to all or part of the same property,
shares of stock or indebtedness.

Notwithstanding these
restrictions, the Company and its Restricted Subsidiaries may, without securing
the Securities, issue or assume secured debt so long as, after giving effect
thereto, the aggregate amount of secured debt (not including secured debt permitted
under the specific exceptions listed above) and the aggregate Attributable Debt
of the Sale and Leaseback Transactions entered into (other than those permitted
under the specific exceptions described in Section 4.3) together do not
exceed 10% of Consolidated Total Assets.

 74

SECTION 4.3.        Restriction on Sale and Leaseback
Transactions.

(a)           The Company will not, nor will the
Company permit any Restricted Subsidiary to, enter into any Sale and Leaseback
Transaction with a term of more than three years with respect to any Principal
Property, unless:

(i)            at
the time of entering into such arrangement, 
the Company or its Restricted Subsidiary would, without equally and
ratably securing the Securities, be entitled to incur indebtedness secured by a
lien on the property pursuant to one of the exceptions discussed in Section
4.2.

(ii)           the
Company applies, within 120 days after the date of the Sale and Leaseback
Transaction, an amount equal to the net available proceeds from the sale of the
Principal Property to the retirement of any of the Company’s indebtedness with
a term of more than 12 months, which may include retirement of the Securities;
or

(iii)          after
giving effect thereto, the aggregate amount of secured debt (not including
secured debt permitted under the exceptions listed above) and the aggregate
Attributable Debt of the Sale and Leaseback Transactions (not including those
permitted by Section 4.3(a)(i) and Section 4.3(a)(ii) above)
together do not exceed 10% of Consolidated Total Assets.

SECTION 4.4.        Additional Investment Grade Covenants.  The covenants described under Section 5.1
(other than Section 5.1(a)(iii) thereof) and Section 3.7 will be
applicable to the Securities during any period when the Securities have an
Investment Grade Rating as provided under Section 3.11.

ARTICLE V

SUCCESSOR COMPANY

SECTION 5.1.        Merger
and Consolidation.

(a)           The Company will not consolidate with
or merge with or into, or convey, transfer or lease all or substantially all
its assets to, any Person, unless:

(i)            the
resulting, surviving or transferee Person (the “Successor Company”) will
be a corporation organized and existing under the laws of the United States of
America, any State of the United States or the District of Columbia and the
Successor Company (if not the Company) will expressly assume, by supplemental
indenture, executed and delivered to the Trustee, in form satisfactory to the
Trustee, all the obligations of the Company under the Securities and this
Indenture and will expressly assume, by written agreement all the obligations
of the Company under the Registration Rights Agreement;

(ii)           immediately
after giving effect to such transaction (and treating any Indebtedness that
becomes an obligation of the Successor Company or any Subsidiary of the
Successor Company as a result of such transaction as having been Incurred by
the Successor Company or such Subsidiary at the time of such transaction), no
Default or Event of Default shall have occurred and be continuing;

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(iii)          immediately
after giving effect to such transaction, either (i) the Successor Company would
be able to Incur at least $1.00 of additional Indebtedness pursuant to Section
3.2(a) or (ii) the Consolidated Coverage Ratio for the Successor Company
would be greater than the Consolidated Coverage Ratio of the Company
immediately prior to such transaction;

(iv)          each
Subsidiary Guarantor (unless it is the other party to the transactions above,
in which case Section 5.1(a)(i) shall apply) shall have by supplemental
indenture confirmed that its Subsidiary Guarantee shall apply to such Person’s
obligations in respect of this Indenture and the Securities and shall have by
written agreement confirmed that its obligations under the Registration Rights
Agreement shall continue to be in effect; and

(v)           the
Company shall have delivered to the Trustee an Officers’ Certificate and an
Opinion of Counsel, each stating that such consolidation, merger or transfer
and such supplemental indenture (if any) comply with this Indenture.

(b)           The
predecessor Company will be released from its obligations under this Indenture
and the Successor Company will succeed to, and be substituted for, and may
exercise every right and power of, the Company under this Indenture, but, in
the case of a lease of all or substantially all its assets, the predecessor
Company will not be released from the obligation to pay the principal of and
interest on the Securities.

Notwithstanding the
preceding Section 5.1(a)(iii), (x) any Restricted Subsidiary may
consolidate with, merge into or transfer all or part of its properties and assets
to the Company and (y) the Company may merge with an Affiliate incorporated
solely for the purpose of reincorporating the Company in another jurisdiction
to realize tax benefits; provided
that, in the case of a Restricted Subsidiary that merges into the Company, the
Company will not be required to comply with the preceding Section 5.1(a)(v).

ARTICLE VI

REDEMPTION OF SECURITIES

SECTION 6.1.        Redemption.  The Securities may be redeemed, as a whole or
from time to time in part, subject to the conditions and at the redemption
prices specified in paragraph 5 of the form of Securities set forth in Exhibit A
and Exhibit B hereto, which are hereby incorporated by reference
and made a part of this Indenture, together with accrued and unpaid interest,
if any, to the Redemption Date.

SECTION 6.2.        Applicability
of Article.  Redemption of Securities
at the election of the Company or otherwise, as permitted or required by any
provision of this Indenture, shall be made in accordance with such provision
and this Article.

SECTION 6.3.        Election
to Redeem; Notice to Trustee.  The
election of the Company to redeem any Securities pursuant to Section 6.1
shall be evidenced by a Board Resolution of the Company.  In case of any redemption at the election of
the Company, the Company shall, upon not later than the earlier of the date
that is 30 days prior to the Redemption Date fixed by the Company or the
date on which notice is given to the Holders (except as provided under

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Section 6.5 or unless a shorter
notice shall be satisfactory to the Trustee), notify the Trustee of such
Redemption Date and of the principal amount of Securities to be redeemed and
shall deliver to the Trustee such documentation and records as shall enable the
Trustee to select the Securities to be redeemed pursuant to Section 6.4.  Any such notice may be cancelled at any time
prior to notice of such redemption being mailed to any Holder and shall thereby
be void and of no effect.

SECTION 6.4.        Selection
by Trustee of Securities to Be Redeemed. 
If less than all the Securities are to be redeemed at any time pursuant
to an optional redemption, the particular Securities to be redeemed shall be
selected not more than 60 days prior to the Redemption Date by the
Trustee, from the outstanding Securities not previously called for redemption,
in compliance with the requirements of the principal national securities
exchange, if any, on which such Securities are listed, or, if such Securities
are not so listed, on a pro  rata basis, by lot or by such other method as the Trustee in
its sole discretion shall deem fair and appropriate (and in such manner as
complies with applicable legal requirements) and which may provide for the
selection for redemption of portions of the principal of the Securities; provided, however, that no such partial
redemption shall reduce the portion of the principal amount of a Security not
redeemed to less than $2,000 and no Securities of $2,000 in original principal
amount or less will be redeemed in part.

The Trustee shall
promptly notify the Company in writing of the Securities selected for
redemption and, in the case of any Securities selected for partial redemption,
the method it has chosen for the selection of Securities and the principal
amount thereof to be redeemed.

For all purposes
of this Indenture, unless the context otherwise requires, all provisions
relating to redemption of Securities shall relate, in the case of any Security
redeemed or to be redeemed only in part, to the portion of the principal amount
of such Security which has been or is to be redeemed.

SECTION 6.5.        Notice
of Redemption.  Notice of redemption
shall be given in the manner provided for under Section 12.2 not
less than 30 nor more than 60 days prior to the Redemption Date, to each
Holder of Securities to be redeemed.  At
the Company’s request, the Trustee shall give notice of redemption in the
Company’s name and at the Company’s expense; provided,
however, that the Company shall deliver to the Trustee, at least
45 days prior to the Redemption Date (unless a shorter notice shall be
satisfactory to the Trustee), an Officers’ Certificate requesting that the
Trustee give such notice at the Company’s expense and the form of notice that
shall include the following items.

All notices of
redemption shall state:

(i)            the
Redemption Date,

(ii)           the
redemption price and the amount of accrued interest to the Redemption Date
payable as provided under Section 6.7, if any,

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

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(iv)          in
case any Security is to be redeemed in part only, the notice which relates to
such Security shall state that on and after the Redemption Date, upon surrender
of such Security, the Holder will receive, without charge, a new Security or
Securities of authorized denominations for the principal amount thereof
remaining unredeemed,

(v)           that
on the Redemption Date the redemption price (and accrued interest, if any, to
the Redemption Date payable as provided under Section 6.7) will become due
and payable upon each such Security, or the portion thereof, to be redeemed,
and, unless the Company defaults in making the redemption payment, that
interest on Securities called for redemption (or the portion thereof) will
cease to accrue on and after said date,

(vi)          the
place or places where such Securities are to be surrendered for payment of the
redemption price and accrued interest, if any,

(vii)         the
name and address of the Paying Agent,

(viii)        that
Securities called for redemption must be surrendered to the Paying Agent to
collect the redemption price,

(ix)           the
CUSIP, Common Code and ISIN numbers, if applicable, and that no representation
is made as to the accuracy or correctness of the CUSIP, Common Code and ISIN
numbers, if applicable, if any, listed in such notice or printed on the
Securities, and

(x)            the
paragraph of the Securities pursuant to which the Securities are to be
redeemed.

SECTION 6.6.        Deposit
of Redemption Price.  Prior to
10:00 a.m., New York City time, on any Redemption Date, the Company shall
deposit with the Trustee or with a Paying Agent (or, if the Company or any of
the Company’s Subsidiaries is acting as its own Paying Agent, segregate and
hold in trust as provided under Section 2.4) an amount of money
sufficient to pay the redemption price of, and accrued interest on, all the
Securities which are to be redeemed on that date, other than Securities or
portions of Securities called for redemption that are beneficially owned by the
Company and have been delivered by the Company to the Trustee for cancellation.

SECTION 6.7.        Securities
Payable on Redemption Date.  Notice
of redemption having been given as aforesaid, the Securities or portions of
Securities so to be redeemed shall, on the Redemption Date, become due and
payable at the redemption price therein specified (together with accrued
interest, if any, to the Redemption Date), and on and after such date (unless
the Company shall default in the payment of the redemption price and accrued
interest) such Securities shall cease to bear interest and the only right of
the Holders thereof will be to receive payment of the redemption price and,
subject to the next sentence, unpaid interest on such Securities to the
Redemption Date.  Upon surrender of any
such Security for redemption in accordance with said notice, such Security
shall be paid by the Company at the redemption price, together with accrued
interest, if any, to the Redemption Date (subject to the rights of Holders of
record on the relevant record date to receive interest due on the relevant
interest payment date).

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If any Security
called for redemption shall not be so paid upon surrender thereof for
redemption, the unpaid principal (and premium, if any) shall, until paid, bear
interest from the Redemption Date at the rate borne by the Securities.

SECTION 6.8.        Securities
Redeemed in Part.  Any Security which is to be redeemed only in
part (pursuant to the provisions of this Article) shall be surrendered at the
office or agency of the Company maintained for such purpose pursuant to Section 3.12
(with, if the Company or the Trustee so require, due endorsement by, or a
written instrument of transfer in form satisfactory to the Company and the
Trustee duly executed by the Holder thereof or such Holder’s attorney duly
authorized in writing), and the Company shall execute, and the Trustee shall
authenticate and make available for delivery to the Holder of such Security at
the expense of the Company, a new Security or Securities, of any authorized
denomination as requested by such Holder, in an aggregate principal amount
equal to and in exchange for the unredeemed portion of the principal of the
Security so surrendered, provided,
that each such new Security will be in a principal amount of $2,000 and
integral multiples of $1,000 in excess thereof.

ARTICLE VII

DEFAULTS AND REMEDIES

SECTION 7.1.        Events of Default.  Each of
the following is an event of default (each, an “Event of Default”):

(i)            default
in any payment of interest or Additional Interest (as required by the
Registration Rights Agreement) on any Security when due, continued for 30 days;

(ii)           default
in the payment of principal of or premium, if any, on any Security when due at
its Stated Maturity, upon optional redemption, upon required repurchase, upon declaration or otherwise;

(iii)          failure
by the Company or any Subsidiary Guarantor to comply with its obligations under
Section 5.1;

(iv)          failure
by the Company to comply for 45 days after notice as provided below with its
other agreements contained in this Indenture;

(v)           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), other than
Indebtedness owed to the Company or a Restricted Subsidiary, whether such
Indebtedness or guarantee now exists, or is created after the Issue Date, which
default:

(A)          is
caused by a failure to pay principal of, or interest or premium, if any, on
such Indebtedness after any grace period provided in such Indebtedness (“payment
default”); or

(B)           results
in the acceleration of such Indebtedness prior to its maturity (the “cross
acceleration provision”);

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and, in each case,
the principal amount of any such Indebtedness, together with the principal
amount of any other such Indebtedness under which there has been a payment
default or the maturity of which has been so accelerated, aggregates $50
million or more;

(vi)          a
Bankruptcy Law Event of Default;

(vii)         failure
by the Company or any Significant Subsidiary or group of Restricted
Subsidiaries that, taken together (as of the latest audited consolidated
financial statements for the Company and its Restricted Subsidiaries), would
constitute a Significant Subsidiary to pay final judgments aggregating in
excess of $50 million (net of any amounts that a reputable and creditworthy
insurance company has acknowledged liability for in writing), which judgments
are not paid, discharged or stayed for a period of 60 days (the “judgment
default provision”); or

(viii)        any
Subsidiary Guarantee of a Significant Subsidiary or group of Restricted
Subsidiaries that taken together as of the latest audited consolidated
financial statements for the Company and its Restricted Subsidiaries would
constitute a Significant Subsidiary ceases to be in full force and effect
(except as contemplated by the terms of this Indenture) or is declared null and
void in a judicial proceeding or any Subsidiary Guarantor that is a Significant
Subsidiary or group of Subsidiary Guarantors that taken together as of the
latest audited consolidated financial statements of the Company and its
Restricted Subsidiaries would constitute a Significant Subsidiary denies or
disaffirms its obligations under this Indenture or its Subsidiary Guarantee.

However, a default under Section
7.1(iv) will not constitute an Event of Default until the Trustee or the
holders of 25% in principal amount of the outstanding Securities notify the
Company of the default and the Company does not cure such default within the
time specified in Section 7.1(iv) after receipt of such notice.

The foregoing shall
constitute Events of Default whatever the reason for any such Event of Default
and whether it is voluntary or is effected by operation of law or pursuant to
any judgment, decree or order of any court or any order, rule or regulation of
any administrative or governmental body.

SECTION 7.2.        Acceleration.  If an Event of Default (other than an Event
of Default described in clause (vi) of Section 7.1(a)) occurs and is
continuing, the Trustee by notice to the Company, or the Holders of at least
25% in principal amount of the outstanding Securities by notice to the Company
and the Trustee, may, and the Trustee at the request of such Holders shall,
declare the principal of, premium, if any, and accrued and unpaid interest, if
any, on all the Securities to be due and payable. Upon such a declaration, such
principal, premium and accrued and unpaid interest will be due and payable
immediately.

In the event of a declaration of acceleration of the
Securities because an Event of Default described in clause (v) of Section 7.1(a)
has occurred and is continuing, the declaration of acceleration of the
Securities shall be automatically annulled if the Event of Default or payment
default triggering such Event of Default pursuant to clause (v) of Section
7.1(a) shall be remedied or cured by the Company or a Restricted Subsidiary
or waived by the Holders of the

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relevant Indebtedness within 20 days after the
declaration of acceleration with respect thereto and if (1) the annulment of
the acceleration of the Securities would not conflict with any judgment or
decree of a court of competent jurisdiction and (2) all existing Events of
Default, except nonpayment of principal, premium or interest on the Securities
that became due solely because of the acceleration of the Securities, have been
cured or waived.

If an Event of Default described in clause (vi) of Section
7.1(a) occurs and is continuing, the principal of, premium, if any, and
accrued and unpaid interest on all the Securities will become and be
immediately due and payable without any declaration or other act on the part of
the Trustee or any Holders.

The Holders of a majority
in principal amount of the outstanding Securities may waive all past defaults
(except with respect to nonpayment of principal, premium or interest) and
rescind any such acceleration with respect to the Securities and its
consequences if (1) rescission would not conflict with any judgment or decree
of a court of competent jurisdiction, and (2) all existing Events of Default,
other than the nonpayment of the principal of, premium, if any, and interest on
the Securities that have become due solely by such declaration of acceleration,
have been cured or waived.

The Company shall pay or
deposit, or caused to be paid or deposited, with the Trustee a sum sufficient
to pay all sums paid or advanced by the Trustee hereunder in connection with
any such waiver or past default and the reasonable compensation, expenses,
disbursements and advances of the Trustee, its agents and counsel in connection
with any such waiver or past default.

SECTION 7.3.        Other
Remedies.  If an Event of Default
occurs and is continuing, the Trustee may pursue any available remedy by
proceeding at law or in equity to collect the payment of principal of (or
premium, if any) or interest on the Securities or to enforce the performance of
any provision of the Securities or this Indenture.

The Trustee may maintain
a proceeding even if it does not possess any of the Securities or does not
produce any of them in the proceeding.  A
delay or omission by the Trustee or any Holder in exercising any right or
remedy accruing upon an Event of Default shall not impair the right or remedy
or constitute a waiver of or acquiescence in the Event of Default.  No remedy is exclusive of any other
remedy.  All available remedies are
cumulative.

SECTION 7.4.        Waiver
of Past Defaults.  Subject to Section
7.2, the Holders of a majority in principal amount of the outstanding
Securities by notice to the Trustee may (a) waive, by their consent
(including consents obtained in connection with a purchase of, or tender offer
or exchange offer for, Securities), an existing Default or Event of Default and
its consequences, except a Default or Event of Default in the payment of the
principal of, or premium, if any, or interest on a Security, and
(b) rescind any such acceleration with respect to the Securities and its
consequences if (1) rescission would not conflict with any judgment or
decree of a court of competent jurisdiction and (2) all existing Events of
Default, other than the nonpayment of the principal of, premium, if any, and
interest on the Securities that have become due solely by such declaration of
acceleration, have been cured or waived. 
When a Default or

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Event of Default is waived, it is deemed cured, but no
such waiver shall extend to any subsequent or other Default or Event of Default
or impair any consequent right.

SECTION 7.5.        Control
by Majority.  Subject to Section 7.6,
the Holders of a majority in principal amount of the outstanding Securities may
direct the time, method and place of conducting any proceeding for any remedy
available to the Trustee of exercising any trust or power conferred on the
Trustee.  The
Trustee, however, may refuse to follow any direction that conflicts with law or
this Indenture, the Securities, the Subsidiary Guarantees, if any, subject to Sections
8.1 and 8.2, that the Trustee determines is unduly prejudicial to
the rights of any other Holder or would involve the Trustee in personal
liability. Prior to taking any action under this Indenture, the Trustee shall
be entitled to indemnification satisfactory to it in its sole discretion
against all losses and expenses caused by taking or not taking such action.

SECTION 7.6.        Limitation on Suits.  Subject to the provisions of this Indenture
relating to the duties of the Trustee, if an Event of Default occurs and is
continuing, the Trustee will be under no obligation to exercise any of the
rights or powers under this Indenture, the Securities or the Subsidiary
Guarantees, if any, at the request or direction of any of the Holders unless
such Holders have offered to the Trustee reasonable indemnity or security
against any loss, liability or expense.

Except to enforce the
right to receive payment of principal, premium, if any, or interest when due,
no Holder may pursue any remedy with respect to this Indenture, the Securities
or the Subsidiary Guarantees, if any, unless:

(a)           such Holder has previously given the
Trustee notice that an Event of Default is continuing;

(b)           Holders of at least 25% in principal
amount of the outstanding Securities have requested the Trustee to pursue the
remedy,

(c)           such Holders have offered the Trustee
reasonable security or indemnity against any loss, liability or expense;

(d)           the Trustee has not complied with
such request within 60 days after the receipt of the request and the offer of
security or indemnity; and

(e)           the Holders of a majority in
principal amount of the outstanding Securities have not given the Trustee a
direction that, in the opinion of the Trustee, is inconsistent with such
request within such 60-day period.

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

SECTION 7.7.        Rights
of Holders to Receive Payment. 
Notwithstanding any other provision of this Indenture (including Section 7.6),
the right of any Holder to receive payment of principal of, premium, if any, or
interest on the Securities held by such Holder, on or after the respective due
dates expressed in the Securities, or to bring suit for the enforcement of any
such

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payment on or after such respective dates, shall not
be impaired or affected without the consent of such Holder.

SECTION 7.8.        Collection
Suit by Trustee.  If an Event of
Default specified in clauses (i) or (ii) of Section 7.1(a)
occurs and is continuing, the Trustee may recover judgment in its own name and
as trustee of an express trust against the Company for the whole amount then
due and owing (together with interest on any unpaid interest to the extent
lawful) and the amounts provided for under Section 8.7.

SECTION 7.9.        Trustee
May File Proofs of Claim.  The
Trustee may file such proofs of claim and other papers or documents as may be
necessary or advisable in order to have the claims of the Trustee (including
any claim for the reasonable compensation, expenses, disbursements and advances
of the Trustee, its agents and counsel) and the Holders allowed in any judicial
proceedings relative to the Company, its Subsidiaries or its or their
respective creditors or properties and, unless prohibited by law or applicable
regulations, may be entitled and empowered to participate as a member of any
official committee of creditors appointed in such matter and may vote on behalf
of the Holders in any election of a trustee in bankruptcy or other Person
performing similar functions, and any custodian in any such judicial proceeding
is hereby authorized by each Holder to make payments to the Trustee and, in the
event that the Trustee shall consent to the making of such payments directly to
the Holders, to pay to the Trustee any amount due it for the reasonable
compensation, expenses, disbursements and advances of the Trustee, its agents
and its counsel, and any other amounts due the Trustee under Section 8.7.

SECTION 7.10.      Priorities.  If the Trustee collects any money or property
pursuant to this Article VII, it shall pay out the money or
property in the following order:

FIRST:  to the Trustee for amounts due under Section 8.7;

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

THIRD:  to the Company, or to the extent the Trustee
collects any amount from any Subsidiary Guarantor pursuant to Article XI,
to such Subsidiary Guarantor, or to whomever may be lawfully entitled to
receive the same.

The Trustee may fix a
record date and payment date for any payment to Holders pursuant to this Section
7.10.

SECTION 7.11.      Undertaking
for Costs.  In any suit for the
enforcement of any right or remedy under this Indenture or in any suit against
the Trustee for any action taken or omitted by it as Trustee, a court in its
discretion may require the filing by any party litigant in the suit of an
undertaking to pay the costs of the suit, and the court in its discretion may
assess reasonable costs, including reasonable attorneys’ fees and expenses,
against any party litigant in the suit, having due regard to the merits and
good faith of the claims or defenses made by the party litigant.  This Section 7.11 does not apply to a
suit by the Trustee, a suit by a Holder pursuant to

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Section 7.7 or a suit by
Holders of more than 10% in outstanding principal amount of the Securities.

ARTICLE VIII

TRUSTEE

SECTION 8.1.        Duties of Trustee.

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

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

(i)            the
Trustee undertakes to perform such duties and only such duties as are
specifically set forth in this Indenture and no implied covenants or
obligations shall be read into this Indenture against the Trustee; and

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

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

(i)            this
Section 8.1(c) does not limit the effect of Section 8.1(b);

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

(iii)          the
Trustee shall not be liable with respect to any action it takes or omits to
take in good faith in accordance with a direction received by it pursuant to Section 7.5.

(d)           The Trustee shall not be liable for
interest on any money received by it except as the Trustee may agree in writing
with the Company.

(e)           Money held in trust by the Trustee
need not be segregated from other funds except to the extent required by law.

(f)            No provision of this Indenture shall
require the Trustee to expend or risk its own funds or otherwise incur
financial liability in the performance of any of its duties hereunder or in

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the exercise of any of its
rights or powers, if it shall have reasonable grounds to believe that repayment
of such funds or adequate indemnity against such risk or liability is not
reasonably assured to it.

(g)           Every provision of this Indenture
relating to the conduct or affecting the liability of or affording protection
to the Trustee shall be subject to the provisions of this Section 8.1
and to the provisions of the TIA.

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

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

SECTION 8.2.        Rights
of Trustee.  Subject to Section 8.1:

(a)           The Trustee may conclusively rely on
any document (whether in its original or facsimile form) reasonably believed by
it to be genuine and to have been signed or presented by the proper
person.  The Trustee need not investigate
any fact or matter stated in the document. 
The Trustee shall receive and retain financial reports and statements of
the Company as provided herein, but shall have no duty to review or analyze
such reports or statements to determine compliance under covenants or other
obligations of the Company.

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

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

(d)           The Trustee shall not be liable for
any action it takes or omits to take in good faith which it believes to be
authorized or within its rights or powers, unless the Trustee’s conduct
constitutes willful misconduct or negligence.

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

(f)            The Trustee shall not be deemed to
have notice of any Default or Event of Default unless a Trust Officer of the
Trustee has actual knowledge thereof or unless written notice of any event which
is in fact such a default is received by the Trustee at the corporate trust
office of the Trustee specified under Section 12.2, and such notice
references the Securities and this Indenture.

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(g)           In the event the Trustee receives
inconsistent or conflicting requests and indemnity from two or more groups of
Holders of Securities, each representing less than a majority in aggregate
principal amount of the Securities outstanding, pursuant to the provisions of
this Indenture, the Trustee, in its sole discretion, may determine what action,
if any, will be taken.

(h)           The rights, privileges, protections,
immunities and benefits given to the Trustee, including its right to be
indemnified, are extended to, and shall be enforceable by, the Trustee in each
of its capacities hereunder, and to each agent, custodian and other Person
employed to act hereunder.

(i)            The Trustee shall not be deemed to
have knowledge of any fact or matter unless such fact or matter is known to a
Trust Officer of the Trustee.

(j)            Whenever in the administration of
this Indenture the Trustee shall deem it desirable that a matter be proved or
established prior to taking, suffering or omitting any action hereunder, the
Trustee (unless other evidence be herein specifically prescribed) may request,
and in the absence of bad faith or willful misconduct on its part, rely upon an
Officers’ Certificate and an Opinion of Counsel.

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

(l)            In no event shall the Trustee be
responsible or liable for special, indirect, or consequential loss or damage of
any kind whatsoever (including, but not limited to, loss of profit)
irrespective of whether the Trustee has been advised of the likelihood of such
loss or damage and regardless of the form of action.

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

(n)           The rights, privileges, protections,
immunities and benefits given to the Trustee, 
including, without limitation, its right to be indemnified, are extended
to, and shall be enforceable by, the Trustee in each of its capacities
hereunder, and to each agent, custodian and other Person employed by the Trustee
to act hereunder.

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

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

(q)           The Trustee shall at no time have any
responsibility or liability for or with respect to the legality, validity or
enforceability of any collateral or any arrangement or agreement between the
Company and any Person with respect thereto, or the perfection or priority of
any security interest created in any collateral or the maintenance of any such
perfection and priority, or for or with respect to the sufficiency of any
collateral following an Event of Default.

SECTION 8.3.        Individual
Rights of Trustee.  The Trustee in
its individual or any other capacity may become the owner or pledgee of
Securities and may otherwise deal with the Company, the Subsidiary Guarantors
or their Affiliates with the same rights it would have if it were not
Trustee.  However, the Trustee must
comply with Sections 8.10 and 8.11.  In addition, the Trustee shall be permitted
to engage in transactions with the Company; provided,
however, that if the Trustee acquires any conflicting interest, as
defined in TIA § 310(b), the Trustee must (i) eliminate such conflict
within 90 days of acquiring such conflicting interest, (ii) apply to
the SEC for permission to continue acting as Trustee or (iii) resign.  Any Paying Agent, Registrar, co-registrar or co-paying
agent may do the same with like rights.

SECTION 8.4.        Trustee’s
Disclaimer.  The Trustee shall not be
responsible for and makes no representation as to the validity or adequacy of
this Indenture or the Securities, shall not be accountable for the Company’s
use of the proceeds from the sale of the Securities, shall not be responsible
for the use or application of any money received by any Paying Agent other than
the Trustee or any money paid to the Company pursuant to the terms of this
Indenture and shall not be responsible for any statement of the Company in this
Indenture or in any document issued in connection with the sale of the
Securities or in the Securities other than the Trustee’s certificate of
authentication.

SECTION 8.5.        Notice
of Defaults.  If a Default occurs and
is continuing and is known to the Trustee, the Trustee must mail to each Holder
notice of the Default within 90 days after it occurs. Except in the case of a
Default in the payment of principal of, premium, if any, or interest on any
Security, the Trustee may withhold notice if and so long as a committee of
Trust Officers of the Trustee in good faith determines that withholding notice
is in the interests of the Holders.

SECTION 8.6.        Reports
by Trustee to Holders.  As promptly
as practicable after each May 15th following the date of this Indenture
beginning May 15, 2008, and in any event prior to July 15th in each year, the
Trustee shall mail to each Holder a brief report dated as of such mail date
that complies with TIA § 313(a) if and to the extent required
thereby.  The Trustee also shall comply
with TIA § 313(b) and TIA § 313(c).

A copy of each
report at the time of its mailing to Holders shall be filed with the SEC and
each stock exchange (if any) on which the Securities are listed.  The Company agrees to notify promptly the
Trustee whenever the Securities become listed on any stock exchange and of any
delisting thereof and the Trustee shall comply with TIA § 313(d).

SECTION 8.7.        Compensation
and Indemnity.  The Company and each
Subsidiary Guarantor, if any, shall be jointly and severally liable for paying
to each of the Trustee from time

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to time reasonable compensation for the Trustee’s
acceptance of this Indenture and services hereunder as the Company and the
Trustee shall from time to time agree in writing.  The Trustee’s compensation shall not be
limited by any law on compensation of a trustee of an express trust.  The Company and each Subsidiary Guarantor, if
any, shall be jointly and severally liable for reimbursing the Trustee upon
request for all reasonable out-of-pocket expenses incurred or made by each of
them, including costs of collection, costs of preparing and reviewing reports,
certificates and other documents, costs of preparation and mailing of notices
to Holders and reasonable fees and expenses of counsel retained by the Trustee,
in addition to the compensation for each agent’s services.  Such expenses shall include the reasonable
compensation and expenses, disbursements and advances of the Trustee’s agents,
counsel, accountants and experts.

The Company and each Subsidiary Guarantor (if any),
jointly and severally, shall indemnify the Trustee against any and all loss,
liability, damages, claims or expense (including reasonable attorneys’ fees and
expenses) incurred by it without negligence, bad faith or willful misconduct on
its part in connection with the administration of this trust and the
performance of its duties hereunder, including the costs and expenses of
enforcing this Indenture (including this Section 8.7) and of
defending itself against any claims (whether asserted by any Holder, the
Company or otherwise) or liability in connection with the exercise or
performance of any of its powers or duties hereunder.  The Trustee shall notify the Company promptly
of any claim for which it may seek indemnity. 
Failure by the Trustee to so notify the Company shall not relieve the
Company or any Subsidiary Guarantor of its obligations hereunder, except to the
extent that they were prejudiced by such failure to notify.  The Company shall defend the claim and the
Trustee shall provide reasonable cooperation at the Company’s expense in the
defense.  The Trustee may have separate
counsel and the Company and the Subsidiary Guarantors, if any, shall pay the
fees and expenses of such counsel; provided
that the Company shall not be required to pay such fees and expenses if they
assume the Trustee’s defense, and, in the reasonable judgment of responsible
officers of the Trustee, there is no conflict of interest between the Company and
the Trustee in connection with such defense. 
Notwithstanding the foregoing, the Company and the Subsidiary
Guarantors, if any, need not reimburse any expense or indemnify against any
loss, liability or expense which is finally determined by a court of competent
jurisdiction to have been caused by the Trustee’s own willful misconduct,
negligence or bad faith.

To secure the Company’s and the Subsidiary Guarantors’
payment obligations in this Section 8.7, the Trustee shall have a lien
prior to the Securities on all money or property held or collected by the
Trustee other than money or property held in trust to pay principal of and
interest on particular Securities.  The
Trustee’s rights to receive payment of any amounts due under this Section 8.7
shall not be subordinate to any other liability or Indebtedness of the Company
or the Subsidiary Guarantors (if any).

The Company’s and the Subsidiary Guarantors’ payment
obligations pursuant to this Section 8.7 shall survive the resignation
or removal of the Trustee and the satisfaction and discharge of this
Indenture.  When the Trustee incurs
expenses after the occurrence of a Default specified in clause (vii) of Section 7.1(a)
with respect to the Company, the expenses are intended to constitute expenses
of administration under any Bankruptcy Law.

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SECTION 8.8.        Replacement
of Trustee.  The Trustee may resign
at any time by so notifying the Company in writing.  The Holders of a majority in principal amount
of the Securities may remove the Trustee by so notifying the removed Trustee in
writing and may appoint a successor Trustee with the Company’s written consent,
which consent will not be unreasonably withheld.  The Company shall remove the Trustee if:

(a)           the Trustee fails to comply with Section 8.10;

(b)           the Trustee is adjudged bankrupt or
insolvent;

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

(d)           the Trustee otherwise becomes
incapable of acting as trustee hereunder.

If the Trustee resigns or is removed by the Company or
by the Holders of a majority in principal amount of the Securities and such
Holders do not reasonably promptly appoint a successor Trustee as described in
the preceding paragraph, or if a vacancy exists in the office of the Trustee
for any reason (the Trustee in such event being referred to herein as the
retiring Trustee), the Company shall promptly appoint a successor Trustee.

A successor Trustee shall deliver a written acceptance
of its appointment to the retiring Trustee and to the Company.  Thereupon the resignation or removal of the
retiring Trustee shall become effective, and the successor Trustee shall have
all the rights, powers and duties of the Trustee under this Indenture.  The successor Trustee shall mail a notice of
its succession to Holders.  The retiring
Trustee, upon payment of its charges hereunder, shall promptly transfer all
property held by it as Trustee to the successor Trustee, subject to the lien
provided for under Section 8.7.

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

If the Trustee fails to comply with Section 8.10,
unless the Trustee’s duty to resign is stayed as provided in TIA § 310(b),
any Holder, who has been a bona fide holder of a Security for at least six
months, may petition any court of competent jurisdiction for the removal of the
Trustee and the appointment of a successor Trustee.

Notwithstanding the replacement of the Trustee
pursuant to this Section 8.8, the Company’s obligations under Section 8.7
shall continue for the benefit of the retiring Trustee.

SECTION 8.9.        Successor
Trustee by Merger.  If the Trustee
consolidates with, merges or converts into, or transfers all or substantially
all its corporate trust business or assets to, another corporation or banking
association, the resulting, surviving or transferee corporation without any
further act shall be the successor Trustee.

In case at the time such successor or successors by
merger, conversion or consolidation to the Trustee shall succeed to the trusts
created by this Indenture, any of the Securities shall have

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been authenticated but not delivered, any such
successor to the Trustee may adopt the certificate of authentication of any
predecessor trustee, and deliver such Securities so authenticated; and in case
at that time any of the Securities shall not have been authenticated, any
successor to the Trustee may authenticate such Securities either in the name of
any predecessor hereunder or in the name of the successor to the Trustee; provided that the right to adopt the
certificate of authentication of any predecessor Trustee or authenticate
Securities in the name of any predecessor Trustee shall only apply to its
successor or successors by merger, consolidation or conversion.

SECTION 8.10.      Eligibility;
Disqualification.  This Indenture
shall always have a Trustee that satisfies the requirements of TIA § 310
in every respect.  The Trustee shall have
a combined capital and surplus of at least $50 million as set forth in its
most recent published annual report of condition.  The Trustee shall comply with TIA
§ 310(b); provided, however,
that there shall be excluded from the operation of TIA § 310(b)(1) any
indenture or indentures under which other securities or certificates of
interest or participation in other securities of the Company are outstanding if
the requirements for such exclusion set forth in TIA § 310(b)(1) are met.

SECTION 8.11.      Preferential
Collection of Claims Against the Company. 
The Trustee shall comply with TIA § 311(a), excluding any creditor
relationship listed in TIA § 311(b). 
A Trustee who has resigned or been removed shall be subject to TIA
§ 311(a) to the extent indicated.

SECTION 8.12.      Trustee’s
Application for Instruction from the Company.  Any application by the Trustee for written
instructions from the Company may, at the option of the Trustee, set forth in
writing any action proposed to be taken or omitted by the Trustee under this
Indenture and the date on and/or after which such action shall be taken or such
omission shall be effective.  The Trustee
shall not be liable for any action taken by, or omission of, the Trustee in
accordance with a proposal included in such application on or after the date
specified in such application (which date shall not be less than three Business
Days after the date any officer of the Company actually receives such
application, unless any such officer shall have consented in writing to any
earlier date) unless prior to taking any such action (or the effective date in
the case of an omission), the Trustee shall have received written instructions in
response to such application specifying the action to be taken or omitted.

SECTION 8.13.      Paying
Agents.  The Company shall cause each Paying Agent other than the
Trustee to execute and deliver to it and the Trustee an instrument in which
such agent shall agree with the Trustee, subject to the provisions of this Section 8.13:

(a)           that it will hold all sums held by it
as agent for the payment of principal of, or premium, if any, or interest on,
the Securities (whether such sums have been paid to it by the Company or by any
obligor on the Securities) in trust for the benefit of Holders of the
Securities or the Trustee;

(b)           that it will at any time during the
continuance of any Event of Default, upon written request from the Trustee,
deliver to the Trustee all sums so held in trust by it together with a full
accounting thereof; and

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(c)           that it will give the Trustee written
notice within three Business Days of any failure of the Company (or by any
obligor on the Securities) in the payment of any installment of the principal
of, premium, if any, or interest on, the Securities when the same shall be due
and payable.

ARTICLE IX

DISCHARGE OF INDENTURE; DEFEASANCE

SECTION 9.1.        Discharge
of Liability on Securities; Defeasance.

(a)           This Indenture will be discharged and
will cease to be of further effect as to all Securities issued thereunder,
when:

(i)            either:

(A)          all
Securities that have been authenticated and delivered, except lost, stolen or
destroyed Securities that have been replaced or paid, and all Securities for whose
payment money has been deposited in trust and thereafter repaid to the Company,
have been delivered to the Trustee for cancellation; or

(B)           all
Securities that have not been delivered to the Trustee for cancellation, (1)
have become due and payable by reason of the mailing of a notice of redemption
pursuant to Article VI or otherwise or (2) will become due and
payable within one year and the Company or any Subsidiary Guarantor has
irrevocably deposited or caused to be deposited with the Trustee as trust funds
in trust solely for the benefit of the Holders, cash in U.S. dollars,
non-callable U.S. Government Obligations, or a combination of cash in U.S.
dollars and non-callable U.S. Government Obligations, in amounts as will be
sufficient without consideration of any reinvestment of interest, to pay and
discharge the entire Indebtedness on the Securities not delivered to the
Trustee for cancellation for principal and premium, if any, and accrued
interest to the date of maturity or redemption;

(ii)           no Bankruptcy Law Event of Default or
other Default or Event of Default that would cause the repayment of the
Securities or the deposit of funds therefor as provided in Section
9.1(a)(i)(B) to be a fraudulent conveyance has occurred and is continuing
on the date of the deposit or will occur as a result of such deposit (other
than a Default or Event of Default resulting from the borrowing of funds to be
applied to such deposit);

(iii)          the
Company or any Subsidiary Guarantor has paid or caused to be paid all sums then
payable by it under this Indenture; and

(iv)          the
Company has delivered irrevocable instructions to the Trustee under this
Indenture to apply the deposited money toward the payment of the Securities at
maturity or on the redemption date, as the case may be.

The Company must deliver an Officers’ Certificate and
an Opinion of Counsel to the Trustee stating that all conditions precedent to
satisfaction and discharge have been satisfied.

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(b)           The Company may, at its option, at
any time, elect to have either paragraph (i) or (ii) of this Section 9.1(b) be
applied to all outstanding Securities upon compliance with the conditions set
forth in Section 9.2.

(i)            Upon
the Company’s exercise under Section 9.1 hereof of the option
applicable to this Section 9.1(a)(i), the Company shall, subject to
the satisfaction of the conditions set forth in Section 9.2, be
deemed to have been discharged from its obligations with respect to all
outstanding Securities on the date the conditions set forth below are satisfied
(hereinafter, “Legal Defeasance”). 
For this purpose, Legal Defeasance means that (x) the Company shall be
deemed to have paid and discharged the entire Debt represented by the
outstanding Securities, which shall thereafter be deemed to be “outstanding”
only for the purposes of Section 9.3 hereof and the other Sections
of this Indenture referred to in (A) and (B) of this paragraph below, and to
have satisfied all its other obligations under such Securities and this
Indenture and (y) each Subsidiary Guarantor, if any, shall be deemed to have
satisfied its obligations under its Subsidiary Guarantee, except for the
following provisions which shall survive until otherwise terminated or
discharged hereunder:  (A) the
rights of Holders to receive solely from the trust fund described in Section
9.2 hereof, and as more fully set forth in such Section, payments in
respect of the principal of and interest and Additional Interest, if any, on
such Securities when such payments are due, (B) the Company’s obligations
with respect to such Securities under Sections 2.2, 2.3, 2.4,
2.5, 2.6, 2.9, 2.10, 2.11, 2.12, 2.14,
2.15 and 3.12 hereof, (C) the rights, powers, trusts, duties
and immunities of the Trustee hereunder and the Company’s obligations in
connection therewith and (D) this Article IX.

(ii)           Upon
the Company’s exercise under Section 9.1 hereof of the option applicable
to this Section 9.1(b)(ii), (x) the Company shall, subject to the
satisfaction of the conditions set forth in Section 9.2 hereof, be
released from its obligations under the covenants contained in Sections 3.2,
3.3, 3.4, 3.5, 3.6, 3.7, 3.8, 3.9,
3.10, 3.11, 3.15 and 5.1(a)(iii) and (y) each
Subsidiary Guarantor shall, subject to the satisfaction of the conditions set
forth in Section 9.2 hereof, be released from its covenants under its
Subsidiary Guarantee, each with respect to the outstanding Securities on and
after the date the conditions set forth in Section 9.2 are
satisfied (hereinafter, “Covenant Defeasance”), and the Securities shall
thereafter be deemed not “outstanding” for the purposes of any direction,
waiver, consent or declaration or act of Holders (and the consequences of any
thereof) in connection with such covenants, but shall continue to be deemed “outstanding”
for all other purposes hereunder (it being understood that such Securities
shall not be deemed outstanding for accounting purposes).  For this purpose, Covenant Defeasance means
that, with respect to the outstanding Securities, the Company and each Subsidiary
Guarantor may omit to comply with and shall have no liability in respect of any
term, condition or limitation set forth in any such covenant, whether directly
or indirectly, by reason of any reference elsewhere herein to any such covenant
or by reason of any reference in any such covenant to any other provision
herein or in any other document and such omission to comply shall not
constitute a Default or an Event of Default under Section 7.1 hereof,
but, except as specified above, the remainder of this Indenture and such
Security shall be unaffected thereby.

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If the Company exercises its legal defeasance option,
payment of the Securities may not be accelerated because of an Event of Default
and the Subsidiary Guarantees in effect at such time shall terminate.  If the Company exercises its covenant
defeasance option, payment of the Securities may not be accelerated because of
an Event of Default specified under Section 7.1(iii) (only with
respect to Section 5.1(a)(iii)), 7.1(iv) (only with respect to Sections
3.2, 3.3, 3.4, 3.5, 3.6, 3.7, 3.8,
3.9, 3.10, 3.11 and 3.15), 7.1(v), 7.1(vi)
(with respect only to Significant Subsidiaries), 7.1(viii) or 7.1(viii).

Upon satisfaction of the conditions set forth herein
and upon request of the Company, the Trustee shall acknowledge in writing the
discharge of those obligations that the Company terminates.

(c)           Notwithstanding the provisions of Sections 9.1(a),
the Company’s obligations under Sections 2.3, 2.5, 2.10,
2.12, 3.12, 3.13 (solely as to the corporate or other
existence of the Company), 7.7, 8.7, and 8.8 and in this Article IX
shall survive until the Securities have been paid in full (or funds sufficient
therefor have been deposited as provided in Section 9.1(a)(i)(B)
hereof).  After the Securities have been
paid in full (or funds sufficient therefor have been deposited as provided in Section
9.1(a)(i)(B) hereof), the Company’s obligations under Sections 8.7,
9.5 and 9.6 shall survive such satisfaction and discharge.

(d)           Notwithstanding the provisions of Sections 9.1(b),
the Company’s obligations under Sections 2.2, 2.3, 2.4,
2.5, 2.6, 2.9, 2.10, 2.11, 2.12, 3.1,
3.12, 3.13, 3.14, 3.16, 3.17, 3.18, 7.7,
8.7 and 8.8 and in this Article VIII shall survive
until the Securities have been paid in full. 
After the Securities have been paid in full, the Company’s obligations
under Sections 8.7, 9.5 and 9.6 shall survive such
defeasance.

SECTION 9.2.        Conditions
to Defeasance.  The Company may
exercise its legal defeasance option or its covenant defeasance option only if:

(a)           the Company irrevocably deposits in
trust with the Trustee, for the benefit of the Holders, cash in U.S. dollars,
U.S. Government Obligations, or a combination of cash in U.S. dollars and U.S.
Government Obligations, in amounts as will be sufficient, in the opinion of a
nationally recognized firm of independent public accountants, to pay the
principal of, and interest and premium (and Additional Interest, if any) on,
the outstanding Securities on the Stated Maturity of the Securities or on the
applicable redemption date, as the case may be, and the Company must specify
whether the Securities are being defeased to maturity or to a particular
redemption date;

(b)           in the case of legal defeasance, the
Company must deliver to the Trustee an Opinion of Counsel reasonably acceptable
to the Trustee confirming that:

(i)            the
Company has received from, or there has been published by, the Internal Revenue
Service a ruling; or

(ii)           since
the Issue Date, there has been a change in the applicable federal income tax
law,

 93
 

in either case to the effect that, and based thereon
such Opinion of Counsel will confirm that, the Holders will not recognize
income, gain or loss for federal income tax purposes as a result of such legal
defeasance and will be subject to federal income tax on the same amounts, in
the same manner and at the same times as would have been the case if such legal
defeasance had not occurred; provided, however, such Opinion of Counsel need not be delivered if
all the Securities not theretofore delivered to the Trustee for cancellation
(x) have become due and payable or (y) will become due and payable at their
Stated Maturity within one year.

(c)           in the case of covenant defeasance,
the Company must deliver to the Trustee an Opinion of Counsel reasonably
acceptable to the Trustee confirming that the Holders will not recognize
income, gain or loss for federal income tax purposes as a result of such
covenant defeasance and will be subject to federal income tax on the same
amounts, in the same manner and at the same times as would have been the case
if such covenant defeasance had not occurred;

(d)           no Default or Event of Default shall
have occurred and be continuing on the date of such deposit under this
Indenture (other than a Default or Even of Default resulting from the borrowing
of funds to be applied to such deposit) and the deposit will not result in a
breach or violation of, or constitute a default under, any other instrument to
which the Company or any Subsidiary Guarantor is a party or by which the
Company or any Subsidiary Guarantor is bound or insofar as Events of Default
from bankruptcy or insolvency events are concerned, at any time in the period
ending on the 91st day after the date of deposit;

(e)           such legal defeasance or covenant
defeasance will not result in a breach or violation of, or constitute a default
under, any material agreement or instrument (other than this Indenture) to
which the Company or any Restricted Subsidiary is a party or by which the
Company or any Restricted Subsidiary is bound;

(f)            the Company must deliver to the
Trustee an Officers’ Certificate stating that the deposit was not made by the
Company with the intent of preferring the Holders being defeased over the other
creditors of the Company with the intent of defeating, hindering, delaying or
defrauding creditors of the Company or others; and

(g)           the Company must deliver to the
Trustee an Officers’ Certificate and an Opinion of Counsel, each stating that
all conditions precedent relating to the legal defeasance or the covenant
defeasance have been complied with.

SECTION 9.3.        Application
of Trust Money.  The Trustee shall
hold in trust all money or U.S. Government Obligations (including proceeds
thereof) deposited with it pursuant to this Article IX.  It shall apply the deposited money and the
money from U.S. Government Obligations through the Paying Agent and in
accordance with this Indenture and the Securities to the Holders of the
Securities of all sums due in respect of the payment of principal of, premium,
if any, and accrued interest on the Securities.

SECTION 9.4.        Repayment
to the Company.  The Trustee and the
Paying Agent shall promptly turn over to the Company upon request any excess
money, U.S. Government Obligations or securities held by them upon payment of
all the obligations under this Indenture.

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Subject to any applicable abandoned property law, the
Trustee and the Paying Agent shall pay to the Company upon request any money
held by them for the payment of principal of or premium, if any, or interest on
the Securities that remains unclaimed by the Holders thereof for two years,
and, thereafter, Holders entitled to the money must look to the Company for
payment as unsecured general creditors.

SECTION 9.5.        Indemnity
for U.S. Government Obligations.  The
Company shall pay and shall indemnify the Trustee against any tax, fee or other
charge imposed on or assessed against deposited U.S. Government Obligations or
the principal and interest received on such U.S. Government Obligations other
than any such tax, fee or other charge that is for the account of the Holder of
the Securities.

SECTION 9.6.        Reinstatement.  If the Trustee or Paying Agent is unable to
apply any money or U.S. Government Obligations in accordance with this Article
IX by reason of any legal proceeding or by reason of any order or judgment
of any court or governmental authority enjoining, restraining or otherwise
prohibiting such application, the obligations of the Company and each
Subsidiary Guarantor, if any, under this Indenture and the Securities shall be
revived and reinstated as though no deposit had occurred pursuant to this Article
IX until such time as the Trustee or Paying Agent is permitted to apply all
such money or U.S. Government Obligations in accordance with this Article IX;
provided, however, that, if the
Company or the Subsidiary Guarantors have made any payment of principal,
premium, if any, interest on or principal of any Securities because of the
reinstatement of its obligations, the Company or Subsidiary Guarantors, as the
case may be, shall be subrogated to the rights of the Holders of such
Securities to receive such payment from the money or U.S. Government
Obligations held by the Trustee or Paying Agent.

The Trustee’s rights under Section 9.5 shall
survive termination of this Indenture.

ARTICLE X

AMENDMENTS

SECTION 10.1.      Without
Consent of Holders.  The Company, the
Subsidiary Guarantors, if any, and the Trustee may amend or supplement this
Indenture, the Securities or the Subsidiary Guarantees (if applicable) without
the consent of any Holder to:

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

(b)           provide for the assumption by a
successor corporation of the obligations of the Company or any Subsidiary
Guarantor under this Indenture;

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

(d)           add Guarantees with respect to the
Securities or release a Subsidiary Guarantor from its obligations under its
Subsidiary Guarantee or this Indenture in accordance with the applicable
provisions of this Indenture;

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(e)           secure the Securities;

(f)            add to the covenants of the Company
for the benefit of the holders or surrender any right or power conferred upon
the Company;

(g)           make any change that does not
adversely affect the rights of any Holder;

(h)           comply with any requirement of the
SEC in connection with the qualification of this Indenture under the Trust
Indenture Act;

(i)            provide for the appointment of a
successor Trustee; provided that
the successor Trustee is otherwise qualified and eligible to act as such under
the terms of this Indenture;

(j)            provide for the issuance of Additional
Securities or Exchange Securities in accordance with the provisions set forth
in this Indenture; or

(k)           conform the text of this Indenture,
the Securities or the Subsidiary Guarantees to any provision under “Description
of the notes” in the Offering Memorandum to the extent that such provision in “Description
of the notes” was intended to be a verbatim recitation of a provision of this
Indenture, the Securities or the Subsidiary Guarantees.

After an amendment or supplement under this Section
becomes effective, the Company shall mail to Holders a notice briefly
describing such amendment or supplement. 
The failure to give such notice to all Holders, or any defect therein,
shall not impair or affect the validity of an amendment or supplement under this
Section 10.1.

SECTION 10.2.      With
Consent of Holders.  Except as
provided in Section 10.1 and this Section 10.2, this Indenture,
the Securities or the Subsidiary Guarantees may be amended or supplemented with
the consent of the holders of at least a majority in aggregate principal amount
of the Securities then outstanding (including, without limitation, consents
obtained in connection with a purchase of, or tender offer or exchange offer
for, Securities), and any existing Default or Event of Default or compliance
with any provision of this Indenture or the Securities or the Subsidiary
Guarantees may be waived with the consent of the Holders of a majority in
aggregate principal amount of the then outstanding Securities (including,
without limitation, consents obtained in connection with a purchase of, or
tender offer or exchange offer for, Securities).

Without the consent of each Holder affected, an
amendment, supplement or waiver may not (with respect to any Securities held by
a non-consenting Holder):

(a)           reduce the amount of Securities whose
holders must consent to an amendment;

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

(c)           reduce the principal of or extend the
Stated Maturity of any Security;

(d)           reduce the premium payable upon the
redemption of any Security or change the time at which any Security may be
redeemed as provided in the Securities and Article VI;

 96
 

(e)           make any Security payable in money
other than that stated in the Security;

(f)            impair the right of any holder to
receive payment of principal, premium, if any, and interest on such holder’s
Securities on or after the due dates therefor or to institute suit for the
enforcement of any payment on or with respect to such holder’s Securities; or

(g)           make any change in the preceding
amendment provisions which require each holder’s consent or in the waiver
provisions.

It shall not be necessary for the consent of the
Holders under this Section 10.2 to approve the particular form of any
proposed amendment, supplement or waiver, but it shall be sufficient if such
consent approves the substance thereof. 
A consent to any amendment, supplement or waiver under this Indenture by
any Holder of the Securities given in connection with a purchase, tender or
exchange of such Holder’s Securities will not be rendered invalid by such
purchase, tender or exchange.

After an amendment or supplement under this Section
becomes effective, the Company shall mail to Holders a notice briefly
describing such amendment or supplement. 
The failure to give such notice to all Holders, or any defect therein,
shall not impair or affect the validity of an amendment or supplement under
this Section 10.2.

SECTION 10.3.      Compliance
with Trust Indenture Act.  Every
amendment or supplement to this Indenture or the Securities shall comply with
the TIA as then in effect.

SECTION 10.4.      Revocation
and Effect of Consents and Waivers. 
A consent to an amendment, supplement or a waiver by a Holder of a
Security shall bind the Holder and every subsequent Holder of that Security or
portion of the Security that evidences the same debt as the consenting Holder’s
Security, even if notation of the consent or waiver is not made on the
Security.  Any such Holder or subsequent
Holder may revoke the consent or waiver as to such Holder’s Security or portion
of the Security if the Trustee receives the notice of revocation before the
date the amendment, supplement or waiver becomes effective or otherwise in
accordance with any related solicitation documents.  After an amendment, supplement or waiver
becomes effective, it shall bind every Holder unless it makes a change
described in any of clauses (a) through (j) of Section 10.2,
in which case the amendment, supplement, waiver or other action shall bind each
Holder who has consented to it and every subsequent Holder that evidences the
same debt as the consenting Holder’s Securities.  An amendment, supplement or waiver shall
become effective upon receipt by the Trustee of the requisite number of written
consents under Section 10.1 or Section 10.2 as applicable.

The Company may, but shall not be obligated to, fix a
record date for the purpose of determining the Holders entitled to give their
consent or take any other action described above or required or permitted to be
taken pursuant to this Indenture.  If a
record date is fixed, then notwithstanding the immediately preceding paragraph,
those Persons who were Holders at such record date (or their duly designated
proxies), and only those Persons, shall be entitled to give such consent or to
revoke any consent previously given or to take any such action, whether or not
such Persons continue to be Holders after such record date.  No such consent shall become valid or
effective more than 120 days after such record date.

 97
 

SECTION 10.5.      Notation
on or Exchange of Securities.  If an
amendment, supplement or waiver changes the terms of a Security, the Trustee
may require the Holder of the Security to deliver it to the Trustee.  The Trustee may place an appropriate notation
on the Security regarding the changed terms and return it to the Holder.  Alternatively, if the Company or the Trustee
so determine, the Company in exchange for the Security shall issue and the
Trustee shall authenticate a new Security that reflects the changed terms.  Failure to make the appropriate notation or
to issue a new Security shall not affect the validity of such amendment.

SECTION 10.6.      Trustee
to Sign Amendments.  The Trustee
shall sign any amendment, supplement or waiver authorized pursuant to this Article IX
if the amendment, supplement or waiver does not adversely affect the rights,
duties, liabilities or immunities of the Trustee.  If it does, the Trustee may but need not sign
it.  In signing such amendment,
supplement or waiver the Trustee shall be entitled to receive indemnity
reasonably satisfactory to it and shall be provided with, and (subject to Sections 8.1
and 8.2) shall be fully protected in relying upon an Officers’
Certificate and an Opinion of Counsel stating that such amendment, supplement
or waiver is authorized or permitted by this Indenture and that such amendment,
supplement or waiver is the legal, valid and binding obligation of the Company
and any Subsidiary Guarantors, enforceable against them in accordance with its
terms, subject to customary exceptions, and complies with the provisions hereof
(including Section 10.3).

ARTICLE XI

MISCELLANEOUS

SECTION 11.1.      Trust
Indenture Act Controls.  If and to
the extent that any provision of this Indenture limits, qualifies or conflicts
with another provision which is required to be included in this Indenture by
the TIA, the provision required by the TIA shall control.  Each Subsidiary Guarantor in addition to
performing its obligations under its Subsidiary Guarantee shall perform such
other obligations as may be imposed upon it with respect to this Indenture
under the TIA.

SECTION 11.2.      Notices.  Any notice or communication shall be in
writing and delivered in person, sent by facsimile, delivered by commercial
courier service or mailed by first-class mail, postage prepaid, addressed as
follows:

if to the Company:

Deluxe Corporation

3680 Victoria St.,
N.

Shoreview,
Minnesota 55126

Fax: (651) 872-2749

Attention: General
Counsel

 

 98
 

with copies to:

Dorsey &
Whitney LLP

250 Park Avenue

New York, New York
10177

Fax:  (212) 953-7201

Attention: Steven
Khadavi, Esq.

 

if to the Trustee:

The Bank of New
York Trust Company, N.A.

2 North LaSalle

Chicago,
Illinois  60602

Fax:  (312) 827-8542

Attention:  Global Corporate Trust 

with copies to:

McGuireWoods LLP

1345 Avenue of the Americas

New York, NY 10105

Fax:  (212) 715-6291

Attention:  John B. Duer, Esq.

 

The Company or the Trustee by written notice to the
other may designate additional or different addresses for subsequent notices or
communications.

Any notice or communication to the Company or the
Subsidiary Guarantors shall be deemed to have been given or made as of the date
so delivered if personally delivered; when receipt is acknowledged, if
telecopied; and five calendar days after mailing if sent by registered or
certified mail, postage prepaid (except that a notice of change of address
shall not be deemed to have been given until actually received by the
addressee).

Any notice or communication mailed to a registered
Holder shall be mailed to the Holder at the Holder’s address as it appears on
the registration books of the Registrar and shall be sufficiently given if so
mailed within the time prescribed.

Failure to mail a notice or communication to a Holder
or any defect in it shall not affect its sufficiency with respect to other
Holders.  If a notice or communication is
mailed in the manner provided above, it is duly given, whether or not the
addressee receives it, except that notices to the Trustee shall be effective
only upon receipt.

SECTION 11.3.      Communication
by Holders with other Holders. 
Holders may communicate pursuant to TIA § 312(b) with other Holders
with respect to their rights under this Indenture or the Securities.  The Company, the Trustee, the Registrar and
anyone else shall have the protection of TIA § 312(c).

 99
 

SECTION 11.4.      Certificate
and Opinion as to Conditions Precedent. 
Upon any request or application by the Company to the Trustee to take or
refrain from taking any action under this Indenture, the Company shall furnish
to the Trustee:

(a)           an Officers’ Certificate in form and
substance reasonably satisfactory to the Trustee stating that, in the opinion
of the signers, all conditions precedent, if any, provided for in this
Indenture relating to the proposed action have been complied with; and

(b)           an Opinion of Counsel in form and
substance reasonably satisfactory to the Trustee stating that, in the opinion
of such counsel, all such conditions precedent, if any, provided for in this
Indenture relating to the proposed action have been complied with.

SECTION 11.5.      Statements
Required in Certificate or Opinion. 
Each certificate or opinion with respect to compliance with a covenant
or condition provided for in this Indenture (other than pursuant to Section
3.18) shall include:

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

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

(c)           a statement that, in the opinion of
such individual, he has made such examination or investigation as is necessary
to enable him to express an informed opinion as to whether or not such covenant
or condition has been complied with; and

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

In giving such Opinion of Counsel, counsel may rely as
to factual matters on an Officers’ Certificate or on certificates of public officials.

SECTION 11.6.      When
Securities Disregarded.  In
determining whether the Holders of the required aggregate principal amount of
Securities have concurred in any direction, waiver or consent, Securities owned
by the Company, any Subsidiary Guarantor or any Affiliate of them shall be
disregarded and deemed not to be outstanding, except that, for the purpose of
determining whether the Trustee shall be protected in relying on any such
direction, waiver or consent, only Securities which the Trustee actually knows
are so owned shall be so disregarded. 
Also, subject to the foregoing, only Securities outstanding at the time
shall be considered in any such determination.

SECTION 11.7.      Rules
by Trustee, Paying Agent and Registrar. 
The Trustee may make reasonable rules for action by, or at meetings of,
Holders.  The Registrar and the Paying
Agent may make reasonable rules for their functions.

SECTION 11.8.      Legal
Holidays.  A “Legal Holiday”
is a Saturday, a Sunday or other day on which commercial banking institutions
are authorized or required to be closed in New York, New York.  If a payment date is a Legal Holiday, payment
shall be made on the next

 100
 

succeeding day that is not a Legal Holiday, and no
interest shall accrue for the intervening period.  If a regular record date is a Legal Holiday,
the record date shall not be affected.

SECTION 11.9.      Governing Law.  THIS
INDENTURE AND THE SECURITIES SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE
WITH, THE LAWS OF THE STATE OF NEW YORK.

SECTION 11.10.    No
Recourse Against Others.  No director, officer, employee,
incorporator or stockholder of the Parent, the Company or any of the Subsidiary
Guarantors, as such, shall have any liability for any obligations of the
Company or such Subsidiary Guarantor under the Securities, this Indenture, a
Guarantee, the Collateral Documents or for any claim based on, in respect of,
or by reason of, such obligations or their creation. Each Holder of Securities
by accepting a Security waives and releases all such liability to the extent permitted
by applicable law. The waiver and release are part of the consideration for
issuance of the Securities. Such waiver may not be effective to waive
liabilities under the federal securities laws, and it is the view of the SEC
that such a waiver is against public policy.

SECTION 11.11.    Successors.  All agreements of the Company and each
Subsidiary Guarantor in this Indenture and the Securities shall bind their
respective successors.  All agreements of
the Trustee in this Indenture shall bind its successors.

SECTION 11.12.    Multiple
Originals.  The parties may sign any
number of copies of this Indenture.  Each
signed copy shall be an original, but all of them together represent the same
agreement.  One signed copy is enough to
prove this Indenture.

SECTION 11.13.    Qualification
of Indenture.  The Company shall
qualify this Indenture under the TIA in accordance with the terms and
conditions of the Registration Rights Agreement.  The Trustee shall be entitled to receive from
the Company any such Officers’ Certificates, Opinions of Counsel or other
documentation as it may reasonably request in connection with any such
qualification of this Indenture under the TIA.

SECTION 11.14.    Table
of Contents; Headings.  The table of
contents, cross-reference sheet and headings of the Articles and Sections of
this Indenture have been inserted for convenience of reference only, are not
intended to be considered a part hereof and shall not modify or restrict any of
the terms or provisions hereof.

SECTION 11.15.    Force
Majeure.  In no event shall the
Trustee be responsible or liable for any failure or delay in the performance of
its obligations hereunder arising out of or caused by, directly or indirectly,
forces beyond its control, including strikes, work stoppages, accidents, acts
of war or terrorism, civil or military disturbances, nuclear or natural
catastrophes or acts of God, and interruptions, loss or malfunctions of
utilities, communications or computer (software and hardware) services; it
being understood that the Trustee shall use reasonable efforts which are
consistent with accepted practices in the banking industry to resume
performance as soon as practicable under the circumstances.

SECTION 11.16.    Waiver of Jury Trial.  EACH PARTY HERETO HEREBY WAIVES, TO THE
FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY
JURY IN RESPECT OF ANY LITIGATION DIRECTLY OR

 101
 

INDIRECTLY ARISING OUT
OF, UNDER OR IN CONNECTION WITH THIS AGREEMENT.

SECTION 11.17.    Severability.  In case any one or more of the provisions in
this Indenture or in the Securities shall be held invalid, illegal or
unenforceable, in any respect for any reason, the validity, legality and
enforceability of any such provision in every other respect and of the
remaining provisions shall not in any way be affected or impaired thereby, it
being intended that all of the provisions hereof shall be enforceable to the
full extent permitted by law.

[Remainder of page left intentionally blank.]

 102

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

	
  

  	
  DELUXE CORPORATION

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Richard S. Greene

  	
   

  
	
   

  	
   

  	
  Name:

  	
  Richard S. Greene

  
	
   

  	
   

  	
  Title:

  	
  SVP and Chief Financial Officer

  
					

 

 

	
  

  	
  THE BANK OF NEW YORK TRUST COMPANY,

  N.A.,

  
	
   

  	
  as Trustee

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ D.G. Donovan

  	
   

  
	
   

  	
   

  	
  D.G. Donovan

  
	
   

  	
   

  	
  Vice President

  

 

EXHIBIT A

[FORM OF FACE OF RESTRICTED GLOBAL NOTE]

[Applicable Restricted Securities Legend]

[Depository Legend, if applicable]

[OID Legend, if applicable]

	
  No.       

  	
   

  	
  Principal Amount $                ,
  as

  
	
   

  	
   

  	
  revised by the Schedule of Increases and

  
	
   

  	
   

  	
  Decreases in Global Security attached hereto

  
	
   

  	
   

  	
  CUSIP NO.                                                     

  
	
   

  	
   

  	
  ISIN:                                                               

  

 

DELUXE CORPORATION

7.375% Senior Note due 2015

DELUXE CORPORATION, a Minnesota corporation, promises
to pay to Cede & Co., or its registered assigns, the principal sum of [                              ]
DOLLARS, as revised by the Schedule of Increases and Decreases in Global
Security attached hereto, on June 1, 2015.

Interest Payment
Dates:  June 1 and December 1 commencing
on December 1, 2007

Record Dates:  May 15 and November 15

Additional provisions of this Security are set forth
on the other side of this Security.

 A-1
 

 

	
   

  	
  DELUXE CORPORATION

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
   Name:

  
	
   

  	
   

  	
   Title:

  
	
   

  	
   

  
	
   

  	
  Date:

  

 

 A-2
 

TRUSTEE’S CERTIFICATE OF

AUTHENTICATION

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

as Trustee, certifies

that this is one of

the Securities referred

to in the within mentioned Indenture.

	
  By:

  	
   

  	
   

  
	
   

  	
  Authorized
  Signatory

  	
   

  
	
   

  
	
  Date:

  

 

 A-3
 

[FORM OF REVERSE SIDE OF RESTRICTED GLOBAL NOTE]

DELUXE CORPORATION

7.375% Senior Note due 2015

1.   Interest

Deluxe Corporation, a
Minnesota corporation (such corporation, and its successors and assigns under
the Indenture hereinafter referred to, being herein called the “Company”),
promises to pay interest on the principal amount of this Security at a rate per
annum equal to 7.375%, commencing May 14, 2007 until maturity and shall pay
Additional Interest, if any, payable pursuant to Section 2(d) of the
Registration Rights Agreement referred to below. The Company shall make each
interest payment in cash semi-annually in arrears on June 1 and December 1 of
each year commencing December 1, 2007, or if any such day is not a Business
Day, on the next succeeding Business Day (each an “Interest Payment Date”).
Notwithstanding the foregoing, if any such Interest Payment Date (other than an
Interest Payment Date at maturity) would otherwise be a day that is not a
Business Day, then the interest payment will be postponed to the next
succeeding Business Day.  If the maturity
date of the Securities is a day that is not a Business Day, all payments to be
made on such day will be made on the next succeeding Business Day, with the
same force and effect as if made on the maturity date, and no Additional
Interest will be payable as a result of such delay in payment. The Company
shall pay interest on overdue principal, and on overdue premium, if any (plus
interest on such interest to the extent lawful), at the rate borne by the
Securities to the extent lawful. 
Interest on the Securities will be computed on the basis of a 360-day
year consisting of twelve 30-day months.

In the event that either
the exchange offer registered under the Securities Act (the “Exchange Offer”)
is not completed within 340 calendar days after the Securities are issued or
the shelf registration statement (the “Shelf Registration Statement”),
if required by the Registration Rights Agreement, dated as of May 14, 2007,
among the Company and the Initial Purchasers (the “Registration Rights
Agreement”), has not become effective before the date that is 340 days
after the Issue Date (the “Target Registration Date”), the interest rate
on the Securities will be increased by (i) 0.25% per annum for the first 90-day
period immediately following the Target Registration Date and (ii) an
additional 0.25% per annum with respect to each subsequent 90-day period, in
each case until the Exchange Offer is completed or the Shelf Registration
Statement, if required by the Registration Rights Agreement, becomes effective
or the Securities become freely tradable under the Securities Act, up to a
maximum increase of 1.00% per annum.

If the Shelf Registration
Statement, if required by the Registration Rights Agreement, has become
effective and thereafter either ceases to be effective or the Prospectus
contained therein ceases to be usable, in each case whether or not permitted by
the Registration Rights Agreement, at any time during the Shelf Effectiveness
Period (as defined in the Registration Rights Agreement), and such failure to
remain effective or usable exists for more

 A-4
 

than 90 days (whether or
not consecutive) in any 12-month period, then the interest rate on the Securities
covered by the Shelf Registration Statement will be increased by (i) 0.25% per
annum for the first 90-day period commencing on the 91st day in such twelve month period and (ii) an
additional 0.25% per annum with respect to each subsequent 90-day period and
ending, in the case of clauses (i) and (ii) on such date that the Shelf
Registration Statement has again become effective or the Prospectus again
becomes usable, up to a maximum increase of 1.00% per annum.

The Holder of this
Security is entitled to the benefits of the Registration Rights Agreement.

2.   Method
of Payment

By no later than 10:00
a.m. (New York City time) on the date on which any principal of, premium, if
any, or interest on any Security is due and payable, the Company shall
irrevocably deposit with the Trustee or the Paying Agent money sufficient to
pay such principal, premium, if any, and/or interest.  The Company will pay interest (except
Defaulted Interest) to the Persons who are registered Holders of Securities at
the close of business on the record date next preceding the interest payment
date even if Securities are cancelled, repurchased or redeemed after the record
date and on or before the interest payment date.  Holders must surrender Securities to a Paying
Agent to collect principal payments.  The
Company will pay principal, premium, if any, and interest in money of the
United States that at the time of payment is legal tender for payment of public
and private debts. Payments in respect of Securities represented by a Global
Security (including principal, premium, if any, and interest) will be made by
the transfer of immediately available funds to the accounts specified by The
Depository Trust Company, or any successor depository. The Company will make
all payments in respect of a Definitive Security (including principal, premium,
if any, and interest) by mailing a check to the registered address of each
Holder thereof; provided, however,
that payments on the Securities may also be made, in the case of a Holder of at
least $1,000,000 aggregate principal amount of Securities, by wire transfer to
a U.S. dollar account maintained by the payee with a bank in the United States
if such Holder elects payment by wire transfer by giving written notice to the
Trustee or the Paying Agent to such effect designating such account no later
than 15 days immediately preceding the relevant due date for payment (or
such other date as the Trustee may accept in its discretion).

3.   Paying
Agent and Registrar

Initially, The Bank of
New York Trust Company, N.A. (the “Trustee”) will act as Trustee, Paying
Agent and Registrar.  The Company may
appoint and change any Paying Agent, Registrar or co-registrar without notice
to any Holder.  Any of the domestically
organized Restricted Subsidiaries may act as Paying Agent, Registrar or
co-registrar.

4.   Indenture

The Company issued the
Securities under an Indenture dated as of May 14, 2007 (as it may be amended or
supplemented from time to time in accordance with the terms thereof, the “Indenture”),
among the Company and the Trustee.  The
terms of the Securities include those

 A-5
 

stated in the Indenture
and those made part of the Indenture by reference to the Trust Indenture Act of
1939 (15 U.S.C. §§ 77aaa-77bbbb) as in effect on the date of the
Indenture (the “Act”).  Capitalized terms used herein and not defined
herein have the meanings ascribed thereto in the Indenture.  The Securities are subject to all terms and
provisions of the Indenture, and Holders are referred to the Indenture and the
Act for a statement of those terms.

The Securities are
general senior unsecured obligations of the Company.  The aggregate principal amount of securities
that may be authenticated and delivered under the Indenture is unlimited.  This Security is one of the 7.375% Senior
Notes due 2015 referred to in the Indenture. 
The Securities include (i) $200,000,000 aggregate principal amount of
the Company’s 7.375% Senior Notes due 2015 issued under the Indenture on May
14, 2007 (herein called “Initial Securities”), (ii) if and when issued,
an unlimited principal amount of additional 7.375% Senior Notes due 2015 in a
non-registered or registered offering of the Company, that may be offered from
time to time subsequent to the Issue Date (the “Additional Securities”),
and (iii) if and when issued, the Company’s 7.375% Senior Notes due 2015, that
may be issued from time to time if and when issued in exchange for Initial
Securities or any Additional Securities as provided in the Registration Rights
Agreement, the Company’s 7.375% Senior Notes due 2015 registered under the
Securities Act (the “Exchange Securities” and, together with the Initial
Securities and any Additional Securities, the “Securities”).  The Initial Securities, Additional Securities
and Exchange Securities are treated as a single class of securities under the
Indenture.  The Indenture imposes certain
limitations on the incurrence of indebtedness, the making of restricted
payments, the sale of assets and subsidiary stock, the incurrence of certain
liens, affiliate transactions, the making of payments for consents, the
entering into of agreements that restrict distributions from restricted
subsidiaries and the consummation of mergers and consolidations, among other
things.  The Indenture also imposes
requirements with respect to the provision of financial information and permits
the suspension of certain covenants if the Company obtains an Investment Grade
Rating.

5.   Redemption

Except as set forth
below, the Securities will not be redeemable at the option of the Company prior
to June 1, 2011.  On and after such date,
the Securities will be redeemable, at the Company’s option, in whole or in
part, at any time from time to time, upon not less than 30 nor more than
60 days’ prior notice, at the following redemption prices (expressed in
percentages of principal amount), plus accrued and unpaid interest on the
Securities, if any, to the applicable redemption date (subject to the right of
Holders of record on the relevant record date to receive interest due on the
relevant interest payment date), if redeemed during the 12-month period
commencing on June 1 of the years set forth below:

	
  Year

  	
   

  	
  Percentage

  	
   

  
	
  2011

  	
   

  	
  103.688

  	
  %

  
	
  2012

  	
   

  	
  101.844

  	
  %

  
	
  2013 and thereafter

  	
   

  	
  100.000

  	
  %

  

 

 A-6
 

In addition, at any time
and from time to time prior to June 1, 2010, the Company may on any one or more
occasions redeem up to 35% of the original principal amount of the Securities
with the Net Cash Proceeds of one or more Equity Offerings at a redemption
price of 107.375% of the principal amount thereof, plus a premium equal to the
interest rate per annum on the Securities applicable on the date on which
notice of redemption was given, plus accrued and unpaid interest, if any, to
the redemption date (subject to the right of Holders of record on the relevant
record date to receive interest due on the relevant interest payment date); provided, that at least 65% of the
original principal amount of the Securities must remain outstanding after each
such redemption and that each such redemption occurs within 90 days of the
date of closing of such Equity Offering.

In
addition, at any time prior to June 1, 2011, the Company may redeem the
Securities, in whole or in part, upon not less than 30 days nor more than 60
days prior notice, at a redemption price equal to 100% of the principal amount
thereof plus the Applicable Premium plus accrued and unpaid interest, if any,
to the redemption date (subject to the right of holders of record on the
relevant record date to receive interest due on the relevant interest payment
date).

“Applicable
Premium” means, with respect to a Security at any Redemption Date, the greater
of (i) 1.0% of the principal amount of such Security and (ii) the excess
of (A) the present value at such time of (1) the redemption price of
such Security at June 1, 2011 plus (2) all required interest payments due
on such Security through June 1, 2011, computed using a discount rate equal to
the Treasury Rate plus 50 basis points, over (B) the principal amount of
such Security.

“Treasury Rate” means the
yield to maturity at the time of computation of United States Treasury
securities with a constant maturity (as compiled 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 Redemption Date (or, if such
Statistical Release is no longer published, any publicly available source or
similar market data)) most nearly equal to the period from the Redemption Date
to June 1, 2011; provided, however,
that if the period from the Redemption Date to June 1, 2011 is not equal to the
constant maturity of a 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 period from the Redemption Date to June 1, 2011 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.

If the optional
redemption date is on or after an interest record date and on or before the
related interest payment date, the accrued and unpaid interest, if any, will be
paid to the Person in whose name the Security is registered at the close of
business on such record date, and no Additional Interest will be payable to
Holders whose Securities will be subject to redemption by the Company.

In the case of any
partial redemption, selection of the Securities for redemption will be made by
the Trustee on a pro rata basis, by lot or by such other method as the Trustee
in its sole discretion shall deem to be fair and appropriate, although no
Securities of $2,000 in original principal amount or less will be redeemed in
part.  Any such notice to the Trustee may
be cancelled at any time prior to notice of such redemption being mailed to any
Holder and shall

 A-7
 

thereby be void and of no
effect.  If any Security is to be
redeemed in part only, the notice of redemption relating to such Security shall
state the portion of the principal amount thereof to be redeemed. A new
Security in principal amount equal to the unredeemed portion thereof will be
issued in the name of the Holder thereof upon cancellation of the original
Security.  On and after the redemption
date, interest will cease to accrue on Securities or portions thereof called
for redemption as long as the Company has deposited with the Paying Agent funds
in satisfaction of the applicable redemption price pursuant to the Indenture.

6.   Repurchase
Provisions

If a Change of Control
occurs, unless the Company has exercised its right to redeem all of the
Securities as described under paragraph 5 of the Securities, then such Change
of Control shall constitute a triggering event which shall trigger the
obligation of the Company to offer to repurchase from each Holder all or any
part (equal to $2,000 and integral multiples of $1,000 in excess thereof) of
such Holder’s Securities at a purchase price in cash equal to 101% of the
principal amount thereof, plus accrued and unpaid interest, if any, to the date
of repurchase (subject to the right of Holders of record on the relevant record
date to receive interest due on the relevant interest payment date) as provided
in, and subject to the terms of, the Indenture.

7.   Denominations;
Transfer; Exchange

The Securities are in
registered form without coupons in denominations of principal amount of $2,000
and whole multiples of $1,000 in excess thereof.  A Holder may transfer or exchange Securities
in accordance with the Indenture.  The
Registrar may require a Holder, among other things, to furnish appropriate
endorsements or transfer documents and to pay a sum sufficient to cover any
transfer tax or other governmental taxes and fees required by law or permitted
by the Indenture.  The Registrar need not
register the transfer of or exchange of any Security for a period beginning
15 days before the mailing of a notice of an offer to repurchase or redeem
Securities and ending at the close of business on the day of such mailing.  The Registrar shall not be required to
register the transfer of or exchange of any Security selected for redemption.

8.   Persons
Deemed Owners

The registered Holder of
this Security may be treated as the owner of it for all purposes.

9.   Unclaimed
Money

Subject to any applicable
abandoned property law, the Trustee and the Paying Agent shall pay to the
Company upon request any money held by them for the payment of principal of or
premium, if any, or interest on the Securities that remains unclaimed by the
Holders thereof for two years, and, thereafter, Holders entitled to the money
must look to the Company for payment as unsecured general creditors.

 A-8
 

10.   Defeasance

Subject to certain
exceptions and conditions set forth in the Indenture, the Company at any time
may terminate some or all of its obligations under the Securities and the
Indenture if the Company deposits with the Trustee money or U.S. Government
Obligations for the payment of principal, premium, if any, and interest on the
Securities to redemption or maturity, as the case may be.

11.   Amendment,
Supplement, Waiver

Subject to certain
exceptions set forth in the Indenture, (i) the Indenture and the Securities may
be amended or supplemented by the Company and the Trustee with the written
consent of the Holders of at least a majority in principal amount of the then
outstanding Securities and (ii) any default (other than with respect to
nonpayment (except in accordance with Section 7.4 of the Indenture)) or
noncompliance with any provision may be waived with the written consent of the
Holders of a majority in principal amount of the then outstanding Securities
and except as otherwise set forth in the Indenture, in each case other than in
respect of a provision that cannot be amended without the written consent of
each Holder affected.  Subject to certain
exceptions set forth in the Indenture, without the consent of any Holder, the
Company,  the Subsidiary Guarantors, if
any, and the Trustee may amend or supplement the Indenture, the Securities or
the Subsidiary Guarantees (if applicable) to cure any ambiguity, omission,
defect or inconsistency; provide for the assumption by a successor corporation
of the obligations of the Company or any Subsidiary Guarantor under the
Indenture; provide for uncertificated Securities in addition to or in place of
certificated Securities (provided
that the uncertificated Securities are issued in registered form for purposes
of Section 163(f) of the Code, or in a manner such that the uncertificated
Securities are described in Section 163(f) (2) (B) of the Code); add Guarantees
with respect to the Securities or release a Subsidiary Guarantor from its
obligations under its Subsidiary Guarantee or the Indenture in accordance with
the applicable provisions of the Indenture; secure the Securities; add to the
covenants of the Company for the benefit of the holders or surrender any right
or power conferred upon the Company; make any change that does not adversely
affect the rights of any Holder; comply with any requirement of the SEC in
connection with the qualification of the Indenture under the Trust Indenture
Act; provide for the appointment of a successor Trustee; provided
that the successor Trustee is otherwise qualified and eligible to act as such
under the terms of this Indenture; provide for the issuance of Additional
Securities or Exchange Securities in accordance with the provisions set forth
in the Indenture; or conform the text of the Indenture, the Securities or the
Subsidiary Guarantees, if any, to any provision under “Description of notes” in
the Offering Memorandum to the extent that such provision in “Description of
notes” was intended to be a verbatim recitation of a provision of the Indenture,
the Securities or the Subsidiary Guarantees, if any.

12.   Defaults
and Remedies

Under the Indenture,
Events of Default include (each of which are more specifically described in the
Indenture): (i) default for 30 days in any payment when due of interest on, or
Additional Interest (if required by the Registration Rights Agreement) with
respect to, any Security; (ii) default in the payment of principal of or
premium, if any, on any Security when due at its Stated Maturity, upon optional
redemption, upon required repurchase, upon

 A-9
 

declaration or otherwise; (iii) failure by the Company
or any Subsidiary Guarantor to comply with its obligations under Section 5.1;
(iv) failure by the Company to comply for 45 days after notice as provided
below with its other agreements contained in the Indenture; (v) 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), other than
Indebtedness owed to the Company or a Restricted Subsidiary, whether such
Indebtedness or guarantee now exists, or is created after the Issue Date, which
default: (a) is caused by a failure to pay principal of, or interest or
premium, if any, on such Indebtedness prior to the expiration of the grace
period provided in such Indebtedness or (b) results in the acceleration of such
Indebtedness prior to its maturity, and, in each case, the principal amount of
any such Indebtedness, together with the principal amount of any other such
Indebtedness under which there has been a payment default or the maturity of
which has been so accelerated, aggregates $50 million or more; (vi) a
Bankruptcy Law Event of Default; (vii) failure by the Company or any
Significant Subsidiary or group of Restricted Subsidiaries that, taken together
(as of the latest audited consolidated financial statements for the Company and
its Restricted Subsidiaries), would constitute a Significant Subsidiary to pay
final judgments aggregating in excess of $50 million (net of any amounts that a
reputable and creditworthy insurance company has acknowledged liability for in
writing), which judgments are not paid, discharged or stayed for a period of 60
days; or (viii) any Subsidiary Guarantee of a Significant Subsidiary or group
of Restricted Subsidiaries that, taken together (as of the latest audited
consolidated financial statements for the Company and its Restricted
Subsidiaries), would constitute a Significant Subsidiary ceases to be in full
force and effect (except as contemplated by the terms of the Indenture) or is
declared null and void in a judicial proceeding or any Subsidiary Guarantor that
is a Significant Subsidiary or group of Restricted Subsidiaries that, taken
together (as of the latest audited consolidated financial statements for the
Company and its Restricted Subsidiaries), would constitute a Significant
Subsidiary denies or disaffirms its obligations under the Indenture or its
Subsidiary Guarantee. However, a default under clause (iv) of this paragraph
will not constitute an Event of Default until the Trustee or the Holders of 25%
in principal amount of the outstanding Securities notify the Company of the
default and the Company does not cure such default within the time specified in
clause (iv) of this paragraph after receipt of such notice.

If an Event of Default
(other than an Event of Default described in clause (vi) above) occurs and is
continuing, the Trustee by notice to the Company, or the Holders of at least
25% in principal amount of the outstanding Securities by notice to the Company
and the Trustee, may, and the Trustee at the request of such Holders shall,
declare the principal of, premium, if any, and accrued and unpaid interest, if
any, on all the Securities to be due and payable. Upon such a declaration, such
principal, premium and accrued and unpaid interest will be due and payable
immediately. If an Event of Default described in clause (vi) above occurs and
is continuing, the principal of, premium, if any, and accrued and unpaid
interest on all the Securities will become and be immediately due and payable
without any declaration or other act on the part of the Trustee or any Holders.

Holders may not enforce
the Indenture or the Securities except as provided in the Indenture.  The Trustee may refuse to enforce the
Indenture or the Securities unless it receives indemnity or security reasonably
satisfactory to it.  Subject to certain
limitations, Holders of a

 A-10
 

majority in principal
amount of the Securities may direct the Trustee in its exercise of any trust or
power.  The Trustee may withhold from
Holders notice of any continuing Default or Event of Default (except a Default
or Event of Default in payment of principal, premium, if any, or interest) if
it determines in good faith that withholding notice is in their interest.

13.   Trustee
Dealings with the Company

Subject to certain
limitations set forth in the Indenture, the Trustee under the Indenture, in its
individual or any other capacity, may become the owner or pledgee of Securities
and may otherwise deal with and collect obligations owed to it by the Company,
the Subsidiary Guarantors or their Affiliates and may otherwise deal with the
Company, the Subsidiary Guarantors or their Affiliates with the same rights it
would have if it were not Trustee.

14.   No
Recourse Against Others

No director, officer,
employee, incorporator, stockholder or member of the Company or any Subsidiary
or Affiliate of the Company, as such, shall have any liability for any
obligations of the Company under the Securities, the Indenture, the Subsidiary
Guarantees, if any, or the Registration Rights Agreement or for any claim based
on, in respect of, or by reason of, such obligations or their creation. Each
Holder by accepting a Security waives and releases all such liability. The
waiver and release are part of the consideration for issuance of the
Securities. Such waiver may not be effective to waive liabilities under the
federal securities laws and it is the view of the SEC that such a waiver is
against public policy.

15.   Authentication

This Security shall not
be valid until an authorized signatory of the Trustee (or an authenticating
agent acting on its behalf) manually signs the certificate of authentication on
the other side of this Security.

16.   Abbreviations

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

17.   CUSIP,
Common Code and ISIN Numbers

The Company has caused
CUSIP, Common Code or ISIN numbers, if applicable, to be printed on the
Securities and has directed the Trustee to use CUSIP, Common Code or ISIN
numbers, if applicable, 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 Securities or as
contained in any notice of redemption, and reliance may be placed only on the
other identification numbers placed thereon.

 A-11
 

18.   Governing
Law

This Security shall be
governed by, and construed in accordance with, the laws of the State of New
York.

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

Deluxe Corporation

3680 Victoria St., N.

Shoreview, Minnesota 55126

Attention: General
Counsel

 A-12
 

ASSIGNMENT FORM

To assign this Security,
fill in the form below:

I or we assign and
transfer this Security to:

	
   

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

  
	
   

  
	
  (Insert assignee’s social security or tax I.D. No.)

  

 

and irrevocably appoint                       
agent to transfer this Security on the books of the Company.  The agent may substitute another to act for
him.

	
  Date:

  	
   

  	
   

  	
  Your Signature:

  	
   

  
	
   

  	
   

  
	
  Signature
  Guarantee:

  	
   

  
	
   

  	
  (Signature must
  be guaranteed)

  
						

 

	
  

  
	
  Sign exactly as
  your name appears on the other side of this Security.

  

 

The signature(s) should
be guaranteed by an eligible guarantor institution (banks, stockbrokers,
savings and loan associations and credit unions with membership in an approved
signature guarantee medallion program), pursuant to SEC Rule 17Ad-15.

In connection with
any transfer or exchange of any of the Securities evidenced by this certificate
occurring prior to the date that is two years after the later of the date of
original issuance of such Securities and the last date, if any, on which such
Securities were owned by the Company, or any Affiliate of the Company, the
undersigned confirms that such Securities are being:

CHECK ONE BOX BELOW:

1o                             acquired
for the undersigned’s own account, without transfer; or

2o                             transferred
to the Company; or

3o                             transferred
pursuant to and in compliance with Rule 144A under the Securities Act of
1933, as amended (the “Securities Act”); or

4o                             transferred
pursuant to an effective registration statement under the Securities Act; or

5o                             transferred
pursuant to and in compliance with Regulation S under the Securities Act;
or

 A-13
 

6o                             transferred
to an institutional “accredited investor” (within the meaning of Rule
501(a)(1), (2), (3) or (7) under the Securities Act), that has furnished to the
Trustee a signed letter containing certain representations and agreements (the
form of which letter appears as Section 2.7 of the Indenture); or

7o                             transferred
pursuant to another available exemption from the registration requirements of
the Securities Act.

Unless one of the boxes
is checked, the Trustee will refuse to register any of the Securities evidenced
by this certificate in the name of any person other than the registered Holder
thereof; provided, however, that
if box (5), (6) or (7) is checked, the Trustee or the Company may require,
prior to registering any such transfer of the Securities, the delivery of an
opinion of counsel, certification and/or other information satisfactory to each
of them to confirm that such transfer is being made pursuant to an exemption
from, or in a transaction not subject to, the registration requirements of the
Securities Act, such as the exemption provided by Rule 144 under such Act.

	
   

  	
   

  	
   

  
	
  

  	
  Signature

  
	
  Signature
  Guarantee:

  	
   

  
	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  (Signature must
  be guaranteed)

  	
  Signature

  
				

 

The signature(s) should
be guaranteed by an eligible guarantor institution (banks, stockbrokers,
savings and loan associations and credit unions with membership in an approved
signature guarantee medallion program), pursuant to SEC Rule 17Ad-15.

TO BE COMPLETED BY
PURCHASER IF (1) OR (3) ABOVE IS CHECKED.

The undersigned
represents and warrants that it is purchasing this Security for its own account
or an account with respect to which it exercises sole investment discretion and
that it and any such account is a “qualified institutional buyer” within the
meaning of Rule 144A under the Securities Act of 1933, as amended, and is
aware that the sale to it is being made in reliance on Rule 144A and
acknowledges that it has received such information regarding the Company as the
undersigned has requested pursuant to Rule 144A or has determined not to
request such information and that it is aware that the transferor is relying
upon the undersigned’s foregoing representations in order to claim the
exemption from registration provided by Rule 144A.

	
  

  	
   

  	
   

  
	
   

  	
  Dated:

  

 

 A-14
 

[TO BE ATTACHED TO GLOBAL
NOTES]

SCHEDULE OF INCREASES AND
DECREASES IN GLOBAL NOTE

The following increases
and decreases in this Global Note have been made:

	
  Date of

  Decrease

  or

  Increase

  	
   

  	
  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

  signatory of

  Trustee or

  Securities

  Custodian

  
	
     

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
     

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
     

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  

 

 A-15
 

OPTION OF HOLDER TO ELECT
PURCHASE

If you elect to have this
Security purchased by the Company pursuant to Section 3.5 or 3.9
of the Indenture, check either box:

 ̈             ̈

3.5           3.9

If you want to elect to
have only part of this Security purchased by the Company pursuant to Section 3.5
or Section 3.9 of the Indenture, state the amount in principal
amount (must be in a principal amount of $2,000 and integral multiples of
$1,000 in excess thereof):  $                                

	
  Date:

  	
   

  	
   

  	
  Your Signature:

  	
   

  
	
   

  	
   

  	
  (Sign exactly as
  your name appears on the other side of the Security)

  
	
   

  	
   

  	
   

  
	
  Signature
  Guarantee:

  	
   

  	
   

  
	
   

  	
   

  	
  (Signature must
  be guaranteed)

  

 

The signature(s) should be guaranteed by an eligible
guarantor institution (banks, stockbrokers, savings and loan associations and
credit unions with membership in an approved signature guarantee medallion
program), pursuant to SEC Rule 17Ad-15.

 A-16

EXHIBIT B

[FORM OF FACE OF GLOBAL NOTE]

[Depository Legend, if applicable]

[OID Legend, if applicable]

	
  No.       

  	
   

  	
  Principal Amount $                          ,
  as

  
	
   

  	
   

  	
  revised by the Schedule of Increases and

  
	
   

  	
   

  	
  Decreases in Global Security attached hereto

  
	
   

  	
   

  	
  CUSIP NO.                                                     

  
	
   

  	
   

  	
  ISIN:                                                               

  

 

DELUXE CORPORATION

7.375% Senior Note due 2015

DELUXE CORPORATION, a Minnesota corporation, promises
to pay to Cede & Co., or its registered assigns, the principal sum of [                              ]
DOLLARS, as revised by the Schedule of Increases and Decreases in Global
Security attached hereto, on June 1, 2015.

Interest Payment
Dates:  June 1 and December 1 commencing
on December 1, 2007

Record Dates: May
15 and November 15

Additional provisions of this Security are set forth
on the other side of this Security.

 B-1
 

 

	
  

  	
  DELUXE CORPORATION

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
   Name:

  
	
   

  	
   

  	
   Title:

  
	
   

  	
   

  
	
   

  	
  Date:

  

 

 B-2
 

 

	
  TRUSTEE’S CERTIFICATE OF

  	
   

  
	
    AUTHENTICATION

  	
   

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

  	
   

  
	
  as Trustee, certifies

  	
   

  
	
  that this is one of

  	
   

  
	
  the Securities referred

  	
   

  
	
  to in the within mentioned Indenture.

  	
   

  
	
   

  	
   

  
	
  By:

  	
   

  	
   

  	
   

  
	
   

  	
  Authorized
  Signatory

  	
   

  
	
   

  	
   

  	
   

  
	
  Date:

  	
   

  
				

 

 B-3
 

[FORM OF REVERSE SIDE OF GLOBAL NOTE]

DELUXE CORPORATION

7.375% Senior Note due 2015

1.   Interest

Deluxe Corporation, a Minnesota corporation (such
corporation, and its successors and assigns under the Indenture hereinafter
referred to, being herein called the “Company”), promises to pay
interest on the principal amount of this Security at a rate per annum equal to
7.375%, commencing May 14, 2007 until maturity and shall pay Additional
Interest, if any, payable pursuant to Section 2(d) of the Registration Rights
Agreement referred to below. The Company shall make each interest payment in
cash semi-annually in arrears on June 1 and December 1 of each year commencing
December 1, 2007, or if any such day is not a Business Day, on the next
succeeding Business Day (each an “Interest Payment Date”).
Notwithstanding the foregoing, if any such Interest Payment Date (other than an
Interest Payment Date at maturity) would otherwise be a day that is not a
Business Day, then the interest payment will be postponed to the next
succeeding Business Day.  If the maturity
date of the Securities is a day that is not a Business Day, all payments to be
made on such day will be made on the next succeeding Business Day, with the
same force and effect as if made on the maturity date, and no Additional
Interest will be payable as a result of such delay in payment. The Company
shall pay interest on overdue principal, and on overdue premium, if any (plus
interest on such interest to the extent lawful), at the rate borne by the
Securities to the extent lawful. 
Interest on the Securities will be computed on the basis of a 360-day
year consisting of twelve 30-day months.

2.   Method
of Payment

By no later than 10:00 a.m. (New York City time) on
the date on which any principal of, premium, if any, or interest on any
Security is due and payable, the Company shall irrevocably deposit with the
Trustee or the Paying Agent money sufficient to pay such principal, premium, if
any, and/or interest.  The Company will
pay interest (except Defaulted Interest) to the Persons who are registered
Holders of Securities at the close of business on the record date next
preceding the interest payment date even if Securities are cancelled,
repurchased or redeemed after the record date and on or before the interest
payment date.  Holders must surrender
Securities to a Paying Agent to collect principal payments.  The Company will pay principal, premium, if
any, and interest in money of the United States that at the time of payment is
legal tender for payment of public and private debts. Payments in respect of
Securities represented by a Global Security (including principal, premium, if
any, and interest) will be made by the transfer of immediately available funds
to the accounts specified by The Depository Trust Company, or any successor
depository. The Company will make all payments in respect of

 B-4
 

a Definitive Security (including principal, premium,
if any, and interest) by mailing a check to the registered address of each
Holder thereof; provided, however,
that payments on the Securities may also be made, in the case of a Holder of at
least $1,000,000 aggregate principal amount of Securities, by wire transfer to
a U.S. dollar account maintained by the payee with a bank in the United States
if such Holder elects payment by wire transfer by giving written notice to the
Trustee or the Paying Agent to such effect designating such account no later
than 15 days immediately preceding the relevant due date for payment (or
such other date as the Trustee may accept in its discretion).

3.   Paying
Agent and Registrar

Initially, The Bank of New York Trust Company, N.A.
(the “Trustee”) will act as Trustee, Paying Agent and Registrar.  The Company may appoint and change any Paying
Agent, Registrar or co-registrar without notice to any Holder.  Any of the domestically organized Restricted
Subsidiaries may act as Paying Agent, Registrar or co-registrar.

4.   Indenture

The Company issued the Securities under an Indenture
dated as of May 14, 2007 (as it may be amended or supplemented from time to
time in accordance with the terms thereof, the “Indenture”), among the
Company and the Trustee.  The terms of
the Securities include those stated in the Indenture and those made part of the
Indenture by reference to the Trust Indenture Act of 1939 (15 U.S.C.
§§ 77aaa-77bbbb) as in effect on the date of the Indenture (the “Act”).  Capitalized terms used herein and not defined
herein have the meanings ascribed thereto in the Indenture.  The Securities are subject to all terms and
provisions of the Indenture, and Holders are referred to the Indenture and the
Act for a statement of those terms.

The Securities are general senior unsecured
obligations of the Company.  The
aggregate principal amount of securities that may be authenticated and
delivered under the Indenture is unlimited. 
This Security is one of the 7.375% Senior Notes due 2015 referred to in
the Indenture.  The Securities include
(i) $200,000,000 aggregate principal amount of the Company’s 7.375% Senior Notes
due 2015 issued under the Indenture on May 14, 2007 (herein called “Initial
Securities”), (ii) if and when issued, an unlimited principal amount of
additional 7.375% Senior Notes due 2015 in a non-registered or registered
offering of the Company, that may be offered from time to time subsequent to
the Issue Date (the “Additional Securities”), and (iii) if and when
issued, the Company’s 7.375% Senior Notes due 2015, that may be issued from
time to time if and when issued in exchange for Initial Securities or any
Additional Securities as provided in the Registration Rights Agreement, the
Company’s 7.375% Senior Notes due 2015 registered under the Securities Act (the
“Exchange Securities” and, together with the Initial Securities and any
Additional Securities, the “Securities”).  The Initial Securities, Additional Securities
and Exchange Securities are treated as a single class of securities under the
Indenture.  The Indenture imposes certain
limitations on the incurrence of indebtedness, the making of restricted
payments, the sale of assets and subsidiary stock, the incurrence of certain
liens, affiliate transactions, the making of payments for consents, the
entering into of agreements that restrict distributions from restricted
subsidiaries and the consummation of mergers and consolidations, among other
things.  The Indenture also imposes
requirements with respect to the

 B-5
 

provision of financial information and permits the
suspension of certain covenants if the Company obtains an Investment Grade
Rating.

5.   Redemption

Except as set forth below, the Securities will not be
redeemable at the option of the Company prior to June 1, 2011.  On and after such date, the Securities will
be redeemable, at the Company’s option, in whole or in part, at any time from
time to time, upon not less than 30 nor more than 60 days’ prior notice,
at the following redemption prices (expressed in percentages of principal
amount), plus accrued and unpaid interest on the Securities, if any, to the
applicable redemption date (subject to the right of Holders of record on the
relevant record date to receive interest due on the relevant interest payment
date), if redeemed during the 12-month period commencing on June 1 of the years
set forth below:

	
  Year

  	
   

  	
  Percentage

  	
   

  
	
  2011

  	
   

  	
  103.688

  	
  %

  
	
  2012

  	
   

  	
  101.844

  	
  %

  
	
  2013 and thereafter

  	
   

  	
  100.000

  	
  %

  

In addition, at any time
and from time to time prior to June 1, 2010, the Company may on any one or more
occasions redeem up to 35% of the original principal amount of the Securities
with the Net Cash Proceeds of one or more Equity Offerings at a redemption
price of 107.375% of the principal amount thereof, plus a premium equal to the
interest rate per annum on the Securities applicable on the date on which
notice of redemption was given, plus accrued and unpaid interest, if any, to
the redemption date (subject to the right of Holders of record on the relevant
record date to receive interest due on the relevant interest payment date); provided, that at least 65% of the
original principal amount of the Securities must remain outstanding after each
such redemption and that each such redemption occurs within 90 days of the
date of closing of such Equity Offering.

In addition, at any time prior to June 1,
2011, the Company may redeem the Securities, in whole or in part, upon not less
than 30 days nor more than 60 days prior notice, at a redemption price equal to
100% of the principal amount thereof plus the Applicable Premium plus accrued
and unpaid interest, if any, to the redemption date (subject to the right of
holders of record on the relevant record date to receive interest due on the
relevant interest payment date).

“Applicable
Premium” means, with respect to a Security at any Redemption Date, the greater
of (i) 1.0% of the principal amount of such Security and (ii) the excess
of (A) the present value at such time of (1) the redemption price of
such Security at June 1, 2011 plus (2) all required interest payments due
on such Security through June 1, 2011, computed using a discount rate equal to
the Treasury Rate plus 50 basis points, over (B) the principal amount of
such Security.

“Treasury Rate” means the
yield to maturity at the time of computation of United States Treasury
securities with a constant maturity (as compiled and published in the most
recent Federal Reserve Statistical Release H.15 (519) which has become publicly
available at least two

 B-6
 

business days prior to the Redemption Date (or, if
such Statistical Release is no longer published, any publicly available source
or similar market data)) most nearly equal to the period from the Redemption
Date to June 1, 2011; provided, however,
that if the period from the Redemption Date to June 1, 2011 is not equal to the
constant maturity of a 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 period from the Redemption Date to June 1, 2011 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.

If the optional redemption date is on or after an interest
record date and on or before the related interest payment date, the accrued and
unpaid interest, if any, will be paid to the Person in whose name the Security
is registered at the close of business on such record date, and no Additional
Interest will be payable to Holders whose Securities will be subject to
redemption by the Company.

In the case of any partial redemption, selection of
the Securities for redemption will be made by the Trustee on a pro rata basis,
by lot or by such other method as the Trustee in its sole discretion shall deem
to be fair and appropriate, although no Securities of $2,000 in original
principal amount or less will be redeemed in part.  Any such notice to the Trustee may be
cancelled at any time prior to notice of such redemption being mailed to any
Holder and shall thereby be void and of no effect.  If any Security is to be redeemed in part
only, the notice of redemption relating to such Security shall state the
portion of the principal amount thereof to be redeemed. A new Security in
principal amount equal to the unredeemed portion thereof will be issued in the
name of the Holder thereof upon cancellation of the original Security.  On and after the redemption date, interest
will cease to accrue on Securities or portions thereof called for redemption as
long as the Company has deposited with the Paying Agent funds in satisfaction
of the applicable redemption price pursuant to the Indenture.

6.   Repurchase
Provisions

If a Change of Control occurs, unless the Company has
exercised its right to redeem all of the Securities as described under
paragraph 5 of the Securities, then such Change of Control shall constitute a
triggering event which shall trigger the obligation of the Company to offer to
repurchase from each Holder all or any part (equal to $2,000 and integral
multiples of $1,000 in excess thereof) of such Holder’s Securities at a
purchase price in cash equal to 101% of the principal amount thereof, plus
accrued and unpaid interest, if any, to the date of repurchase (subject to the
right of Holders of record on the relevant record date to receive interest due
on the relevant interest payment date) as provided in, and subject to the terms
of, the Indenture.

7.   Denominations;
Transfer; Exchange

The Securities are in registered form without coupons
in denominations of principal amount of $2,000 and whole multiples of $1,000 in
excess thereof.  A Holder may transfer or
exchange Securities in accordance with the Indenture.  The Registrar may require a Holder, among
other things, to furnish appropriate endorsements or transfer documents and to
pay a sum sufficient to cover any transfer tax or other governmental taxes and
fees required by

 B-7
 

law or permitted by the Indenture.  The Registrar need not register the transfer
of or exchange of any Security for a period beginning 15 days before the
mailing of a notice of an offer to repurchase or redeem Securities and ending
at the close of business on the day of such mailing.  The Registrar shall not be required to
register the transfer of or exchange of any Security selected for redemption.

8.   Persons
Deemed Owners

The registered Holder of this Security may be treated
as the owner of it for all purposes.

9.   Unclaimed
Money

Subject to any applicable abandoned property law, the
Trustee and the Paying Agent shall pay to the Company upon request any money
held by them for the payment of principal of or premium, if any, or interest on
the Securities that remains unclaimed by the Holders thereof for two years,
and, thereafter, Holders entitled to the money must look to the Company for
payment as unsecured general creditors.

10.   Defeasance

Subject to certain exceptions and conditions set forth
in the Indenture, the Company at any time may terminate some or all of its
obligations under the Securities and the Indenture if the Company deposits with
the Trustee money or U.S. Government Obligations for the payment of principal,
premium, if any, and interest on the Securities to redemption or maturity, as
the case may be.

11.   Amendment,
Supplement, Waiver

Subject to certain exceptions set forth in the
Indenture, (i) the Indenture and the Securities may be amended or supplemented
by the Company and the Trustee with the written consent of the Holders of at
least a majority in principal amount of the then outstanding Securities and
(ii) any default (other than with respect to nonpayment (except in accordance
with Section 7.4 of the Indenture)) or noncompliance with any provision
may be waived with the written consent of the Holders of a majority in principal
amount of the then outstanding Securities and except as otherwise set forth in
the Indenture, in each case other than in respect of a provision that cannot be
amended without the written consent of each Holder affected.  Subject to certain exceptions set forth in
the Indenture, without the consent of any Holder, the Company,  the Subsidiary Guarantors, if any, and the
Trustee may amend or supplement the Indenture, the Securities or the Subsidiary
Guarantees (if applicable) to cure any ambiguity, omission, defect or
inconsistency; provide for the assumption by a successor corporation of the
obligations of the Company or any Subsidiary Guarantor under the Indenture;
provide for uncertificated Securities in addition to or in place of
certificated Securities (provided
that the uncertificated Securities are issued in registered form for purposes
of Section 163(f) of the Code, or in a manner such that the uncertificated
Securities are described in Section 163(f) (2) (B) of the Code); add Guarantees
with respect to the Securities or release a Subsidiary Guarantor from its
obligations under its Subsidiary Guarantee or the Indenture in accordance with
the applicable provisions of the Indenture; secure the Securities; add to the
covenants of the Company for the benefit of the

 B-8
 

holders or surrender any right or power conferred upon
the Company; make any change that does not adversely affect the rights of any
Holder; comply with any requirement of the SEC in connection with the
qualification of the Indenture under the Trust Indenture Act; provide for the
appointment of a successor Trustee; provided that
the successor Trustee is otherwise qualified and eligible to act as such under
the terms of this Indenture; provide for the issuance of Additional Securities
or Exchange Securities in accordance with the provisions set forth in the
Indenture; or conform the text of the Indenture, the Securities or the
Subsidiary Guarantees, if any, to any provision under “Description of notes” in
the Offering Memorandum to the extent that such provision in “Description of
notes” was intended to be a verbatim recitation of a provision of the
Indenture, the Securities or the Subsidiary Guarantees, if any.

12.   Defaults
and Remedies

Under the Indenture, Events of Default include (each of
which are more specifically described in the Indenture): (i) default for 30
days in any payment when due of interest on, or Additional Interest (if
required by the Registration Rights Agreement) with respect to, any Security;
(ii) default in the payment of principal of or premium, if any, on any Security
when due at its Stated Maturity, upon optional redemption, upon required
repurchase, upon declaration or otherwise; (iii) failure by the Company or any
Subsidiary Guarantor to comply with its obligations under Section 5.1;
(iv) failure by the Company to comply for 45 days after notice as provided
below with its other agreements contained in the Indenture; (v) 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), other than
Indebtedness owed to the Company or a Restricted Subsidiary, whether such
Indebtedness or guarantee now exists, or is created after the Issue Date, which
default: (a) is caused by a failure to pay principal of, or interest or
premium, if any, on such Indebtedness prior to the expiration of the grace
period provided in such Indebtedness or (b) results in the acceleration of such
Indebtedness prior to its maturity, and, in each case, the principal amount of
any such Indebtedness, together with the principal amount of any other such Indebtedness
under which there has been a payment default or the maturity of which has been
so accelerated, aggregates $50 million or more; (vi) a Bankruptcy Law Event of
Default; (vii) failure by the Company or any Significant Subsidiary or group of
Restricted Subsidiaries that, taken together (as of the latest audited
consolidated financial statements for the Company and its Restricted
Subsidiaries), would constitute a Significant Subsidiary to pay final judgments
aggregating in excess of $50 million (net of any amounts that a reputable and
creditworthy insurance company has acknowledged liability for in writing),
which judgments are not paid, discharged or stayed for a period of 60 days; or
(viii) any Subsidiary Guarantee of a Significant Subsidiary or group of
Restricted Subsidiaries that, taken together (as of the latest audited
consolidated financial statements for the Company and its Restricted
Subsidiaries), would constitute a Significant Subsidiary ceases to be in full
force and effect (except as contemplated by the terms of the Indenture) or is
declared null and void in a judicial proceeding or any Subsidiary Guarantor
that is a Significant Subsidiary or group of Restricted Subsidiaries that,
taken together (as of the latest audited consolidated financial statements for
the Company and its Restricted Subsidiaries), would constitute a Significant
Subsidiary denies or disaffirms its obligations under the Indenture or its
Subsidiary Guarantee. However, a default under clause (iv) of this paragraph
will not constitute an Event of Default until the Trustee or the Holders of 25%

 B-9
 

in principal amount of the outstanding Securities
notify the Company of the default and the Company does not cure such default
within the time specified in clause (iv) of this paragraph after receipt of
such notice.

If an Event of Default (other than an Event of Default
described in clause (vi) above) occurs and is continuing, the Trustee by notice
to the Company, or the Holders of at least 25% in principal amount of the
outstanding Securities by notice to the Company and the Trustee, may, and the
Trustee at the request of such Holders shall, declare the principal of,
premium, if any, and accrued and unpaid interest, if any, on all the Securities
to be due and payable. Upon such a declaration, such principal, premium and
accrued and unpaid interest will be due and payable immediately. If an Event of
Default described in clause (vi) above occurs and is continuing, the principal
of, premium, if any, and accrued and unpaid interest on all the Securities will
become and be immediately due and payable without any declaration or other act
on the part of the Trustee or any Holders.

Holders may not enforce the Indenture or the
Securities except as provided in the Indenture. 
The Trustee may refuse to enforce the Indenture or the Securities unless
it receives indemnity or security reasonably satisfactory to it.  Subject to certain limitations, Holders of a
majority in principal amount of the Securities may direct the Trustee in its
exercise of any trust or power.  The
Trustee may withhold from Holders notice of any continuing Default or Event of
Default (except a Default or Event of Default in payment of principal, premium,
if any, or interest) if it determines in good faith that withholding notice is in
their interest.

13.   Trustee
Dealings with the Company

Subject to certain limitations set forth in the
Indenture, the Trustee under the Indenture, in its individual or any other
capacity, may become the owner or pledgee of Securities and may otherwise deal
with and collect obligations owed to it by the Company, the Subsidiary
Guarantors or their Affiliates and may otherwise deal with the Company, the
Subsidiary Guarantors or their Affiliates with the same rights it would have if
it were not Trustee.

14.   No
Recourse Against Others

No director, officer, employee, incorporator,
stockholder or member of the Company or any Subsidiary or Affiliate of the
Company, as such, shall have any liability for any obligations of the Company
under the Securities, the Indenture, the Subsidiary Guarantees, if any, or the
Registration Rights Agreement or for any claim based on, in respect of, or by
reason of, such obligations or their creation. Each Holder by accepting a
Security waives and releases all such liability. The waiver and release are
part of the consideration for issuance of the Securities. Such waiver may not
be effective to waive liabilities under the federal securities laws and it is
the view of the SEC that such a waiver is against public policy.

15.   Authentication

This Security shall not be valid until an authorized
signatory of the Trustee (or an authenticating agent acting on its behalf)
manually signs the certificate of authentication on the other side of this
Security.

 B-10
 

16.   Abbreviations

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

17.   CUSIP,
Common Code and ISIN Numbers

The Company has caused CUSIP, Common Code or ISIN
numbers, if applicable, to be printed on the Securities and has directed the
Trustee to use CUSIP, Common Code or ISIN numbers, if applicable, 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 Securities or as contained in any notice of redemption, and
reliance may be placed only on the other identification numbers placed thereon.

18.   Governing
Law

This Security shall be governed by, and construed in
accordance with, the laws of the State of New York.

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

Deluxe Corporation

3680 Victoria St., N.

Shoreview, Minnesota 55126

Attention:  General Counsel

 B-11
 

ASSIGNMENT
FORM

To assign this Security, fill in the form below:

I or we assign and transfer this Security to:

	
   

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

  
	
   

  
	
  (Insert assignee’s social security or tax I.D. No.)

  

 

and irrevocably
appoint                       
agent to transfer this Security on the books of the Company.  The agent may substitute another to act for
him.

	
  

  

 

	
  Date:

  	
   

  	
   

  	
  Your Signature:

  	
   

  
	
   

  
	
  Signature
  Guarantee:

  	
   

  
	
   

  	
  (Signature must be guaranteed)

  
	
   

  
	
   

  
	
  Sign exactly as
  your name appears on the other side of this Security.

  
						

 

The signature(s) should be guaranteed by an eligible
guarantor institution (banks, stockbrokers, savings and loan associations and
credit unions with membership in an approved signature guarantee medallion
program), pursuant to SEC Rule 17Ad-15.

 B-12
 

[TO BE ATTACHED TO GLOBAL NOTES]

SCHEDULE OF INCREASES AND DECREASES IN GLOBAL NOTE

The following increases and decreases in this Global
Security have been made:

	
  Date of

  Decrease

  or

  Increase

  	
   

  	
  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

  signatory of

  Trustee or

  Securities

  Custodian

  	
   

  
	
      

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
     

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
     

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  

 

 B-13
 

OPTION OF HOLDER TO ELECT PURCHASE

If you elect to have this Security purchased by the
Company pursuant to Section 3.5 or 3.9 of the Indenture,
check either box:

 ̈             ̈

3.5           3.9

If you want to elect to
have only part of this Security purchased by the Company pursuant to Section 3.5
or Section 3.9 of the Indenture, state the amount in principal
amount (must be in a principal amount of $2,000 and integral multiples of
$1,000 in excess thereof):  $                                

	
  Date:

  	
   

  	
   

  	
  Your Signature:

  	
   

  
	
   

  	
  (Sign exactly as
  your name appears on the other side of the Security)

  
	
   

  
	
  Signature
  Guarantee:

  	
   

  
	
   

  	
  (Signature must be guaranteed)

  
							

 

The signature(s) should be guaranteed by an eligible
guarantor institution (banks, stockbrokers, savings and loan associations and
credit unions with membership in an approved signature guarantee medallion
program), pursuant to SEC Rule 17Ad-15.

 B-14

EXHIBIT C

FORM OF INDENTURE SUPPLEMENT TO ADD SUBSIDIARY
GUARANTORS

This Supplemental Indenture, dated as of               
    , 20     (this “Supplemental
Indenture” or “Guarantee”), among [name of future Subsidiary Guarantor] (the “Guarantor”),
Deluxe Corporation (together with its successors and assigns, the “Company”),
[each other then-existing Guarantors under the Indenture referred to below,]
and The Bank of New York Trust Company, N.A., as Trustee under the Indenture
referred to below.

W I T N E S S E T H:

WHEREAS, the Company and the Trustee have heretofore
executed and delivered an Indenture, dated as of May 14, 2007 (as amended,
supplemented, waived or otherwise modified, the “Indenture”), providing
for the issuance of 7.375% Senior Notes due 2015 of the Company (the “Securities”);

WHEREAS, Section 3.7 of the Indenture
provides that under certain circumstances the Company is required to cause each
Restricted Subsidiary that Guarantees any Indebtedness of the Company to
execute and deliver to the Trustee a supplemental indenture pursuant to which
such Restricted Subsidiary will unconditionally Guarantee, as primary obligor
and not merely as surety, jointly and severally with each other Subsidiary
Guarantor, the full and punctual payment of the principal of, premium, if any,
and interest on the Securities and all other monetary obligations of the
Company under the Indenture; and

WHEREAS, pursuant to Section 10.1 of the
Indenture, the Trustee and the Company are authorized to execute and deliver
this Supplemental Indenture to amend or supplement the Indenture, without the
consent of any Holder;

NOW, THEREFORE, in consideration of the foregoing and
for other good and valuable consideration, the receipt of which is hereby
acknowledged, the Subsidiary Guarantor, the Company, the other Subsidiary
Guarantors, if any, and the Trustee mutually covenant and agree for the equal
and ratable benefit of the Holders of the Securities as follows:

ARTICLE I

Definitions

SECTION 1.1  Defined
Terms.  As used in this Supplemental
Indenture, terms defined in the Indenture or in the preamble or recital hereto
are used herein as therein defined, except that the term “Holders” in
this Supplemental Indenture shall refer to the term “Holders” as defined
in the Indenture and the Trustee acting on behalf or for the benefit of such
Holders.  The words “herein,” “hereof”
and “hereby” and other words of similar import used in this Supplemental
Indenture refer to this Supplemental Indenture as a whole and not to any
particular section hereof.

 C-1
 

ARTICLE II

Agreement to be Bound; Guarantee

SECTION 2.1  Agreement
to be Bound.  The undersigned hereby
becomes a party to the Indenture as a Subsidiary Guarantor and as such will
have all of the rights and be subject to all of the obligations and agreements
of a Subsidiary Guarantor under the Indenture. 
The Subsidiary Guarantor agrees to be bound by all of the provisions of
the Indenture applicable to a Subsidiary Guarantor and to perform all of the
obligations and agreements of a Subsidiary Guarantor under the Indenture.

SECTION 2.2   Guarantee.  The Subsidiary Guarantor hereby fully,
unconditionally and irrevocably Guarantees, as primary obligor and not merely
as surety, jointly and severally with each other Subsidiary Guarantor, if any,
to each Holder of the Securities the full and punctual payment when due,
whether at maturity, by acceleration, by redemption or otherwise, of the
principal of, premium, if any, and interest on the Securities and all other
monetary obligations of the Company under the Indenture (including interest
accruing after the filing of any petition in bankruptcy, or the commencement of
any insolvency, reorganization or like proceeding, relating to the Company or
any Subsidiary Guarantor whether or not a claim for post-filing or
post-petition interest is allowed in such proceeding) (all the foregoing being
hereinafter collectively called the “Guarantor Obligations”).  The Subsidiary Guarantor further agrees (to
the extent permitted by law) that the Guarantor Obligations may be extended or
renewed, in whole or in part, without notice or further assent from it, and
that it will remain bound under this Supplemental Indenture notwithstanding any
extension or renewal of any Guarantor Obligation.

The Subsidiary
Guarantor waives presentation to, demand of payment from and protest to the
Company of any of the Guarantor Obligations and also waives notice of protest
for nonpayment.  The Subsidiary Guarantor
waives (to the extent permitted by law) notice of any default under the
Securities or the Guarantor Obligations.

The Subsidiary
Guarantor further agrees that its Subsidiary Guarantee herein constitutes a
Guarantee of payment when due (and not a Guarantee of collection) and waives
any right to require that any resort be had by any Holder to any security held
for payment of the Guarantor Obligations.

Except as set
forth under Section 2.3, the obligations of the Subsidiary
Guarantor hereunder shall not be subject to any reduction, limitation,
impairment or termination for any reason (other than payment of the Guarantor
Obligations in full), including any claim of waiver, release, surrender,
alteration or compromise, and shall not be subject to any defense of setoff,
counterclaim, recoupment or termination whatsoever or by reason of the invalidity,
illegality or unenforceability of the Guarantor Obligations or otherwise.  Without limiting the generality of the
foregoing, the Guarantor Obligations of the Subsidiary Guarantor herein shall
not be discharged or impaired or otherwise affected by (a) the failure of any
Holder to assert any claim or demand or to enforce any right or remedy against
the Company or any other person under this Supplemental Indenture, the
Securities or any other agreement or otherwise; (b) any extension or renewal of
any thereof; (c) any rescission, waiver, amendment or modification of any of
the

 C-2
 

terms
or provisions of this Supplemental Indenture, the Securities or any other
agreement; (d) the release of any security held by any Holder or the Trustee
for the Guarantor Obligations or any of them; (e) the failure of any Holder to
exercise any right or remedy against any other Subsidiary Guarantor, (f) any
change in the ownership of the Company; (g) by any default, failure or
delay, willful or otherwise, in the performance of the Guarantor Obligations,
or (h) by any other act or thing or omission or delay to do any other act
or thing which may or might in any manner or to any extent vary the risk of any
Subsidiary Guarantor or would otherwise operate as a discharge of the Subsidiary
Guarantor as a matter of law or equity.

Subject to the
provisions of Section 3.7 of the Indenture, the Subsidiary
Guarantor agrees that its Subsidiary Guarantee herein shall remain in full
force and effect until payment in full of all the Guarantor Obligations or the
Subsidiary Guarantor is released from its Subsidiary Guarantee in compliance
with Section 2.3.  The
Subsidiary Guarantor further agrees that its Subsidiary Guarantee herein shall
continue to be effective or be reinstated, as the case may be, if at any time
payment, or any part thereof, of principal of, premium, if any, or interest on
any of the Guarantor Obligations is rescinded or must otherwise be restored by
any Holder upon the bankruptcy or reorganization of the Company or otherwise.

In furtherance of
the foregoing and not in limitation of any other right which any Holder has at
law or in equity against the Subsidiary Guarantor by virtue hereof, upon the
failure of the Company to pay any of the Guarantor Obligations when and as the
same shall become due, whether at maturity, by acceleration, by redemption or
otherwise, the Subsidiary Guarantor hereby promises to and will, upon receipt
of written demand by the Trustee, forthwith pay, or cause to be paid, in cash,
to the Holders an amount equal to the sum of (i) the unpaid amount of such
Guarantor Obligations then due and owing and (ii) accrued and unpaid interest
on such Guarantor Obligations then due and owing (but only to the extent not
prohibited by law) (including interest accruing after the filing of any
petition in bankruptcy or the commencement of any insolvency, reorganization or
like proceeding relating to the Company or any Subsidiary Guarantor whether or
not a claim for post-filing or post-petition interest is allowed in such proceeding).

The Subsidiary
Guarantor further agrees that, as between the Subsidiary Guarantor, on the one
hand, and the Holders, on the other hand, (x) the maturity of the Guarantor
Obligations Guaranteed hereby may be accelerated as provided in this Supplemental
Indenture for the purposes of its Subsidiary Guarantee herein, notwithstanding
any stay, injunction or other prohibition preventing such acceleration in
respect of the Guarantor Obligations Guaranteed hereby and (y) in the event of
any such declaration of acceleration of such Guarantor Obligations, such
Guarantor Obligations (whether or not due and payable) shall forthwith become
due and payable by the Subsidiary Guarantor for the purposes of this Subsidiary
Guarantee.

The Subsidiary Guarantor
also agrees to pay any and all costs and expenses (including reasonable
attorneys’ fees and expenses) incurred by the Trustee or the Holders in
enforcing any rights under this Section.

 C-3
 

SECTION 2.3  Limitation
on Liability; Termination, Release and Discharge.

(a)           Any term or provision of this
Supplemental Indenture to the contrary notwithstanding, the obligations of the
Subsidiary Guarantor hereunder will be limited to the maximum amount as will,
after giving effect to all other contingent and fixed liabilities of the
Subsidiary Guarantor and after giving effect to any collections from or
payments made by or on behalf of any other Subsidiary Guarantor, if any, in
respect of the obligations of such other Subsidiary Guarantor under its
Subsidiary Guarantee or pursuant to its contribution obligations under this
Supplemental Indenture, result in the obligations of the Subsidiary Guarantor
under this Guarantee not constituting a fraudulent conveyance or fraudulent
transfer under federal or state law and not otherwise being void or voidable
under any similar laws affecting the rights of creditors generally.

(b)           Upon the sale or disposition of the
Subsidiary Guarantor (by merger, consolidation, the sale of its Capital Stock
(such that it is not a direct or indirect Subsidiary of the Company) or the
sale of all or substantially all of its assets (other than by lease)), and
whether or not the Subsidiary Guarantor is the surviving corporation in such
transaction, to or with a Person which is not the Company or a Restricted Subsidiary
of the Company, the Subsidiary Guarantor will be automatically released from
all its obligations under this Supplemental Indenture and the Indenture and
this Guarantee will terminate; provided, however,
that the sale or other disposition is in compliance with the Indenture,
including Sections 3.5, 3.9 and 5.1.

(c)           The Subsidiary Guarantor shall be
deemed released from all its obligations under this Supplemental Indenture and
the Indenture and this Guarantee shall terminate (x) upon the legal defeasance
of the Securities pursuant to the provisions of Article IX hereof or (y)
in accordance with Section 3.7 of the Indenture.

(d)           The Subsidiary Guarantor shall be
released from all of its obligations under this Supplemental Indenture, the
Indenture and its Guarantee if the Company designates the Subsidiary Guarantor
as an Unrestricted Subsidiary and such designation complies with the other
applicable provisions of this Supplemental Indenture and the Indenture.

(e)           The Subsidiary Guarantor shall be
released from all of its obligations under this Supplemental Indenture, the
Indenture and this Guarantee upon satisfaction and discharge of the Indenture
pursuant to Section 9.1(a).

SECTION 2.4  No
Subrogation.  Notwithstanding any
payment or payments made by the Subsidiary Guarantor hereunder, no Subsidiary
Guarantor shall be entitled to be subrogated to any of the rights of the
Trustee or any Holder against the Company or any other Subsidiary Guarantor, if
any, or any collateral security or guarantee or right of offset held by the
Trustee or any Holder for the payment of the Guarantor Obligations, nor shall
the Subsidiary Guarantor seek or be entitled to seek any contribution or
reimbursement from the Company or any other Subsidiary Guarantor, if any, in
respect of payments made by the Subsidiary Guarantor hereunder until all
amounts owing to the Trustee and the Holders by the Company on account of the
Guarantor Obligations are paid in full. 
If any amount shall be paid to the Subsidiary Guarantor on account of
such subrogation rights at any time when all of the Guarantor Obligations shall
not have been paid in full, such amount shall be held by the Subsidiary
Guarantor in trust for the Trustee and the Holders, segregated from other funds
of the Subsidiary Guarantor, and shall, forthwith upon receipt by the
Subsidiary Guarantor, be turned over to the

 C-4
 

Trustee in the exact form
received by the Subsidiary Guarantor (duly indorsed by the Subsidiary Guarantor
to the Trustee, if required), to be applied against the Guarantor Obligations.

[Insert
subordination provisions, if applicable.]

ARTICLE III

Miscellaneous

SECTION
3.1   Notices.  All notices and other communications to the
Subsidiary Guarantor shall be given as provided in this Supplemental Indenture
to the Subsidiary Guarantor, at its address set forth below, with a copy to the
Company as provided in the Indenture for notices to the Company.

SECTION
3.2   Parties.  Nothing expressed or mentioned herein is
intended or shall be construed to give any Person, firm or corporation, other
than the Holders and the Trustee, any legal or equitable right, remedy or claim
under or in respect of this Supplemental Indenture or the Indenture or any
provision herein or therein contained.

SECTION
3.3   Governing Law.  This Supplemental Indenture shall be governed
by, and construed in accordance with, the laws of the State of New York.

SECTION 3.4  Ratification
of Indenture; Supplemental Indenture Part of Indenture.  Except as expressly amended hereby, the
Indenture is in all respects ratified and confirmed and all the terms,
conditions and provisions thereof shall remain in full force and effect.  This Supplemental Indenture shall form a part
of the Indenture for all purposes, and every Holder of Securities heretofore or
hereafter authenticated and delivered shall be bound hereby.  The Trustee makes no representation or
warranty as to the validity or sufficiency of this Supplemental Indenture.

SECTION
3.5   Counterparts.  The parties hereto may sign one or more
copies of this Supplemental Indenture in counterparts, all of which together
shall constitute one and the same agreement.

SECTION
3.6   Headings.  The headings of the Articles and the Sections
in this Guarantee are for convenience of reference only and shall not be deemed
to alter or affect the meaning or interpretation of any provisions hereof.

SECTION
3.7   Trustee.  The Trustee makes no representation as to the
validity or sufficiency of this Supplemental Indenture.  The recitals and statements herein are deemed
to be those of the Subsidiary Guarantor and not of the Trustee.

 C-5
 

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

	
   

  	
  [SUBSDIARY GUARANTOR],

  
	
   

  	
  as a Subsidiary
  Guarantor

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  
	
   

  	
   

  	
  [Address]

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  THE BANK OF NEW
  YORK TRUST

  COMPANY, N.A.

  
	
   

  	
  as Trustee

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  DELUXE
  CORPORATION

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  
						

 

 C-6Exhibit
4.2

EXECUTION
VERSION

REGISTRATION RIGHTS
AGREEMENT

This REGISTRATION RIGHTS AGREEMENT dated May 14, 2007
(the “Agreement”) is entered into by and among Deluxe Corporation, a
Minnesota corporation (the “Company”), and J.P. Morgan Securities Inc. (“JPMorgan”),
on behalf of itself and the other initial purchasers (the “Initial
Purchasers”) named on Schedule I to the Purchase Agreement (as defined
below).

The Company and the Initial Purchasers are parties to
the Purchase Agreement dated May 9, 2007 (the “Purchase Agreement”),
which provides for the sale by the Company to the Initial Purchasers of
$200,000,000 aggregate principal amount of the Company’s 7.375% Senior Notes
due 2015 (the “Securities”).  As
an inducement to the Initial Purchasers to enter into the Purchase Agreement,
the Company has agreed to provide to the Initial Purchasers and their direct
and indirect transferees the registration rights set forth in this
Agreement.  The execution and delivery of
this Agreement is a condition to the closing under the Purchase Agreement.

In consideration of the foregoing, the parties hereto
agree as follows:

1.             Definitions. 
As used in this Agreement, the following terms shall have the following
meanings:

“Business Day” shall mean
any day that is not a Saturday, Sunday or other day on which commercial banks
in New York City are authorized or required by law to remain closed.

“Closing Date” means May 14, 2007.

“Company” shall have the meaning set forth in
the preamble and shall also include the Company’s successors.

“Exchange Act” shall mean the Securities
Exchange Act of 1934, as amended from time to time.

“Exchange Dates” shall have the meaning set
forth in Section 2(a)(ii) hereof.

“Exchange Offer” shall mean the exchange offer
by the Company of Exchange Securities for Registrable Securities pursuant to
Section 2(a) hereof.

“Exchange Offer Registration” shall mean a
registration under the Securities Act effected pursuant to Section 2(a) hereof.

“Exchange Offer Registration Statement” shall
mean an exchange offer registration statement on Form S-4 (or, if applicable,
on another appropriate form) and all amendments and supplements to such
registration statement, in each case including the Prospectus contained therein
or deemed a part thereof, all exhibits thereto and any document incorporated by
reference therein.

“Exchange Securities” shall mean, if
applicable, senior notes issued by the Company under the Indenture containing
terms identical to the Securities (except that the Exchange Securities will not
be subject to restrictions on transfer or to any increase in annual interest
rate for failure to comply with this Agreement) and to be offered to Holders of
Securities in exchange for Securities pursuant to the Exchange Offer.

“Free Writing Prospectus” shall mean each free
writing prospectus (as defined in Rule 405 under the Securities Act) prepared
by or on behalf of the Company or used or referred to by the Company in
connection with the sale of the Securities or the Exchange Securities.

“Holders” shall mean the Initial Purchasers,
for so long as they own any Registrable Securities, and each of their
successors, assigns and direct and indirect transferees who become owners of
Registrable Securities under the Indenture; provided that for purposes of
Sections 4 and 5 of this Agreement, the term “Holders” shall include
Participating Broker-Dealers

“Indemnified Person” shall have the meaning set
forth in Section 5(c) hereof.

“Indemnifying Person” shall have the meaning
set forth in Section 5(c) hereof.

“Indenture” shall mean the Indenture relating
to the Securities dated as of May 14, 2007 between the Company and The Bank of
New York Trust Company, N.A., as trustee, as the same may be amended from time
to time in accordance with the terms thereof.

“Initial Purchasers” shall have the meaning set
forth in the preamble.

“Inspector” shall have the meaning set forth in
Section 3(a)(xiii) hereof.

“Issuer Information” shall have the meaning set
forth in Section 5(a) hereof.

“JPMorgan” shall have the meaning set forth in
the preamble.

“Majority Holders” shall mean the Holders of a
majority of the aggregate principal amount of the outstanding Registrable
Securities; provided that whenever the consent or approval of Holders of a
specified percentage of Registrable Securities is required hereunder, any
Registrable Securities owned directly or indirectly by the Company or any of
its affiliates (as such term is defined in Rule 405 of the Securities Act)
shall not be counted in determining whether such consent or approval was given
by the Holders of such required percentage or amount; and provided, further,
that if the Company shall issue any additional Securities under the Indenture
prior to consummation of the Exchange Offer or, if applicable, the
effectiveness of any Shelf Registration Statement, such additional Securities
and the Registrable Securities to which this Agreement relates shall be treated
together as one class for purposes of determining whether the consent or
approval of Holders of a specified percentage of Registrable Securities has
been obtained.

 2
 

“Participating Broker-Dealers” shall have the
meaning set forth in Section 4(a) hereof.

“Person” shall mean an individual, partnership,
limited liability company, corporation, trust or unincorporated organization,
or a government or agency or political subdivision thereof.

“Prospectus” shall mean the prospectus included
in, or, pursuant to the rules and regulations of the Securities Act, deemed a
part of, a Registration Statement, including any preliminary prospectus, and
any such prospectus as amended or supplemented by any prospectus supplement,
including a prospectus supplement with respect to the terms of the offering of
any portion of the Registrable Securities covered by a Shelf Registration
Statement, and by all other amendments and supplements to such prospectus, and
in each case including any document incorporated by reference therein.

“Purchase Agreement” shall have the meaning set
forth in the preamble.

“Registrable Securities” shall mean the
Securities; provided that the Securities shall cease to be Registrable
Securities (i) when a Registration Statement with respect to such Securities
has become effective under the Securities Act and such Securities have been
exchanged or disposed of pursuant to such Registration Statement, (ii) when
such Securities are eligible to be sold pursuant to Rule 144(k) (or any similar
provision then in force, but not Rule 144A) under the Securities Act or (iii)
when such Securities cease to be outstanding.

“Registration Expenses” shall mean any and all
expenses incident to performance of or compliance by the Company with this
Agreement, including without limitation: (i) all SEC, stock exchange or
National Association of Securities Dealers, Inc. registration and filing fees,
(ii) all fees and expenses incurred in connection with compliance with state
securities or blue sky laws (including reasonable fees and disbursements of
counsel for any Underwriters or Holders in connection with blue sky
qualification of any Exchange Securities or Registrable Securities), (iii) all
expenses of any Persons in preparing or assisting in preparing, word
processing, printing and distributing any Registration Statement, any
Prospectus and any amendments or supplements thereto, any underwriting
agreements, securities sales agreements or other similar agreements and any
other documents relating to the performance of and compliance with this
Agreement, (iv) all rating agency fees, (v) all fees and disbursements relating
to the qualification of the Indenture under applicable securities laws, (vi)
the fees and disbursements of the Trustee and its counsel, (vii) the fees and
disbursements of counsel for the Company and, in the case of a Shelf
Registration Statement, the fees and disbursements of one counsel for the Holders
(which counsel shall be selected by the Majority Holders and which counsel may
also be counsel for the Initial Purchasers) and (viii) the fees and
disbursements of the independent public accountants of the Company, including
the expenses of any special audits or “comfort” letters required by or incident
to the performance of and compliance with this Agreement, but excluding fees
and expenses of counsel to the Underwriters (other than fees and expenses set
forth in clause (ii) above) or the Holders and 

 3
 

underwriting discounts
and commissions, brokerage commissions and transfer taxes, if any, relating to
the sale or disposition of Registrable Securities by a Holder.

“Registration Statement” shall mean any
registration statement of the Company that covers any of the Exchange
Securities or Registrable Securities pursuant to the provisions of this
Agreement and all amendments and supplements to any such registration
statement, including post-effective amendments, in each case including the
Prospectus contained therein or deemed a part thereof, all exhibits thereto and
any document incorporated by reference therein.

“SEC” shall mean the United States Securities
and Exchange Commission.

“Securities” shall have the meaning set forth
in the preamble.

“Securities Act” shall mean the Securities Act
of 1933, as amended from time to time.

“Shelf Effectiveness Period” shall have the
meaning set forth in Section 2(b) hereof.

“Shelf Registration” shall mean a registration
effected pursuant to Section 2(b) hereof.

“Shelf Registration Statement” shall mean a “shelf”
registration statement of the Company that covers all or a portion of the
Registrable Securities (but no other securities unless approved by a majority
of the Holders whose Registrable Securities are to be covered by such Shelf
Registration Statement) on an appropriate form under Rule 415 under the
Securities Act, or any similar rule that may be adopted by the SEC, and all
amendments and supplements to such registration statement, including
post-effective amendments, in each case including the Prospectus contained
therein or deemed a part thereof, all exhibits thereto and any document
incorporated by reference therein.

“Shelf Request” shall have the meaning set
forth in Section 2(b) hereof.

“Staff” shall mean the staff of the SEC.

“Target Registration Date” shall have the
meaning set forth in Section 2(d) hereof.

“Trust Indenture Act” shall mean the Trust
Indenture Act of 1939, as amended from time to time.

“Trustee” shall mean the trustee with respect
to the Securities under the Indenture.

“Underwriter” shall have the meaning set forth
in Section 3(e) hereof.

“Underwritten Offering” shall mean an offering
in which Registrable Securities are sold to an Underwriter for reoffering to
the public.

 4
 

2.             Registration Under the Securities Act.  (a)  To
the extent not prohibited by any applicable law or applicable interpretations
of the Staff, the Company shall use its commercially reasonable efforts to (i)
cause to be filed an Exchange Offer Registration Statement covering an offer to
the Holders to exchange all the Registrable Securities for Exchange Securities
and (ii) have such Registration Statement remain effective until 180 days after
the last Exchange Date for use by one or more Participating Broker-Dealers.  The Company shall commence the Exchange Offer
promptly after the Exchange Offer Registration Statement is declared effective
by the SEC.

The Company shall commence the Exchange Offer by
mailing the related Prospectus, appropriate letters of transmittal and other accompanying
documents to each Holder stating, in addition to such other disclosures as are
required by applicable law, substantially the following:

(i)            that the Exchange Offer is being
made pursuant to this Agreement and that all Registrable Securities validly
tendered and not properly withdrawn will be accepted for exchange;

(ii)           the dates of acceptance for exchange
(which shall be a period of at least 20 Business Days from the date such notice
is mailed) (the “Exchange Dates”);

(iii)          that any Registrable Security not
tendered will remain outstanding and continue to accrue interest but will not
retain any rights under this Agreement, except as otherwise specified herein;

(iv)          that any Holder electing to have a
Registrable Security exchanged pursuant to the Exchange Offer will be required
to (A) surrender such Registrable Security, together with the appropriate
letters of transmittal, to the institution and at the address (located in the
Borough of Manhattan, The City of New York) and in the manner specified in the
notice, or (B) effect such exchange otherwise in compliance with the
applicable procedures of the depositary for such Registrable Security, in each
case prior to the close of business on the last Exchange Date; and

(v)           that any Holder will be entitled to
withdraw its election, not later than the close of business on the last
Exchange Date, by (A) sending to the institution and at the address (located in
the Borough of Manhattan, The City of New York) specified in the notice, a
telegram, telex, facsimile transmission or letter setting forth the name of
such Holder, the principal amount of Registrable Securities delivered for
exchange and a statement that such Holder is withdrawing its election to have
such Securities exchanged or (B) effecting such withdrawal in compliance with
the applicable procedures of the depositary for the Registrable Securities.

As a condition to participating
in the Exchange Offer, a Holder will be required to represent to the Company
that (i) any Exchange Securities to be received by it will be acquired in the
ordinary course of its business, (ii) at the time of the commencement of the
Exchange Offer it has no arrangement or understanding with any Person to
participate in the distribution (within the meaning of the Securities Act) of
the Exchange Securities 

 5
 

in
violation of the provisions of the Securities Act, (iii) it is not an “affiliate”
(within the meaning of Rule 405 under the Securities Act) of the Company, (iv)
if such Holder is not a broker-dealer, it is not engaged in and does not intend
to engage in, the distribution of the Exchange Securities, (v) if such Holder
is a broker-dealer that will receive Exchange Securities for its own account in
exchange for Registrable Securities that were acquired as a result of market-making
or other trading activities, then such Holder will deliver a Prospectus (or, to
the extent permitted by law, make available a Prospectus to purchasers) in
connection with any resale of such Exchange Securities and (vi) it is not
acting on behalf of any person that could not truthfully make the
representations set forth in clauses (i) to (v) of this paragraph.

As soon as practicable after the last Exchange Date,
the Company shall:

(i)            accept
for exchange Registrable Securities or portions thereof validly tendered and
not properly withdrawn pursuant to the Exchange Offer; and

(ii)           deliver,
or cause to be delivered, to the Trustee for cancellation all Registrable
Securities or portions thereof so accepted for exchange by the Company and
issue, and cause the Trustee to promptly authenticate and deliver to each
Holder, Exchange Securities equal in principal amount to the principal amount
of the Registrable Securities tendered by such Holder.

The Company shall use its commercially reasonable
efforts to complete the Exchange Offer as provided above and shall comply with
the applicable requirements of the Securities Act, the Exchange Act and other
applicable laws and regulations in connection with the Exchange Offer.

(b)           In the event that (i) the Company
determines that the Exchange Offer Registration provided for in Section 2(a)
above is not available or may not be completed as soon as practicable after the
last Exchange Date because it would violate any applicable law or applicable
interpretations of the Staff, (ii) the Exchange Offer is not for any other
reason completed within 340 days after the Closing Date or (iii) upon receipt
of a written request (a “Shelf Request”) from any Initial Purchaser
representing that it holds Registrable Securities that are or were ineligible
to be exchanged in the Exchange Offer, the Company shall use its commercially
reasonable efforts to cause to be filed as soon as practicable after such
determination, date or Shelf Request, as the case may be, a Shelf Registration
Statement providing for the sale of all the Registrable Securities by the
Holders thereof and to have such Shelf Registration Statement become effective.

In the event that the Company is required to file a
Shelf Registration Statement pursuant to clause (iii) of the preceding
sentence, the Company shall use its commercially reasonable efforts to file and
have become effective both an Exchange Offer Registration Statement pursuant to
Section 2(a) with respect to all Registrable Securities and a Shelf
Registration Statement (which may be a combined Registration Statement with the
Exchange Offer Registration Statement) with respect to offers and sales of
Registrable Securities held by the Initial Purchasers after completion of the
Exchange Offer.

 6
 

The Company agrees to use its commercially reasonable
efforts to keep the Shelf Registration Statement continuously effective until
the expiration of the period referred to in Rule 144(k) (or any similar rule
then in force, but not Rule 144A) under the Securities Act with respect to the
Registrable Securities covered by the Shelf Registration Statement or such
shorter period that will terminate when all the Registrable Securities covered
by the Shelf Registration Statement have been sold pursuant to the Shelf
Registration Statement (the “Shelf Effectiveness Period”).  Subject to the Company’s right to temporarily
suspend the registration statement in Section 3(d) below, the Company further
agrees to supplement or amend the Shelf Registration Statement and the related
Prospectus if required by the rules, regulations or instructions applicable to
the registration form used by the Company for such Shelf Registration Statement
or by the Securities Act or by any other rules and regulations thereunder or if
reasonably requested by a Holder of Registrable Securities with respect to
information relating to such Holder, and to use its commercially reasonable
efforts to cause any such amendment to become effective, if required, and such
Shelf Registration Statement and Prospectus to become usable as soon as
thereafter practicable.  The Company
agrees to furnish to the Holders of Registrable Securities copies of any such
supplement or amendment promptly after its being used or filed with the SEC.

(c)           The Company shall pay all
Registration Expenses in connection with any registration pursuant to Section
2(a) or Section 2(b) hereof.  Each Holder
shall pay all underwriting discounts and commissions, brokerage commissions and
transfer taxes, if any, relating to the sale or disposition of such Holder’s
Registrable Securities pursuant to the Shelf Registration Statement or the
Exchange Offer Registration Statement.

(d)           An Exchange Offer Registration
Statement pursuant to Section 2(a) hereof will not be deemed to have become
effective unless it has been declared effective by the SEC.  A Shelf Registration Statement pursuant to
Section 2(b) hereof will not be deemed to have become effective unless it has
been declared effective by the SEC or is automatically effective upon filing
with the SEC as provided by Rule 462 under the Securities Act.

In the event that either the Exchange Offer is not
completed or the Shelf Registration Statement, if required pursuant to Section
2(b) hereof, has not become effective on or before the date that is 340 days
after the Closing Date (the “Target Registration Date”), the interest
rate on the Registrable Securities will be increased by (i) 0.25% per annum for
the first 90-day period immediately following the Target Registration Date and
(ii) an additional 0.25% per annum with respect to each subsequent 90-day
period, in each case until the Exchange Offer is completed or the Shelf
Registration Statement, if required hereby, becomes effective or the Securities
become freely tradable under the Securities Act, up to a maximum increase of
1.00% per annum.

If the Shelf Registration
Statement, if required hereby, has become effective and thereafter either
ceases to be effective or the Prospectus contained therein ceases to be usable,
in each case whether or not permitted by this Agreement, at any time during the
Shelf Effectiveness Period, and such failure to remain effective or usable
exists for more than 90 days (whether or not consecutive) in any 12-month
period, then the interest rate 

 7
 

on the Registrable
Securities will be increased by (i) 0.25% per annum for the first 90-day period
commencing on the 91st day in such 12-month period and (ii) an
additional 0.25% per annum with respect to each subsequent 90-day period, in
each case, ending on such date that the Shelf Registration Statement has again
become effective or the Prospectus again becomes usable, up to a maximum
increase of 1.00% per annum.

(e)           Without limiting the remedies available to the Initial
Purchasers and the Holders, the Company acknowledges that any failure by the Company
to comply with its obligations under Section 2(a) and Section 2(b) hereof may
result in material irreparable injury to the Initial Purchasers or the Holders
for which there is no adequate remedy at law, that it will not be possible to
measure damages for such injuries precisely and that, in the event of any such
failure, the Initial Purchasers or any Holder may obtain such relief as may be
required to specifically enforce the Company’s obligations under Section 2(a)
and Section 2(b) hereof.

3.             Registration
Procedures.   (a)  In connection with its obligations pursuant
to Section 2(a) and Section 2(b) hereof, the Company shall:

(i)            prepare and file with the SEC a Registration Statement on
the appropriate form under the Securities Act, which form (x) shall be selected
by the Company (y) shall, in the case of a Shelf Registration, be available for
the sale of the Registrable Securities by the Holders thereof and (z) shall
comply as to form in all material respects with the requirements of the
applicable form and include all financial statements required by the SEC to be
filed therewith; and use its commercially reasonable efforts to cause such
Registration Statement to become effective and remain effective for the
applicable period in accordance with Section 2 hereof;

(ii)           prepare and file with the SEC such amendments and
post-effective amendments to each Registration Statement as may be necessary to
keep such Registration Statement effective for the applicable period in
accordance with Section 2 hereof and cause each Prospectus to be supplemented
by any required prospectus supplement and, as so supplemented, to be filed
pursuant to Rule 424 under the Securities Act; and keep each Prospectus current
during the period described in Section 4(3) of and Rule 174 under the
Securities Act that is applicable to transactions by brokers or dealers with
respect to the Registrable Securities or Exchange Securities; and to the extent
any Free Writing Prospectus is used, file with the SEC any Free Writing
Prospectus that is required to be filed by the Company with the SEC in
accordance with the Securities Act and to retain any Free Writing Prospectus
not required to be filed;

(iii)          in the case of a Shelf Registration, furnish to each Holder
of Registrable Securities, to counsel for the Initial Purchasers, to counsel
for such Holders and to each Underwriter of an Underwritten Offering of
Registrable Securities, if any, without charge, as many copies of each
Prospectus or preliminary prospectus or Free Writing Prospectus, and any
amendment or supplement thereto, as such Holder, counsel or Underwriter may
reasonably request in order to facilitate the sale or other disposition of the
Registrable Securities thereunder; and subject to any notice by the Company in
accordance with Section 3(c) below, the Company consents to the use of such
Prospectus, 

 8
 

preliminary prospectus or such Free Writing Prospectus and any
amendment or supplement thereto in accordance with applicable law by each of
the Holders of Registrable Securities and any such Underwriters in connection
with the offering and sale of the Registrable Securities covered by and in the
manner described in such Prospectus, preliminary prospectus or any amendment or
supplement thereto in accordance with applicable law;

(iv)          use its commercially reasonable efforts to register or
qualify the Registrable Securities under all applicable state securities or
blue sky laws of such jurisdictions as any Holder of Registrable Securities
covered by a Registration Statement shall reasonably request in writing by the
time the applicable Registration Statement becomes effective; cooperate with
such Holders in connection with any filings required to be made with the
National Association of Securities Dealers, Inc.; and do any and all other acts
and things that may be reasonably necessary or advisable to enable each Holder
to complete the disposition in each such jurisdiction of the Registrable
Securities owned by such Holder during the Shelf Effectiveness Period; provided
that the Company shall not be required to (1) qualify as a foreign corporation
or other entity or as a dealer in securities in any such jurisdiction where it
would not otherwise be required to so qualify, (2) file any general consent to
service of process in any such jurisdiction or (3) subject itself to taxation
in any such jurisdiction if it is not so subject;

(v)           notify counsel for the Initial Purchasers and, in the case
of a Shelf Registration, notify each Holder of Registrable Securities and
counsel for such Holders promptly and, if requested by any such Holder or
counsel, confirm such advice in writing (1) when a Registration Statement has
become effective, when any post-effective amendment thereto has been filed and
becomes effective, when any Free Writing Prospectus has been filed, and when
any amendment or supplement to the Prospectus or any Free Writing Prospectus
has been filed, (2) of any request by the SEC or any state securities authority
for amendments and supplements to a Registration Statement or Prospectus or any
Free Writing Prospectus or for additional information after the Registration
Statement has become effective, (3) of the issuance by the SEC or any state
securities authority of any stop order suspending the effectiveness of a
Registration Statement or the initiation of any proceedings for that purpose,
including the receipt by the Company of any notice of objection of the SEC to
the use of a Shelf Registration Statement or any post-effective amendment
thereto pursuant to Rule 401(g)(2) under the Securities Act, (4) if, between
the applicable effective date of a Shelf Registration Statement and the closing
of any sale of Registrable Securities covered thereby, the representations and
warranties of the Company contained in any underwriting agreement, securities
sales agreement or other similar agreement, if any, relating to an offering of
such Registrable Securities cease to be true and correct in all material
respects or if the Company receives any notification with respect to the
suspension of the qualification of the Registrable Securities for sale in any
jurisdiction or the initiation of any proceeding for such purpose, (5) of the
happening of any event during the period a Registration Statement is effective
that makes any statement made in such Registration Statement or the related
Prospectus or any Free Writing Prospectus untrue in any material respect or
that requires the making of any changes in such Registration Statement or
Prospectus or any Free Writing Prospectus in order to make the statements therein
not misleading and 

 9
 

(6) of any determination by the Company that a post-effective amendment
to a Registration Statement or any amendment or supplement to the Prospectus or
any Free Writing Prospectus would be appropriate;

(vi)          use its commercially reasonable efforts to obtain the
withdrawal of any order suspending the effectiveness of a Registration
Statement or, in the case of a Shelf Registration, the resolution of any
objection of the SEC pursuant to Rule 401(g)(2), including by filing an
amendment to such Shelf Registration Statement on the proper form, at the
earliest possible moment and provide immediate notice to each Holder of the
withdrawal of any such order or such resolution;

(vii)         in the case of a Shelf Registration, furnish to each Holder
of Registrable Securities, without charge, at least one conformed copy of each
Registration Statement and any post-effective amendment thereto (without any
documents incorporated therein by reference or exhibits thereto, unless
requested);

(viii)        in the case of a Shelf Registration,
cooperate with the Holders of Registrable Securities to facilitate the timely
preparation and delivery of certificates representing Registrable Securities to
be sold and not bearing any restrictive legends and enable such Registrable
Securities to be issued in such denominations and registered in such names
(consistent with the provisions of the Indenture) as such Holders may
reasonably request at least one Business Day prior to the closing of any sale
of Registrable Securities;

(ix)           in the case of a Shelf Registration, upon the occurrence
of any event contemplated by Section 3(a)(v)(5) hereof, use its commercially
reasonable efforts to prepare and file with the SEC a supplement or
post-effective amendment to such Shelf Registration Statement or the related
Prospectus or any Free Writing Prospectus or any document incorporated therein
by reference or file any other required document so that, as thereafter
delivered (or, to the extent permitted by law, made available) to purchasers of
the Registrable Securities, such Prospectus or Free Writing Prospectus will not
contain any untrue statement of a material fact or omit to state a material
fact necessary to make the statements therein, in the light of the
circumstances under which they were made, not misleading; and the Company shall
notify the Holders of Registrable Securities to suspend use of the Prospectus
or any Free Writing Prospectus as promptly as practicable after the occurrence
of such an event, and such Holders hereby agree to suspend use of the
Prospectus or any Free Writing Prospectus until the Company shall have amended
or supplemented the Prospectus or Free Writing Prospectus to correct such
misstatement or omission;

(x)            a reasonable time prior to the filing of any Registration
Statement, any Prospectus, any Free Writing Prospectus, any amendment to a
Registration Statement or amendment or supplement to a Prospectus or a Free
Writing Prospectus, provide an opportunity to the Initial Purchasers (and, in
the case of a Shelf Registration Statement, to the Holders of Registrable
Securities covered by such Registration Statement) to review copies of such
documents; and the Company shall not, at any time after initial filing of a
Registration Statement, use or file any Prospectus, any Free Writing
Prospectus, any 

 10
 

amendment of or supplement to a Registration Statement or a Prospectus
or a Free Writing Prospectus, of which the Initial Purchasers (and, in the case
of a Shelf Registration Statement, the Holders of Registrable Securities covered
by such Registration Statement) shall not have previously been advised and
furnished a copy or to which the Initial Purchasers (and, in the case of a
Shelf Registration Statement, the Holders of a majority in aggregate principal
amount of the Registrable Securities covered by such Registration Statement)
shall object; provided such objection arises from a reasonable allegation of a
material violation of the securities laws of such filing;

(xi)           obtain a CUSIP number for all Exchange Securities or Registrable
Securities, as the case may be, not later than the initial effective date of a
Registration Statement;

(xii)          cause the Indenture to be qualified under the Trust
Indenture Act in connection with the registration of the Exchange Securities or
Registrable Securities, as the case may be; cooperate with the Trustee and the
Holders to effect such changes to the Indenture as may be required for the
Indenture to be so qualified in accordance with the terms of the Trust
Indenture Act; and execute, and use its commercially reasonable efforts to
cause the Trustee to execute, all documents as may be required to effect such
changes and all other forms and documents required to be filed with the SEC to
enable the Indenture to be so qualified in a timely manner;

(xiii)         in the case of a Shelf Registration,
make available for inspection by a representative of the Holders of the
Registrable Securities (an “Inspector”), any Underwriter participating
in any disposition pursuant to such Shelf Registration Statement, any attorneys
and accountants designated by a majority of the Holders of Registrable
Securities to be included in such Shelf Registration and any attorneys and
accountants designated by such Underwriter, at reasonable times and in a
reasonable manner, all pertinent financial and other records, documents and
properties of the Company and its subsidiaries as such Inspector, Underwriter,
attorney or accountant believes shall be reasonably necessary to enable them to
exercise any applicable due diligence responsibilities under federal securities
laws, and cause the respective officers, directors and employees of the Company
to supply all information reasonably requested by any such Inspector,
Underwriter, attorney or accountant in connection with a Shelf Registration
Statement; provided that if any such information is identified by
the Company as being confidential or proprietary, each Person receiving such
information shall take such actions as are reasonably necessary to protect the
confidentiality of such information to the extent such action is otherwise not
inconsistent with, an impairment of or in derogation of the rights and
interests of any Inspector, Holder or Underwriter and such Inspector, Holder or
Underwriter shall use commercially reasonable efforts to provide notice to the
Company of any potential disclosure of any information obtained under this
Section 3(a)(xiii) which is identified as confidential or proprietary pursuant
to the above exception to permit the Company to obtain a protective order;

(xiv)        in the case of a Shelf Registration, use its commercially
reasonable efforts to cause all Registrable Securities to be listed on any
securities exchange or any automated quotation system on which similar
securities issued by the Company are then 

 11
 

listed if requested by the Holders of a majority of the aggregate
principal amount of the Registrable Securities covered by the Shelf
Registration Statement, to the extent such Registrable Securities satisfy
applicable listing requirements;

(xv)         if reasonably requested by any Holder of Registrable
Securities covered by a Shelf Registration Statement, promptly include in a
Prospectus supplement or post-effective amendment such information with respect
to such Holder as such Holder reasonably requests to be included therein and
make all required filings of such Prospectus supplement or such post-effective
amendment as soon as the Company has received notification of the matters to be
so included in such filing; and

(xvi)        in the case of a Shelf Registration, enter into such
customary agreements and take all such other actions in connection therewith
(including those requested by the Holders of a majority in principal amount of
the Registrable Securities covered by the Shelf Registration Statement) in
order to expedite or facilitate the disposition of such Registrable Securities
including, but not limited to, an Underwritten Offering and in such connection,
(1) to the extent possible, make such representations and warranties to any
Underwriters of such Registrable Securities with respect to the business of the
Company and its subsidiaries and the Registration Statement, Prospectus, any
Free Writing Prospectus and documents incorporated by reference or deemed
incorporated by reference, if any, in each case, in form, substance and scope
as are customarily made by issuers to underwriters in underwritten offerings of
debt securities similar to the Securities and confirm the same if and when
requested, (2) use commercially reasonable efforts to obtain opinions of
counsel to the Company (which counsel and opinions, in form, scope and
substance, shall be reasonably satisfactory to the Holders and such
Underwriters and their respective counsel) addressed to each Underwriter of
Registrable Securities, covering the matters customarily covered in opinions
requested in underwritten offerings of debt securities similar to the
Securities, (3) use commercially reasonable efforts to obtain “comfort” letters
from the independent certified public accountants of the Company (and, if
necessary, any other certified public accountant of any subsidiary of the
Company, or of any business acquired by the Company for which financial
statements and financial data are or are required to be included in the
Registration Statement) addressed to each Underwriter of Registrable
Securities, such letters to be in customary form and covering matters of the
type customarily covered in “comfort” letters in connection with underwritten
offerings of debt securities similar to the Securities, including but not
limited to financial information contained in any preliminary prospectus or
Prospectus and (4) deliver such documents and certificates as may be reasonably
requested by the Holders of a majority in principal amount of the Registrable
Securities being sold or the Underwriters, and which are customarily delivered
in underwritten offerings of debt securities similar to the Securities, to
evidence the continued validity of the representations and warranties of the
Company made pursuant to clause (1) above and to evidence compliance with any
customary conditions contained in an underwriting agreement.

(b)           In the case of a Shelf Registration Statement, the Company
may require each Holder of Registrable Securities to furnish to the Company
such information 

 12
 

regarding such Holder and the proposed disposition by such Holder of
such Registrable Securities as the Company may from time to time reasonably
request in writing.

(c)           In the case of a Shelf Registration Statement, each Holder
of Registrable Securities covered in such Shelf Registration Statement agrees
that, upon receipt of any notice from the Company of the happening of any event
of the kind described in Section 3(a)(v)(3) or 3(a)(v)(5) hereof, such Holder
will forthwith discontinue disposition of Registrable Securities pursuant to
the Shelf Registration Statement until such Holder’s receipt of the copies of
the supplemented or amended Prospectus and any Free Writing Prospectus
contemplated by Section 3(a)(ix) hereof and, if so directed by the Company,
such Holder will deliver to the Company all copies in its possession, other
than permanent file copies then in such Holder’s possession, of the Prospectus
and any Free Writing Prospectus covering such Registrable Securities that is
current at the time of receipt of such notice.

(d)           If the Company shall give any notice pursuant to Section
3(c) hereof to suspend the disposition of Registrable Securities pursuant to a
Registration Statement, the Company shall extend the period during which such
Registration Statement shall be maintained effective pursuant to this Agreement
by the number of days during the period from and including the date of the
giving of such notice to and including the date when the Holders of such
Registrable Securities shall have received copies of the supplemented or
amended Prospectus necessary to resume such dispositions. The Company may give
any such notice only twice during any 365-day period and any such suspensions
shall not exceed 45 consecutive days for each suspension and there shall not be
more than two suspensions in effect during any 365-day period.

(e)           The Holders of Registrable Securities covered by a Shelf
Registration Statement who desire to do so may sell such Registrable Securities
in an Underwritten Offering.  In any such
Underwritten Offering, the investment bank or investment banks and manager or
managers (each an “Underwriter”) that will administer the offering will
be selected by the Holders of a majority in principal amount of the Registrable
Securities included in such offering.

4.             Participation
of Broker-Dealers in Exchange Offer. 
(a)  The Staff has taken the
position that any broker-dealer that receives Exchange Securities for its own
account in the Exchange Offer in exchange for Securities that were acquired by
such broker-dealer as a result of market-making or other trading activities (a “Participating
Broker-Dealer”) may be deemed to be an “underwriter” within the meaning of
the Securities Act and must deliver a prospectus meeting the requirements of
the Securities Act in connection with any resale of such Exchange Securities.

The Company understands
that it is the Staff’s position that if the Prospectus contained in the
Exchange Offer Registration Statement includes a plan of distribution
containing a statement to the above effect and the means by which Participating
Broker-Dealers may resell the Exchange Securities, without naming the
Participating Broker-Dealers or specifying the amount of Exchange Securities
owned by them, such Prospectus may be delivered by Participating Broker-Dealers
(or, to the extent permitted 

 13
 

by
law, made available to purchasers) to satisfy their prospectus delivery obligation under
the Securities Act in connection with resales of Exchange Securities for their
own accounts, so long as the Prospectus otherwise meets the requirements of the
Securities Act.

(b)           In light of the above, and notwithstanding the other
provisions of this Agreement, the Company agrees to amend or supplement the
Prospectus contained in the Exchange Offer Registration Statement for a period
of up to 180 days after the last Exchange Date (as such period may be extended
pursuant to Section 3(d) of this Agreement), if requested by the Initial
Purchasers or by one or more Participating Broker-Dealers, in order to expedite
or facilitate the disposition of any Exchange Securities by Participating
Broker-Dealers consistent with the positions of the Staff recited in Section
4(a) above.  The Company further agrees
that Participating Broker-Dealers shall be authorized to deliver such Prospectus
(or, to the extent permitted by law, make available) during such period in
connection with the resales contemplated by this Section 4.

(c)           The Initial Purchasers shall have no liability to the
Company or any Holder with respect to any request that they may make pursuant
to Section 4(b) above.

5.             Indemnification
and Contribution.  (a)  The Company agrees to indemnify and hold
harmless each Initial Purchaser, each Holder, their respective affiliates, each
such party’s respective directors, officers, employees and agents, and each
Person, if any, who controls any Initial Purchaser or any Holder within the
meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act,
from and against any and all losses, claims, damages and liabilities (including,
without limitation, legal fees and other expenses incurred in connection with
any suit, action or proceeding or any claim asserted, as such fees and expenses
are incurred), joint or several, that arise out of, or are based upon, (1) any
untrue statement or alleged untrue statement of a material fact contained in
any Registration Statement or any omission or alleged omission to state therein
a material fact required to be stated therein or necessary in order to make the
statements therein not misleading, or (2) any untrue statement or alleged
untrue statement of a material fact contained in any Prospectus, any Free
Writing Prospectus or any “issuer information” (“Issuer Information”)
filed or required to be filed pursuant to Rule 433(d) under the Securities Act,
or any omission or alleged omission to state therein a material fact necessary
in order to make the statements therein, in the light of the circumstances
under which they were made, not misleading, in each case except insofar as such
losses, claims, damages or liabilities arise out of, or are based upon, any
untrue statement or omission or alleged untrue statement or omission made in
reliance upon and in conformity with any information relating to any Initial
Purchaser or information relating to any Holder furnished to the Company in
writing through JPMorgan or any selling Holder, respectively expressly for use
therein.  In connection with any
Underwritten Offering permitted by Section 3, the Company will also indemnify
the Underwriters, if any, selling brokers, dealers and similar securities
industry professionals participating in the distribution, their respective
affiliates and each Person who controls such Persons (within the meaning of the
Securities Act and the Exchange Act) to the same extent as provided above with
respect to the indemnification of the Holders, if requested in connection with 

 14
 

any Registration
Statement, any Prospectus, any Free Writing Prospectus or any Issuer
Information.

(b)           Each Holder agrees, severally and not jointly, to indemnify
and hold harmless the Company, the Initial Purchasers and the other selling
Holders, the directors of the Company, each officer of the Company who signed
the Registration Statement and each Person, if any, who controls the Company,
any Initial Purchaser and any other selling Holder within the meaning of
Section 15 of the Securities Act or Section 20 of the Exchange Act to the same
extent as the indemnity set forth in paragraph (a) above, but only with respect
to any losses, claims, damages or liabilities that arise out of, or are based
upon, any untrue statement or omission or alleged untrue statement or omission
made in reliance upon and in conformity with any information relating to such
Holder furnished to the Company in writing by such Holder expressly for use in
any Registration Statement and any Prospectus.

(c)           If any suit, action, proceeding (including any
governmental or regulatory investigation), claim or demand shall be brought or
asserted against any Person in respect of which indemnification may be sought
pursuant to either paragraph (a) or (b) above, such Person (the “Indemnified
Person”) shall promptly notify the Person against whom such indemnification
may be sought (the “Indemnifying Person”) in writing; provided that the failure to notify the Indemnifying Person shall not relieve
it from any liability that it may have under paragraph (a) or (b) above except
to the extent that it has been materially prejudiced (through the forfeiture of
substantive rights or defenses) by such failure; and provided, further,
that the failure to notify the Indemnifying Person shall not relieve it from
any liability that it may have to an Indemnified Person otherwise than under
paragraph (a) or (b) above.  If any such
proceeding shall be brought or asserted against an Indemnified Person and it
shall have notified the Indemnifying Person thereof, the Indemnifying Person
shall retain counsel reasonably satisfactory to the Indemnified Person (who
shall not, without the consent of the Indemnified Person, be counsel to the
Indemnifying Person) to represent the Indemnified Person and any others
entitled to indemnification pursuant to this Section 5 that the Indemnifying
Person may designate in such proceeding and shall pay the fees and expenses of
such proceeding and shall pay the fees and expenses of such counsel related to
such proceeding, as incurred.  In any
such proceeding, any Indemnified Person shall have the right to retain its own
counsel, but the fees and expenses of such counsel shall be at the expense of
such Indemnified Person unless (i) the Indemnifying Person and the Indemnified
Person shall have mutually agreed to the contrary; (ii) the Indemnifying Person
has failed within a reasonable time to retain counsel reasonably satisfactory
to the Indemnified Person; (iii) the Indemnified Person shall have reasonably
concluded that there may be legal defenses available to it that are different
from or in addition to those available to the Indemnifying Person; or (iv) the
named parties in any such proceeding (including any impleaded parties) include
both the Indemnifying Person and the Indemnified Person and representation of
both parties by the same counsel would be inappropriate due to actual or
potential differing interests between them. 
It is understood and agreed that the Indemnifying Person shall not, in
connection with any proceeding or related proceeding in the same jurisdiction,
be liable for the fees and expenses of more than one separate firm (in addition
to any local counsel) for all Indemnified Persons, and that all such fees and
expenses shall be reimbursed as they are 

 15
 

incurred.  Any such separate firm
(x) for any Initial Purchaser, its affiliates, directors and officers and any
control Persons of such Initial Purchaser shall be designated in writing by
JPMorgan, (y) for any Holder, its directors and officers and any control
Persons of such Holder shall be designated in writing by the Majority Holders
and (z) in all other cases shall be designated in writing by the Company.  The Indemnifying Person shall not be liable
for any settlement of any proceeding effected without its written consent, but
if settled with such consent or if there be a final judgment for the plaintiff,
the Indemnifying Person agrees to indemnify each Indemnified Person from and
against any loss or liability by reason of such settlement or judgment.  Notwithstanding the foregoing sentence, if at
any time an Indemnified Person shall have requested that an Indemnifying Person
reimburse the Indemnified Person for fees and expenses of counsel as
contemplated by this paragraph, the Indemnifying Person shall be liable for any
settlement of any proceeding effected without its written consent if (i) such
settlement is entered into more than 30 days after receipt by the Indemnifying
Person of such request and (ii) the Indemnifying Person shall not have
reimbursed the Indemni­fied Person in accordance with such request prior to the
date of such settlement.  No Indemnifying
Person shall, without the written consent of the Indemnified Person, effect any
settlement of any pending or threatened proceeding in respect of which any
Indemnified Person is or could have been a party and indemnification could have
been sought hereunder by such Indemnified Person, unless such settlement (A)
includes an unconditional release of such Indemnified Person, in form and
substance reasonably satisfactory to such Indemnified Person, from all
liability on claims that are the subject matter of such proceeding and (B) does
not include any statement as to or any admission of fault, culpability or a
failure to act by or on behalf of any Indemnified Person.

(d)           If the indemnification provided for in paragraphs (a) and
(b) above is unavailable to an Indemnified Person or insufficient in respect of
any losses, claims, damages or liabilities referred to therein, then each
Indemnifying Person under such paragraph, in lieu of indemnifying such
Indemnified Person thereunder, shall contribute to the amount paid or payable
by such Indemnified Person as a result of such losses, claims, damages or
liabilities (i) in such proportion as is appropriate to reflect the relative
benefits received by the Company from the offering of the Securities and the
Exchange Securities, on the one hand, and by the Holders from receiving
Securities or Exchange Securities registered under the Securities Act, on the
other hand, or (ii) if the allocation provided by clause (i) is not permitted
by applicable law, in such proportion as is appropriate to reflect not only the
relative benefits referred to in clause (i) but also the relative fault of the
Company on the one hand and the Holders on the other in connection with the
statements or omissions that resulted in such losses, claims, damages or
liabilities, as well as any other relevant equitable considerations.  The relative fault of the Company on the one
hand and the Holders on the other shall be determined by reference to, among
other things, whether the untrue or alleged untrue statement of a material fact
or the omission or alleged omission to state a material fact relates to
information supplied by the Company or by the Holders and the parties’ relative
intent, knowledge, access to information and opportunity to correct or prevent
such statement or omission.

(e)           The Company and the Holders each agree that it would not
be just and equitable if contribution pursuant to this Section 5 were
determined by pro  rata allocation 

 16
 

(even if the Holders were treated as one entity for such purpose) or by
any other method of allocation that does not take account of the equitable
considerations referred to in paragraph (d) above.  The amount paid or payable by an Indemnified
Person as a result of the losses, claims, damages and liabilities referred to
in paragraph (d) above shall be deemed to include, subject to the limitations
set forth above, any legal or other expenses incurred by such Indemnified
Person in connection with any such action or claim.  Notwithstanding the provisions of this
Section 5, in no event shall a Holder be required to contribute any amount in
excess of the amount by which the total
price at which the Securities or Exchange Securities sold by such Holder exceeds
the amount of any damages that such Holder has otherwise been required to pay
by reason of such untrue or alleged untrue statement or omission or alleged
omission.  No Person guilty of fraudulent
misrepresentation (within the meaning of Section 11(f) of the Securities Act)
shall be entitled to contribution from any Person who was not guilty of such
fraudulent misrepresentation.  The Holders’
obligations to contribute pursuant to this Section 5 are several and not joint.

(f)            The remedies provided for in this Section 5are not
exclusive and shall not limit any rights or remedies that may otherwise be
available to any Indemnified Person at law or in equity.

(g)           The indemnity and contribution provisions contained in
this Section 5 shall remain operative and in full force and effect regardless
of (i) any termination of this Agreement, (ii) any investigation made by or on
behalf of the Initial Purchasers or any Holder or any Person controlling any
Initial Purchaser or any Holder, or by or on behalf of the Company or the
officers or directors of or any Person controlling the Company (iii) acceptance
of any of the Exchange Securities and (iv) any sale of Registrable Securities
pursuant to a Shelf Registration Statement.

6.             General.

(a)           No Inconsistent
Agreements.   The Company represents, warrants and agrees
that (i) the rights granted to the Holders hereunder do not in any way conflict
with and are not inconsistent with the rights granted to the holders of any
other outstanding securities issued by the Company under any other agreement
and (ii) the Company has not entered into, or on or after the date of this
Agreement will enter into, any agreement that is inconsistent with the rights
granted to the Holders of Registrable Securities in this Agreement or otherwise
conflicts with the provisions hereof.

(b)           Amendments and
Waivers.   The provisions of this Agreement, including
the provisions of this sentence, may not be amended, modified or supplemented,
and waivers or consents to departures from the provisions hereof may not be
given unless the Company has obtained the written consent of Holders of at
least a majority in aggregate principal amount of the outstanding Registrable
Securities affected by such amendment, modification, supplement, waiver or
consent; provided that no amendment, modification, supplement, waiver or
consent to any departure from the provisions of Section 5 hereof shall be
effective as against any Holder of Registrable Securities unless consented to
in writing by such Holder.  Any
amendments, modifications, supplements, waivers or 

 17
 

consents pursuant to this Section 6(b) shall be by a writing executed
by each of the parties hereto.

(c)           Notices.  All notices and other communications provided
for or permitted hereunder shall be made in writing by hand-delivery,
registered first-class mail, telex, telecopier, or any courier guaranteeing
overnight delivery (i) if to a Holder, at the most current address given by
such Holder to the Company by means of a notice given in accordance with the
provisions of this Section 6(c), which address initially is, with respect to
the Initial Purchasers, the address set forth in the Purchase Agreement; (ii)
if to the Company, initially at the Company’s address set forth in the Purchase
Agreement and thereafter at such other address, notice of which is given in
accordance with the provisions of this Section 6(c); and (iii) to such other
persons at their respective addresses as provided in the Purchase Agreement and
thereafter at such other address, notice of which is given in accordance with
the provisions of this Section 6(c).  All
such notices and communications shall be deemed to have been duly given: at the
time delivered by hand, if personally delivered; five Business Days after being
deposited in the mail, postage prepaid, if mailed; when answered back, if
telexed; when receipt is acknowledged, if telecopied; and on the next Business
Day if timely delivered to an air courier guaranteeing overnight delivery.  Copies of all such notices, demands or other
communications shall be concurrently delivered by the Person giving the same to
the Trustee, at the address specified in the Indenture.

(d)           Successors and Assigns.
This Agreement shall inure to the benefit of and be binding upon the
successors, assigns and transferees of each of the parties, including, without
limitation and without the need for an express assignment, subsequent Holders; provided
that nothing herein shall be deemed to permit any assignment, transfer or other
disposition of Registrable Securities in violation of the terms of the Purchase
Agreement, the Indenture or the Securities Act. 
If any transferee of any Holder shall acquire Registrable Securities in
any manner, whether by operation of law or otherwise, such Registrable
Securities shall be held subject to all the terms of this Agreement, and by
taking and holding such Registrable Securities such Person shall be
conclusively deemed to have agreed to be bound by and to perform all of the
terms and provisions of this Agreement and such Person shall be entitled to
receive the benefits hereof.  The Initial
Purchasers (in their capacity as Initial Purchasers) shall have no liability or
obligation to the Company with respect to any failure by a Holder to comply
with, or any breach by any Holder of, any of the obligations of such Holder
under this Agreement.

(e)           Third Party
Beneficiaries.  Each Holder
shall be a third party beneficiary to the agreements made hereunder between the
Company, on the one hand, and the Initial Purchasers, on the other hand, and
shall have the right to enforce such agreements directly to the extent it deems
such enforcement necessary or advisable to protect its rights or the rights of
other Holders hereunder.

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

 18
 

(g)           Headings.  The headings in this Agreement are
for convenience of reference only, are not a part of this Agreement and shall
not limit or otherwise affect the meaning hereof.

(h)           Governing Law.  This Agreement shall be governed
by and construed in accordance with the laws of the State of New York.

(i)            Entire Agreement;
Severability.  This Agreement contains the entire agreement
between the parties relating to the subject matter hereof and supersedes all
oral statements and prior writings with respect thereto.  If any term, provision, covenant or
restriction contained in this Agreement is held by a court of competent
jurisdiction to be invalid, void or unenforceable or against public policy, the
remainder of the terms, provisions, covenants and restrictions contained herein
shall remain in full force and effect and shall in no way be affected, impaired
or invalidated.  The Company and the
Initial Purchasers shall endeavor in good faith negotiations to replace the
invalid, void or unenforceable provisions with valid provisions the economic
effect of which comes as close as possible to that of the invalid, void
or unenforceable provisions.

[Remainder of page left
intentionally blank.]

 19

IN
WITNESS WHEREOF, the parties have executed this Agreement as of the date first
written above.

	
  

  	
  DELUXE CORPORATION

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Richard S. Greene

  	
   

  
	
   

  	
  Name:  Richard
  S. Greene

  
	
   

  	
  Title:    SVP
  and Chief Financial Officer

  

 

 

	
  Confirmed and accepted as of the date first
  above written:

  	
   

  
	
   

  	
   

  
	
  J.P. MORGAN SECURITIES INC.

  	
   

  
	
   

  	
   

  
	
      For
  itself and on behalf of the

  	
   

  
	
      several
  Initial Purchasers

  	
   

  
	
   

  	
   

  
	
   

  
	
  By

  	
     /s/ Matthew Lyness

  	
   

  
	
   

  	
         Authorized
  Signatory

  
	
  Name:  Matthew
  Lyness

  
	
  Title:    Managing
  Director

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