Document:

<Page>

CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

We consent to the use in this Post-Effective Amendment No. 12 to Registration
Statement No. 333-20343 of First Fortis Life Insurance Company Separate
Account A on Form N-4, of our report dated February 24, 2005, relating to the
statements of assets and liabilities of First Fortis Life Insurance Company
Separate Account A as of December 31, 2004, and the related statements of
operations for the year then ended and the statements of changes in net
assets for each of the two years in the period ended December 31, 2004,
appearing in the Statement of Additional Information, which is part of such
Registration Statement, and to the reference to us under the heading
"Experts" in such Statement of Additional Information.

/s/ Deloitte & Touche LLP
Hartford, Connecticut
April 15, 2005<Page>

                                                                          [LOGO]

          CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

We hereby consent to the use in this Post-Effective Amendment No. 16 to the
registration statement on Form N-4 (No. 033-63935) (the "Registration
Statement") of our report dated March 31, 2005, relating to the
consolidated financial statements of Fortis Benefits Insurance Company, which
appears in such Registration Statement. We also consent to the reference to
us under the heading "Independent Registered Public Accounting Firm" in such
Registration Statement.

PRICEWATERHOUSECOOPERS LLP
Minneapolis, Minnesota
April 15, 2005<Page>

CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

We consent to the use in this Post-Effective Amendment No. 16 to Registration
Statement No. 033-63935 of Fortis Benefits Insurance Company Variable
Account D on Form N-4, of our report dated February 24, 2005, relating to the
statements of assets and liabilities of Fortis Benefits Insurance Company
Variable Account D as of December 31, 2004, and the related statements of
operations for the year then ended and the statements of changes in net
assets for each of the two years in the period ended December 31, 2004,
appearing in the Statement of Additional Information, which is part of such
Registration Statement, and to the reference to us under the heading "Experts"
in such Statement of Additional Information.

/s/ Deloitte & Touche LLP
Hartford, Connecticut
April 15, 2005<Page>

        CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

We hereby consent to the use in this Post-Effective Amendment No. 6 to the
registration statement on Form N-4 (No. 333-43886) (the "Registration
Statement") of our report dated March 31, 2005, relating to the consolidated
financial statements of Fortis Benefits Insurance Company, which appears in
such Registration Statement. We also consent to the reference to us under the
heading "Independent Registered Public Accounting Firm" in such Registration
Statement.

PRICEWATERHOUSECOOPERS LLP
Minneapolis, Minnesota
April 15, 2005<Page>

CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

We consent to the use in this Post-Effective Amendment No. 6 to Registration
Statement No. 333-43886 of Fortis Benefits Insurance Company Variable Account
D on Form N-4, of our report dated February 24, 2005, relating to the
statements of assets and liabilities of Fortis Benefits Insurance Company
Variable Account D as of December 31, 2004, and the related statements of
operations for the year then ended and the statements of changes in net
assets for each of the two years ended December 31, 2004, appearing in the
Statement of Additional Information, which is part of such Registration
Statement, and to the reference to us under the heading "Experts" in such
Statement of Additional Information.

/s/Deloitte & Touche LLP
Hartford, Connecticut
April 15, 2005<Page>

         CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

We hereby consent to the use in this Post-Effective Amendment No. 15 to the
registration statement on Form N-4 (No. 033-73986) (the "Registration
Statement") of our report dated March 31, 2005, relating to the consolidated
financial statements of Fortis Benefits Insurance Company, which appears in
such Registration Statement. We also consent to the reference to us under the
heading "Independent Registered Public Accounting Firm" in such
Registration Statement.

PRICEWATERHOUSECOOPERS LLP
Minneapolis, Minnesota
April 15, 2005<Page>

CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

We consent to the use in this Post-Effective Amendment No. 15 to Registration
Statement No. 33-73986 of Fortis Benefits Insurance Company Variable Account
D on Form N-4, of our report dated February 24, 2005, relating to the
statements of assets and liabilities of Fortis Benefits Insurance Company
Variable Account D as of December 31, 2004, and the related statements of
operations for the year then ended and the statements of changes in net
assets for each of the two years in the period ended December 31, 2004,
appearing in the Statement of Additional Information, which is part of such
Registration Statement, and to the reference to us under the heading
"Experts" in such Statement of Additional Information.

/s/Deloitte & Touche LLP
Hartford, Connecticut
April 15, 2005Exhibit 4.4

 

 

CDRV INVESTORS,
INC.

as Issuer

 

 

and

 

 

WELLS FARGO BANK,
NATIONAL ASSOCIATION

as Trustee

 

 

 

INDENTURE

 

DATED AS OF
DECEMBER 16, 2004

 

 

95/8%
SENIOR DISCOUNT NOTES DUE 2015

 

 

 

TABLE OF CONTENTS

 

	
  ARTICLE I
  DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION

  	
   

  
	
   

  	
   

  	
   

  
	
  Section 101.

  	
  Definitions.

  	
   

  
	
  Section 102.

  	
  Other Definitions.

  	
   

  
	
  Section 103.

  	
  Rules of Construction.

  	
   

  
	
  Section 104.

  	
  Incorporation by Reference of TIA.

  	
   

  
	
  Section 105.

  	
  Conflict with TIA.

  	
   

  
	
  Section 106.

  	
  Compliance Certificates and Opinions.

  	
   

  
	
  Section 107.

  	
  Form of Documents Delivered to
  Trustee.

  	
   

  
	
  Section 108.

  	
  Acts of Noteholders; Record Dates.

  	
   

  
	
  Section 109.

  	
  Notices, etc., to Trustee and Company.

  	
   

  
	
  Section 110.

  	
  Notices to Holders; Waiver.

  	
   

  
	
  Section 111.

  	
  Effect of Headings and Table of
  Contents.

  	
   

  
	
  Section 112.

  	
  Successors and Assigns.

  	
   

  
	
  Section 113.

  	
  Separability Clause.

  	
   

  
	
  Section 114.

  	
  Benefits of Indenture.

  	
   

  
	
  Section 115.

  	
  GOVERNING LAW.

  	
   

  
	
  Section 116.

  	
  Legal Holidays.

  	
   

  
	
  Section 117.

  	
  No Personal Liability of Directors,
  Officers, Employees, Incorporators and Stockholders.

  	
   

  
	
  Section 118.

  	
  Exhibits and Schedules.

  	
   

  
	
  Section 119.

  	
  Counterparts.

  	
   

  
	
   

  	
   

  	
   

  
	
  ARTICLE II NOTE FORMS

  	
   

  
	
   

  	
   

  	
   

  
	
  Section 201.

  	
  Forms Generally.

  	
   

  
	
  Section 202.

  	
  Form of Trustee’s Certificate of
  Authentication.

  	
   

  
	
  Section 203.

  	
  Restrictive and Global Note Legends.

  	
   

  
	
   

  	
   

  	
   

  
	
  ARTICLE III THE NOTES

  	
   

  
	
   

  	
   

  	
   

  
	
  Section 301.

  	
  Title and Terms.

  	
   

  
	
  Section 302.

  	
  Denominations.

  	
   

  
	
  Section 303.

  	
  Execution, Authentication and Delivery
  and Dating.

  	
   

  
	
  Section 304.

  	
  Temporary Notes.

  	
   

  
	
  Section 305.

  	
  Registration, Registration of Transfer
  and Exchange.

  	
   

  
	
  Section 306.

  	
  Mutilated, Destroyed, Lost and Stolen
  Notes.

  	
   

  
	
  Section 307.

  	
  Payment of Interest Rights Preserved.

  	
   

  
	
  Section 308.

  	
  Persons Deemed Owners.

  	
   

  
	
  Section 309.

  	
  Cancellation.

  	
   

  
	
  Section 310.

  	
  Computation of Interest.

  	
   

  
	
  Section 311.

  	
  CUSIP Numbers.

  	
   

  

 

 

 

	
  Section 312.

  	
  Book-Entry Provisions for Global
  Notes.

  	
   

  
	
  Section 313.

  	
  Special Transfer Provisions.

  	
   

  
	
  Section 314.

  	
  Payment of Additional Amounts.

  	
   

  
	
   

  	
   

  	
   

  
	
  ARTICLE IV COVENANTS

  	
   

  
	
   

  	
   

  	
   

  
	
  Section 401.

  	
  Payment of Principal (or Accreted
  Value), Premium and Interest.

  	
   

  
	
  Section 402.

  	
  Maintenance of Office or Agency.

  	
   

  
	
  Section 403.

  	
  Money for Payments to Be Held in
  Trust.

  	
   

  
	
  Section 404.

  	
  [Reserved.]

  	
   

  
	
  Section 405.

  	
  SEC Reports.

  	
   

  
	
  Section 406.

  	
  Statement as to Default.

  	
   

  
	
  Section 407.

  	
  Limitation on Indebtedness.

  	
   

  
	
  Section 408.

  	
  [Reserved].

  	
   

  
	
  Section 409.

  	
  Limitation on Restricted Payments.

  	
   

  
	
  Section 410.

  	
  Limitation on Restrictions on
  Distributions from Restricted Subsidiaries.

  	
   

  
	
  Section 411.

  	
  Limitation on Sales of Assets and
  Subsidiary Stock.

  	
   

  
	
  Section 412.

  	
  Limitation on Transactions with
  Affiliates.

  	
   

  
	
  Section 413.

  	
  Limitation on Liens.

  	
   

  
	
  Section 414.

  	
  Future Subsidiary Guarantors.

  	
   

  
	
  Section 415.

  	
  Purchase of Notes Upon a Change of
  Control.

  	
   

  
	
   

  	
   

  	
   

  
	
  ARTICLE V SUCCESSORS

  	
   

  
	
   

  	
   

  	
   

  
	
  Section 501.

  	
  When the Company May Merge, etc.

  	
   

  
	
  Section 502.

  	
  Successor Company Substituted.

  	
   

  
	
   

  	
   

  	
   

  
	
  ARTICLE VI REMEDIES

  	
   

  
	
   

  	
   

  	
   

  
	
  Section 601.

  	
  Events of Default.

  	
   

  
	
  Section 602.

  	
  Acceleration of Maturity; Rescission
  and Annulment.

  	
   

  
	
  Section 603.

  	
  Other Remedies; Collection Suit by
  Trustee.

  	
   

  
	
  Section 604.

  	
  Trustee May File Proofs of Claim.

  	
   

  
	
  Section 605.

  	
  Trustee May Enforce Claims
  Without Possession of Notes.

  	
   

  
	
  Section 606.

  	
  Application of Money Collected.

  	
   

  
	
  Section 607.

  	
  Limitation on Suits.

  	
   

  
	
  Section 608.

  	
  Unconditional Right of Holders to
  Receive Principal (or Accreted Value) and Interest.

  	
   

  
	
  Section 609.

  	
  Restoration of Rights and Remedies.

  	
   

  
	
  Section 610.

  	
  Rights and Remedies Cumulative.

  	
   

  
	
  Section 611.

  	
  Delay or Omission Not Waiver.

  	
   

  
	
  Section 612.

  	
  Control by Holders.

  	
   

  
	
  Section 613.

  	
  Waiver of Past Defaults.

  	
   

  
	
  Section 614.

  	
  Undertaking for Costs.

  	
   

  

 

 

ii

 

	
  Section 615.

  	
  Waiver of Stay, Extension or Usury
  Laws.

  	
   

  
	
   

  	
   

  	
   

  
	
  ARTICLE VII THE
  TRUSTEE

  	
   

  
	
   

  	
   

  	
   

  
	
  Section 701.

  	
  Certain Duties and Responsibilities.

  	
   

  
	
  Section 702.

  	
  Notice of Defaults.

  	
   

  
	
  Section 703.

  	
  Certain Rights of Trustee.

  	
   

  
	
  Section 704.

  	
  Not Responsible for Recitals or
  Issuance of Notes.

  	
   

  
	
  Section 705.

  	
  May Hold Notes.

  	
   

  
	
  Section 706.

  	
  Money Held in Trust.

  	
   

  
	
  Section 707.

  	
  Compensation and Reimbursement.

  	
   

  
	
  Section 708.

  	
  Conflicting Interests.

  	
   

  
	
  Section 709.

  	
  Corporate Trustee Required;
  Eligibility.

  	
   

  
	
  Section 710.

  	
  Resignation and Removal; Appointment
  of Successor.

  	
   

  
	
  Section 711.

  	
  Acceptance of Appointment by
  Successor.

  	
   

  
	
  Section 712.

  	
  Merger, Conversion, Consolidation or
  Succession to Business.

  	
   

  
	
  Section 713.

  	
  Preferential Collection of Claims
  Against the Company.

  	
   

  
	
  Section 714.

  	
  Appointment of Authenticating Agent.

  	
   

  
	
   

  	
   

  	
   

  
	
  ARTICLE VIII
  HOLDERS’ LISTS AND REPORTS BY TRUSTEE AND THE COMPANY

  	
   

  
	
   

  	
   

  	
   

  
	
  Section 801.

  	
  The Company to Furnish Trustee Names
  and Addresses of Holders.

  	
   

  
	
  Section 802.

  	
  Preservation of Information;
  Communications to Holders.

  	
   

  
	
  Section 803.

  	
  Reports by Trustee.

  	
   

  
	
   

  	
   

  	
   

  
	
  ARTICLE IX
  AMENDMENT, SUPPLEMENT OR WAIVER

  	
   

  
	
   

  	
   

  	
   

  
	
  Section 901.

  	
  Without Consent of Holders.

  	
   

  
	
  Section 902.

  	
  With Consent of Holders.

  	
   

  
	
  Section 903.

  	
  Execution of Amendments, Supplements
  or Waivers.

  	
   

  
	
  Section 904.

  	
  Revocation and Effect of Consents.

  	
   

  
	
  Section 905.

  	
  Conformity with TIA.

  	
   

  
	
  Section 906.

  	
  Notation on or Exchange of Notes.

  	
   

  
	
   

  	
   

  	
   

  
	
  ARTICLE X
  REDEMPTION OF NOTES

  	
   

  
	
   

  	
   

  	
   

  
	
  Section 1001.

  	
  Right of Redemption.

  	
   

  
	
  Section 1002.

  	
  Applicability of Article.

  	
   

  
	
  Section 1003.

  	
  Election to Redeem; Notice to
  Trustee.

  	
   

  
	
  Section 1004.

  	
  Selection by Trustee of Notes to Be
  Redeemed.

  	
   

  
	
  Section 1005.

  	
  Notice of Redemption.

  	
   

  
	
  Section 1006.

  	
  Deposit of Redemption Price.

  	
   

  
	
  Section 1007.

  	
  Notes Payable on Redemption Date.

  	
   

  
	
  Section 1008.

  	
  Notes Redeemed in Part.

  	
   

  

 

iii

 

	
  ARTICLE XI
  SATISFACTION AND DISCHARGE

  	
   

  
	
   

  	
   

  	
   

  
	
  Section 1101.

  	
  Satisfaction and Discharge of
  Indenture.

  	
   

  
	
  Section 1102.

  	
  Application of Trust Money.

  	
   

  
	
   

  	
   

  	
   

  
	
  ARTICLE XII
  DEFEASANCE OR COVENANT DEFEASANCE

  	
   

  
	
   

  	
   

  	
   

  
	
  Section 1201.

  	
  The Company’s Option to Effect
  Defeasance or Covenant Defeasance.

  	
   

  
	
  Section 1202.

  	
  Defeasance and Discharge.

  	
   

  
	
  Section 1203.

  	
  Covenant Defeasance.

  	
   

  
	
  Section 1204.

  	
  Conditions to Defeasance or Covenant
  Defeasance.

  	
   

  
	
  Section 1205.

  	
  Deposited Money and U.S. Government
  Obligations To Be Held in Trust; Other Miscellaneous Provisions.

  	
   

  
	
  Section 1206.

  	
  Reinstatement.

  	
   

  
	
  Section 1207.

  	
  Repayment to the Company.

  	
   

  
	
   

  	
   

  	
   

  
	
  ARTICLE XIII
  SUBSIDIARY GUARANTEES

  	
   

  
	
   

  	
   

  	
   

  
	
  Section 1301.

  	
  Guarantees Generally.

  	
   

  
	
  Section 1302.

  	
  Continuing Guarantees.

  	
   

  
	
  Section 1303.

  	
  Release of Subsidiary Guarantees.

  	
   

  
	
  Section 1304.

  	
  [Reserved].

  	
   

  
	
  Section 1305.

  	
  Waiver of Subrogation.

  	
   

  
	
  Section 1306.

  	
  Notation Not Required.

  	
   

  
	
  Section 1307.

  	
  Successors and Assigns of Subsidiary
  Guarantors.

  	
   

  
	
  Section 1308.

  	
  Execution and Delivery of Subsidiary
  Guarantees.

  	
   

  
	
  Section 1309.

  	
  Notices.

  	
   

  
	
   

  	
   

  	
   

  
	
  Exhibit A

  	
  Form of
  Note

  	
   

  
	
  Exhibit B

  	
  Form of
  Certificate of Beneficial Ownership

  	
   

  
	
  Exhibit C

  	
  Form of
  Regulation S Certificate

  	
   

  
	
  Exhibit D

  	
  Form of
  Supplemental Indenture for Subsidiary Guarantees

  	
   

  
	
  Exhibit E

  	
  Form of
  Certificate from Acquiring Institutional Accredited Investors

  	
   

  
				

 

iv

 

Certain Sections of this
Indenture relating to Sections 310 through 318

inclusive of the Trust Indenture Act of 1939:

 

	
  Trust Indenture Act Section

  	
   

  	
  Indenture
  Section

  
	
   

  	
   

  	
   

  
	
  § 310(a)(1)

  	
   

  	
  709

  
	
  (a)(2)

  	
   

  	
  709

  
	
  (a)(3)

  	
   

  	
  Not Applicable

  
	
  (a)(4)

  	
   

  	
  Not Applicable

  
	
  (b)

  	
   

  	
  708

  
	
  § 311(a)

  	
   

  	
  713

  
	
  (b)

  	
   

  	
  713

  
	
  (b)(2)

  	
   

  	
  803

  
	
  § 312(a)

  	
   

  	
  801

  
	
   

  	
   

  	
  802

  
	
  (b)

  	
   

  	
  802

  
	
  (c)

  	
   

  	
  802

  
	
  § 313(a)

  	
   

  	
  803

  
	
  (b)

  	
   

  	
  803

  
	
  (c)

  	
   

  	
  803

  
	
  (d)

  	
   

  	
  803

  
	
  § 314(a)

  	
   

  	
  405

  
	
  (a)(4)

  	
   

  	
  106

  
	
   

  	
   

  	
  406

  
	
  (b)

  	
   

  	
  Not Applicable

  
	
  (c)(1)

  	
   

  	
  106

  
	
  (c)(2)

  	
   

  	
  106

  
	
  (c)(3)

  	
   

  	
  Not Applicable

  
	
  (d)

  	
   

  	
  Not Applicable

  
	
  (e)

  	
   

  	
  106

  
	
  § 315(a)

  	
   

  	
  701

  
	
  (b)

  	
   

  	
  702

  
	
   

  	
   

  	
  803

  
	
  (c)

  	
   

  	
  701

  
	
  (d)

  	
   

  	
  701

  
	
  (d)(1)

  	
   

  	
  701

  
	
  (d)(2)

  	
   

  	
  701

  
	
  (d)(3)

  	
   

  	
  612

  
	
  (e)

  	
   

  	
  614

  

 

v

 

	
  Trust Indenture Act Section

  	
   

  	
  Indenture
  Section

  
	
   

  	
   

  	
   

  
	
  § 316(a)

  	
   

  	
  612

  
	
   

  	
   

  	
  613

  
	
  (a)(1)(A)

  	
   

  	
  602

  
	
   

  	
   

  	
  612

  
	
  (a)(1)(B)

  	
   

  	
  613

  
	
  (a)(2)

  	
   

  	
  Not Applicable

  
	
  (b)

  	
   

  	
  608

  
	
  (c)

  	
   

  	
  104

  
	
  § 317(a)(1)

  	
   

  	
  603

  
	
  (a)(2)

  	
   

  	
  604

  
	
  (b)

  	
   

  	
  403

  
	
  § 318(a)

  	
   

  	
  107

  

 

 

This
cross-reference table shall not for any purpose be deemed to be part of this
Indenture.

 

vi

 

INDENTURE, dated as of December 16, 2004 (as
amended, supplemented or otherwise modified from time to time, this “Indenture”),
among CDRV Investors, Inc., a corporation organized under the laws of the
state of Delaware, as issuer, the Subsidiary Guarantors from time to time
parties hereto, as Subsidiary Guarantors, and Wells Fargo Bank, National
Association, a national banking association, as Trustee.

 

RECITALS OF THE
COMPANY

 

The Company has duly authorized the execution and
delivery of this Indenture to provide for the issuance of the Notes.

 

All things necessary to make the Original Notes, when
executed and delivered by the Company and authenticated and delivered by the
Trustee hereunder and duly issued by the Company, the valid several obligations
of the Company, and to make this Indenture a valid agreement of the Company, in
accordance with the terms of the Original Notes and this Indenture, have been
done.

 

NOW, THEREFORE, THIS INDENTURE WITNESSETH:

 

For and in consideration of the premises and the purchase
of the Notes by the Holders thereof, it is mutually agreed, for the benefit of
all Holders of the Notes, as follows:

 

ARTICLE I

DEFINITIONS AND OTHER PROVISIONS

OF GENERAL APPLICATION

 

Section 101.           Definitions.

 

“Accreted Value” means, as of any date (the “Specified
Date”), the amount provided below for each $1,000 principal amount at maturity
of Notes:

 

(1)  if the
Specified Date occurs on one of the following dates (each, a “Semi-Annual
Accrual Date”), the Accreted Value will equal the amount set forth below for
such Semi-Annual Accrual Date:

 

	
  Semi-Annual Accrual Date

  	
   

  	
  Accreted
  Value

  	
   

  
	
  January 1, 2005

  	
   

  	
  $

  	
  624.98

  	
   

  
	
  July 1, 2005

  	
   

  	
  $

  	
  655.06

  	
   

  
	
  January 1, 2006

  	
   

  	
  $

  	
  686.59

  	
   

  
	
  July 1, 2006

  	
   

  	
  $

  	
  719.63

  	
   

  
	
  January 1, 2007

  	
   

  	
  $

  	
  754.26

  	
   

  
	
  July 1, 2007

  	
   

  	
  $

  	
  790.56

  	
   

  
	
  January 1, 2008

  	
   

  	
  $

  	
  828.61

  	
   

  
	
  July 1, 2008

  	
   

  	
  $

  	
  868.48

  	
   

  
	
  January 1, 2009

  	
   

  	
  $

  	
  910.28

  	
   

  
	
  July 1, 2009

  	
   

  	
  $

  	
  954.08

  	
   

  
	
  January 1, 2010

  	
   

  	
  $

  	
  1,000.00

  	
   

  

 

 

 

 

The foregoing
Accreted Values shall be increased, if necessary, to reflect any accretion of
Special Interest payable pursuant to the Registration Rights Agreement;

 

(2)  if the
Specified Date occurs before the first Semi-Annual Accrual Date, the Accreted
Value will equal the sum of (A) the
original issue price of a Note of $622.49 per $1,000 principal amount at maturity
of Notes and (B) the amount equal to the
product of (x) the Accreted Value
for the first Semi-Annual Accrual Date less such original issue price
multiplied by (y) a fraction, the
numerator of which is the number of days from the Issue Date to the Specified
Date, using a 360-day year of twelve 30-day months, and the
denominator of which is the number of days elapsed from the Issue Date to the
first Semi-Annual Accrual Date, using a 360-day year of twelve 30-day
months;

 

(3)  if the
Specified Date occurs between two Semi-Annual Accrual Dates, the Accreted Value
will equal the sum of (A) the
Accreted Value for the Semi-Annual Accrual Date immediately preceding such
Specified Date and (B) an
amount equal to the product of (x)
the Accreted Value for the immediately following Semi-Annual Accrual Date less
the Accreted Value for the Semi-Annual Accrual Date immediately preceding such
Specified Date multiplied by (y)
a fraction, the numerator of which is the number of days from the immediately
preceding Semi-Annual Accrual Date to the Specified Date, using a 360-day
year of twelve 30-day months, and the denominator of which is 180; or

 

(4)  if the Specified Date occurs on or
after January 1, 2010, the Accreted Value will equal $1,000.

 

“Acquired Indebtedness” means Indebtedness of a
Person (i) existing at the time such Person
becomes a Subsidiary or (ii) assumed
in connection with the acquisition of assets from such Person, in each case
other than Indebtedness Incurred in connection with, or in contemplation of,
such Person becoming a Subsidiary or such acquisition.  Acquired Indebtedness shall be deemed to be
Incurred on the date of the related acquisition of assets from any Person or
the date the acquired Person becomes a Subsidiary.

 

“Acquisition” means the acquisition by CDRV
Acquisition of (i) all of the outstanding
capital stock of VWR International Corporation and (ii) approximately
4% of the outstanding equity ownership interests of Immobilien, in each case
pursuant to the Stock Purchase Agreement, dated as of February 15, 2004,
by and among CDRV Acquisition, Merck

 

 

2

 

KGaA, Merck Holding GmbH, VWR International Holding Europe GmbH and EMD
Chemicals, Inc.

 

“Additional Assets” means (i) any
property or assets that replace the property or assets that are the subject of
an Asset Disposition; (ii) any
property or assets (other than Indebtedness and Capital Stock) to be used by
the Company or a Restricted Subsidiary in a Related Business; (iii) the Capital Stock of a Person that is engaged in a
Related Business and becomes a Restricted Subsidiary as a result of the
acquisition of such Capital Stock by the Company or another Restricted
Subsidiary; or (iv) Capital Stock of any
Person that at such time is a Restricted Subsidiary acquired from a third
party.

 

“Additional Notes” means any notes issued under
this Indenture in addition to the Original Notes (other than any Notes issued
pursuant to Section 304, 305, 306, 312(c), 312(d) or
1008).

 

“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, whether through the
ownership of voting securities, by contract or otherwise; and the terms “controlling”
and “controlled” have meanings correlative to the foregoing.

 

“Asset Disposition” means any sale, lease,
transfer or other disposition of shares of Capital Stock of a Restricted
Subsidiary (other than directors’ qualifying shares, or (in the case of a
Foreign Subsidiary) to the extent required by applicable law), 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), other than (i) a disposition to the Company or a Restricted
Subsidiary, (ii) a disposition in the
ordinary course of business, (iii) the
sale or discount (with or without recourse, and on customary or commercially
reasonable terms) of accounts receivable or notes receivable arising in the
ordinary course of business, or the conversion or exchange of accounts
receivable for notes receivable, (iv) any
Restricted Payment Transaction, (v) a
disposition that is governed by Article V, (vi) any
Financing Disposition, (vii) any “fee
in lieu” or other disposition of assets to any governmental authority or agency
that continue in use by the Company or any Restricted Subsidiary, so long as
the Company or any Restricted Subsidiary may obtain title to such assets upon
reasonable notice by paying a nominal fee, (viii) any
exchange of like property pursuant to Section 1031 (or any successor
section) of the Code, or any exchange of equipment to be used in a Related
Business, (ix) any financing transaction with
respect to property built or acquired by the Company or any Restricted
Subsidiary after the Issue Date, including any sale/leaseback transaction or
asset securitization, (x) any
disposition arising from foreclosure, condemnation or similar action with
respect to any property or other assets, (xi)
any disposition of Capital Stock, Indebtedness or other securities of an
Unrestricted Subsidiary, (xii) a
disposition of Capital Stock of a Restricted Subsidiary pursuant to an
agreement or other obligation with or to a Person (other than the Company or a
Restricted Subsidiary) from whom such Restricted Subsidiary was

 

3

 

acquired, or from whom such Restricted Subsidiary acquired its business
and assets (having been newly formed in connection with such acquisition),
entered into in connection with such acquisition, (xiii) a disposition of not more than 5% of the outstanding
Capital Stock of a Foreign Subsidiary that has been approved by the Board of
Directors, or (xiv) any
disposition or series of related dispositions for aggregate consideration not
to exceed $5.0 million.

 

“Authenticating Agent” means any Person
authorized by the Trustee pursuant to Section 714 to act on behalf
of the Trustee to authenticate Notes of one or more series.

 

“Bank Indebtedness” means any and all amounts,
whether outstanding on the Issue Date or thereafter incurred, payable under or
in respect of any Credit Facility, including principal, premium (if any),
interest (including interest accruing on or after the filing of any petition in
bankruptcy or for reorganization relating to the Company or any Restricted
Subsidiary, whether or not a claim for post-filing interest is allowed in such
proceedings), fees, charges, expenses, reimbursement obligations, guarantees,
other monetary obligations of any nature and all other amounts payable
thereunder or in respect thereof.

 

“Board of Directors” means the board of
directors or other governing body of the Company or, if the Company is owned or
managed by a single entity, the board of directors or other governing body of
such entity or, in either case, any committee thereof duly authorized to act on
behalf of such board or governing body.

 

“Borrowing Base” means the sum (determined as
of the end of the most recently ended fiscal quarter for which consolidated
financial statements of the Company are available) of (1) 60%
of Inventory of the Company and its Restricted Subsidiaries and (2) 85% of Receivables of the Company and its Restricted
Subsidiaries.

 

“Business Day” means a day other than a
Saturday, Sunday or other day on which commercial banking institutions are
authorized or required by law to close in New York City.

 

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

 

“Capitalized Lease Obligation” means an
obligation that is required to be classified and accounted for as a capitalized
lease for financial reporting purposes in accordance with GAAP.  The Stated Maturity of any Capitalized Lease
Obligation shall be the date of the last payment of rent or any other amount
due under the related lease.

 

“Cash Equivalents” means any of the following:
(a) securities issued or fully
guaranteed or insured by the United States Government or any agency or
instrumentality thereof, (b) time
deposits, certificates of deposit or bankers’ acceptances of (i) any lender under the Senior Credit Agreement or any
affiliate thereof or (ii) any
commercial bank having capital and surplus in excess of $500,000,000 and the
commercial paper of the holding company of which is

 

4

 

rated at least A-1 or the equivalent thereof by S&P or at
least P-1 or the equivalent thereof by Moody’s (or if at such time
neither is issuing ratings, then a comparable rating of another nationally
recognized rating agency), (c) commercial
paper rated at least A-1 or the equivalent thereof by S&P or at least
P-1 or the equivalent thereof by Moody’s (or if at such time neither is
issuing ratings, then a comparable rating of another nationally recognized
rating agency), (d) investments in money
market funds subject to the risk limiting conditions of Rule 2a-7 or
any successor rule of the SEC under the Investment Company Act of 1940, as
amended, and (e) investments similar to
any of the foregoing denominated in foreign currencies approved by the Board of
Directors.

 

“CDR” means Clayton, Dubilier &
Rice, Inc.

 

“CDR Fund VI” means Clayton,
Dubilier & Rice Fund VI Limited Partnership, a Cayman Islands exempted
limited partnership, and any successor in interest thereto.

 

“CDRV Acquisition” means CDRV Acquisition
Corporation, a Delaware corporation, and any successor in interest thereto.

 

“CDRV Delaware” means CDRV Delaware, Inc.,
a Delaware corporation, and any successor in interest thereto.

 

“CDRV Holdings” means CDRV Holdings, Inc.,
a Delaware corporation, and any successor in interest thereto.

 

“Change of Control” means:

 

(i)            any
“person” (as such term is used in Sections 13(d) and 14(d) of the
Exchange Act), other than one or more Permitted Holders or a Parent, becomes
the “beneficial owner” (as defined in Rules 13d-3 and 13d-5
under the Exchange Act), directly or indirectly, of more than 50% of the total
voting power of the Voting Stock of the Company, provided that (x)
so long as the Company is a Subsidiary of any Parent, no “person” shall be
deemed to be or become a “beneficial owner” of more than 50% of the total
voting power of the Voting Stock of the Company unless such “person” shall be
or become a “beneficial owner” of more than 50% of the total voting power of
the Voting Stock of such Parent and (y)
any Voting Stock of which any Permitted Holder is the “beneficial owner” shall
not in any case be included in any Voting Stock of which any such “person” is
the “beneficial owner”;

 

(ii)           the
Company merges or consolidates with or into, or sells or transfers (in one or a
series of related transactions) all or substantially all of the assets of the
Company and its Restricted Subsidiaries to, another Person (other than one or
more Permitted Holders) and any “person” (as defined in clause (i) above),
other than one or more Permitted Holders or any Parent, is or becomes the “beneficial
owner” (as so defined), directly or indirectly, of more than 50% of the total
voting

 

5

 

power of the Voting Stock of the surviving Person in
such merger or consolidation, or the transferee Person in such sale or transfer
of assets, as the case may be, provided that
(x) so long as such surviving or
transferee Person is a Subsidiary of a parent Person, no “person” shall be
deemed to be or become a “beneficial owner” of more than 50% of the total
voting power of the Voting Stock of such surviving or transferee Person unless
such “person” shall be or become a “beneficial owner” of more than 50% of the
total voting power of the Voting Stock of such parent Person and (y) any Voting Stock of which any Permitted
Holder is the “beneficial owner” shall not in any case be included in any
Voting Stock of which any such “person” is the beneficial owner; or

 

(iii)          during
any period of two consecutive years (during which period the Company has been a
party to this Indenture), individuals who at the beginning of such period were
members of the board of directors of the Company (together with any new members
thereof whose election by such board of directors or whose nomination for
election by holders of Capital Stock of the Company was approved by one or more
Permitted Holders or by a vote of a majority of the members of such board of
directors then still in office who were either members thereof at the beginning
of such period or whose election or nomination for election was previously so
approved) cease for any reason to constitute a majority of such board of
directors then in office.

 

Notwithstanding anything to the contrary in the
foregoing, the Transactions shall not constitute or give rise to a “Change of
Control.”

 

“Clearstream”
means Clearstream Banking, société anonyme, or any successor securities
clearing agency.

 

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

 

“Commodities Agreements” means, in respect of a
Person, any commodity futures contract, forward contract, option or similar
agreement or arrangement (including derivative agreements or arrangements), as
to which such Person is a party or beneficiary.

 

“Company” means CDRV Investors, Inc., a
Delaware corporation, and any successor in interest thereto.

 

“Company Request”, “Company Order” and “Company
Consent” mean, respectively, a written request, order or consent signed in
the name of the Company by an Officer of the Company.

 

“Consolidated Coverage Ratio,” as of any date
of determination, with respect to the Company or VWR International, means the
ratio of (i) the aggregate amount of
Consolidated EBITDA of such Specified Entity and its Restricted Subsidiaries
for the period of the most recent four consecutive fiscal quarters ending prior
to the date of such determination for which

 

6

 

consolidated financial statements of such Specified Entity are
available to (ii) Consolidated Interest
Expense of such Specified Entity for such four fiscal quarters (in each of the
foregoing clauses (i) and (ii), determined for each fiscal quarter (or
portion thereof) of the four fiscal quarters ending prior to the Reference
Date, on a pro forma basis to
give effect to the Acquisition as if it had occurred at the beginning of such
four-quarter period); provided,
that

 

(1)           if
since the beginning of such period such Specified Entity or any Restricted
Subsidiary thereof has Incurred any Indebtedness 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 of such Specified Entity
for such period shall 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 shall be computed
based on (A) the average daily balance of
such Indebtedness during such four fiscal quarters or such shorter period for
which such facility was outstanding or (B) 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),

 

(2)           if
since the beginning of such period such Specified Entity or any Restricted
Subsidiary thereof has repaid, repurchased, redeemed, defeased or otherwise
acquired, retired or discharged any Indebtedness that is no longer outstanding
on such date of determination (each, a “Discharge”) or if the
transaction giving rise to the need to calculate the Consolidated Coverage
Ratio involves a Discharge of Indebtedness (in each case other than
Indebtedness Incurred under any revolving credit facility unless such
Indebtedness has been permanently repaid), Consolidated EBITDA and Consolidated
Interest Expense of such Specified Entity for such period shall 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,

 

(3)           if
since the beginning of such period such Specified Entity or any Restricted
Subsidiary thereof shall have disposed of any company, any business or any
group of assets constituting an operating unit of a business (any such
disposition, a “Sale”), the Consolidated EBITDA of such Specified Entity
for such period shall be reduced by an amount equal to the Consolidated EBITDA
(if positive) attributable to the assets that are the subject of such Sale for
such period or increased by an amount equal to the Consolidated EBITDA (if
negative) attributable thereto for such period and Consolidated Interest
Expense of such Specified Entity for such period shall be reduced by an amount
equal to (A) the Consolidated Interest
Expense attributable to any Indebtedness of such Specified Entity or any
Restricted Subsidiary thereof repaid, repurchased, redeemed, defeased or
otherwise acquired, retired or discharged with respect to such Specified Entity
and its continuing Restricted Subsidiaries in connection

 

7

 

with such Sale for such period (including through the
assumption of such Indebtedness by another Person) plus (B) if the
Capital Stock of any Restricted Subsidiary of such Specified Entity is sold,
the Consolidated Interest Expense for such period attributable to the
Indebtedness of such Restricted Subsidiary to the extent such Specified Entity
and its continuing Restricted Subsidiaries are no longer liable for such
Indebtedness after such Sale,

 

(4)           if
since the beginning of such period such Specified Entity or any Restricted
Subsidiary thereof (by merger, consolidation or otherwise) shall have made an
Investment in any Person that thereby becomes a Restricted Subsidiary of such
Specified Entity, or otherwise acquired any company, any business or any group
of assets constituting an operating unit of a business, including any such
Investment or acquisition occurring in connection with a transaction causing a
calculation to be made hereunder (any such Investment or acquisition, a “Purchase”),
Consolidated EBITDA and Consolidated Interest Expense of such Specified Entity
for such period shall be calculated after giving pro forma effect thereto (including the Incurrence of any
related Indebtedness) as if such Purchase occurred on the first day of such
period, and

 

(5)           if
since the beginning of such period any Person became a Restricted Subsidiary of
such Specified Entity or was merged or consolidated with or into such Specified
Entity or any Restricted Subsidiary thereof, and since the beginning of such
period such Person shall have Discharged any Indebtedness or made any Sale or
Purchase that would have required an adjustment pursuant to clause (2),
(3) or (4) above if made by such Specified Entity or a Restricted
Subsidiary thereof during such period, Consolidated EBITDA and Consolidated
Interest Expense of such Specified Entity for such period shall be calculated
after giving pro forma effect
thereto as if such Discharge, Sale or Purchase occurred on the first day of
such period.

 

For
purposes of this definition, whenever pro
forma effect is to be given to any Sale, Purchase or other
transaction, or the amount of income or earnings relating thereto and the
amount of Consolidated Interest Expense associated with any Indebtedness
Incurred or repaid, repurchased, redeemed, defeased or otherwise acquired,
retired or discharged in connection therewith, the pro forma calculations in respect thereof (including in
respect of anticipated cost savings or synergies relating to any such Sale,
Purchase or other transaction) shall be as determined in good faith by a
responsible financial or accounting Officer of the Company. If any Indebtedness
bears a floating rate of interest and is being given pro forma effect, the interest expense on such Indebtedness
shall 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 any Indebtedness bears, at the option of
the Company or a Restricted Subsidiary, a rate of interest based on a prime or
similar rate, a eurocurrency interbank offered rate or other fixed or floating
rate, and such Indebtedness is being given pro
forma effect, the interest expense on such Indebtedness shall be
calculated by applying such optional rate as the Company or such Restricted
Subsidiary may designate. If any Indebtedness that is being given pro forma effect was Incurred under a
revolving credit facility,

 

8

 

the
interest expense on such Indebtedness shall be computed based upon the average
daily balance of such Indebtedness during the applicable period. Interest on a
Capitalized Lease Obligation shall be deemed to accrue at an interest rate
determined in good faith by a responsible financial or accounting Officer of
the Company to be the rate of interest implicit in such Capitalized Lease
Obligation in accordance with GAAP.

 

“Consolidated EBITDA” means, with respect to
the Company or VWR International for any period, the Consolidated Net Income of
such Specified Entity for such period, plus
the following to the extent deducted in calculating such Consolidated Net
Income: (i) provision for all taxes (whether
or not paid, estimated or accrued) based on income, profits or capital, (ii) Consolidated Interest Expense of such Specified
Entity and any Receivables Fees, (iii) depreciation,
amortization (including amortization of goodwill and intangibles and
amortization and write-off of financing costs) and all other non-cash charges
or non-cash losses, (iv) any
expenses or charges related to any Equity Offering, Investment or Indebtedness
permitted by this Indenture (whether or not consummated or incurred) and (v) the amount of any minority interest expense.

 

“Consolidated Interest Expense” means, with
respect to the Company or VWR International for any period, (i) the total interest expense of such Specified Entity
and its Restricted Subsidiaries to the extent deducted in calculating
Consolidated Net Income of such Specified Entity, net of any interest income of
such Specified Entity and its Restricted Subsidiaries, including any such
interest expense consisting of (a) interest
expense attributable to Capitalized Lease Obligations, (b) amortization
of debt discount, (c) interest
in respect of Indebtedness of any other Person that has been Guaranteed by such
Specified Entity or any Restricted Subsidiary thereof, but only to the extent
that such interest is actually paid by such Specified Entity or any Restricted
Subsidiary thereof, (d) non-cash
interest expense, (e) the
interest portion of any deferred payment obligation and (f) commissions,
discounts and other fees and charges owed with respect to letters of credit and
bankers’ acceptance financing, plus
(ii) Preferred Stock dividends paid
in cash in respect of Disqualified Stock of such Specified Entity held by
Persons other than such Specified Entity or a Restricted Subsidiary thereof and
minus (iii) to the extent otherwise
included in such interest expense referred to in clause (i) above,
amortization or write-off of financing costs, in each case under clauses
(i) through (iii) as determined on a Consolidated basis in accordance
with GAAP; provided that gross
interest expense shall be determined after giving effect to any net payments
made or received by such Specified Entity and its Restricted Subsidiaries with
respect to Interest Rate Agreements.

 

“Consolidated Net Income” means, with respect
to the Company or VWR International for any period, the net income (loss) of
such Specified Entity and its Restricted Subsidiaries, determined on a
consolidated basis in accordance with GAAP and before any reduction in respect
of Preferred Stock dividends; provided
that there shall not be included in such Consolidated Net Income:

 

(i)            any
net income (loss) of any Person if such Person is not a Restricted Subsidiary
of such Specified Entity, except that (A) subject
to the limitations contained in

 

9

 

clause (iii) below, such Specified Entity’s
equity in the net income of any such Person for such period shall be included
in such Consolidated Net Income up to the aggregate amount actually distributed
by such Person during such period to the Specified Entity or a Restricted
Subsidiary thereof as a dividend or other distribution (subject, in the case of
a dividend or other distribution to a Restricted Subsidiary of such Specified
Entity, to the limitations contained in clause (ii) below) and (B) such Specified Entity’s equity in the net loss of
such Person shall be included to the extent of the aggregate Investment of such
Specified Entity or any of its Restricted Subsidiaries in such Person,

 

(ii)           any
net income (loss) of any Restricted Subsidiary of such Specified Entity that is
not a Subsidiary Guarantor or a VWR Note Guarantor if such Restricted
Subsidiary is subject to restrictions, directly or indirectly, on the payment
of dividends or the making of similar distributions by such Restricted
Subsidiary, directly or indirectly, to such Specified Entity by operation of
the terms of such Restricted Subsidiary’s charter or any agreement, instrument,
judgment, decree, order, statute or governmental rule or regulation
applicable to such Restricted Subsidiary or its stockholders (other than (x) restrictions that have been waived or
otherwise released, (y)
restrictions pursuant to the Notes or the Indenture and (z) restrictions in effect on the Issue
Date with respect to a Restricted Subsidiary of such Specified Entity
(including pursuant to the VWR Senior Notes, the VWR Senior Subordinated Notes,
the VWR Senior Notes Indenture, the VWR Senior Subordinated Notes Indenture or
the Senior Credit Agreement as in effect on the Issue Date) and other
restrictions with respect to such Restricted Subsidiary that taken as a whole
are not materially less favorable to the Noteholders than such restrictions in
effect on the Issue Date), except that (A) subject
to the limitations contained in clause (iii) below, such Specified
Entity’s equity in the net income of any such Restricted Subsidiary for such
period shall be included in such Consolidated Net Income up to the aggregate
amount of any dividend or distribution that was or that could have been made by
such Restricted Subsidiary during such period to such Specified Entity or
another Restricted Subsidiary of such Specified Entity (subject, in the case of
a dividend that could have been made to another Restricted Subsidiary of such
Specified Entity, to the limitation contained in this clause) and (B) the net loss of such Restricted Subsidiary shall be
included to the extent of the aggregate Investment of the Specified Entity or
any of its other Restricted Subsidiaries in such Restricted Subsidiary,

 

(iii)          any
gain or loss realized upon the sale or other disposition of any asset of such
Specified Entity or any Restricted Subsidiary thereof (including pursuant to
any sale/leaseback transaction) that is not sold or otherwise disposed of in
the ordinary course of business (as determined in good faith by the Board of Directors),

 

(iv)          any
item classified as an extraordinary, unusual or nonrecurring gain, loss or
charge (including fees, expenses and charges associated with the Transactions,
the Recapitalization and any acquisition, merger or consolidation after the
Issue Date),

 

(v)           the
cumulative effect of a change in accounting principles,

 

10

 

(vi)          all
deferred financing costs written off and premiums paid in connection with any
early extinguishment of Indebtedness,

 

(vii)         any
unrealized gains or losses in respect of Currency Agreements,

 

(viii)        any
unrealized foreign currency transaction gains or losses in respect of
Indebtedness of any Person denominated in a currency other than the functional
currency of such Person,

 

(ix)           any
non-cash compensation charge arising from any grant of stock, stock options or
other equity based awards, and

 

(x)            to
the extent otherwise included in such Consolidated Net Income, any unrealized
foreign currency translation or transaction gains or losses in respect of
Indebtedness or other obligations of such Specified Entity or any Restricted
Subsidiary thereof owing to such Specified Entity or any Restricted Subsidiary
thereof.

 

In the
case of any unusual or nonrecurring gain, loss or charge not included in
Consolidated Net Income of any Specified Entity pursuant to
clause (iv) above in any determination thereof, the Company will
deliver an Officer’s Certificate to the Trustee promptly after the date on
which such Consolidated Net Income is so determined, setting forth the nature
and amount of such unusual or nonrecurring gain, loss or charge.  Notwithstanding the foregoing, for the
purpose of Section 409(a)(3)(A) only, there shall be excluded
from Consolidated Net Income of the Company, without duplication, any
dividends, repayments of loans or advances or other transfers of assets from
Unrestricted Subsidiaries to the Company or a Restricted Subsidiary to the
extent such dividends, repayments or transfers are applied by the Company to
increase the amount of Restricted Payments permitted under  Section 409(a)(3)(C) or
(D).

 

“Consolidated Tangible Assets” means, as of any
date of determination, the total assets less the goodwill, net, and other
intangible assets, net, in each case shown on the consolidated balance sheet of
the Company and its Restricted Subsidiaries as of the most recent date for
which such a balance sheet is available, determined on a consolidated basis in
accordance with GAAP (and, in the case of any determination relating to any Incurrence
of Indebtedness or any Investment, on a pro
forma basis including any property or assets being acquired in
connection therewith); provided
that for purposes of Section 407(b), Section 411 and
the definition of “Permitted Investment,” Consolidated Tangible Assets shall
not be less than $945.6 million.

 

“Consolidation” means, for either Specified
Entity, the consolidation of the accounts of each of its Restricted
Subsidiaries with those of such Specified Entity in accordance with GAAP; provided that “Consolidation” will not
include consolidation of the accounts of any Unrestricted Subsidiary, but the
interest of such Specified Entity or any Restricted Subsidiary thereof in any
Unrestricted Subsidiary will be accounted for as an investment.  The term “Consolidated” has a
correlative meaning.

 

11

 

“Corporate Trust Office” means the office of
the Trustee at which at any particular time its corporate trust business shall
be administered, which office on the Issue Date is located at 213 Court Street;
Suite 703; Middletown, CT 06457.

 

“Credit Facilities” means one or more of (i) the Senior Credit Facility and (ii) other
facilities or arrangements designated by the Company, in each case with one or
more banks or other institutions providing for revolving credit loans, term
loans, receivables financings (including through the sale of receivables to
such institutions or to special purpose entities formed to borrow from such
institutions against such receivables), letters of credit or other
Indebtedness, in each case, including all agreements, instruments and documents
executed and delivered pursuant to or in connection with any of the foregoing,
including any notes and letters of credit issued pursuant thereto and any
guarantee and collateral agreement, patent and trademark security agreement,
mortgages or letter of credit applications and other guarantees, pledge
agreements, security agreements and collateral documents, in each case as the
same may be amended, supplemented, waived or otherwise modified from time to
time, or refunded, refinanced, restructured, replaced, renewed, repaid,
increased or extended from time to time (whether in whole or in part, whether
with the original banks or other institutions or other banks or other
institutions or otherwise, and whether provided under any original Credit
Facility or one or more other credit agreements, indentures, financing
agreements or other Credit Facilities or otherwise). Without limiting the
generality of the foregoing, the term “Credit Facility” shall include any
agreement (i) changing the maturity of any
Indebtedness Incurred thereunder or contemplated thereby, (ii) adding
Subsidiaries of VWR International as additional borrowers or guarantors
thereunder, (iii) increasing the amount
of Indebtedness Incurred thereunder or available to be borrowed thereunder or (iv) otherwise altering the terms and conditions
thereof.

 

“Currency Agreement” means, in respect of a
Person, any foreign exchange contract, currency swap agreement or other similar
agreement or arrangements (including derivative agreements or arrangements) as
to which such Person is a party or a beneficiary.

 

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

 

“Depositary” means The Depository Trust
Company, its nominees and successors.

 

“Designated Non-Cash Consideration” means the
Fair Market Value of non-cash consideration received by the Company or one of
its Restricted Subsidiaries in connection with an Asset Disposition that is so
designated as Designated Non-Cash Consideration pursuant to an Officer’s
Certificate, setting forth the basis of such valuation.

 

“Disinterested Director” means, with respect to
any Affiliate Transaction, a member of the Board of Directors having no
material direct or indirect financial interest in or with respect to such
Affiliate Transaction. A member of the Board of Directors shall not be deemed
to have such a financial interest by reason of such member’s holding Capital
Stock of

 

12

 

the Company or any Parent or any options, warrants or other rights in
respect of such Capital Stock.

 

“Disqualified Stock” means, with respect to any
Person, any Capital Stock (other than Management Stock) that by its terms (or
by the terms of any security into which it is convertible or for which it is
exchangeable or exercisable) or upon the happening of any event (other than
following the occurrence of a Change of Control or other similar event
described under such terms as a “change of control,” or an Asset Disposition) (i) matures or is mandatorily redeemable pursuant to a
sinking fund obligation or otherwise, (ii) is
convertible or exchangeable for Indebtedness or Disqualified Stock or (iii) is redeemable at the option of the holder thereof
(other than following the occurrence of a Change of Control or other similar
event described under such terms as a “change of control,” or an Asset
Disposition), in whole or in part, in each case on or prior to the final Stated
Maturity of the Notes.

 

“Dollars” or “$” means dollars in lawful
currency of the United States of America.

 

“Domestic Subsidiary” means any Restricted
Subsidiary of the Company (or in the case of VWR International, of VWR
International) other than a Foreign Subsidiary.

 

“Equity Offering” means a sale of Capital Stock
(x) that is a sale of Capital
Stock (other than Disqualified Stock) of the Company, or (y) proceeds of which in an amount equal to
or exceeding the Redemption Amount are contributed to the Company or any of its
Restricted Subsidiaries.

 

“Euroclear” means Euroclear Bank S.A./N.V., as
operator of the Euroclear System, or any successor securities clearing agency.

 

“Exchange Act” means the Securities Exchange Act
of 1934, as amended.

 

“Exchange Notes” means the Company’s 95/8%
Senior Discount Notes Due 2015, containing terms substantially identical to the
Initial Notes or any Initial Additional Notes (except that (i) such Exchange Notes may omit terms with respect to
transfer restrictions and may be registered under the Securities Act, and (ii) certain provisions relating to an increase in the
stated rate of interest thereon may be eliminated), that are issued and
exchanged for (a) the Initial Notes, as
provided for in a registration rights agreement relating to such Initial Notes
and this Indenture, or (b) such
Initial Additional Notes as may be provided in any registration rights
agreement relating to such Additional Notes and this Indenture (including any
amendment or supplement hereto).

 

“Excluded Contribution” means Net Cash
Proceeds, or the Fair Market Value of property or assets, received by the
Company as capital contributions to the Company after the Issue Date or from
the issuance or sale (other than to a Restricted Subsidiary) of Capital Stock
(other than Disqualified Stock) of the Company, in each case to the extent
designated as an Excluded Contribution pursuant to an Officer’s Certificate of
the Company and not previously

 

13

 

included in the calculation set forth in Section 409(a)(3)(B)(x)
for purposes of determining whether a Restricted Payment may be made.

 

“Fair Market Value” means, with respect to any
asset or property, the fair market value of such asset or property as
determined in good faith by the Board of Directors, whose determination will be
conclusive.

 

“Financing Disposition” means any sale,
transfer, conveyance or other disposition of property or assets by the Company
or any Subsidiary thereof to any Receivables Entity, or by any Receivables
Subsidiary, in each case in connection with the Incurrence by a Receivables
Entity of Indebtedness, or obligations to make payments to the obligor on
Indebtedness, which may be secured by a Lien in respect of such property or
assets.

 

“Foreign Subsidiary” means (a) any Restricted Subsidiary of the Company (or in the
case of VWR International, of VWR International) that is not organized under
the laws of the United States of America or any state thereof or the District
of Columbia and (b) any Restricted Subsidiary
of the Company (or in the case of VWR International, of VWR International) that
has no material assets other than securities or Indebtedness of one or more
Foreign Subsidiaries, and other assets relating to an ownership interest in any
such securities, Indebtedness or Subsidiaries.

 

“GAAP” means generally accepted accounting
principles in the United States of America as in effect on the Reference Date
(for purposes of the definitions of the terms “Consolidated Coverage Ratio,” “Consolidated
EBITDA,” “Consolidated Interest Expense,” “Consolidated Net Income” and “Consolidated
Tangible Assets,” all defined terms in this Indenture to the extent used in or
relating to any of the foregoing definitions, and all ratios and computations
based on any of the foregoing definitions) and as in effect from time to time
(for all other purposes of this Indenture), 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 shall be
computed in conformity with GAAP.

 

“Guarantee” means any obligation, contingent or
otherwise, of any Person directly or indirectly guaranteeing any Indebtedness
or other obligation of any other Person; provided
that the term “Guarantee” shall 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 Subordinated Obligations” means,
with respect to a Subsidiary Guarantor, any Indebtedness of such Subsidiary
Guarantor (whether outstanding on the Issue Date or thereafter Incurred) that
is expressly subordinated in right of payment to the obligations of such
Subsidiary Guarantor under its Subsidiary Guarantee pursuant to a written
agreement.

 

14

 

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

 

“Holder” or “Noteholder” means the
Person in whose name a Note is registered in the Note Register.

 

“Holding” means CDRV
Holdings, Inc., a Delaware corporation, and any successor in interest
thereto.

 

“Immobilien” means VWR International Immobilien
GmbH, a German company, and any successor in interest thereto.

 

“Incur” means issue, assume, enter into any
Guarantee of, 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 Subsidiary (whether by merger, consolidation, acquisition or
otherwise) shall be deemed to be Incurred by such Subsidiary at the time it
becomes a Subsidiary. Accrual of interest, the accretion of accreted value and
the payment of interest in the form of additional Indebtedness will not be
deemed to be an Incurrence of Indebtedness. Any Indebtedness issued at a
discount (including Indebtedness on which interest is payable through the
issuance of additional Indebtedness) shall be deemed Incurred at the time of
original issuance of the Indebtedness at the initial accreted amount thereof.

 

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

 

(i)            the
principal of indebtedness of such Person for borrowed money,

 

(ii)           the
principal of obligations of such Person evidenced by bonds, debentures, notes
or other similar instruments,

 

(iii)          all
reimbursement obligations of such Person in respect of letters of credit or
other similar instruments (the amount of such obligations being equal at any
time to the aggregate then undrawn and unexpired amount of such letters of
credit or other instruments plus
the aggregate amount of drawings thereunder that have not then been
reimbursed),

 

(iv)          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 one
year after the date of placing such property in final service or taking final
delivery and title thereto,

 

(v)           all
Capitalized Lease Obligations of such Person,

 

(vi)          the
redemption, repayment or other repurchase amount of such Person with respect to
any Disqualified Stock of such Person or (if such Person is a Subsidiary of the

 

15

 

Company other than a Subsidiary Guarantor or a VWR
Note Guarantor) any Preferred Stock of such Subsidiary, but excluding, in each
case, any accrued dividends (the amount of such obligation to be equal at any
time to the maximum fixed involuntary redemption, repayment or repurchase price
for such Capital Stock, or if less (or if such Capital Stock has no such fixed
price), to the involuntary redemption, repayment or repurchase price therefor
calculated in accordance with the terms thereof as if then redeemed, repaid or
repurchased, and if such price is based upon or measured by the fair market
value of such Capital Stock, such fair market value shall be as determined in
good faith by the Board of Directors or the board of directors or other
governing body of the issuer of such Capital Stock),

 

(vii)         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 that the amount of Indebtedness
of such Person shall be the lesser of (A) the
fair market value of such asset at such date of determination (as determined in
good faith by the Company) and (B) the
amount of such Indebtedness of such other Persons,

 

(viii)        all
Guarantees by such Person of Indebtedness of other Persons, to the extent so
Guaranteed by such Person, and

 

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

 

The
amount of Indebtedness of any Person at any date shall be determined as set
forth above or otherwise provided in this Indenture, or otherwise shall equal
the amount thereof that would appear on a balance sheet of such Person
(excluding any notes thereto) prepared in accordance with GAAP.

 

“Initial Additional Notes” means Additional
Notes issued in an offering not registered under the Securities Act (and any
Notes issued in respect thereof pursuant to Section 304, 305,
306, 312(c), 312(d) or 1008).

 

“Initial Notes” means the Company’s 95/8%
Senior Discount Notes Due 2015, issued on the Issue Date (and any Notes issued
in respect thereof pursuant to Section 304, 305, 306,
312(c), 312(d) or 1008).

 

“interest,” with respect to the Notes, means
interest on the Notes and, except for purposes of Article IX,
additional or special interest pursuant to the terms of any Note.

 

“Interest Payment Date” means, when used with
respect to any Note and any installment of interest thereon, the date specified
in such Note as the fixed date on which such installment of interest is due and
payable, as set forth in such Note.

 

16

 

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

 

“Intermediate Holdco” means any of CDRV
Holdings and any other Person that is a Subsidiary of the Company and of which
VWR International is a Subsidiary.

 

“Inventory” means goods held for sale or lease
by a Person in the ordinary course of business, net of any reserve for goods
that have been segregated by such Person to be returned to the applicable
vendor for credit, as determined in accordance with GAAP.

 

“Investment” in any Person by any other Person
means any direct or indirect advance, loan or other extension of credit (other
than to customers, suppliers, directors, officers or employees of any Person in
the ordinary course of business) or capital contribution (by means of any
transfer of cash or other property to others or any payment for property or
services for the account or use of others) to, or any purchase or acquisition
of Capital Stock, Indebtedness or other similar instruments issued by, such Person.  For purposes of the definition of “Unrestricted
Subsidiary” and Section 409 only, (i) ”Investment”
shall include the portion (proportionate to the Company’s equity interest in
such Subsidiary) of the fair market value of the net assets of any Subsidiary
of the Company at the time that such Subsidiary is designated an Unrestricted
Subsidiary, provided that upon a
redesignation of such Subsidiary as a Restricted Subsidiary, the Company shall
be deemed to continue to have a permanent “Investment” in an Unrestricted
Subsidiary in an amount (if positive) equal to (x) the Company’s “Investment” in such Subsidiary at the time
of such redesignation less (y)
the portion (proportionate to the Company’s equity interest in such Subsidiary)
of the fair market value of the net assets of such Subsidiary at the time of
such redesignation, (ii) any
property transferred to or from an Unrestricted Subsidiary shall be valued at
its fair market value at the time of such transfer, and (iii) in
each case under clause (i) or (ii) above, fair market value shall be
as determined in good faith by the Board of Directors. Guarantees shall not be
deemed to be Investments.  The amount of
any Investment outstanding at any time shall be the original cost of such
Investment, reduced (at the Company’s option) by any dividend, distribution,
interest payment, return of capital, repayment or other amount or value
received in respect of such Investment; provided,
that to the extent that the amount of Restricted Payments outstanding at any
time is so reduced by any portion of any such amount or value that would
otherwise be included in the calculation of Consolidated Net Income of the
Company, such portion of such amount or value shall not be so included for
purposes of calculating the amount of Restricted Payments that may be made
pursuant to Section 409(a).

 

“Investors” 
means (a) CDR Fund VI, (b) any of SSB Capital Partners (Master Fund) I, L.P.,
CGI Private Equity L.P., LLC, Banc of America Capital Investors, L.P.,
Co-Investment Partners, L.P., Norwest Equity Partners VII, L.P., General
Electric Pension Trust, GM Capital Partners I, L.P., JP Morgan Chase Bank, as
trustee for First Plaza Group Trust, Vesey Street Portfolio, L.P., Vesey Street
Fund, L.P., Arthur Street Fund, L.P., Passage Portfolio, L.P., Arthur Street
Portfolio, L.P., the partners of or other investors in CDR Fund VI,

 

17

 

and any of the respective Affiliates of SSB Capital Partners (Master
Fund) I, L.P., CGI Private Equity L.P., LLC, Banc of America Capital Investors,
L.P., Co-Investment Partners, L.P., Norwest Equity Partners VII, L.P., General
Electric Pension Trust, GM Capital Partners I, L.P., JP Morgan Chase Bank, as
trustee for First Plaza Group Trust, Vesey Street Portfolio, L.P., Vesey Street
Fund, L.P., Arthur Street Fund, L.P., Passage Portfolio, L.P., Arthur Street
Portfolio, L.P., or of any such partner or investor, that is or becomes a
holder of Voting Stock of the Company prior to the first anniversary of the
Reference Date, (c) any Person that directly
or indirectly acquires Voting Stock of the Company from CDR Fund VI (including
by way of issuance of Voting Stock by the Company in connection with its
repurchase, redemption or other retirement of Voting Stock thereof owned by CDR
Fund VI) prior to the first anniversary of the Reference Date, in an aggregate
amount not exceeding (as to all such Persons) ten percent (10%) of the Voting
Stock of the Company owned by CDR Fund VI on the Reference Date, and any
Affiliate of any such Person, and (d) any of
their respective successors in interest.

 

“Issue Date” means the first date on which
Initial Notes are issued.

 

“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).

 

“Management Advances” means (1) loans or advances made to directors, officers or
employees of any Parent, the Company or any Restricted Subsidiary of the
Company (x) in respect of travel, entertainment or
moving-related expenses incurred in the ordinary course of business, (y) in
respect of moving-related expenses incurred in connection with any closing or
consolidation of any facility, or (z) in the ordinary course of business and
(in the case of this clause (z)) not exceeding $5.0 million in the aggregate outstanding at any time, (2) promissory notes of Management Investors acquired in
connection with the issuance of Management Stock to such Management Investors,
(3) Management Guarantees, or (4) other Guarantees of borrowings by Management
Investors in connection with the purchase of Management Stock, which Guarantees
are permitted under Section 407.

 

“Management Agreements” means, collectively, (i) the Stock Subscription Agreements, each dated as of
the Reference Date, between the Company and each of CDR Fund VI, SSB Capital
Partners (Master Fund) I, L.P., CGI Private Equity L.P., LLC and Banc of
America Capital Investors, L.P., (ii) the
Consulting Agreement, dated as of the Reference Date, among the Company,
Holding, CDRV Acquisition, CDRV Delaware and CDR, (iii) the
Indemnification Agreement, dated as of the Reference Date, among the Company,
Holding, CDRV Acquisition, CDRV Delaware, CDR and CDR Fund VI, and (iv) the Registration and Participation Agreement, dated
as of the Reference Date, among the Company, CDR Fund VI, SSB Capital Partners
(Master Fund) I, L.P., CGI Private Equity L.P., LLC, Banc of America Capital
Investors, L.P. and any other Person party thereto from time to time, in each
case as may be amended, supplemented, waived or otherwise modified thereafter
from time to time in accordance with the terms thereof and of this Indenture.

 

18

 

“Management Guarantees” means guarantees (x) of up to an aggregate principal amount
outstanding at any time of $20.0 million
of borrowings by Management Investors in connection with their purchase of
Management Stock or (y) made on
behalf of, or in respect of loans or advances made to, directors, officers or
employees of any Parent, the Company or any Restricted Subsidiary of the
Company (1) in respect of travel,
entertainment and moving-related expenses incurred in the ordinary course of
business, or (2) in the ordinary course of
business and (in the case of this clause (2)) not exceeding $5.0 million in the aggregate outstanding at
any time.

 

“Management Investors” means the officers,
directors, employees and other members of the management of any Parent, the
Company or any of their respective Subsidiaries, or family members or relatives
thereof (provided that, solely
for purposes of the definition of “Permitted Holders,” such relatives shall
include only those Persons who are or become Management Investors in connection
with estate planning for or inheritance from other Management Investors, as
determined in good faith by the Company, which determination shall be
conclusive), or trusts, partnerships or limited liability companies for the
benefit of any of the foregoing, or any of their heirs, executors, successors
and legal representatives, who at any date beneficially own or have the right
to acquire, directly or indirectly, Capital Stock of the Company, any Parent,
any Intermediate Holdco or VWR International.

 

“Management Stock” means Capital Stock of the
Company, any Parent, any Intermediate Holdco or VWR International (including
any options, warrants or other rights in respect thereof) held by any of the
Management Investors.

 

“Mergers” means the collective reference to (i) the merger of VWR International Corporation with and
into VWR International, Inc., a Pennsylvania corporation, with VWR
International, Inc. as the surviving corporation, (ii) the
merger of CDRV Acquisition with and into VWR International, Inc., a
Pennsylvania corporation, with VWR International, Inc. as the surviving
corporation, and (iii) the reincorporation of
VWR International, Inc., a Pennsylvania corporation, as a Delaware
corporation.

 

“Moody’s” means Moody’s Investors
Service, Inc., and its successors.

 

“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, 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 (i) all legal, title and
recording tax expenses, commissions and other fees and expenses incurred, and
all Federal, state, provincial, foreign and local taxes required to be paid or
accrued as a liability under GAAP, as a consequence of such Asset Disposition
(including as a consequence of any transfer of funds in connection with the
application thereof in accordance with Section 411), (ii) all payments made, and all installment payments
required to be made, on any Indebtedness that is secured by any assets subject
to such Asset Disposition, in accordance with the terms of any

 

19

 

Lien upon such assets, or that 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, (iii) 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, or to any other Person (other than the Company or a Restricted
Subsidiary) owning a beneficial interest in the assets disposed of in such
Asset Disposition and (iv) any
liabilities or obligations associated with the assets disposed of in such Asset
Disposition and retained by the Company or any Restricted Subsidiary after such
Asset Disposition, including pension and other post-employment benefit
liabilities, liabilities related to environmental matters, and liabilities
relating to any indemnification obligations associated with such Asset
Disposition.

 

“Net Cash Proceeds,” with respect to any
issuance or sale of any securities of the Company or any Subsidiary by the
Company or any Subsidiary, or any capital contribution, means the cash proceeds
of such issuance, sale or contribution net of attorneys’ fees, accountants’
fees, underwriters’ or placement agents’ fees, discounts or commissions and
brokerage, consultant and other fees actually incurred in connection with such
issuance, sale or contribution and net of taxes paid or payable as a result
thereof.

 

“Non-U.S. Person” means a Person who is not a
U.S. person, as defined in Regulation S.

 

“Notes” means the Initial Notes, any Additional
Notes, the Exchange Notes and any notes issued in respect thereof pursuant to Section 304,
305, 306, 312(c), 312(d) or 1008.

 

“Officer” means, with respect to any Person,
the Chairman of the Board, the President, the Chief Executive Officer, the
Chief Financial Officer, any Vice President, the Controller, the Treasurer or
the Secretary (a) of such Person or (b) if such Person is owned or managed by a single
entity, of such entity (or any other individual designated as an “Officer” for
the purposes of this Indenture by the Board of Directors).

 

“Officer’s Certificate” means, with respect to
the Company or any other obligor upon the Notes, a certificate signed by one
Officer of such Person.

 

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

 

“Original Notes” means the Initial Notes and
any Exchange Notes issued in exchange therefor.

 

“Outstanding,” when used with respect to Notes
means, as of the date of determination, all Notes theretofore authenticated and
delivered under this Indenture, except:

 

(i)            Notes theretofore
cancelled by the Trustee or delivered to the Trustee for cancellation;

 

20

 

(ii)           Notes for whose
payment or redemption money in the necessary amount has been theretofore
deposited with the Trustee or any Paying Agent in trust for the Holders of such
Notes, provided that,
if such Notes are to be redeemed, notice of such redemption has been duly given
pursuant to this Indenture or provision therefor reasonably satisfactory to the
Trustee has been made; and

 

(iii)          Notes in exchange
for or in lieu of which other Notes have been authenticated and delivered
pursuant to this Indenture.

 

A Note does not cease to be Outstanding because the
Company or any Affiliate of the Company holds the Note, provided that in determining whether the
Holders of the requisite amount of Outstanding Notes have given any request,
demand, authorization, direction, notice, consent or waiver hereunder, Notes
owned by the Company or any Affiliate of the Company 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 request, demand,
authorization, direction, notice, consent or waiver, only Notes which the
Trustee actually knows are so owned shall be so disregarded.  Notes so owned that have been pledged in good
faith may be regarded as Outstanding if the pledgee establishes to the reasonable
satisfaction of the Trustee the pledgee’s right to act with respect to such
Notes and that the pledgee is not the Company or an Affiliate of the Company.

 

“Parent” means any Person that is a direct or
indirect parent of the Company.

 

“Parent Expenses” means (i) costs
(including all professional fees and expenses) incurred by any Parent in
connection with its reporting obligations under, or in connection with
compliance with, applicable laws or applicable rules of any governmental,
regulatory or self-regulatory body or stock exchange, this Indenture, any VWR
Indenture or any other agreement or instrument relating to Indebtedness of the
Company or any Restricted Subsidiary, including in respect of any reports filed
with respect to the Securities Act, Exchange Act or the respective
rules and regulations promulgated thereunder, (ii) expenses
incurred by any Parent or any Subsidiary of any Parent in connection with any
investment in equity ownership interests of Immobilien, (iii) indemnification
obligations of any Parent owing to directors, officers, employees or other
Persons under its charter or by-laws or pursuant to written agreements with any
such Person, or obligations in respect of director and officer insurance
(including premiums therefor), (iv) other operational
expenses of any Parent incurred in the ordinary course of business, and (v) fees and expenses incurred by any Parent in
connection with any offering of Capital Stock or Indebtedness (x) where the net proceeds of such offering
are intended to be received by or contributed or loaned to the Company or a
Restricted Subsidiary, or (y) in
a prorated amount of such expenses in proportion to the amount of such net
proceeds intended to be so received, contributed or loaned, or (z) otherwise on an interim basis prior to
completion of such offering so long as any Parent shall cause the amount of
such expenses to be repaid to the Company or the relevant Restricted Subsidiary
out of the proceeds of such offering promptly if completed.

 

21

 

“Paying Agent” means any Person authorized by
the Company to pay the principal (or Accreted Value) of (and premium, if any)
or interest on any Notes on behalf of the Company; provided that neither the Company nor any of its Affiliates
shall act as Paying Agent for purposes of Section 1102 or Section 1205.  The Trustee will initially act as Paying
Agent for the Notes.

 

“Permitted Holder” means any of the following: (i) any of the Investors, Management Investors, CDR and
their respective Affiliates; (ii) any
investment fund or vehicle managed, sponsored or advised by CDR or any Investor
or Affiliate thereof, and any Affiliate of or successor to any such investment
fund or vehicle; (iii) any limited or general
partners of, or other investors in, any Investor or Affiliate thereof, or any
such investment fund or vehicle; and (iv) any
Person acting in the capacity of an underwriter in connection with a public or
private offering of Capital Stock of the Company, any Parent, any Intermediate
Holdco or VWR International.

 

“Permitted Investment” means an Investment by
the Company or any Restricted Subsidiary in, or consisting of, any of the
following:

 

(i)            a
Restricted Subsidiary, the Company, or a Person that will, upon the making of
such Investment, become a Restricted Subsidiary;

 

(ii)           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, or is liquidated into, the Company or a Restricted Subsidiary;

 

(iii)          Temporary
Cash Investments or Cash Equivalents;

 

(iv)          receivables
owing to the Company or any Restricted Subsidiary, if created or acquired in
the ordinary course of business;

 

(v)           any
securities or other Investments received as consideration in, or retained in
connection with, sales or other dispositions of property or assets, including
Asset Dispositions made in compliance with Section 411;

 

(vi)          securities
or other Investments received in settlement of debts created in the ordinary
course of business and owing to the Company or any Restricted Subsidiary, or as
a result of foreclosure, perfection or enforcement of any Lien, or in
satisfaction of judgments, including in connection with any bankruptcy
proceeding or other reorganization of another Person;

 

(vii)         Investments
in existence or made pursuant to legally binding written commitments in
existence on the Issue Date;

 

22

 

(viii)        Currency
Agreements, Interest Rate Agreements, Commodities Agreements and related
Hedging Obligations, which obligations are Incurred in compliance with Section 407;

 

(ix)           pledges
or deposits (x) with respect to
leases or utilities provided to third parties in the ordinary course of
business or (y) otherwise
described in the definition of “Permitted Liens” or made in connection with
Liens permitted under Section 413;

 

(x)            (1) Investments in any Receivables Subsidiary, or in
connection with a Financing Disposition by or to any Receivables Entity,
including Investments of funds held in accounts permitted or required by the
arrangements governing such Financing Disposition or any related Indebtedness,
or (2) any promissory note issued by
the Company, any Parent, any Intermediate Holdco or VWR International to any
Receivables Subsidiary; provided
that if any Parent receives cash from the relevant Receivables Entity in
exchange for such note, an equal cash amount is contributed by any Parent to
the Company;

 

(xi)           bonds
secured by assets leased to and operated by the Company or any Restricted
Subsidiary that were issued in connection with the financing of such assets so
long as the Company or any Restricted Subsidiary may obtain title to such
assets at any time by paying a nominal fee, canceling such bonds and
terminating the transaction;

 

(xii)          Notes,
VWR Senior Notes or VWR Senior Subordinated Notes;

 

(xiii)         any
Investment to the extent made using Capital Stock of the Company (other than
Disqualified Stock), or Capital Stock of any Parent, as consideration;

 

(xiv)        Management
Advances; and

 

(xv)         other
Investments in an aggregate amount outstanding at any time not to exceed 5% of
Consolidated Tangible Assets.

 

“Permitted Liens” means:

 

(a)           Liens
for taxes, assessments or other governmental charges not yet delinquent or the
nonpayment of which in the aggregate would not reasonably be expected to have a
material adverse effect on the Company and its Restricted Subsidiaries or that
are being contested in good faith and by appropriate proceedings if adequate
reserves with respect thereto are maintained on the books of the Company or a
Subsidiary thereof, as the case may be, in accordance with GAAP;

 

(b)           carriers’,
warehousemen’s, mechanics’, landlords’, materialmen’s, repairmen’s or other
like Liens arising in the ordinary course of business in respect of obligations
that are not overdue for a period of more than 60 days or that are bonded
or that are being contested in good faith and by appropriate proceedings;

 

23

 

(c)           pledges,
deposits or Liens in connection with workers’ compensation, unemployment
insurance and other social security and other similar legislation or other
insurance-related obligations (including pledges or deposits securing liability
to insurance carriers under insurance or self-insurance arrangements);

 

(d)           pledges,
deposits or Liens to secure the performance of bids, tenders, trade, government
or other contracts (other than for borrowed money), obligations for utilities,
leases, licenses, statutory obligations, completion guarantees, surety,
judgment, appeal or performance bonds, other similar bonds, instruments or
obligations, and other obligations of a like nature incurred in the ordinary
course of business;

 

(e)           easements
(including reciprocal easement agreements), rights-of-way, building, zoning and
similar restrictions, utility agreements, covenants, reservations,
restrictions, encroachments, charges, and other similar encumbrances or title
defects incurred, or leases or subleases granted to others, in the ordinary
course of business, which do not in the aggregate materially interfere with the
ordinary conduct of the business of the Company and its Subsidiaries, taken as
a whole;

 

(f)            Liens
existing on, or provided for under written arrangements existing on, the Issue
Date, or (in the case of any such Liens securing Indebtedness of the Company or
any of its Subsidiaries existing or arising under written arrangements existing
on the Issue Date) securing any Refinancing Indebtedness in respect of such
Indebtedness so long as the Lien securing such Refinancing Indebtedness 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 such
written arrangements could secure) the original Indebtedness;

 

(g)           (i) mortgages, liens, security interests, restrictions,
encumbrances or any other matters of record that have been placed by any
developer, landlord or other third party on property over which the Company or
any Restricted Subsidiary of the Company has easement rights or on any leased
property and subordination or similar agreements relating thereto and (ii) any condemnation or eminent domain proceedings
affecting any real property;

 

(h)           Liens
securing Hedging Obligations, Purchase Money Obligations or Capitalized Lease
Obligations Incurred in compliance with Section 407;

 

(i)            Liens
arising out of judgments, decrees, orders or awards in respect of which the
Company shall in good faith be prosecuting an appeal or proceedings for review,
which appeal or proceedings shall not have been finally terminated, or if the
period within which such appeal or proceedings may be initiated shall not have
expired;

 

(j)            leases,
subleases, licenses or sublicenses to third parties;

 

24

 

(k)           Liens
securing (1) Indebtedness Incurred in
compliance with Section 407(b)(i), Section 407(b)(iv), Section 407(b)(vii),
Section 407(b)(viii)(E), Section 407(b)(x), Section 407(b)(xi),
or Section 407(b)(iii) (other than Refinancing Indebtedness
Incurred in respect of Indebtedness described in Section 407(a)), (2) Bank Indebtedness, (3) the
Notes, the VWR Senior Notes, or VWR Senior Subordinated Notes, (4) Indebtedness of any Restricted Subsidiary, (5) Indebtedness or other obligations of any Receivables
Entity or (6) obligations in respect of
Management Advances or Management Guarantees;

 

(l)            Liens
existing on property or assets of a Person at the time such Person becomes a
Subsidiary of the Company (or at the time the Company or a Restricted
Subsidiary acquires such property or assets, 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
in connection with, or in contemplation of, such other Person becoming such a
Subsidiary (or such acquisition of such property or assets), and that such
Liens are 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 such Liens arose, could secure) the
obligations to which such Liens relate;

 

(m)          Liens
on Capital Stock or other securities of an Unrestricted Subsidiary that secure
Indebtedness or other obligations of such Unrestricted Subsidiary;

 

(n)           any
encumbrance or restriction (including put and call agreements) with respect to
Capital Stock of any joint venture or similar arrangement pursuant to any joint
venture or similar agreement;

 

(o)           Liens
securing Refinancing Indebtedness Incurred in respect of any Indebtedness
secured by, or securing any refinancing, refunding, extension, renewal or
replacement (in whole or in part) of any other obligation secured by, any other
Permitted Liens, provided that
any such new 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
obligations to which such Liens relate; and

 

(p)           Liens
(1) arising by operation of law (or
by agreement to the same effect) in the ordinary course of business, (2) on property or assets under construction (and
related rights) in favor of a contractor or developer or arising from progress
or partial payments by a third party relating to such property or assets, (3) on receivables (including related rights), (4) on cash set aside at the time of the incurrence of
any Indebtedness or government securities purchased with such cash, in either
case to the extent that such cash or government securities prefund the payment
of interest on such Indebtedness and are held in an escrow account or similar
arrangement to be applied for such purpose, (5) securing
or arising by reason of any netting or set-off arrangement entered into in the
ordinary course of banking or other trading activities, (6) in
favor of the Company or any Restricted

 

25

 

Subsidiary or (7) arising
out of conditional sale, title retention, consignment or similar arrangements
for the sale of goods entered into in the ordinary course of business.

 

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

 

“Place of Payment” means a city or any
political subdivision thereof referred to in Article III and
initially designated under Section 402.

 

“Predecessor Notes” of any particular Note
means every previous Note evidencing all or a portion of the same debt as that
evidenced by such particular Note; and, for the purposes of this definition,
any Note authenticated and delivered under Section 306 in lieu of a
mutilated, lost, destroyed or stolen Note shall be deemed to evidence the same
debt as the mutilated, lost, destroyed or stolen Note.

 

“Preferred Stock,” as applied to the Capital
Stock of any corporation, means Capital Stock of any class or classes (however
designated) that by its terms 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.

 

“Purchase Money Obligations” means any
Indebtedness Incurred to finance or refinance the acquisition, leasing,
construction or improvement of property (real or personal) or assets, and
whether acquired through the direct acquisition of such property or assets or
the acquisition of the Capital Stock of any Person owning such property or
assets, or otherwise.

 

“Recapitalization” means the collective
reference to (a)  the declaration and/or
payment of a dividend or distribution (including by way of any purchase,
redemption, repurchase, or other acquisition of Capital Stock of the Company)
by the Company to holders of its Capital Stock with the net proceeds from the
offering of the Notes, (b) the
entry into the Indenture, and the offer, issuance and sale of the Notes, and (c) all other transactions relating to any of the
foregoing (including payment of fees and expenses related to any of the
foregoing).

 

“QIB” or “Qualified Institutional Buyer”
means a “qualified institutional buyer,” as that term is defined in Rule 144A
under the Securities Act.

 

“Receivable” means a right to receive payment
arising from a sale or lease of goods or 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, as determined in accordance with GAAP.

 

“Receivables Entity” means (x) any Receivables Subsidiary or (y) any other Person that is engaged in the
business of acquiring, selling, collecting, financing or refinancing

 

26

 

Receivables, accounts (as defined in the Uniform Commercial Code as in
effect in any jurisdiction from time to time), other accounts and/or other
receivables, and/or related assets.

 

“Receivables Fees” means distributions or
payments made directly or by means of discounts with respect to any
participation interest issued or sold in connection with, and other fees paid
to a Person that is not a Restricted Subsidiary in connection with, any
Receivables Financing.

 

“Receivables Financing” means any financing of
Receivables of the Company or any Restricted Subsidiary that have been
transferred to a Receivables Entity in a Financing Disposition.

 

“Receivables Subsidiary” means a Subsidiary of
the Company that (a) is engaged solely in the
business of acquiring, selling, collecting, financing or refinancing
Receivables, accounts (as defined in the Uniform Commercial Code as in effect
in any jurisdiction from time to time) and other accounts and receivables
(including any thereof constituting or evidenced by chattel paper, instruments
or general intangibles), all proceeds thereof and all rights (contractual and
other), collateral and other assets relating thereto, and any business or
activities incidental or related to such business, and (b) is
designated as a “Receivables Subsidiary” by the Board of Directors.

 

“Redemption Date,” when used with respect to
any Note to be redeemed or purchased, means the date fixed for such redemption
or purchase by or pursuant to this Indenture and the Notes.

 

“Reference Date” means April 7, 2004.

 

“refinance” means refinance, refund, replace,
renew, repay, modify, restate, defer, substitute, supplement, reissue, resell
or extend (including pursuant to any defeasance or discharge mechanism); and
the terms “refinances,” “refinanced” and “refinancing” as
used for any purpose in this Indenture shall have a correlative meaning.

 

“Refinancing Indebtedness” means Indebtedness
that is Incurred to refinance any Indebtedness existing on the date of this
Indenture or Incurred in compliance with this Indenture (including Indebtedness
of the Company that refinances Indebtedness of any Restricted Subsidiary (to
the extent permitted in this Indenture) and Indebtedness of any Restricted
Subsidiary that refinances Indebtedness of another Restricted Subsidiary)
including Indebtedness that refinances Refinancing Indebtedness; provided that (1) if
the Indebtedness being refinanced is Subordinated Obligations or Guarantor
Subordinated Obligations, the Refinancing Indebtedness has a final Stated
Maturity at the time such Refinancing Indebtedness is Incurred that is equal to
or greater than the final Stated Maturity of the Indebtedness being refinanced
(or if shorter, the Notes), (2) 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 (x) the
aggregate principal amount (or if issued with original issue discount, the
aggregate accreted value) then outstanding of the Indebtedness being
refinanced, plus (y) fees, underwriting discounts,

 

27

 

premiums and other costs and expenses incurred in connection with such
Refinancing Indebtedness and (3) Refinancing
Indebtedness shall not include (x)
Indebtedness of a Restricted Subsidiary that is not a Subsidiary Guarantor or
VWR Note Guarantor that refinances Indebtedness of the Company that could not
have been initially Incurred by such Restricted Subsidiary pursuant to Section 407
or (y) Indebtedness of the
Company or a Restricted Subsidiary that refinances Indebtedness of an
Unrestricted Subsidiary.

 

“Registration Rights Agreement” means the
Exchange and Registration Rights Agreement, dated December16, 2004, among the
Company and the initial purchasers of the Notes named therein.

 

“Regular Record Date” for the interest payable
on any Interest Payment Date means the date specified for that purpose in Section 301.

 

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

 

“Regulation S Certificate” means a
certificate substantially in the form attached hereto as Exhibit C.

 

“Related Business” means those businesses in
which the Company or any of its Subsidiaries is engaged on the date of this
Indenture, or that are related, complementary, incidental or ancillary thereto
or extensions, developments or expansions thereof.

 

“Related Taxes” means (x) any taxes, charges or assessments,
including sales, use, transfer, rental, ad valorem, value-added, stamp,
property, consumption, franchise, license, capital, net worth, gross receipts,
excise, occupancy, intangibles or similar taxes, charges or assessments (other
than federal, state or local taxes measured by income and federal, state or
local withholding imposed on payments made by any Parent other than to another
Parent), required to be paid by any Parent by virtue of its being incorporated
or having Capital Stock outstanding (but not by virtue of owning stock or other
equity interests of any corporation or other entity other than the Company, any
of its Subsidiaries or any Parent), or being a holding company parent of the
Company, any of its Subsidiaries or any Parent or receiving dividends from or
other distributions in respect of the Capital Stock of the Company, any of its
Subsidiaries or any Parent, or having guaranteed any obligations of the Company
or any Subsidiary thereof, or having made any payment in respect of any of the
items for which the Company or any of its Subsidiaries is permitted to make
payments to any Parent pursuant to Section 409 or acquiring,
developing, maintaining, owning, prosecuting, protecting or defending its
intellectual property and associated rights (including receiving or paying
royalties for the use thereof) relating to the business or businesses of the
Company or any Subsidiary thereof, or (y)
any other federal, state, foreign, provincial or local taxes measured by income
for which any Parent is liable up to an amount not to exceed, with respect to
federal taxes, the amount of any such taxes that the Company and its
Subsidiaries would have been required to pay on a separate company basis, or on
a consolidated basis as if the Company had filed a consolidated return on
behalf of an affiliated group (as defined in Section 1504 of the Code or
an analogous provision of state, local or foreign law) of which it were the
common parent, or with respect to state and local taxes, the

 

28

 

amount of any such taxes that the Company and its Subsidiaries would
have been required to pay on a separate company basis, or on a combined basis
as if the Company had filed a combined return on behalf of an affiliated group
consisting only of the Company and its Subsidiaries.

 

“Resale Restriction Termination Date” means,
with respect to any Note, the date that is two years (or such other period as
may hereafter be provided under Rule 144(k) under the Securities Act or
any successor provision thereto as permitting the resale by non-affiliates of
Restricted Securities without restriction) after the later of the original
issue date in respect of such Note and the last date on which the Company or
any Affiliate of the Company was the owner of such Note (or any Predecessor
Note thereto).

 

“Responsible Officer” when used with respect to
the Trustee means the chairman or vice-chairman of the board of directors, the
chairman or vice-chairman of the executive committee of the board of directors,
the president, any vice president or assistant vice president, the secretary,
any assistant secretary, the treasurer, any assistant treasurer, the cashier,
any assistant cashier, any trust officer or assistant trust officer, the
controller and any assistant controller or any other officer of the Trustee
customarily performing functions similar to those performed by any of the above
designated officers and also means, with respect to a particular corporate
trust matter, any other officer to whom such matter is referred because of his
knowledge of and familiarity with the particular subject.

 

“Restricted Payment Transaction” means any
Restricted Payment permitted pursuant to Section 409, any Permitted
Payment, any Permitted Investment, or any transaction specifically excluded
from the definition of the term “Restricted Payment.”

 

“Restricted Security” has the meaning assigned
to such term in Rule 144(a)(3) under the Securities Act; provided, however,
that the Trustee shall be entitled to receive, at its request, and conclusively
rely on an Opinion of Counsel with respect to whether any Note constitutes a
Restricted Security.

 

“Restricted Subsidiary” means any Subsidiary of
the Company (or in the case of VWR International, of VWR International) other
than an Unrestricted Subsidiary.

 

“S&P” means Standard & Poor’s
Ratings Group, a division of The McGraw-Hill Companies, Inc., and its
successors.

 

“SEC” means the Securities and Exchange
Commission.

 

“Securities Act” means the Securities Act of
1933, as amended.

 

“Senior Credit Agreement” means the Credit
Agreement, dated as of the Reference Date, among VWR International, any other
borrowers party thereto from time to time, Deutsche Bank AG, New York Branch,
as administrative agent, and the lenders party thereto from time to time, as
such agreement may thereafter be amended, supplemented, waived or otherwise
modified from time to time or refunded, refinanced, restructured, replaced,
renewed,

 

29

 

repaid, increased or extended from time to time (whether in whole or in
part, whether with the existing administrative agent and lenders on the Issue
Date or other agents and lenders or otherwise, and whether provided under the
Senior Credit Agreement existing on the Issue Date or other credit agreements
or otherwise).

 

“Senior Credit Facility” means the collective
reference to the Senior Credit Agreement, any Loan Documents (as defined
therein), any notes and letters of credit issued pursuant thereto and any
guarantee and collateral agreement, patent and trademark security agreement,
mortgages, letter of credit applications and other guarantees, pledge
agreements, security agreements and collateral documents, and other instruments
and documents, executed and delivered pursuant to or in connection with any of
the foregoing, in each case as the same may be amended, supplemented, waived or
otherwise modified from time to time, or refunded, refinanced, restructured, replaced,
renewed, repaid, increased or extended from time to time (whether in whole or
in part, whether with the existing agent and lenders on the Issue Date or other
agents and lenders or otherwise, and whether provided under the original Senior
Credit Agreement or one or more other credit agreements, indentures (including
this Indenture, the VWR Senior Notes Indenture or the VWR Senior Subordinated
Notes Indenture) or financing agreements or otherwise). Without limiting the
generality of the foregoing, the term “Senior Credit Facility” shall include
any agreement (i) changing the maturity of
any Indebtedness Incurred thereunder or contemplated thereby, (ii) adding Subsidiaries of the Company as additional
borrowers or guarantors thereunder, (iii) increasing
the amount of Indebtedness Incurred thereunder or available to be borrowed
thereunder or (iv) otherwise altering the
terms and conditions thereof.

 

“Senior Indebtedness” means any Indebtedness of
the Company or any Restricted Subsidiary other than, in the case of the
Company, Subordinated Obligations and, in the case of any Subsidiary Guarantor,
Guarantor Subordinated Obligations.

 

“Significant Domestic Subsidiary” means any
Domestic Subsidiary that is a Significant Subsidiary.

 

“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, as
in effect on the Issue Date.

 

“Special Record Date” for the payment of any
Defaulted Interest means a date fixed by the Trustee pursuant to Section 307.

 

“Special Interest” has the meaning specified in
the Registration Rights Agreement.

 

“Specified Entity” means the Company or VWR
International, as the case may be.

 

“Stated Maturity” means, with respect to any
security, the date specified in such security as the fixed date on which the
payment of principal of such security is due and payable, including pursuant to
any mandatory redemption provision (but excluding any provision

 

30

 

providing for the repurchase of such security at the option of the
holder thereof upon the happening of any contingency).

 

“Subordinated Obligations” means any
Indebtedness of the Company (whether outstanding on the date of this Indenture
or thereafter Incurred) that is expressly subordinated in right of payment to
the Notes pursuant to a written agreement.

 

“Subsidiary” of any Person means any
corporation, association, partnership or other business entity of which more
than 50% of the total voting power of shares of Capital Stock or other equity
interests (including partnership interests) entitled (without regard to the
occurrence of any contingency) to vote in the election of directors, managers
or trustees thereof is at the time owned or controlled, directly or indirectly,
by (i) such Person or (ii) one or more Subsidiaries of such Person.

 

“Subsidiary Guarantee” means any guarantee that
may from time to time be entered into by a Restricted Subsidiary of the Company
pursuant to Section 414.

 

“Subsidiary Guarantor” means any Restricted
Subsidiary of the Company that enters into a Subsidiary Guarantee.

 

“Supplemental Indenture” means a Supplemental
Indenture, to be entered into substantially in the form attached hereto as Exhibit D.

 

“Tax Sharing Agreement” means the Tax Sharing
Agreement, dated as of the Reference Date, among the Company, CDRV Holdings and
VWR International, as the same may be amended, supplemented, waived or
otherwise modified from time to time in accordance with the terms thereof and
of this Indenture.

 

“Temporary Cash Investments” means any of the
following: (i) any investment in (x) direct obligations of the United States
of America or any agency or instrumentality thereof or obligations Guaranteed
by the United States of America or any agency or instrumentality thereof or (y) direct obligations of any foreign
country recognized by the United States of America rated at least “A” by
S&P or “A-1” by Moody’s (or, in either case, the equivalent of such rating
by such organization or, if no rating of S&P or Moody’s then exists, the
equivalent of such rating by any nationally recognized rating organization), (ii) overnight bank deposits, and investments in time
deposit accounts, certificates of deposit, bankers’ acceptances and money
market deposits (or, with respect to foreign banks, similar instruments)
maturing not more than one year after the date of acquisition thereof issued by
(x) any lender under the Senior
Credit Agreement or any affiliate thereof or (y)
a bank or trust company that is organized under the laws of the United States
of America, any state thereof or any foreign country recognized by the United
States of America having capital and surplus aggregating in excess of $250
million (or the foreign currency equivalent thereof) and whose long term debt
is rated at least “A” by S&P or “A-1” by Moody’s (or, in either case, the
equivalent of such rating by such organization or, if no rating of S&P or
Moody’s then exists, the equivalent of such rating by any nationally recognized
rating organization) at the time such Investment is made, (iii) repurchase
obligations with a term of not

 

31

 

more than 30 days for underlying securities of the types described in
clause (i) or (ii) above entered into with a bank meeting the
qualifications described in clause (ii) above, (iv) Investments
in commercial paper, maturing not more than 270 days after the date of
acquisition, issued by a Person (other than that of the Company or any of its
Subsidiaries), with a rating at the time as of which any Investment therein is
made of “P-2” (or higher) according to Moody’s or “A-2” (or higher) according
to S&P (or, in either case, the equivalent of such rating by such
organization or, if no rating of S&P or Moody’s then exists, the equivalent
of such rating by any nationally recognized rating organization), (v) Investments in securities maturing not more than one
year after the date of acquisition issued or fully guaranteed by any state,
commonwealth or territory of the United States of America, or by any political
subdivision or taxing authority thereof, and rated at least “A” by S&P or “A”
by Moody’s (or, in either case, the equivalent of such rating by such
organization or, if no rating of S&P or Moody’s then exists, the equivalent
of such rating by any nationally recognized rating organization), (vi) Preferred Stock (other than that of the Company or
any of its Subsidiaries) having a rating of “A” or higher by S&P or “A2” or
higher by Moody’s (or, in either case, the equivalent of such rating by such
organization or, if no rating of S&P or Moody’s then exists, the equivalent
of such rating by any nationally recognized rating organization), (vii) investment funds investing 95% of their assets in
securities of the type described in clauses (i)-(vi) above (which funds
may also hold reasonable amounts of cash pending investment and/or
distribution), (viii) any money market
deposit accounts issued or offered by a domestic commercial bank or a
commercial bank organized and located in a country recognized by the United
States of America, in each case, having capital and surplus in excess of $250
million (or the foreign currency equivalent thereof), or investments in money
market funds subject to the risk limiting conditions of Rule 2a-7 (or any
successor rule) of the SEC under the Investment Company Act of 1940, as
amended, and (ix) similar investments
approved by the Board of Directors in the ordinary course of business.

 

“TIA” means the Trust Indenture Act of 1939 (15
U.S.C. ¶¶ 77aaa-77bbbb) as in effect on the Issue Date.

 

“Trade Payables” means, with respect to any
Person, any accounts payable or any indebtedness or monetary obligation to
trade creditors created, assumed or guaranteed by such Person arising in the
ordinary course of business in connection with the acquisition of goods or
services.

 

“Transactions” means, collectively, any or all
of the following transactions entered into in connection with the consummation
of the Acquisition:  (i) the entry into the VWR Notes Indentures, and the
offer and issuance of the VWR Notes, (ii) the
entry into the Senior Credit Facility and Incurrence of Indebtedness thereunder
by one or more of CDRV Acquisition, VWR International and its Subsidiaries, (iii) the contribution of equity by CDRV Holdings to
CDRV Acquisition, (iv) loans
by CDRV Acquisition and/or one or more of its Subsidiaries to one or more
Subsidiaries of VWR International Corporation, (v) the
Acquisition, (vi) the Mergers, (vii) the transfer of ownership interests in one or more
Foreign Subsidiaries to VWR International Holdings, (viii) the
transfer of ownership interests in one or more Domestic

 

32

 

Subsidiaries
to one or more Domestic Subsidiaries, and (ix) all
other transactions relating to any of the foregoing (including payment of fees
and expenses related to any of the foregoing).

 

“Trust Officer” means the Chairman of the
Board, the President or any other officer or assistant officer of the Trustee
assigned by the Trustee to administer its corporate trust matters.

 

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

 

“Unrestricted Subsidiary” means (i) any Subsidiary of the Company that at the time of
determination is an Unrestricted Subsidiary, as designated by the Board of
Directors in the manner provided below, and (ii) any
Subsidiary of an Unrestricted Subsidiary. The Board of Directors may designate
any Subsidiary of the Company (including any newly acquired or newly formed
Subsidiary of the Company) to be an Unrestricted Subsidiary unless such
Subsidiary or any of its Subsidiaries owns any Capital Stock or Indebtedness
of, or owns or holds any Lien on any property of, the Company or any other
Restricted Subsidiary of the Company that is not a Subsidiary of the Subsidiary
to be so designated; provided
that (A) such designation was made at or
prior to the Issue Date or (B) the
Subsidiary to be so designated has total consolidated assets of $1,000 or less
or (C) if such Subsidiary has
consolidated assets greater than $1,000, then such designation would be
permitted under Section 409. 
The Board of Directors may designate any Unrestricted Subsidiary to be a
Restricted Subsidiary; provided
that (1) in the case of any
Subsidiary of the Company other than VWR International or any of its
Subsidiaries, immediately after giving effect to such designation either (x) the Company could Incur at least
$1.00 of additional Indebtedness under Section 407(a)(i) or (y) the Consolidated Coverage Ratio of the
Company would be greater than it was immediately prior to giving effect to such
designation and (2) in the case of VWR
International or any of its Subsidiaries, immediately after giving effect to
such designation either (x) VWR
International could Incur at least $1.00 of additional Indebtedness under Section 407(a)(ii) or
(y) the Consolidated Coverage
Ratio of VWR International would be greater than it was immediately prior to
giving effect to such designation.  Any
such designation by the Board of Directors shall be evidenced to the Trustee by
promptly filing with the Trustee a copy of the resolution of the Company’s
Board of Directors giving effect to such designation and an Officer’s
Certificate of the Company certifying that such designation complied with the
foregoing provisions.

 

“U.S. Government Obligation” means (x) any security that is (i) a direct obligation of the United States of America
for the payment of which the full faith and credit of the United States of
America is pledged or (ii) an
obligation of a Person controlled or supervised by and acting as an agency or
instrumentality of the United States of America the payment of which is
unconditionally guaranteed as a full faith and credit obligation by the United
States of America, which, in either case under the preceding clause (i) or
(ii), is not callable or redeemable at the option of the issuer thereof, and (y) any depositary receipt issued by a bank
(as defined in Section 3(a)(2) of the Securities Act) as custodian
with respect to any U.S. Government Obligation that is specified in clause (x)
above and held by such bank for the account of the holder of such depositary
receipt, or with respect to any specific payment of principal of or

 

33

 

interest on any U.S. Government Obligation that is so specified and
held, 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 Obligation or the
specific payment of principal or interest evidenced by such depositary receipt.

 

“Vice President”, when used with respect to any
Person, means any vice president of such Person, whether or not designated by a
number or a word or words added before or after the title “vice president.”

 

“Voting Stock” of an entity means all classes
of Capital Stock of such entity then outstanding and normally entitled to vote
in the election of directors or all interests in such entity with the ability
to control the management or actions of such entity.

 

“VWR International” means VWR International, Inc.,
a Delaware corporation, and any successor in interest thereto.

 

“VWR International Corporation” means VWR
International Corporation, a Delaware corporation, and any successor in
interest thereto.

 

“VWR International Holdings” means VWR
International Holdings, Inc., a Delaware corporation, and any successor in
interest thereto.

 

“VWR Notes” means the collective reference to
the VWR Senior Notes and the VWR Senior Subordinated Notes.

 

“VWR Note Guarantees” means the collective
reference to the VWR Senior Note Guarantees and the VWR Senior Subordinated
Note Guarantees.

 

“VWR Note Guarantors” means the collective
reference to the VWR Senior Note Guarantors and the VWR Senior Subordinated
Note Guarantors.

 

“VWR Notes Indentures” means the collective
reference to the VWR Senior Notes Indenture and the VWR Senior Subordinated
Notes Indenture.

 

“VWR Senior Notes” means the 6-7/8% Senior
Notes of VWR International due 2012, including any “Exchange Notes” (as defined
in the VWR Senior Notes Indenture), in an aggregate principal amount not
exceeding $200.0 million (after giving effect to any issuance of any such “Exchange
Notes” in exchange for any such VWR Senior Notes).

 

“VWR Senior Note Guarantee” means any Guarantee
by any VWR Senior Note Guarantor of obligations under the VWR Senior Notes.

 

34

 

“VWR Senior Note Guarantor” means any
Subsidiary of VWR International that has provided a Guarantee of the VWR Senior
Notes in accordance with the VWR Senior Notes Indenture.

 

“VWR Senior Notes Indenture” means the
Indenture, dated as of April 7, 2004, among CDRV Acquisition, the VWR
Senior Note Guarantors from time to time parties thereto and the Trustee,
governing the VWR Senior Notes, as amended, supplemented, waived or otherwise
modified from time to time, or refunded, refinanced, restructured, replaced,
renewed, repaid, increased or extended from time to time (whether in whole or
in part, and whether provided under the original VWR Senior Notes Indenture or
otherwise).

 

“VWR Senior Subordinated Notes” means the 8%
Senior Subordinated Notes of VWR International due 2014, including any “Exchange
Notes” (as defined in the VWR Senior Subordinated Notes Indenture), in an
aggregate principal amount not exceeding $320.0 million (after giving effect to
any issuance of any such “Exchange Notes” in exchange for any such VWR Senior
Subordinated Notes).

 

“VWR Senior Subordinated Note Guarantee” means
any Guarantee by any VWR Senior Subordinated Note Guarantor of obligations
under the VWR Senior Subordinated Notes.

 

“VWR Senior Subordinated Note Guarantor” means
any Subsidiary of VWR International that has provided a Guarantee of the VWR
Senior Subordinated Notes in accordance with the VWR Senior Subordinated Notes
Indenture.

 

“VWR Senior Subordinated Notes Indenture” means
the Indenture, dated as of April 7, 2004, among CDRV Acquisition, the VWR
Senior Subordinated Note Guarantors from time to time parties thereto and the
Trustee, governing the VWR Senior Subordinated Notes, as amended, supplemented,
waived or otherwise modified from time to time, or refunded, refinanced,
restructured, replaced, renewed, repaid, increased or extended from time to
time (whether in whole or in part, and whether provided under the original VWR
Senior Subordinated Notes Indenture or otherwise).

 

Section 102.           Other Definitions. 

 

	
  Term

  	
   

  	
  Defined in

  Section

  
	
   

  	
   

  	
   

  
	
  “Act”

  	
   

  	
  108

  
	
  “Affiliate
  Transaction”

  	
   

  	
  412

  
	
  “Agent
  Members”

  	
   

  	
  312

  
	
  “Amendment”

  	
   

  	
  410

  
	
  “Applicable
  Premium”

  	
   

  	
  1001

  
	
  “Authentication
  Order”

  	
   

  	
  303

  
	
  “Bankruptcy
  Law”

  	
   

  	
  601

  
	
  “Certificate
  of Beneficial Ownership”

  	
   

  	
  313

  

 

35

 

	
  “Covenant
  Defeasance”

  	
   

  	
  1203

  
	
  “Custodian”

  	
   

  	
  601

  
	
  “Defaulted
  Interest”

  	
   

  	
  307

  
	
  “Defeasance”

  	
   

  	
  1202

  
	
  “Defeased
  Notes”

  	
   

  	
  1201

  
	
  “Deferred
  Interest”

  	
   

  	
  301

  
	
  “Event of
  Default”

  	
   

  	
  601

  
	
  “Excess
  Proceeds”

  	
   

  	
  411

  
	
  “Expiration
  Date”

  	
   

  	
  108

  
	
  “Global Notes”

  	
   

  	
  201

  
	
  “Guaranteed
  Note Obligations”

  	
   

  	
  1301

  
	
  “Initial
  Agreement”

  	
   

  	
  410

  
	
  “Initial Lien”

  	
   

  	
  413

  
	
  “Note
  Register” and “Note Registrar”

  	
   

  	
  305

  
	
  “Notice of
  Default”

  	
   

  	
  601

  
	
  “Offer”

  	
   

  	
  411

  
	
  “Offshore Global
  Note”

  	
   

  	
  201

  
	
  “Offshore
  Note Exchange Date”

  	
   

  	
  313

  
	
  “Offshore
  Permanent Global Note”

  	
   

  	
  201

  
	
  “Offshore
  Physical Note”

  	
   

  	
  201

  
	
  “Offshore
  Temporary Global Note”

  	
   

  	
  201

  
	
  “Permitted
  Payment”

  	
   

  	
  409

  
	
  “Physical
  Notes”

  	
   

  	
  201

  
	
  “Private
  Placement Legend”

  	
   

  	
  203

  
	
  “Redemption Amount”

  	
   

  	
  1001

  
	
  “Redemption
  Price”

  	
   

  	
  1001

  
	
  “Refinancing
  Agreement”

  	
   

  	
  410

  
	
  “Regular
  Record Date”

  	
   

  	
  301

  
	
  “Restricted
  Payment”

  	
   

  	
  409

  
	
  “Subsidiary
  Guaranteed Obligation”

  	
   

  	
  1301

  
	
  “Successor
  Company”

  	
   

  	
  501

  
	
  “Treasury
  Rate”

  	
   

  	
  1001

  
	
  “U.S. Global
  Note”

  	
   

  	
  201

  
	
  “U.S.
  Physical Note”

  	
   

  	
  201

  

 

Section 103.           Rules of Construction.  For all purposes of this Indenture, except as
otherwise expressly provided or unless the context otherwise requires:

 

(1)           the terms defined in
this Indenture have the meanings assigned to them in this Indenture;

 

(2)           “or” is not
exclusive;

 

36

 

(3)           all accounting terms
not otherwise defined herein have the meanings assigned to them in accordance
with GAAP;

 

(4)           the words “herein,”
“hereof” and “hereunder” and other words of similar import refer
to this Indenture as a whole and not to any particular Article, Section or
other subdivision;

 

(5)           all references to “$”
or “dollars” shall refer to the lawful currency of the United States of
America;

 

(6)           the words “include,”
“included” and “including,” as used herein, shall be deemed in
each case to be followed by the phrase “without limitation,” if not
expressly followed by such phrase or the phrase “but not limited to”;

 

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

 

(8)           any reference to a Section or
Article refers to such Section or Article of this Indenture.

 

Section 104.           Incorporation by Reference of TIA.  Whenever this Indenture refers to a provision
of the TIA, the provision is incorporated by reference in and made a part of
this Indenture.  This Indenture is
subject to the mandatory provisions of the TIA, which are incorporated by
reference in and made a part of this Indenture. 
Any terms incorporated by reference in this Indenture that are defined
by the TIA, defined by any TIA reference to another statute or defined by SEC rule under
the TIA, have the meanings so assigned to them therein.  The following TIA terms have the following
meanings:

 

“indenture securities” means the Notes.

 

“indenture security holder” means a Noteholder.

 

“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 Guarantor, and any other
obligor on the indenture securities.

 

Section 105.           Conflict with TIA.  If any provision hereof limits, qualifies or
conflicts with a provision of the TIA that is required under the TIA to be a
part of and govern this Indenture, the latter provision shall control.  If any provision of this Indenture modifies
or excludes any provision of the TIA that may be so modified or excluded, the
latter provision shall be deemed (i) to
apply to this Indenture as so modified or (ii) to
be excluded, as the case may be.

 

37

 

Section 106.           Compliance Certificates and
Opinions.  Upon any application or
request by the Company or by any other obligor upon the Notes (including any
Subsidiary Guarantor) to the Trustee to take any action under any provision of
this Indenture, the Company or such other obligor (including any Subsidiary
Guarantor), as the case may be, shall furnish to the Trustee such certificates
and opinions as may be required under the TIA. 
Each such certificate or opinion shall be given in the form of one or
more Officer’s Certificates, if to be given by an Officer, or an Opinion of
Counsel, if to be given by counsel, and shall comply with the requirements of
the TIA and any other requirements set forth in this Indenture.  Notwithstanding the foregoing, in the case of
any such request or application as to which the furnishing of any Officer’s
Certificate or Opinion of Counsel is specifically required by any provision of
this Indenture relating to such particular request or application, no
additional certificate or opinion need be furnished.

 

Every
certificate or opinion with respect to compliance with a condition or covenant
provided for in this Indenture (except for certificates provided for in Section 406)
shall include:

 

(1) a statement that the individual signing such certificate or opinion
has read such covenant or condition and the definitions herein relating
thereto;

 

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

 

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

 

(4) a statement as to whether, in the opinion of such individual, such
condition or covenant has been complied with.

 

Section 107.           Form of Documents Delivered
to Trustee.  In any case where
several matters are required to be certified by, or covered by an opinion of,
any specified Person, it is not necessary that all such matters be certified
by, or covered by the opinion of, only one such Person, or that they be so
certified or covered by only one document, but one such Person may certify or
give an opinion with respect to some matters and one or more other such Persons
as to other matters, and any such Person may certify or give an opinion as to
such matters in one or several documents.

 

Any certificate or opinion of an Officer may be based,
insofar as it relates to legal matters, upon a certificate or opinion of, or
representations by, counsel, unless such Officer knows that the certificate or
opinion or representations with respect to the matters upon which his
certificate or opinion is based are erroneous. 
Any such certificate or opinion of counsel may be based, insofar as it
relates to factual matters, upon a certificate or opinion of, or representations
by, an Officer or Officers to the effect that the information with respect to
such

 

38

 

factual matters is in the possession of the Company, unless such
counsel knows that the certificate or opinion or representations with respect
to such matters are erroneous.

 

Where any Person is required to make, give or execute
two or more applications, requests, consents, certificates, statements,
opinions or other instruments under this Indenture, they may, but need not, be
consolidated and form one instrument.

 

Section 108.           Acts of Noteholders; Record Dates.  (a)  Any request, demand, authorization,
direction, notice, consent, waiver or other action provided by this Indenture
to be given or taken by Holders may be embodied in and evidenced by one or more
instruments of substantially similar tenor signed by such Holders in person or
by agent duly appointed in writing; and, except as herein otherwise expressly
provided, such action shall become effective when such instrument or
instruments are delivered to the Trustee, and, where it is hereby expressly
required, to the Company, as the case may be. 
Such instrument or instruments (and the action embodied therein and
evidenced thereby) are herein sometimes referred to as the “Act” of the
Holders signing such instrument or instruments. 
Proof of execution of any such instrument or of a writing appointing any
such agent shall be sufficient for any purpose of this Indenture and (subject
to Section 701) conclusive in favor of the Trustee, the Company and
any other obligor upon the Notes, if made in the manner provided in this Section 108.

 

(b)           The fact and date of the execution by
any Person of any such instrument or writing may be proved by the affidavit of
a witness of such execution or by the certificate of any notary public or other
officer authorized by law to take acknowledgments of deeds, certifying that the
individual signing such instrument or writing acknowledged to him the execution
thereof.  Where such execution is by an
officer of a corporation or a member of a partnership or other entity, on
behalf of such corporation or partnership or other entity, such certificate or
affidavit shall also constitute sufficient proof of such Person’s
authority.  The fact and date of the
execution of any such instrument or writing, or the authority of the person
executing the same, may also be proved in any other manner that the Trustee
deems sufficient.

 

(c)           The ownership of Notes shall be
proved by the Note Register.

 

(d)           Any request, demand, authorization,
direction, notice, consent, waiver or other action by the Holder of any Note
shall bind the Holder of every Note issued upon the transfer thereof or in
exchange therefor or in lieu thereof, in respect of anything done or suffered to
be done by the Trustee, the Company or any other obligor upon the Notes in
reliance thereon, whether or not notation of such action is made upon such
Note.

 

(e)           (i)  The Company may set any day
as a record date for the purpose of determining the Holders of Outstanding
Notes entitled to give, make or take any request, demand, authorization,
direction, notice, consent, waiver or other action provided or permitted by
this Indenture to be given, made or taken by Holders of Notes, provided that the Company may not set a
record date for, and the provisions of this paragraph shall not apply with
respect to, the giving or making of any notice, declaration, request or
direction referred to in the next paragraph. 
If any record date is set pursuant to this paragraph, the Holders of
Outstanding Notes

 

39

 

on such record date (or their duly designated proxies), and no other
Holders, shall be entitled to take the relevant action, whether or not such
Persons remain Holders after such record date; provided
that no such action shall be effective hereunder unless taken on or prior to
the applicable Expiration Date by Holders of the requisite principal amount at
maturity of Outstanding Notes on such record date.  Nothing in this paragraph shall be construed
to prevent the Company from setting a new record date for any action for which
a record date has previously been set pursuant to this paragraph (whereupon the
record date previously set shall automatically and with no action by any Person
be cancelled and of no effect), and nothing in this paragraph shall be
construed to render ineffective any action taken by Holders of the requisite
principal amount at maturity of Outstanding Notes on the date such action is
taken.  Promptly after any record date is
set pursuant to this paragraph, the Company, at its expense,  shall cause notice of such record date, the
proposed action by Holders and the applicable Expiration Date to be given to
the Trustee in writing and to each Holder of Notes in the manner set forth in Section 110.

 

(ii)           The Trustee may set
any day as a record date for the purpose of determining the Holders of
Outstanding Notes entitled to join in the giving or making of (A) any Notice of Default, (B) any declaration of acceleration
referred to in Section 602, (C) any
request to institute proceedings referred to in Section 607(ii) or
(D) any direction referred
to in Section 612, in each case with respect to Notes.  If any record date is set pursuant to this
paragraph, the Holders of Outstanding Notes on such record date, and no other
Holders, shall be entitled to join in such notice, declaration, request or
direction, whether or not such Holders remain Holders after such record date; provided that no such action shall be effective hereunder
unless taken on or prior to the applicable Expiration Date by Holders of the
requisite principal amount at maturity of Outstanding Notes on such record
date.  Nothing in this paragraph shall be
construed to prevent the Trustee from setting a new record date for any action
for which a record date has previously been set pursuant to this paragraph
(whereupon the record date previously set shall automatically and with no
action by any Person be cancelled and of no effect), and nothing in this paragraph
shall be construed to render ineffective any action taken by Holders of the
requisite principal amount at maturity of Outstanding Notes on the date such
action is taken.  Promptly after any
record date is set pursuant to this paragraph, the Trustee, at the Company’s
expense, shall cause notice of such record date, the proposed action by Holders
and the applicable Expiration Date to be given to the Company in writing and to
each Holder of Notes in the manner set forth in Section 110.

 

(iii)          With respect to any
record date set pursuant to this Section 108, the party hereto that
sets such record dates may designate any day as the “Expiration Date”
and from time to time may change the Expiration Date to any earlier or later
day; provided that
no such change shall be effective unless notice of the proposed new Expiration
Date is given to the Company or the Trustee, whichever such party is not
setting a record date pursuant to this Section 108(e) in
writing, and to each Holder of Notes in the manner set forth in Section 110,
on or prior to the existing Expiration Date. 
If an Expiration Date is not designated with respect to any record date
set pursuant to this Section, the party

 

40

 

hereto that
set such record date shall be deemed to have initially designated the 180th day
after such record date as the Expiration Date with respect thereto, subject to
its right to change the Expiration Date as provided in this paragraph.  Notwithstanding the foregoing, no Expiration
Date shall be later than the 180th day after the applicable record date.

 

(iv)          Without limiting the
foregoing, a Holder entitled hereunder to take any action hereunder with regard
to any particular Note may do so with regard to all or any part of the principal
amount at maturity of such Note or by one or more duly appointed agents each of
which may do so pursuant to such appointment with regard to all or any part of
such principal amount at maturity.

 

Section 109.           Notices, etc., to Trustee and
Company.  Any request, demand,
authorization, direction, notice, consent, waiver or Act of Holders or other
document provided or permitted by this Indenture to be made upon, given or
furnished to, or filed with,

 

(1)  the Trustee by any Holder or by the Company or by any
other obligor upon the Notes shall be sufficient for every purpose hereunder if
made, given, furnished or filed in writing to or with the Trustee at 213 Court
Street, Suite 703, Middletown, CT 06457, Attention:  Corporate Trust Department (telephone:  (860) 704-6217; telecopier:  (860) 704-6219) or at any other address
furnished in writing to the Company by the Trustee, or

 

(2)  the Company by the Trustee or by any Holder shall be
sufficient for every purpose hereunder if in writing and mailed, first-class
postage prepaid, to the Company at VWR International, Inc., 1310 Goshen
Parkway, West Chester, PA 19380, Attention: Chief Financial Officer (telephone:
(610) 431-1700; telecopier:  (610) 436-1760),
with copies to Debevoise & Plimpton LLP, 919 Third Avenue, New
York, New York 10022, Attention: 
David Brittenham, Esq. (telephone: 
(212) 909-6000; telecopier:  (212)
909-6836), or at any other address previously furnished in writing to the
Trustee by the Company.

 

Section 110.           Notices to Holders; Waiver.  Where this Indenture provides for notice to
Holders of any event, such notice shall be sufficiently given (unless otherwise
herein expressly provided) if in writing and mailed, first-class postage
prepaid, to each Holder affected by such event, at such Holder’s address as it
appears in the Note Register, not later than the latest date, and not earlier
than the earliest date, prescribed for the giving of such notice.  In any case where notice to Holders is given
by mail, neither the failure to mail such notice, nor any defect in any notice
so mailed, to any particular Holder shall affect the sufficiency of such notice
with respect to other Holders.

 

Where this Indenture provides for notice in any
manner, such notice may be waived in writing by the Person entitled to receive
such notice, either before or after the event, and such waiver shall be the
equivalent of such notice.  Waivers of
notice by Holders shall be

 

41

 

filed with the Trustee, but such filing shall not be a condition
precedent to the validity of any action taken in reliance upon such waiver.

 

In case, by reason of the suspension of regular mail
service, or by reason of any other cause, it shall be impossible to mail notice
of any event as required by any provision of this Indenture, then such
notification as shall be made with the approval of the Trustee (such approval
not to be unreasonably withheld) shall constitute a sufficient notification for
every purpose hereunder.

 

Section 111.           Effect of Headings and Table of
Contents.  The Article and Section headings
herein and the Table of Contents are for convenience only and shall not affect
the construction hereof.

 

Section 112.           Successors and Assigns.  All covenants and agreements in this
Indenture by the Company shall bind its respective successors and assigns,
whether so expressed or not.

 

Section 113.           Separability Clause.  In case any provision in this Indenture or in
the Notes shall be invalid, illegal or unenforceable, the validity, legality
and enforceability of the remaining provisions shall not in any way be affected
or impaired thereby.

 

Section 114.           Benefits of Indenture.  Nothing in this Indenture or in the Notes,
express or implied, shall give to any Person, other than the parties hereto and
their successors hereunder, any Paying Agent and the Holders, any benefit or
any legal or equitable right, remedy or claim under this Indenture.

 

Section 115.           GOVERNING LAW.  THIS INDENTURE AND THE NOTES SHALL BE
GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW
YORK.  THE TRUSTEE, THE COMPANY, ANY
OTHER OBLIGOR IN RESPECT OF THE NOTES AND (BY THEIR ACCEPTANCE OF THE NOTES)
THE HOLDERS AGREE TO SUBMIT TO THE JURISDICTION OF ANY UNITED STATES FEDERAL OR
STATE COURT LOCATED IN THE BOROUGH OF MANHATTAN, IN THE CITY OF NEW YORK IN ANY
ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS INDENTURE OR THE NOTES.

 

Section 116.           Legal Holidays.  In any case where any Interest Payment Date,
Redemption Date or Stated Maturity of any Note shall not be a Business Day at
any Place of Payment, then (notwithstanding any other provision of this
Indenture or of the Notes) payment of interest or principal (or Accreted Value)
and premium (if any) need not be made at such Place of Payment on such date,
but may be made on the next succeeding Business Day at such Place of Payment
with the same force and effect as if made on the Interest Payment Date or
Redemption Date, or at the Stated Maturity.

 

Section 117.           No Personal Liability of
Directors, Officers, Employees, Incorporators and Stockholders.  No director, officer, employee, incorporator
or stockholder, as

 

42

 

such, of the Company, any Subsidiary Guarantor or any Subsidiary of any
thereof shall have any liability for any obligation of the Company or any
Subsidiary Guarantor under this Indenture, the Notes or any Subsidiary
Guarantee, or for any claim based on, in respect of, or by reason of, any such
obligation or its creation.  Each
Noteholder, by accepting the Notes, waives and releases all such
liability.  The waiver and release are
part of the consideration for issuance of the Notes.

 

Section 118.           Exhibits and Schedules.  All exhibits and schedules attached hereto
are by this reference made a part hereof with the same effect as if herein set
forth in full.

 

Section 119.           Counterparts.  This Indenture may be executed in any number
of counterparts, each of which shall be an original; but such counterparts
shall together constitute but one and the same instrument.

 

ARTICLE II

NOTE FORMS

 

Section 201.           Forms Generally.  (a) The Notes and the Trustee’s
certificate of authentication relating thereto shall be in substantially the
forms set forth, or referenced, in this Article II and Exhibit A
annexed hereto, which Exhibit is hereby incorporated in and expressly made
a part of this Indenture.  The Notes may
have such appropriate insertions, omissions, substitutions, notations, legends,
endorsements, identifications and other variations as are required or permitted
by law, stock exchange rule or depositary rule or usage, agreements
to which the Company is subject, if any, or other customary usage, or as may
consistently herewith be determined by the Officers of the Company executing
such Notes, as evidenced by such execution (provided always
that any such notation, legend, endorsement, identification or variation is in
a form acceptable to the Company).  Each
Note shall be dated the date of its authentication.  The terms of the Notes set forth in Exhibit A
are part of the terms of this Indenture. 
Any portion of the text of any Note may be set forth on the reverse
thereof, with an appropriate reference thereto on the face of the Note.

 

Initial Notes and any Initial Additional Notes offered
and sold in reliance on Rule 144A under the Securities Act shall, unless
(in the case of Additional Notes) the Company otherwise notifies the Trustee in
writing, be issued in the form of one or more permanent global Notes in
substantially the form set forth in Exhibit A (each, a “U.S.
Global Note”), deposited with the Trustee, as custodian for the Depositary
or its nominee, duly executed by the Company and authenticated by the Trustee
as hereinafter provided.  The aggregate
principal amount at maturity of a U.S. Global Note may from time to time be
increased or decreased by adjustments made on the records of the Trustee, as
custodian for the Depositary or its nominee, as hereinafter provided.

 

Initial Notes and any Initial Additional Notes offered
and sold in offshore transactions in reliance on Regulation S under the
Securities Act shall, unless (in the case of Additional Notes) the Company
otherwise notifies the Trustee in writing, be issued in the form of one or more
temporary global Notes in substantially the form set forth in Exhibit A
(each, an

 

43

 

“Offshore Temporary Global Note”), deposited with the Trustee,
as custodian for the Depositary or its nominee, duly executed by the Company
and authenticated by the Trustee as hereinafter provided.  Following the Offshore Note Exchange Date
with respect to any such Offshore Temporary Global Note, beneficial interests
in the Offshore Temporary Global Note shall be exchanged as provided in Sections 312
and 313 for beneficial interests in one or more permanent global Notes
in the form of Exhibit A (each an “Offshore Permanent Global
Note” and, together with the Offshore Temporary Global Notes, the “Offshore
Global Notes”), deposited with the Trustee, as custodian for the Depositary
or its nominee, duly executed by the Company and authenticated by the Trustee
as hereinafter provided.  Simultaneously
with the authentication of an Offshore Permanent Global Note, the Trustee shall
cancel the related Offshore Temporary Global Note.  The aggregate principal amount at maturity of
an Offshore Global Note may from time to time be increased or decreased by
adjustments made in the records of the Trustee, as custodian for the Depositary
or its nominee, as hereinafter provided.

 

Subject to the limitations on the issuance of
certificated Notes set forth in Sections 312 and 313,
Initial Notes and any Initial Additional Notes issued pursuant to Section 305
in exchange for or upon transfer of beneficial interests (x) in a U.S. Global Note shall be in
the form of permanent certificated Notes substantially in the form set forth in
Exhibit A (the “U.S. Physical Notes”) or (y) in an Offshore Global Note (if any), on
or after the Offshore Note Exchange Date with respect to such Offshore Global
Note, shall be in the form of permanent certificated Notes substantially in the
form set forth in Exhibit A (the “Offshore Physical Notes”),
respectively, as hereinafter provided.

 

The U.S. Physical Notes and Offshore Physical Notes
shall be construed to include any certificated Notes issued in respect thereof
pursuant to Section 304, 305, 306 or 1008, and
the U.S. Global Notes and Offshore Global Notes shall be construed to include
any global Notes issued in respect thereof pursuant to Section 304,
305, 306 or 1008. 
The Offshore Physical Notes and the U.S. Physical Notes, together with
any other certificated Notes issued and authenticated pursuant to this
Indenture, are sometimes collectively herein referred to as the “Physical
Notes”.  The U.S. Global Notes and
the Offshore Global Notes, together with any other global Notes that are issued
and authenticated pursuant to this Indenture, are sometimes collectively
referred to as the “Global Notes.”

 

Exchange Notes shall be issued substantially in the
form set forth in Exhibit A and, subject to Section 312(b),
shall be in the form of one or more Global Notes.

 

Section 202.           Form of Trustee’s Certificate
of Authentication.  The Notes will
have endorsed thereon a Trustee’s certificate of authentication in
substantially the following form:

 

This is one of the Notes referred to in the within-mentioned
Indenture.

 

	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  

 

44

 

	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  as Trustee

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Authorized Officer

  
	
  Dated:

  	
   

  

 

If an appointment of an Authenticating Agent is made
pursuant to Section 714, the Notes may have endorsed thereon, in
lieu of the Trustee’s certificate of authentication, an alternative certificate
of authentication in substantially the following form:

 

This is one of the Notes referred to in the within-mentioned
Indenture.

 

	
   

  	
  WELLS FARGO BANK, NATIONAL

  ASSOCIATION

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  as Trustee

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  As Authenticating Agent

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Authorized Officer

  
	
  Dated:

  	
   

  

 

Section 203.           Restrictive and Global Note
Legends.  Each Global Note and
Physical Note shall bear the following legend set forth below (the “Private
Placement Legend”) on the face thereof until the Private Placement Legend
is removed or not required in accordance with Section 313(4):

 

THIS SECURITY HAS NOT BEEN REGISTERED UNDER THE U.S.
SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR UNDER ANY STATE
SECURITIES LAWS OR OTHER JURISDICTION, AND, ACCORDINGLY, MAY NOT BE
OFFERED OR SOLD WITHIN THE UNITED STATES OR TO, OR FOR THE ACCOUNT OR BENEFIT
OF, U.S. PERSONS EXCEPT AS SET FORTH BELOW. 
EACH PURCHASER OF THIS SECURITY IS HEREBY NOTIFIED THAT THE SELLER OF
THIS SECURITY MAY BE RELYING ON THE EXEMPTION FROM THE PROVISIONS OF SECTION 5
OF THE SECURITIES ACT PROVIDED BY RULE 144A THEREUNDER OR ANOTHER EXEMPTION
UNDER THE SECURITIES ACT.

 

BY ITS ACCEPTANCE HEREOF, THE HOLDER OF THIS SECURITY (1) REPRESENTS
THAT (A) IT IS A “QUALIFIED INSTITUTIONAL BUYER” (AS DEFINED IN RULE 144A
UNDER THE SECURITIES ACT), (B) IT IS NOT A U.S. PERSON AND IS ACQUIRING
THIS SECURITY IN AN OFFSHORE

 

45

 

TRANSACTION IN COMPLIANCE WITH RULE 904 UNDER THE
SECURITIES ACT OR (C) IT IS AN ACCREDITED INVESTOR (AS DEFINED IN RULE
501(a)(1), (2), (3), OR (7) UNDER REGULATION D PROMULGATED UNDER THE
SECURITIES ACT (AN “ACCREDITED INVESTOR”) AND (2) AGREES THAT IT WILL NOT
RESELL OR OTHERWISE TRANSFER THIS SECURITY EXCEPT (A) (I) TO THE COMPANY
OR ANY SUBSIDIARY THEREOF, (II) FOR SO LONG AS THIS SECURITY IS ELIGIBLE FOR
RESALE PURSUANT TO RULE 144A UNDER THE SECURITIES ACT INSIDE THE UNITED STATES
TO A PERSON WHOM THE SELLER REASONABLY BELIEVES IS A QUALIFIED INSTITUTIONAL
BUYER IN COMPLIANCE WITH RULE 144A UNDER THE SECURITIES ACT, (III) INSIDE THE
UNITED STATES TO AN ACCREDITED INVESTOR THAT, PRIOR TO SUCH TRANSFER, FURNISHES
(OR HAS FURNISHED ON ITS BEHALF BY A U.S. BROKER-DEALER) TO THE TRUSTEE A
SIGNED LETTER CONTAINING CERTAIN REPRESENTATIONS AND AGREEMENTS RELATING TO THE
RESTRICTIONS ON TRANSFER OF THIS SECURITY (THE FORM OF WHICH LETTER CAN BE
OBTAINED FROM THE TRUSTEE FOR THIS SECURITY), (IV) OUTSIDE THE UNITED STATES IN
AN OFFSHORE TRANSACTION IN COMPLIANCE WITH RULE 903 OR RULE 904 UNDER THE
SECURITIES ACT (IF AVAILABLE), (V) PURSUANT TO THE EXEMPTION FROM REGISTRATION
PROVIDED BY RULE 144 UNDER THE SECURITIES ACT (IF AVAILABLE), OR (VI) PURSUANT
TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT AND (B) IN
ACCORDANCE WITH ALL APPLICABLE SECURITIES LAWS OF THE STATES OF THE UNITED
STATES AND OTHER JURISDICTIONS.  THE
HOLDER OF THIS SECURITY FURTHER AGREES THAT IT WILL GIVE TO EACH PERSON TO WHOM
THIS SECURITY IS TRANSFERRED A NOTICE SUBSTANTIALLY TO THE EFFECT OF THIS
LEGEND.  IN CONNECTION WITH ANY TRANSFER
OF THIS SECURITY PURSUANT TO SUBCLAUSES (III) TO (V) OF CLAUSE (A) ABOVE,
THE HOLDER MUST, PRIOR TO SUCH TRANSFER, FURNISH TO THE TRUSTEE AND THE COMPANY
SUCH CERTIFICATIONS, LEGAL OPINIONS OR OTHER INFORMATION AS EITHER OF THEM MAY REASONABLY
REQUIRE TO CONFIRM THAT SUCH TRANSFER IS BEING MADE PURSUANT TO AN EXEMPTION
FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE
SECURITIES ACT.  AS USED HEREIN, THE
TERMS “OFFSHORE TRANSACTION,” “UNITED STATES” AND “U.S. PERSON” HAVE THE
MEANING GIVEN TO THEM BY REGULATION S UNDER THE SECURITIES ACT.

 

Each Global Note, whether or not an Initial Note,
shall also 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”) TO THE COMPANY OR ITS
AGENT FOR

 

46

 

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 NOTE SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO
NOMINEES OF CEDE & CO. OR TO A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S
NOMINEE AND TRANSFERS OF PORTIONS OF THIS GLOBAL NOTE SHALL BE LIMITED TO
TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS SET FORTH IN SECTIONS 312
AND 313 OF THE INDENTURE (AS DEFINED HEREIN).

 

Each Offshore Temporary Global Note shall also bear
the following legend on the face thereof:

 

EXCEPT AS
SPECIFIED IN THE INDENTURE, BENEFICIAL OWNERSHIP INTERESTS IN THIS OFFSHORE
TEMPORARY GLOBAL NOTE WILL NOT BE EXCHANGEABLE FOR INTERESTS IN THE OFFSHORE
PERMANENT GLOBAL NOTE OR ANY OTHER SECURITY REPRESENTING AN INTEREST IN THE
SECURITIES REPRESENTED HEREBY WHICH DO NOT CONTAIN A LEGEND CONTAINING
RESTRICTIONS ON TRANSFER, UNTIL THE EXPIRATION OF THE “40 DAY DISTRIBUTION
COMPLIANCE PERIOD” (WITHIN THE MEANING OF RULE 903(b)(2) OF REGULATION S
UNDER THE SECURITIES ACT).  DURING SUCH
40 DAY DISTRIBUTION COMPLIANCE PERIOD, BENEFICIAL OWNERSHIP INTERESTS IN THIS
OFFSHORE TEMPORARY GLOBAL NOTE MAY ONLY BE SOLD, PLEDGED OR TRANSFERRED
THROUGH EUROCLEAR BANK S.A./N.A., AS OPERATOR OF THE EUROCLEAR SYSTEM, OR
CLEARSTREAM BANKING, SOCIÉTÉ ANONYME. 
NEITHER THE HOLDER NOR THE BENEFICIAL OWNERS OF THIS OFFSHORE TEMPORARY
GLOBAL NOTE SHALL BE ENTITLED TO RECEIVE PAYMENT OF INTEREST HEREON.

 

ARTICLE III

THE NOTES

 

Section 301.           Title and Terms.  The aggregate principal amount at maturity of
Notes that may be authenticated and delivered and Outstanding under this Indenture
is not limited.  The Initial Notes will
be issued in an aggregate principal amount at maturity of $481.0 million.  The Initial Notes will have an initial
Accreted Value of $622.49 per $1,000 principal amount at maturity of the Notes.

 

47

 

All the Notes shall vote and consent together on all
matters as one class, and none of the Notes will have the right to vote or
consent as a class separate from one another on any matter.  Additional Notes (including any Exchange
Notes issued in exchange therefor) will vote (or consent) as a class with the
other Notes and otherwise be treated as Notes for all purposes of this
Indenture.

 

The Notes shall be known and designated as the “95/8%
Senior Discount Notes Due 2015” of the Company. 
The final Stated Maturity of the Notes shall be January 1,
2015.  No cash interest will accrue on
the Notes prior to January 1, 2010. 
The Accreted Value of the Notes will increase from the Issue Date until January 1,
2010 at a rate of 95/8% per annum, compounded
semiannually, such that the Accreted Value will equal the principal amount at
maturity on such date.  Cash interest
will accrue on the Notes at the rate of 95/8% per annum from January 1,
2010, or from the most recent date to which interest has been paid or provided
for; provided that with respect
to any Additional Notes (and Exchange Notes issued in exchange therefor) issued
on or after July 1, 2010, cash interest will accrue (or will be deemed to
have accrued) on the Notes at the rate of 95/8%
from the Interest Payment Date immediately preceding the date of issuance of
such Additional Notes (or if the date of issuance of such Additional Notes is
an Interest Payment Date, from such date of issuance), or from the most recent
date to which interest has been paid or provided for.  Interest will be payable semiannually in
arrears on January 1 and July 1 in each year, commencing on July 1,
2010, to Holders of record on the immediately preceding December 15 and June 15,
respectively (each such December 15 and June 15, a “Regular Record
Date”); provided that on any
Interest Payment Date, interest shall be payable only to the extent of funds
actually available for distribution by VWR International and in turn any
Intermediate Holdcos to the Company under applicable law and under Section 409(a),
as in effect on the Issue Date, of each VWR Notes Indenture (net of all taxes
on, and expenses relating to, any such distribution), as reasonably determined
by the Board of Directors in good faith, such determination to be conclusive
and binding for all purposes.  The amount
of interest that would otherwise have been payable on any interest payment date
but for the proviso to the immediately preceding sentence shall not be due or
payable on such Interest Payment Date and shall instead continue to accrue
(such interest, the “Deferred Interest”).  Deferred Interest on the Notes will bear
interest at 95/8% per annum, compounded
semiannually, until paid in full.  The
Company will be obligated to pay any Deferred Interest, including interest on
any Deferred Interest, on any subsequent Interest Payment Date when funds
sufficient to pay such amounts are actually available for distribution to the
Company as aforesaid.  In any event, all
Deferred Interest and accrued interest thereon must be repaid on or prior to
the Stated Maturity of the Notes.

 

The principal (or Accreted Value) of, and premium, if
any, and interest on, the Notes shall be payable, and the Notes may be
exchanged or transferred, at the office or agency of the Company maintained for
that purpose (which initially shall be the Corporate Trust Office of the
Trustee) (the “Place of Payment”); provided,
however, that at the option of
the Company payment of interest on a Note may be made by check mailed to the
address of the Person entitled thereto as such address shall appear in the Note
Register.

 

48

 

Section 302.           Denominations.  The Notes shall be issuable only in fully
registered form, without coupons, and only in denominations of $1,000 and any
integral multiple thereof.

 

Section 303.           Execution, Authentication and
Delivery and Dating.  The Notes shall
be executed on behalf of the Company by one Officer of the Company.  The signature of any such Officer on the
Notes may be manual or facsimile.

 

Notes bearing the manual or facsimile signature of an
individual who was at any time a proper Officer of the Company shall bind the
Company, notwithstanding that such individual has ceased to hold such office
prior to the authentication and delivery of such Notes or did not hold such
office at the date of such Notes.

 

At any time and from time to time after the execution
and delivery of this Indenture, the Company may deliver Notes executed by the
Company to the Trustee for authentication; and the Trustee shall authenticate
and deliver (i) Initial Notes for
original issue in the aggregate principal amount at maturity not to exceed $
481.0 million, (ii) Additional Notes in one
or more series from time to time for original issue in aggregate principal
amounts at maturity specified by the Company and (iii) Exchange
Notes from time to time for issue in exchange for a like principal amount at
maturity of Initial Notes or Initial Additional Notes, in each case specified
in clauses (i) through (iii) above, upon a written order of the
Company in the form of an Officer’s Certificate of the Company (an “Authentication
Order”).  Such Officer’s Certificate
shall specify the amount of Notes to be authenticated and the date on which the
Notes are to be authenticated, whether the Notes are to be Initial Notes,
Additional Notes or Exchange Notes and whether the Notes are to be issued as
one or more Global Notes or Physical Notes and such other information as the
Company may include or the Trustee may reasonably request.

 

All Notes shall be dated the date of their
authentication.

 

No Note shall be entitled to any benefit under this Indenture
or be valid or obligatory for any purpose, unless there appears on such Note a
certificate of authentication substantially in the form provided for herein
executed by the Trustee by manual signature, and such certificate upon any Note
shall be conclusive evidence, and the only evidence, that such Note has been
duly authenticated and delivered hereunder.

 

Section 304.           Temporary Notes.  Until definitive Notes are ready for
delivery, the Company may prepare and upon receipt of an Authentication Order the
Trustee shall authenticate temporary Notes. 
Temporary Notes shall be substantially in the form of definitive Notes
but may have variations that the Company consider appropriate for temporary
Notes.  If temporary Notes are issued,
the Company will cause definitive Notes to be prepared without unreasonable
delay.  After the preparation of
definitive Notes, the temporary Notes shall be exchangeable for definitive
Notes upon surrender of the temporary Notes at the office or agency of the
Company in a Place of Payment, without charge to the Holder.  Upon surrender for cancellation of any one or
more temporary Notes the Company shall execute and upon receipt of an
Authentication Order the Trustee shall authenticate and deliver in exchange
therefor a like

 

49

 

principal amount
at maturity of definitive Notes of authorized denominations.  Until so exchanged the temporary Notes shall
in all respects be entitled to the same benefits under this Indenture as definitive
Notes of the same series and tenor.

 

Section 305.           Registration, Registration of
Transfer and Exchange.  The Company
shall cause to be kept at the Corporate Trust Office of the Trustee a register
(the register maintained in such office and in any other office or agency of
the Company in a Place of Payment being herein sometimes collectively referred
to as the “Note Register”) in which, subject to such reasonable
regulations as it may prescribe, the Company shall provide for the registration
of Notes and of transfers of Notes.  The
Trustee is hereby appointed “Note Registrar” for the purpose of
registering Notes and transfers of Notes as herein provided.

 

Upon surrender for transfer of any Note at the office
or agency of the Company in a Place of Payment, in compliance with all
applicable requirements of this Indenture and applicable law, the Company shall
execute, and the Trustee shall authenticate and deliver, in the name of the
designated transferee or transferees, one or more new Notes of the same series,
of any authorized denominations and of a like aggregate principal amount at
maturity.

 

At the option of the Holder, Notes may be exchanged
for other Notes of the same series, of any authorized denominations and of a
like tenor and aggregate principal amount at maturity, upon surrender of the
Notes to be exchanged at such office or agency. 
Whenever any Notes are so surrendered for exchange, the Company shall
execute, and the Trustee shall authenticate and deliver, the Notes that the
Holder making the exchange is entitled to receive.

 

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

 

Every Note presented or surrendered for transfer or
exchange shall (if so required by the Company or the Trustee) be duly endorsed,
or be accompanied by a written instrument of transfer in form satisfactory to
the Company and the Note Registrar duly executed, by the Holder thereof or such
Holder’s attorney duly authorized in writing.

 

No service charge shall be made for any registration,
transfer or exchange of Notes, but the Company may require payment of a sum
sufficient to cover any transfer tax or other governmental charge that may be
imposed in connection therewith.

 

The Company shall not be required (i) to issue, transfer or exchange any Note during a
period beginning at the opening of business 15 days before the day of the
mailing of a notice of redemption (or purchase) of Notes selected for
redemption (or purchase) under Section 1004 and ending at the close
of business on the day of such mailing, or (ii) to
transfer or exchange any Note so selected for redemption (or purchase) in whole
or in part.

 

Section 306.           Mutilated, Destroyed, Lost and
Stolen Notes.  If (i) any mutilated Note is surrendered
to the Trustee, or the Company and the Trustee receive evidence to their

 

50

 

satisfaction of the destruction, loss or theft of any Note, and (ii) there is delivered to the Company
and the Trustee such security or indemnity as may be required by them to save
each of them harmless, then, in the absence of notice to the Company or the
Trustee that such Note has been acquired by a bona fide purchaser, the Company
shall execute and upon receipt of an Authentication Order the Trustee shall
authenticate and deliver, in exchange for or in lieu of any such mutilated,
destroyed, lost or stolen Note, a new Note of like tenor and principal amount
at maturity, bearing a number not contemporaneously Outstanding.

 

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

 

Upon the issuance of any new Note under this Section 306,
the Company may require the payment of a sum sufficient to cover any tax or
other governmental charge that may be imposed in relation thereto and any other
expenses (including the fees and expenses of the Trustee) connected therewith.

 

Every new Note issued pursuant to this Section 306
in lieu of any destroyed, lost or stolen Note shall constitute an original
additional contractual obligation of the Company, whether or not the destroyed,
lost or stolen Note shall be at any time enforceable by anyone, and shall be
entitled to all the benefits of this Indenture equally and ratably with any and
all other Notes duly issued hereunder.

 

The provisions of this Section 306 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 Notes.

 

Section 307.           Payment of Interest Rights
Preserved.  Interest on any Note that
is payable, and is punctually paid or duly provided for, on any Interest
Payment Date shall be paid to the Person in whose name that Note (or one or
more Predecessor Notes) is registered at the close of business on the Regular
Record Date for such interest specified in Section 301.

 

Any interest on any Note that is payable, but is not
punctually paid or duly provided for, on any Interest Payment Date (herein
called “Defaulted Interest”) shall forthwith cease to be payable to the
registered Holder on the relevant Regular Record Date by virtue of having been
such Holder; and such Defaulted Interest may be paid by the Company, at its
election, as provided in clause (1) or clause (2) below:

 

(1) The Company may elect to make payment of any Defaulted Interest to
the Persons in whose names the Notes (or their respective Predecessor Notes)
are registered at the close of business on a Special Record Date for the
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 Note and the date of the proposed payment, 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

 

51

 

in respect of
such Defaulted Interest or shall make arrangements reasonably 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 provided in this clause (1).  Thereupon the Trustee shall fix a Special
Record Date for the payment of such Defaulted Interest which shall be not more
than 15 nor less than 10 days prior to the date of the proposed payment 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 therefor to be mailed, first
class postage prepaid, to each Holder at such Holder’s address as it appears in
the Note Register, 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 therefor having been so
mailed, such Defaulted Interest shall be paid to the Persons in whose names the
Notes (or their respective Predecessor Notes) are registered on such Special
Record Date and shall no longer be payable pursuant to the following clause
(2).

 

(2) 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 Notes 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 (2), such payment shall be deemed
practicable by the Trustee.

 

Subject to the foregoing provisions of this Section 307,
each Note delivered under this Indenture upon transfer of or in exchange for or
in lieu of any other Note shall carry the rights to interest accrued and unpaid,
and to accrue, that were carried by such other Note.

 

Section 308.           Persons Deemed Owners.  The Company, any Subsidiary Guarantor, the
Trustee and any agent of any of them may treat the Person in whose name any
Note is registered as the owner of such Note for the purpose of receiving
payment of principal (or Accreted Value) of (and premium, if any), and (subject
to Section 307) interest on, such Note and for all other purposes
whatsoever, whether or not such Note be overdue, and neither the Company, any
Subsidiary Guarantor, the Trustee nor any agent of any of them shall be
affected by notice to the contrary.

 

Section 309.           Cancellation.  All Notes surrendered for payment,
redemption, transfer, exchange or conversion shall, if surrendered to any
Person other than the Trustee, be delivered to the Trustee and, if not already
cancelled, shall be promptly cancelled by it. 
The Company may at any time deliver to the Trustee for cancellation any
Notes previously authenticated and delivered hereunder that the Company may
have acquired in any manner whatsoever, and all Notes so delivered shall be
promptly cancelled by the Trustee.  No
Notes shall be authenticated in lieu of or in exchange for any Notes cancelled
as provided in this Section, except as expressly permitted by this
Indenture.  All cancelled Notes held by
the Trustee

 

52

 

shall be disposed of as directed by a Company Order of the Company and
in accordance with Section 313.

 

Section 310.           Computation of Interest.  Interest on the Notes shall be computed on
the basis of a 360-day year of twelve 30-day months.

 

Section 311.           CUSIP Numbers.  The Company in issuing the Notes may use “CUSIP”
numbers (if then generally in use), and if so, the Trustee may use the CUSIP
numbers in notices of redemption or exchange as a convenience to Holders; provided, however, that
any such notice may state that no representation is made as to the correctness
or accuracy of the CUSIP number printed in the notice or on the Notes, and that
reliance may be placed only on the other identification numbers printed on the
Notes.

 

Section 312.           Book-Entry Provisions for Global
Notes.  (a) Each Global Note
initially shall (i) be
registered in the name of the Depositary for such Global Note or the nominee of
such Depositary and (ii) be
delivered to the Trustee as custodian for such Depositary.  Neither the Company nor any agent of the
Company shall have any responsibility or liability for any aspect of the
records relating to or payments made on account of beneficial ownership
interests of a Global Note, or for maintaining, supervising or reviewing any
records relating to such beneficial ownership interests.

 

Members of, or participants in, the Depositary (“Agent
Members”) shall have no rights under this Indenture with respect to any
Global Note, and the Depositary may be treated by the Company, any other
obligor upon the Notes, the Trustee and any agent of any of them as the
absolute owner of such Global Note for all purposes whatsoever.  Notwithstanding the foregoing, nothing herein
shall prevent the Company, any other obligor upon the Notes, the Trustee or any
agent of any of them from giving effect to any written certification, proxy or
other authorization furnished by the Depositary or impair, as between the
Depositary and its Agent Members, the operation of customary practices
governing the exercise of the rights of a beneficial owner of any Note.  The registered holder of a Global Note may
grant proxies and otherwise authorize any Person, including Agent Members and
Persons that may hold interests through Agent Members, to take any action that
a Holder is entitled to take under this Indenture or the Notes.

 

(b)           Transfers of a Global Note shall be
limited to transfers of such Global Note in whole, but, subject to the
immediately succeeding sentence, not in part, to the Depositary, its successors
or their respective nominees.  Interests
of beneficial owners in a Global Note may not be transferred or exchanged for
Physical Notes unless (i) the
Company has consented thereto in writing, or such transfer or exchange is made
pursuant to the next sentence, and (ii) such
transfer or exchange is in accordance with the applicable rules and
procedures of the Depositary and the provisions of Sections 305 and 313.  Subject to the limitation on issuance of
Physical Notes set forth in Section 313(3), Physical Notes shall be
transferred to all beneficial owners in exchange for their beneficial interests
in the relevant Global Note, if (i) the
Depositary notifies the Company that it is unwilling or unable to continue as
Depositary for the Global Note or the Depositary ceases to be a “Clearing
Agency” registered under the Exchange Act and in

 

53

 

either case a successor depositary is not appointed by the Company
within 90 days, (ii) the Company, at its
option, notifies the Trustee in writing that it is electing to cause the
issuance of Physical Notes under this Indenture or (iii) an
Event of Default has occurred and is continuing and the Trustee has received a
written request from the Depositary to issue Physical Notes.

 

(c)           In connection with any transfer or
exchange of a portion of the beneficial interest in any Global Note to
beneficial owners for Physical Notes pursuant to Section 312(b),
the Note Registrar shall record on its books and records the date and a
decrease in the principal amount at maturity of such Global Note in an amount
equal to the beneficial interest in the Global Note being transferred, and the
Company shall execute, and the Trustee shall authenticate and deliver, one or
more Physical Notes of like tenor and principal amount at maturity of
authorized denominations.

 

(d)           In connection with a transfer of an
entire Global Note to beneficial owners pursuant to Section 312(b),
the applicable Global Note shall be deemed to be surrendered to the Trustee for
cancellation, and the Company shall execute, and the Trustee shall authenticate
and deliver, to each beneficial owner identified by the Depositary in exchange
for its beneficial interest in the applicable Global Note, an equal aggregate
principal amount at maturity of U.S. Physical Notes (in the case of any U.S.
Global Note), Offshore Physical Notes (in the case of any Offshore Global Note)
or other Physical Notes (in the case of any other Global Note), as the case may
be, of authorized denominations.

 

(e)           The transfer and exchange of a Global
Note or beneficial interests therein shall be effected through the Depositary,
in accordance with this Indenture (including applicable restrictions on
transfer set forth in Section 313) and the procedures of the
Depositary therefor.  Any beneficial
interest in one of the Global Notes that is transferred to a Person who takes
delivery in the form of an interest in a different Global Note will, upon
transfer, cease to be an interest in such Global Note and become an interest in
the other Global Note and, accordingly, will thereafter be subject to all
transfer restrictions, if any, and other procedures applicable to beneficial
interests in such other Global Note for as long as it remains such an
interest.  A transferor of a beneficial
interest in a Global Note shall deliver to the Registrar a written order given
in accordance with the Depositary’s procedures containing information regarding
the participant account of the Depositary to be credited with a beneficial
interest in the relevant Global Note. 
Subject to Section 313, the Registrar shall, in accordance
with such instructions, instruct the Depositary to credit to the account of the
Person specified in such instructions a beneficial interest in such Global Note
and to debit the account of the Person making the transfer the beneficial
interest in the Global Note being transferred.

 

(f)            Any Physical Note delivered in
exchange for an interest in a Global Note pursuant to Section 312(b) shall,
unless such exchange is made on or after the Resale Restriction Termination
Date applicable to such Note and except as otherwise provided in Section 203
and Section 313, bear the Private Placement Legend.

 

(g)           The Company, any other obligor upon
the Notes or the Trustee, in the discretion of any of them, may treat as the
Act of a Holder any instrument or writing of any

 

54

 

Person that is identified by the Depositary as the owner of a
beneficial interest in the Global Note, provided
that the fact and date of the execution of such instrument or writing is proved
in accordance with Section 108(b).

 

Section 313.           Special Transfer Provisions.

 

(1)  Transfers
to Non-U.S. Persons.  The following
provisions shall apply with respect to the registration of any proposed
transfer of a Note that is a Restricted Security to any Non-U.S. Person:  The Note Registrar shall register such
transfer if it complies with all other applicable requirements of this
Indenture (including Section 305) and,

 

(a)           if
(x) such transfer is after the
relevant Resale Restriction Termination Date with respect to such Note or (y) the proposed transferor has delivered
to the Note Registrar a Regulation S Certificate and, unless otherwise agreed
by the Company and the Trustee, an opinion of counsel, certifications and other
information satisfactory to the Company and the Trustee, and

 

(b)           if
the proposed transferor is or is acting through an Agent Member holding a
beneficial interest in a Global Note, upon receipt by the Note Registrar of (x)
the certificate, opinion, certifications and other information, if any,
required by clause (a) above and (y) written instructions given in accordance
with the Depositary’s and the Note Registrar’s procedures;

 

whereupon (i) the Note Registrar shall reflect on its books and
records the date and (if the transfer does not involve a transfer of any
Outstanding Physical Note) a decrease in the principal amount at maturity of
the relevant Global Note in an amount equal to the principal amount at maturity
of the beneficial interest in the relevant Global Note to be transferred, and (ii) either (A) if the
proposed transferee is or is acting through an Agent Member holding a
beneficial interest in a relevant Offshore Global Note, the Trustee shall
reflect on its books and records the date and an increase in the principal
amount at maturity of such Offshore Global Note in an amount equal to the
principal amount at maturity of the beneficial interest being so transferred or
(B) otherwise the Company shall
execute and the Trustee shall authenticate and deliver one or more Physical
Notes of like tenor and amount.

 

(2)           Transfers to QIBs.  The following provisions shall apply with
respect to the registration of any proposed transfer of a Note that is a
Restricted Security to a QIB (excluding transfers to Non-U.S. Persons):  The Note Registrar shall register such
transfer if it complies with all other applicable requirements of this
Indenture (including Section 305) and,

 

(a)           if
such transfer is being made by a proposed transferor who has checked the box
provided for on the form of such Note stating, or has otherwise certified to
the Company and the Note Registrar in writing, that the sale has been made in
compliance with the provisions of Rule 144A to a transferee who has signed
the certification provided for on the form of such Note stating, or has
otherwise certified to the Company and the Note Registrar in writing, that it
is purchasing such Note for its own account or

 

55

 

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

 

(b)           if
the proposed transferee is an Agent Member, and the Note to be transferred
consists of a Physical Note that after transfer is to be evidenced by an
interest in a Global Note or consists of a beneficial interest in a Global Note
that after the transfer is to be evidenced by an interest in a different Global
Note, upon receipt by the Note Registrar of written instructions given in
accordance with the Depositary’s and the Note Registrar’s procedures, whereupon
the Note Registrar shall reflect on its books and records the date and an
increase in the principal amount at maturity of the transferee Global Note in
an amount equal to the principal amount at maturity of the Physical Note or
such beneficial interest in such transferor Global Note to be transferred, and
the Trustee shall cancel the Physical Note so transferred or reflect on its
books and records the date and a decrease in the principal amount at maturity
of such transferor Global Note, as the case may be.

 

(3)           Limitation
on Issuance of Physical Notes.  No
Physical Note shall be exchanged for a beneficial interest in any Global Note,
except in accordance with Section 312 and this Section 313.

 

A beneficial owner of an interest an Offshore
Temporary Global Note (and, in the case of any Additional Notes for which no
Offshore Temporary Global Note is issued, any Offshore Global Note) shall not
be permitted to exchange such interest for a Physical Note or (in the case of
such interest in an Offshore Temporary Global Note) an interest in an Offshore
Permanent Global Note until a date, which must be after the expiration of the
distribution compliance period set forth in Regulation S, on which the Company
receives a certificate of beneficial ownership substantially in the form of Exhibit B
from such beneficial owner (a “Certificate of Beneficial Ownership”).  Such date, as it relates to an Offshore
Global Note, is herein referred to as the “Offshore Note Exchange Date.”

 

(4)           Private
Placement Legend.  Upon the transfer,
exchange or replacement of Notes not bearing the Private Placement Legend, the
Note Registrar shall deliver Notes that do not bear the Private Placement
Legend.  Upon the transfer, exchange or
replacement of Notes bearing the Private Placement Legend, the Note Registrar
shall deliver only Notes that bear the Private Placement Legend unless (i) the requested transfer is after the relevant Resale
Restriction Termination Date with respect to such Notes, (ii) upon
written request of the Company after there is delivered to the Note Registrar
an opinion of counsel (which opinion and counsel are 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

 

56

 

Securities Act, (iii) with
respect to an Offshore Global Note (on or after the Offshore Note Exchange Date
with respect to such Offshore Global Note) or Offshore Physical Note, in each
case with the agreement of the Company, or (iv) such
Notes are sold or exchanged pursuant to an effective registration statement
under the Securities Act.

 

(5)           Other
Transfers.  The Note Registrar shall
effect and register, upon receipt of a written request from the Company to do
so, a transfer not otherwise permitted by this Section 313, such
registration to be done in accordance with the otherwise applicable provisions
of this Section 313, upon the furnishing by the proposed transferor
or transferee of a written opinion of counsel (which opinion and counsel are
satisfactory to the Company and the Trustee) to the effect that, and such other
certifications or information as the Company or the Trustee may require
(including, in the case of a transfer to an Accredited Investor (as defined in Rule 501(a)(1),
(2), (3) or (7) under Regulation D promulgated under the Securities
Act), a certificate substantially in the form of Exhibit E) to
confirm that, the proposed transfer is being made pursuant to an exemption
from, or in a transaction not subject to, the registration requirements of the
Securities Act.

 

A Note that is a Restricted Security may not be
transferred other than as provided in this Section 313.  A beneficial interest in a Global Note that
is a Restricted Security may not be exchanged for a beneficial interest in
another Global Note other than through a transfer in compliance with this Section 313.

 

(6)           General.  By its acceptance of any Note bearing the
Private Placement Legend, each Holder of such a Note acknowledges the
restrictions on transfer of such Note set forth in this Indenture and in the
Private Placement Legend and agrees that it will transfer such Note only as
provided in this Indenture.

 

The Note Registrar shall retain copies of all letters,
notices and other written communications received pursuant to Section 312
or this Section 313 (including all Notes received for transfer
pursuant to Section 313). 
The Company shall have the right to require the Note Registrar to
deliver to the Company, at the Company’s expense, copies of all such letters,
notices or other written communications at any reasonable time upon the giving
of reasonable written notice to the Note Registrar.

 

In connection with any transfer of any Note, the
Trustee, the Note Registrar and the Company shall be entitled to receive, shall
be under no duty to inquire into, may conclusively presume the correctness of, and
shall be fully protected in relying upon the certificates, opinions and other
information referred to herein (or in the forms provided herein, attached
hereto or to the Notes, or otherwise) received from any Holder and any
transferee of any Note regarding the validity, legality and due authorization
of any such transfer, the eligibility of the transferee to receive such Note
and any other facts and circumstances related to such transfer.

 

Section 314.           Payment of Additional Amounts.  (a)  Under certain circumstances the
Company will be obligated to pay certain additional amounts of interest to the
Holders of

 

57

 

certain Initial Notes, as more particularly set forth in such Initial
Notes and the Registration Rights Agreement.

 

(b)           Under certain circumstances the
Company may be obligated to pay certain additional amounts of interest to the
Holders of certain Initial Additional Notes, as may be more particularly set
forth in such Initial Additional Notes.

 

(c)           Prior to any Interest Payment Date on
which any such additional amounts of interest payable, the Company shall give
notice to the Trustee of the amount of any additional amounts of interest due
on such Interest Payment Date.

 

ARTICLE IV

COVENANTS

 

Section 401.           Payment of Principal (or Accreted
Value), Premium and Interest.  The
Company shall duly and punctually pay the principal (or Accreted Value) of (and
premium, if any) and interest on the Notes in accordance with the terms of the
Notes and this Indenture.

 

Section 402.           Maintenance of Office or Agency.  The Company shall maintain an office or
agency where Notes may be presented or surrendered for payment, where Notes may
be surrendered for transfer or exchange and where notices and demands to or
upon the Company in respect of the Notes and this Indenture may be served.  The Company shall give prompt written notice
to the Trustee of the location, and of any change in the location, of such
office or agency.  If at any time the
Company shall fail to maintain such office or agency or shall fail to furnish
the Trustee with the address thereof, such presentations, surrenders, notices
and demands may be made or served at the Corporate Trust Office of the
Trustee.  The Company hereby designates
the Corporate Trust Office as the initial Place of Payment and appoints the
Trustee its agent to receive all such presentations, surrenders, notices and
demands so long as such Corporate Trust Office remains the Place of Payment.

 

Section 403.           Money for Payments to Be Held in
Trust.  If the Company shall at any
time act as its own Paying Agent, it shall, on or before each due date of the
principal (or Accreted Value) of (and premium, if any) or interest on, any of
the Notes, segregate and hold in trust for the benefit of the Persons entitled
thereto a sum sufficient to pay the principal (or Accreted Value) (and premium,
if any) or interest so becoming due until such sums shall be paid to such
Persons or otherwise disposed of as herein provided, and shall promptly notify
the Trustee of its action or failure so to act.

 

If the Company is not acting as its own Paying Agent,
it shall, on or prior to each due date of the principal (or Accreted Value) of
(and premium, if any) or interest on, any Notes, deposit with a Paying Agent a
sum sufficient to pay the principal (or Accreted Value), and premium, if any,
or interest, so becoming due, such sum to be held in trust for the benefit of
the Persons entitled to such principal (or Accreted Value), premium or
interest, and (unless such

 

58

 

Paying Agent is the Trustee) the Company shall promptly notify the
Trustee of its action or failure so to act.

 

If the Company is not acting as its own Paying Agent,
the Company shall cause any Paying Agent other than the Trustee to execute and
deliver to the Trustee an instrument in which such Paying Agent shall agree
with the Trustee, subject to the provisions of this Section 403,
that such Paying Agent shall

 

(1) hold all sums held by it for the payment of principal (or Accreted
Value) of (and premium, if any) or interest on Notes in trust for the benefit
of the Persons entitled thereto until such sums shall be paid to such Persons
or otherwise disposed of as herein provided;

 

(2) give the Trustee notice of any default by
the Company (or any other obligor upon the Notes) in the making of any such
payment of principal (or Accreted Value), and premium, if any, or interest;

 

(3) at any time during the continuance of any such default, upon the
written request of the Trustee, forthwith pay to the Trustee all sums so held
in trust by such Paying Agent; and

 

(4) acknowledge, accept and agree to comply in
all respects with the provisions of this Indenture and TIA relating to the
duties, rights and liabilities of such Paying Agent.

 

The Company may at any time, for the purpose of
obtaining the satisfaction and discharge of this Indenture or for any other
purpose, pay, or by Company Order direct any Paying Agent to pay, to the
Trustee all sums held in trust by the Company or such Paying Agent, such sums
to be held by the Trustee upon the same trusts as those upon which such sums
were held by the Company or such Paying Agent; and, upon such payment by any
Paying Agent to the Trustee, such Paying Agent shall be released from all
further liability with respect to such money.

 

Any money deposited with the Trustee or any Paying
Agent, or then held by the Company, in trust for the payment of the principal
(or Accreted Value) of (and premium, if any) or interest on any Note and
remaining unclaimed for two years after such principal (or Accreted Value), and
premium, if any, or interest has become due and payable shall be paid to the
Company on Company Request, or (if then held by the Company) shall be
discharged from such trust; and the Holder of such Note shall thereafter, as an
unsecured general creditor, look only to the Company for payment thereof, and
all liability of the Trustee or such Paying Agent with respect to such trust
money, and all liability of the Company as trustee thereof, shall thereupon
cease.

 

Section 404.           [Reserved.]

 

59

 

Section 405.           SEC Reports.  Notwithstanding that the Company may not be
required to be or remain subject to the reporting requirements of Section 13(a) or
15(d) of the Exchange Act, the Company shall file with the SEC (unless
such filing is not permitted under the Exchange Act or by the SEC), so long as
the Notes are Outstanding, the annual reports, information, documents and other
reports that the Company is required to file with the SEC pursuant to such Section 13(a) or
15(d) or would be so required to file if the Company were so subject.  The Company shall also, within 15 days after
the date on which the Company was so required to file or would be so required
to file if the Company were so subject, transmit by mail to all Holders, as
their names and addresses appear in the Note Register, and to the Trustee
copies of any such information, documents and reports (without exhibits) so
required to be filed.  The Company shall
be deemed to have satisfied such requirements if any Parent files and provides
reports, documents and information of the types otherwise so required, in each
case within the applicable time periods, and the Company is not required to
file such reports, documents and information separately under the applicable rules and
regulations of the SEC (after giving effect to any exemptive relief) because of
the filings by such Parent.  The Company
also shall comply with the other provisions of TIA § 314(a).

 

Section 406.           Statement as to Default.  The Company shall deliver to the Trustee,
within 120 days after the end of each fiscal year of the Company ending
after the date hereof, an Officer’s Certificate to the effect that to the best
knowledge of the signer thereof the Company is or is not in default in the
performance and observance of any of the terms, provisions and conditions of
this Indenture (without regard to any period of grace or requirement of notice
provided hereunder) and, if the Company shall be in default, specifying all
such defaults and the nature and status thereof of which such signer may have
knowledge.  To the extent required by the
TIA, each Subsidiary Guarantor shall comply with TIA § 314(a)(4).  The individual signing any certificate given
by any Person pursuant to this Section 406 shall be the principal
executive, financial or accounting officer of such Person, in compliance with
TIA § 314(a)(4).

 

Section 407.           Limitation on Indebtedness.  (a)  The Company shall not, and shall
not permit any Restricted Subsidiary to, Incur any Indebtedness; provided, however, that:

 

(i)            the Company or any
Restricted Subsidiary of the Company (other than VWR International or any of
its Subsidiaries) may Incur Indebtedness if on the date of the Incurrence of
such Indebtedness, after giving effect to the Incurrence thereof, the
Consolidated Coverage Ratio of the Company would be greater than 2.00:1.00; and

 

(ii)           VWR International
or any Restricted Subsidiary of VWR International may Incur Indebtedness if on
the date of the Incurrence of such Indebtedness, after giving effect to the
Incurrence thereof, the Consolidated Coverage Ratio of VWR International would
be greater than 2.00:1.00.

 

(b)           Notwithstanding the foregoing
paragraph (a), the Company and its Restricted Subsidiaries may Incur the
following Indebtedness:

 

60

 

(i)     Indebtedness Incurred
pursuant to any Credit Facility (including in respect of letters of credit or
bankers’ acceptances issued or created thereunder) and Indebtedness of any
Foreign Subsidiary Incurred other than under any Credit Facility, and (without
limiting the foregoing), in each case, any Refinancing Indebtedness in respect
thereof, in a maximum principal amount at any time outstanding not exceeding in
the aggregate the amount equal to (A) $800.0
million, plus (B) the
amount, if any, by which (x)
the Borrowing Base minus (y) the
aggregate principal amount of Indebtedness Incurred by a Receivables Subsidiary
and then outstanding pursuant to clause (ix) of this paragraph (b), or by
a Foreign Subsidiary and then outstanding pursuant to clause (xi) of this
paragraph (b), exceeds $221.9 million, plus (C) in
the case of any refinancing of any Credit Facility or any portion thereof, the
aggregate amount of fees, underwriting discounts, premiums and other costs and
expenses incurred in connection with such refinancing;

 

(ii)    Indebtedness (A) of any Restricted Subsidiary to
the Company or (B) of the
Company or any Restricted Subsidiary to any Restricted Subsidiary; provided that any subsequent issuance or transfer of any
Capital Stock of such Restricted Subsidiary to which such Indebtedness is owed,
or other event, that results in such Restricted Subsidiary ceasing to be a
Restricted Subsidiary or any other subsequent transfer of such Indebtedness
(except to the Company or a Restricted Subsidiary) will be deemed, in each
case, an Incurrence of such Indebtedness by the issuer thereof not permitted by
this clause (ii);

 

(iii)   Indebtedness represented
by: the Notes, the VWR Senior Notes, the VWR Senior Subordinated Notes, the VWR
Senior Note Guarantees and the VWR Senior Subordinated Note Guarantees and any
other Indebtedeness (other than the Indebtedness described in clauses (i) or
(ii) above) outstanding on the Issue Date; and any Refinancing
Indebtedness Incurred in respect of any Indebtedness described in this
clause (iii) or paragraph (a) above;

 

(iv)   Purchase Money Obligations
and Capitalized Lease Obligations, and any Refinancing Indebtedness with
respect thereto, in an aggregate principal amount at any time outstanding not
exceeding an amount equal to 5% of Consolidated Tangible Assets;

 

(v)    Indebtedness consisting of
accommodation guarantees for the benefit of trade creditors of the Company or
any of its Restricted Subsidiaries;

 

(vi)   (A) Guarantees by the Company or any Restricted
Subsidiary of Indebtedness or any other obligation or liability of the Company
or any Restricted Subsidiary (other than any Indebtedness Incurred by the Company
or such Restricted Subsidiary, as the case may be, in violation of this Section 407),
or (B) without limiting Section 413,
Indebtedness of the Company or any Restricted Subsidiary arising by reason of
any Lien granted by or applicable to such Person securing Indebtedness of the
Company or any Restricted Subsidiary (other than any Indebtedness Incurred by
the Company or such Restricted Subsidiary, as the case may be, in violation of
this Section 407);

 

61

 

(vii)  Indebtedness
of the Company or any Restricted Subsidiary (A) arising
from the honoring of a check, draft or similar instrument of such Person drawn
against insufficient funds, provided
that such Indebtedness is extinguished within five Business Days of its
Incurrence, or (B) consisting
of guarantees, indemnities, obligations in respect of earnouts or other
purchase price adjustments, or similar obligations, Incurred in connection with
the acquisition or disposition of any business, assets or Person;

 

(viii) Indebtedness of the Company or
any Restricted Subsidiary in respect of (A) letters
of credit, bankers’ acceptances or other similar instruments or obligations
issued, or relating to liabilities or obligations incurred, in the ordinary
course of business (including those issued to governmental entities in
connection with self-insurance under applicable workers’ compensation
statutes), or (B) completion
guarantees, surety, judgment, appeal or performance bonds, or other similar
bonds, instruments or obligations, provided, or relating to liabilities or
obligations incurred, in the ordinary course of business, or (C) Hedging Obligations, entered into
for bona fide hedging purposes, or (D) Management
Guarantees, or (E) the financing of
insurance premiums in the ordinary course of business;

 

(ix)   Indebtedness of a
Receivables Subsidiary secured by a Lien on all or part of the assets disposed
of in, or otherwise Incurred in connection with, a Financing Disposition;

 

(x)    Indebtedness of any Person
that is assumed by the Company or any Restricted Subsidiary in connection with
its acquisition of assets from such Person or any Affiliate thereof or is
issued and outstanding on or prior to the date on which such Person was
acquired by the Company or any Restricted Subsidiary or merged or consolidated
with or into any Restricted Subsidiary (other than Indebtedness Incurred to
finance, or otherwise Incurred in connection with, such acquisition), provided that on the date of such acquisition, merger or
consolidation, after giving effect thereto, (x) in the case
of Indebtedeness of the Company or any Restricted Subsidiary of the Company
(other than VWR International or any of its Subsidiaries), the Company could
Incur at least $1.00 of additional Indebtedness pursuant to paragraph (a)(i) above
and (y) in the case of Indebtedness of VWR
International or any of its Restricted Subsidiaries, VWR International could
Incur at least $1.00 of additional Indebtedness pursuant to paragraph (a)(ii) above;
and any Refinancing Indebtedness with respect to any such Indebtedness;

 

(xi)   Indebtedness of any Foreign
Subsidiary Incurred for working capital purposes in an aggregate principal
amount at any time outstanding not exceeding an amount equal to the sum
(determined as of the end of the most recently ended fiscal quarter for which
consolidated financial statements of the Company are available) of (A) 90% of Receivables of all Foreign
Subsidiaries and (B) 75% of
Inventory of all Foreign Subsidiaries; and

 

62

 

(xii)  Indebtedness of the Company
or any Restricted Subsidiary in an aggregate principal amount at any time
outstanding not exceeding an amount equal to 5% of Consolidated Tangible
Assets.

 

(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 407, (i) any other obligation of the obligor on such
Indebtedness (or of any other Person who could have Incurred such Indebtedness
under this Section 407) arising under any Guarantee, Lien or letter
of credit, bankers’ acceptance or other similar instrument or obligation
supporting such Indebtedness shall be disregarded to the extent that such
Guarantee, Lien or letter of credit, bankers’ acceptance or other similar
instrument or obligation secures the principal amount of such Indebtedness; (ii) in the event that Indebtedness meets the criteria
of more than one of the types of Indebtedness described in paragraph (b) above,
the Company, in its sole discretion, shall classify such item of Indebtedness
and may include the amount and type of such Indebtedness in one or more of such
clauses (including in part under one such clause and in part under another such
clause); and (iii) the amount of
Indebtedness issued at a price that is less than the principal amount thereof
shall be equal to the amount of the liability in respect thereof determined in
accordance with GAAP.  Any Indebtedness
Incurred by VWR International on the Reference Date under the Senior Credit
Facility shall be classified as Incurred under Section 407(b), and
not under Section 407(a).

 

(d)   For purposes of determining compliance with
any Dollar-denominated restriction on the Incurrence of Indebtedness
denominated in a foreign currency, the Dollar-equivalent principal amount of
such Indebtedness Incurred pursuant thereto shall be calculated based on the
relevant currency exchange rate in effect on the date that such Indebtedness
was Incurred, in the case of term Indebtedness, or first committed, in the case
of revolving credit Indebtedness, provided
that (x) the Dollar-equivalent
principal amount of any such Indebtedness outstanding on the Issue Date shall
be calculated based on the relevant currency exchange rate in effect on the
Issue Date, (y) if such
Indebtedness is Incurred to refinance other Indebtedness denominated in a
foreign currency, and such refinancing would cause the applicable Dollar-denominated
restriction to be exceeded if calculated at the relevant currency exchange rate
in effect on the date of such refinancing, such Dollar-denominated 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 and (z)
the Dollar-equivalent principal amount of Indebtedness denominated in a foreign
currency and Incurred pursuant to the Senior Credit Facility shall be
calculated based on the relevant currency exchange rate in effect on, at the
Company’s option, (i) the
Issue Date, (ii) any date on which any of
the respective commitments under the Senior Credit Facility shall be
reallocated between or among facilities or subfacilities thereunder, or on
which such rate is otherwise calculated for any purpose thereunder, or (iii) the date of such Incurrence.  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 respective
Indebtedness is denominated that is in effect on the date of such refinancing.

 

63

 

Section 408.           [Reserved].

 

Section 409.           Limitation on Restricted Payments.  (a)  The Company shall not, and shall
not permit any Restricted Subsidiary, directly or indirectly, to (i) declare or pay any dividend or
make any distribution on or in respect of its Capital Stock (including any such
payment in connection with any merger or consolidation to which the Company is
a party) except (x) dividends or distributions
payable solely in its Capital Stock (other than Disqualified Stock) and (y) dividends or distributions payable to the Company or any
Restricted Subsidiary (and, in the case of any such Restricted Subsidiary
making such dividend or distribution, to other holders of its Capital Stock on
no more than a pro rata basis, measured by
value), (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, (iii) voluntarily purchase,
repurchase, redeem, defease or otherwise voluntarily acquire or retire for
value, prior to scheduled maturity, scheduled repayment or scheduled sinking
fund payment, any Subordinated Obligations (other than a purchase, repurchase,
redemption, defeasance or other acquisition or retirement for value in
anticipation of satisfying a sinking fund obligation, principal installment or
final maturity, in each case due within one year of the date of such
acquisition or retirement) or (iv) make
any Investment (other than a Permitted Investment) in any Person (any such
dividend, distribution, purchase, redemption, repurchase, defeasance, other
acquisition or retirement or Investment being herein referred to as a “Restricted
Payment”), if at the time the Company or such Restricted Subsidiary makes
such Restricted Payment and after giving effect thereto:

 

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

 

(2)           (x)
in the case of any Restricted Payment by the Company or any of its Restricted
Subsidiaries (other than VWR International and its Subsidiaries), the Company
could not Incur at least an additional $1.00 of Indebtedness pursuant to Section 407(a)(i) and
(y) in the case of any Restricted
Payment by VWR International or any of its Restricted Subsidiaries, VWR
International could not Incur at least an additional $1.00 of Indebtedness
pursuant to Section 407(a)(ii); or

 

(3)           the aggregate amount of such
Restricted Payment and all other Restricted Payments (the amount so expended,
if other than in cash, to be as determined in good faith by the Board of
Directors, whose determination shall be conclusive and evidenced by a
resolution of the Board of Directors) declared or made subsequent to the
Reference Date and then outstanding would exceed, without duplication, the sum
of:

 

(A)          50%
of the Consolidated Net Income of the Company accrued during the period
(treated as one accounting period) beginning on January 1, 2004 to the end
of the most recent fiscal quarter ending prior to the date of such Restricted
Payment for which consolidated financial statements of the Company are
available (or, in case such Consolidated Net Income shall be a negative number,
100% of such negative number);

 

64

 

(B)           the
aggregate Net Cash Proceeds and the fair value (as determined in good faith by
the Board of Directors) of property or assets received (x) by
the Company as capital contributions to the Company after the Reference Date or
from the issuance or sale (other than to a Restricted Subsidiary) of its
Capital Stock (other than Disqualified Stock) after the Reference Date (other
than Excluded Contributions) or (y)
by the Company or any Restricted Subsidiary from the issuance and sale by the
Company or any Restricted Subsidiary after the Reference Date of Indebtedness
that shall have been converted into or exchanged for Capital Stock of the Company
(other than Disqualified Stock), plus
the amount of any cash and the fair value (as determined in good faith by the
Board of Directors) of any property or assets received by the Company or any
Restricted Subsidiary upon such conversion or exchange;

 

(C)           the
aggregate amount equal to the net reduction in Investments in Unrestricted
Subsidiaries resulting from (i) dividends,
distributions, interest payments, return of capital, repayments of Investments
or other transfers of assets to the Company or any Restricted Subsidiary from
any Unrestricted Subsidiary, or (ii) the
redesignation of any Unrestricted Subsidiary as a Restricted Subsidiary (valued
in each case as provided in the definition of “Investment”), not to exceed in
the case of any such Unrestricted Subsidiary the aggregate amount of
Investments (other than Permitted Investments) made by the Company or any
Restricted Subsidiary in such Unrestricted Subsidiary after the Reference Date;
and

 

(D)          in
the case of any disposition or repayment of any Investment constituting a
Restricted Payment (without duplication of any amount deducted in calculating
the amount of Investments at any time outstanding included in the amount of
Restricted Payments), an amount in the aggregate equal to the lesser of the return
of capital, repayment or other proceeds with respect to all such Investments
received by the Company or a Restricted Subsidiary and the initial amount of
all such Investments constituting Restricted Payments.

 

(b)           The provisions of Section 409(a) will
not prohibit any of the following (each, a “Permitted Payment”):

 

(i)     any purchase, redemption,
repurchase, defeasance or other acquisition or retirement of Capital Stock of
the Company or Subordinated Obligations made by exchange (including any such
exchange pursuant to the exercise of a conversion right or privilege in
connection with which cash is paid in lieu of the issuance of fractional
shares) for, or conversion into, or out of the proceeds of the substantially
concurrent issuance or sale of, Capital Stock of the Company (other than
Disqualified Stock and other than Capital Stock issued or sold to a Subsidiary)
or out of the proceeds of a substantially concurrent capital contribution to
the Company, in each case other than Excluded Contributions; provided that the Net Cash Proceeds from such issuance, sale
or

 

65

 

capital
contribution shall be excluded in subsequent calculations under Section 409(a)(3)(B);

 

(ii)    any purchase, redemption,
repurchase, defeasance or other acquisition or retirement of Subordinated
Obligations (w) made by
exchange for, or out of the proceeds of the substantially concurrent issuance
or sale of, Indebtedness of the Company or Refinancing Indebtedness Incurred in
compliance with Section 407, (x) from Net
Available Cash to the extent permitted by Section 411, (y) following the occurrence of a Change of Control (or
other similar event described therein as a “change of control”), but only if
the Company shall have complied with Section 415 and, if required,
purchased all Notes tendered pursuant to the offer to repurchase all the Notes
required thereby, prior to purchasing or repaying such Subordinated Obligations
or (z) constituting Acquired Indebtedness;

 

(iii)   dividends paid within
60 days after the date of declaration thereof if at such date of
declaration such dividend would have complied with Section 409(a);

 

(iv)   Investments or other
Restricted Payments in an aggregate amount outstanding at any time not to
exceed the amount of Excluded Contributions;

 

(v)    loans, advances, dividends
or distributions by the Company to any Parent to permit any Parent to
repurchase or otherwise acquire its Capital Stock (including any options,
warrants or other rights in respect thereof), or payments by the Company, any
Intermediate Holdco or VWR International to repurchase or otherwise acquire
Capital Stock of the Company, any Parent, any Intermediate Holdco or VWR
International (including any options, warrants or other rights in respect
thereof), in each case from Management Investors, such payments, loans,
advances, dividends or distributions not to exceed an amount (net of repayments
of any such loans or advances) equal to (1) $15.0 million, plus (2) $3.0 million
multiplied by the number of calendar years that have commenced since the
Reference Date, plus the Net Cash Proceeds
received by the Company since the Reference Date from, or as a capital
contribution from, the issuance or sale to Management Investors of Capital
Stock (including any options, warrants or other rights in respect thereof), to
the extent such Net Cash Proceeds are not included in any calculation
under Section 409(a)(3)(B)(x);

 

(vi)   the payment by the Company,
any Intermediate Holdco or VWR International of, or loans, advances, dividends
or distributions by the Company to any Parent to pay, dividends on the common
stock or equity of the Company, any Parent, any Intermediate Holdco or VWR
International following a public offering of such common stock or equity in an
amount not to exceed in any fiscal year 6% of the aggregate gross proceeds
received by the Company, any Parent, any Intermediate Holdco or VWR
International in or from such public offering;

 

66

 

(vii)  Restricted Payments (including
loans or advances) in an aggregate amount outstanding at any time not to exceed
$35.0 million (net of repayments of any such loans or advances);

 

(viii) loans,
advances, dividends or distributions to any Parent or other payments by the
Company or any Restricted Subsidiary (A) to
satisfy or permit any Parent to satisfy obligations under the Management
Agreements, or (B) pursuant
to the Tax Sharing Agreement, or (C) to
pay or permit any Parent to pay any Parent Expenses or any Related Taxes;

 

(ix)   payments by the Company,
any Intermediate Holdco, or VWR International, or loans, advances, dividends or
distributions by the Company to any Parent to make payments, to holders of
Capital Stock of the Company, any Parent, any Intermediate Holdco or VWR
International in lieu of issuance of fractional shares of such Capital Stock,
not to exceed $100,000 in the aggregate outstanding at any time;

 

(x)    dividends or other
distributions of Capital Stock, Indebtedness or other securities of
Unrestricted Subsidiaries; and

 

(xi)   the Recapitalization;

 

provided that (A) in
the case of clauses (iii), (vi), (vii) and (ix), the net amount of any
such Permitted Payment shall be included in subsequent calculations of the
amount of Restricted Payments, (B) in the
case of clause (v), at the time of any calculation of the amount of Restricted
Payments, the net amount of Permitted Payments that have then actually been
made under clause (v) that is in excess of 50% of the total amount of
Permitted Payments then permitted under clause (v) shall be included in
such calculation of the amount of Restricted Payments, (C) in
all cases other than pursuant to clauses (A) and (B) immediately above, the net amount of any such
Permitted Payment shall be excluded in subsequent calculations of the amount of
Restricted Payments and (D) solely
with respect to clause (vii), no Default or Event of Default shall have
occurred or be continuing at the time of any such Permitted Payment after
giving effect thereto.

 

Section 410.           Limitation on Restrictions on Distributions
from Restricted Subsidiaries.  The
Company will not, and will not permit any Restricted Subsidiary to, create or
otherwise cause to exist or become effective any consensual encumbrance or
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, (ii) make
any loans or advances to the Company or (iii) transfer
any of its property or assets to the Company, except any encumbrance or
restriction:

 

(1) pursuant to an agreement or instrument in effect at or entered into
on the Issue Date, any Credit Facility, the VWR Senior Notes Indenture, the VWR
Senior Subordinated Notes Indenture, this Indenture, the VWR Senior Notes, the
VWR Senior Subordinated Notes or the Notes;

 

67

 

(2) pursuant to any agreement or instrument of a Person, or relating to
Indebtedness or Capital Stock of a Person, which Person is acquired by or merged
or consolidated with or into the Company or any Restricted Subsidiary, or which
agreement or instrument is assumed by the Company or any Restricted Subsidiary
in connection with an acquisition of assets from such Person, as in effect at
the time of such acquisition, merger or consolidation (except to the extent
that such Indebtedness was Incurred to finance, or otherwise in connection
with, such acquisition, merger or consolidation); provided that for purposes of this clause (2), if
another Person is the Successor Company, any Subsidiary thereof or agreement or
instrument of such Person or any such Subsidiary shall be deemed acquired or
assumed, as the case may be, by the Company or a Restricted Subsidiary, as the
case may be, when such Person becomes the Successor Company;

 

(3) pursuant to an agreement or instrument (a “Refinancing Agreement”)
effecting a refinancing of Indebtedness Incurred pursuant to, or that otherwise
extends, renews, refunds, refinances or replaces, an agreement or instrument
referred to in clause (1) or (2) of this Section 410
or this clause (3) (an “Initial Agreement”) or contained in
any amendment, supplement or other modification to an Initial Agreement (an “Amendment”);
provided, however, that the encumbrances and
restrictions contained in any such Refinancing Agreement or Amendment are not
materially less favorable to the Holders of the Notes taken as a whole than
encumbrances and restrictions contained in the Initial Agreement or Initial
Agreements to which such Refinancing Agreement or Amendment relates (as
determined in good faith by the Company);

 

(4) (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 lease, license or other contract, (B) by
virtue of any transfer of, agreement to transfer, option or right with respect
to, or Lien on, any property or assets of the Company or any Restricted
Subsidiary not otherwise prohibited by this Indenture, (C) contained
in mortgages, pledges or other security agreements securing Indebtedness of a
Restricted Subsidiary to the extent restricting the transfer of the property or
assets subject thereto, (D) pursuant
to customary provisions restricting dispositions of real property interests set
forth in any reciprocal easement agreements of the Company or any Restricted
Subsidiary, (E) pursuant to Purchase
Money Obligations that impose encumbrances or restrictions on the property or
assets so acquired, (F) on cash
or other deposits or net worth imposed by customers under agreements entered
into in the ordinary course of business, (G) pursuant
to customary provisions contained in agreements and instruments entered into in
the ordinary course of business (including leases and joint venture and other
similar agreements entered into in the ordinary course of business), (H) that arises or is agreed to in the ordinary course
of business and does not detract from the value of property or assets of the
Company or any Restricted Subsidiary in any manner material to the Company or
such Restricted Subsidiary or (I)
pursuant to Hedging Obligations;

 

68

 

(5) 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 all or substantially all 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;

 

(6) by reason of any applicable law, rule, regulation or order, or
required by any regulatory authority having jurisdiction over the Company or
any Restricted Subsidiary or any of their businesses; or

 

(7) pursuant to an agreement or instrument (A) relating
to any Indebtedness permitted to be Incurred subsequent to the Issue Date
pursuant to the provisions of Section 407 (i) if
the encumbrances and restrictions contained in any such agreement or instrument
taken as a whole are not materially less favorable to the Holders of the Notes
than the encumbrances and restrictions contained in the Initial Agreements (as
determined in good faith by the Company), or (ii) if
such encumbrance or restriction is not materially more disadvantageous to the
Holders of the Notes than is customary in comparable financings (as determined
in good faith by the Company) and either (x)
the Company determines that such encumbrance or restriction will not materially
affect the Company’s ability to make principal (or Accreted Value) or interest
payments on the Notes or (y) such
encumbrance or restriction applies only if a default occurs in respect of a
payment or financial covenant relating to such Indebtedness, (B) relating to any sale of receivables by a Foreign
Subsidiary or (C) relating to Indebtedness
of or a Financing Disposition to or by any Receivables Entity.

 

Section 411.           Limitation on Sales of Assets and
Subsidiary Stock.  (a)  The Company shall not, and shall not
permit any Restricted Subsidiary to, make any Asset Disposition unless

 

(i)            the Company or such
Restricted Subsidiary receives consideration (including by way of relief from,
or by any other Person assuming responsibility for, any liabilities, contingent
or otherwise) at the time of such Asset Disposition at least equal to the fair
market value of the shares and assets subject to such Asset Disposition, as
such fair market value may be determined (and shall be determined, to the
extent such Asset Disposition or any series of related Asset Dispositions
involves aggregate consideration in excess of $15.0 million) in good faith by the Board of Directors, whose
determination shall be conclusive (including as to the value of all non-cash
consideration),

 

(ii)           in the case of any
Asset Disposition (or series of related Asset Dispositions) having a fair
market value of $15.0 million or
more, at least 75% of the consideration therefor (excluding, in the case of an
Asset Disposition (or series of related Asset Dispositions), any consideration
by way of relief from, or by any other Person assuming responsibility for, any
liabilities, contingent or otherwise, that are not Indebtedness) received by
the Company or such Restricted Subsidiary is in the form of cash, and

 

69

 

(iii)          an amount equal to
100% of the Net Available Cash from such Asset Disposition is applied by the
Company (or any Restricted Subsidiary, as the case may be) as follows:

 

(A)          first, either (x) to the extent the Company or such Restricted Subsidiary
elects (or is required by the terms of any Bank Indebtedness, any Senior
Indebtedness of the Company or any Subsidiary Guarantor or any Indebtedness of
a Restricted Subsidiary that is not a Subsidiary Guarantor), to prepay, repay
or purchase any such Indebtedness (in each case other than Indebtedness owed to
the Company or a Restricted Subsidiary) within 365 days after the later of
the date of such Asset Disposition and the date of receipt of such Net
Available Cash, or (y) to the
extent the Company or such Restricted Subsidiary elects, to reinvest in
Additional Assets (including by means of an investment in Additional Assets by
a Restricted Subsidiary with an amount equal to Net Available Cash received by
the Company or another Restricted Subsidiary) within 365 days from the
later of the date of such Asset Disposition and the date of receipt of such Net
Available Cash, or, if such reinvestment in Additional Assets is a project
authorized by the Board of Directors that will take longer than such
365 days to complete, the period of time necessary to complete such
project;

 

(B)           second, to the extent of the balance of
such Net Available Cash after application in accordance with clause (A) above
(such balance, the “Excess Proceeds”), to make an offer to purchase
Notes and (to the extent the Company or such Restricted Subsidiary elects, or
is required by the terms thereof) to purchase, redeem or repay any other Senior
Indebtedness of the Company or any Indebtedness of a Restricted Subsidiary,
pursuant and subject to Section 411(b) and Section 411(c) and
the agreements governing such other Indebtedness; and

 

(C)           third, to the extent of the balance of
such Net Available Cash after application in accordance with clauses (A) and
(B) above, to fund (to the extent consistent with any other applicable
provision of this Indenture) any general corporate purpose (including the
repurchase, repayment or other acquisition or retirement of any Subordinated
Obligations);

 

provided,
however, that in connection with
any prepayment, repayment or purchase of Indebtedness pursuant to
clause (A)(x) or (B) above, the Company or such Restricted
Subsidiary shall retire such Indebtedness and shall cause the related loan
commitment (if any) to be permanently reduced in an amount equal to the
principal amount so prepaid, repaid or purchased.

 

Notwithstanding the foregoing provisions of this Section 411,
the Company and the Restricted Subsidiaries shall not be required to apply any
Net Available Cash in accordance with this Section 411 except to
the extent that the aggregate Net Available Cash from all Asset Dispositions
that is not applied in accordance with this Section 411 exceeds
$20.0 million. If the aggregate Accreted Value or principal amount, as
applicable, of Notes or other Indebtedness of

 

70

 

the Company or a Restricted Subsidiary validly tendered and not
withdrawn (or otherwise subject to purchase, redemption or repayment) in
connection with an offer pursuant to clause (B) above exceeds the
Excess Proceeds, the Excess Proceeds shall be apportioned between such Notes
and such other Indebtedness of the Company or a Restricted Subsidiary, with the
portion of the Excess Proceeds payable in respect of such Notes to equal the
lesser of (x) the Excess Proceeds
amount multiplied by a fraction, the numerator of which is the outstanding
Accreted Value of such Notes and the denominator of which is the aggregate of
the outstanding Accreted Value or principal amount, as applicable, of the Notes
and the relevant other Indebtedness of the Company or a Restricted Subsidiary,
and (y) the aggregate Accreted
Value of Notes validly tendered and not withdrawn.

 

For the purposes of clause (ii) of
paragraph (a) above, the following are deemed to be cash:  (1) Temporary
Cash Investments and Cash Equivalents, (2) the
assumption of Indebtedness of the Company (other than Disqualified Stock of the
Company) or any Restricted Subsidiary and the release of the Company or such
Restricted Subsidiary from all liability on payment of the principal amount of
such Indebtedness in connection with such Asset Disposition, (3) Indebtedness of any Restricted Subsidiary that is no
longer a Restricted Subsidiary as a result of such Asset Disposition, to the
extent that the Company and each other Restricted Subsidiary are released from
any Guarantee of payment of the principal amount of such Indebtedness in
connection with such Asset Disposition, (4) securities
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, (5) consideration consisting of
Indebtedness of the Company or any Restricted Subsidiary and (6) any Designated Non-Cash Consideration received by
the Company or any of its Restricted Subsidiaries in an Asset Disposition
having an aggregate Fair Market Value, taken together with all other Designated
Non-Cash Consideration received pursuant to this clause, not to exceed an
aggregate amount at any time outstanding equal to 3% of Consolidated Tangible
Assets (with the Fair Market Value of each item of Designated Non-Cash
Consideration being measured at the time received and without giving effect to
subsequent changes in value).

 

(b)           In the event of an Asset Disposition
that requires the purchase of Notes pursuant to Section 411(a)(iii)(B),
the Company shall be required to purchase Notes tendered pursuant to an offer
by the Company for the Notes (the “Offer”) at a purchase price of 100%
of the Accreted Value thereof on the purchase date, plus accrued and unpaid interest to the purchase date in
accordance with the procedures (including prorating in the event of
oversubscription) set forth in Section 411(c).  If the aggregate purchase price of the Notes
tendered pursuant to the Offer is less than the Net Available Cash allotted to
the purchase of Notes, the remaining Net Available Cash shall be available to
the Company for use in accordance with Section 411(a)(iii)(B) (to
repay other Indebtedness of the Company or a Restricted Subsidiary) or Section 411(a)(iii)(C).  The Company shall not be required to make an
Offer for Notes pursuant to this Section 411 if the Net Available
Cash available therefor (after application of the proceeds as provided in
 Section 411(a)(iii)(A)) is less than $20.0 million for
any particular Asset Disposition (which lesser amounts shall be carried forward
for purposes of determining whether an Offer is required with respect to the
Net Available Cash from any subsequent Asset Disposition).

 

71

 

(c)           The Company shall, not later than 45
days after the Company becomes obligated to make an Offer pursuant to this Section 411,
mail a notice to each Holder with a copy to the Trustee stating:  (1) that an
Asset Disposition that requires the purchase of a portion of the Notes has
occurred and that such Holder has the right (subject to the prorating described
below) to require the Company to purchase a portion of such Holder’s Notes at a
purchase price in cash equal to 100% of the Accreted Value thereof, 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, if any, on the relevant Interest Payment Date); (2) the circumstances and relevant facts and financial
information regarding such Asset Disposition; (3) the
repurchase date (which shall be no earlier than 30 days nor later than 60 days
from the date such notice is mailed); (4) the
instructions determined by the Company, consistent with this Section 411,
that a Holder must follow in order to have its Notes purchased; and (5) the amount of the Offer.  If, upon the expiration of the period for
which the Offer remains open, the aggregate Accreted Value of Notes surrendered
by Holders exceeds the amount of the Offer, the Company shall select the Notes
to be purchased on a pro rata
basis (with such adjustments as may be deemed appropriate by the Company so
that only Notes in denominations of $1,000 or integral multiples thereof shall
be purchased).

 

(d)           The Company shall comply, to the
extent applicable, with the requirements of Section 14(e) of the
Exchange Act and any other securities laws or regulations in connection with
the repurchase of Notes pursuant to this Section 411. To the extent
that the provisions of any securities laws or regulations conflict with
provisions of this Section 411, the Company shall comply with the
applicable securities laws and regulations and shall not be deemed to have
breached its obligations under this Section 411 by virtue thereof.

 

Section 412.           Limitation on Transactions with
Affiliates.  (a)  The Company shall not, and shall not
permit any Restricted Subsidiary to, directly or indirectly, enter into or
conduct any transaction or series of related transactions (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 not materially less favorable to the Company or such
Restricted Subsidiary, as the case may be, than those that could be obtained at
the time in a transaction with a Person who is not such an Affiliate and (ii) if such Affiliate Transaction
involves aggregate consideration in excess of $15.0 million, the terms of
such Affiliate Transaction have been approved by a majority of the
Disinterested Directors. For purposes of this Section 412(a), any
Affiliate Transaction shall be deemed to have satisfied the requirements set
forth in this Section 412(a) if (x)
such Affiliate Transaction is approved by a majority of the Disinterested
Directors or (y) in the event there are no
Disinterested Directors, a fairness opinion is provided by a nationally
recognized appraisal or investment banking firm with respect to such Affiliate
Transaction.

 

(b)           The provisions of Section 412(a) shall
not apply to:

 

(i)            any Restricted
Payment Transaction,

 

(ii)           (1) the entering into, maintaining or
performance of any employment contract, collective bargaining agreement,
benefit plan, program or arrangement, related

 

72

 

trust
agreement or any other similar arrangement for or with any employee, officer or
director heretofore or hereafter entered into in the ordinary course of
business, including vacation, health, insurance, deferred compensation,
severance, retirement, savings or other similar plans, programs or
arrangements, (2) the
payment of compensation, performance of indemnification or contribution
obligations, or any issuance, grant or award of stock, options, other equity-related
interests or other securities, to employees, officers or directors in the
ordinary course of business, (3) the
payment of reasonable fees to directors of the Company or any of its
Subsidiaries (as determined in good faith by the Company or such Subsidiary), (4) any transaction with an officer or
director in the ordinary course of business not involving more than $100,000 in
any one case, or (5) Management
Advances and payments in respect thereof,

 

(iii)          any transaction
with the Company, any Restricted Subsidiary or any Receivables Entity,

 

(iv)          any transaction
arising out of agreements or instruments in existence on the Issue Date, and
any payments made pursuant thereto,

 

(v)           any transaction in
the ordinary course of business on terms not materially less favorable to the
Company or the relevant Restricted Subsidiary than those that could be obtained
at the time in a transaction with a Person who is not an Affiliate of the
Company,

 

(vi)          any transaction in
the ordinary course of business, or approved by a majority of the Board of
Directors, between the Company or any Restricted Subsidiary and any Affiliate
of the Company controlled by the Company that is a joint venture or similar
entity,

 

(vii)         the execution,
delivery and performance of any Tax Sharing Agreement and any Management
Agreements, including payment to CDR or any Affiliate of CDR of fees of up to
$2.0 million in any fiscal year, and fees in connection with any acquisition,
merger, recapitalization or similar transaction as provided in any such
Management Agreement, plus all out-of-pocket expenses incurred by CDR or any
such Affiliate in connection with its performance of management consulting,
monitoring, financial advisory or other services with respect to the Company
and its Restricted Subsidiaries,

 

(viii)        the
Recapitalization, all transactions in connection therewith (including the
financing thereof), and all fees and expenses paid or payable in connection with
the Recapitalization, and

 

(ix)           any issuance or
sale of Capital Stock (other than Disqualified Stock) of the Company or
options, warrants or other rights to acquire such Capital Stock.

 

Section 413.           Limitation on Liens.  The Company shall not directly or
indirectly, create or permit to exist any Lien (other than Permitted Liens) on
any of its property or assets

 

73

 

(including Capital Stock of any other Person), whether owned on the
date of this Indenture or thereafter acquired, securing any Indebtedness (the “Initial
Lien”), unless contemporaneously therewith effective provision is made to
secure the Indebtedness due under this Indenture and the Notes, equally and
ratably with (or on a senior basis to, in the case of Subordinated Obligations)
such obligation for so long as such obligation is so secured by such Initial
Lien. Any such Lien thereby created in favor of the Notes shall be
automatically and unconditionally released and discharged upon (i) the release and discharge of the
Initial Lien to which it relates or (ii) any
sale, exchange or transfer (other than a transfer constituting a transfer of
all or substantially all of the assets of the Company that is governed by the
provisions of Section 501) to any Person not an Affiliate of the
Company of the property or assets secured by such Initial Lien.

 

Section 414.           Future Subsidiary Guarantors.  After the Issue Date, the Company shall cause
each Significant Domestic Subsidiary that guarantees payment by the Company of
any Indebtedness of the Company to execute and deliver to the Trustee a
Supplemental Indenture or other instrument pursuant to which such Subsidiary
shall guarantee payment of the Notes, whereupon such Subsidiary shall become a
Subsidiary Guarantor for all purposes under this Indenture. In addition, the
Company may cause any Subsidiary that is not a Subsidiary Guarantor to so
guarantee payment of the Notes and become a Subsidiary Guarantor.

 

Section 415.           Purchase of Notes Upon a Change of
Control.  (a) 
Upon the occurrence after the Issue Date of a Change of Control, each Holder
shall have the right to require the Company to repurchase all or any part of
such Holder’s Notes at a purchase price in cash equal to 101% of the Accreted
Value thereof, plus accrued and unpaid interest, if any, to the date of
repurchase (subject to the right of Holders of record on a record date to
receive interest, if any, on the relevant Interest Payment Date); provided, however, that
the Company shall not be obligated to repurchase Notes pursuant to this Section 415
in the event that it has exercised its right to redeem all of the Notes as
provided in Article X.

 

(b)           In the event that, at the time of
such Change of Control, the terms of any Bank Indebtedness restrict or prohibit
the repurchase of Notes pursuant to this Section 415, then prior to
the mailing of the notice to Holders provided for in Section 415(c) but
in any event not later than 30 days following the date the Company obtains
actual knowledge of any Change of Control (unless the Company has exercised its
right to redeem all the Notes as provided in Article X), the
Company shall (i) repay or cause to be
repaid in full all Bank Indebtedness subject to such terms or offer to repay in
full all such Bank Indebtedness and repay the Bank Indebtedness of each lender
who has accepted such offer or (ii) obtain
or cause to be obtained the requisite consent under the agreements governing
the Bank Indebtedness to permit the repurchase of the Notes as provided for in Section 415(c).  The Company shall first comply with the
provisions of the immediately preceding sentence before it shall be required to
repurchase Notes pursuant to the provisions set forth in this Section 415.  The Company’s failure to comply with the
provisions of this Section 415(b) or Section 415(c) shall
constitute an Event of Default described in Section 601(iv) and
not in Section 601(ii).

 

74

 

(c)           Unless the Company has exercised its
right to redeem all the Notes as described under Article X, the
Company shall, not later than 30 days following the date the Company
obtains actual knowledge of any Change of Control having occurred, mail a
notice to each Holder with a copy to the Trustee stating:  (1) that a
Change of Control has occurred or may occur and that such Holder has, or upon
such occurrence will have, the right to require the Company to purchase such
Holder’s Notes at a purchase price in cash equal to 101% of the Accreted Value
thereof, 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, if any, on the relevant Interest
Payment Date); (2) the circumstances and
relevant facts and financial information regarding such Change of Control; (3) the repurchase date (which shall be no earlier than
30 days nor later than 60 days from the date such notice is mailed); (4) the instructions determined by the Company,
consistent with this Section 415, that a Holder must follow in
order to have its Notes purchased; and (5) if such
notice is mailed prior to the occurrence of a Change of Control, that such
offer is conditioned on the occurrence of such Change of Control.

 

(d)           The Company shall comply, to the
extent applicable, with the requirements of Section 14(e) of the
Exchange Act and any other securities laws or regulations in connection with
the repurchase of Notes pursuant to this Section 415.  To the extent that the provisions of any
securities laws or regulations conflict with provisions of this Section 415,
the Company shall comply with the applicable securities laws and regulations
and shall not be deemed to have breached its obligations under this Section 415
by virtue thereof.

 

ARTICLE V

SUCCESSORS

 

Section 501.           When the Company May Merge,
etc.  (a)  The Company shall 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”) shall be a
Person organized and existing under the laws of the United States of America,
any State thereof or the District of Columbia and the Successor Company (if not
the Company) shall expressly assume all the obligations of the Company under
the Notes and this Indenture by executing and delivering to the Trustee a
supplemental indenture or one or more other documents or instruments in form
reasonably satisfactory to the Trustee;

 

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

 

(iii)          immediately
after giving effect to such transaction, either (A) the Successor Company could Incur at least $1.00 of
additional Indebtedness pursuant to

 

75

 

Section 407(a)(i) or
(B) the Consolidated
Coverage Ratio of the Successor Company would equal or exceed the Consolidated
Coverage Ratio of the Company immediately prior to giving effect to such
transaction;

 

(iv)          each Subsidiary
Guarantor (other than any party to any such consolidation or merger) shall have
delivered a supplemental indenture or other document or instrument in form
reasonably satisfactory to the Trustee, confirming its Subsidiary Guarantee;
and

 

(v)           the Company shall
have delivered to the Trustee an Officer’s Certificate and an Opinion of
Counsel, each to the effect that such consolidation, merger or transfer
complies with the provisions described in this paragraph, provided that (x) in giving
such opinion such counsel may rely on an Officer’s Certificate as to compliance
with the foregoing clauses (ii) and (iii) and as to any matters of
fact, and (y) no Opinion of Counsel shall be
required for a consolidation, merger or transfer described in Section 501(b).

 

Any Indebtedness that becomes an obligation of the
Company or any Restricted Subsidiary (or that is deemed to be Incurred by any
Restricted Subsidiary that becomes a Restricted Subsidiary) as a result of any
such transaction undertaken in compliance with this Section 501,
and any Refinancing Indebtedness with respect thereto, shall be deemed to have
been Incurred in compliance with Section 407.

 

(b)           Clauses
(ii) and (iii) of Section 501(a) will not apply to
any transaction in which (1) any
Restricted Subsidiary consolidates with, merges into or transfers all or part
of its assets to the Company or (2) the
Company consolidates or merges with or into or transfers all or substantially
all its properties and assets to (x)
an Affiliate incorporated or organized for the purpose of reincorporating or reorganizing
the Company in another jurisdiction or changing its legal structure to a
corporation or other entity or (y)
a Restricted Subsidiary of the Company so long as all assets of the Company and
the Restricted Subsidiaries immediately prior to such transaction (other than
Capital Stock of such Restricted Subsidiary) are owned by such Restricted
Subsidiary and its Restricted Subsidiaries immediately after the consummation
thereof.

 

Section 502.           Successor Company Substituted.  Upon any transaction involving the Company in
accordance with Section 501 in which the Company is not the
Successor Company, the Successor Company shall succeed to, and be substituted
for, and may exercise every right and power of, the Company under this
Indenture, and thereafter the predecessor Company shall be relieved of all
obligations and covenants under this Indenture, except that the predecessor
Company in the case of a lease of all or substantially all its assets shall not
be released from the obligation to pay the principal (or Accreted Value) of and
interest on the Notes.

 

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ARTICLE VI

REMEDIES

 

Section 601.           Events of Default.  An “Event of Default” means the
occurrence of the following:

 

(i)     a default in any payment
of interest on any Note when due, continued for a period of 30 days; provided that the non-payment of any Deferred Interest and
interest thereon in accordance with the Indenture shall not constitute such a
default;

 

(ii)    a default in the payment
of principal (or Accreted Value) of any Note when due, whether at its Stated
Maturity, upon optional redemption, upon required repurchase, upon declaration
of acceleration or otherwise;

 

(iii)   the failure by the Company
to comply with its obligations under Section 501(a);

 

(iv)   the failure by the Company
to comply for 30 days after the notice specified in the penultimate paragraph
of this Section 601 with any of its obligations under Section 415
(other than a failure to purchase the Notes);

 

(v)    the failure by the Company
to comply for 60 days after the notice specified in the penultimate
paragraph of this Section 601 with its other agreements contained
in the Notes or this Indenture;

 

(vi)   the failure of any
Subsidiary Guarantor to comply for 45 days after the notice specified in
the penultimate paragraph of this Section 601 with its obligations
under its Subsidiary Guarantee;

 

(vii)  the failure by the Company
or any Restricted Subsidiary to pay any Indebtedness within any applicable
grace period after final maturity or the acceleration of any such Indebtedness
by the holders thereof because of a default, if the total amount of such
Indebtedness so unpaid or accelerated exceeds $40.0 million or its foreign
currency equivalent; provided that
no Default or Event of Default will be deemed to occur with respect to any such
accelerated Indebtedness that is paid or otherwise acquired or retired within
20 Business Days after such acceleration;

 

(viii) the taking of any of the
following actions by the Company or any Significant Subsidiary, or by each of
such other Restricted Subsidiaries that are not Significant Subsidiaries but
would in the aggregate constitute a Significant Subsidiary if considered as a
single Person, pursuant to or within the meaning of any Bankruptcy Law:

 

(A) the commencement of a
voluntary case;

 

77

 

(B)  the consent to the
entry of an order for relief against it in an involuntary case;

 

(C)  the consent to the
appointment of a Custodian of it or for any substantial part of its property;
or

 

(D)  the making of a general
assignment for the benefit of its creditors;

 

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

 

(A)  is for relief against
the Company or any Significant Subsidiary, or against each of such other
Restricted Subsidiaries that are not Significant Subsidiaries but would in the
aggregate constitute a Significant Subsidiary if considered as a single Person,
in an involuntary case;

 

(B)  appoints (x) a Custodian of the Company or any
Significant Subsidiary or for any substantial part of its property, or (y) a Custodian of each of such other
Restricted Subsidiaries that are not Significant Subsidiaries but would in the
aggregate constitute a Significant Subsidiary if considered as a single Person,
or for any substantial part of their property in the aggregate; or

 

(C)  orders the winding up
or liquidation of the Company or any Significant Subsidiary, or of each of such
other Restricted Subsidiaries that are not Significant Subsidiaries but would
in the aggregate constitute a Significant Subsidiary if considered as a single
Person;

 

and
the order or decree remains unstayed and in effect for 60 days;

 

(x)    the rendering of any
judgment or decree for the payment of money in an amount (net of any insurance
or indemnity payments actually received in respect thereof prior to or within
90 days from the entry thereof, or to be received in respect thereof in
the event any appeal thereof shall be unsuccessful) in excess of
$30.0 million or its foreign currency equivalent against the Company or a
Significant Subsidiary, or jointly and severally against other Restricted
Subsidiaries that are not Significant Subsidiaries but would in the aggregate
constitute a Significant Subsidiary if considered as a single Person, that is
not discharged, or bonded or insured by a third Person, if such judgment or
decree remains outstanding for a period of 90 days following such judgment
or decree and is not discharged, waived or stayed; or

 

(xi)   the failure of any
Subsidiary Guarantee by a Subsidiary Guarantor that is a Significant Subsidiary
to be in full force and effect (except as contemplated by the terms thereof or
of this Indenture) or the denial or disaffirmation in writing by any Subsidiary
Guarantor that is a Significant Subsidiary of its obligations under this
Indenture or its Subsidiary Guarantee (other than by reason of the termination
of this Indenture or such

 

78

 

Subsidiary
Guarantee or the release of such Subsidiary Guarantee in accordance with such
Subsidiary Guarantee and this Indenture), if such Default continues for
10 days.

 

The foregoing will constitute Events of Default
whatever the reason for any such Event of Default and whether it is voluntary
or involuntary 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.

 

The term “Bankruptcy Law” means Title 11,
United States Code, or any similar Federal, state or foreign law for the relief
of debtors.  The term “Custodian”
means any receiver, trustee, assignee, liquidator, custodian or similar
official under any Bankruptcy Law.

 

However, a Default under clause (iv), (v) or
(vi) will not constitute an Event of Default until the Trustee or the
Holders of at least 25% in principal amount at maturity of the Outstanding
Notes notify the Company of the Default and the Company does not cure such
Default within the time specified in such clause after receipt of such
notice.  Such notice must specify the
Default, demand that it be remedied and state that such notice is a “Notice
of Default.”  When a Default or an
Event of Default is cured, it ceases.

 

The Company shall deliver to the Trustee, within 30
days after the occurrence thereof, written notice in the form of an Officer’s
Certificate of any Event of Default under clause (vii) or (x) and any
event that with the giving of notice or the lapse of time would become an Event
of Default under clause (iv), (v) or (vi), its status and what action
the Company is taking or proposes to take with respect thereto.

 

Section 602.           Acceleration of Maturity;
Rescission and Annulment.  If an
Event of Default (other than an Event of Default specified in Section 601(viii) or
Section 601(ix)) occurs and is continuing, the Trustee by notice to
the Company, or the Holders of at least a majority in principal amount at
maturity of the Outstanding Notes by notice to the Company and the Trustee, in
either case specifying in such notice the respective Event of Default and that
such notice is a “notice of acceleration,” may declare the principal (or
Accreted Value) of and accrued but unpaid interest on all the Notes to be due
and payable.  Upon the effectiveness of
such a declaration, such principal (or Accreted Value) and interest will be due
and payable immediately.

 

Notwithstanding the foregoing, if an Event of Default
specified in Section 601(viii) or Section 601(ix) occurs
and is continuing, the principal (or Accreted Value) of and accrued interest on
all the Outstanding Notes will ipso facto
become immediately due and payable without any declaration or other act on the
part of the Trustee or any Holder.  The
Holders of a majority in principal amount at maturity of the Outstanding Notes
by notice to the Company and the Trustee may rescind an acceleration and its
consequences if the rescission would not conflict with any judgment or decree
and if all existing Events of Default have been cured or waived except
non-payment of principal (or Accreted Value) or interest that has become due
solely because of such acceleration.  No
such rescission shall affect any subsequent Default or impair any right
consequent thereto.

 

79

 

Section 603.           Other Remedies; Collection Suit by
Trustee.  If an Event of Default
occurs and is continuing, the Trustee may, but is not obligated under Section 603
to, pursue any available remedy to collect the payment of principal (or
Accreted Value) of or interest on the Notes or to enforce the performance of
any provision of the Notes or this Indenture. 
If an Event of Default specified in Section 601(i) or 601(ii) 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 in Section 707.

 

Section 604.           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 and the Holders allowed in any
judicial proceedings relative to the Company or any other obligor upon the
Notes, its creditors or its property and, unless prohibited by law or
applicable regulations, 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 707.

 

No provision of this Indenture shall be deemed to
authorize the Trustee to authorize or consent to or accept or adopt on behalf
of any Holder any plan of reorganization, arrangement, adjustment or
composition affecting the Notes or the rights of any Holder thereof or to
authorize the Trustee to vote in respect of the claim of any Holder in any such
proceeding.

 

Section 605.           Trustee May Enforce Claims
Without Possession of Notes.  All
rights of action and claims under this Indenture or the Notes may be prosecuted
and enforced by the Trustee without the possession of any of the Notes or the
production thereof in any proceeding relating thereto, and any such proceeding
instituted by the Trustee shall be brought in its own name as trustee of an
express trust, and any recovery of judgment shall, after provision for the
payment of the reasonable compensation, expenses, disbursements and advances of
the Trustee, its agents and counsel, be for the ratable benefit of the Holders
of the Notes in respect of which such judgment has been recovered.

 

Section 606.           Application of Money Collected.  Any money collected by the Trustee pursuant
to this Article VI shall be applied in the following order, at the
date or dates fixed by the Trustee and, in case of the distribution of such
money on account of principal (or Accreted Value), or premium, if any, or
interest, upon presentation of the Notes and the notation thereon of the
payment if only partially paid and upon surrender thereof if fully paid:

 

First:  To the payment of all amounts due the Trustee
under Section 707;

 

Second:  To the payment of the amounts then due and
unpaid upon the Notes for principal (or Accreted Value), and premium, if any,
and interest, in respect of which or

 

80

 

for the benefit of which such money has been
collected, ratably, without preference or priority of any kind, according to
the amounts due and payable on such Notes for principal (or Accreted Value),
and premium, if any, and interest, respectively; and

 

Third:  to the Company.

 

Section 607.           Limitation on Suits.  No Holder may pursue any remedy with
respect to this Indenture or the Notes unless:

 

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

 

(ii)           Holders of at least
25% in principal amount at maturity of the Outstanding Notes have requested the
Trustee in writing to pursue the remedy;

 

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

 

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

 

(v)           the Holders of a
majority in principal amount at maturity of the Outstanding Notes have not
given the Trustee a direction inconsistent with the request within such 60-day
period.

 

A Holder may not use this Indenture to affect, disturb
or prejudice the rights of another Holder, to obtain a preference or priority
over another Holder or to enforce any right under this Indenture except in the
manner herein provided and for the equal and ratable benefit of all Holders.

 

Section 608.           Unconditional Right of Holders to
Receive Principal (or Accreted Value) and Interest.  Notwithstanding any other provision in this
Indenture, the Holder of any Note shall have the absolute and unconditional
right to receive payment of the principal (or Accreted Value) of and all
(subject to Section 307) interest on such Note on the respective
Stated Maturity or Interest Payment Dates expressed in such Note and to
institute suit for the enforcement of any such payment on or after such
respective Stated Maturity or Interest Payment Dates, and such right shall not
be impaired without the consent of such Holder.

 

Section 609.           Restoration of Rights and Remedies.  If the Trustee or any Holder has instituted
any proceeding to enforce any right or remedy under this Indenture or any Note
and such proceeding has been discontinued or abandoned for any reason, or has
been determined adversely to the Trustee or to such Holder, then and in every
such case the Company, any other obligor upon the Notes, the Trustee and the
Holders shall, subject to any determination in such proceeding, be restored
severally and respectively to their former positions hereunder, and

 

81

 

thereafter all rights and remedies of the Trustee and the Holders shall
continue as though no such proceeding had been instituted.

 

Section 610.           Rights and Remedies Cumulative.  No right or remedy herein conferred upon or
reserved to the Trustee or to the Holders is intended to be exclusive of any
other right or remedy, and every right and remedy shall, to the extent
permitted by law, be cumulative and in addition to every other right and remedy
given hereunder or now or hereafter existing at law or in equity or
otherwise.  The assertion or employment
of any right or remedy hereunder, or otherwise, shall not prevent the
concurrent assertion or employment of any other appropriate right or remedy.

 

Section 611.           Delay or Omission Not Waiver.  No delay or omission of the Trustee or of any
Holder of any Note to exercise any right or remedy accruing upon any Event of
Default shall impair any such right or remedy or constitute a waiver of any
such Event of Default or an acquiescence therein.  Every right and remedy given by this Article VI
or by law to the Trustee or to the Holders may be exercised from time to time,
and as often as may be deemed expedient, by the Trustee or by the Holders, as
the case may be.

 

Section 612.           Control by Holders.  The Holders of not less than a majority in
aggregate principal amount at maturity of the Outstanding Notes shall have the
right to direct the time, method and place of conducting any proceeding for any
remedy available to the Trustee or of exercising any trust or power conferred
on the Trustee, provided that

 

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

 

(2) the Trustee may take any other action deemed proper by the Trustee
which is not inconsistent with such direction.

 

However, the Trustee may refuse to follow any
direction that conflicts with law or this Indenture or, subject to Section 701,
that the Trustee determines is unduly prejudicial to the rights of any other
Holder or that would involve the Trustee in personal liability; provided, however,
that the Trustee may take any other action deemed proper by the Trustee that is
not inconsistent with such direction. 
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.  This Section 612 shall be in lieu
of § 316(a)(1)(A) of the TIA, and such § 316(a)(1)(A) of
the TIA is hereby expressly excluded from this Indenture and the Notes, as
permitted by the TIA.

 

Section 613.           Waiver of Past Defaults.  The Holders of not less than a majority in
aggregate principal amount at maturity of the Outstanding Notes may on behalf
of the Holders of all the Notes waive any past Default hereunder and its
consequences, except a Default

 

(1) in the payment of the principal (or Accreted Value) of or interest
on any Note (which may only be waived with the consent of each Holder of Notes
affected), or

 

82

 

(2) in respect of a covenant or provision hereof that pursuant to the
second paragraph of Section 902 cannot be modified or amended
without the consent of the Holder of each Outstanding Note affected.

 

Upon any such waiver, such Default shall cease to
exist, and any Event of Default arising therefrom shall be deemed to have been
cured, for every purpose of this Indenture; but no such waiver shall extend to
any subsequent or other Default or Event of Default or impair any right
consequent thereon.  In case of any such
waiver, the Company, any other obligor upon the Notes, the Trustee and the
Holders shall be restored to their former positions and rights hereunder and
under the Notes, respectively.  This
paragraph of this Section 613 shall be in lieu of § 316(a)(1)(B) of
the TIA and such § 316(a)(1)(B) of the TIA is hereby expressly
excluded from this Indenture and the Notes, as permitted by the TIA.

 

Section 614.           Undertaking for Costs.  All parties to this Indenture agree, and each
Holder of any Note by such Holder’s acceptance thereof shall be deemed to have
agreed, that any court may in its discretion require, in any suit for the
enforcement of any right or remedy under this Indenture or the Notes, or in any
suit against the Trustee for any action taken, suffered or omitted by it as
Trustee, the filing by any party litigant in such suit of an undertaking to pay
the costs of such suit, and that such court may in its discretion assess
reasonable costs, including reasonable attorneys’ fees, against any party
litigant in such suit, having due regard to the merits and good faith of the
claims or defenses made by such party litigant. 
This Section 614 shall not apply to any suit instituted by
the Trustee, to any suit instituted by any Holder, or group of Holders, holding
in the aggregate more than 10% in principal amount at maturity of the
Outstanding Notes, or to any suit instituted by any Holder for the enforcement
of the payment of the principal (or Accreted Value) of (or premium, if any) or
interest on any Note on or after the respective Stated Maturity or Interest
Payment Dates expressed in such Note.

 

Section 615.           Waiver of Stay, Extension or Usury
Laws.  The Company (to the extent
that it may lawfully do so) shall not at any time insist upon, or plead, or in
any manner whatsoever claim or take the benefit or advantage of, any stay or
extension law or any usury or other similar law wherever enacted, now or at any
time hereafter in force, that would prohibit or forgive the Company from paying
all or any portion of the principal (or Accreted Value) of (or premium, if any)
or interest on the Notes contemplated herein or in the Notes or that may affect
the covenants or the performance of this Indenture; and the Company (to the
extent that it may lawfully do so) hereby expressly waives all benefit or
advantage of any such law, and shall not hinder, delay or impede the execution
of any power herein granted to the Trustee, but will suffer and permit the
execution of every such power as though no such law had been enacted.

 

ARTICLE VII

THE TRUSTEE

 

Section 701.           Certain Duties and
Responsibilities.  (a)  Except
during the continuance of an Event of Default,

 

83

 

(1) 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

 

(2) in the absence of bad faith on its part, the Trustee may
conclusively rely, as to the truth of the statements and the correctness of the
opinions expressed therein, upon certificates or opinions furnished to the
Trustee and conforming to the requirements of this Indenture; but in the case
of any such certificates or opinions that by any provision hereof are
specifically required to be furnished to the Trustee, the Trustee shall be
under a duty to examine the same to determine whether or not they conform to
the requirements of this Indenture, but need not verify the contents thereof.

 

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

 

(c)           No provision of this Indenture shall
be construed to relieve the Trustee from liability for its own negligent
action, its own negligent failure to act, or its own willful misconduct, except
that (i) this paragraph does not limit
the effect of Section 701(a); (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 612.

 

(d)           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 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.

 

(e)           Whether or not therein expressly so
provided, 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 Sections 701 and Section 703.

 

Section 702.           Notice of Defaults.  If a Default occurs and is continuing and is
known to the Trustee, the Trustee must mail within 90 days after it occurs, to
all Holders as their names and addresses appear in the Note Register, notice of
such Default hereunder known to the Trustee unless such Default shall have been
cured or waived; provided, however,
that, except in the case of a Default in the payment of the principal (or
Accreted Value) of, premium, if any, or interest on any Note, the Trustee shall
be protected in withholding such notice if and so long as the board of
directors, the executive committee or a trust committee of Responsible Officers
of the Trustee in good faith determines that the withholding of such notice is
in the interests of the Holders.

 

84

 

Section 703.           Certain Rights of Trustee.  Subject to the provisions of Section 701:

 

(1) the Trustee may rely and shall be protected in acting or refraining
from acting upon any resolution, certificate, statement, instrument, opinion,
report, notice, request, direction, consent, order, bond, note, other evidence
of indebtedness or other paper or document believed by it to be genuine and to
have been signed or presented by the proper party or parties;

 

(2) any request or direction of the Company mentioned herein shall be
sufficiently evidenced by a Company Request or Company Order thereof, and any
resolution of any Person’s board of directors shall be sufficiently evidenced
if certified by an Officer of such Person as having been duly adopted and being
in full force and effect on the date of such certificate;

 

(3) whenever in the administration of this Indenture the Trustee shall
deem it desirable that a matter be proved or established prior to taking,
suffering or omitting any action hereunder, the Trustee (unless other evidence
be herein specifically prescribed) may, in the absence of bad faith on its
part, rely upon an Officer’s Certificate of the Company;

 

(4) the Trustee may consult with counsel and the written advice of such
counsel or any Opinion of Counsel shall be full and complete authorization and
protection in respect of any action taken, suffered or omitted by it hereunder
in good faith and in reliance thereon;

 

(5) 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 pursuant to this Indenture, unless such Holders shall have
offered to the Trustee reasonable security or indemnity against the costs,
expenses and liabilities which might be incurred by it in compliance with such
request or direction;

 

(6) the Trustee shall not be bound to make any investigation into the
facts or matters stated in any resolution, certificate, statement, instrument,
opinion, report, notice, request, direction, consent, order, bond, note, other
evidence of indebtedness or other paper or document; and

 

(7) the Trustee may execute any of the trusts or powers hereunder or
perform any duties hereunder either directly or by or through agents or
attorneys and the Trustee shall not be responsible for any misconduct or negligence
on the part of any agent or attorney appointed with due care by it hereunder.

 

Section 704.           Not Responsible for Recitals or
Issuance of Notes.  The recitals
contained herein and in the Notes, except the Trustee’s certificates of
authentication, shall be taken as the statements of the Company, and neither
the Trustee nor any Authenticating Agent

 

85

 

assumes any responsibility for their correctness.  The Trustee makes no representations as to
the validity or sufficiency of this Indenture or of the Notes, except that the
Trustee represents that it is duly authorized to execute and deliver this
Indenture, authenticate the Notes and perform its obligations hereunder and
that the statements made by it in a Statement of Eligibility and Qualification
on Form T-1 supplied to the Company and any other obligor upon the
Notes in connection with the registration of any Notes and any Subsidiary
Guarantees issued hereunder are and will be true and accurate subject to the
qualifications set forth therein. 
Neither the Trustee nor any Authenticating Agent shall be accountable
for the use or application by the Company of the Notes or the proceeds thereof.

 

Section 705.           May Hold Notes.  The Trustee, any Authenticating Agent, any
Paying Agent, any Note Registrar or any other agent of the Company, in its
individual or any other capacity, may become the owner or pledgee of Notes and,
subject to Section 708 and Section 713, may otherwise
deal with the Company or its Affiliates with the same rights it would have if
it were not Trustee, Authenticating Agent, Paying Agent, Note Registrar or such
other agent.

 

Section 706.           Money Held in Trust.  Money held by the Trustee in trust hereunder
need not be segregated from other funds except to the extent required by
law.  The Trustee shall be under no
liability for interest on any money received by it hereunder except as
otherwise agreed in writing with the Company.

 

Section 707.           Compensation and Reimbursement.  The Company agrees,

 

(1) to pay to the Trustee from time to time reasonable compensation for
all services rendered by the Trustee hereunder (which compensation shall not be
limited by any provision of law in regard to the compensation of a trustee of
an express trust);

 

(2) except as otherwise expressly provided herein, to reimburse the
Trustee upon its request for all reasonable out-of-pocket expenses incurred by
the Trustee in accordance with any provision of this Indenture (including the
reasonable compensation and the expenses and disbursements of its agents and
counsel), except any such expense, disbursement or advance as may be
attributable to its negligence or bad faith; and

 

(3) to indemnify the Trustee for, and to hold it harmless against, any
loss, liability or expense incurred without negligence or bad faith on the
Trustee’s part, arising out of or in connection with the administration of the
trust or trusts hereunder, including the costs and expenses of defending itself
against any claim or liability in connection with the exercise or performance
of any of its powers or duties hereunder.

 

The Company
need not pay for any settlement made without its consent.

 

Section 708.           Conflicting Interests.  If the Trustee has or shall acquire a
conflicting interest within the meaning of the TIA, the Trustee shall eliminate
such interest, apply to the SEC for permission to continue as Trustee with such
conflict or resign, to the extent

 

86

 

and in the manner provided by, and subject to the provisions of, the
TIA and this Indenture.  To the extent
permitted by the TIA, the Trustee shall not be deemed to have a conflicting
interest by virtue of being a trustee under this Indenture with respect to
Original Notes and Additional Notes, or a trustee under any other indenture
between the Company and the Trustee.

 

Section 709.           Corporate Trustee Required;
Eligibility.  There shall at all
times be one (and only one) Trustee hereunder. 
The Trustee shall be a Person that is eligible pursuant to the TIA to act
as such and has a combined capital and surplus of at least $50,000,000.  If any such Person publishes reports of
condition at least annually, pursuant to law or to the requirements of its
supervising or examining authority, then for the purposes of this Section and
to the extent permitted by the TIA, the combined capital and surplus of such
Person shall be deemed to be its combined capital and surplus as set forth in
its most recent report of condition so published.  If at any time the Trustee shall cease to be
eligible in accordance with the provisions of this Section 709, it
shall resign immediately in the manner and with the effect hereinafter
specified in this Article.

 

Section 710.           Resignation and Removal;
Appointment of Successor.  No
resignation or removal of the Trustee and no appointment of a successor Trustee
pursuant to this Article shall become effective until the acceptance of
appointment by the successor Trustee in accordance with the applicable
requirements of Section 711.

 

The Trustee may resign at any time by giving written
notice thereof to the Company.  If the
instrument of acceptance by a successor Trustee required by Section 711
shall not have been delivered to the Trustee within 30 days after the
giving of such notice of resignation, the resigning Trustee may petition any
court of competent jurisdiction for the appointment of a successor Trustee.

 

The Trustee may be removed at any time by Act of the
Holders of a majority in principal amount at maturity of the Outstanding Notes,
delivered to the Trustee and to the Company.

 

If at
any time:

 

(1) the Trustee shall fail to comply with Section 708 after
written request therefor by the Company or by any Holder who has been a bona
fide Holder of a Note for at least six months, or

 

(2) the Trustee shall cease to be eligible under Section 709
and shall fail to resign after written request therefor by the Company or by
any such Holder, or

 

(3) the Trustee shall become incapable of acting or shall be adjudged
bankrupt or insolvent or a receiver of the Trustee or of its property shall be
appointed or any public officer shall take charge or control of the Trustee or
of its property or affairs for the purpose of rehabilitation, conservation or
liquidation,

 

87

 

then, in any
such case, (A) the Company may remove the
Trustee, or (B) subject to Section 614,
any Holder who has been a bona fide Holder of a Note for at least six months
may, on behalf of itself and all others similarly situated, petition any court
of competent jurisdiction for the removal of the Trustee and the appointment of
a successor Trustee or Trustees.

 

If the Trustee shall resign, be removed or become
incapable of acting, or if a vacancy shall occur in the office of Trustee for
any cause, the Company shall promptly appoint a successor Trustee and shall
comply with the applicable requirements of Section 711.  If, within one year after such resignation,
removal or incapability, or the occurrence of such vacancy, a successor Trustee
shall be appointed by Act of the Holders of a majority in principal amount at
maturity of the Outstanding Notes delivered to the Company and the retiring
Trustee, the successor Trustee so appointed shall, forthwith upon its
acceptance of such appointment in accordance with the applicable requirements
of Section 711, become the successor Trustee and to that extent
supersede the successor Trustee appointed by the Company.  If no successor Trustee shall have been so
appointed by the Company or the Holders and accepted appointment in the manner
required by Section 711, then, subject to Section 614,
any Holder who has been a bona fide Holder of a Note for at least six months
may, on behalf of itself and all others similarly situated, petition any court
of competent jurisdiction for the appointment of a successor Trustee.

 

The Company shall give notice of each resignation and
each removal of the Trustee and each appointment of a successor Trustee to all
Holders in the manner provided in Section 110.  Each notice shall include the name of the
successor Trustee and the address of its Corporate Trust Office.

 

Section 711.           Acceptance of Appointment by
Successor.  In case of the
appointment hereunder of a successor Trustee, every such successor Trustee so
appointed shall execute, acknowledge and deliver to the Company and to the
retiring Trustee an instrument accepting such appointment, and thereupon the
resignation or removal of the retiring Trustee shall become effective and such
successor Trustee, without any further act, deed or conveyance, shall become
vested with all the rights, powers, trusts and duties of the retiring Trustee;
but, on the request of the Company or the successor Trustee, such retiring
Trustee shall, upon payment of its charges, execute and deliver an instrument
transferring to such successor Trustee all the rights, powers and trusts of the
retiring Trustee and shall duly assign, transfer and deliver to such successor
Trustee all property and money held by such retiring Trustee hereunder.

 

Upon request of any such successor Trustee, the
Company shall execute any and all instruments for more fully and certainly
vesting in and confirming to such successor Trustee all such rights, powers and
trusts referred to above.

 

No successor Trustee shall accept its appointment
unless at the time of such acceptance such successor Trustee shall be qualified
and eligible under this Article VII.

 

Section 712.           Merger, Conversion, Consolidation
or Succession to Business.  Any
corporation into which the Trustee may be merged or converted or with which it
may be consolidated, or any corporation resulting from any merger, conversion
or consolidation to which

 

88

 

the Trustee shall be a party, or any corporation succeeding to all or
substantially all the corporate trust business of the Trustee, shall be the
successor of the Trustee hereunder, provided
such corporation shall be otherwise qualified and eligible under this Article VII,
without the execution or filing of any paper or any further act on the part of
any of the parties hereto. In case any Notes shall have been authenticated, but
not delivered, by the Trustee then in office, any successor by merger,
conversion or consolidation to such authenticating Trustee may adopt such
authentication and deliver the Notes so authenticated with the same effect as
if such successor Trustee had itself authenticated such Notes.

 

Section 713.           Preferential Collection of Claims
Against the Company.  If and when the
Trustee shall be or become a creditor of the Company (or any other obligor upon
the Notes), the Trustee shall be subject to the provisions of the TIA regarding
the collection of claims against the Company (or any such other obligor) or
realizing on certain property received by it in respect of such claims.

 

Section 714.           Appointment of Authenticating
Agent.  The Trustee may appoint an
Authenticating Agent acceptable to the Company to authenticate the Notes.  Any such appointment shall be evidenced by an
instrument in writing signed by a Trust Officer, a copy of which instrument
shall be promptly furnished to the Company. 
Unless limited by the terms of such appointment, an Authenticating Agent
may authenticate Notes whenever the Trustee may do so.  Each reference in this Indenture to
authentication (or execution of a certificate of authentication) by the Trustee
includes authentication (or execution of a certificate of authentication) by
such Authenticating Agent.  An
Authenticating Agent has the same rights as any Registrar, Paying Agent or
agent for service of notices and demands.

 

ARTICLE VIII

HOLDERS’ LISTS AND REPORTS BY

TRUSTEE AND THE COMPANY

 

Section 801.           The Company to Furnish Trustee
Names and Addresses of Holders.  The
Company will furnish or cause to be furnished to the Trustee

 

(1) semiannually, not more than 10 days after each Regular Record Date,
a list, in such form as the Trustee may reasonably require, of the names and
addresses of the Holders as of such Regular Record Date, and

 

(2) at such other times as the Trustee may request in writing, within
30 days after the receipt by the Company of any such request, a list of
similar form and content as of a date not more than 15 days prior to the time
such list is furnished;

 

provided, however,
that if and so long as the Trustee shall be the Note Registrar, no such list
need be furnished pursuant to this Section 801.

 

89

 

Section 802.           Preservation of Information;
Communications to Holders.  The
Trustee shall preserve, in as current a form as is reasonably practicable, the
names and addresses of Holders contained in the most recent list, if any,
furnished to the Trustee as provided in Section 801 and the names
and addresses of Holders received by the Trustee in its capacity as Note
Registrar; provided, however,
that if and so long as the Trustee shall be the Note Registrar, the Note
Register shall satisfy the requirements relating to such list.  None of the Company, any Subsidiary Guarantor
or the Trustee or any other Person shall be under any responsibility with
regard to the accuracy of such list.  The
Trustee may destroy any list furnished to it as provided in Section 801
upon receipt of a new list so furnished.

 

The rights of Holders to communicate with other
Holders with respect to their rights under this Indenture or under the Notes,
and the corresponding rights and privileges of the Trustee, shall be as
provided by the TIA.

 

Every Holder of Notes, by receiving and holding the
same, agrees with the Company and the Trustee that neither the Company nor the
Trustee, nor any agent of either of them, shall be held accountable by reason
of any disclosure of information as to names and addresses of Holders made
pursuant to the TIA.

 

Section 803.           Reports by Trustee.  Within 60 days after each March 1 beginning
with March 1, 2005, the Trustee shall transmit to Holders such reports
concerning the Trustee and its actions under this Indenture as may be required
pursuant to the TIA at the times and in the manner provided pursuant thereto
for so long as any Notes remain outstanding. 
A copy of each such report shall, at the time of such transmission to
Holders, be filed by the Trustee with each stock exchange upon which any Notes
are listed, with the SEC and with the Company. 
The Company will notify the Trustee when any Notes are listed on any
stock exchange.

 

ARTICLE IX

AMENDMENT, SUPPLEMENT OR WAIVER

 

Section 901.           Without Consent of Holders.  Without the consent of the Holders of any
Notes, the Company, the Trustee and (as applicable) each Subsidiary Guarantor
may amend or supplement this Indenture or the Notes, for any of the following
purposes:

 

(1) to cure any ambiguity, omission, defect or inconsistency,

 

(2) to provide for the assumption by a Successor Company of the
obligations of the Company or a Subsidiary Guarantor under this Indenture,

 

(3) to provide for uncertificated Notes in addition to or in place of
certificated Notes,

 

(4) to add Guarantees with respect to the Notes, to secure the Notes,
to confirm and evidence the release, termination or discharge of any Guarantee
or Lien with respect

 

90

 

to or securing
the Notes when such release, termination or discharge is provided for under
this Indenture,

 

(5) to add to the covenants of the Company for the benefit of the
Holders or to surrender any right or power conferred upon the Company,

 

(6) to provide for or confirm the issuance of Additional Notes,

 

(7) to make any change that does not materially adversely affect the
rights of any Holder under the Notes or this Indenture, or

 

(8) to comply with any requirement of the SEC in connection with the
qualification of this Indenture under the TIA or otherwise.

 

Section 902.           With Consent of Holders.  Subject to Section 608, the
Company,  the Trustee and (if applicable)
each Subsidiary Guarantor may amend or supplement this Indenture or the Notes
with the written consent of the Holders of a majority in aggregate principal
amount at maturity of the Outstanding Notes (including consents obtained in
connection with a tender offer or exchange offer for Notes), and the Holders of
not less than a majority in aggregate principal amount at maturity of the
Outstanding Notes by written notice to the Trustee (including consents obtained
in connection with a tender offer or exchange offer for Notes) may waive any
existing Default or Event of Default or compliance by the Company or any
Subsidiary Guarantor with any provision of this Indenture, the Notes or any
Subsidiary Guarantee.

 

Notwithstanding the provisions of this Section 902,
without the consent of each Holder affected, an amendment or waiver, including
a waiver pursuant to Section 613, may not:

 

(i)            reduce the
principal amount at maturity of the Notes whose Holders must consent to an
amendment or waiver;

 

(ii)           reduce the rate of
or extend the time for payment of interest on any Note;

 

(iii)          reduce the
principal (or Accreted Value) of or extend the Stated Maturity of any Note;

 

(iv)          reduce the premium
payable upon the redemption of any Note or change the date on which any Note
may be redeemed as described in Section 1001;

 

(v)           make any Note
payable in money other than that stated in such Note;

 

(vi)          impair the right of
any Holder to receive payment of principal (or Accreted Value) of and interest
on such Holder’s Notes on or after the due dates therefor or to institute suit
for the enforcement of any such payment on or with respect to such Holder’s
Notes;

 

91

 

(vii)         make any change in
the amendment or waiver provisions described in this paragraph, or

 

(viii)        change the method of
calculation of Accreted Value except as provided in this Indenture.

 

It shall not be necessary for the consent of the
Holders under this Section 902 to approve the particular form of
any proposed amendment, supplement or waiver, but it shall be sufficient if
such consent approves the substance thereof.

 

After an amendment, supplement or waiver under this Section 902
becomes effective, the Company shall mail to the Holders, with a copy to the
Trustee, a notice briefly describing the amendment, supplement or waiver.  Any failure of the Company to mail such
notice, or any defect therein, shall not, however, in any way impair or affect
the validity of any supplemental indenture or the effectiveness of any such
amendment, supplement or waiver.

 

Section 903.           Execution of Amendments,
Supplements or Waivers.  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 or refusing to sign
such amendment, supplement or waiver, the Trustee shall be entitled to receive,
and shall be fully protected in relying upon, an Officer’s Certificate and an
Opinion of Counsel to the effect that the execution of such amendment,
supplement or waiver has been duly authorized, executed and delivered by the
Company and that, subject to applicable bankruptcy, insolvency, fraudulent
transfer, fraudulent conveyance, reorganization, moratorium and other laws now
or hereinafter in effect affecting creditors’ rights or remedies generally and
the general principles of equity (including standards of materiality, good faith,
fair dealing and reasonableness), whether considered in a proceeding at law or
at equity, such amendment, supplement or waiver is a valid and binding
agreement of the Company, enforceable against the Company in accordance with
its terms.

 

Section 904.           Revocation and Effect of Consents.  Until an amendment, supplement or waiver
becomes effective, a consent to it by a Holder is a continuing consent by the
Holder and every subsequent Holder of that Note or any Note that evidences all
or any part of the same debt as the consenting Holder’s Note, even if notation
of the consent is not made on any Note. 
Subject to the following paragraph of this Section 904, any
such Holder or subsequent Holder may revoke the consent as to such Holder’s
Note by written notice to the Trustee or the Company, received by the Trustee
or the Company, as the case may be, before the date on which the Trustee
receives an Officer’s Certificate certifying that the Holders of the requisite
principal amount at maturity of Notes have consented (and not theretofore
revoked such consent) to the amendment, supplement or waiver.  The Company may, but shall not be obligated
to, fix a record date for the purpose of determining the Holders entitled to
consent to any amendment, supplement or waiver as set forth in Section 108.

 

92

 

After an amendment, supplement or waiver becomes
effective, it shall bind every Holder of Notes, unless it makes a change
described in any of clauses (i) through (viii) of the second
paragraph of Section 902.  In
that case, the amendment, supplement or waiver shall bind each Holder of a Note
who has consented to it and every subsequent Holder of such Note or any Note
that evidences all or any part of the same debt as the consenting Holder’s
Note.

 

Section 905.           Conformity with TIA.  Every amendment or supplemental indenture
executed pursuant to this Article shall conform to the requirements of the
TIA as then in effect.

 

Section 906.           Notation on or Exchange of Notes.  If an amendment, supplement or waiver changes
the terms of a Note, the Trustee shall (if required by the Company and in
accordance with the specific direction of the Company) request the Holder of
the Note to deliver it to the Trustee. 
The Trustee shall (if required by the Company and in accordance with the
specific direction of the Company) place an appropriate notation on the Note
about the changed terms and return it to the Holder.  Alternatively, if the Company or the Trustee
so determines, the Company in exchange for the Note shall issue and the Trustee
shall authenticate a new Note that reflects the changed terms.  Failure to make the appropriate notation or
issue a new Note shall not affect the validity and effect of such amendment,
supplement or waiver.

 

ARTICLE X

REDEMPTION OF NOTES

 

Section 1001.         Right of Redemption.  (a)   The Notes will be redeemable, at the Company’s
option, in whole or in part, and from time to time on and after January 1,
2010 and prior to maturity at the applicable redemption price set forth below.
Such redemption may be made upon notice mailed by first-class mail to each
Holder’s registered address in accordance with Section 1005.  The Company may provide in such notice that
payment of the redemption price and the performance of the Company’s
obligations with respect to such redemption may be performed by another Person.
Any such redemption and notice may, in the Company’s discretion, be subject to
the satisfaction of one or more conditions precedent, including the occurrence
of a Change of Control.  The Notes will
be so redeemable at the following redemption prices (expressed as a percentage
of principal amount at maturity thereof), plus accrued and unpaid interest, if
any, to the relevant redemption date (subject to the right of Holders of record
on a record date to receive interest, if any, on the relevant Interest Payment
Date), if redeemed during the 12-month period commencing on January 1
of the years set forth below:

 

	
  Period

  	
   

  	
  Redemption Price

  	
   

  
	
  2010

  	
   

  	
  104.813

  	
  %

  
	
  2011

  	
   

  	
  103.208

  	
  %

  
	
  2012

  	
   

  	
  101.604

  	
  %

  
	
  2013 and
  thereafter

  	
   

  	
  100.000

  	
  %

  

 

93

 

(b)           In addition, at any time and from
time to time on or prior to January 1, 2008, the Company at its option may
redeem Notes in an aggregate principal amount at maturity equal to up to 35% of
the aggregate principal amount at maturity of Notes (including the principal
amount at maturity of any Additional Notes), with funds in an equal aggregate
amount (the “Redemption Amount”) not exceeding the aggregate proceeds of
one or more Equity Offerings, at a redemption price (expressed as a percentage
of Accreted Value thereof) of 109.625%; provided,
however, that an aggregate
principal amount at maturity of Notes equal to at least 65% of the aggregate
principal amount at maturity of Notes (including the principal amount at
maturity of any Additional Notes) must remain outstanding after each such
redemption.  The Company may make such
redemption upon notice mailed by first-class mail to each Holder’s registered
address in accordance with Section 1005 (but in no event more than
180 days after the completion of the related Equity Offering).  The Company may provide in such notice that
payment of the redemption price and performance of the Company’s obligations
with respect to such redemption may be performed by another Person.  Any such notice may be given prior to the
completion of the related Equity Offering, and any such redemption or notice
may, at the Company’s discretion, be subject to the satisfaction of one or more
conditions precedent, including the completion of the related Equity Offering.

 

(c)           At any time prior to January 1,
2010, Notes may also be redeemed or purchased (by the Company or any other
Person) in whole or in part, at the Company’s option, at a price (the “Redemption
Price”) equal to 100% of the Accreted Value thereof plus the Applicable Premium as of the
Redemption Date.  Such redemption or
purchase may be made upon notice mailed by first-class mail to each Holder’s
registered address in accordance with Section 1005.   The Company may provide in such notice that
payment of the Redemption Price and performance of the Company’s obligations
with respect to such redemption or purchase may be performed by another
Person.  Any such redemption, purchase or
notice may, at the Company’s discretion, be subject to the satisfaction of one
or more conditions precedent, including the occurrence of a Change of Control.

 

“Applicable
Premium” means, with respect to a Note at any Redemption Date, the greater
of (i) 1.0% of the Accreted Value of
such Note and (ii) the excess of (A) the present value at such Redemption Date of the
redemption price of such Note on January 1, 2010 (such redemption price
being that described in Section 1001(a)), computed using a discount
rate equal to the Treasury Rate plus
50 basis points, over (B) the
Accreted Value of such Note on such Redemption Date.  Calculation of the Applicable Premium will be
made by the Company or on behalf of the Company by such Person as the Company
shall designate; provided that
such calculation shall not be a duty or obligation of the Trustee.

 

“Treasury
Rate” means, with respect to a Redemption Date, 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) that has become publicly available at least
two Business Days prior to such Redemption Date (or, if such Statistical
Release is no longer published, any publicly available source of similar market
data)) most nearly equal to the period from such Redemption Date to January 1,
2010; provided,

 

94

 

however, that if the period from the
Redemption Date to such date 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 such date 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.

 

Section 1002.         Applicability of Article.  Redemption or purchase of Notes as permitted
by Section 1001 shall be made in accordance with this Article X.

 

Section 1003.         Election to Redeem; Notice to
Trustee.  In case of any redemption
at the election of the Company of less than all of the Notes, the Company
shall, at least 30 days prior to the Redemption Date initially fixed by the
Company (unless a shorter notice shall be satisfactory to the Trustee), notify
the Trustee of such Redemption Date and of the principal amount at maturity of
Notes to be redeemed.

 

Section 1004.         Selection by Trustee of Notes to Be
Redeemed.  In the case of any partial
redemption, selection of the Notes for redemption will be made by the Trustee
not more than 60 days prior to the Redemption Date 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 Note of $1,000 in original principal amount at
maturity or less will be redeemed in part.

 

The Trustee shall promptly notify the Company in
writing of the Notes selected for redemption and, in the case of any Note
selected for partial redemption, the principal amount at maturity thereof to be
redeemed.  On and after the Redemption
Date, interest will cease to accrue on Notes or portions thereof called for
redemption.

 

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

 

Section 1005.         Notice of Redemption.  Notice of redemption or purchase as provided
in Section 1001 shall be given by first-class mail, postage
prepaid, mailed not less than 30 nor more than 60 days prior to the Redemption
Date, to each Holder of Notes to be redeemed, at such Holder’s address
appearing in the Note Register.

 

Any such notice shall state:

 

(1) the expected Redemption Date,

 

(2) the redemption price,

 

95

 

(3) if less than all Outstanding Notes are to be redeemed, the
identification (and, in the case of partial redemption, the respective
principal amounts at maturity) of the Notes to be redeemed,

 

(4) that, on the Redemption Date, the redemption price will become due
and payable upon each such Note, and that, unless the Company defaults in
making such redemption payment or the Paying Agent is prohibited from making
such payment pursuant to the terms of this Indenture, interest thereon shall
cease to accrue from and after said date, and

 

(5) the place where such Notes are to be surrendered for payment of the
redemption price.

 

In addition,
if such redemption, purchase or notice is subject to satisfaction of one or
more conditions precedent, as permitted by Section 1001, such
notice shall describe each such condition, and if applicable, shall state that,
in the Company’s discretion, the Redemption Date may be delayed until such time
as any or all such conditions shall be satisfied, or such redemption or
purchase may not occur and such notice may be rescinded in the event that any
or all such conditions shall not have been satisfied by the Redemption Date, or
by the Redemption Date as so delayed.

 

The Company may provide in such notice that payment of
the redemption price and the performance of the Company’s obligations with
respect to such redemption may be performed by another Person.

 

Notice of such redemption or purchase of Notes to be
so redeemed or purchased at the election of the Company shall be given by the
Company or, at the Company’s request (made to the Trustee at least 40 days (or
such shorter period as shall be satisfactory to the Trustee) prior to the
Redemption Date), by the Trustee in the name and at the expense of the Company.

 

The notice if mailed in the manner herein provided
shall be conclusively presumed to have been given, whether or not the Holder
receives such notice.  In any case,
failure to give such notice by mail or any defect in the notice to the Holder
of any Note designated for redemption as a whole or in part shall not affect
the validity of the proceedings for the redemption of any other Note.

 

Section 1006.         Deposit of Redemption Price.  On or prior to any Redemption Date, the
Company shall deposit with the Trustee or with a Paying Agent (or, if the
Company is acting as its own Paying Agent, the Company shall segregate and hold
in trust as provided in Section 403) an amount of money sufficient
to pay the redemption price of, and any accrued and unpaid interest on, all the
Notes or portions thereof which are to be redeemed on that date.

 

Section 1007.         Notes Payable on Redemption Date.  Notice of redemption having been given as
provided in this Article X, the Notes so to be redeemed shall, on
the Redemption

 

96

 

Date, become due and payable at the redemption price herein specified
and from and after such date (unless the Company shall default in the payment
of the redemption price or the Paying Agent is prohibited from paying the
redemption price pursuant to the terms of this Indenture) such Notes shall
cease to bear interest.  Upon surrender
of such Notes for redemption in accordance with such notice, such Notes shall
be paid by the Company at the redemption price. 
Installments of interest (including Deferred Interest and interest
thereon) whose Interest Payment Date is on or prior to the Redemption Date
shall be payable to the Holders of such Notes registered as such on the
relevant Regular Record Dates according to their terms and the provisions of Section 307.

 

On and after any Redemption Date, if money sufficient
to pay the redemption price of and any accrued and unpaid interest on Notes called
for redemption shall have been made available in accordance with Section 1006,
the Notes (or the portions thereof) called for redemption will cease to accrue
interest and the only right of the Holders of such Notes (or portions thereof)
will be to receive payment of the redemption price of and, subject to the last
sentence of the preceding paragraph, any accrued and unpaid interest on such
Notes (or portions thereof) to the Redemption Date.  If any Note (or portion thereof) called for
redemption shall not be so paid upon surrender thereof for redemption, the
principal (or Accreted Value), and premium, if any, shall, until paid, bear
interest from the Redemption Date at the rate borne by the Note (or portion
thereof).

 

Section 1008.         Notes Redeemed in Part.  Any Note that is to be redeemed only in part
shall be surrendered at the Place of Payment (with, if the Company or the
Trustee so requires, 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 its attorney duly authorized in writing) and the Company shall
execute and the Trustee shall authenticate and deliver to the Holder of such
Note without service charge, a new Note or Notes, of any authorized denomination
as requested by such Holder in aggregate principal amount at maturity equal to
and in exchange for the unredeemed portion of the principal at maturity of the
Note so surrendered.

 

ARTICLE XI

SATISFACTION AND DISCHARGE

 

Section 1101.         Satisfaction and Discharge of
Indenture.  This Indenture shall
cease to be of further effect (except as to any surviving rights of
registration of or transfer or exchange of Notes herein expressly provided
for), and the Trustee, on demand of and at the 
expense of the Company, shall execute proper instruments acknowledging
satisfaction and discharge of this Indenture, when

 

(i)     either

 

(a)           all
Notes theretofore authenticated and delivered (other than (i) Notes that have been destroyed,
lost or stolen and that have been replaced or paid as provided in Section 306,
and (ii) Notes for whose
payment money has

 

97

 

theretofore been deposited in trust or segregated and held in trust by
the Company and thereafter repaid to the Company or discharged from such trust,
as provided in Section 403) have been delivered to the Trustee
cancelled or for cancellation; or

 

(b)           all
such Notes not theretofore delivered to the Trustee cancelled or for
cancellation

 

(1)           have become due and payable, or

 

(2)           will become due and payable at their
Stated Maturity within one year, or

 

(3)           have been or are to be called for
redemption within one year under arrangements reasonably satisfactory to the
Trustee for the giving of notice of redemption by the Trustee in the name, and
at the expense, of the Company,

 

(ii)           the Company has
irrevocably deposited or caused to be deposited with the Trustee an amount in
United States dollars, U.S. Government Obligations, or a combination thereof,
sufficient (without reinvestment) to pay and discharge the entire Indebtedness
on such Notes not theretofore delivered to the Trustee cancelled or for
cancellation, for principal (or Accreted Value), and premium, if any, and
interest to the date of such deposit (in the case of Notes that have become due
and payable), or to the Stated Maturity or Redemption Date, as the case may be;

 

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

 

(iv)          the Company has
delivered to the Trustee an Officer’s Certificate of the Company and an Opinion
of Counsel, each to the effect that all conditions precedent provided for in
this Section 1101 relating to the satisfaction and discharge of
this Indenture have been complied with, provided that any such counsel may rely on any Officer’s
Certificate as to matters of fact (including as to compliance with the
foregoing clauses (i), (ii) and (iii)).

 

Notwithstanding the satisfaction and discharge of this
Indenture, the obligations of the Company to the Trustee under Section 707
and, if money shall have been deposited with the Trustee pursuant to Section 1101(ii),
the obligations of the Trustee under Section 1102 shall survive.

 

Section 1102.         Application of Trust Money.  Subject to the provisions of the last paragraph
of Section 403, all money deposited with the Trustee pursuant to Section 1101
shall be held in trust and applied by it, in accordance with the provisions of
the Notes and this Indenture, to the payment, either directly or through any
Paying Agent as the Trustee may determine, to the

 

98

 

Persons entitled thereto, of the principal (or Accreted Value), and
premium, if any, and interest on the Notes; but such money need not be
segregated from other funds except to the extent required by law.

 

ARTICLE XII

DEFEASANCE OR COVENANT DEFEASANCE

 

Section 1201.         The Company’s Option to Effect
Defeasance or Covenant Defeasance. 
The Company may, concurrently (and not separately) at its option, at any
time, elect to have terminated the obligations of the Company with respect to
Outstanding Notes and to have terminated all of the obligations of the
Subsidiary Guarantors with respect to the Subsidiary Guarantees, in each case,
as set forth in this Article XII, and elect to have either Section 1202
or Section 1203 be applied to all of the Outstanding Notes (the “Defeased
Notes”), upon compliance with the conditions set forth below in Section 1204.  Either Section 1202 or Section 1203
may be applied to the Defeased Notes to any Redemption Date or the Stated
Maturity of the Notes.

 

Section 1202.         Defeasance and Discharge.  Upon the Company’s exercise under Section 1201
of the option applicable to this Section 1202, the Company shall be
deemed to have been released and discharged from its obligations with respect
to the Defeased Notes on the date the relevant conditions set forth in Section 1204
below are satisfied (hereinafter, “Defeasance”).  For this purpose, such Defeasance means that
the Company shall be deemed to have paid and discharged the entire indebtedness
represented by the Defeased Notes, which shall thereafter be deemed to be “Outstanding”
only for the purposes of Section 1205 and the other Sections of
this Indenture referred to in clauses (a) and (b) below, and the
Company and each of the Subsidiary Guarantors shall be deemed to have satisfied
all other obligations under such Notes and this Indenture insofar as such Notes
are concerned (and the Trustee, at the expense of the Company, shall execute
proper instruments acknowledging the same), except for the following, which
shall survive until otherwise terminated or discharged hereunder:  (a) the
rights of Holders of Defeased Notes to receive, solely from the trust fund
described in Section 1204 and as more fully set forth in such
Section, payments in respect of the principal (or Accreted Value) of and
premium, if any, and interest on such Notes when such payments are due, (b) the Company’s obligations with
respect to such Defeased Notes under Sections
304, 305, 306, 402,  403 and 416,
(c) the rights, powers,
trusts, duties and immunities of the Trustee hereunder, including the Trustee’s
rights under Section 707, and (d) this
Article XII.  If the Company
exercises its option under this Section 1202, payment of the Notes
may not be accelerated because of an Event of Default with respect
thereto.  Subject to compliance with this
Article XII, the Company may, at its option and at any time,
exercise its option under this Section 1202 notwithstanding the
prior exercise of its option under Section 1203 with respect to the
Notes.

 

Section 1203.         Covenant Defeasance.  Upon the Company’s exercise under Section 1201
of the option applicable to this Section 1203, (a) the Company and the Subsidiary
Guarantors shall be released from their respective obligations under any
covenant or provision

 

99

 

contained in Section 405 and Sections 407 through 415
and the provisions of clauses (iii), (iv) and (v) of Section 501(a) shall
not apply, and (b) the
occurrence of any event specified in clause (iv), (v) (with respect to Section 405
and Sections 407 through 415, inclusive), (vi), (vii), (viii) (with
respect to Subsidiaries), (ix) (with respect to Subsidiaries), (x) or (xi)
of Section 601 shall be deemed not to be or result in an Event of
Default, in each case with respect to the Defeased Notes on and after the date
the conditions set forth below are satisfied (hereinafter, “Covenant
Defeasance”), and the Notes shall thereafter be deemed not to be “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
or provisions, but shall continue to be deemed “Outstanding” for all other
purposes hereunder.  For this purpose,
such Covenant Defeasance means that, with respect to the Outstanding Notes, the
Company and the Subsidiary Guarantors may omit to comply with and shall have no
liability in respect of any term, condition or limitation set forth in any such
covenant or provision, whether directly or indirectly, by reason of any
reference elsewhere herein to any such covenant or provision or by reason of
any reference in any such covenant or provision 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 601, but, except as
specified above, the remainder of this Indenture and such Outstanding Notes
shall be unaffected thereby.

 

Section 1204.         Conditions to Defeasance or Covenant
Defeasance.  The following shall be
the conditions to application of either Section 1202 or Section 1203
to the Outstanding Notes:

 

(1) The Company shall have irrevocably deposited or caused to be
deposited with the Trustee in trust cash, in United States dollars, or U.S.
Government Obligations or a combination thereof, in amounts as will be
sufficient (without reinvestment), to pay and discharge the principal (or
Accreted Value) of, and premium, if any, and interest on the Defeased Notes on
the Stated Maturity or relevant Redemption Date in accordance with the terms of
this Indenture and the Notes;

 

(2) No Default or Event of Default shall have occurred and be
continuing on the date of such deposit;

 

(3) Such deposit shall not result in a breach or violation of, or
constitute a Default or Event of Default under, this Indenture or any other
material agreement or instrument to which the Company is a party or by which it
is bound;

 

(4) In the case of an election under Section 1202, the Company
shall have delivered to the Trustee an Opinion of Counsel from Debevoise &
Plimpton or other counsel in the United States to the effect that (x) the Company has received from, or
there has been published by, the Internal Revenue Service a ruling or (y) since the Issue Date, there has
been a change in the applicable Federal income tax law, in either case to the
effect that, and based thereon such opinion shall confirm to the effect that,
the Holders of the Outstanding Notes will not recognize income, gain or loss
for Federal income tax purposes as a result of such Defeasance and will be
subject to Federal income tax on the

 

100

 

same amounts,
in the same manner and at the same times as would have been the case if such
Defeasance had not occurred; provided
that such Opinion of Counsel need not be delivered if all Notes theretofore
authenticated and delivered (other than (i) Notes
that have been destroyed, lost or stolen and that have been replaced or paid as
provided in Section 306, and (ii) Notes
for whose payment money has theretofore been deposited in trust or segregated
and held in trust by the Company and thereafter repaid to the Company or
discharged from such trust, as provided in Section 403) not theretofore
delivered to the Trustee for cancellation have become due and payable, will
become due and payable at their Stated Maturity within one year, or are to be
called for redemption within one year under arrangements reasonably
satisfactory to the Trustee in the name, and at the expense, of the Company;

 

(5) In the case of an election under Section 1203, the
Company shall have delivered to the Trustee an Opinion of Counsel from
Debevoise & Plimpton or other counsel in the United States to the
effect that the Holders of the Outstanding Notes will not recognize income,
gain or loss for Federal income tax purposes as a result of such Covenant
Defeasance and will be subject to Federal income tax on the same amounts, in
the same manner and at the same times as would have been the case if such
Covenant Defeasance had not occurred; and

 

(6) The Company shall have delivered to the Trustee an Officer’s
Certificate and an Opinion of Counsel, each to the effect that all conditions
precedent provided for in this Section 1204 relating to either the
Defeasance under Section 1202 or the Covenant Defeasance under Section 1203,
as the case may be, have been complied with. 
In rendering such Opinion of Counsel, counsel may rely on an Officer’s
Certificate as to compliance with the foregoing clauses (1), (2) and (3) of
this Section 1204 or as to any matters of fact.

 

Section 1205.         Deposited Money and U.S. Government
Obligations To Be Held in Trust; Other Miscellaneous Provisions.  Subject to the provisions of the last paragraph
of Section 403, all money and U.S. Government Obligations
(including the proceeds thereof) deposited with the Trustee (or such other
Person that would qualify to act as successor trustee under Article VII,
collectively and solely for purposes of this Section 1205, the “Trustee”)
pursuant to Section 1204 in respect of the Defeased Notes shall be
held in trust and applied by the Trustee, in accordance with the provisions of
such Notes and this Indenture, to the payment, either directly or through any
Paying Agent as the Trustee may determine, to the Holders of such Notes of all
sums due and to become due thereon in respect of principal (or Accreted Value),
premium, if any, and interest, but such money need not be segregated from other
funds except to the extent required by law.

 

The Company shall pay and indemnify the Trustee and
its agents and hold them harmless against any tax, fee or other charge imposed
on or assessed against the U.S. Government Obligations deposited pursuant to Section 1204,
or the principal (or Accreted

 

101

 

Value), premium, if any, and interest received in respect thereof,
other than any such tax, fee or other charge that by law is for the account of
the Holders of the Defeased Notes.

 

Anything in this Article XII to the
contrary notwithstanding, the Trustee shall deliver to the Company from time to
time, upon Company Request, any money or U.S. Government Obligations held by it
as provided in Section 1204 that, in the opinion of a nationally
recognized accounting or investment banking firm expressed in a written
certification thereof to the Trustee, are in excess of the amount thereof that
would then be required to be deposited to effect an equivalent Defeasance or
Covenant Defeasance.  Subject to Article VII,
the Trustee shall not incur any liability to any Person by relying on such
opinion.

 

Section 1206.         Reinstatement.  If the Trustee or Paying Agent is unable to
apply any money or U.S. Government Obligations in accordance with Section 1202
or 1203, as the case may be, by reason of any order or judgment of any
court or governmental authority enjoining, restraining or otherwise prohibiting
such application, then the obligations of the Company and each of the
Subsidiary Guarantors under this Indenture, the Notes and the Subsidiary
Guarantees shall be revived and reinstated as though no deposit had occurred
pursuant to Section 1202 or 1203, as the case may be, until
such time as the Trustee or Paying Agent is permitted to apply all such money
and U.S. Government Obligations in accordance with Section 1202 or 1203,
as the case may be; provided, however, that if the Company or any Subsidiary Guarantor
makes any payment of principal (or Accreted Value), premium, if any, or
interest on any Note following the reinstatement of its obligations, the
Company or Subsidiary Guarantor, as the case may be, shall be subrogated to the
rights of the Holders of such Notes to receive such payment from the money and
U.S. Government Obligations held by the Trustee or Paying Agent.

 

Section 1207.         Repayment to the Company.  The Trustee shall pay to the Company upon
Company Request any money held by it for the payment of principal (or Accreted
Value) or interest that remains unclaimed for two years.  After payment to the Company, Holders
entitled to money must look to the Company for payment as general creditors
unless an applicable abandoned property law designates another Person and all
liability of the Trustee or Paying Agent with respect to such money shall thereupon
cease.

 

ARTICLE XIII

 

SUBSIDIARY GUARANTEES

 

Section 1301.         Guarantees Generally.

 

(a)           Guarantee of Each Subsidiary
Guarantor.  Each Subsidiary
Guarantor, as primary obligor and not merely as surety, will jointly and
severally, irrevocably and fully and unconditionally Guarantee, on an unsecured
senior basis, the punctual payment when due, whether at Stated Maturity, by
acceleration or otherwise, of all monetary obligations of the Company under
this Indenture and the Notes, whether for principal (or Accreted Value) of or

 

102

 

interest on the Notes, expenses, indemnification or otherwise (all such
obligations guaranteed by such Subsidiary Guarantors being herein called the “Subsidiary
Guaranteed Obligations”).

 

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 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 the Subsidiary Guarantee not constituting a fraudulent conveyance or
fraudulent transfer under applicable law, or being void or unenforceable under
any law relating to insolvency of debtors.

 

(b)           Further Agreements of Each
Subsidiary Guarantor.  (i)  Each
Subsidiary Guarantor hereby agrees that (to the fullest extent permitted by
law) its obligations hereunder shall be unconditional, irrespective of the
validity, regularity or enforceability of this Indenture, the Notes or the
obligations of the Company or any other Subsidiary Guarantor to the Holders or
the Trustee hereunder or thereunder, the absence of any action to enforce the
same, any waiver or consent by any Holder with respect to any provisions hereof
or thereof, any release of any other Subsidiary Guarantor, the recovery of any
judgment against the Company, any action to enforce the same, whether or not a
notation concerning its Subsidiary Guarantee is made on any particular Note, or
any other circumstance that might otherwise constitute a legal or equitable
discharge or defense of a guarantor.

 

(ii)           Each Subsidiary
Guarantor hereby waives (to the fullest extent permitted by law) the benefit of
diligence, presentment, demand of payment, filing of claims with a court in the
event of insolvency or bankruptcy of the Company, any right to require a
proceeding first against the Company, protest, notice and all demands
whatsoever and covenants that (except as otherwise provided in Section 1303)
its Subsidiary Guarantee will not be discharged except by complete performance
of the obligations contained in the Notes, this Indenture and this Subsidiary
Guarantee.  Such Subsidiary Guarantee is
a guarantee of payment and not of collection. 
Each Subsidiary Guarantor further agrees (to the fullest extent
permitted by law) that, as between it, on the one hand, and the Holders of
Notes and the Trustee, on the other hand, subject to this Article XIII,
(1) the maturity of the
obligations guaranteed by its Subsidiary Guarantee may be accelerated as and to
the extent provided in Article VI for the purposes of such
Subsidiary Guarantee, notwithstanding any stay, injunction or other prohibition
preventing such acceleration in respect of the obligations guaranteed by such
Subsidiary Guarantee, and (2) in
the event of any acceleration of such obligations as provided in Article VI,
such obligations (whether or not due and payable) shall forthwith become due
and payable by such Subsidiary Guarantor in accordance with the terms of this Section 1301
for the purpose of such Subsidiary Guarantee. 
Neither the Trustee nor any other Person shall have any obligation to
enforce or exhaust any rights or remedies or to take any other steps under any
security for the Guaranteed Note Obligations or against the Company or any other
Person or any property of the Company or any other Person before the Trustee is
entitled

 

103

 

to demand
payment and performance by any or all Subsidiary Guarantors of their
obligations under their respective Subsidiary Guarantees or under this
Indenture.

 

(iii)          Until terminated in
accordance with Section 1303, each Subsidiary Guarantee shall
remain in full force and effect and continue to be effective should any
petition be filed by or against the Company for liquidation or reorganization,
should the Company become insolvent or make an assignment for the benefit of
creditors or should a receiver or trustee be appointed for all or any
significant part of the Company’s assets, and shall, to the fullest extent
permitted by law, continue to be effective or be reinstated, as the case may
be, if at any time payment and performance of the Notes are, pursuant to
applicable law, rescinded or reduced in amount, or must otherwise be restored
or returned by any obligee on such Notes, whether as a “voidable preference,” “fraudulent
transfer” or otherwise, all as though such payment or performance had not been
made.  In the event that any payment, or
any part thereof, is rescinded, reduced, restored or returned, the Notes shall,
to the fullest extent permitted by law, be reinstated and deemed reduced only
by such amount paid and not so rescinded, reduced, restored or returned.

 

(c)           Each Subsidiary Guarantor that makes
a payment or distribution under its Subsidiary Guarantee shall have the right
to seek contribution from the Company or any non-paying Subsidiary Guarantor
that has also Guaranteed the relevant Guaranteed Note Obligations in respect of
which such payment or distribution is made, so long as the exercise of such right
does not impair the rights of the Holders under the Subsidiary Guarantees.

 

(d)           Each Subsidiary Guarantor
acknowledges that it will receive direct and indirect benefits from the
financing arrangements contemplated by this Indenture and that its Subsidiary
Guarantee, and the waiver set forth in Section 1305, are knowingly
made in contemplation of such benefits.

 

(e)           Each Subsidiary Guarantor, pursuant
to its Subsidiary Guarantee, also hereby agrees to pay any and all reasonable
out-of-pocket expenses (including reasonable counsel fees and expenses)
incurred by the Trustee or the Holders in enforcing any rights under its
Subsidiary Guarantee.

 

Section 1302.         Continuing Guarantees.  (a)  Each Subsidiary Guarantee shall be
a continuing Guarantee and shall (i) subject
to Section 1303, remain in full force and effect until payment in
full of the principal amount (or Accreted Value) of all Outstanding Notes
(whether by payment at maturity, purchase, redemption, defeasance, retirement
or other acquisition) and all other Subsidiary Guaranteed Obligations of the
Subsidiary Guarantor then due and owing, (ii) be
binding upon such Subsidiary Guarantor and (iii) inure
to the benefit of and be enforceable by the Trustee, the Holders and their
permitted successors, transferees and assigns.

 

(b)           The
obligations of each Subsidiary Guarantor hereunder shall continue to be
effective or shall be reinstated, as the case may be, if at any time any
payment which would otherwise have reduced or terminated the obligations of any
Subsidiary Guarantor hereunder and under its Subsidiary Guarantee (whether such
payment shall have been made by or on behalf of

 

104

 

the
Company or by or on behalf of a Subsidiary Guarantor) is rescinded or reclaimed
from any of the Holders upon the insolvency, bankruptcy, liquidation or
reorganization of the Company or any Subsidiary Guarantor or otherwise, all as
though such payment had not been made.

 

Section 1303.         Release of Subsidiary Guarantees.  Notwithstanding the provisions of Section 1302,
Subsidiary Guarantees will be subject to termination and discharge under the
circumstances described in this Section 1303:  Any Subsidiary Guarantor will automatically
and unconditionally be released from all obligations under its Subsidiary
Guarantee, and such Subsidiary Guarantee shall thereupon terminate and be
discharged and of no further force or effect, (i) concurrently
with any sale or disposition (by merger or otherwise) of any Subsidiary
Guarantor or any interest therein in accordance with the terms of this
Indenture (including Section 411 and Section 501) by
the Company or a Restricted Subsidiary, following which such Subsidiary
Guarantor is no longer a Restricted Subsidiary of the Company, (ii) at any time that such Subsidiary
Guarantor is released from all of its obligations under all of its Guarantees
of payment by the Company of any Indebtedness of the Company the guarantee of
which resulted in such Subsidiary Guarantor’s obligations to the guarantee the
Notes under Section 414 (other than by reason of payment under such
Guarantees of such Indebtedness), (iii) upon
the merger or consolidation of any Subsidiary Guarantor with and into the
Company or another Subsidiary Guarantor that is the surviving Person in such
merger or consolidation, (iv) concurrently
with any Subsidiary Guarantor becoming an Unrestricted Subsidiary, (v) upon legal or covenant defeasance
of the Company’s obligations, or satisfaction and discharge of this Indenture,
or (vi) subject to Section 1302(b),
upon payment in full of the aggregate principal amount (or Accreted Value) of
all Notes then Outstanding and all other Subsidiary Guaranteed Obligations then
due and owing.  In addition, the Company
will have the right, upon 30 days’ notice to the Trustee, to cause any
Subsidiary Guarantor that has not guaranteed payment by the Company of any
Indebtedness of the Company other than Subsidiary Guaranteed Obligations to be
unconditionally released from all obligations under its Subsidiary Guarantee,
and such Subsidiary Guarantee shall thereupon terminate and be discharged and
of no further force or effect.  Upon any
such occurrence specified in this paragraph, the Trustee shall execute any
documents reasonably required in order to evidence such release, discharge and
termination in respect of such Subsidiary Guarantee.

 

Upon any such
occurrence specified in this Section 1303, the Trustee shall
execute any documents reasonably required in order to evidence such release,
discharge and termination in respect of the applicable Subsidiary Guarantee.

 

Section 1304.         [Reserved].

 

Section 1305.         Waiver of Subrogation.  Each Subsidiary Guarantor hereby irrevocably
waives any claim or other rights that it may now or hereafter acquire against
the Company that arise from the existence, payment, performance or enforcement
of the Company’s obligations under the Notes and this Indenture or such
Subsidiary Guarantor’s obligations under its Subsidiary Guarantee and this
Indenture, including any right of subrogation, reimbursement, exoneration,
indemnification, and any right to participate in any claim or remedy of any
Holder of Notes against the Company, whether or not such claim, remedy or right
arises in equity, or

 

105

 

under contract, statute or common law, until this Indenture is
discharged and all of the Notes are discharged and paid in full.  If any amount shall be paid to any Subsidiary
Guarantor in violation of the preceding sentence and the Notes shall not have
been paid in full, such amount shall be deemed to have been paid to such
Subsidiary Guarantor for the benefit of, and held in trust for the benefit of,
the Holders of the Notes, and shall forthwith be paid to the Trustee for the
benefit of such Holders to be credited and applied upon the Notes, whether
matured or unmatured, in accordance with the terms of this Indenture.

 

Section 1306.         Notation Not Required.  Neither the Company nor any Subsidiary
Guarantor shall be required to make a notation on the Notes to reflect any
Subsidiary Guarantee or any such release, termination or discharge thereof.

 

Section 1307.         Successors and Assigns of Subsidiary
Guarantors.  All covenants and
agreements in this Indenture by each Subsidiary Guarantor shall bind its
respective successors and assigns, whether so expressed or not.

 

Section 1308.         Execution and Delivery of Subsidiary
Guarantees.  The Company shall cause
each Restricted Subsidiary that is required to become a Subsidiary Guarantor
pursuant to Section 414, and each Subsidiary of the Company that
the Company causes to become a Subsidiary Guarantor pursuant to Section 414,
to promptly execute and deliver to the Trustee a Supplemental Indenture
substantially in the form set forth in Exhibit D to this Indenture,
or otherwise in form and substance reasonably satisfactory to the Trustee,
evidencing its Subsidiary Guarantee on substantially the terms set forth in
this Article XIII. 
Concurrently therewith, the Company shall deliver to the Trustee an
Opinion of Counsel in form and substance reasonably satisfactory to the Trustee
to the effect that such Supplemental Indenture has been duly authorized,
executed and delivered by such Restricted Subsidiary and that, subject to
applicable bankruptcy, insolvency, fraudulent transfer, fraudulent conveyance,
reorganization, moratorium and other laws now or hereafter in effect affecting
creditors’ rights or remedies generally and the general principles of equity
(including standards of materiality, good faith, fair dealing and reasonableness),
whether considered in a proceeding at law or at equity, such Supplemental
Indenture is a valid and binding agreement of such Restricted Subsidiary,
enforceable against such Restricted Subsidiary in accordance with its terms.

 

Section 1309.         Notices.  Notice to any Subsidiary Guarantor shall be
sufficient if addressed to such Subsidiary Guarantor care of the Company at the
address, place and manner provided in Section 109.

 

106

 

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

 

	
   

  	
  CDRV INVESTORS,
  INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ JACK L.
  WYSZOMIERSKI

  
	
   

  	
  Name: Jack L. Wyszomierski

  
	
   

  	
  Title: Executive Vice President and Chief Financial
  Officer

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  WELLS FARGO
  BANK, NATIONAL

  ASSOCIATION, as Trustee

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ JOSEPH P.
  O'DONNELL

  
	
   

  	
  Name: Joseph P. O'Donnell

  
	
   

  	
  Title: Assistant Vice President

  

 

107

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