Document:

Exhibit 4.6(a)

 

EXECUTION COPY

 

VARIETAL DISTRIBUTION MERGER SUB, INC.

to be merged with and into

CDRV INVESTORS, INC. (to be renamed VWR FUNDING, INC.)

 as Issuer

and

THE GUARANTORS PARTY HERETO

 

 10.25%/11.25% SENIOR PIK TOGGLE NOTES
DUE 2015

 

 INDENTURE

DATED AS OF JUNE 29, 2007

 

 LAW DEBENTURE TRUST COMPANY OF NEW YORK

as Trustee

DEUTSCHE BANK TRUST COMPANY AMERICAS

as Paying Agent and Registrar

 

 

CROSS-REFERENCE TABLE(a)

 

	
  Trust Indenture

  	
   

  	
   

  
	
  Act Section

  	
   

  	
  Indenture Section

  
	
  310

  	
  (a)(1)

  	
   

  	
  7.10

  
	
   

  	
  (a)(2)

  	
   

  	
  7.10

  
	
   

  	
  (a)(3)

  	
   

  	
  N.A.

  
	
   

  	
  (a)(4)

  	
   

  	
  N.A.

  
	
   

  	
  (a)(5)

  	
   

  	
  7.10

  
	
   

  	
  (b)

  	
   

  	
  7.3; 7.10

  
	
   

  	
  (c)

  	
   

  	
  N.A.

  
	
   

  	
  311(a)

  	
   

  	
  7.11

  
	
   

  	
  (b)

  	
   

  	
  7.11

  
	
   

  	
  (c)

  	
   

  	
  N.A.

  
	
  312

  	
  (a)

  	
   

  	
  2.5

  
	
   

  	
  (b)

  	
   

  	
  12.3

  
	
   

  	
  (c)

  	
   

  	
  12.3

  
	
  313

  	
  (a)

  	
   

  	
  7.6

  
	
   

  	
  (b)(1)

  	
   

  	
  7.6

  
	
   

  	
  (b)(2)

  	
   

  	
  7.6; 7.7

  
	
   

  	
  (c)

  	
   

  	
  7.6; 12.2

  
	
   

  	
  (d)

  	
   

  	
  7.6

  
	
  314

  	
  (a)

  	
   

  	
  4.3; 12.5

  
	
   

  	
  (b)

  	
   

  	
  N.A.

  
	
   

  	
  (c)(1)

  	
   

  	
  12.4

  
	
   

  	
  (c)(2)

  	
   

  	
  12.4

  
	
   

  	
  (c)(3)

  	
   

  	
  N.A.

  
	
   

  	
  (d)

  	
   

  	
  N.A.

  
	
   

  	
  (e)

  	
   

  	
  12.5

  
	
   

  	
  (f)

  	
   

  	
  N.A.

  
	
  315

  	
  (a)

  	
   

  	
  7.1

  
	
   

  	
  (b)

  	
   

  	
  7.5; 12.2

  
	
   

  	
  (c)

  	
   

  	
  7.1

  
	
   

  	
  (d)

  	
   

  	
  7.1

  
	
   

  	
  (e)

  	
   

  	
  6.11

  
	
  316

  	
  (a) (last sentence)

  	
   

  	
  2.9

  
	
   

  	
  (a)(1)(A)

  	
   

  	
  6.5

  
	
   

  	
  (a)(1)(B)

  	
   

  	
  6.4

  
	
   

  	
  (a)(2)

  	
   

  	
  N.A.

  
	
   

  	
  (b)

  	
   

  	
  6.7

  

 

(a)           This
Cross-Reference Table is not part of the Indenture.

 

 

	
  Trust Indenture

  	
   

  	
   

  
	
  Act Section

  	
   

  	
  Indenture Section

  
	
   

  	
  (c)

  	
   

  	
  2.13

  
	
  317

  	
  (a)(1)

  	
   

  	
  6.8

  
	
   

  	
  (a)(2)

  	
   

  	
  6.9

  
	
   

  	
  (b)

  	
   

  	
  2.4

  
	
  318

  	
  (a)

  	
   

  	
  12.1

  
	
   

  	
  (b)

  	
   

  	
  N.A.

  
	
   

  	
  (c)

  	
   

  	
  12.1

  

 

2

 

TABLE OF CONTENTS

 

	
   

  	
   

  	
   

  	
   

  	
  Page

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE I

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  DEFINITIONS AND
  INCORPORATION BY REFERENCE

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  SECTION 1.1

  	
   

  	
  Definitions

  	
   

  	
  1

  
	
  SECTION 1.2

  	
   

  	
  Other Definitions

  	
   

  	
  39

  
	
  SECTION 1.3

  	
   

  	
  Incorporation by Reference of Trust
  Indenture Act

  	
   

  	
  40

  
	
  SECTION 1.4

  	
   

  	
  Rules of Construction

  	
   

  	
  40

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE II

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  THE NOTES

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  SECTION 2.1

  	
   

  	
  Form and Dating

  	
   

  	
  41

  
	
  SECTION 2.2

  	
   

  	
  Execution and Authentication

  	
   

  	
  43

  
	
  SECTION 2.3

  	
   

  	
  Registrar; Paying Agent

  	
   

  	
  44

  
	
  SECTION 2.4

  	
   

  	
  Paying Agent to Hold Money in Trust

  	
   

  	
  44

  
	
  SECTION 2.5

  	
   

  	
  Holder Lists

  	
   

  	
  45

  
	
  SECTION 2.6

  	
   

  	
  Book-Entry Provisions for Global Securities

  	
   

  	
  45

  
	
  SECTION 2.7

  	
   

  	
  Replacement Notes

  	
   

  	
  47

  
	
  SECTION 2.8

  	
   

  	
  Outstanding Notes

  	
   

  	
  48

  
	
  SECTION 2.9

  	
   

  	
  Treasury Notes

  	
   

  	
  48

  
	
  SECTION 2.10

  	
   

  	
  Temporary Notes

  	
   

  	
  48

  
	
  SECTION 2.11

  	
   

  	
  Cancellation

  	
   

  	
  49

  
	
  SECTION 2.12

  	
   

  	
  Defaulted Interest

  	
   

  	
  49

  
	
  SECTION 2.13

  	
   

  	
  Record Date

  	
   

  	
  49

  
	
  SECTION 2.14

  	
   

  	
  Computation of Interest

  	
   

  	
  49

  
	
  SECTION 2.15

  	
   

  	
  CUSIP Number

  	
   

  	
  49

  
	
  SECTION 2.16

  	
   

  	
  Special Transfer Provisions

  	
   

  	
  50

  
	
  SECTION 2.17

  	
   

  	
  Issuance of Additional Notes

  	
   

  	
  51

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE III

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  REDEMPTION AND
  PREPAYMENT

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  SECTION 3.1

  	
   

  	
  Notices to Trustee

  	
   

  	
  52

  
	
  SECTION 3.2

  	
   

  	
  Selection of Notes to Be Redeemed

  	
   

  	
  52

  
	
  SECTION 3.3

  	
   

  	
  Notice of Redemption

  	
   

  	
  53

  
	
  SECTION 3.4

  	
   

  	
  Effect of Notice of Redemption

  	
   

  	
  54

  
	
  SECTION 3.5

  	
   

  	
  Deposit of Redemption of Purchase Price

  	
   

  	
  54

  
	
  SECTION 3.6

  	
   

  	
  Notes Redeemed in Part

  	
   

  	
  55

  
	
  SECTION 3.7

  	
   

  	
  Optional Redemption

  	
   

  	
  55

  
	
  SECTION 3.8

  	
   

  	
  Mandatory Redemption

  	
   

  	
  56

  
	
  SECTION 3.9

  	
   

  	
  Offer to Purchase

  	
   

  	
  57

  

 

i

 

	
  ARTICLE IV

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  COVENANTS

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  SECTION 4.1

  	
   

  	
  Payment of Notes

  	
   

  	
  58

  
	
  SECTION 4.2

  	
   

  	
  Maintenance of Office or Agency

  	
   

  	
  58

  
	
  SECTION 4.3

  	
   

  	
  Reports

  	
   

  	
  59

  
	
  SECTION 4.4

  	
   

  	
  Compliance Certificate

  	
   

  	
  60

  
	
  SECTION 4.5

  	
   

  	
  Taxes

  	
   

  	
  60

  
	
  SECTION 4.6

  	
   

  	
  Stay, Extension and Usury Laws

  	
   

  	
  61

  
	
  SECTION 4.7

  	
   

  	
  Limitation on Restricted Payments

  	
   

  	
  61

  
	
  SECTION 4.8

  	
   

  	
  Limitation on Dividends and Other Payment
  Restrictions Affecting Subsidiaries

  	
   

  	
  69

  
	
  SECTION 4.9

  	
   

  	
  Limitation on Incurrence of Indebtedness and
  Issuance of Preferred Stock

  	
   

  	
  71

  
	
  SECTION 4.10

  	
   

  	
  Limitation on Asset Sales

  	
   

  	
  77

  
	
  SECTION 4.11

  	
   

  	
  Limitation on Transactions with Affiliates

  	
   

  	
  80

  
	
  SECTION 4.12

  	
   

  	
  Limitation on Liens

  	
   

  	
  82

  
	
  SECTION 4.13

  	
   

  	
  Payments for Consent

  	
   

  	
  83

  
	
  SECTION 4.14

  	
   

  	
  Offer to Purchase upon Change of Control

  	
   

  	
  83

  
	
  SECTION 4.15

  	
   

  	
  Corporate Existence

  	
   

  	
  84

  
	
  SECTION 4.16

  	
   

  	
  Business Activities

  	
   

  	
  84

  
	
  SECTION 4.17

  	
   

  	
  Additional Guarantees

  	
   

  	
  84

  
	
  SECTION 4.18

  	
   

  	
  [Reserved]

  	
   

  	
  85

  
	
  SECTION 4.19

  	
   

  	
  Further Instruments and Acts

  	
   

  	
  85

  
	
  SECTION 4.20

  	
   

  	
  Covenant Suspension

  	
   

  	
  85

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE V

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  SUCCESSORS

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  SECTION 5.1

  	
   

  	
  Merger, Consolidation or Sale of Assets

  	
   

  	
  86

  
	
  SECTION 5.2

  	
   

  	
  Successor Corporation Substituted

  	
   

  	
  87

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE VI

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  DEFAULTS AND
  REMEDIES

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  SECTION 6.1

  	
   

  	
  Events of Default

  	
   

  	
  88

  
	
  SECTION 6.2

  	
   

  	
  Acceleration

  	
   

  	
  90

  
	
  SECTION 6.3

  	
   

  	
  Other Remedies

  	
   

  	
  91

  
	
  SECTION 6.4

  	
   

  	
  Waiver of Past Defaults

  	
   

  	
  91

  
	
  SECTION 6.5

  	
   

  	
  Control by Majority

  	
   

  	
  92

  
	
  SECTION 6.6

  	
   

  	
  Limitation on Suits

  	
   

  	
  92

  
	
  SECTION 6.7

  	
   

  	
  Rights of Holders of Notes to Receive
  Payment

  	
   

  	
  92

  
	
  SECTION 6.8

  	
   

  	
  Collection Suit by Trustee

  	
   

  	
  93

  
	
  SECTION 6.9

  	
   

  	
  Trustee May File Proofs of Claim

  	
   

  	
  93

  

 

ii

 

	
  SECTION 6.10

  	
   

  	
  Priorities

  	
   

  	
  93

  
	
  SECTION 6.11

  	
   

  	
  Undertaking for Costs

  	
   

  	
  94

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE VII

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  TRUSTEE

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  SECTION 7.1

  	
   

  	
  Duties of Trustee

  	
   

  	
  94

  
	
  SECTION 7.2

  	
   

  	
  Rights of Trustee

  	
   

  	
  95

  
	
  SECTION 7.3

  	
   

  	
  Individual Rights of Trustee

  	
   

  	
  97

  
	
  SECTION 7.4

  	
   

  	
  Trustee’s Disclaimer

  	
   

  	
  97

  
	
  SECTION 7.5

  	
   

  	
  Notice of Defaults

  	
   

  	
  97

  
	
  SECTION 7.6

  	
   

  	
  Reports by Trustee to Holders of the Notes

  	
   

  	
  97

  
	
  SECTION 7.7

  	
   

  	
  Compensation and Indemnity

  	
   

  	
  98

  
	
  SECTION 7.8

  	
   

  	
  Replacement of Trustee

  	
   

  	
  99

  
	
  SECTION 7.9

  	
   

  	
  Successor Trustee by Merger, Etc.

  	
   

  	
  100

  
	
  SECTION 7.10

  	
   

  	
  Eligibility; Disqualification

  	
   

  	
  100

  
	
  SECTION 7.11

  	
   

  	
  Preferential Collection of Claims Against
  the Company

  	
   

  	
  100

  
	
  SECTION 7.12

  	
   

  	
  Trustee’s Application for Instructions from
  the Company

  	
   

  	
  100

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE VIII

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  DEFEASANCE;
  DISCHARGE OF THE INDENTURE

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  SECTION 8.1

  	
   

  	
  Option to Effect Legal Defeasance or
  Covenant Defeasance

  	
   

  	
  101

  
	
  SECTION 8.2

  	
   

  	
  Legal Defeasance

  	
   

  	
  101

  
	
  SECTION 8.3

  	
   

  	
  Covenant Defeasance

  	
   

  	
  101

  
	
  SECTION 8.4

  	
   

  	
  Conditions to Legal or Covenant Defeasance

  	
   

  	
  102

  
	
  SECTION 8.5

  	
   

  	
  Deposited Money and Government Securities
  to Be Held in Trust; Other Miscellaneous Provisions

  	
   

  	
  103

  
	
  SECTION 8.6

  	
   

  	
  Repayment to Company

  	
   

  	
  104

  
	
  SECTION 8.7

  	
   

  	
  Reinstatement

  	
   

  	
  104

  
	
  SECTION 8.8

  	
   

  	
  Discharge

  	
   

  	
  105

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE IX

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  AMENDMENT,
  SUPPLEMENT AND WAIVER

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  SECTION 9.1

  	
   

  	
  Without Consent of Holders of the Notes

  	
   

  	
  106

  
	
  SECTION 9.2

  	
   

  	
  With Consent of Holders of Notes

  	
   

  	
  107

  
	
  SECTION 9.3

  	
   

  	
  Compliance with Trust Indenture Act

  	
   

  	
  108

  
	
  SECTION 9.4

  	
   

  	
  Revocation and Effect of Consents

  	
   

  	
  108

  
	
  SECTION 9.5

  	
   

  	
  Notation on or Exchange of Notes

  	
   

  	
  109

  
	
  SECTION 9.6

  	
   

  	
  Trustee to Sign Amendments, Etc.

  	
   

  	
  109

  

 

iii

 

	
  ARTICLE X

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  [RESERVED]

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE XI

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  NOTE GUARANTEES

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  SECTION 11.1

  	
   

  	
  Guarantees

  	
   

  	
  110

  
	
  SECTION 11.2

  	
   

  	
  Execution and Delivery of Guarantee

  	
   

  	
  111

  
	
  SECTION 11.3

  	
   

  	
  Severability

  	
   

  	
  111

  
	
  SECTION 11.4

  	
   

  	
  Limitation of Guarantors’ Liability

  	
   

  	
  111

  
	
  SECTION 11.5

  	
   

  	
  Guarantors May Consolidate, Etc., on
  Certain Terms

  	
   

  	
  112

  
	
  SECTION 11.6

  	
   

  	
  Releases Following Sale of Assets

  	
   

  	
  113

  
	
  SECTION 11.7

  	
   

  	
  Release of a Guarantor

  	
   

  	
  114

  
	
  SECTION 11.8

  	
   

  	
  Benefits Acknowledged

  	
   

  	
  114

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE XII

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  MISCELLANEOUS

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  SECTION 12.1

  	
   

  	
  Trust Indenture Act Controls

  	
   

  	
  114

  
	
  SECTION 12.2

  	
   

  	
  Notices

  	
   

  	
  114

  
	
  SECTION 12.3

  	
   

  	
  Communication by Holders of Notes with
  Other Holders of Notes

  	
   

  	
  116

  
	
  SECTION 12.4

  	
   

  	
  Certificate and Opinion as to Conditions
  Precedent

  	
   

  	
  116

  
	
  SECTION 12.5

  	
   

  	
  Statements Required in Certificate or
  Opinion

  	
   

  	
  116

  
	
  SECTION 12.6

  	
   

  	
  Rules by Trustee and Agents

  	
   

  	
  117

  
	
  SECTION 12.7

  	
   

  	
  No Personal Liability of Directors, Officers,
  Employees and Stockholders

  	
   

  	
  117

  
	
  SECTION 12.8

  	
   

  	
  Governing Law

  	
   

  	
  117

  
	
  SECTION 12.9

  	
   

  	
  No Adverse Interpretation of Other
  Agreements

  	
   

  	
  117

  
	
  SECTION 12.10

  	
   

  	
  Successors

  	
   

  	
  117

  
	
  SECTION 12.11

  	
   

  	
  Severability

  	
   

  	
  118

  
	
  SECTION 12.12

  	
   

  	
  Counterpart Originals

  	
   

  	
  118

  
	
  SECTION 12.13

  	
   

  	
  Table of Contents, Headings, Etc.

  	
   

  	
  118

  
	
  SECTION 12.14

  	
   

  	
  Acts of Holders

  	
   

  	
  118

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  EXHIBITS

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Exhibit A

  	
  FORM OF
  NOTE

  	
   

  	
   

  
	
  Exhibit B

  	
  FORM OF NOTATIONAL GUARANTEE

  	
   

  	
   

  
	
  Exhibit C

  	
  FORM OF
  CERTIFICATE TO BE DELIVERED IN CONNECTION WITH TRANSFERS PURSUANT TO
  RULE 144A

  	
   

  	
   

  
	
  Exhibit D

  	
  FORM OF CERTIFICATE TO BE DELIVERED IN
  CONNECTION WITH TRANSFERS PURSUANT TO REGULATION S

  	
   

  	
   

  
						

 

iv

 

This Indenture, dated as of June 29, 2007
is by and among Varietal Distribution Merger Sub, Inc., a Delaware corporation
that shall be merged with and into CDRV Investors, Inc., a Delaware
corporation, as the surviving corporation (the “Company”), each
Guarantor (as defined herein), Law Debenture Trust Company of New York, as
trustee (the “Trustee”), and Deutsche Bank Trust Company Americas, as
registrar and paying agent.

 

Each party agrees as follows for the benefit
of each other and for the equal and ratable benefit of the holders of (i) the
Company’s 10.25%/11.25% Senior PIK Toggle Notes due 2015 issued on the date
hereof (the “Initial Notes”) and (ii) Additional Notes (as defined
herein and, together with the Initial Notes, the “Notes”). On or after
the date hereof, Varietal Distribution Merger Sub, Inc. shall be merged with
and into CDRV Investors, Inc., with CDRV Investors, Inc. continuing as the
surviving corporation and assuming all of the obligations of Varietal
Distribution Merger Sub, Inc. under this Indenture:

 

ARTICLE I

 

DEFINITIONS AND
INCORPORATION BY REFERENCE

 

SECTION 1.1         Definitions.

 

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

 

(a)           Indebtedness of any other Person
existing at the time such other Person is merged with or into or became a
Restricted Subsidiary of such specified Person, including Indebtedness incurred
in connection with, or in contemplation of, or to provide all or any portion of
the funds or credit support utilized in connection with, such other Person
merging with or into, or becoming a Restricted Subsidiary of, such specified
Person; and

 

(b)           Indebtedness secured by an existing
Lien encumbering any asset acquired by such specified Person.

 

“Acquisition Agreement” means that
certain agreement and plan of merger dated as of May 2, 2007 between the
Varietal Distribution Merger Sub, Inc., Holdings and CDRV Investors, Inc.,
a Delaware corporation, as amended, modified and/or supplemented from time to
time in accordance with the terms thereof, pursuant to which Varietal
Distribution Merger Sub, Inc. will merge with and into CDRV Investors, Inc.,
with CDRV Investors, Inc. surviving such merger and changing its name to
VWR Funding, Inc.

 

“Additional Interest” means all
additional interest owing on the Notes pursuant to the Registration Rights
Agreement.

 

“Additional Notes” means Notes (other
than the Initial Notes) issued pursuant to Article II hereof and otherwise
in compliance with the provisions of this Indenture.

 

“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
purposes of this definition, “control” (including, with correlative meanings,
the 

 

 

terms “controlling,”
“controlled by” and “under common control with”), as used with respect to any
Person, shall mean the possession, directly or indirectly, of the power to
direct or cause the direction of the management or policies of such Person,
whether through the ownership of voting securities, by agreement or otherwise.

 

“Agent” means any Registrar, Paying
Agent or co-registrar.

 

“Applicable Premium” means, with
respect to any Note on any applicable redemption date, the excess of:

 

(a)           the present value at such redemption
date of (i) the redemption price at July 15, 2011 (such redemption
price being set forth in Section 3.7) plus (ii) all required
interest payments due on the Notes through July 15, 2011 (excluding
accrued but unpaid interest to the date of redemption), computed using a
discount rate equal to the Treasury Rate as of such redemption date plus 50
basis points; over

 

(b)           the then outstanding principal amount
of the Notes.

 

“Asset Sale” means (i) the sale,
conveyance, transfer, lease (as lessor) or other voluntary disposition (whether
in a single transaction or a series of related transactions) of property or assets
(including by way of a Sale and Lease-Back Transaction) of the Company (other
than the sale of Equity Interests of the Company) or any of its Restricted
Subsidiaries (each referred to in this definition as a “disposition”) or
(ii) the issuance or sale of Equity Interests of any Restricted Subsidiary
(whether in a single transaction or a series of related transactions), in each
case, other than:

 

(a)           a disposition of Cash Equivalents or
Investment Grade Securities or obsolete, damaged or worn out property or
equipment in the ordinary course of business or inventory (or other assets)
held for sale in the ordinary course of business and dispositions of property
no longer used or useful in the conduct of the business of the Company and its
Restricted Subsidiaries or the disposition of inventory in the ordinary course
of business;

 

(b)           the disposition of all or
substantially all of the assets of the Company in a manner permitted pursuant
to Section 5.1 or any disposition that constitutes a Change of Control;

 

(c)           the making of any Restricted Payment
or Permitted Investment that is permitted to be made, and is made, pursuant to Section
4.7 or the granting of a Lien permitted by Section 4.12;

 

(d)           any disposition of assets or issuance
or sale of Equity Interests of any Restricted Subsidiary (other than directors’
qualifying shares or shares required by applicable law to be held by a Person
other than the Company or a Restricted Subsidiary) in any transaction or series
of transactions with an aggregate fair market value of less than $25.0 million;

 

2

 

(e)           any disposition of property or assets
or issuance of securities by a Restricted Subsidiary to the Company or by the
Company or a Restricted Subsidiary to another Restricted Subsidiary;

 

(f)            the lease, assignment, sublease,
license or sublicense of any real or personal property in the ordinary course
of business;

 

(g)           any issuance or sale of Equity
Interests in, or Indebtedness or other securities of, an Unrestricted
Subsidiary;

 

(h)           foreclosures on assets or transfers
by reason of eminent domain;

 

(i)            disposition of an account receivable
in connection with the collection or compromise thereof;

 

(j)            sales of accounts receivable, or
participations therein, in connection with any Receivables Facility;

 

(k)           the issuance by a Restricted
Subsidiary of Disqualified Stock or Preferred Stock that is permitted by Section
4.9;

 

(l)            any financing transaction with
respect to property built or acquired by the Company or any Restricted
Subsidiary after the Issue Date, including Sale and Lease-Back Transactions and
Receivables Facility financings permitted under this Indenture;

 

(m)          transfers of property subject to
casualty or condemnation proceedings (including in lieu thereof) upon the
receipt of the net cash proceeds therefor;

 

(n)           the abandonment of intellectual
property rights in the ordinary course of business, which in the reasonable
good faith determination of the Company or a Restricted Subsidiary are not
material to the conduct of the business of the Company and its Restricted
Subsidiaries taken as a whole;

 

(o)           voluntary terminations of Hedging
Obligations;

 

(p)           Dispositions permitted under this
Indenture (including Sale and Lease-Back Transactions) by a Foreign Subsidiary
designed to generate foreign distributable reserves;

 

(q)           any Permitted Asset Swap; and

 

(r)            Sale and Lease-Back Transactions
involving (i) real property owned on the Issue Date, (ii) property
acquired not more than 180 days prior to such Sale and Lease-Back Transaction
for cash in an amount at least equal to the cost of such property and
(iii) other property for cash consideration if the sale is treated as an
Asset Sale.

 

“Asset Sale Offer” means an Offer to Purchase
required to be made by the Company or a Restricted Subsidiary pursuant to Section
4.10 to all Holders.

 

3

 

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

 

“Beneficial Owner” has the meaning
assigned to such term in Rule 13d-3 and Rule 13d-5 under the Exchange
Act, except that in calculating the beneficial ownership of any particular “person”
(as that term is used in Section 13(d)(3) of the Exchange Act), such “person”
will be deemed to have beneficial ownership of all securities that such “person”
has the right to acquire by conversion or exercise of other securities, whether
such right is currently exercisable or is exercisable only upon the occurrence
of a subsequent condition. The terms “Beneficially Owns,” “Beneficially Owned”
and “Beneficial Ownership” have a corresponding meaning.

 

“Board of Directors” means:

 

(a)           with respect to a corporation, the
board of directors of the corporation;

 

(b)           with respect to a partnership, the
board of directors of the general partner of the partnership; and

 

(c)           with respect to any other Person, the
board or committee of such Person serving a similar function.

 

“Board Resolution” means a copy of a resolution
certified by the Secretary or an Assistant Secretary of the Company or any
Restricted Subsidiary to have been duly adopted by the Board of Directors,
unless the context specifically requires that such resolution be adopted by a
majority of the Disinterested Directors, in which case by a majority of such
directors, and to be in full force and effect on the date of such certification
and delivered to the Trustee.

 

“Business Day” means any day other
than a Legal Holiday.

 

“Calculation Date” has the meaning set
forth in the definition of “Fixed Charge Coverage Ratio.”

 

“Capital Stock” means:

 

(1)           in the case of a corporation, capital
stock;

 

(2)           in the case of an association or
business entity, any and all shares, interests, participations, rights or other
equivalents (however designated) of capital stock;

 

(3)           in the case of a partnership or
limited liability company, partnership or membership interests (whether general
or limited); and

 

(4)           any other interest or participation
that confers on a Person the right to receive a share of the profits and losses
of, or distributions of assets of, the issuing Person.

 

“Capitalized Lease Obligation” means,
at the time any determination thereof is to be made, the amount of the
liability in respect of a capital lease that would at such time be required 

 

4

 

to be
capitalized and reflected as a liability on a balance sheet (excluding the
footnotes thereto) in accordance with GAAP (except for temporary treatment of
construction-related expenditures under EITF 97-10, “The Effect of Lessee
Involvement in Asset Construction,” which will ultimately be treated as
operating leases upon a Sale and Lease-Back Transaction).

 

“Cash Contribution Amount” means the
aggregate amount of cash contributions made to the capital of the Company or
any other Guarantor described in the definition of “Contribution Indebtedness.”

 

“Cash Equivalents” shall mean:

 

(a)           U.S. dollars;

 

(b)           (i)            Sterling,
Singapore Dollars, Swedish Kroner, Canadian Dollars, euro, or any national
currency of any participating member state of the economic and monetary union
contemplated by the Treaty on European Union; or

 

(ii)            in the case
of the Company or a Restricted Subsidiary, such local currencies held by them
from time to time in the ordinary course of business;

 

(c)           securities issued or directly and
fully and unconditionally guaranteed or insured by the U.S. government or any
agency or instrumentality thereof the securities of which are unconditionally
guaranteed as a full faith and credit obligation of such government with
maturities of 24 months or less from the date of acquisition;

 

(d)           certificates of deposit, time
deposits and eurodollar time deposits with maturities of one year or less from
the date of acquisition, bankers’ acceptances with maturities not exceeding one
year and overnight bank deposits, in each case with (i) any lender under
the Credit Agreement or an Affiliate thereof or (ii) any commercial bank
having capital and surplus of not less than $250.0 million in the case of U.S.
banks and $100.0 million (or the U.S. dollar equivalent as of the date of
determination) in the case of non-U.S. banks;

 

(e)           repurchase obligations for underlying
securities of the types described in clauses (c) and (d) above
entered into with any financial institution meeting the qualifications
specified in clause (d) above;

 

(f)            commercial paper rated at least P-2
by Moody’s or at least A-2 by S&P and in each case maturing within 24
months after the date of creation thereof;

 

(g)           marketable short-term money market
and similar securities having a rating of at least P-2 or A-2 from either Moody’s
or S&P, respectively (or, if at any time neither Moody’s nor S&P shall
be rating such obligations, an equivalent rating from another Rating Agency)
and in each case maturing within 24 months after the date of creation thereof;

 

(h)           investment funds investing 95% of
their assets in securities of the types described in clauses (a) through
(g) above;

 

5

 

(i)            readily marketable direct
obligations issued by any state, commonwealth or territory of the United States
or any political subdivision or taxing authority thereof having an Investment
Grade Rating from either Moody’s or S&P with maturities of 24 months or
less from the date of acquisition;

 

(j)            Indebtedness or Preferred Stock
issued by Persons with a rating of “A” or higher from S&P or “A2” or higher
from Moody’s with maturities of 24 months or less from the date of acquisition;

 

(k)           Investments with average maturities
of 12 months or less from the date of acquisition in money market funds rated
A- (or the equivalent thereof) or better by S&P or A3 (or the equivalent
thereof) or better by Moody’s:

 

(l)            shares of investment companies that
are registered under the Investment Company Act of 1940 and substantially all
the investments of which are one or more of the types of securities described
in clauses (a) through (k) above; and

 

(m)          in the case of any Foreign Subsidiary,
investments of comparable tenure and credit quality to those described in the
foregoing clauses (a) through (l) above or other high quality short term
investments, in each case, customarily utilized in countries in which such
Foreign Subsidiary operates for short term cash management purposes.

 

Notwithstanding the foregoing, Cash
Equivalents shall include amounts denominated in currencies other than those
set forth in clauses (a) and (b) above, provided that such
amounts are converted into any currency listed in clauses (a) and
(b) as promptly as practicable and in any event within ten Business Days
following the receipt of such amounts.

 

“Cash Pooling Arrangements” means a
deposit account arrangement among a single depository institution, the Company
and one or more Foreign Subsidiaries involving the pooling of cash deposits in
and overdrafts in respect of one or more deposit accounts (each located outside
of the United States and any States and territories thereof) with such
institution by the Company and such Foreign Subsidiaries for cash management
purposes.

 

“Certificated Notes” means Notes that
are in the form of Exhibit A attached hereto other than Global
Notes.

 

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

 

(a)           the sale, lease, transfer or other
conveyance, in one or a series of related transactions, of all or substantially
all of the assets of the Company and its Subsidiaries, taken as a whole, to any
Person other than to a Permitted Holder;

 

(b)           the acquisition by any Person or
group (within the meaning of Section 13(d)(3) or
Section 14(d)(2) of the Exchange Act, or any successor provision), including
any group acting for the purpose of acquiring, holding or disposing of
securities (within the meaning of Rule 13d-5(b)(1) under the Exchange
Act), other than the Permitted Holders, in a single transaction or in a related
series of transactions, by way of merger, consolidation or other business
combination or purchase of Beneficial 

 

6

 

Ownership,
directly or indirectly, of 50% or more of the total voting power of the Voting
Stock of the Company or any of its direct or indirect parent entities,
including, without limitation, Parent; or

 

(c)           the first day on which the majority
of the Board of Directors of the Company then in office shall cease to consist
of Continuing Directors.

 

“Change of Control Offer” means an
Offer to Purchase required to be made by the Company pursuant to Section 4.14
to all Holders.

 

“Code” means the United States
Internal Revenue Code of 1986, as amended from time to time, and the
regulations promulgated and rulings issued thereunder. Section references
to the Code are to the Code, as in effect on the Issue Date, and any subsequent
provisions of the Code, amendatory thereof, supplemental thereto or substituted
therefor.

 

“Commission” means the U.S. Securities
and Exchange Commission.

 

“Common Stock” of any Person means
Capital Stock in such Person that do not rank prior, as to the payment of
dividends or as to the distribution of assets upon any voluntary or involuntary
liquidation, dissolution or winding up of such Person, to Capital Stock of any
other class in such Person.

 

“Company” means initially, Varietal
Distribution Merger Sub, Inc. and, upon consummation of the merger contemplated
by the Acquisition Agreement, CDRV Investors, Inc. (to be renamed VWR Funding,
Inc.), and any successor thereto.

 

“Consolidated Depreciation and
Amortization Expense” means, with respect to any Person for any period, the
total amount of depreciation and amortization expense, including the amortization
of deferred financing fees, and other non-cash charges (excluding any non-cash
item that represents an accrual or reserve for a cash expenditure for a future
period) of such Person and its Restricted Subsidiaries for such period on a
consolidated basis and otherwise determined in accordance with GAAP.

 

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

 

(a)           consolidated interest expense of such
Person and its Restricted Subsidiaries for such period, to the extent such
expense was deducted (and not added back) in computing Consolidated Net Income
(including (i) amortization of original issue discount resulting from the
issuance of Indebtedness at less than par, (ii) all commissions, discounts
and other fees and charges owed with respect to letters of credit or bankers
acceptances, (iii) non-cash interest expense (but excluding any non-cash
interest expense attributable to the movement in the mark-to-market valuation
of Hedging Obligations or other derivative instruments pursuant to GAAP),
(iv) the interest component of Capitalized Lease Obligations, (v) net
payments, if any, pursuant to interest rate Hedging Obligations with respect to
Indebtedness, (vi) net losses on Hedging Obligations or other derivative
instruments entered into for the purpose of hedging interest rate risk and
(vii) costs of surety bonds in connection with financing activities, and
excluding 

 

7

 

(x) amortization
of deferred financing fees, debt issuance costs, commissions, fees and
expenses, (y) any expensing of bridge, commitment and other financing fees
and (z) commissions, discounts, yield and other fees and charges
(including any interest expense) related to any Receivables Facility); plus

 

(b)           consolidated capitalized interest of
such Person and its Restricted Subsidiaries for such period, whether paid or
accrued; less

 

(c)           interest income of such Person and
its Restricted Subsidiaries for such period.

 

For purposes of this definition, interest on
a Capitalized Lease Obligation shall be deemed to accrue at an interest rate
reasonably determined by the Company to be the rate of interest implicit in
such Capitalized Lease Obligation in accordance with GAAP.

 

“Consolidated Net Income” means, with respect to any Person for any period, the aggregate of
the Net Income of such Person and its Restricted Subsidiaries for such period,
on a consolidated basis, and otherwise determined in accordance with GAAP; provided,
however, that (without duplication),

 

(a)           any pro forma
after-tax effect (using a reasonable estimate based on applicable tax rates) of
extraordinary, non-recurring or unusual gains or losses (less all fees and
expenses relating thereto) or expenses (including relating to the
Transactions), severance, integration costs, relocation costs and curtailments
or modifications to pension and post-retirement employee benefit plans shall be
excluded,

 

(b)           the Net Income for
such period shall not include the cumulative effect of a change in accounting
principles during such period,

 

(c)           any pro forma
after-tax effect (using a reasonable estimate based on applicable tax rates) of
income (loss) from disposed or discontinued operations and any net after-tax
gains or losses on disposal of disposed, abandoned or discontinued operations
shall be excluded,

 

(d)           any pro forma
after-tax effect (using a reasonable estimate based on applicable tax rates) of
gains or losses (less all accrued fees and expenses relating thereto) attributable
to asset dispositions other than in the ordinary course of business, as determined
in good faith by the Company, shall be excluded,

 

(e)           the Net Income for
such period of any Person that is not a Subsidiary, or is an Unrestricted
Subsidiary, or that is accounted for by the equity method of accounting, shall
be excluded; provided, that Consolidated Net Income of such Person shall be increased
by the amount of dividends or distributions or other payments that are actually
paid in cash (or to the extent converted into cash) to such Person or a
Subsidiary thereof that is the Company or a Restricted Subsidiary in respect of
such period,

 

(f)            solely for the
purpose of determining the amount available for Restricted Payments under
clause (3) of the first paragraph of Section 4.7, the Net Income
for such 

 

8

 

period of any Restricted Subsidiary (other than any Guarantor) shall be
excluded if the declaration or payment of dividends or similar distributions by
that Restricted Subsidiary of its Net Income is not at the date of
determination wholly permitted without any prior governmental approval (which
has not been obtained) or, directly or indirectly, by the operation of the
terms of its charter or any agreement, instrument, judgment, decree, order,
statute, rule, or governmental regulation applicable to that Restricted
Subsidiary or its stockholders, unless such restriction with respect to the
payment of dividends or similar distributions has been legally waived,
provided, that Consolidated Net Income of the Company will be increased by the
amount of dividends or other distributions or other payments actually paid in
cash (or to the extent converted into cash) to the Company or a Restricted
Subsidiary thereof in respect of such period, to the extent not already included
therein,

 

(g)           effects of purchase
accounting adjustments (including the effects of such adjustments pushed down
to such Person and such Subsidiaries) in component amounts required or
permitted by GAAP, resulting from the application of purchase accounting in
relation to the Transactions or any consummated acquisition or the amortization
or write-up, write-down or write-off of any amounts thereof, net of taxes,
shall be excluded,

 

(h)           any pro forma
after-tax effect (using a reasonable estimate based on applicable tax rates) of
income (loss) from the early extinguishment of Indebtedness or Hedging
Obligations or other derivative instruments shall be excluded,

 

(i)            any pro forma
after-tax effect (using a reasonable estimate based on applicable tax rates)
impairment charge or asset write-off, 
write-up or write-down, in each case, pursuant to GAAP and the
amortization of intangibles arising 
(including goodwill and organizational costs) pursuant to GAAP shall be
excluded,

 

(j)            any pro forma
after-tax effect (using a reasonable estimate based on applicable tax rates)
non-cash compensation expense recorded from grants of stock appreciation or
similar rights, stock options, restricted stock or other rights shall be
excluded,

 

(k)           any fees and
expenses incurred during such period, or any amortization thereof for such
period, in connection with the Transactions and any acquisition, Investment,
Disposition, dividend or similar Restricted Payments, issuance or repayment of
Indebtedness, issuance of Equity Interests, refinancing or recapitalization
transaction or amendment or modification of any debt instrument (in each case,
including any such transaction consummated prior to the Issue Date and any such
transaction undertaken but not completed) and any charges or non-recurring
merger costs incurred during such period as a result of any such transaction
shall be excluded, and

 

(l)            accruals and
reserves that are established within twelve months after the Issue Date that
are so required to be established as a result of the Transactions in accordance
with GAAP shall be excluded.

 

9

 

Notwithstanding the foregoing, for the
purpose of Section 4.7 only, there shall be excluded from Consolidated
Net Income any income arising from any sale or other disposition of Restricted
Investments made by the Company and its Restricted Subsidiaries, any
repurchases and redemptions of Restricted Investments made by the Company and
its Restricted Subsidiaries, any repayments of loans and advances which
constitute Restricted Investments made by the Company and any Restricted
Subsidiary, any sale of the stock of an Unrestricted Subsidiary or any
distribution or dividend from an Unrestricted Subsidiary, in each case only to
the extent such amounts increase the amount of Restricted Payments permitted
under clause (3)(d) of the first paragraph of Section 4.7.

 

“Contingent Obligations” means, with
respect to any Person, any obligation of such Person guaranteeing or having the
economic effect of guaranteeing any leases, dividends or other obligations that
do not constitute Indebtedness (“primary obligations”) of any other
Person (the “primary obligor”) in any manner, whether directly or
indirectly, including, without limitation, any obligation of such Person,
whether or not contingent, (i) to purchase any such primary obligation or
any property constituting direct or indirect security therefor, (ii) to
advance or supply funds (A) for the purchase or payment of any such
primary obligation or (B) to maintain working capital or equity capital of
the primary obligor or otherwise to maintain the net worth or solvency of the
primary obligor, or (iii) to purchase property, securities or services
primarily for the purpose of assuring the owner of any such primary obligation
of the ability of the primary obligor to make payment of such primary
obligation against loss in respect thereof or (iv) as an account party
with respect of any letter of credit, letter of guaranty or bankers’ acceptance.

 

“Continuing Directors” means, as of
any date of determination, individuals who (i) were members of such Board
of Directors on the Issue Date or (ii) were either (x) nominated for
election or elected to such Board of Directors with the approval of a majority
of the Continuing Directors who were members of such Board of Directors at the
time of nomination or election, (y) appointed, approved or recommended by
a majority of the then Continuing Directors or (z) designated or appointed
by a Permitted Holder.

 

“Contribution Indebtedness” means
Indebtedness of the Company or any Guarantor in an aggregate principal amount
not greater than two times the aggregate amount of cash contributions (other
than Excluded Contributions) made to the capital of the Company or such
Guarantor after the Issue Date; provided that:

 

(a)           if the aggregate principal amount of
such Contribution Indebtedness is greater than one times such cash contribution
amount to the capital of the Company or such Guarantor, as applicable, the
amount of such excess shall be (i) Subordinated Indebtedness (other than
Secured Indebtedness) and (ii) Indebtedness with a Stated Maturity later
than the Stated Maturity of the Notes, and

 

(b)           such cash contribution amount is not
applied to make Restricted Payments.

 

“Corporate Trust Office of the Trustee”
shall be at the address of the Trustee specified in Section 12.2
hereof or such other address as to which the Trustee shall specify for receipt
of notices under this Indenture.

 

10

 

“Credit Agreement” means that certain
credit agreement, to be dated as of the Issue Date, among the Company, Bank of
America, N.A. as Administrative Agent and Collateral Agent, Banc of America
Securities LLC, Goldman Sachs Credit Partners L.P. and J.P. Morgan Securities
Inc., as Joint Lead Arrangers and Joint Bookrunners, the lenders party thereto
and certain other parties specified therein, providing for
$1,415.0 million of U.S. dollar and euro term loans and $250.0 million
of revolving credit borrowings (including the issuance of letters of credit),
including any related notes, guarantees, collateral documents, instruments and
agreements executed in connection therewith, and in each case as amended,
restated, supplemented, modified, renewed, refunded, replaced (whether at
maturity or thereafter) or refinanced from time to time in one or more
agreements or indentures (in each case with the same or new agents, lenders or
institutional investors), including any agreement adding or changing the
borrower or any guarantor or extending the maturity thereof or otherwise
restructuring all or any portion of the Indebtedness thereunder or increasing
the amount loaned or issued thereunder or altering the maturity thereof (provided
that such increase in borrowings is permitted under Section 4.9).

 

“Credit Facilities” means, with
respect to the Company, one or more debt facilities (including, without
limitation, the Credit Agreement) or commercial paper facilities or Debt Issuances,
in each case, with banks, investment banks, insurance companies, mutual funds
and/or other institutional lenders or investors providing for revolving credit
loans, term loans, receivables or inventory financing (including through the
sale of receivables or inventory to such lenders or to special purpose entities
formed to borrow from (or sell receivables to) such lenders against such
receivables or inventory) or letters of credit or Debt Issuances, in each case,
as amended, restated, modified, renewed, refunded, replaced, supplemented or
refinanced, including refinancing with Debt Issuances, in whole or in part and
without limitation as to amounts, terms, conditions, covenants and other
provisions, from time to time. Indebtedness under Credit Facilities outstanding
on the date on which the Notes are first issued and authenticated under this
Indenture (after giving effect to the use of proceeds thereof) shall be deemed
to have been incurred on such date in reliance on the exception provided by
clause (1) of the second paragraph of Section 4.9.

 

“Debt Issuances” means, with respect
to the Company or any Restricted Subsidiary, one or more issuances after the
Issue Date of Indebtedness evidenced by notes, debentures, bonds or other similar
securities or instruments.

 

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

 

“Depositary” means, with respect to
the Notes issuable or issued in whole or in part in global form, the Person
specified in Section 2.3 hereof as the Depositary with respect to
the Notes, until a successor shall have been appointed and become such pursuant
to Section 2.6 hereof, and, thereafter, “Depositary” shall mean or
include such successor.

 

“Designated Non-cash Consideration”
means the fair market value of non-cash consideration received by the Company
or any of its Restricted Subsidiaries in connection with an Asset Sale that is
so designated as Designated Non-cash Consideration pursuant to an Officers’ Certificate
setting forth the basis of such valuation, less the amount of cash or Cash 

 

11

 

Equivalents received
in connection with a subsequent sale of such Designated Non-cash Consideration.

 

“Designated Preferred Stock” means
Preferred Stock of the Company or any direct or indirect parent company of the
Company (other than Disqualified Stock of the Company), that is issued for cash
(other than to Parent or any of its Subsidiaries or an employee stock ownership
plan or trust established by the Company or any of its Subsidiaries) and is so
designated as Designated Preferred Stock, pursuant to an Officers’ Certificate,
on the issuance date thereof, the cash proceeds of which are excluded from the
calculation set forth in clause (3) of the first paragraph of Section
4.7.

 

“Disqualified Stock” means, with
respect to any Person, any Capital Stock of such Person which, by its terms (or
by the terms of any security into which it is convertible or for which it is
putable or exchangeable), or upon the happening of any event, matures or is
mandatorily redeemable (other than as a result of a change of control or asset
sale), pursuant to a sinking fund obligation or otherwise, or is redeemable at
the option of the holder thereof (other than as a result of a change of control
or asset sale), in whole or in part, in each case prior to the earlier of the
final maturity date of the Notes or the date the Notes are no longer
outstanding; provided, however, that if such Capital Stock is issued to any plan for the
benefit of employees of the Company or any of its Subsidiaries or by any such
plan to such employees, such Capital Stock shall not constitute Disqualified
Stock solely because it may be required to be repurchased by the Company or any
of its Subsidiaries in order to satisfy applicable statutory or regulatory
obligations.

 

“Domestic Subsidiaries” means, with
respect to any Person, any subsidiary of such Person other than a Foreign
Subsidiary.

 

“DTC” means The Depository Trust
Company and any successor.

 

“EBITDA” means, with respect to any
Person for any period, the Consolidated Net Income of such Person and its
Restricted Subsidiaries for such period

 

(a)           increased (without duplication) by:

 

(i)            provision for taxes
based on income or profits or capital (or any alternative tax in lieu thereof),
including, without limitation, foreign, state, franchise and similar taxes and
foreign withholding taxes of such Person and such subsidiaries paid or accrued
during such period deducted (and not added back) in computing Consolidated Net
Income, including payments made pursuant to any tax sharing agreements or
arrangements among the Company, its Restricted Subsidiaries and any direct or
indirect parent company of the Company (so long as such tax sharing payments
are attributable to the operations of the Company and its Restricted Subsidiaries);
plus

 

(ii)           Fixed Charges of
such Person and such subsidiaries for such period to the extent the same was
deducted (and not added back) in calculating such Consolidated Net Income; plus

 

12

 

(iii)          Consolidated
Depreciation and Amortization Expense of such Person and such subsidiaries for
such period to the extent the same were deducted (and not added back) in
computing Consolidated Net Income; plus

 

(iv)          any fees, costs,
commissions, expenses or other charges (other than Depreciation or Amortization
Expense) related to any Equity Offering, Permitted Investment, acquisition,
disposition, recapitalization or the incurrence or repayment of Indebtedness
permitted to be incurred under this Indenture (including a refinancing thereof)
(whether or not successful), including (w) any expensing of bridge,
commitment or other financing fees, (x) such fees, costs, commissions,
expenses or other charges related to the offering of the Notes, the Senior
Subordinated Notes and the Credit Facilities, (y) any such fees, costs
(including call premium), commissions, expenses or other charges related to any
amendment or other modification of the Existing Notes, the Notes, the Senior
Subordinated Notes and the Credit Facilities and (z) commissions,
discounts, yield and other fees and charges (including any interest expense)
related to any Receivables Facility, and, in each case, deducted (and not added
back) in computing Consolidated Net Income; plus

 

(v)           the amount of any
business optimization expense and restructuring charge or reserve deducted (and
not added back) in such period in computing Consolidated Net Income, including
any restructuring costs incurred in connection with acquisitions after the
Issue Date, costs related to the closure and/or consolidation of facilities,
retention charges, contract termination costs, future lease commitments,
systems establishment costs, conversion costs and excess pension charges,
consulting fees and any one-time expense relating to enhanced accounting
function, or costs associated with becoming a standalone entity or public
company incurred in connection with any of the foregoing; provided that
the aggregate amount of expenses added pursuant to this clause (v) shall
not exceed an amount equal to 10% of EBITDA of the Company for the period of
four consecutive fiscal quarters most recently ended prior to the determination
date (without giving effect to any adjustments pursuant to this clause (v) or
clause (xii) below); plus

 

(vi)          any other non-cash
charges, expenses or losses including any write-offs or write-downs and any
non-cash expense relating to the vesting of warrants, reducing Consolidated Net
Income for such period (provided that if any such non-cash charges
represent an accrual or reserve for potential cash items in any future period,
the cash payment in respect thereof in such future period shall be subtracted
from EBITDA in such future period to the extent paid, and excluding
amortization of a prepaid cash item that was paid in a prior period); plus

 

(vii)         the amount of any
minority interest expense consisting of subsidiary income attributable to
minority equity interests of third parties in any non-Wholly Owned Subsidiary
deducted (and not added back) in such period in calculating Consolidated Net
Income; plus

 

13

 

(viii)        the amount of
management, monitoring, consulting, transaction and advisory fees and related
expenses paid in such period to the Sponsor pursuant to the Management
Agreement (as in effect on the Issue Date) deducted (and not added back) in
computing Consolidated Net Income; plus

 

(ix)           the amount of loss
on sale of receivables and related assets to the Receivables Subsidiary in
connection with a Receivables Facility deducted (and not added back) in
computing Consolidated Net Income; plus

 

(x)            costs or expense
deducted (and not added back) in computing Consolidated Net Income by such
Person or any such subsidiary pursuant to any management equity plan or stock
option plan or any other management or employee benefit plan or agreement or
any stock subscription or shareholder agreement, to the extent that such cost or
expenses are funded with cash proceeds contributed to the capital of the
Company or net cash proceeds of an issuance of Equity Interest of the Company
(other than Disqualified Stock) solely to the extent that such net cash
proceeds are excluded from the calculation of the amount available for Restricted
Payments under clause (3) of the first paragraph of Section 4.7; plus

 

(xi)           for the year ended
December 31, 2006, $11.5 million relating to prior cost-reduction
actions, acquisitions and signed agreements, recorded on a quarterly basis; plus

 

(xii)          the amount of net
cost savings and acquisition synergies projected by the Company in good faith
to be realized during such period (calculated on a pro forma basis as though
such cost savings had been realized on the first day of such period) as a
result of specified actions taken or initiated in connection with the
Transactions or any acquisition or disposition by the Company or any Restricted
Subsidiary, net of the amount of actual benefits realized during such period
that are otherwise included in the calculation of EBITDA from such actions; provided
that (A) such cost savings are reasonably identifiable and factually supportable
as evidenced in an Officers Certificate, (B) such actions are taken within
18 months after the Issue Date or the date of such acquisition or disposition
and (C) the aggregate amount of cost savings added pursuant to this
clause (xii) shall not exceed an amount equal to the greater of
(x) $35 million and (y) 10% of EBITDA of the Company for the
period of four consecutive fiscal quarters most recently ended prior to the
determination date (without giving effect to any adjustments pursuant to
clause (v) above or this clause (xii)); plus

 

(xiii)         any net after-tax
non-recurring, extraordinary or unusual gains or losses (less all fees and expenses
relating thereto) or expenses; plus

 

(xiv)        to the extent covered
by insurance and actually reimbursed or otherwise paid, or, so long as the
Company has made a determination that there exists reasonable evidence that
such amount will in fact be reimbursed or otherwise paid by the insurer and
only to the extent that such amount is (A) not 

 

14

 

denied by the
applicable carrier in writing within 180 days and (B) in fact reimbursed
or otherwise paid within 365 days of the date of such evidence (with a
deduction for any amount so added back to the extent not so reimbursed or
otherwise paid within such 365 days), expenses with respect to liability or
casualty events and expenses or losses relating to business interruption; plus

 

(xv)         expenses to the
extent covered by contractual indemnification or refunding provisions in favor
of the Company or a Restricted Subsidiary and actually paid or refunded, or, so
long as the Company has made a determination that there exists reasonable
evidence that such amount will in fact be paid or refunded by the indemnifying
party or other obligor and only to the extent that such amount is (A) not
denied by the applicable indemnifying party or obligor in writing within 90
days and (B) in fact reimbursed within 180 days of the date of such
evidence (with a deduction for any amount so added back to the extent not so
reimbursed within such 180 days); plus

 

(xvi)        any non-cash increase
in expenses (A) resulting from the revaluation of inventory (including any
impact of changes to inventory valuation policy methods including changes in
capitalization of variances) or (B) due to purchase accounting associated
with the Transactions;

 

(b)           decreased by (without duplication)
(i) non-cash gains increasing Consolidated Net Income of such Person and
such subsidiaries for such period, excluding any non-cash gains to the extent
they represent the reversal of an accrual or reserve for a potential cash item
that reduced EBITDA in any prior period and (ii) the minority interest
income consisting of subsidiary losses attributable to minority equity
interests of third parties in any non-Wholly Owned Subsidiary to the extent
such minority interest income is included in Consolidated Net Income; and

 

(c)           increased or decreased by (without
duplication):

 

(i)            any net gain or
loss resulting in such period from Hedging Obligations and the application of
Statement of Financial Accounting Standards No. 133 and International
Accounting Standards No. 39 and their respective related pronouncements and
interpretations; plus or minus, as applicable,

 

(ii)           any net gain or
loss included in calculating Consolidated Net Income resulting in such period
from currency translation gains or losses related to currency remeasurements of
indebtedness (including any net loss or gain resulting from hedge agreements
for currency exchange risk).

 

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

 

“Equity Offering” means any public or
private sale of Common Stock or Preferred Stock of the Company or any of its
direct or indirect parent companies (excluding Disqualified Stock of such
entity), other than (i) public offerings with respect to Common Stock of
the Company or 

 

15

 

of any of its
direct or indirect parent companies registered on Form S-4 or Form S-8,
(ii) any such public or private sale that constitutes an Excluded
Contribution or (iii) an issuance to any Subsidiary of the Company.

 

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

 

“Exchange Notes” means the series of
Notes to be issued under this Indenture in exchange for the Initial Notes
pursuant to the Registration Rights Agreement.

 

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

 

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

 

“Excluded Contribution” means net cash
proceeds, marketable securities or Qualified Proceeds, in each case received by
the Company and its Restricted Subsidiaries from:

 

(a)           contributions to its common equity
capital; and

 

(b)           the sale (other than to a Subsidiary
or to any management equity plan or stock option plan or any other management
or employee benefit plan or agreement of the Company or any Subsidiary) of
Capital Stock (other than Disqualified Stock and Designated Preferred Stock),

 

in each case
designated as Excluded Contributions pursuant to an Officers’ Certificate on
the date such capital contributions are made or the date such Equity Interests
are sold, as the case may be, which are excluded from the calculation set forth
in clause (3) of the first paragraph of Section 4.7.

 

“Existing Notes” means VWR
International, Inc.’s 6 7/8% Senior Notes due 2012, VWR International, Inc.’s
8% Senior Subordinated Notes due 2014, CDRV Investment Holdings Corporation’s
9 5/8% Senior Discount Notes due 2015 and the Company’s Senior Floating
Rate Notes due 2011.

 

“Expiration Date” has the meaning set
forth in the definition of “Offer to Purchase.”

 

“Fixed Charge Coverage Ratio” means,
with respect to any Person for any period consisting of such Person and its
Restricted Subsidiaries’ most recently ended four fiscal quarters for which
internal financial statements are available, the ratio of EBITDA of such Person
for such period to the Fixed Charges of such Person for such period. In the
event that the Company or any Restricted Subsidiary incurs, assumes, guarantees
or repays any Indebtedness or issues or redeems Disqualified Stock or Preferred
Stock, in each case subsequent to the commencement of the period for which the
Fixed Charge Coverage Ratio is being calculated but prior to the event for
which the calculation of the Fixed Charge Coverage Ratio is made (the “Calculation
Date”), then the Fixed Charge Coverage Ratio shall be calculated giving pro
forma effect to such incurrence, assumption, guarantee or repayment of
Indebtedness, or such issuance or redemption of Disqualified Stock or Preferred
Stock, as if the same had occurred at the beginning of the 

 

16

 

applicable
four-quarter period and as if the Company or Restricted Subsidiary had not
earned the interest income actually earned during such period in respect of
such cash used to repay, repurchase, defease or otherwise discharge such
Indebtedness.

 

If Investments, acquisitions, dispositions,
mergers or consolidations have been made by the Company or any Restricted
Subsidiary during the four-quarter reference period or subsequent to such reference
period and on or prior to or simultaneously with the Calculation Date, then the
Fixed Charge Coverage Ratio shall be calculated on a pro forma basis assuming
that all such Investments, acquisitions, dispositions, mergers or
consolidations (and the change in any associated Fixed Charge obligations and
the change in EBITDA resulting therefrom) had occurred on the first day of the
four-quarter reference period.

 

If since the beginning of such period any
Person (that subsequently became a Restricted Subsidiary or was merged with or
into the Company or any Restricted Subsidiary since the beginning of such
period) shall have made any Investment, acquisition, disposition, merger or consolidation
that would have required adjustment pursuant to this definition, then the Fixed
Charge Coverage Ratio shall be calculated giving pro forma effect thereto for
such period as if such Investment, acquisition, disposition, merger or
consolidation had occurred at the beginning of the applicable four-quarter
period.

 

For purposes of this definition, whenever pro
forma effect is to be given to an Investment, acquisition, disposition, merger
or consolidation (including, without limitation, the Transactions) and the
amount of income or earnings relating thereto, the pro forma calculations shall
be determined in good faith by a responsible financial or accounting Officer of
the Company and shall comply with the requirements of Rule 11-02 of
Regulation S-X promulgated by the Commission, except that such pro forma
calculations may include operating expense reductions for such period resulting
from the transaction which is being given pro forma effect that (A) have
been realized or (B) for which the steps necessary for realization have
been taken (or are taken concurrently with such transaction) or (C) for
which the steps necessary for realization are reasonably expected to be taken
within the 18-month period following such transaction and, in each case,
including, but not limited to, (a) reduction in personnel expenses,
(b) reduction of costs related to administrative functions,
(c) reduction of costs related to leased or owned properties and
(d) reductions from the consolidation of operations and streamlining of
corporate overhead, provided that, in each case, such adjustments are
set forth in an Officers’ Certificate signed by the Company’s chief financial
officer and another Officer which states (i) the amount of such adjustment
or adjustments, (ii) in the case of items (B) or (C) above, that
such adjustment or adjustments are based on the reasonable good faith beliefs
of the Officers executing such Officers’ Certificate at the time of such
execution and (iii) that any related incurrence of Indebtedness is
permitted pursuant to this Indenture. If any Indebtedness bears a floating rate
of interest and is being given pro forma effect, the interest on such Indebtedness
shall be calculated as if the rate in effect on the Calculation Date had been
the applicable rate for the entire period (taking into account any Hedging
Obligations applicable to such Indebtedness if the related hedge has a remaining
term in excess of twelve months).

 

Interest on a Capitalized Lease Obligation
shall be deemed to accrue at the interest rate reasonably determined 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.
For 

 

17

 

purposes of
making the computation referred to above, interest on any Indebtedness under a
revolving credit facility computed on a pro forma basis shall be computed based
upon the average daily balance of such Indebtedness during the applicable
period. Interest on Indebtedness that may optionally be determined at an
interest rate based upon a factor of a prime or similar rate, a eurocurrency
interbank offered rate, or other rate, shall be deemed to have been based upon
the rate actually chosen, or, if none, then based upon such optional rate
chosen as the Company may designate.

 

“Fixed Charges” means, with respect to
any Person for any period, the sum of, without duplication,
(a) Consolidated Interest Expense (excluding all non-cash interest expense
and amortization/accretion of original issue discount (including any original
issue discount created by fair value adjustments to Indebtedness in existence
as of the Issue Date as a result of purchase accounting)) of such Person for
such period, (b) all cash dividends paid during such period (excluding
items eliminated in consolidation) on any series of Preferred Stock of such
Person and its Subsidiaries and (c) all dividends paid during such period
(excluding items eliminated in consolidation) on any series of Disqualified
Stock of such Person and its Subsidiaries.

 

“Foreign Subsidiary” means, with
respect to any Person, (a) any subsidiary of such Person that is organized
and existing under the laws of any jurisdiction outside the United States of
America or (b) any subsidiary of such Person that has no material assets
other than the Capital Stock of one or more subsidiaries described in clause
(a) and other assets relating to an ownership interest in any such Capital
Stock or subsidiaries.

 

“Foreign Subsidiary Reorganization”
means the reorganization of the Company’s Foreign Subsidiaries (including, the
creation of a new holding company subsidiary to hold substantially all of the
capital stock of the Company’s foreign subsidiaries).

 

“GAAP” means generally accepted
accounting principles in the United States in effect on the date of this
Indenture, except for any reports required to be delivered pursuant to Section
4.3, which shall be prepared in accordance with GAAP in effect on the date
thereof. For purposes of this Indenture, the term “consolidated” with respect
to any Person means such Person consolidated with its Restricted Subsidiaries
and does not include any Unrestricted Subsidiary.

 

“Global Note Legend” means the legend
identified as such in Exhibit A hereto.

 

“Global Notes” means the Notes that
are in the form of Exhibit A hereto issued in global form and
registered in the name of the Depositary or its nominee. Notwithstanding
anything to the contrary contained herein, notices, delivery and payment with
respect to the Global Notes will be through the facilities of DTC.

 

“guarantee” means a guarantee other
than by endorsement of negotiable instruments for collection in the ordinary
course of business, direct or indirect, in any manner including, without
limitation, through letters of credit or reimbursement agreements in respect
thereof, of all or any part of any Indebtedness or other obligations. When used
as a verb, “guarantee” shall have a corresponding meaning.

 

18

 

“Guarantee” means any guarantee of the
obligations of the Company under this Indenture and the Notes by a Guarantor in
accordance with the provisions of this Indenture. When used as a verb, “Guarantee”
shall have a corresponding meaning.

 

“Guarantor” means any Person that
incurs a Guarantee of the Notes; provided that upon the release and
discharge of such Person from its Guarantee in accordance with this Indenture,
such Person shall cease to be a Guarantor. On the Issue Date, the Guarantors
will be each Domestic Subsidiary of the Company that is a Restricted Subsidiary
and a guarantor under the Credit Agreement.

 

“Hedging Obligations” means, with
respect to any Person, the obligations of such Person under:

 

(a)           currency exchange, interest rate or
commodity swap agreements, currency exchange, interest rate or commodity cap
agreements and currency exchange, interest rate or commodity collar agreements;
and

 

(b)           other agreements or arrangements
designed to manage, hedge or protect such Person with respect to fluctuations
in currency exchange, interest rates or commodity, raw materials, utilities and
energy prices.

 

“Holder” means a Person in whose name
a Note is registered in the security register.

 

“Holdings” means VWR
Investors, Inc. and any successor.

 

“Indebtedness” means, with respect to
any Person,

 

(a)           any indebtedness (including principal
and premium) of such Person, whether or not contingent:

 

(i)            in respect of
borrowed money,

 

(ii)           evidenced by bonds,
notes, debentures or similar instruments,

 

(iii)          evidenced by  letters of credit (or, without duplication,
reimbursement agreements in respect thereof),

 

(iv)          Capitalized Lease
Obligations,

 

(v)           representing the
deferred and unpaid balance of the purchase price of any property (other than
Capitalized Lease Obligations), except (A) any such balance that
constitutes a trade payable or similar obligation to a trade creditor in each
case accrued in the ordinary course of business, (B) liabilities accrued
in the ordinary course of business and (C) earn-outs and other contingent
payments in respect of acquisitions except to the extent that the liability on
account of any such earn-outs or contingent payment becomes fixed, or

 

(vi)          representing any
interest rate Hedging Obligations,

 

19

 

if and to the
extent that any of the foregoing Indebtedness (other than letters of credit and
Hedging Obligations) would appear as a liability upon a balance sheet
(excluding the footnotes thereto) of such Person prepared in accordance with
GAAP,

 

(b)           to the extent not otherwise included,
any obligation by such Person to be liable for, or to pay, as obligor,
guarantor or otherwise, the Indebtedness of another Person (other than by
endorsement of negotiable instruments for collection in the ordinary course of
business),

 

(c)           Disqualified Stock of such Person,
and

 

(d)           to the extent not otherwise included,
Indebtedness of another Person secured by a Lien on any asset (other than a
Lien on Capital Stock of an Unrestricted Subsidiary) owned by such Person (whether
or not such Indebtedness is assumed by such Person);

 

provided, however, that notwithstanding the foregoing,
Indebtedness shall be deemed not to include (A) Contingent Obligations
incurred in the ordinary course of business 
(B) items that would appear as a liability on a balance sheet
prepared in accordance with GAAP as a result of the application of EITF 97-10, “The
Effect of Lessee Involvement in Asset Construction,” and (C) obligations
with respect to Receivables Facilities. The amount of Indebtedness of any
person under clause (d) above shall be deemed to equal the lesser of
(x) the aggregate unpaid amount of such Indebtedness secured by such Lien
and (y) the fair market value of the property encumbered thereby as
determined by such person in good faith.

 

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

 

“Independent Financial Advisor” means
an accounting, appraisal or investment banking firm or consultant  of nationally recognized standing that is, in
the good faith judgment of the Board of Directors of the Company, qualified to
perform the task for which it has been engaged.

 

“Initial Notes” has the meaning set
forth in the preamble hereto.

 

“Investment Grade Rating” shall mean a
rating equal to or higher than Baa3 (or the equivalent) by Moody’s and BBB- (or
the equivalent) by S&P, or an equivalent rating by any other Rating Agency.

 

“Investment Grade Securities” shall
mean:

 

(a)           securities issued or directly and
fully guaranteed or insured by the United States government or any agency or
instrumentality thereof (other than Cash Equivalents);

 

(b)           debt securities or debt instruments
with an Investment Grade Rating, but excluding any debt securities or
instruments constituting loans or advances among the Company and its Subsidiaries;

 

20

 

(c)           investments in any fund that invests
exclusively in investments of the type described in clauses (a) and
(b) which fund may also hold immaterial amounts of cash pending investment
or distribution; and

 

(d)           corresponding instruments in
countries other than the United States customarily utilized for high quality
investments.

 

“Investments” means, with respect to
any Person, all direct or indirect investments by such Person in other Persons
(including Affiliates) in the forms of loans (including guarantees or other
obligations), advances or capital contributions (including 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, but excluding accounts receivable,
trade credit, advances to customers, commission, travel, entertainment,
relocation, payroll and similar advances to officers and employees, in each
case made in the ordinary course of business), purchases or other acquisitions
for consideration of Indebtedness, Equity Interests or other securities issued
by any other Person and investments that are required by GAAP to be classified
on the balance sheet (excluding the footnotes) of such Person in the same manner
as the other investments included in this definition to the extent such
transactions involve the transfer of cash or other property. If the Company or
any Subsidiary of the Company sells or otherwise disposes of any Equity
Interests of any direct or indirect Restricted Subsidiary of the Company such
that, after giving effect to any such sale or disposition, such Person is no
longer a Subsidiary of the Company, the Company will be deemed to have made an
Investment on the date of any such sale or disposition equal to the fair market
value of the Equity Interests of such Subsidiary not sold or disposed of in an
amount determined as provided in the third paragraph of Section 4.7.

 

For purposes of the definition of “Unrestricted
Subsidiary” and Section 4.7 (i) ”Investments” shall include the
portion (proportionate to the Company’s equity interest in such Subsidiary) of
the fair market value of the net assets of a Subsidiary of the Company at the
time that such Subsidiary is designated an Unrestricted Subsidiary; provided,
however, that upon a redesignation of such Subsidiary as a Restricted
Subsidiary, the Company shall be deemed to continue to have a permanent “Investment”
in an Unrestricted Subsidiary 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, in each case as determined in good faith by the Board of
Directors of the Company and (iii) any transfer of Capital Stock that
results in an entity which became a Restricted Subsidiary after the Issue Date
ceasing to be a Restricted Subsidiary shall be deemed to be an Investment in an
amount equal to the fair market value (as determined by the Board of Directors
of the Company in good faith as of the date of initial acquisition) of the Capital
Stock of such entity owned by the Company and its Restricted Subsidiaries immediately
after such transfer.

 

“Issue Date” means June 29, 2007.

 

“Legal Holiday” means a Saturday, a
Sunday or a day on which banking institutions in the City of New York, the city
in which the principal Corporate Trust Office of the Trustee is 

 

21

 

located or at
a place of payment are authorized by law, regulation or executive order to
remain closed. If a payment date is a Legal Holiday, payment shall be made at
that place on the next succeeding day that is not a Legal Holiday, and no
interest shall accrue for the intervening period.

 

“Lien” means, with respect to any
asset, any mortgage, lien, pledge, charge, security interest or encumbrance of
any kind in respect of such asset, whether or not filed, recorded or otherwise
perfected under applicable law, including any conditional sale or other title
retention agreement, any lease in the nature thereof, and any agreement to give
a security interest in such asset; provided that in no event shall an
operating lease be deemed to constitute a Lien.

 

“Management Agreement” means,
collectively, (a) the Management Services Agreement dated as of the Issue
Date, by and among certain management companies associated with the Sponsor and
the Company and any direct or indirect parent company and (b) the MDP Unit
Purchase Agreement, in each case, as in effect on the Issue Date or otherwise
amended, modified or supplemented.

 

“MDP Unit Purchase Agreement” means
the MDP Unit Purchase Agreement dated as of the Issue Date among Varietal
Distribution Holdings, LLC, Madison Dearborn Capital Partners Y-A, L.P.,
Madison Dearborn Capital Partners Y-C, L.P., and Madison Dearborn Partners V
Executive-A, L.P.

 

“Moody’s” means Moody’s Investors
Service, Inc. and any successor to its rating business.

 

“Net Income” means, with respect to
any Person, the net income (loss) of such Person, determined in accordance with
GAAP and before any reduction in respect of Preferred Stock dividends or
accretion of any Preferred Stock.

 

“Net Proceeds” shall mean  with
respect to any Asset Sale, the proceeds thereof in the form of cash and Cash
Equivalents (including any such proceeds subsequently received (as and when
received) in respect of deferred payments or noncash consideration initially
received, net of any costs relating to the disposition thereof), net of
(i) out-of-pocket expenses incurred (including reasonable and customary
broker’s fees or commissions, investment banking, consultant, legal, accounting
or similar fees, survey costs, title insurance premiums, and related search and
recording charges, transfer, deed, recording and similar taxes incurred by the
Company and its Restricted Subsidiaries in connection therewith), and the Company’s
good faith estimate of taxes paid or payable (including payments under any tax
sharing agreement or arrangement), in connection with such Asset Sale
(including, in the case of any such Asset Sale in respect of property of any
Foreign Subsidiary, taxes payable upon the repatriation of any such proceeds),
(ii) amounts provided as a reserve, in accordance with GAAP, against any
(x) liabilities under any indemnification obligations or purchase price
adjustment associated with such Asset Sale and (y) other liabilities
associated with the asset disposed of and retained by the Company or any of its
Restricted Subsidiaries after such disposition, including pension and other
post-employment benefit liabilities and liabilities related to environmental
matters (provided that to the extent and at the time any such amounts
are released from such reserve, such amounts shall constitute Net Proceeds),
(iii) the principal amount, premium or penalty, if any, interest and 

 

22

 

other amounts
on any Indebtedness or other obligation which is secured by a Lien on the asset
sold and (iv) in the case of any such Asset Sale by a non-Wholly Owned Restricted
Subsidiary, the pro rata portion of the Net Proceeds thereof (calculated
without regard to this clause (iv)) attributable to minority interests and not
available for distribution to or for the account of the Company or a Wholly
Owned Restricted Subsidiary as a result thereof.

 

“Note Custodian” means the Trustee
when serving as custodian for the Depositary with respect to the Global Notes,
or any successor entity thereto.

 

“Notes” means the
10.25%/11.25% Senior Notes due 2015 of the Company issued on the date
hereof and any Additional Notes, including any Exchange Notes, and shall
include any increase in the principal amount thereof as a result of a PIK
Payment in accordance with this Indenture. The Notes and the Additional Notes
(including any Exchange Notes), if any, shall be treated as a single class for
all purposes under this Indenture.

 

“Obligations” means any principal,
interest, premium, penalties, fees, indemnifications, reimbursements
(including, without limitation, reimbursement obligations with respect to
letters of credit), costs, expenses, damages and other liabilities, and
guarantees of payment of such principal, interest, premium, penalties, fees,
indemnifications, reimbursements, costs, expenses, damages and other
liabilities, payable under the documentation governing any Indebtedness.

 

“Offer” has the meaning set forth in
the definition of “Offer to Purchase.”

 

“Offer to Purchase” means a written
offer (the “Offer”) sent by the Company by first class mail, postage
prepaid, to each Holder at his address appearing in the security register on
the date of the Offer, offering to purchase up to the aggregate principal
amount of Notes set forth in such Offer at the purchase price set forth in such
Offer (as determined pursuant to this Indenture). Unless otherwise required by
applicable law, the Offer shall specify an expiration date (the “Expiration
Date”) of the Offer to Purchase which shall be, subject to any contrary
requirements of applicable law, not less than 30 days or more than
60 days after the date of mailing of such Offer and a settlement date (the
“Purchase Date”) for purchase of Notes within five (5) Business Days
after the Expiration Date. The Company shall notify the Trustee at least
15 days (or such shorter period as is acceptable to the Trustee) prior to
the mailing of the Offer of the Company’s obligation to make an Offer to
Purchase, and the Offer shall be mailed by the Company or, at the Company’s
request, by the Trustee in the name and at the expense of the Company. The
Offer shall contain all instructions and materials necessary to enable such
Holders to tender Notes pursuant to the Offer to Purchase. The Offer shall also
state:

 

(1)           the Section of this Indenture
pursuant to which the Offer to Purchase is being made;

 

(2)           the Expiration Date and the Purchase
Date;

 

(3)           the aggregate principal amount of the
outstanding Notes offered to be purchased pursuant to the Offer to Purchase
(including, if less than 100%, the manner by which such amount has been
determined pursuant to Section 4.10 hereof or Section 4.14
hereof) (the “Purchase Amount”);

 

23

 

(4)           the purchase price to be paid by the
Company for each $1,000 principal amount of Notes accepted for payment (as
specified pursuant to this Indenture) (the “Purchase Price”);

 

(5)           that the Holder may tender all or any
portion of the Notes registered in the name of such Holder and that any portion
of a Note tendered must be tendered in denominations of $2,000 principal amount
or integral multiples of $1,000 thereof;

 

(6)           the place or places where Notes are
to be surrendered for tender pursuant to the Offer to Purchase, if applicable;

 

(7)           that, unless the Company defaults in
making such purchase, any Note accepted for purchase pursuant to the Offer to
Purchase will cease to accrue interest on and after the Purchase Date, but that
any Note not tendered or tendered but not purchased by the Company pursuant to
the Offer to Purchase will continue to accrue interest at the same rate;

 

(8)           that, on the Purchase Date, the
Purchase Price will become due and payable upon each Note accepted for payment
pursuant to the Offer to Purchase;

 

(9)           that each Holder electing to tender a
Note pursuant to the Offer to Purchase will be required to surrender such Note
or cause such Note to be surrendered at the place or places set forth in the
Offer prior to the close of business on the Expiration Date (such Note being,
if the Company or the Trustee so requires, duly endorsed by, or accompanied by
a written instrument of transfer in form satisfactory to the Company and the
Trustee duly executed by, the Holder thereof or his attorney duly authorized in
writing);

 

(10)         that Holders will be entitled to
withdraw all or any portion of Notes tendered if the Company (or its Paying
Agent) receives, not later than the close of business on the Expiration Date, a
telegram, telex, facsimile transmission or letter setting forth the name of the
Holder, the aggregate principal amount of the Notes the Holder tendered, the
certificate number of the Note the Holder tendered and a statement that such
Holder is withdrawing all or a portion of his tender;

 

(11)         that (a) if
Notes having an aggregate principal amount less than or equal to the Purchase
Amount are duly tendered and not withdrawn pursuant to the Offer to Purchase,
the Company shall purchase all such Notes and (b) if Notes having an
aggregate principal amount in excess of the Purchase Amount are tendered and
not withdrawn pursuant to the Offer to Purchase, the Company shall purchase
Notes having an aggregate principal amount equal to the Purchase Amount on a
pro rata basis (with such adjustments as may be
deemed appropriate so that only Notes in denominations of $2,000 principal
amount or integral multiples of $1,000 thereof shall be purchased); and

 

(12)         if applicable, that, in the case of any
Holder whose Note is purchased only in part, 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 the aggregate principal amount equal to 

 

24

 

and in
exchange for the unpurchased portion of the aggregate principal amount of the
Notes so tendered.

 

“Offering Memorandum” means the final
offering memorandum related to the issuance of the Notes on the Issue Date,
dated June 26, 2007.

 

“Officer” means the Chief Executive
Officer, the President, the Chief Financial Officer, the Chief Operating Officer,
principal accounting officer, controller, any Executive Vice President, Senior
Vice President or Vice President, the Treasurer or Assistant Treasurer or the
Secretary or any Assistant Secretary of the Company.

 

“Officers’ Certificate” means a
certificate signed on behalf of the Company, by two Officers of the Company,
one of whom is the principal executive officer, the principal financial officer,
the treasurer or the principal accounting officer of the Company that meets the
requirements set forth in this Indenture.

 

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

 

“Parent” means Varietal Distribution
Holdings, LLC and any successor.

 

“Partial PIK Interest” has the meaning
set forth in Exhibit A hereto.

 

“Participant” means, with respect to
DTC, a Person who has an account with DTC.

 

“Paying Agent” means any Person
authorized by the Company to pay the principal of, premium, if any, or interest
on any Notes on behalf of the Company.

 

“Permitted Asset Swap” means, to the
extent allowable under Section 1031 of the Code, the concurrent purchase and
sale or exchange of Related Business Assets or a combination of Related
Business Assets (excluding any boot thereon) between the Company or any of its
Restricted Subsidiaries and another Person.

 

“Permitted Business” means the
business and any services, activities or businesses incidental, or directly
related or similar to, or complementary to any line of business engaged in by
the Company and its Subsidiaries as of the Issue Date or any business activity
that is a reasonable extension, development or expansion thereof or ancillary
thereto.

 

“Permitted Debt” has the meaning
assigned to such term in Section 4.9.

 

“Permitted Holders” means (i) the
Sponsor, (ii) any Person making an Investment in Parent concurrently with
Sponsor on or following the Issue Date, (iii) any Person who is an Officer
or otherwise a member of management of the Company or any of its Subsidiaries
on the Issue Date, provided that if such Officers and members of
management beneficially own more shares of Voting Stock of either of the
Company or any of its direct or indirect parent entities than the number of
such shares beneficially owned by all the Officers as of the Issue Date or
issued within 90 days thereafter, such excess shall be deemed not to be
beneficially owned by 

 

25

 

Permitted
Holders, (iv) any Related Party of any of the foregoing Persons and
(iv) any “group” (within the meaning of Section 13(d)(3) or
Section 14(d)(2) of the Exchange Act or any successor provision) of
which any of the foregoing are members, provided that in the case of
such “group” and without giving effect to the existence of such “group” or any
other “group,” such Persons specified in clause (i), (ii), (iii) or
(iv) above (subject, in the case of Officers, to the foregoing
limitation), collectively, have beneficial ownership, directly or indirectly,
of more than 50% of the total voting power of the Voting Stock of the Company
or any of its direct or indirect parent entities held by such “group,” and provided
further, that, in no event shall the Sponsor own a lesser percentage of
the Voting Stock than any other person or group referred to in
clauses (ii), (iii) or (iv).

 

“Permitted Investments” means

 

(1)           any Investment by the Company in any
Restricted Subsidiary or by a Restricted Subsidiary in the Company or another
Restricted Subsidiary;

 

(2)           any Investment in cash and Cash
Equivalents or Investment Grade Securities;

 

(3)           any Investment by the Company or any
Restricted Subsidiary in a Person that is engaged in a Permitted Business if as
a result of such Investment (A) such Person becomes a Restricted
Subsidiary or (B) such Person, in one transaction or a series of related
transactions, is merged, consolidated or amalgamated with or into, or transfers
or conveys substantially all of its assets to, or is liquidated into, the Company
or a Restricted Subsidiary, and, in each case, any Investment held by such
Person; provided that such Investment was not acquired by such Person in
contemplation of such acquisition, merger, consolidation or transfer;

 

(4)           any Investment in securities or other
assets not constituting cash or Cash Equivalents or Investment Grade Securities
and received in connection with an Asset Sale made pursuant to Section 4.10
or any other disposition of assets not constituting an Asset Sale;

 

(5)           any Investment existing on the Issue
Date or made pursuant to binding commitments in effect on the Issue Date or an
Investment consisting of any extension, modification, replacement, renewal of
any Investment existing on the Issue Date; provided that the amount of
any such Investment may be increased (x) as required by the terms of such
Investment as in existence on the Issue Date or (y) as otherwise permitted
under this Indenture;

 

(6)           loans and advances to, or guarantees
of Indebtedness of, directors, employees, officers and consultants not in
excess of $15.0 million outstanding at any one time, in the aggregate;

 

(7)           any Investment acquired by the
Company or any Restricted Subsidiary (A) in exchange for any other
Investment or accounts receivable held by the Company or Restricted Subsidiary
in connection with or as a result of a bankruptcy, workout, reorganization or
recapitalization of the issuer of such other Investment or accounts 

 

26

 

receivable or
(B) as a result of a foreclosure by the Company or Restricted Subsidiary
with respect to any secured Investment or other transfer of title with respect
to any secured Investment in default;

 

(8)           Hedging Obligations permitted under
clause (10) of the definition of “Permitted Debt”;

 

(9)           loans and advances to officers,
directors and employees for business-related travel expenses, moving expenses
and other similar expenses, in each case incurred in the ordinary course of business;

 

(10)         any Investment by the Company or a
Restricted Subsidiary having an aggregate fair market value, taken together
with all other Investments made pursuant to this clause (10) that are at
that time outstanding not to exceed $100.0 million (with the fair market
value of each Investment being measured at the time made and without giving effect
to subsequent changes in value); provided that if such Investment is in
Capital Stock of a Person that subsequently becomes a Restricted Subsidiary,
such Investment shall thereafter be deemed permitted under clause (1) above
and shall not be included as having been made pursuant to this clause (10);

 

(11)         Investments the payment for which
consists of Equity Interests of the Company or any of its direct or indirect
parent companies (exclusive of Disqualified Stock); provided that such
Equity Interests will not increase the amount available for Restricted Payments
under clause (3)(b) of the first paragraph of Section 4.7;

 

(12)         guarantees (including Guarantees) of
Indebtedness permitted under Section 4.9 and performance guarantees
consistent with past practice, and the creation of liens on the assets of the
Company or any of its Restricted Subsidiaries in compliance with Section
4.12;

 

(13)         Investments consisting of licensing of
intellectual property pursuant to joint marketing arrangements with other
Persons;

 

(14)         Investments relating to a Receivables
Subsidiary that, in the good faith determination of the Company, are necessary
or advisable to effect a Receivables Facility;

 

(15)         Investments consisting of earnest money
deposits required in connection with a purchase agreement or other acquisition;

 

(16)         any transaction to the extent it
constitutes an Investment that is permitted and made in accordance with the
provisions of the second paragraph of Section 4.11, except transactions
permitted by clause (2), (6), (8), (10), (12) or (13);

 

(17)         Investments consisting of purchases and
acquisitions of inventory, supplies, material or equipment;

 

27

 

(18)         Investments in the ordinary course of
business consisting of endorsements for collection or deposit;

 

(19)         additional Investments in joint
ventures in an aggregate amount not to exceed $20.0 million at any time
outstanding;

 

(20)         loans and advances relating to
indemnification or reimbursement of any officers, directors or employees in
respect of liabilities relating to their serving in any such capacity or as
otherwise permitted under Section 4.11;

 

(21)         Investments in the nature of pledges or
deposits with respect to leases or utilities provided to third parties in the
ordinary course of business;

 

(22)         Investments in industrial development
or revenue bonds or similar obligations secured by assets leased to and
operated by the Company or any of its Subsidiaries that were issued in connection
with the financing of such assets, so long as the Company or any such Subsidiary
may obtain title to such assets at any time by optionally canceling such bonds
or obligations, paying a nominal fee and terminating such financing transaction;

 

(23)         deposits made by the Company and
Foreign Subsidiaries in Cash Pooling Arrangements;

 

(24)         Investments made in connection with the
Foreign Subsidiary Reorganization;

 

(25)         Investments in (i) new offshore
finance companies, including, without limitation, non-Wholly-Owned Subsidiaries
and (ii) new Foreign Subsidiaries that would engage in transactions with
other Foreign Subsidiaries to maximize tax efficiency and dividend capacity;
and

 

(26)         extensions of trade credit in the
ordinary course of business.

 

“Permitted Liens” means the following
types of Liens:

 

(1)           deposits of cash or government bonds
made in the ordinary course of business to secure surety or appeal bonds to
which such Person is a party;

 

(2)           Liens in favor of issuers of stay,
customs, performance, surety, bid, indemnity, warranty, release, appeal or
similar bonds or with respect to other regulatory requirements or letters of
credit or bankers’ acceptance issued, and completion guarantees provided for,
in each case pursuant to the request of and for the account of such Person in
the ordinary course of its business or consistent with past practice;

 

(3)           Liens on property or shares of stock
of a Person at the time such Person becomes a Subsidiary; provided,  however, that such Liens are not created or incurred
in connection with, or in contemplation of, or to provide all or any portion of
the funds or credit support utilized in connection with, such other Person
becoming such a Subsidiary; 

 

28

 

provided further, however, that such Liens may not extend to
any other property owned by the Company or any Restricted Subsidiary;

 

(4)           Liens on property at the time the
Company or a Restricted Subsidiary acquired the property, including any
acquisition by means of a merger or consolidation with or into the Company or
any of its Restricted Subsidiaries; provided, however, that such Liens are not created or
incurred in connection with, or in contemplation of, or to provide all or any
portion of the funds or credit support utilized for, such acquisition; provided
further, however, that such Liens may not extend to any other
property owned by the Company or any Restricted Subsidiary;

 

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

 

(6)           Liens on specific items of inventory
or other goods and proceeds of any Person securing such Person’s obligations in
respect of bankers’ acceptances or letters of credit issued or created for the
account of such Person to facilitate the purchase, shipment or storage of such
inventory or other goods and pledges or deposits in the ordinary course of
business securing inventory purchases from vendors;

 

(7)           Liens in favor of the Company or any
Restricted Subsidiary;

 

(8)           Liens to secure any Indebtedness that
is incurred to refinance any Indebtedness that has been secured by a Lien
existing on the Issue Date or referred to in clauses (3), (4) and
(l9)(B) of this definition; provided, however, that such Liens (x) are no less
favorable to the Holders of the Notes taken as a whole and (y) do not
extend to or cover any property or assets of the Company or any of its
Restricted Subsidiaries not securing the Indebtedness so refinanced;

 

(9)           Liens on accounts receivable and
related assets incurred in connection with a Receivable Facility incurred
pursuant to clause (18) of the definition of “Permitted Debt”;

 

(10)         Liens for taxes, assessments or other
governmental charges or levies not overdue by more than forty-five (45) days or
the nonpayment of which in the aggregate would not reasonably be expected to
result in a material adverse effect, or which are being contested in good faith
by appropriate proceedings promptly instituted and diligently conducted or for
property taxes on property that the Company or one of its Subsidiaries has
determined to abandon if the sole recourse for such tax, assessment, charge,
levy or claim is to such property;

 

(11)         judgment liens in respect of judgments
that do not constitute an Event of Default;

 

(12)         pledges, deposits or security under
workmen’s compensation, unemployment insurance and other social security laws
or regulations, or deposits to secure the performance of tenders, contracts
(other than for the payment of Indebtedness) 

 

29

 

or leases, or
deposits to secure public or statutory obligations, or deposits as security for
contested taxes or import or customs duties or for the payment of rent, or
deposits or other security securing liabilities to insurance carriers under
insurance or self-insurance arrangements or earnest money deposits required in
connection with a purchase agreement or other acquisition, in each case
incurred in the ordinary course of business or consistent with past practice;

 

(13)         carriers’, warehousemen’s, mechanics’,
materialmen’s, repairmen’s and other like Liens imposed by applicable law,
(i) arising in the ordinary course of business and securing obligations
that are not overdue by more than sixty (60) days, (ii) (A) that are
being contested in good faith by appropriate proceedings and (B) the
Company or a Restricted Subsidiary has set aside on its books adequate reserves
with respect thereto in accordance with GAAP or (iii) the existence of
which would not reasonably be expected to result in a material adverse effect;

 

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

 

(15)         leases, licenses, subleases or
sublicenses (including, without limitation, licenses and sublicenses of
intellectual property) granted to others in the ordinary course of business
that do not  interfere in any material
respect with the business of the Company or any of its material Restricted
Subsidiaries or which do not by their own terms secure any Indebtedness;

 

(16)         the rights reserved or vested in any
Person by the terms of any lease, license, franchise, grant or permit held by
the Company or any of its Restricted Subsidiaries or by a statutory provision,
to terminate any such lease, license, franchise, grant or permit, or to require
annual or periodic payments as a condition to the continuance thereof;

 

(17)         banker’s Liens, rights of set-off or
similar rights and remedies as to deposit accounts or other funds maintained
with a depositary institution;

 

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

 

(19)         (A) other Liens securing
Indebtedness for borrowed money or other obligations with a principal amount
not exceeding $35.0 million at any time and (B) Liens securing
Indebtedness incurred to finance the construction, purchase or lease of, or repairs,
improvements or additions to, property of such Person; provided, however,

 

30

 

that
(x) the Lien may not extend to any other property (except for accessions
to such property) owned by such Person or any of its Restricted Subsidiaries at
the time the Lien is incurred, (y) such Liens attach concurrently with or
within 270 days after the acquisition, repair, replacement, construction or
improvement (as applicable) of the property subject to such Liens and
(z) with respect to Capitalized Lease Obligations, such Liens do not at
any time extend to or cover any assets (except for accessions to such assets)
other than the assets subject to such Capitalized Lease Obligations; provided
that individual financings of property provided by one lender may be
cross-collateralized to other financings of equipment provided by such lender;

 

(20)         Liens (i) of a collection bank
arising under Section 4-210 of the Uniform Commercial Code on items in the
course of collection, (ii) attaching to commodity trading accounts or
other commodities brokerage accounts incurred in the ordinary course of
business and (iii) in favor of a banking institution arising as a matter
of law encumbering deposits (including the right of set-off) and which are
within the general parameters customary in the banking industry;

 

(21)         Liens encumbering reasonable customary
initial deposits and margin deposits and similar Liens attaching to commodity
trading accounts or other brokerage accounts incurred in the ordinary course of
business and not for speculative purposes;

 

(22)         Liens that are contractual rights of
set-off (i) relating to the establishment of depository relations with
banks not given in connection with the issuance of Indebtedness,
(ii) relating to pooled deposit or sweep accounts of the Company or any
Restricted Subsidiary to permit satisfaction of overdraft or similar
obligations incurred in the ordinary course of business of the Company and its
Restricted Subsidiaries or (iii) relating to purchase orders and other
agreements entered into by the Company or any Restricted Subsidiary in the
ordinary course of business;

 

(23)         Liens solely on any cash earnest money
deposits made by the Company or any of its Restricted Subsidiaries in
connection with any letter of intent or purchase agreement permitted under this
Indenture;

 

(24)         Liens with respect to the assets of a
Restricted Subsidiary that is not a Guarantor securing Indebtedness of such
Restricted Subsidiary incurred in accordance with Section 4.9;

 

(25)         Liens to secure Indebtedness incurred
pursuant to clauses (21) and (27) of the definition of “Permitted Debt”;

 

(26)         Liens arising by operation of law under
Article 2 of the Uniform Commercial Code in favor of a reclaiming seller
of goods or buyer of goods;

 

(27)         security given to a public or private
utility or any governmental authority as required in the ordinary course of
business;

 

31

 

(28)         landlords’ and lessors’ Liens in
respect of rent not in default for more than sixty days or the existence of
which, individually or in the aggregate, would not reasonably be expected to
result in a material adverse effect;

 

(29)         Liens in favor of customs and revenues
authorities imposed by applicable law arising in the ordinary course of
business in connection with the importation of goods and securing obligations
(i) with respect to customs duties in the ordinary course of business,
(ii) that are not overdue by more than sixty (60) days,
(iii) (A) that are being contested in good faith by appropriate
proceedings and (B) the Company or Restricted Subsidiary has set aside on
its books adequate reserves with respect thereto in accordance with GAAP or
(iv) the existence of which would not reasonably be expected to result in
a material adverse effect;

 

(30)         Liens on securities which are the
subject of repurchase agreements incurred in the ordinary course of business;

 

(31)         Liens on the Capital Stock of
Unrestricted Subsidiaries;

 

(32)         Liens on inventory or equipment of the
Company or any of its Restricted Subsidiaries granted in the ordinary course of
business to the Company’s or such Restricted Subsidiary’s clients or customers
at which such inventory or equipment is located;

 

(33)         pledges or deposits made in the
ordinary course of business to secure liability to insurance carriers and Liens
on insurance policies and the proceeds thereof (whether accrued or not), rights
or claims against an insurer or other similar asset securing insurance premium
financings permitted under clause (22) of the definition of “Permitted Debt”;

 

(34)         Liens on cash deposits of the Company
and Foreign Subsidiaries subject to a Cash Pooling Arrangement or otherwise
over bank accounts of the Company and Foreign Subsidiaries maintained as part
of the Cash Pooling Arrangement, in each case securing liabilities for
overdrafts of the Company and Foreign Subsidiaries participating in such Cash
Pooling Arrangements;

 

(35)         any encumbrance or retention (including
put and call agreements and rights of first refusal) with respect to the Equity
Interests of any joint venture or similar arrangement pursuant to the joint
venture or similar agreement with respect to such joint venture or similar arrangement;

 

(36)         Liens on property subject to Sale and
Lease-Back Transactions permitted hereunder and general intangibles related
thereto; and

 

(37)         Liens consisting of customary
contractual restrictions on cash and Cash Equivalents.

 

32

 

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

 

“PIK Interest” has the meaning set
forth in Exhibit A hereto.

 

“Preferred Stock” means any Equity
Interest with preferential rights of payment of dividends upon liquidation,
dissolution or winding up.

 

“Purchase Amount” has the meaning set
forth in the definition of “Offer to Purchase.”

 

“Purchase Date” has the meaning set
forth in the definition of “Offer to Purchase.”

 

“Purchase Price” has the meaning set
forth in the definition of “Offer to Purchase.”

 

“Qualified Proceeds” means assets that
are used or useful in, or Capital Stock of any Person engaged in, a Permitted
Business; provided that the fair market value of any such assets or
Capital Stock shall be determined by the Board of Directors of the Company in
good faith.

 

“Rating Agencies” means
(1) S&P and Moody’s or (2) if S&P or Moody’s or both of them
are not making ratings publicly available, a nationally recognized statistical
rating organization within the meaning of Rule 15c3-1(c)(2) under the
Exchange Act, as the case may be, selected by the Company, which will be
substituted for S&P or Moody’s or both, as the case may be.

 

“Receivables Facility” shall mean any
of one or more receivables financing facilities as amended, supplemented,
modified, extended, renewed, restated or refunded from time to time, the
obligations of which are non-recourse (except for customary representations,
warranties, covenants and indemnities made in connection with such facilities)
to the Company or any of its Restricted Subsidiaries (other than a Receivables
Subsidiary) pursuant to which the Company or any of its Restricted Subsidiaries
sells their accounts receivable to either (A) a Person that is not a
Restricted Subsidiary or (B) a Receivables Subsidiary that in turn sells
its accounts receivable to a Person that is not a Restricted Subsidiary.

 

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

 

“Receivables Subsidiary” shall mean
any subsidiary formed for the purpose of, and that solely engages only in one
or more Receivables Facilities and other activities reasonably related thereto.

 

“Record
Date” for the interest or Additional Interest, if any, payable on
any applicable Interest Payment Date means January 1 or July 1
(whether or not on a Business Day) next preceding such Interest Payment Date.

 

33

 

“Redemption Price,” when used with
respect to any Note to be redeemed, means the price at which it is to be
redeemed pursuant to this Indenture.

 

“Refunding Capital Stock” has the
meaning ascribed to such term in clause (2) of the second paragraph of Section
4.7.

 

“Registration Rights Agreement” means
the Registration Rights Agreement dated as of the Issue Date between the
Company, the Guarantors and Goldman, Sachs & Co., Banc of America
Securities LLC, J.P. Morgan Securities Inc. and Deutsche Bank Securities Inc.,
as representatives of the initial purchasers relating to the Notes.

 

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

 

“Related Business Assets” means assets
(other than cash or Cash Equivalents) used or useful in a Permitted Business, provided
that any assets received by the Company or a Restricted Subsidiary in exchange
for assets transferred by the Company or a Restricted Subsidiary shall not be
deemed to be Related Business Assets if they consist of securities of a Person,
unless upon a receipt of the securities of such Person, such Person would
become a Restricted Subsidiary.

 

“Related Party” means (a) with
respect to Madison Dearborn Partners, LLC, (i) any investment fund controlled
by or under common control with Madison Dearborn Partners, LLC, any officer,
director or person performing an equivalent function of the foregoing persons,
or any entity controlled by any of the foregoing Persons and (ii) any
spouse or lineal descendant (including by adoption and stepchildren) of the
officers and directors referred to clause (a)(i); and (b) with respect to
any officer of the Company or its Subsidiaries, (i) any spouse or lineal descendant
(including by adoption and stepchildren) of the officer and (ii) any
trust, corporation or partnership or other entity, in each case to the extent
not an operating company, of which an 80% or more controlling interest is held
by the beneficiaries, stockholders, partners or owners who are the officer, any
of the persons described in clause (b)(i) above or any combination of
these identified relationships.

 

“Resale Restriction Termination Date”
means for any Transfer Restricted Note (or beneficial interest therein), that
is (a) not a Regulation S Global Note (or Certificated Note issued in
respect thereof pursuant to Section 2.6(b)), two years (or such
other period specified in Rule 144(k)) from the Issue Date or, if any
Additional Notes that are Transfer Restricted Notes have been issued before the
Resale Restriction Termination Date for any Transfer Restricted Notes, from the
latest such original issue date of such Additional Notes, and (b) a
Regulation S Global Note (or Certificated Note issued in respect thereof
pursuant to Section 2.6(b)), the date on or after the 40th consecutive
day beginning on and including the later of (i) the day on which any Notes
represented thereby are offered to persons other than distributors (as defined
in Regulation S) pursuant to Regulation S and (ii) the issue
date for such Notes.

 

“Responsible Officer” means, when used
with respect to the Trustee, any officer assigned to the Corporate Trust Office
of the Trustee having direct responsibility for the administration of this
Indenture.

 

“Restricted Investment” means an
investment other than a Permitted Investment.

 

34

 

“Restricted Notes Legend” means the
legend identified as such in Exhibit A hereto.

 

“Restricted Payment” means as defined
in Section 4.7:

 

“Restricted Subsidiary” means, at any
time, any direct or indirect Subsidiary of the Company (including any Foreign
Subsidiary) that is not then an Unrestricted Subsidiary;  provided,  however, that upon the occurrence of an Unrestricted
Subsidiary ceasing to be an Unrestricted Subsidiary, such Subsidiary shall be
included in the definition of Restricted Subsidiary.

 

“Retired Capital Stock” has the
meaning ascribed to such term in clause (2) of the second paragraph of Section
4.7.

 

“S&P” means Standard and Poor’s
Ratings Services, a division of The McGraw-Hill Companies, Inc., and any
successor to its rating business.

 

“Sale
and Lease-Back Transaction” means any arrangement with any Person
providing for the leasing by the Company or any Restricted Subsidiary of any
real or tangible personal property, which property has been or is to be sold or
transferred by the Company or such Restricted Subsidiary to such Person in
contemplation of such leasing.

 

“Secured Indebtedness” means any
Indebtedness secured by a Lien permitted to be incurred by this Indenture.

 

“Secured Indebtedness Leverage Ratio”
means, with respect to any Person, at any date the ratio of (i) Secured
Indebtedness of such Person and its Restricted Subsidiaries as of such date of
calculation (determined on a consolidated basis in accordance with GAAP) to
(ii) EBITDA of such Person for the four full fiscal quarters for which
internal financial statements are available immediately preceding such date on
which such additional Indebtedness is incurred. In the event that the Company
or any of its Restricted Subsidiaries incurs or redeems any Indebtedness
subsequent to the commencement of the period for which the Secured Indebtedness
Leverage Ratio is being calculated but prior to the event for which the
calculation of the Secured Indebtedness Leverage Ratio is made (the “Secured
Leverage Calculation Date”), then the Secured Indebtedness Leverage Ratio
shall be calculated giving  pro  forma  effect to such
Incurrence or redemption of Indebtedness as if the same had occurred at the
beginning of the applicable four-quarter period. The Secured Indebtedness
Leverage Ratio shall be calculated in a manner consistent with the definition
of “Fixed Charge Coverage Ratio,” including any  pro  forma  calculations
to EBITDA (including for acquisitions).

 

“Secured Leverage Calculation Date”
has the meaning set forth in the definition of “Secured Indebtedness Leverage
Ratio.”

 

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

 

“Senior
Subordinated Indenture” means the Indenture dated as of the Issue
Date between the Company, the Guarantors and Law Debenture Trust Company of New
York, as trustee, Deutsche Bank Trust Company Americas, as registrar and paying
agent, and Deutsche Bank AG, 

 

35

 

London Branch,
as paying agent and depositary, pursuant to which the Senior Subordinated Notes
were issued, as amended or supplemented from time to time.

 

“Senior Subordinated Notes” means up
to $353.3 million and €125.0 million aggregate principal amount of the 10.75%
Senior Subordinated Notes due 2017 of the Company.

 

“Shelf Registration Statement” means
the Shelf Registration Statement as defined in the Registration Rights
Agreement.

 

“Significant Subsidiary” means any
Restricted Subsidiary that would be “significant subsidiary” as defined in
Article 1, Rule 1-02 of Regulation S-X, promulgated pursuant to the
Securities Act, as such Regulation is in effect on the date hereof.

 

“Sponsor” means Madison Dearborn Partners,
LLC and its Affiliates (other than a portfolio company thereof).

 

“Stated Maturity” means, with respect
to any installment of interest or principal on any series of Indebtedness, the
date on which the payment of interest or principal was scheduled to be paid in
the original documentation governing such Indebtedness, and will not include
any contingent obligations to repay, redeem or repurchase any such interest or
principal prior to the date originally scheduled for the payment thereof.

 

“Subordinated Indebtedness” means
(a) with respect to the Company, any Indebtedness of the Company that is
by its terms subordinated in right of payment to the Notes and (b) with
respect to any Guarantor of the Notes, any Indebtedness of such Guarantor that
is by its terms subordinated in right of payment to its Guarantee of the Notes.

 

“Subsidiary” means, with respect to
any specified Person:

 

(a)           any corporation, association or other
business entity, of which more than 50% of the total voting power of shares of
Capital Stock entitled (without regard to the occurrence of any contingency) to
vote in the election of directors, managers or trustees thereof is at the time
owned or controlled, directly or indirectly, by that Person or one or more of
the other Subsidiaries of that Person (or a combination thereof); and

 

(b)           any partnership, joint venture,
limited liability company or similar entity of which (x) more than 50% of
the capital accounts, distribution rights, total equity and voting interests or
general or limited partnership interests, as applicable, are owned or
controlled, directly or indirectly, by such Person or one or more of the other
Subsidiaries of that Person or a combination thereof whether in the form of
membership, general, special or limited partnership or otherwise and
(y) such Person or any Wholly Owned Restricted Subsidiary of such Person
is a controlling general partner or otherwise controls such entity.

 

“TIA” means the Trust Indenture Act of
1939 (15 U.S. Code §§ 77aaa-77bbbb), as amended, as in effect on the date
hereof.

 

36

 

“Total Assets” means total assets of
the Company and its Restricted Subsidiaries on a consolidated basis prepared in
accordance with GAAP, shown on the most recent balance sheet of the Company and
its Restricted Subsidiaries as may be expressly stated.

 

“Total Net Tangible Assets” means
total assets of the Company and its Restricted Subsidiaries, less all goodwill,
trade names, trademarks, patents and any other like intangibles, all on a
consolidated basis prepared in accordance with GAAP, shown on the most recent
balance sheet of the Company and its Restricted Subsidiaries as may be
expressly stated.

 

“Transaction Expenses” means any fees
or expenses incurred or paid by the Company or any Restricted Subsidiary in
connection with the Transactions, including payments to officers, employees and
directors as change of control payments, severance payments, special or
retention bonuses and charges for repurchase or rollover of, or modifications
to, stock options or other equity interests.

 

“Transactions” means (i) the
transactions contemplated by the Acquisition Agreement, (ii) the entry
into the Credit Agreement and incurrence of Indebtedness thereunder on the
Issue Date by the Company and the guarantors thereunder,
(iii) (A) the issuance of the Notes and the provision of Guarantees
by the Guarantors and (B) the issuance of the Senior Subordinated Notes
and the provision of guarantees by the guarantors thereof, (iv) the
refinancing of certain existing indebtedness of CDRV Investors, Inc. as
contemplated in the Offering Memorandum, (v) the payment of fees and
expenses related to each of the foregoing and (vi) all other transactions
relating to any of the foregoing in each case, as contemplated as of the Issue
Date pursuant to the terms of the Acquisition Agreement.

 

“Transfer Restricted Notes” means
Notes that bear or are required to bear the Restricted Notes Legend.

 

“Treasury Rate” means, as of the
applicable redemption date, the yield to maturity as of such redemption date 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 (2) 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 July 15, 2011; provided, however,
that if the period from such redemption date to July 15, 2011 is less than
one year, the weekly average yield on actually traded United States Treasury
securities adjusted to a constant maturity of one year will be used.

 

“Trustee” has the meaning set forth in
the preamble to this Indenture.

 

“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 of the
Company, as provided below) and (ii) any Subsidiary of an Unrestricted
Subsidiary. The Board of Directors of the Company may designate any Subsidiary
of the Company (including any existing Subsidiary and any newly acquired or
newly formed Subsidiary) to be an Unrestricted Subsidiary unless such
Subsidiary or any of its Subsidiaries owns any Equity Interests or Indebtedness
of, or owns or holds any Lien on, any property of, the Company or any
Subsidiary

 

37

 

of the Company
(other than any Unrestricted Subsidiary of the Subsidiary to be so designated);
provided that (a) any Unrestricted Subsidiary must be an entity of
which shares of the Capital Stock or other equity interests (including
partnership interests) entitled to cast at least a majority of the votes that
may be cast by all shares or equity interests having ordinary voting power for
the election of directors or other governing body are owned, directly or
indirectly, by the Company, (b) such designation complies with Section
4.7 and (c) each of (I) the Subsidiary to be so designated and
(II) its Subsidiaries has not at the time of designation, and does not
thereafter, create, incur, issue, assume, guarantee or otherwise become
directly or indirectly liable with respect to any Indebtedness pursuant to
which the lender has recourse to any of the assets of the Company or any Restricted
Subsidiary (other than the Capital Stock of such Subsidiary to be so
designated). The Board of Directors of the Company may designate any
Unrestricted Subsidiary to be a Restricted Subsidiary; provided that,
immediately after giving effect to such designation, no Event of Default shall
have occurred and be continuing and any Indebtedness assumed or otherwise
incurred in connection with such designation shall have been permitted to have been
incurred by the Company pursuant to Section 4.9. Any such designation by
the Board of Directors of the Company shall be notified by the Company to the
Trustee by promptly filing with such Trustee a copy of the Board Resolution
giving effect to such designation and an Officers’ Certificate certifying that
such designation complied with the foregoing provisions.

 

“U.S. Dollar Equivalent” means with
respect to any monetary amount in a currency other than U.S. dollars, at any
time for determination thereof, the amount of U.S. dollars obtained by
converting such foreign currency involved in such computation into U.S. dollars
at the spot rate for the purchase of U.S. dollars with the applicable foreign
currency as published in The Wall Street Journal in the “Exchange Rates”
column under the heading “Currency Trading” on the date two (2) Business Days
prior to such determination.

 

Except as described in Section 4.9,
whenever it is necessary to determine whether the Company has complied with any
covenant in this Indenture or a Default has occurred and an amount is expressed
in a currency other than U.S. dollars, such amount will be treated as the U.S.
Dollar Equivalent determined as of the date such amount is initially determined
in such currency.

 

“U.S. Government Securities” means
securities that are

 

(a)           direct obligations of the United
States of America for the timely payment of which its full faith and credit is
pledged or

 

(b)           obligations of a Person controlled or
supervised by and acting as an agency or instrumentality of the United States
of America the timely payment of which is unconditionally guaranteed as a full
faith and credit obligation by the United States of America,

 

which, in either case, are not callable or redeemable
at the option of the issuers thereof, and shall also include a depository
receipt issued by a bank (as defined in Section 3(a)(2) of the
Securities Act), as custodian with respect to any such U.S. Government Securities
or a specific payment of principal of or interest on any such U.S. Government
Securities held by such custodian for the account of the holder of such 

 

38

 

depository receipt; provided that (except as
required by law) such custodian is not authorized to make any deduction from
the amount payable to the holder of such depository receipt from any amount
received by the custodian in respect of the U.S. Government Securities or the
specific payment of principal of or interest on the U.S. Government Securities
evidenced by such depository receipt.

 

“Voting Stock” of any Person as of any
date means the Capital Stock of such Person that is at the time entitled to
vote in the election of the Board of Directors of such Person.

 

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

 

(1)           the sum of the products obtained by
multiplying (a) the amount of each then remaining installment, sinking
fund, serial maturity or other required payments of principal, including
payment at final maturity, in respect of the Indebtedness, by (b) the
number of years (calculated to the nearest one-twelfth) that will elapse
between such date and the making of such payment; by

 

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

 

“Wholly Owned Restricted Subsidiary”
is any Wholly Owned Subsidiary that is a Restricted Subsidiary.

 

“Wholly Owned Subsidiary” of any
Person means a Subsidiary of such Person, 100% of the outstanding Capital Stock
or other ownership interests of which (other than directors’ qualifying shares
and shares issued to foreign nationals under applicable law) shall at the time
be owned by such Person or by one or more Wholly Owned Subsidiaries of such
Person or by such Person and one or more Wholly Owned Subsidiaries of such
Person.

 

SECTION 1.2         Other Definitions.

 

	
  Term

  	
   

  	
  Defined in

  Section

  
	
  “Acceleration Notice”

  	
   

  	
  6.2

  
	
  “Act”

  	
   

  	
  12.14(a)

  
	
  “Affiliate Transaction”

  	
   

  	
  4.11

  
	
  “Agent Members”

  	
   

  	
  2.6(a)

  
	
  “AHYDO Redemption Date”

  	
   

  	
  3.08

  
	
  “Cash Interest”

  	
   

  	
  Exhibit A

  
	
  “Change of Control Payment”

  	
   

  	
  4.14

  
	
  “Change of Control Payment Date” 

  	
   

  	
  4.14

  
	
  “Covenant Defeasance”

  	
   

  	
  8.3

  
	
  “Event of Default”

  	
   

  	
  6.1

  
	
  “Excess Proceeds”

  	
   

  	
  4.10

  
	
  “incur”

  	
   

  	
  4.9

  
	
  “Interest Payment Date”

  	
   

  	
  Exhibit A

  
	
  “Legal Defeasance”

  	
   

  	
  8.2

  
	
  “Limited Non-Guarantor Debt Exceptions”

  	
   

  	
  4.9

  
	
  “Mandatory Principal Redemption”

  	
   

  	
  3.8(b)

  
	
  “Mandatory Principal Redemption Amount”

  	
   

  	
  3.8(b)

  

 

39

 

	
  “Offer Amount”

  	
   

  	
  3.9

  
	
  “PIK Notes”

  	
   

  	
  2.1

  
	
  “PIK Payment”

  	
   

  	
  2.1

  
	
  “QIBs”

  	
   

  	
  2.1(b)

  
	
  “QIB Global Note”

  	
   

  	
  2.1(b)

  
	
  “Refinancing Indebtedness” 

  	
   

  	
  4.9

  
	
  “Registrar”

  	
   

  	
  2.3

  
	
  “Regulation S”

  	
   

  	
  2.1(b)

  
	
  “Regulation S Global Note”

  	
   

  	
  2.1(b)

  
	
  “Rule 144A”

  	
   

  	
  2.1(b)

  
	
  “Successor Company” 

  	
   

  	
  5.1

  
	
  “Successor Guarantor” 

  	
   

  	
  11.5(a)

  
	
  “Suspended Covenants”

  	
   

  	
  4.20

  
	
  “Suspension Condition” 

  	
   

  	
  4.20

  

 

SECTION 1.3         Incorporation
by Reference of Trust Indenture Act. Whenever this Indenture refers to a
provision of the TIA, the provision is incorporated by reference in, and made a
part of, this Indenture.

 

The following TIA terms have the following
meanings:

 

“indenture
securities” means the Notes and any Guarantee;

 

“indenture security holder” means
a Holder;

 

“indenture
to be qualified” means this Indenture;

 

“indenture trustee” or “institutional trustee” means the
Trustee; and

 

“obligor”
on the Notes means the Company and any successor obligor upon the Notes or any
Guarantor.

 

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

 

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

 

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

 

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

 

(3)           “or” is not exclusive;

 

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

 

40

 

(5)           “will” shall be interpreted to
express a command;

 

(6)           unless otherwise specified, any
reference to Section or Article refers to such Section or Article of this
Indenture;

 

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

 

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

 

ARTICLE II

 

THE NOTES

 

SECTION 2.1         Form and Dating.

 

The Notes and the Trustee’s certificate of
authentication shall be substantially in the form of Exhibit A attached
hereto. The Notes may have notations, legends or endorsements required by law,
stock exchange rule or usage; provided, that the text of any such notations,
legends or endorsements shall be delivered to the Trustee in writing by the
Company. Each Note shall be dated the date of its authentication. The Notes
initially shall be issued only in minimum denominations of $2,000 and integral
multiples of $1,000 in excess thereof, subject to the issuance of certificated
PIK Notes.The terms and provisions contained in the Notes shall constitute, and
are hereby expressly made, a part of this Indenture and the Company, the
Trustee and the Paying Agent and Registrar, by their execution and delivery of
this Indenture, expressly agree to such terms and provisions and to be bound
thereby. However, to the extent any provision of any Note conflicts with the
express provisions of this Indenture, the provisions of this Indenture shall
govern and be controlling.

 

In addition, in connection with the payment of PIK
Interest or Partial PIK Interest in respect of the Notes, the Issuer is
entitled to, without the consent of the Holders and without regard to Section
4.9, increase the outstanding principal amount of the Notes or issue additional
Notes (the “PIK Notes”) under this Indenture on the same terms and
conditions as the Notes offered hereby (in each case, the “PIK Payment”).

 

(a)           The
Notes shall be issued initially in the form of one or more Global Notes substantially
in the form attached as Exhibit A hereto, which shall be deposited
on behalf of the purchasers of the Notes represented thereby with the Trustee
as custodian for the Depositary, and registered in the name of the Depositary
or a nominee of the Depositary, duly executed by the Company and authenticated
by the Trustee as hereinafter provided.

 

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

 

41

 

of outstanding
Notes represented thereby shall be made by the Registrar or the Note Custodian,
at the direction of the Trustee, in accordance with instructions given by the
Holder thereof as required by Section 2.6 hereof. The aggregate
amount outstanding of any Global Note shall be reflected on the books and
records of the Trustee.

 

Except as set forth in Section 2.6
hereof, the Global Notes may be transferred, in whole and not in part, only to
another nominee of the Depositary or to a successor of the Depositary or its
nominee.

 

(b)           The
Initial Notes are being issued by the Company only (i) to “qualified
institutional buyers” (as defined in Rule 144A under the Securities Act (“Rule 144A”))
(“QIBs”) and (ii) in reliance on Regulation S under the
Securities Act (“Regulation S”). After such initial offers, Initial
Notes that are Transfer Restricted Notes may be transferred to QIBs, in
reliance on Rule 144A or outside the United States pursuant to
Regulation S or to the Company, in accordance with certain transfer
restrictions. Initial Notes that are offered in reliance on Rule 144A
shall be issued in the form of one or more permanent Global Notes substantially
in the form set forth in Exhibit A (the “QIB Global Note”)
deposited with the Trustee, as Note Custodian, duly executed by the Company and
authenticated by the Trustee as hereinafter provided.

 

Initial Notes that are offered in offshore
transactions in reliance on Regulation S shall be issued in the form of
one or more permanent Global Notes substantially in the form set forth in Exhibit A
(the “Regulation S Global Note”) deposited with the Trustee, as
Note Custodian, duly executed by the Company and authenticated by the Trustee
as hereinafter provided. The QIB Global Note and the Regulation S Global
Note shall each be issued with separate CUSIP numbers. The aggregate principal
amount of each Global Note may from time to time be increased or decreased by
adjustments made on the records of the Trustee, as Note Custodian. Transfers of
Notes between QIBs and to or by purchasers pursuant to Regulation S shall
be represented by appropriate increases and decreases to the respective amounts
of the appropriate Global Notes, as more fully provided in Section 2.16.

 

(c)           Section 2.1(b)
shall apply only to Global Notes deposited with or on behalf of the Depositary.

 

The Company shall execute and the Trustee
shall, in accordance with Section 2.1(b) and this Section 2.1(c),
authenticate and deliver the Global Notes that (i) shall be registered in
the name of the Depositary or the nominee of the Depositary and (ii) shall
be delivered by the Trustee to the Depositary or pursuant to the Depositary’s
instructions or held by the Trustee as Note Custodian for the Depositary.

 

Participants shall have no rights either
under this Indenture with respect to any Global Note held on their behalf by
the Depositary or by the Note Custodian as custodian for the Depositary or
under such Global Note, and the Depositary will be treated by the Company, the
Trustee and any agent of the Company or the Trustee as the absolute owner of
such Global Note for all purposes whatsoever. Notwithstanding the foregoing,
nothing herein shall prevent the Company, the Trustee or any Agent or other
agent of the Company or the Trustee from giving effect to any written
certification, proxy or other authorization furnished by the Depositary or 

 

42

 

impair, as between
the Depositary and its Participants, the operation of customary practices of
such Depositary governing the exercise of the rights of an owner of a
beneficial interest in any Global Note.

 

The Trustee shall have no responsibility or
obligation to any Beneficial Owner that is a member of (or a participant in)
DTC or any other Person with respect to the accuracy of the records of DTC (or
its nominee) or of any participant or member thereof, with respect to any ownership
interest in the Notes or with respect to the delivery of any notice (including
any notice of redemption) or the payment of any amount or delivery of any Notes
(or other security or property) under or with respect to the Notes. The Trustee
may rely (and shall be fully protected in relying) upon information furnished
by DTC with respect to its members, participants and any beneficial owners in
the Notes.

 

(d)           Notes
issued in certificated form shall be substantially in the form of Exhibit A
attached hereto.

 

SECTION 2.2         Execution and Authentication.

 

An Officer shall sign the Notes for the
Company by manual or facsimile signature.

 

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

 

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

 

The Trustee shall, upon a written order of
the Company signed by one Officer directing the Trustee to authenticate the
Notes and certifying that all conditions precedent to the issuance of the Notes
contained herein have been complied with and receipt of an Opinion of Counsel,
authenticate (i) Notes for original issue up to the aggregate principal
amount stated in paragraph 4 of the Notes, (ii) any PIK Notes issued in payment of PIK
Interest or Partial PIK Interest and (iii) Exchange Notes or private exchange
notes for issue only in an Exchange Offer or a private exchange, respectively,
pursuant to a Registration Rights Agreement, for a like principal amount of
Initial Notes. The aggregate principal amount of Notes outstanding at
any time may not exceed the aggregate principal amount in paragraph 4 of
the Notes except as provided in Section 2.8 hereof.

 

On any Interest Payment Date on which the Issuer
pays PIK Interest and Partial PIK Interest with respect to a Global Note, the
Trustee shall increase the principal amount of such Global Note by an amount
equal to the interest payable, rounded up to the nearest $1,000, for the
relevant interest period on the principal amount of such Global Note as of the
relevant Record Date for such Interest Payment Date, to the credit of the
Holders on such Record Date, pro rata in accordance with their interests, and
an adjustment shall be made on the books and records of the Trustee (if it is
then the Note Custodian for such Global Note) with respect to such Global Note,
by the Trustee or the Note Custodian, to reflect such increase. On any Interest
Payment Date on which the Issuer pays PIK Interest or Partial PIK Interest by
issuing definitive PIK Notes, the principal amount of any such PIK Notes issued
to any Holder, for the relevant interest period as 

 

43

 

of the
relevant Record Date for such Interest Payment Date, shall be rounded up to the
nearest $1.00.

 

The Company may appoint an authenticating
agent reasonably acceptable to the Trustee to authenticate Notes. 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 by the Trustee includes authentication by such
agent. An authenticating agent has the same rights as an Agent to deal with
Holders or the Company or an Affiliate of the Company.

 

SECTION 2.3         Registrar; Paying Agent.

 

The Company shall maintain (i) an office
or agency within the City and State of New York where Notes may be presented
for registration of transfer or for exchange (“Registrar”) and
(ii) an office or agency where Notes may be presented for payment to a
Paying Agent. The Registrar shall keep a register of the Notes and of their
transfer and exchange. The Company may appoint one or more co-registrars and
one or more additional paying agents. The term “Registrar” includes any
co-registrar and the term “Paying Agent” includes any additional paying agent. The
Company may change any Paying Agent or Registrar without notice to any Holder.

 

The Company shall promptly notify the Trustee
in writing, and the Trustee shall notify the Holders, of the name and address
of any Agent not a party to this Indenture. The Company shall enter into an
appropriate agency agreement with any Agent not a party to this Indenture,
which shall incorporate the provisions of the TIA. The agreement shall
implement the provisions of this Indenture that relate to such Agent. If the
Company fails to appoint or maintain a Registrar or Paying Agent, or fails to
give the foregoing notice, the Trustee shall act as such, and shall be entitled
to appropriate compensation in accordance with Section 7.7 hereof. The
Company or any of its Restricted Subsidiaries may act as Paying Agent or
Registrar.

 

The Company initially appoints Deutsche Bank
Trust Company Americas to act as the Note Custodian, Registrar and Paying
Agent.

 

The Company initially appoints DTC to act as
the Depositary with respect to the Global Notes.

 

SECTION 2.4         Paying Agent to Hold Money in Trust.

 

The Company shall require each Paying Agent not a party to this
Indenture to agree in writing that the Paying Agent shall hold in trust for the
benefit of the Holders or the Trustee all money held by the Paying Agent for
the payment of principal, premium or Additional Interest, if any, or interest
on the Notes, and shall notify the Trustee of any default by the Company in
making any such payment. While any such default continues, the Trustee may
require a Paying Agent not a party to this Indenture to pay all money held by
it to the Trustee. The Company at any time may require a Paying Agent not a
party to this Indenture to pay all money held by it to the Trustee. Upon
payment over to the Trustee, the Paying Agent (if other than the Company or a
Restricted Subsidiary) shall have no further liability for the money. If the
Company or a Restricted Subsidiary acts as Paying Agent, it shall segregate and
hold in a separate trust fund for

 

44

 

the benefit of
the Holders all money held by it as Paying Agent.  Upon the occurrence of events specified in Section 6.1(7)
hereof, the Trustee shall serve as Paying Agent for the Notes.

 

SECTION 2.5       Holder Lists.

 

The Registrar shall preserve in as current a
form as is reasonably practicable the most recent list available to it of the
names and addresses of all Holders and shall otherwise comply with TIA
§ 312(a).  If the Trustee is not the
Registrar, the Company shall furnish to the Trustee at least seven
(7) Business Days before each interest payment date and at such other
times as the Trustee may request in writing, a list in such form and as of such
date as the Trustee may reasonably require of the names and addresses of the
Holders, including the aggregate principal amount of the Notes held by each
Holder thereof, and the Company shall otherwise comply with TIA § 312(a).

 

SECTION 2.6         Book-Entry Provisions for Global
Securities.

 

(a)           Each
Global Note shall (i) be registered in the name of the Depositary for such
Global Notes or the nominee of such Depositary, (ii) be delivered to the
Trustee as custodian for such Depositary and (iii) bear legends as
required by Section 2.6(e).

 

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

 

(b)           Transfers
of a Global Note shall be limited to transfers of such Global Note in whole,
but not in part, to the Depositary, its successors or the irrespective
nominees.  Interests of beneficial owners
in a Global Note may be transferred in accordance with Section 2.16
and the rules and procedures of the Depositary. 
In addition, Certificated Notes shall be transferred to all beneficial
owners (or the requesting beneficial owners, in the case of clause (ii))
in exchange for their beneficial interests only if (i) the Depositary
notifies the Company that it is unwilling or unable to continue as Depositary
for the Global Notes or the Depositary ceases to be a “clearing agency”
registered under the Exchange Act and a successor depositary is not appointed
by the Company within 90 days of such notice or (ii) an Event of
Default of which a Responsible Officer of the Trustee has received actual
written notice at the Corporate Trust Office of the Trustee has occurred and is
continuing and the Registrar has received a request from any beneficial owner
of an interest in the Global Note (subject to the fourth paragraph of Section 2.1(c)
hereof) to issue such Certificated Notes.

 

(c)           In
connection with the transfer of the entire Global Note to beneficial owners pursuant
to clause (b) of this Section 2.6, such Global Note shall be deemed
to be surrendered to

 

45

 

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 such Global Note an equal aggregate principal amount of
Certificated Notes of authorized denominations.

 

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

 

(e)           Each
Global Note shall bear the Global Note Legend on the face thereof.

 

(f)            At
such time as all beneficial interests in Global Notes have been exchanged for
Certificated Notes, redeemed, repurchased or cancelled, all Global Notes shall
be returned to or retained and cancelled by the Trustee in accordance with Section 2.11
hereof.  At any time prior to such cancellation,
if any beneficial interest in a Global Note is exchanged for Certificated
Notes, redeemed, repurchased or cancelled, the principal amount of Notes
represented by such Global Note shall be reduced accordingly and an endorsement
shall be made on such Global Note, by the Trustee or the Note Custodian, at the
direction of the Trustee, to reflect such reduction.

 

(g)           General
Provisions Relating to Transfers and Exchanges.

 

(1)           To
permit registrations of transfers and exchanges, the Company shall execute and
the Trustee shall authenticate Global Notes and Certificated Notes upon receipt
of a written order by the Company signed by one Officers of the Company in accordance
with Section 2.2.

 

(2)           No
service charge shall be made to a Holder for any registration of transfer or
exchange, but the Company may require payment of a sum sufficient to cover any
stamp or transfer tax or similar governmental charge payable in connection
therewith (other than any such stamp or transfer taxes or similar governmental
charge payable upon exchange or transfer pursuant to Sections 2.2, 2.10,
3.7, 4.10, 4.14 and 9.5 hereto).

 

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

 

(4)           The
Registrar shall not be required (A) to issue, to register the transfer of
or to exchange Notes during a period beginning at the opening of 15 days
before the day of any selection of Notes for redemption under Section 3.2
hereof and ending at the close of business on the day of selection, (B) to
register the transfer of or to exchange any Note so selected for redemption in
whole or in part, except the unredeemed portion of any Note being redeemed in
part, or (C) to register the transfer of or to exchange a Note between a
record date and the next succeeding interest payment date.

 

(5)           Prior
to due presentment for the registration of a transfer of any Note, the Trustee,
any Agent and the Company may deem and treat the Person in whose name any Note
is registered as the absolute owner of such Note for the purpose of receiving
payment of principal 

 

46

 

of, premium, if any, and interest and
Additional Interest, if any, on such Notes and for all other purposes, and
neither the Trustee, any Agent nor the Company shall be affected by notice to
the contrary.

 

(6)           The
Trustee shall authenticate Global Notes and Certificated Notes in accordance
with the provisions of Section 2.2 hereof.  Except as provided in Section 2.6(b),
neither the Trustee nor the Registrar shall authenticate or deliver any
Certificated Note in exchange for a Global Note.

 

(7)           Each
Holder agrees to provide reasonable indemnity to the Company and the Trustee
against any liability that may result from the transfer, exchange or assignment
of such Holder’s Note in violation of any provision of this Indenture and/or
applicable United States federal or state securities law.

 

(8)           The
Trustee shall have no obligation or duty to monitor, determine or inquire as to
compliance with any restrictions on transfer imposed under this Indenture or
under applicable law with respect to any transfer of any interest in any Note
(including any transfers between or among Agent Members or beneficial owners of
interests in any Global Note) other than to require delivery of such
certificates and other documentation or evidence as are expressly required by,
and to do so if and when expressly required by the terms of, this Indenture,
and to examine the same to determine substantial compliance as to form with the
express requirements hereof.

 

(h)           Exchange
Offer.  Upon the occurrence of the
Exchange Offer in accordance with the Registration Rights Agreement, the
Company shall issue an Officers’ Certificate stating that such Registration
Statement has been declared effective and deliver an Authentication Order to
the Trustee, and, upon receipt of an Authentication Order in accordance with Section 2.2,
the Trustee shall authenticate (i) one or more Unrestricted Global Notes
in an aggregate principal amount equal to the principal amount of the
beneficial interests in the Restricted Global Notes tendered for acceptance by
Persons that certify in the applicable Letters of Transmittal that
(x) they are not affiliates (as defined in Rule 144) of the Company,
(y) they are not engaged in, and do not intend to engage in, and have no
arrangement or understanding with any Person to participate in, a distribution
of the Exchange Notes to be issued in the Exchange Offer and (z) they are
acquiring the Exchange Notes in their ordinary course of business and
(ii) Unrestricted Definitive Notes in an aggregate principal amount equal
to the principal amount of the Restricted Definitive Notes accepted for
exchange in the Exchange Offer. 
Concurrently with the issuance of such Notes, the Trustee shall cause
the aggregate principal amount of the Restricted Global Notes to be reduced
accordingly, and the Trustee shall deliver to the Persons designated by the
Holders of Restricted Global Notes or Restricted Definitive Notes so accepted
the Unrestricted Global Notes or Unrestricted Definitive Notes issued and
authenticated in accordance with the preceding sentence in the appropriate
principal amount.

 

SECTION 2.7         Replacement Notes.

 

If any mutilated Note is surrendered to the
Trustee, or the Company and the Trustee receive evidence to their satisfaction
of the destruction, loss or theft of any Note, the Company shall issue and the
Trustee, upon the written order of the Company signed by one Officer of the 

 

47

 

Company, shall
authenticate a replacement Note if the Trustee’s requirements are met.  In connection with the replacement of a Note,
the Company and the Trustee will require an indemnity bond from the Holder that
is sufficient in the judgment of the Trustee and the Company to protect the Company,
the Trustee, any Agent and any authenticating agent from any loss that any of
them may suffer if a Note is replaced. 
The Company and the Trustee may charge for their expenses in replacing a
Note.

 

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

 

SECTION 2.8         Outstanding Notes.

 

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

 

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

 

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

 

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

 

SECTION 2.9         Treasury Notes.

 

In determining whether the Holders of the
required aggregate principal amount of Notes have concurred in any direction,
waiver or consent, Notes owned by the Company or by any Affiliate of the
Company shall be considered as though not outstanding, except that for the purposes
of determining whether the Trustee shall be protected in relying on any such
direction, waiver or consent, only Notes shown on the register or identified by
the Company in an Officers’ Certificate as being owned shall be so
disregarded.  Notwithstanding the
foregoing, Notes that are to be acquired by the Company or an Affiliate of the
Company pursuant to an exchange offer, tender offer or other agreement shall
not be deemed to be owned by such entity until legal title to such Notes passes
to such entity.

 

SECTION 2.10       Temporary Notes.

 

Until Certificated Notes are ready for
delivery, the Company may prepare and the Trustee shall authenticate temporary
Notes upon a written order of the Company signed by one Officer of the Company
in accordance with Section 2.2. 
Temporary Notes shall be substantially in the 

 

48

 

form of
Certificated Notes but may have variations that the Company considers
appropriate for temporary Notes.  Without
unreasonable delay, the Company shall prepare and the Trustee shall upon
receipt of a written order of the Company signed by one Officer authenticate
Certificated Notes in exchange for temporary Notes.

 

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

 

SECTION 2.11       Cancellation.

 

The Company at any time may deliver to the
Trustee for cancellation any Notes previously authenticated and delivered
hereunder or which the Company may have acquired in any manner whatsoever, and
all Notes so delivered shall be promptly cancelled by the Trustee.  All Notes surrendered for registration of
transfer, exchange or payment, if surrendered to any Person other than the
Trustee, shall be delivered to the Trustee. 
The Trustee and no one else shall cancel all Notes surrendered for registration
of transfer, exchange, payment, replacement or cancellation.  Subject to Section 2.7 hereof,
the Company may not issue new Notes to replace Notes that it has redeemed or
paid or that have been delivered to the Trustee for cancellation.  All cancelled Notes held by the Trustee shall
be disposed of in accordance with its customary practice, and certification of
their disposal delivered to the Company.

 

SECTION 2.12       Defaulted Interest.

 

If the Company defaults in a payment of
interest on the Notes, it shall pay the defaulted interest in any lawful manner
plus, to the extent lawful, interest payable on the defaulted interest, to the
Persons who are Holders on a subsequent special record date, which date shall
be at the earliest practicable date but in all events at least five (5) Business
Days prior to the payment date, in each case at the rate provided in the Notes
and in Section 4.1 hereof. 
The Company shall fix or cause to be fixed each such special record date
and payment date and shall promptly thereafter notify the Trustee of any such
date.  At least 15 days before the
special record date, the Company (or the Trustee, in the name and at the
expense of the Company) shall mail or cause to be mailed to Holders a notice
that states the special record date, the related payment date and the amount of
such interest to be paid.

 

SECTION 2.13       Record Date.

 

Unless otherwise set forth in this Indenture,
the record date for purposes of determining the identity of Holders entitled to
vote or consent to any action by vote or consent authorized or permitted under
this Indenture shall be determined as provided for in TIA § 316(c).

 

SECTION 2.14       Computation of Interest.

 

Interest and Additional Interest, if any, on
the Notes shall be computed on the basis of a 360-day year comprised of twelve
30-day months.

 

SECTION 2.15       CUSIP Number.

 

The Company in issuing the Notes may use a “CUSIP”
number, and if it does so, the Trustee shall use the CUSIP number in notices of
redemption or exchange as a convenience to

 

49

 

Holders;  provided that any such notice may state that no
representation is made as to the correctness or accuracy of the CUSIP number
printed in the notice or on the Notes and that reliance may be placed only on
the other identification numbers printed on the Notes.  The Company shall promptly notify the Trustee
of any change in the CUSIP number.

 

SECTION 2.16       Special Transfer Provisions.

 

Each Initial Note and each Additional Note
issued pursuant to an exemption from registration under the Securities Act will
constitute a Transfer Restricted Note and be required to bear the Restricted
Notes Legend until the expiration of the Resale Restriction Termination Date
therefor, unless and until such Transfer Restricted Note is transferred or
exchanged pursuant to an effective registration statement under the Securities
Act.  The following provisions shall
apply to the transfer of a Transfer Restricted Note:

 

(a)           Transfers to QIBs.  The following provisions shall apply with
respect to the registration of any proposed transfer of a Transfer Restricted
Note (other than pursuant to Regulation S):

 

(i)      The Registrar shall
register the transfer of a Transfer Restricted Note by a Holder to a QIB if
such transfer is being made by a proposed transferor who has provided the
Registrar with (a) an appropriately completed certificate of transfer in
the form attached to the Note and (b) a letter substantially in the form
set forth in Exhibit C hereto.

 

(ii)     If the proposed
transferee is an Agent Member and the Transfer Restricted Note to be
transferred consists of an interest in the Regulation S Global Note, upon
receipt by the Registrar of (x) the items required by paragraph (i)
above and (y) instructions given in accordance with the Depositary’s and
the Registrar’s procedures therefor, the Registrar shall reflect on its books
and records the date and an increase in the principal amount of the QIB Global
Note in an amount equal to the principal amount of the beneficial interest in
the Regulation S Global Note to be so transferred, and the Registrar shall
reflect on its books and records the date and an appropriate decrease in the
principal amount of such Regulation S Global Note.

 

(b)           Transfers
Pursuant to Regulation S.  The
following provisions shall apply with respect to registration of any proposed
transfer of a Transfer Restricted Note pursuant to Regulation S:

 

(i)      The Registrar shall
register any proposed transfer of a Transfer Restricted Note pursuant to
Regulation S by a Holder upon receipt of (a) an appropriately completed
certificate of transfer in the form attached to the Note and (b) a letter
substantially in the form set forth in Exhibit D hereto from the
proposed transferor.

 

(ii)     If the proposed
transferee is an Agent Member holding a beneficial interest in a QIB Global
Note and the Transfer Restricted Note to be transferred consists of an interest
in a QIB Global Note, upon receipt by the Registrar of 

 

50

 

(x) the
letter, if any, required by paragraph (i) above and (y) instructions
in accordance with the Depositary’s and the Registrar’s procedures therefor,
the Registrar shall reflect on its books and records the date and an increase
in the principal amount of the Regulation S Global Note in an amount equal
to the principal amount of the beneficial interest in the QIB Global Note to be
transferred, and the Registrar shall reflect on its books and records the date
and an appropriate decrease in the principal amount of the QIB Global Note.

 

(c)           Restricted Notes
Legend.  Upon the transfer, exchange
or replacement of Notes not bearing the Restricted Notes Legend, the Registrar
shall deliver Notes that do not bear the Restricted Notes Legend.  Upon the transfer, exchange or replacement of
Notes bearing the Restricted Notes Legend, the Registrar shall deliver only
Notes that bear the Restricted Notes Legend unless there is delivered to the
Registrar an Opinion of Counsel reasonably satisfactory to the Company and the
Trustee to the effect that neither such legend nor the related restrictions on
transfer are required in order to maintain compliance with the provisions of
the Securities Act.

 

(d)           General.  By its acceptance of any Note bearing the
Restricted Notes Legend, each Holder of such a Note acknowledges the
restrictions on transfer of such Note set forth in this Indenture and in the
Restricted Notes Legend and agrees that it shall transfer such Note only as
provided in this Indenture.  A transfer
of a beneficial interest in a Global Note that does not involve an exchange of
such interest for a Certificated Note or a beneficial interest in another
Global Note shall be subject to compliance with applicable law and the
applicable procedures of the Depositary, but is not subject any procedure
required by this Indenture.

 

The Registrar shall retain copies of all
letters, notices and other written communications received pursuant to this Section 2.16.

 

SECTION 2.17       Issuance of Additional Notes.

 

The Company shall be entitled to issue
Additional Notes, including Exchange Notes, under this Indenture that shall
have identical terms as the Initial Notes, other than with respect to the date
of issuance, issue price and amount of interest payable on the first interest
payment date applicable thereto (and, if such Additional Notes shall be issued
in the form of Transfer Restricted Notes, other than with respect to transfer
restrictions, any registration rights agreement and additional interest with
respect thereto);  provided that such
issuance is not prohibited by the terms of this Indenture, including Section 4.9
and Section 4.12.

 

The Initial Notes, any Additional Notes
subsequently issued under this Indenture and any PIK Notes will be treated as a
single class for all purposes under this Indenture, including waivers,
amendments, redemptions and offers to purchase. 
Unless the context requires otherwise, references to “Notes” for all
purposes of this Indenture include any Additional Notes, PIK Notes that are
actually issued and any increase in the principal amount of the outstanding
Notes as a result of a PIK Payment and references to “principal amount” of the
Notes include any increase in the principal amount of the outstanding Notes as
a result of a PIK Payment.  Any Additional Notes shall be issued with the
benefit of an indenture supplemental to this Indenture.

 

51

 

With respect to any Additional Notes, the
Company shall set forth in a Board Resolution and in an Officers’ Certificate,
a copy of each of which shall be delivered to the Trustee, the following
information:

 

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

 

(2)           the
issue price, the issue date, the CUSIP number of such Additional Notes, the
first interest payment date and the amount of interest payable on such first interest
payment date applicable thereto and the date from which interest shall accrue;
and

 

(3)           whether
such Additional Notes shall be Transfer Restricted Notes.

 

ARTICLE III

 

REDEMPTION AND
PREPAYMENT

 

SECTION 3.1         Notices to Trustee.

 

If the Company elects to redeem Notes
pursuant to the optional redemption provisions of Section 3.7
hereof, it shall furnish to the Trustee, at least 30 days or such shorter
period as is acceptable to the Trustee before a redemption date, an Officers’
Certificate setting forth (i) the Section of this Indenture pursuant to
which the redemption shall occur, (ii) the redemption date, (iii) the
principal amount of Notes to be redeemed and (iv) the Redemption Price.

 

If the Company is required to make an offer
to purchase Notes pursuant to Section 4.10 or 4.14 hereof,
it shall furnish to the Trustee, at least 30 days or such shorter period
as is acceptable to the Trustee before the scheduled purchase date, an Officers’
Certificate setting forth (i) the Section of this Indenture pursuant to
which the offer to purchase shall occur, (ii) the terms of the offer,
(iii) the principal amount of Notes to be purchased, (iv) the
purchase price and (v) the purchase date and further setting forth a
statement to the effect that (a) the Company or one of its Subsidiaries
has effected an Asset Sale and there are Excess Proceeds aggregating more than
$20.0 million or (b) a Change of Control has occurred, as applicable.

 

The Company will also provide the Trustee
with any additional information that the Trustee reasonably requests in
connection with any redemption or offer.

 

SECTION 3.2         Selection of Notes to Be Redeemed.

 

If less than all of the Notes are to be
redeemed at any time, the Registrar will select Notes for redemption as
follows:

 

(1)           if the Notes are listed on any
national securities exchange, in compliance with the requirements of the
principal national securities exchange on which such Notes are listed; or

 

52

 

(2)           if the Notes are not listed on any
national securities exchange, on a pro rata
basis to the extent practicable or in accordance with customary procedures of
DTC.

 

No Notes of $2,000 or less shall be redeemed
in part.  Except as otherwise provided
herein, notices of redemption shall be mailed by first class mail at least 30
but not more than 60 days before the redemption date to each Holder of Notes to
be redeemed at its registered address, except that redemption notices may be
mailed more than 60 days prior to a redemption date if the notice is issued in
connection with Sections 8.2, 8.3 or 8.8 hereof.  Except for a redemption to be effected
pursuant to Section 3.7 notices of redemption may not be conditional.

 

If any Note is to be redeemed in part only,
the notice of redemption that relates to such Note will state the portion of
the principal amount thereof that is to be redeemed.  A new Note in principal amount equal to the
unredeemed portion of the original Note will be issued in the name of the
Holder thereof upon cancellation of the original Note (or appropriate
adjustments to the amount and beneficial interests in a Global Note will be
made, as appropriate).  Notes called for
redemption become due on the date fixed for redemption.

 

On and after the redemption date, interest
will cease to accrue on Notes or portions of them called for redemption.  The Registrar shall make the selection from
the Notes outstanding and not previously called for redemption as long as the
Company has deposited with the Paying Agent funds in satisfaction of the
applicable Redemption Price pursuant to this Indenture and shall promptly
notify the Company in writing of the Notes selected for redemption.  The Registrar may select for redemption
portions (equal to $2,000 or any integral multiples of $1,000 thereof) of the
principal of the Notes that have denominations larger than $2,000.

 

SECTION 3.3         Notice of Redemption.

 

Subject to the provisions of Section 3.9,
at least 30 days but not more than 60 days before a redemption date,
the Company shall mail or cause to be mailed by first class mail, a notice of redemption
to the Trustee, the Registrar and each Holder whose Notes are to be redeemed.

 

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

 

(1)           the
redemption date;

 

(2)           the
Redemption Price;

 

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

 

(4)           the
name, telephone number and address of the Paying Agent;

 

(5)           that
Notes called for redemption must be surrendered to the Paying Agent to collect
the Redemption Price;

 

53

 

(6)           that,
on the redemption date and, if applicable, upon the satisfaction of any
conditions to such redemption set forth in such notice of redemption, the
redemption price will become due and payable upon each such Note or portion
thereof, and that, unless the Company defaults in making such redemption
payment, interest, if any, on Notes called for redemption ceases to accrue on
and after the redemption date;

 

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

 

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

 

In addition, if such redemption is subject to
satisfaction of one or more conditions precedent, such notice of redemption
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 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 as stated in such notice, or by
the redemption date as so delayed.

 

At the Company’s request, the Trustee shall
give the notice of redemption in the Company’s name and at the Company’s
expense;  provided,  however,
that the Company shall have delivered to the Trustee, at least 45 days
prior to the redemption date (or such shorter period as is acceptable to the
Trustee), an Officers’ Certificate requesting that the Trustee give such notice
and setting forth the information to be stated in the notice as provided in the
preceding paragraph.  The notice mailed
in the manner herein provided shall be conclusively presumed to have been duly
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 shall not affect the
validity of the proceeding for the redemption of any other Note.

 

SECTION 3.4         Effect of Notice of Redemption.

 

Except with respect to notices of redemption
given in accordance with Section 3.7(d) hereof, once notice of
redemption is mailed in accordance with Section 3.3 hereof, Notes
called for redemption become irrevocably due and payable on the redemption date
at the Redemption Price plus accrued and unpaid interest and Additional
Interest, if any, to such date, subject to the satisfaction of any conditions
precedent provided in such notice.

 

SECTION 3.5         Deposit of Redemption of Purchase
Price.

 

On or before 10:00 a.m. (New York City
time) on each redemption date or the date on which Notes must be accepted for
purchase pursuant to Section 4.10 or 4.14, the Company shall
deposit with the Paying Agent (other than the Company or an Affiliate of the Company)
money sufficient to pay the Redemption Price of and accrued and unpaid interest
and Additional Interest, if any, on all Notes to be redeemed or purchased on
that date.  The Trustee or the Paying
Agent shall promptly return to the Company any money deposited with the Trustee
or the Paying Agent by the Company in excess of the amounts necessary to pay
the Redemption Price of (including any applicable premium), and accrued
interest and Additional Interest, if any, on, all Notes to be redeemed or
purchased.

 

54

 

If Notes called for redemption or tendered in
an Asset Sale Offer or Change of Control Offer are paid or if the Company has
deposited with the Paying Agent money sufficient to pay the redemption or
purchase price of, and unpaid and accrued interest, if any, on, all Notes to be
redeemed or purchased, on and after the redemption or purchase date, interest,
if any, shall cease to accrue on the Notes or the portions of Notes called for
redemption or tendered and not withdrawn in an Asset Sale Offer or Change of
Control Offer (regardless of whether certificates for such securities are
actually surrendered).  If a Note is
redeemed or purchased on or after an interest record date but on or prior to
the related interest payment date, then any accrued and unpaid interest and
Additional Interest, if any, shall be paid to the Person in whose name such
Note was registered at the close of business on such record date.  If any Note called for redemption shall not
be so paid upon surrender for redemption because of the failure of the Company
to comply with the preceding paragraph, interest shall be paid on the unpaid
principal from the redemption or purchase date until such principal is paid,
and to the extent lawful on any interest not paid on such unpaid principal, in
each case, at the rate provided in the Notes and in Section 4.1 hereof.  If any Note called for redemption or tendered
in an Asset Sale Offer or Change of Control Offer shall not be so paid upon
surrender for redemption because of the failure of the Company to comply with
the preceding paragraph, interest and Additional Interest, if any, shall be
paid on the unpaid principal, from the redemption date until such principal is
paid, and to the extent lawful on any interest not paid on such unpaid
principal.

 

Any and all interest payable upon any
redemption shall be payable in cash.

 

SECTION 3.6         Notes Redeemed in Part.

 

Upon surrender and cancellation of a Note
that is redeemed in part, the Company shall issue and, upon the written request
of an Officer of the Company, the Trustee shall authenticate for the Holder at
the expense of the Company a new Note equal in principal amount to the unredeemed
portion of the Note surrendered and cancelled; provided that each such
new Note will be in a principal amount of $2,000 or integral multiples of
$1,000 in excess thereof.

 

SECTION 3.7         Optional Redemption.

 

(a)           The
Notes may be redeemed, in whole or in part, at any time prior to July 15,
2011, at the option of the Company upon not less than 30 nor more than 60 days’
prior notice mailed by first-class mail to each Holder’s registered address, at
a redemption price equal to 100% of the principal amount of the Notes redeemed
plus the Applicable Premium as of, and accrued and unpaid interest and
Additional Interest, if any, to, the applicable redemption date (subject to the
right of Holders on the relevant record date to receive interest due on the
relevant interest payment date).

 

(b)           The
Notes are subject to redemption, at the option of the Company, in whole or in
part, at any time on or after July 15, 2011, upon not less than 30 nor
more than 60 days’ notice, at the following Redemption Prices (expressed as a
percentage of the principal amount to be redeemed) set forth below, plus
accrued and unpaid interest and Additional Interest, if any, to, but not
including, the redemption date (subject to the right of Holders of record on
the relevant regular record date to receive interest due on an interest payment
date that is on or prior to the 

 

55

 

redemption date) if redeemed during the
twelve-month period beginning on July 15 of the years indicated below:

 

	
  Year

  	
   

  	
  Percentage

  	
   

  
	
  2011

  	
   

  	
  105.1250

  	
  %

  
	
  2012

  	
   

  	
  102.5625

  	
  %

  
	
  2013 and thereafter

  	
   

  	
  100.0000

  	
  %

  

 

(c)           In
addition to the optional redemption of the Notes in accordance with the provisions
of the preceding paragraph, prior to July 15, 2011, the Company may on one or
more occasions, with the net cash proceeds of one or more Equity Offerings,
redeem up to 35% of the aggregate principal amount of the outstanding Notes at
a Redemption Price of 110.25% of the principal amount thereof, plus accrued and
unpaid interest and Additional Interest, if any, thereon to the date of
redemption;  provided that at least 65% of
the aggregate principal amount of Notes originally issued on the Issue Date
remains outstanding immediately after the occurrence of any such redemption
(excluding Notes held by Parent and its Affiliates) and that any such
redemption occurs within 90 days following the closing of any such Equity
Offering.

 

(d)           Notice
of any redemption upon an Equity Offering 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 one or more conditions precedent,
including, but not limited to completion of the related Equity Offering.

 

SECTION 3.8         Mandatory Redemption.

 

(a)           Except
as set forth under Sections 3.9, 4.10 and 4.14
hereof, the Company shall not be required to make mandatory redemption or
sinking fund payments with respect to the Notes.

 

(b)           If
the Notes would otherwise constitute “applicable high yield discount
obligations” within the meaning of Section 163(i)(1) of the Code, at the
end of the first accrual period ending after the fifth anniversary of the Notes’
issuance (the “AHYDO redemption date”), the Issuer will be required to
redeem for cash a portion of each Note then outstanding equal to the “Mandatory
Principal Redemption Amount” (such redemption, a “Mandatory Principal
Redemption”).  The redemption price
for the portion of each Note redeemed pursuant to a Mandatory Principal
Redemption will be 100% of the principal amount of such portion plus any
accrued interest thereon on the date of redemption.  The “Mandatory Principal Redemption Amount”
means the portion of a Note required to be redeemed to prevent such Note from
being treated as an “applicable high yield discount obligation” within the
meaning of Section 163(i)(1) of the Code. 
No partial redemption or repurchase of the Notes prior to the AHYDO
redemption date pursuant to any other provision of this Indenture will alter
the Issuer’s obligation to make the Mandatory Principal Redemption with respect
to any Notes that remain outstanding on the AHYDO redemption date.

 

56

 

SECTION 3.9         Offer to Purchase.

 

In the event that the Company shall be
required to commence an Offer to Purchase pursuant to an Asset Sale Offer or a
Change of Control Offer, the Company shall follow the procedures specified
below.

 

On the Purchase Date, the Company shall
purchase the aggregate principal amount of Notes required to be purchased
pursuant to Section 4.10 hereof or Section 4.14 hereof
(the “Offer Amount”), or if less than the Offer Amount has been
tendered, all Notes tendered in response to the Offer to Purchase.  Payment for any Notes so purchased shall be
made in the same manner as interest payments are made.  If the Purchase Date is on or after the
interest record date and on or before the related interest payment date, any
accrued and unpaid interest and Additional Interest, if any, shall be paid to
the Person in whose name a Note is registered at the close of business on such
record date, and no additional interest, if any, shall be payable to the
Holders who tender Notes pursuant to the Offer to Purchase.  The Company shall notify the Trustee at least
15 days (or such shorter period as is acceptable to the Trustee) prior to
the mailing of the Offer of the Company’s obligation to make an Offer to
Purchase, and the Offer shall be mailed by the Company or, at the Company’s
request, by the Trustee in the name and at the expense of the Company.  The Offer shall contain all instructions and
materials necessary to enable such Holders to tender Notes pursuant to the
Offer to Purchase.

 

On or before 10:00 a.m. (New York City
time) on each Purchase Date, the Company shall irrevocably deposit with the
Paying Agent (other than the Company or an Affiliate of the Company) in
immediately available funds the aggregate purchase price equal to the Offer
Amount, together with accrued and unpaid interest, if any, thereon, to be held
for payment in accordance with the terms of this Section 3.9.  On the Purchase Date, the Company shall, to
the extent lawful, (i) accept for payment, on a  pro
rata basis to the extent necessary, the Offer Amount of Notes or portions
thereof tendered pursuant to the Offer to Purchase, or if less than the Offer
Amount has been tendered, all Notes tendered, (ii) deliver or cause the
Paying Agent or Depositary, as the case may be, to deliver to the Trustee Notes
so accepted and (iii) deliver to the Trustee an Officers’ Certificate
stating that such Notes or portions thereof were accepted for payment by the
Company in accordance with the terms of this Section 3.9.  The Company, the Depositary or the Paying
Agent, as the case may be, shall promptly mail or deliver to each tendering
Holder an amount equal to the purchase price of the Notes tendered by such
Holder and accepted by the Company for purchase, plus any accrued and unpaid
interest and Additional Interest, if any, thereon, and the Company shall
promptly issue a new Note, and the Trustee, at the written request of the
Company, shall authenticate and mail or deliver (or cause to be transferred by
book entry) at the expense of the Company such new Note to such Holder, equal
in principal amount to any unpurchased portion of such Holder’s Notes
surrendered, if any; provided that each new Note will be in a minimum
principal amount of $2,000 or integral multiples of $1,000 in excess
thereof.  Any Note not so accepted shall
be promptly mailed or delivered by the Company to the Holder thereof.  The Company shall publicly announce in a
newspaper of general circulation or in a press release provided to a nationally
recognized financial wire service the results of the Offer to Purchase on the Purchase
Date.

 

Other than as specifically provided in this Section 3.9,
any purchase pursuant to this Section 3.9 shall be made pursuant to
the provisions of Sections 3.1 through 3.6 hereof.

 

57

 

ARTICLE IV

 

COVENANTS

 

SECTION 4.1         Payment of Notes.

 

(a)           The
Company shall pay or cause to be paid the principal of, premium, if any, and
interest on the Notes on the dates and in the manner provided in the
Notes.  Principal, premium, if any, and
interest and Additional Interest, if any, shall be considered paid for all
purposes hereunder on the date the Paying Agent, if other than the Company or a
Subsidiary thereof, holds, as of 10:00 a.m. (New York City time), money
deposited by the Company in immediately available funds and designated for and
sufficient to pay all such principal, premium, if any, and interest and Additional
Interest, if any, then due.  The Company
shall pay all Additional Interest, if any, in the same manner on the dates and
amounts set forth in the Registration Rights Agreement; provided, however,
the Company shall deliver an Officers’ Certificate to the Trustee stating that
Additional Interest is due and stating the amount of such Additional Interest
on $1,000 aggregate principal amount of Notes to the Trustee no later than the
Record Date of such payment.  Unless and
until the Trustee receives an Officers’ Certificate stating that Additional
Interest is due and payable, the Trustee is entitle to assume no Additional
Interest is due.

 

(b)           The
Company shall pay interest (including post-petition interest in any proceeding
under any Bankruptcy Law) on overdue principal at the rate equal to 1% per  annum in excess of the then applicable interest rate
on the Notes to the extent lawful; it shall pay interest (including
post-petition interest in any proceeding under any Bankruptcy Law) on overdue
installments of interest and Additional Interest, if any (without regard to any
applicable grace period), at the same rate to the extent lawful.

 

SECTION 4.2         Maintenance of Office or Agency.

 

The Company shall maintain in the Borough of
Manhattan, the City of New York an office or agency (which may be an office of
the Trustee or an Affiliate of the Trustee or Registrar) where Notes may be
surrendered for registration of transfer or for exchange and where notices and
demands to or upon the Company in respect of the Notes and this Indenture may
be served.  The Company shall give prompt
written notice to the Trustee of the location, and any change in the location,
of such office or agency.  If at any time
the Company shall fail to maintain any such required office or agency or shall
fail to furnish the Trustee with the address thereof, such presentations,
surrenders, notices and demands may be made or served at the Corporate Trust
Office of the Trustee.

 

The Company may also from time to time
designate one or more other offices or agencies where the Notes may be
presented or surrendered for any or all such purposes and may from time to time
rescind such designations; provided, however, that no such
designation or rescission shall in any manner relieve the company of its
obligation to maintain an office or agency in the Borough of Manhattan, the
City of New York for such purposes.  The
Company shall give prompt written notice to the Trustee of any such designation
or rescission and of any change in the location of any such other office or
agency.

 

58

 

The Company hereby designates the Corporate
Trust Office of the Trustee as one such office or agency of the Company in
accordance with Section 2.3 hereof.

 

SECTION 4.3         Reports.

 

Whether or not required by the Commission, so
long as any Notes are outstanding, if not filed electronically with the
Commission through the Commission’s Electronic Data Gathering, Analysis, and
Retrieval System (or any successor system), the Company will furnish to the Holders
of Notes, within the time periods specified in the Commission’s rules and
regulations for a filer that is a “non-accelerated filer”:

 

(1)           substantially the same quarterly and
annual financial information that would be required to be contained in a filing
with the Commission on Forms 10-Q and 10-K, if the Company were required to
file such forms, including a “Management’s Discussion and Analysis of Financial
Condition and Results of Operations” and, with respect to the annual
information only, a report on the annual financial statements by the Company’s
certified independent accountants; and

 

(2)           substantially the same current
reports that would be required to be filed with the Commission on Form 8-K if
the Company were required to file such reports.

 

In addition, whether or not required by the
Commission, after the consummation of the Exchange Offer or the effectiveness
of the Shelf Registration Statement, the Company will file a copy of all of the
information and reports referred to in clauses (1) and (2) above with the Commission
for public availability within the time periods specified in the Commission’s
rules and regulations (unless the Commission will not accept such a filing) for
a filer that is not an “accelerated filer” (as defined in such rules and
regulations) and make such information available to securities analysts and prospective
investors upon request.  To the extent
any such information is not so filed or furnished, as applicable, within the
time periods specified above and such information is subsequently filed or
furnished, as applicable, the Company will be deemed to have satisfied its
obligations with respect thereto at such time and any Default or Event of
Default with respect thereto shall be deemed to have been cured; provided,  that such cure shall not otherwise affect the rights of the
Holders pursuant to pursuant to Article V if holders of at least 25% in
principal amount of the then total outstanding Notes have declared the
principal, premium, if any, interest and any other monetary obligations on all
the then outstanding Notes to be due and payable immediately and such
declaration shall not have been rescinded or cancelled prior to such cure.  In addition, the Company has agreed that, for
so long as any Notes remain outstanding, it will furnish to the Holders of the
Notes and to securities analysts and prospective investors, upon their request,
the information required to be delivered pursuant to Rule 144A(d) (4) under the
Securities Act.

 

In addition, if at any time any direct or
indirect parent company becomes a Guarantor (there being no obligation of any
such parent company to do so), and complies with the requirements of Rule 3-10
of Regulation S-X promulgated by the Commission (or any successor provision),
the reports, information and other documents required to be filed and furnished
to Holders of the Notes pursuant to this Section 4.3 may, at the option
of the Company, be filed by and be those of such parent company rather than the
Company; provided  that the same
is accompanied by consolidating information as required by Rule 3-10 of
Regulation S-X that explains in reasonable detail the 

 

59

 

differences
between the information relating to Parent and such other parent, on the one
hand, and the information relating to the Company and its Restricted
Subsidiaries on a standalone basis, on the other hand.

 

Notwithstanding the foregoing, the
requirement to provide the information and reports referred to in clause (1)
above shall be deemed satisfied prior to the commencement of the Exchange Offer
or the effectiveness of a Shelf Registration Statement relating to the registration
of the Notes under the Securities Act by the filing with the Commission of a
registration statement, and any amendments thereto, with such financial
information that satisfies Regulation S-X of the Securities Act within the
timeframes required by the Registration Rights Agreement.

 

The Company shall provide the Trustee with a
sufficient number of copies of all reports and other documents and information
and, if requested by the Company, at its expense, the Trustee will deliver such
reports to the Holders under this Section 4.3.

 

SECTION 4.4         Compliance Certificate.

 

The Company shall deliver to the Trustee,
within 90 days after the end of each fiscal year beginning with the fiscal
year ended December 28, 2007, an Officers’ Certificate stating that a review of
the activities of the Company and its Subsidiaries during the preceding fiscal
year has been made under the supervision of the signing Officers with a view to
determining whether each has kept, observed, performed and fulfilled its
obligations under this Indenture, and further stating, as to each such Officer
signing such certificate, that, to the best of his or her knowledge, each
entity has kept, observed, performed and fulfilled each and every covenant
contained in this Indenture and is not in default in the performance or
observance of any of the terms, provisions and conditions of this Indenture
(or, if a Default or Event of Default shall have occurred, describing all such
Defaults or Events of Default of which he or she may have knowledge and what action
the Company is taking or proposes to take with respect thereto) and that, to
the best of his or her knowledge, no event has occurred and remains in
existence by reason of which payments on account of the principal of, premium,
if any, or interest or Additional Interest, if any, on the Notes is prohibited
or if such event has occurred, a description of the event and what action the
Company is taking or proposes to take with respect thereto.

 

The Company shall, so long as any of the
Notes are outstanding, deliver to the Trustee, forthwith upon any Officer
becoming aware of any Default or Event of Default, an Officers’ Certificate
specifying such Default or Event of Default (unless such Default or Event of
Default has been cured prior to such time) and what action the Company is
taking or proposes to take with respect thereto.

 

SECTION 4.5         Taxes.

 

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

 

60

 

SECTION 4.6         Stay, Extension and Usury Laws.

 

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

 

SECTION 4.7         Limitation on Restricted Payments.

 

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

 

(a)           declare or pay any
dividend or make any other distribution on account of the Company’s or any of
its Restricted Subsidiaries’ Equity Interests, including any dividend or
distribution payable in connection with any merger or consolidation (other than
(i) dividends or distributions by the Company payable in Equity Interests
(other than Disqualified Stock) of the Company or in options, warrants or other
rights to purchase such Equity Interests (other than Disqualified Stock), (ii)
dividends or distributions by a Restricted Subsidiary payable to the Company or
any other Restricted Subsidiary or (iii), in the case of any dividend or
distribution payable on or in respect of any class or series of Equity
Interests issued by a Restricted Subsidiary other than a Wholly Owned Subsidiary,
pro rata dividends or distributions to
minority stockholders of such Restricted Subsidiary (or owners of an equivalent
interest in the case of a Subsidiary that is an entity other than a
corporation), provided that the Company or one of its Restricted
Subsidiaries receives at least its pro rata
share of such dividend or distribution in accordance with its Equity Interests
in such class or series of securities);

 

(b)           purchase, redeem or
otherwise acquire or retire for value any Equity Interests of the Company or
any direct or indirect parent entity of the Company held by any Person (other
than by a Restricted Subsidiary), including in connection with any merger or
consolidation;

 

(c)           make any principal
payment on, or redeem, repurchase, defease or otherwise acquire or retire for
value, in each case prior to any scheduled repayment, sinking fund payment or
maturity, any Subordinated Indebtedness (other than (x) Indebtedness permitted
under clause (8) of the definition of “Permitted Debt” or (y) the purchase, repurchase
or other acquisition or retirement of Subordinated Indebtedness purchased in
anticipation of satisfying a sinking fund obligation, principal installment or
final maturity, in each case due within one year of the date of purchase,
repurchase, acquisition or retirement); or

 

(d)           make any Restricted
Investment;

 

61

 

(all such
payments and other actions set forth in these clauses (a) through (d) being
collectively referred to as “Restricted Payments”), unless, at the time
of and after giving effect to such Restricted Payment:

 

(1)           no Default or Event of Default has
occurred and is continuing or would occur as a consequence of such Restricted
Payment;

 

(2)           the Company would, at the time of
such Restricted Payment and after giving pro forma effect thereto as if such
Restricted Payment had been made at the beginning of the applicable
four-quarter period, have been permitted to incur at least $1.00 of additional
Indebtedness pursuant to the Fixed Charge Coverage Ratio test set forth in the
first paragraph of Section 4.9; and

 

(3)           such Restricted Payment, together
with the aggregate amount of all other Restricted Payments made by the Company
and its Restricted Subsidiaries after the Issue Date (excluding Restricted
Payments permitted by clauses (2), (3), (4), (5), (6), (7), (9), (10), (11),
(13), (14), (15), (16), (17) and (18) of the next succeeding paragraph; provided
that the calculation of Restricted Payments shall also exclude the amounts paid
or distributed pursuant to clause (1) of the next paragraph to the extent that
the declaration of such dividend or other distribution shall have previously
been included as a Restricted Payment), is less than the sum, without duplication,
of

 

(a)           50%
of the Consolidated Net Income of the Company for the period (taken as one
accounting period) from July 1, 2007 to the end of the Company’s most recently
ended fiscal quarter for which internal financial statements are available at
the time of such Restricted Payment (or, in the case such Consolidated Net
Income for such period is a deficit, minus 100% of such deficit), plus

 

(b)           100%
of the aggregate net cash proceeds and the fair market value, as determined in
good faith by the Board of Directors of the Company, of property and marketable
securities received by the Company after the Issue Date from the issue or sale
of (x) Equity Interests of the Company (including Retired Capital Stock (as
defined below) but excluding (i) cash proceeds received from the sale of Equity
Interests of the Company and, to the extent actually contributed to the
Company, Equity Interests of any direct or indirect parent company of the Company
to members of management, directors or consultants of the Company, any direct
or indirect parent company of the Company and the Subsidiaries of the Company
after the Issue Date, in each case to the extent such amounts have been applied
to Restricted Payments made in accordance with clause (4) of the next
succeeding paragraph, (ii) cash proceeds received from the sale of Refunding
Capital Stock (as defined below) to the extent such amounts have been applied
to Restricted Payments made in accordance with clause (2) of the next
succeeding paragraph, (iii) Designated Preferred Stock, (iv) the Cash
Contribution Amount and (v) Disqualified Stock) or (y) debt securities or
Disqualified Stock of the Company that have been converted into or exchanged
for Equity Interests of the Company (other than Refunding Capital Stock or
Equity Interests or convertible 

 

62

 

debt securities of Parent or any other direct or
indirect parent company sold to a Restricted Subsidiary or Parent and other
than Disqualified Stock or Designated Preferred Stock or debt securities that
have been converted into Disqualified Stock or Designated Preferred Stock), plus

 

(c)           100%
of the aggregate amount of cash and the fair market value, as determined in
good faith by the Board of Directors of the Company, of property and marketable
securities contributed to the capital of the Company after the Issue Date
(other than (i) by a Restricted Subsidiary, (ii) any Excluded Contributions,
(iii) any Disqualified Stock, (iv) any Refunding Capital Stock, (v) any
Designated Preferred Stock, (vi) the Cash Contribution Amount and (vii) cash
proceeds applied to Restricted Payments made in accordance with clause (4) of
the next succeeding paragraph), plus

 

(d)           to
the extent not already included in Consolidated Net Income, 100% of the aggregate
amount received in cash and the fair market value, as determined in good faith
by the Board of Directors of the Company, of property and marketable securities
received after the Issue Date by means of (A) the sale or other disposition
(other than to the Company or a Restricted Subsidiary) of, or interest, return,
profits, distribution, income or similar amounts in respect of, Restricted
Investments made by the Company or its Restricted Subsidiaries and repurchases
and redemptions of such Restricted Investments from the Company or its
Restricted Subsidiaries and repayments of loans or advances which constitute
Restricted Investments of the Company or its Restricted Subsidiaries or (B) the
sale (other than to the Company or a Restricted Subsidiary) of the Capital
Stock of an Unrestricted Subsidiary or a distribution from an Unrestricted
Subsidiary (other than, in each case, to the extent the Investment in such
Unrestricted Subsidiary was made by a Restricted Subsidiary pursuant to clause
(10) of the next succeeding paragraph or to the extent such Investment
constituted a Permitted Investment) or a dividend or other distribution from an
Unrestricted Subsidiary, plus

 

(e)           in
the case of the redesignation of an Unrestricted Subsidiary as a Restricted
Subsidiary or the merger or consolidation of an Unrestricted Subsidiary into
the Company or a Restricted Subsidiary or the transfer of assets of an Unrestricted
Subsidiary to the Company or a Restricted Subsidiary, the fair market value of
the Investment in such Unrestricted Subsidiary, as determined by the Board of
Directors of the Company in good faith at the time of the redesignation of such
Unrestricted Subsidiary as a Restricted Subsidiary or at the time of such
merger, consolidation or transfer of assets (other than an Unrestricted
Subsidiary to the extent the Investment in such Unrestricted Subsidiary was
made by a Restricted Subsidiary pursuant to clause (10) of the next succeeding
paragraph or to the extent such Investment constituted a Permitted Investment).

 

63

 

The preceding provisions will not prohibit:

 

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

 

(2)           (A) the redemption, repurchase,
retirement or other acquisition of any Equity Interests of the Company or any
direct or indirect parent of the Company (“Retired Capital Stock”) or
Subordinated Indebtedness in exchange for or out of the net cash proceeds of
the substantially concurrent sale (other than to a Restricted Subsidiary or the
Company) of Equity Interests of the Company or contributions to the equity
capital of the Company (in each case, other than Disqualified Stock and the
Cash Contribution Amount) (“Refunding Capital Stock”) and (B) the
declaration and payment of dividends on the Retired Capital Stock out of the
net cash proceeds of the substantially concurrent sale (other than to a Subsidiary
of the Company or to an employee stock ownership plan or any trust established
by the Company or any of its Subsidiaries) of Refunding Capital Stock;

 

(3)           the redemption, repurchase or other
acquisition or retirement of Subordinated Indebtedness made by exchange for, or
out of the proceeds of the substantially concurrent sale of, new Indebtedness
of the borrower thereof which is incurred in compliance with Section 4.9
so long as (A) such new Indebtedness is subordinated to the Notes and any
Guarantees thereof at least to the same extent as such Subordinated Indebtedness
so redeemed, repurchased, acquired or retired, (B) such new Indebtedness has a
final scheduled maturity date equal to or later than the final scheduled
maturity date of the Subordinated Indebtedness being so redeemed, repurchased,
acquired or retired and (C) such new Indebtedness has a Weighted Average Life
to Maturity equal to or greater than the remaining Weighted Average Life to
Maturity of the Subordinated Indebtedness being so redeemed, repurchased,
acquired or retired;

 

(4)           a Restricted Payment to pay for the
repurchase, retirement, redemption or other acquisition or retirement for value
of Equity Interests of the Company or any of its direct or indirect parent
companies held by any future, present or former employee, director or
consultant of the Company, any Subsidiary or any of its direct or indirect
parent companies (or their permitted transferees, assigns, estates or heirs)
pursuant to any management unit purchase agreement, management equity plan or
stock option plan or any other management or employee benefit agreement,
agreement or arrangement (including, for the avoidance of doubt, any principal
and interest payable on any notes issued by the Company or any direct or indirect
parent company in connection with any such repurchase, retirement or other
acquisition or retirement), provided, however, that the aggregate
amount of Restricted Payments made under this clause (4) does not exceed in any
calendar year (x) on or prior to December 31, 2008, $15.0 million and (y)
thereafter, $25.0 million, with any unused amounts in any calendar year being
carried over to the two immediately succeeding calendar years subject to a
maximum of $50.0 million in any calendar year; and provided, further,
that such amount in any calendar year may be increased by an amount not to
exceed (A) the cash proceeds from the sale of Equity Interests (other than
Disqualified Stock) of the Company and, to the extent 

 

64

 

contributed to
the Company, Equity Interests of any of its direct or indirect parent
companies, in each case to members of management, directors or consultants of
the Company, any of its Subsidiaries or any of its direct or indirect parent
companies that occurs after the Issue Date plus (B) the cash proceeds of “key
man” life insurance policies received by the Company or its Restricted
Subsidiaries after the Issue Date (provided that the Company may elect
to apply all or any portion of the aggregate increase contemplated by clauses
(A) and (B) above in any calendar year) (it being understood that the
forgiveness of any debt by such Person shall not be a Restricted Payment
hereunder) less (C) the amount of any Restricted Payments previously made pursuant
to clauses (A) and (B) of this clause (4);

 

(5)           the declaration and payment of
dividends to holders of any class or series of Disqualified Stock of the
Company or any Restricted Subsidiary issued or incurred in accordance with Section
4.9 to the extent such dividends are included in the definition of “Fixed
Charges” for such entity;

 

(6)           the declaration and payment of
dividends or distributions to holders of any class or series of Designated
Preferred Stock (other than Disqualified Stock) issued after the Issue Date and
the declaration and payment of dividends to any direct or indirect parent
company of the Company the proceeds of which will be used to fund the payment
of dividends to holders of any class or series of Designated Preferred Stock
(other than Disqualified Stock) of any direct or indirect parent company of the
Company issued after the Issue Date; provided, however, that (A)
for the most recently ended four full fiscal quarters for which internal
financial statements are available immediately preceding the date of issuance
of such Designated Preferred Stock, after giving effect to such issuance (and
the payment of dividends or distributions thereon) on a pro forma basis, the
Company would have had a Fixed Charge Coverage Ratio of at least 2.0 to 1.0 and
(B) the aggregate amount of dividends declared and paid pursuant to this clause
(6) does not exceed the net cash proceeds actually received by the Company from
any such sale of Designated Preferred Stock (other than Disqualified Stock)
issued after the Issue Date;

 

(7)           repurchases of Equity Interests
deemed to occur upon exercise of stock options or warrants if such Equity
Interests represent a portion of the exercise price of such options or
warrants;

 

(8)           the payment of dividends on the Company’s
common stock (or the payment of dividends to any direct or indirect parent
company of the Company, as the case may be, to fund the payment by any such
parent company of the Company of dividends on such entity’s common stock)
following the first public offering of the Company’s common stock or the common
stock of any of its direct or indirect parent companies after the Issue Date,
of up to 6% per annum of the net cash proceeds received by or contributed to
the Company after the Issue Date in any such public offering, other than public
offerings of common stock of the Company (or any direct or indirect parent
company of the Company) registered on Form S-4 or Form S-8 and other than any
public sale constituting an Excluded Contribution;

 

(9)           Investments that are made with
Excluded Contributions;

 

65

 

(10)         other Restricted Payments after the
Issue Date in an aggregate amount not to exceed $25.0 million;

 

(11)         distributions or payments of
Receivables Fees and purchase of any assets in connection with a Receivables
Facility;

 

(12)         the repurchase, redemption or other
acquisition or retirement for value of any Subordinated Indebtedness or
Disqualified Stock pursuant to provisions similar to those described in Sections
3.9, 4.10 and 4.14; provided that a Change of Control
Offer or Asset Sale Offer, as applicable, has been made and all Notes tendered
by Holders of the Notes in connection with a Change of Control Offer or Asset
Sale Offer, as applicable, have been repurchased, redeemed or acquired for
value;

 

(13)         the declaration and payment of
dividends or the payment of other distributions by the Company to, or the
making of loans or advances to, any of their respective direct or indirect
parents or the equity interest holders thereof in amounts required for any
direct or indirect parent companies or the equity interest holders thereof to
pay, in each case without duplication,

 

(i)            franchise taxes and
other fees, taxes and expenses required to maintain their corporate existence;

 

(ii)           federal, foreign,
state and local income or franchise taxes (or any alternative tax in lieu
thereof); provided, that, in each fiscal year, the amount of such
payments shall be equal to the amount that the Company and its Restricted
Subsidiaries would be required to pay in respect of federal, foreign, state and
local income or franchise taxes if such entities were corporations paying taxes
separately from any parent entity at the highest combined applicable federal,
foreign, state, local or franchise tax rate for such fiscal year;

 

(iii)          customary salary,
bonus, severance, indemnification obligations and other benefits payable to
officers and employees of any direct or indirect parent company of the Company
and any payroll, social security or similar taxes thereof to the extent such
salaries, bonuses, severance, indemnification obligations and other benefits
are reasonably attributable to the ownership or operation of the Company and
its Restricted Subsidiaries;

 

(iv)          general corporate
operating and overhead costs and expenses of any direct or indirect parent
company of the Company to the extent such costs and expenses are reasonably
attributable to the ownership or operation of the Company and its Restricted
Subsidiaries;

 

(v)           amounts payable to
the Sponsor pursuant to the Management Agreement as in effect on the Issue
Date;

 

(vi)          fees and expenses
other than to Affiliates of the Company related to (1) any equity or debt
offering of such parent entity (whether or not successful), 

 

66

 

(2) any
Investment otherwise permitted under this section (whether or not successful)
and (3) any transaction of the type described in under Section 5.1;

 

(vii)         cash payments in
lieu of issuing fractional shares in connection with the exercise of warrants,
options or other securities convertible into or ex-changeable for Equity
Interests of the Company or any direct or indirect parent;

 

(viii)        amounts to finance
Investments otherwise permitted to be made pursuant to this Indenture; provided,
that (1) such Restricted Payment shall be made substantially concurrently with
the closing of such Investment and (2) such direct or indirect parent company
shall, immediately following the closing thereof, cause (x) all property acquired
(whether assets or Equity Interests) to be contributed to the capital of the
Company or one of its Restricted Subsidiaries or (y) the merger of the Person
formed or acquired into the Company or one of its Restricted Subsidiaries (to
the extent not prohibited Section 5.1 in order to consummate such
Investment; (3) such direct or indirect parent company and its Affiliates
(other than the Company or a Restricted Subsidiary) receives no consideration
or other payment in connection with such transaction, (4) any property received
by the Company shall not increase amounts available for Restricted Payments
pursuant to clause (3) of the first paragraph of this Section 4.7 and
(5) such Investment shall be deemed to be made by the Company or such
Restricted Subsidiary by another paragraph of this paragraph (other than
pursuant to clause (9) hereof) or pursuant to the definition of “Permitted
Investments” (other than clause (11) thereof);

 

(ix)           [reserved];

 

(x)            reasonable and
customary fees payable to any directors of any direct or indirect parent of the
Company and reimbursement of reasonable out-of-pocket costs of the directors of
any direct or indirect parent of the Company in the ordinary course of
business, to the extent reasonably attributable to the ownership or operation
of the Company and its Restricted Subsidiaries; and

 

(xi)           reasonable and
customary indemnities to directors, officers and employee of any direct or
indirect parent of the Company in the ordinary course of business, to the
extent reasonably attributable to the ownership or operation of the Company and
its Restricted Subsidiaries;

 

(14)         cash payments in lieu of the issuance
of fractional shares in connection with the exercise of warrants, options or
other securities convertible into or exchangeable for Equity Interests of the
Company; provided, however, that any such cash payment shall not
be for the purpose of evading the limitation of this Section 4.7 (as
determined in good faith by the Board of Directors of the Company);

 

(15)         distributions, by dividends or
otherwise, of Capital Stock of, or Indebtedness owed to the Company or a
Restricted Subsidiary by, Unrestricted Subsidiaries;

 

67

 

(16)         cash dividends or other distributions
on the Company’s or any Restricted Subsidiary’s Capital Stock used to, or the
making of loans the proceeds of which will be used to, fund the payment of fees
and expenses, including any severance and indemnification obligations or
deferred compensation, incurred in connection with the Transactions or this
offering, in each case to the extent permitted (to the extent applicable) by Section
4.11;

 

(17)         payments or distributions in connection
with an AHYDO “catch-up” payment with respect to the Senior Subordinated Notes;

 

(18)         any Restricted Payment used to fund the
Transactions and the fees and expenses related thereto (including any
repurchase of the Existing Notes on the Issue Date or thereafter);

 

(19)         Investments in Unrestricted
Subsidiaries having an aggregate fair market value, taken together with all
other Investments made pursuant to this clause (19) that are at the time
outstanding, without giving effect to any distribution pursuant to clause (15)
of this paragraph or the sale of an Unrestricted Subsidiary to the extent the
proceeds of such sale do not consist of cash or marketable securities, not to
exceed 1.5% of Total Net Tangible Assets at the time of such Investment (with
the fair market value of each Investment being measured at the time made and
without giving effect to subsequent changes in value);

 

(20)         payments and distributions to
dissenting stockholders pursuant to applicable law, pursuant to or in
connection with a consolidation, merger or transfer of all or substantially all
of the assets of the Company and its Restricted Subsidiaries taken as a whole
that complies with the terms of this Indenture, including Section 5.1;
and

 

(21)         the Foreign Subsidiary Reorganization
and payments or distributions in connection therewith;

 

provided,
however, that at the time of, and after giving effect to, any Restricted
Payment permitted under clauses (5), (6), (8), (10), (12), (13)(v) and (vi) and
(19) above, no default which, with the passage of time would be an Event of
Default, or an Event of Default shall have occurred and be continuing or would
occur as a consequence thereof.

 

The amount of all Restricted Payments (other
than cash) will be the fair market value on the date of the Restricted Payment
of the asset(s) or securities proposed to be transferred or issued by the
Company or such Subsidiary, as the case may be, pursuant to the Restricted Payment.  The fair market value of any assets or
securities that are required to be valued by this Section 4.7 will be
determined in good faith by the Board of Directors of the Company.

 

As of the Issue Date, all of the Company’s
Subsidiaries will be Restricted Subsidiaries. 
The Company will not permit any Unrestricted Subsidiary to become a
Restricted Subsidiary except pursuant to the second to last sentence of the
definition of “Unrestricted Subsidiary.” 
For purposes of designating any Restricted Subsidiary as an Unrestricted
Subsidiary, all outstanding investments by the Company and the Restricted
Subsidiaries (except to the extent repaid) in the Subsidiary so designated will
be deemed to be Restricted Payments in an amount determined as 

 

68

 

set forth in
the second paragraph of the definition of “Investments.”  Such designation will be permitted only if a
Restricted Payment in such amount would be permitted at such time under this Section
4.7 or the definition of “Permitted Investments” and if such Subsidiary
otherwise meets the definition of an Unrestricted Subsidiary.  Unrestricted Subsidiaries will not be subject
to any of the restrictive covenants of this Indenture.

 

For the avoidance of doubt, any dividend or
distribution otherwise permitted pursuant to this Section 4.7 may be in
the form of a loan.

 

Notwithstanding anything to the contrary
herein, the Company will not, and will not permit any Restricted Subsidiary to,
directly or indirectly, make any (i) Restricted Payment covered in clauses (a)
through (c) of the definition of Restricted Payments (including, without
limitation, any payment, dividend or distribution) to the holders of Equity
Interests of the Company or any of its direct or indirect parent companies
(which shall include the Sponsor and its Affiliates) (other than (x) to the
Company and its Restricted Subsidiaries, future, present or former employees,
directors, managers or consultants of the Company, any of its Subsidiaries or
any of it direct or indirect parent companies with respect to Equity Interests
held by them in such capacities pursuant to clause (4) and (y) a Restricted
Payment made pursuant to clause (13)(i)-(iv), (x) or (xi) of the second
paragraph of this Section 4.7) or (ii) Investment in the Sponsor, any
Permitted Holders who are members of a group (within the meaning of Section
13(d)(3) or Section 14(d)(2) of the Exchange Act or any successor provision)
with the Sponsor and it Affiliates (other than to the Company and its
Restricted Subsidiaries and members of management of the Company (or its direct
parent)), in each case during any period beginning on the date on which the
Company makes an election to pay PIK Interest with respect to any interest
period and ending on the first date after such interest period on which the
Company makes a payment of Cash Interest with respect to a subsequent interest
period.

 

SECTION 4.8         Limitation on Dividends and Other
Payment Restrictions Affecting Subsidiaries.

 

The Company will not, and will not permit any
of its Restricted Subsidiaries to, directly or indirectly, create or permit to
exist or become effective any consensual encumbrance or restriction on the
ability of any such Restricted Subsidiary to:

 

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

 

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

 

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

 

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

 

69

 

(1)                                  contractual
encumbrances or restrictions in effect (x) pursuant to a Credit Facility or
related documents as in effect on the Issue Date or (y) on the Issue Date, including,
without limitation, pursuant to Indebtedness in existence on the Issue Date;

 

(2)                                  this
Indenture, the Notes and Guarantees (including any Exchange Notes with respect
to the Notes and related Guarantees);

 

(3)                                  the
Senior Subordinated Notes and related guarantees thereof;

 

(4)                                  purchase
money obligations or other obligations described in clause (5) of the second
paragraph of Section 4.9 that, in each case, impose restrictions of the nature
discussed in clause (3) above in the first paragraph of this Section on the
property so acquired;

 

(5)                                  applicable
law or any applicable rule, regulation or order;

 

(6)                                  any
agreement or other instrument of a Person acquired by the Company or any
Restricted Subsidiary in existence at the time of such acquisition or at the
time a Restricted Subsidiary is first designated as a Restricted Subsidiary
(but not created in connection therewith or in contemplation thereof or to
provide all or a portion of the funds or credit support utilized to consummate
such acquisition), which encumbrance or restriction is not applicable to any
Person, or the properties or assets of any Person, other than the Person, or
the property or assets of the Person, so acquired;

 

(7)                                  contracts
for the sale of assets, including without limitation, customary restrictions
with respect to a Subsidiary pursuant to an agreement that has been entered
into for the sale or disposition of all or substantially all of the Capital
Stock or assets of such Subsidiary;

 

(8)                                  Secured
Indebtedness otherwise permitted to be incurred pursuant to Sections 4.9
and 4.12 that limits the right of the debtor to dispose of the assets
securing such Indebtedness;

 

(9)                                  restrictions
on cash or other deposits or net worth imposed by customers under contracts
entered into in the ordinary course of business;

 

(10)                            other
Indebtedness or Preferred Stock of any Restricted Subsidiary (i) that is a
Guarantor that is incurred subsequent to the Issue Date pursuant to Section
4.9 or (ii) that is incurred by a Foreign Subsidiary of the Company subsequent
to the Issue Date pursuant to Section 4.9;

 

(11)                            customary
provisions in joint venture agreements and other similar agreements entered
into in the ordinary course of business;

 

(12)                            customary
provisions contained in leases, subleases, licenses or asset sale agreements
and other agreements;

 

70

 

(13)                            restrictions
and conditions by the terms of the documentation governing any Receivables
Facility that in the good faith determination of the Company are necessary or
advisable to effect such Receivables Facility;

 

(14)                            negative
pledges and restrictions on Liens in favor of any holder of Indebtedness
permitted under this Indenture; and

 

(15)                            any
encumbrances or restrictions of the type referred to in clauses (1), (2) and
(3) of the first paragraph of this Section 4.8 imposed by any amendments,
modifications, restatements, renewals, increases, supplements, refundings,
replacements or refinancings of the contracts, instruments or obligations
referred to in clauses (1) through (14) above; provided  that the encumbrances or restrictions imposed by such
amendments, modifications, restatements, renewals, increases, supplements,
refundings, replacements or refinancings are, in the good faith judgment of the
Board of Directors of the Company, not materially less favorable to the Holders
of the Notes than encumbrances and restrictions contained in such predecessor
agreements and do not affect the Company’s and Guarantors’ ability, taken as a
whole, to make payments of interest and scheduled payments of principal in
respect of the Notes, in each case as and when due; provided  further, however,  that with respect to agreements existing on the Issue Date,
any refinancings or amendments thereof contain such encumbrances or
restrictions that are not materially less favorable to the Holders of the Notes
than the encumbrances or restrictions contained in such agreements as in effect
on the Issue Date.

 

SECTION 4.9                          Limitation
on Incurrence of Indebtedness and Issuance of Preferred Stock.

 

The Company will not, and will not permit any
of its Restricted Subsidiaries to, directly or indirectly, create, incur,
issue, assume, guarantee or otherwise become directly or indirectly liable,
contingently or otherwise, with respect to (collectively “incur”) any
Indebtedness (including Acquired Debt) and will not permit any of its
Restricted Subsidiaries to issue any shares of Preferred Stock; provided,
however, that the Company and any Restricted Subsidiary may incur
Indebtedness (including Acquired Debt) and any Restricted Subsidiary may issue
Preferred Stock if the Fixed Charge Coverage Ratio of the Company and its
Restricted Subsidiaries (on a consolidated basis) for the Company’s most
recently ended four full fiscal quarters for which internal financial
statements are available immediately preceding the date on which such additional
Indebtedness is incurred or such Preferred Stock is issued would have been at
least 2.0 to 1.0 determined on a pro forma basis (including a pro forma
application of the net proceeds therefrom), as if the additional Indebtedness
had been incurred or the Preferred Stock had been issued, as the case may be,
and the application of proceeds therefrom had occurred at the beginning of such
four-quarter period; provided  further, that any incurrence of
Indebtedness or issuance of Preferred Stock by a Restricted Subsidiary that is
not a Guarantor pursuant to this paragraph is subject to the limitations of set
forth in the sixth paragraph of this Section 4.9.

 

The first paragraph of this Section 4.9
will not prohibit the incurrence of any of the following items of Indebtedness
(collectively, “Permitted Debt”):

 

71

 

(1)                                  the incurrence by the
Company or a Restricted Subsidiary of Indebtedness under Credit Facilities
together with the incurrence by the Company or any Restricted Subsidiary of the
guarantees thereunder and the issuance and creation of letters of credit and
bankers’ acceptances thereunder (with letters of credit and bankers’
acceptances being deemed to have a principal amount equal to the face amount thereof),
up to an aggregate principal amount, equal to (A) $1,815 million minus
(B) the aggregate principal amount of Indebtedness incurred by a Receivables
Subsidiary and then outstanding pursuant to clause (18) of this paragraph or by
a Foreign Subsidiary and then outstanding pursuant to clause (27)(C) of this
paragraph that was used to permanently reduce commitments under a Credit
Facility, minus the amount of all mandatory principal payments actually
made by the borrower thereunder in respect of Indebtedness thereunder with Net
Proceeds from Asset Sales;

 

(2)                                  the incurrence by the
Company and the Guarantors of Indebtedness represented by the Notes (including
any Guarantee thereof and any PIK Notes issued from time to time pursuant to
this Indenture) on the Issue Date and any Exchange Notes and related exchange
guarantees to be issued in exchange for the Notes (including any Guarantee
thereof) pursuant to the Registration Rights Agreement;

 

(3)                                  the incurrence by the
Company and the Guarantors of Indebtedness represented by the Senior
Subordinated Notes (including any guarantee thereof) on the Issue Date; and any
Senior Subordinated Notes and related exchange guarantees to be issued in
exchange for the Senior Subordinated Notes (including any guarantees thereof)
pursuant to the registration rights agreement in connection therewith;

 

(4)                                  any Indebtedness of
the Company and its Restricted Subsidiaries in existence on the Issue Date
(other than Indebtedness described in clauses (1), (2) or (3) above or (23)
below);

 

(5)                                  Indebtedness
(including Capitalized Lease Obligations) incurred by the Company or any
Restricted Subsidiary to finance the purchase, construction, lease or
improvement of property (real or personal) or equipment that is used or useful
in a Permitted Business (whether through the direct purchase of assets or the
Capital Stock of any Person owning such assets) in an aggregate principal
amount that, when aggregated with the principal amount of all other Indebtedness
then outstanding and incurred pursuant to this clause (5) does not exceed $50.0
million;

 

(6)                                  Indebtedness incurred
by the Company or any Restricted Subsidiary constituting reimbursement
obligations with respect to letters of credit issued in the ordinary course of
business, including without limitation letters of credit in respect of workers’
compensation claims, health, disability or other employee benefits or property,
casualty or liability insurance or self-insurance or other Indebtedness with
respect to reimbursement-type obligations regarding workers’ compensation
claims; provided, however, that upon the drawing of such letters
of credit or the incurrence of such Indebtedness, such obligations are
reimbursed within 45 days following such drawing or incurrence;

 

72

 

(7)                                  Indebtedness arising
from agreements of the Company or a Restricted Subsidiary providing for
indemnification, adjustment of purchase price, earn-outs or similar
obligations, in each case, incurred or assumed in connection with the
disposition or acquisition of any business, assets or a Subsidiary, other than
guarantees of Indebtedness incurred by any Person acquiring all or any portion
of such business, assets or a Subsidiary for the purpose of financing such acquisition;
provided, however, that such Indebtedness is not reflected on the
balance sheet (other than by application of FIN 45 as a result of an amendment
to an obligation in existence on the Issue Date) of the Company or any
Restricted Subsidiary (contingent obligations referred to in a footnote to
financial statements and not otherwise reflected on the balance sheet will not
be deemed to be reflected on such balance sheet for purposes of this clause
(7));

 

(8)                                  Indebtedness of the
Company owed to and held by any Restricted Subsidiary or Indebtedness of a
Restricted Subsidiary owed to and held by the Company or any other Restricted
Subsidiary; provided, however, that (A) any subsequent issuance
or transfer of any Capital Stock or any other event that results in any such Restricted
Subsidiary ceasing to be a Restricted Subsidiary or any subsequent transfer of
any such Indebtedness (except to the Company or a Restricted Subsidiary or any
pledge of such Indebtedness constituting a Permitted Lien) shall be deemed, in
each case, to constitute the incurrence of such Indebtedness not permitted by
this clause (8) and (B) if the Company or a Guarantor is the obligor on such
Indebtedness, such Indebtedness is expressly subordinated in right of payment
to all obligations of the Company or such Guarantor with respect to the Notes;

 

(9)                                  shares of Preferred
Stock of a Restricted Subsidiary issued to the Company or a Restricted
Subsidiary; provided that any subsequent issuance or transfer of any
Capital Stock or any other event which results in any such Restricted
Subsidiary ceasing to be a Restricted Subsidiary or any other subsequent
transfer of any such shares of Preferred Stock (except to the Company or a
Restricted Subsidiary) shall be deemed in each case to be an issuance of such
shares of Preferred Stock not permitted by this clause (9);

 

(10)                            Hedging Obligations of the
Company or any Restricted Subsidiary (excluding Hedging Obligations entered
into for speculative purposes);

 

(11)                            obligations in respect of
customs, stay, bid, appeal, performance and surety bonds, appeal bonds and
other similar types of bonds and performance and completion guarantees and
other obligations of a like nature provided by the Company or any Restricted
Subsidiary or obligations in respect of letters of credit related thereto, in
each case in the ordinary course of business or consistent with past practice;

 

(12)                            Indebtedness of the Company
or any Restricted Subsidiary or Preferred Stock of any Restricted Subsidiary
not otherwise permitted hereunder in an aggregate principal amount or
liquidation preference which, when aggregated with the principal amount and
liquidation preference of all other Indebtedness and Preferred Stock then
outstanding and incurred pursuant to this clause (12) does not at any one time outstanding
exceed $100.0 million; provided, that any Indebtedness or Preferred
Stock incurred 

 

73

 

pursuant to this clause (12) shall cease to be deemed incurred or
outstanding for purposes of this clause (12) but shall be deemed incurred for
the purposes of the first paragraph of this Section from and after the first
date on which the Company or such Restricted Subsidiary could have incurred
such Indebtedness or issued such Disqualified Stock or Preferred Stock under
the first paragraph of this Section without reliance on this clause (12);

 

(13)                            (x) any guarantee by the
Company or a Restricted Subsidiary of Indebtedness or other obligations of any
Restricted Subsidiary so long as the incurrence of such Indebtedness incurred
by such Restricted Subsidiary is permitted under the terms of this Indenture; provided
that if such Indebtedness is by its express terms subordinated in right of
payment to the Notes or the Guarantee of such Restricted Subsidiary or the Company,
as applicable, any such guarantee of such Guarantor with respect to such
Indebtedness shall be subordinated in right of payment to such Guarantor’s
Guarantee with respect to the Notes substantially to the same extent as such
Indebtedness is subordinated to the Notes or the Guarantee of such Restricted
Subsidiary, as applicable, and (y) any guarantee by a Restricted Subsidiary of
Indebtedness of the Company incurred in accordance with the terms of this
Indenture;

 

(14)                            the incurrence by the
Company or any Restricted Subsidiary of Indebtedness or Preferred Stock that
serves to refund, replace or refinance any Indebtedness incurred as permitted
under the first paragraph of this Section and clauses (2), (3) and (4) above,
this clause (14) and clauses (15) and (20) below or any Indebtedness issued to
so refund, replace or refinance such Indebtedness including additional
Indebtedness incurred to pay premiums and fees in connection therewith (the “Refinancing
Indebtedness”) prior to its respective maturity; provided, however,
that such Refinancing Indebtedness (A) has a Weighted Average Life to Maturity
at the time such Refinancing Indebtedness is incurred which is not less than
the Weighted Average Life to Maturity of the Indebtedness being refunded or
refinanced, (B) to the extent such Refinancing Indebtedness refinances
Subordinated Indebtedness or Indebtedness pari
passu to the Notes or the Guarantees, such Refinancing Indebtedness is
subordinated or pari passu to the Notes or
the Guarantees at least to the same extent as the Indebtedness being refinanced
or refunded, (C) shall not include (x) Indebtedness or Preferred Stock of a
Subsidiary that is not a Guarantor that refinances Indebtedness or Preferred
Stock of the Company or a Guarantor or (y) Indebtedness or Preferred Stock of
the Company or a Restricted Subsidiary that refinances Indebtedness or
Preferred Stock of an Unrestricted Subsidiary, and (D) shall not be in a
principal amount in excess of the principal amount of, premium, if any, deemed
interest on, and related fees and expenses of, the Indebtedness being refunded,
replaced or refinanced;

 

(15)                            (i) Indebtedness or
Preferred Stock of a Person incurred and outstanding on or prior to the date on
which such Person was acquired by, the Company or any Restricted Subsidiary or
merged into the Company or a Restricted Subsidiary in accordance with the terms
of this Indenture or (ii) Indebtedness of the Company or any Restricted
Subsidiary incurred in connection with or in contemplation of, or to provide
all or any portion of the funds or credit support utilized to consummate, the
acquisition by the Company or such Restricted Subsidiary of property used or
useful in a Permitted 

 

74

 

Business (whether through the direct purchase of assets or the purchase
of Capital Stock of, or merger or consolidation with, any Person owning such assets);
provided, that after giving effect to such incurrence of Indebtedness
either (A) the Company would be permitted to incur at least $1.00 of additional
Indebtedness pursuant to the Fixed Charge Coverage Ratio test set forth in the
first paragraph of this Section or (B) the Fixed Charge Coverage Ratio would be
at least equal to or greater than such Fixed Charge Coverage Ratio immediately
prior to such acquisition;

 

(16)                            Indebtedness arising from
the honoring by a bank or financial institution of a check, draft or similar
instrument drawn against insufficient funds in the ordinary course of business;
provided that such Indebtedness is extinguished within five Business
Days of its incurrence;

 

(17)                            Indebtedness of the Company
or any of its Restricted Subsidiaries supported by a letter of credit issued
pursuant to a Credit Facility in a principal amount not in excess of the stated
amount of such letter of credit;

 

(18)                            Indebtedness incurred by a
Receivables Subsidiary in connection with a Receivables Facility;

 

(19)                            Indebtedness consisting of
promissory notes issued by the Company or any Guarantor to current or former
officers, directors, consultants and employees, their respective estates,
spouses, former spouses, heirs or family members to finance the purchase or
redemption of Equity Interests of Company or any of its direct or indirect
parent companies permitted by Section 4.7;

 

(20)                            Contribution Indebtedness
(it being understood that any Contribution Indebtedness issued pursuant to this
clause (20) shall cease to be deemed incurred or outstanding for purposes of
this clause (20) but shall be deemed incurred for the purposes of the first paragraph
of this Section 4.9 from and after the first date on which the Company
or such Restricted Subsidiary could have incurred such Contribution
Indebtedness under the first paragraph of this Section 4.9 without
reliance on this clause (20));

 

(21)                            Indebtedness of the Company
or any Restricted Subsidiary to the extent the proceeds of such Indebtedness
are deposited and used to defease the Notes as described in Article VIII
hereof;

 

(22)                            Indebtedness of the Company
or any Restricted Subsidiary consisting of the financing of insurance premiums
in the ordinary course of business;

 

(23)                            Indebtedness evidenced by
the Existing Notes not tendered in the tender offer described in the Offering
Memorandum;

 

(24)                            cash management obligations
and Indebtedness in respect of netting ser-vices, overdraft facilities,
employee credit card programs, Cash Pooling Arrangements or similar arrangements
in connection with cash management and deposit accounts; pro-vided that,
with respect to any Cash Pooling Arrangements, the total amount of all 

 

75

 

deposits subject to any such Cash Pooling Arrangement at all times
equals or exceeds the total amount of overdrafts that may be subject to such
Cash Pooling Arrangements;

 

(25)                            Indebtedness of the Company
or any of its Restricted Subsidiaries in respect of Sale and Lease-Back
Transactions;

 

(26)                            Indebtedness representing
deferred compensation to employees of the Company or any Restricted Subsidiary
incurred in the ordinary course of business; and

 

(27)                            Indebtedness or Preferred
Stock of any Foreign Subsidiary:  (A)
incurred under local credit facilities for general corporate purposes not
exceeding, as to all such Foreign Subsidiaries, $50.0 million in the aggregate
at any one time outstanding, (B) incurred to finance or assumed in connection
with the Foreign Subsidiary Reorganization or (C) which serves to refund or
refinance any Indebtedness incurred under clause (1), (2) or (3) of this
paragraph or the payment of any dividend to the Company or any Restricted
Subsidiary in a principal amount not to exceed $200.0 million in the aggregate
at any one time outstanding; provided that any incurrence of
Indebtedness or issuance of Preferred Stock by a Restricted Subsidiary that is
not a Guarantor pursuant to this clause (27)(B) is subject to the sixth
paragraph of this Section 4.9.

 

For purposes of determining compliance with
this Section 4.9 in the event that an item of proposed Indebtedness
meets the criteria of more than one of the categories of Permitted Debt
described in clauses (1) through (27) above, or is entitled to be incurred
pursuant to the first paragraph of this Section 4.9, the Company will be
permitted to classify and later reclassify such item of Indebtedness in any
manner that complies with this Section 4.9, and such item of Indebtedness
will be treated as having been incurred pursuant to only one of such categories.
Accrual of interest or dividends, the accretion of accreted value and the
payment of interest or dividends in the form of additional Indebtedness or
Preferred Stock will not be deemed to be an incurrence of Indebtedness or
Preferred Stock for purposes of this Section 4.9. Notwithstanding the
foregoing, Indebtedness under the Credit Agreement outstanding on the Issue Date
will be deemed to have been incurred on such date in reliance on the exception
provided by clause (1) of the definition of “Permitted Debt” and any such
Indebtedness that was outstanding under the Credit Agreement as of the Issue
Date may not later be reclassified. Additionally, all or any portion of any
other item of Indebtedness may later be reclassified as having been incurred
pursuant to the first paragraph of this Section 4.9 or under any category
of Permitted Debt described in clauses (1) through (27) above so long as such
Indebtedness is permitted to be incurred pursuant to such provision at the time
of reclassification.

 

For purposes of determining compliance with
any U.S. dollar restriction on the incurrence of Indebtedness where the
Indebtedness incurred is denominated in a different currency, the amount of
such Indebtedness will be the U.S. Dollar Equivalent determined on the date of
the incurrence of such Indebtedness; provided, however, that if
any such Indebtedness denominated in a different currency is subject to a
currency agreement with respect to U.S. dollars covering all principal,
premium, if any, and interest payable on such Indebtedness, the amount of such
Indebtedness expressed in U.S. dollars will be as provided in such currency
agreement. The principal amount of any refinancing Indebtedness incurred in the
same currency as the Indebtedness being refinanced will be the U.S. Dollar
Equivalent of the Indebtedness 

 

76

 

being
refinanced, except to the extent that (1) such U.S. Dollar Equivalent was
determined based on a currency agreement, in which case the refinancing
Indebtedness will be determined in accordance with the preceding sentence, and
(2) the principal amount of the refinancing Indebtedness exceeds the principal
amount of the Indebtedness being refinanced, in which case the U.S. Dollar
Equivalent of such excess will be determined on the date such refinancing
Indebtedness is incurred. The maximum amount of Indebtedness that the Company
and its Restricted Subsidiaries may incur pursuant to this Section 4.9
shall not be deemed to be exceeded, with respect to any outstanding Indebtedness,
solely as a result of fluctuations in the exchange rate of currencies.

 

The Company shall not, and shall not permit
any Restricted Subsidiary that is a Guarantor to, directly or indirectly, incur
any Indebtedness that is or purports to be by its terms (or by the terms of any
agreement governing such Indebtedness) contractually subordinated or junior in right
of payment to any Indebtedness (including Acquired Debt) of the Company or such
Restricted Subsidiary, as the case may be, unless such Indebtedness is also by
its terms (or by the terms of any agreement governing such Indebtedness) made
expressly subordinate to the Notes to the extent and in the same manner as such
Indebtedness is subordinated to other Indebtedness of the Company or such
Guarantor’s Guarantee of the Notes (as applicable). Indebtedness shall not be
considered subordinate or junior in right of payment by virtue of being secured
to a greater or lesser extent or with different priority.

 

Notwithstanding anything to the contrary
contained in the first paragraph of this Section 4.9 or in the
definition of Permitted Debt, no Restricted Subsidiary of the Company that is
not a Guarantor shall incur any Indebtedness or issue any Preferred Stock in
reliance on the first paragraph of this Section 4.9 or clause (15) or
(27)(B) of the definition of Permitted Debt (the “Limited Non-Guarantor Debt
Exceptions”) if the amount of such Indebtedness or Preferred Stock, when
aggregated with the amount of all other Indebtedness or Preferred Stock
outstanding under such Limited Non-Guarantor Debt Exceptions, together with any
Refinancing Indebtedness in respect thereof, would exceed $100.0 million; provided,
that in no event shall any Indebtedness or Preferred Stock of any Restricted
Subsidiary that is not a Guarantor (x) existing at the time it became a
Restricted Subsidiary or (y) assumed in connection with any acquisition, merger
or acquisition of minority interests of a non-Wholly Owned Subsidiary (and in
the case of clauses (x) and (y), not created in contemplation of such Person
becoming a Restricted Subsidiary or such acquisition, merger or acquisition of minority
interests) be deemed to be Indebtedness outstanding under the Limited
Non-Guarantor Debt Exceptions for purposes of this paragraph.

 

SECTION 4.10                    Limitation
on Asset Sales.

 

The Company will not, and will not permit any
of its Restricted Subsidiaries to, consummate an Asset Sale unless:

 

(1)                                  the
Company (or such Restricted Subsidiary, as the case may be) receives
consideration at the time of the Asset Sale at least equal to the fair market
value of the assets or Equity Interests issued or sold or otherwise disposed
of; and

 

77

 

(2)                                  at
least 75% of the consideration received in the Asset Sale by the Company or
such Restricted Subsidiary is in the form of cash or Cash Equivalents.

 

For purposes of clause (2) above, the amount
of (i) any liabilities other than contingent liabilities (as shown on the
Company’s or the applicable Restricted Subsidiary’s most recent balance sheet
or in the notes thereto) of the Company or any Restricted Subsidiary (other
than liabilities that are by their terms subordinated to the Notes or the
Guarantees) that are assumed by the transferee of any such assets and from
which the Company and all Restricted Subsidiaries have been validly released by
the applicable creditor(s) in writing, (ii) any securities received by the
Company or such Restricted Subsidiary from such transferee that are converted
by the Company or Restricted Subsidiary into cash (to the extent of the cash
received) within 180 days following the closing of such Asset Sale, (iii) any
assets described in clauses (2) or (3) below, and (iv) any Designated Non-cash
Consideration received by the Company or any of its Restricted Subsidiaries in
such Asset Sale having an aggregate fair market value (as determined in good faith
by the Board of Directors of the Company), taken together with all other
Designated Non-cash Consideration received pursuant to this clause (iv) that is
at that time outstanding, not to exceed the greater of (x) $75.0 million and
(y) an amount equal to 2% of Total Assets of the Company on the date on which
such Designated Non-cash Consideration is received (with the fair market value
of each item of Designated Non-cash Consideration being measured at the time
received without giving effect to subsequent changes in value), shall be deemed
to be cash for purposes of this paragraph and for no other purpose.

 

Within 540 days after the receipt of any Net
Proceeds from an Asset Sale, the Company or such Restricted Subsidiary, as the
case may be, may apply those Net Proceeds at its option:

 

(1)                                  (i)
to reduce Obligations under Secured Indebtedness of the Company or any
Restricted Subsidiary, (ii) to reduce Obligations under Indebtedness of a
Restricted Subsidiary that is not a Guarantor (other than Indebtedness owed to
the Company or another Restricted Subsidiary), (iii) to reduce Obligations
under any Indebtedness outstanding under the Credit Facilities (other than
Subordinated Indebtedness) or (iv) to reduce Indebtedness of the Company that
ranks pari passu with the Notes or Indebtedness
of a Guarantor that ranks pari passu with
such Guarantor’s Guarantee of the Notes (provided that if the Company shall so
reduce Obligations under Indebtedness that ranks
pari passu with the Notes (other than Indebtedness specified in clauses (i)
through (iii) above), it will equally and ratably reduce Obligations under the
Notes through open-market purchases (to the extent such purchases are at or
above 100% of the principal amount thereof) or by causing the Company to make
an offer (in accordance with the procedures set forth below in this Section
4.10) to all Holders of Notes to purchase at a purchase price equal to 100%
of the principal amount thereof, plus accrued and unpaid interest and
Additional Interest, if any, on the pro rata
principal amount of Notes), in each case other than Indebtedness owed to Parent
or any Restricted Subsidiary;

 

(2)                                  to
an investment in (A) any one or more businesses; provided that such
investment in any business is in the form of the acquisition of Capital Stock
and results in the Company or a Restricted Subsidiary owning an amount of the
Capital Stock of such business such that such business constitutes a Restricted
Subsidiary, (B) capital 

 

78

 

expenditures
or (C) other non-current assets, in each of (A), (B) and (C), used or useful in
a Permitted Business; and/or

 

(3)                                  to
an investment in (A) any one or more businesses; provided that such investment
in any business is in the form of the acquisition of Capital Stock and results
in the Company or a Restricted Subsidiary owning an amount of the Capital Stock
of such business such that such business constitutes a Restricted Subsidiary,
(B) properties or (C) assets that, in each of (A), (B) and (C), replace the
businesses, properties and assets that are the subject of such Asset Sale.

 

Any Net Proceeds from an Asset Sale not
applied or invested in accordance with the preceding paragraph within 365 days
from the date of the receipt of such Net Proceeds shall constitute “Excess
Proceeds”; provided that if during such 365-day period the Company
or a Restricted Subsidiary enters into a definitive binding agreement
committing it to apply such Net Proceeds in accordance with the requirements of
clause (2) or (3) of the immediately preceding paragraph after such 365th day,
such 365-day period will be extended with respect to the amount of Net Proceeds
so committed for a period not to exceed 180 days until such Net Proceeds are
required to be applied in accordance with such agreement (or, if earlier, until
termination of such agreement).

 

When the aggregate amount of Excess Proceeds
exceeds $25.0 million, the Company or the applicable Restricted Subsidiary will
make an offer (an “Asset Sale Offer”) to all Holders of Notes and
Indebtedness that ranks pari passu with the
Notes and contains provisions similar to those set forth in this Indenture with
respect to offers to purchase with the proceeds of sales of assets to purchase,
on a pro rata basis, the maximum principal
amount of Notes and such other Indebtedness that ranks pari passu with the Notes that may be purchased out of the Excess
Proceeds. The offer price in any Asset Sale Offer will be equal to 100% of the
principal amount thereof, plus accrued and unpaid interest and Additional
Interest, if any, to the date of purchase, and will be payable in cash.

 

Pending the final application of any Net
Proceeds, the Company or the applicable Restricted Subsidiary may temporarily
reduce revolving credit borrowings or otherwise invest the Net Proceeds in any
manner that is not prohibited by this Indenture.

 

If any Excess Proceeds remain after
consummation of an Asset Sale Offer, the Company or the applicable Restricted
Subsidiary may use those Excess Proceeds for any purpose not otherwise
prohibited by this Indenture. If the aggregate principal amount of Notes
tendered into such Asset Sale Offer exceeds the amount of Excess Proceeds, the
Registrar will select the Notes to be purchased on a pro rata basis. Upon completion of each Asset Sale Offer, the amount
of Excess Proceeds will be reset at zero.

 

The Company or the applicable Restricted
Subsidiary will comply with the requirements of Rule 14e-1 under the Exchange
Act and any other securities laws and regulations thereunder to the extent
those laws and regulations are applicable in connection with each repurchase of
Notes pursuant to an Asset Sale Offer. To the extent that the provisions of any
securities laws or regulations conflict with the Asset Sale provisions of this
Indenture, the Company or the applicable Restricted Subsidiary will comply with
the applicable securities laws and regulations 

 

79

 

and will not
be deemed to have breached its obligations under the Asset Sale provisions of
this Indenture by virtue of such conflict.

 

SECTION 4.11                    Limitation
on Transactions with Affiliates.

 

The Company will not, and will not permit any
of its Restricted Subsidiaries to, make any payment to, or sell, lease, assign,
transfer or otherwise dispose of any of its properties or assets to, or
purchase any property or assets from, or enter into or make or amend any
transaction, contract, agreement, understanding, loan, advance or guarantee
with, or for the benefit of, any Affiliate (each, an “Affiliate Transaction”)
involving aggregate consideration in excess of $10.0 million, unless:

 

(1)                                  the
Affiliate Transaction is on terms that are not materially less favorable to the
Company or the relevant Restricted Subsidiary than those that would have been
obtained in a comparable transaction by the Company or Restricted Subsidiary
with an unrelated Person; and

 

(2)                                  with
respect to any Affiliate Transaction or series of related Affiliate
Transactions involving aggregate consideration in excess of $25.0 million, a
majority of the Board of Directors of the Company (and, if any, a majority of
the disinterested members of the Board of Directors of the Company with respect
to such Affiliate Transaction) have determined in good faith that the criteria
set forth in the immediately preceding clause (1) are satisfied and have
approved the relevant Affiliate Transaction as evidenced by a Board Resolution.

 

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

 

(1)                                  any transaction with
the Company, a Restricted Subsidiary or joint venture or similar entity which
would constitute an Affiliate Transaction solely because the Company or a
Restricted Subsidiary owns an equity interest in or otherwise controls such
Restricted Subsidiary, joint venture or similar entity;

 

(2)                                  Restricted Payments
and Permitted Investments permitted by this Indenture;

 

(3)                                  the payment to the
Sponsor and any of its officers or Affiliates by the Company or any of its
Restricted Subsidiaries, of management, consulting, monitoring and advisory
fees, termination or indemnification payments and related expenses pursuant to
the Management Agreement as in effect on the Issue Date or any amendment
thereto (so long as any such amendment (x) does not increase the amount of fees
payable to the Sponsor and (y) is not less advantageous to the Holders of the
Notes in any material respect than the Management Agreement) (including,
without limitation, the $35.0 million payment to the Sponsor as contemplated
under Section 4.11 in connection with the Transactions);

 

(4)                                  payments in respect
of employment, severance and any other compensation arrangements with, and fees
and expenses paid to, and indemnities 

 

80

 

provided on behalf of (and entering into related agreements with)
officers, directors, employees or consultants of the Company, any of its direct
or indirect parent companies, or any Restricted Subsidiary, in the ordinary course
of business;

 

(5)                                  payments made by the
Company or any Restricted Subsidiary to the Sponsor for any financial advisory,
financing, underwriting or placement services or in respect of other investment
banking activities, including, without limitation, in connection with
acquisitions or divestitures, which payments are approved by majority of the
Board of Directors of the Company (and, if any, a majority of the disinterested
members of the Board of Directors of the Company with respect to such Affiliate
Transaction) in good faith;

 

(6)                                  transactions in which
the Company or any Restricted Subsidiary delivers to the Trustee a letter from
an Independent Financial Advisor stating that such transaction is fair to the
Company or such Restricted Subsidiary from a financial point of view or meets
the requirements of this first paragraph of this Section 4.11;

 

(7)                                  payments or loans (or
cancellations of loans) to employees or consultants of the Company or any of
its direct or indirect parent companies or any Restricted Subsidiary which are
approved by the Board of Directors of the Company in good faith and which are
otherwise permitted under this Indenture;

 

(8)                                  payments made or
performance under any agreement as in effect on the Issue Date (other than the
Management Agreement (which are permitted under clause (3) of the second
paragraph of this Section 4.11), but including, without limitation, each
of the other agreements entered into in connection with the Transactions) that
are disclosed in the Offering Memorandum, including with additional parties
that may be added subsequent to the Issue Date and any amendment thereto to the
extent such an amendment is not adverse to the interests of the Holders of the
Notes in any material respect;

 

(9)                                  transactions with
customers, clients, suppliers, or purchasers or sellers of goods or services
(including Parent and its Subsidiaries), in each case in the ordinary course of
business and otherwise in compliance with the terms of this Indenture that are
fair to the Company or its Restricted Subsidiaries, in the reasonable
determination of the members of the Board of Directors of the Company or the
senior management thereof, or are on terms at least as favorable as would
reasonably have been entered into at such time with an unaffiliated party;

 

(10)                            if otherwise permitted
hereunder, the issuance of Equity Interests (other than Disqualified Stock) of
the Company to any Permitted Holder, any director, officer, employee or
consultant of the Company or its Subsidiaries or any other Affiliates of the
Company (other than a Subsidiary);

 

(11)                            any transaction permitted
by Section 5.1;

 

(12)                            any transaction with a
Receivables Subsidiary effected as part of a Receivables Facility;

 

81

 

(13)                            the Transactions and the
payment of the Transaction Expenses;

 

(14)                            payments by the Company and
its Restricted Subsidiaries to each other pursuant to tax sharing agreements or
arrangements among Parent and its subsidiaries on customary terms (including,
without limitation, transfer pricing initiatives); and

 

(15)                            transactions among Foreign
Subsidiaries for tax planning and tax efficiency purposes.

 

SECTION 4.12                    Limitation
on Liens.

 

The Company will not, and will not permit any
of its Restricted Subsidiaries that are Guarantors to, directly or indirectly,
create, incur, assume or suffer to exist any Lien that secures obligations
under any Indebtedness ranking pari passu with
or subordinated to the Notes or, if applicable, any related Guarantee on any
asset or property of the Company or any Restricted Subsidiary, or any income or
profits therefrom, or assign or convey any right to receive income therefrom,
unless:

 

(1)                                  in
the case of Liens securing Subordinated Indebtedness, the Notes and any related
Guarantees are secured by a Lien on such property, assets or proceeds that is
senior in priority to such Liens; or

 

(2)                                  in
all other cases, the Notes and any related Guarantees are equally and ratably secured,
except that the foregoing shall not apply to:

 

(i)                                     Liens
existing on the Issue Date to the extent and in the manner such Liens are in
effect on the Issue Date;

 

(ii)                                  (A)
Liens securing the Notes and the related Guarantees and any Notes issued in
exchange therefor pursuant to the Registration Rights Agreement (including
Notes issued in exchange for Additional Notes) and secured by a Lien (in each
case in accordance with the terms of the Senior Indenture) and the related
Guarantees, (B) Liens securing Indebtedness permitted to be incurred pursuant
to clauses (1) and (5) of the definition of “Permitted Debt” and (C) Liens
securing Indebtedness permitted to be incurred pursuant to Section 4.9; provided
that with respect to clause (C), at the time of incurrence such secured
Indebtedness does not exceed the maximum principal amount of Indebtedness that,
as of such date, and after giving effect to the incurrence of such Indebtedness
and the application of the proceeds therefrom on such date, would not cause the
Secured Indebtedness Leverage Ratio of the Company to exceed 5.0 to 1.0; or

 

(iii)                               Permitted
Liens.

 

Any Lien created for the benefit of the
Holders of the Notes pursuant to this Section 4.12 shall be deemed
automatically and unconditionally released and discharged upon the release and
discharge of each of the Liens described in clauses (1) and (2) above.

 

82

 

SECTION 4.13                    Payments
for Consent.

 

The Company will not, and will not permit any
of its Subsidiaries to, directly or indirectly, pay or cause to be paid any
consideration to or for the benefit of any Holder of Notes for or as an
inducement to any consent, waiver or amendment of any of the terms or
provisions of this Indenture or the Notes unless such consideration is offered
to be paid and is paid to all Holders of the Notes that so consent, waive or
agree to amend in the time frame set forth in the solicitation documents
relating to such consent, waiver or agreement.

 

SECTION 4.14                    Offer
to Purchase upon Change of Control.

 

If a Change of Control occurs, unless the Company
at such time has given notice of redemption under Section 3.7 with
respect to all outstanding Notes, each holder of Notes will have the right to
require the Company to repurchase all or any part (equal to $2,000 or integral
multiples of $1,000 in excess thereof) of that Holder’s Notes pursuant to a
Change of Control Offer on the terms set forth in this Indenture. In the Change
of Control Offer, the Company will offer a payment (a “Change of Control
Payment”) in cash equal to 101% of the aggregate principal amount of Notes
repurchased plus accrued and unpaid interest and Additional Interest, if any,
on the Notes repurchased, to the date of purchase. Within 30 days following any
Change of Control, unless the Company at such time has given notice of redemption
under Section 3.7 with respect to all outstanding Notes, or, at the Company’s
option, in advance of a Change of Control, the Company will mail a notice to
each Holder, with a copy to the Trustee and each Agent, describing the
transaction or transactions that constitute the Change of Control and offering
to repurchase Notes on the date of such Change of Control Payment specified in
the notice, which date shall be no earlier than 30 days and no later than 60
days from the date such notice is mailed (the “Change of Control Payment
Date”), pursuant to the procedures required by this Indenture and described
in such notice. The Company will comply with the requirements of Rule 14e-1
under the Exchange Act and any other securities laws and regulations thereunder
to the extent those laws and regulations are applicable in connection with the
repurchase of the Notes as a result of a Change of Control. To the extent that
the provisions of any securities laws or regulations conflict with the Change
of Control provisions of this Indenture, the Company will comply with the
applicable securities laws and regulations and will not be deemed to have
breached its obligations under the Change of Control provisions of this
Indenture by virtue of such conflict.

 

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

 

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

 

(2)                                  deposit
with the paying agent an amount equal to the Change of Control Payment in
respect of all Notes or portions of Notes properly tendered; and

 

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

 

83

 

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

 

The Company will not be required to make a
Change of Control Offer upon a Change of Control if (i) a third party makes the
Change of Control Offer in the manner, at the times and otherwise in compliance
with the requirements set forth in this Indenture applicable to a Change of
Control Offer made by the Company and purchases all Notes properly tendered and
not withdrawn under the Change of Control Offer or (ii) a notice of redemption
has been given pursuant to Section 3.9 of this Indenture unless and
until there is a default in the payment of the applicable redemption price. A
Change of Control Offer may be made in advance of a Change of Control and may
be conditional upon the occurrence of a Change of Control if a definitive
agreement is in place for the Change of Control at the time the Change of
Control Offer is made.

 

The provisions described above that require
the Company to make a Change of Control Offer following a Change of Control
will be applicable whether or not any other provisions of this Indenture are
applicable.

 

SECTION 4.15                    Corporate
Existence.

 

Subject to Section 4.14 and
Article V hereof, as the case may be, the Company shall do or cause to be
done all things necessary to preserve and keep in full force and effect its
corporate existence and the corporate, partnership, limited liability company
or other existence of each of its Subsidiaries in accordance with the
respective organizational documents (as the same may be amended from time to
time) of the Company or any such Subsidiary and the rights (charter and
statutory), licenses and franchises of the Company and its Subsidiaries;  provided that the Company shall not be required to
preserve any such right, license or franchise, or the corporate, partnership or
other existence of any of its Subsidiaries, if the Board of Directors of the
Company shall determine that the preservation thereof is no longer desirable in
the conduct of the business of the Company and its Subsidiaries, taken as a
whole, and that the loss thereof is not adverse in any material respect to the
Holders.

 

SECTION 4.16                    Business
Activities.

 

The Company will not, and will not permit any
Restricted Subsidiary to, engage in any business other than a Permitted
Business, except to such extent as would not be material to the Company and its
Subsidiaries taken as a whole.

 

SECTION 4.17                    Additional
Guarantees.

 

After the Issue Date, the Company will cause
(i) each of its Domestic Subsidiaries (other than any Unrestricted Subsidiary)
that incurs any Indebtedness in excess of $25.0 million (other than
Indebtedness permitted to be incurred pursuant to clauses (6), (7), (8), (9),
(10), (11) and (16) of the second paragraph of Section 4.9) and (ii)
each Restricted Subsidiary that guarantees any Indebtedness of the Company or
any of the Guarantors, in each case, within ten (10) Business Days of such
incurrence of any such Indebtedness or guarantee of such Indebtedness, to 

 

84

 

execute and
deliver to the Trustee a Guarantee, together with an Opinion of Counsel,
pursuant to which such Restricted Subsidiary will unconditionally Guarantee, on
a joint and several basis, the full and prompt payment of the principal of,
premium, if any, and interest on the Notes and all other obligations under this
Indenture on the same terms and conditions as those set forth in this
Indenture.

 

Each Guarantee will be limited to an amount
not to exceed the maximum amount that can be guaranteed by that Restricted
Subsidiary without rendering the Guarantee, as it relates to such Restricted
Subsidiary, voidable under applicable law relating to fraudulent conveyance or
fraudulent transfer or similar laws affecting the rights of creditors
generally.

 

Each Guarantee shall automatically be
released in accordance with the provisions of this Indenture described under Section
11.1.

 

SECTION 4.18                    [Reserved]

 

SECTION 4.19                    Further
Instruments and Acts.

 

Upon request by the Trustee, the Company
shall execute and deliver such further instruments and do such further acts as
may be reasonably necessary or proper to carry out more effectively the
purposes of this Indenture.

 

SECTION 4.20                    Covenant
Suspension.

 

If the Notes, on any date following the date of this Indenture are
rated an Investment Grade Rating by both Rating Agencies; and no Default or
Event of Default shall have occurred and be continuing (the foregoing
conditions being referred to collectively as the “Suspension Condition”),
then, beginning on that day and subject to the provisions of the following
paragraph, the Company and the Restricted Subsidiaries shall not be subject to
Section 4.7, 4.8, 4.9, 4.10, 4.11 and 5.1(a)(4) (collectively, the “Suspended
Covenants”).

 

During any period that the foregoing covenants have been suspended, the
Company’s Board of Directors may not designate any of its Subsidiaries as
Unrestricted Subsidiaries pursuant to the second sentence of the definition of “Unrestricted
Subsidiary.”

 

If and while the Company meets the Suspension Condition, the Notes will
be entitled to substantially less covenant protection. If the Company and its
Restricted Subsidiaries are not subject to the Suspended Covenants with respect
to the Notes for any period of time as a result of the foregoing and,
subsequently, one or both Rating Agencies withdraw their Investment Grade
Rating or downgrade the Investment Grade Rating assigned to the Senior Notes
such that the Notes are no longer rated Investment Grade Rating by both Rating
Agencies, then the Company and each of its Restricted Subsidiaries will
thereafter again be subject to the Suspended Covenants. Compliance with the Suspended
Covenants with respect to Restricted Payments made after the time of such
withdrawal or downgrade will be calculated in accordance with Section 4.7
as if such Section 4.7 had been in effect during the entire period of
time from the Issue Date; provided, further, that no Default, Event of Default
or breach of any kind will be deemed to exist under this Indenture for the
Notes or the related Guarantees with respect to the Suspended Covenants based
on, and none of the Company or any of its Subsidiaries will bear 

 

85

 

any liability for, any actions taken or
events occurring after the Notes attain the required ratings and before any
reinstatement of the Suspended Covenants as provided above, or any actions
taken at any time pursuant to any contractual obligations arising prior to the
reinstatement of the Suspended Covenants, regardless of whether those actions
or events would have been permitted if the applicable covenant had remained in
effect during such period.

 

ARTICLE V

 

SUCCESSORS

 

SECTION 5.1                          Merger,
Consolidation or Sale of Assets.

 

(a)                                  The Company may not,
directly or indirectly:  (1) consolidate
or merge with or into another Person (whether or not the Company is the
surviving corporation); or (2) sell, assign, transfer, convey, lease or
otherwise dispose of all or substantially all of the properties or assets of
the Company and its Restricted Subsidiaries, taken as a whole, in one or more
related transactions, to another Person; unless:

 

(1)                                  (a) the Company is
the surviving corporation; or (b) the Person formed by or surviving any such
consolidation or merger (if other than the Company) or to which such sale, assignment,
transfer, conveyance, lease or other disposition has been made is a corporation
or limited liability company organized or existing under the laws of the United
States, any state of the United States, the District of Columbia or any
territory thereof (the Company or such Person, including the Person to which
such sale, assignment, transfer, conveyance, lease or other disposition has
been made, as the case may be, being herein called the “Successor Company”);

 

(2)                                  the Successor Company
(if other than the Company) assumes all the obligations of the Company under
the Notes, this Indenture and the Registration Rights Agreement pursuant to
agreements reasonably satisfactory to the Trustee;

 

(3)                                  immediately after
such transaction, no Event of Default exists;

 

(4)                                  immediately after
giving pro forma effect to such transaction and any related financing
transactions, as if the same had occurred at the beginning of the applicable
four-quarter period, either (a) the Successor Company would be permitted to
incur at least $1.00 of additional Indebtedness pursuant to the Fixed Charge
Coverage Ratio test set forth in the first paragraph of Section 4.9 or
(b) the Fixed Charge Coverage Ratio for the Successor Company and its
Restricted Subsidiaries would be greater than such ratio for the Company and
its Restricted Subsidiaries immediately prior to such transaction; and

 

(5)                                  each Guarantor
(except if it is the other party to the transactions described above in which
case clause (2) above shall apply) shall have by supplemental indenture
confirmed that its Guarantee shall apply to such Person’s obligations under the
Notes, this Indenture and the Registration Rights Agreement.

 

86

 

(b)                                 Notwithstanding the
foregoing, clauses (3) , (4) and (5) above will not be applicable to (a) any
Restricted Subsidiary consolidating with, merging into or selling, assigning,
transferring, conveying, leasing or otherwise disposing of all or part of its
properties and assets to the Company or to another Guarantor; (b) the Company
merging with an Affiliate solely for the purpose of reincorporating the
Company, as the case may be, in another jurisdiction; (c) any Foreign
Subsidiary may consolidate with or merge into or transfer all or part of its properties
and assets to any other Foreign Subsidiary; provided that if the Foreign
Subsidiary so consolidating, merging or transferring all or part of its
properties and assets is a Foreign Subsidiary that is a Guarantor, such Foreign
Subsidiary shall, substantially simultaneously with such merger, transfer or
disposition, terminate its Guarantee and otherwise be in compliance with the
terms of this Indenture; (d) the Foreign Subsidiary Reorganization; (e) CDRV
Holdings, Inc. may consolidate or merge with or into or wind up into CDRV
Investment Holdings Corporation; and (f) CDRV Investment Holdings Corporation
may consolidate or merge with or into or wind up into the Company.

 

(c)                                  For purposes of this Section
5.1, the sale, lease, conveyance, assignment, transfer or other disposition
of all or substantially all of the properties and assets of one or more
Restricted Subsidiaries of the Company, which properties and assets, if held by
the Company instead of such Restricted Subsidiaries, would constitute all or substantially
all of the properties and assets of the Company on a consolidated basis, shall
be deemed to be the sale, lease, conveyance, assignment, transfer or other
disposition of all or substantially all of the properties and assets of the
Company.

 

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

 

(e)                                  In connection with
any consolidation or merger or any sale, assignment, transfer, lease,
conveyance or other disposition of all or substantially all of the assets
of the Company contemplated by this Section 5.1, the Company
shall expressly assume the obligations under the Indenture and Notes by
supplemental indenture and shall execute and deliver to the Trustee a supplemental
indenture, in form and substance reasonably satisfactory to the
Trustee, evidencing such succession together with an Officers’ Certificate
and an Opinion of Counsel, each stating that such consolidation or merger or
any sale, assignment, transfer, lease, conveyance or other disposition of
all or substantially all of the assets of the Company contemplated by this Section
5.1 and such supplemental indenture in respect thereto complies with
this Section 5.1 and that all conditions precedent herein provided for
relating to such transaction or transactions have been complied with and that
such supplemental indenture constitutes the legal, valid and binding obligation
of the successor entity, subject to the customary exceptions.

 

SECTION 5.2                          Successor
Corporation Substituted.

 

Upon any consolidation or merger, or any
sale, assignment, transfer, lease, conveyance or other disposition of all or
substantially all of the assets of the Company in accordance with Section 5.1
hereof, the successor corporation formed by such consolidation or into or with
which 

 

87

 

the Company is
merged or to which such sale, assignment, transfer, lease, conveyance or other
disposition is made shall succeed to, and be substituted for (so that from and
after the date of such consolidation, merger, sale, lease, conveyance or other
disposition, the provisions of this Indenture referring to the “Company” shall
refer instead to the successor corporation and not to the Company), and shall
exercise every right and power of, the Company under this Indenture with the
same effect as if such successor Person had been named as the Company herein.

 

ARTICLE VI

 

DEFAULTS AND
REMEDIES

 

SECTION 6.1                          Events
of Default.

 

Each of the following constitutes an “Event
of Default”:

 

(1)                                  the
Company defaults in payment when due and payable, upon redemption, acceleration
or otherwise, of principal of, or premium, if any, on the Notes;

 

(2)                                  the
Company defaults in the payment when due of interest or Additional Interest, if
any, on or with respect to the Notes and such default continues for a period of
30 days;

 

(3)                                  the
Company defaults in the performance of, or breaches any covenant, warranty or
other agreement contained in, this Indenture (other than a default in the
performance or breach of a covenant, warranty or agreement which is
specifically dealt with in clauses (1) or (2) above) and such default or breach
continues for a period of 60 days after the notice specified below or 90 days
if such default or breach is with respect to the covenant described under Section
4.3;

 

(4)                                  a
default under any mortgage, indenture or instrument under which there is issued
or by which there is secured or evidenced any Indebtedness for money borrowed
by the Company or any Restricted Subsidiary or the payment of which is
guaranteed by the Company or any Restricted Subsidiary (other than Indebtedness
owed to the Company or a Restricted Subsidiary), whether such Indebtedness or
guarantee now exists or is created after the Issue Date, if (A) such default
either (1) results from the failure to pay any such Indebtedness at its stated
final maturity (after giving effect to any applicable grace periods) or (2)
relates to an obligation other than the obligation to pay principal of any such
Indebtedness at its stated final maturity and results in the holder or holders
of such Indebtedness causing such Indebtedness to become due prior to its
stated maturity and (B) the principal amount of such Indebtedness, together
with the principal amount of any other such Indebtedness in default for failure
to pay principal at stated final maturity (after giving effect to any
applicable grace periods), or the maturity of which has been so accelerated,
aggregate $50.0 million (or its foreign currency equivalent) or more at any one
time outstanding;

 

(5)                                  the
failure by the Company or any Significant Subsidiary to pay final judgments
aggregating in excess of $50.0 million (other than any judgments covered by indemnities
or insurance policies as to which liability coverage has not been denied by the

 

88

 

insurance
company or indemnifying party), which final judgments remain unpaid, undischarged
and unstayed for a period of more than 60 days after the applicable judgment becomes
final and non-appealable;

 

(6)                                  the
Guarantee of a Significant Subsidiary that is a Guarantor or any group of
Subsidiaries that are Guarantors and that, taken together as of the date of the
most recent audited financial statements of the Company, would constitute a
Significant Subsidiary ceases to be in full force and effect (except as
contemplated by the terms hereof) or any Guarantor denies or disaffirms its
obligations under the Indenture or any Guarantee, other than by reason of the
release of the Guarantee in accordance with the terms of this Indenture; or

 

(7)                                  (i)  the Company, any Restricted Subsidiary that
is a Significant Subsidiary or any group of Restricted Subsidiaries that, taken
as a whole, would constitute a Significant Subsidiary, pursuant to or within
the meaning of any Bankruptcy Law:

 

(a)                                  commences
a voluntary case,

 

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

 

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

 

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

 

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

 

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

 

(a)                                  is
for relief against the Company or any Restricted Subsidiary that is a
Significant Subsidiary or any group of Restricted Subsidiaries that, taken together,
would constitute a Significant Subsidiary, in an involuntary case;

 

(b)                                 appoints
a custodian of the Company or any Restricted Subsidiary that is a Significant
Subsidiary or any group of Restricted Subsidiaries that, taken together, would
constitute a Significant Subsidiary or for all or substantially all of the
property of the Company or any of its Restricted Subsidiaries; or

 

(c)                                  orders
the liquidation of the Company or any Restricted Subsidiary that is a
Significant Subsidiary or any group of Restricted Subsidiaries that, taken
together, would constitute a Significant Subsidiary and the order or decree remains
unstayed and in effect for 60 consecutive days.

 

89

 

SECTION 6.2                          Acceleration.

 

If an Event of Default (other than an Event
of Default specified in clause (7) above with respect to the Company)
shall occur and be continuing, the Trustee acting at the written direction of
the Holders or the Holders of at least 25% in aggregate principal amount of the
outstanding Notes may declare the principal of the Notes and any accrued
interest on the Notes to be due and payable by notice in writing to the Company
and the Trustee specifying the respective Event of Default and that it is a “notice
of acceleration” (the “Acceleration Notice”), and the same shall become
immediately due and payable.

 

Upon such declaration of acceleration, the
aggregate principal amount of, and accrued and unpaid interest and Additional
Interest, if any, on all of the outstanding Notes shall ipso facto become and be immediately due and payable without any
declaration or other act on the part of the Trustee or any Holder of the Notes.
After such acceleration, but before a judgment or decree based on acceleration,
the Holders of a majority in aggregate principal amount of such outstanding
Notes may, under certain circumstances, rescind and annul such acceleration if
all Events of Default, other than the nonpayment of accelerated principal of or
interest on such Notes, have been cured or waived as provided in this
Indenture.

 

The Holders of a majority in aggregate
principal amount of the Notes then outstanding by written notice to the Trustee
may on behalf of the Holders of all of the Notes waive any existing Default or
Event of Default and its consequences under this Indenture and its consequences:

 

(1)                                  if the rescission
would not conflict with any judgment or decree;

 

(2)                                  if all existing
Events of Default have been cured or waived except nonpayment of principal or
interest that has become due solely because of the acceleration;

 

(3)                                  to the extent the
payment of such interest is lawful, interest on overdue installments of
interest and overdue principal, which has become due otherwise than by such
declaration of acceleration, has been paid;

 

(4)                                  if the Company has
paid the Trustee its reasonable compensation and reimbursed the Trustee for its
expenses, disbursements and advances; and

 

(5)                                  in the event of the
cure or waiver of an Event of Default of the type described in clause (5)
of Section 6.1, the Trustee shall have received an Officers’ Certificate
and an Opinion of Counsel that such Event of Default has been cured or waived.

 

No such rescission shall affect any
subsequent Default or impair any right consequent thereto.

 

In the event of any Event of Default
specified in clause (4) of Section 6.1, such Event of Default
and all consequences thereof (excluding, however, any resulting payment
default) will be annulled, waived and rescinded, automatically and without any
action by the Trustee or the Holders of the Notes, if within 30 days after
such Event of Default arose the Company delivers 

 

90

 

an Officers’
Certificate to the Trustee stating that (x) the Indebtedness or guarantee
that is the basis for such Event of Default has been discharged, (y) the
holders thereof have rescinded or waived the acceleration, notice or action (as
the case may be) giving rise to such Event of Default or (z) the default
that is the basis for such Event of Default has been cured, it being understood
that in no event shall an acceleration of the principal amount of the Notes as
described above be annulled, waived or rescinded upon the happening of any such
events.

 

If an Event of Default specified in
clause (7) above with respect to the Company occurs and is continuing,
then all unpaid principal of, and premium, if any, and accrued and unpaid interest
and Additional Interest, if any, on all of the outstanding Notes shall ipso facto become and be immediately due and payable
without any declaration or other act on the part of the Trustee or any holder
of the Notes.

 

No Holder of any Note will have any right to
institute any proceeding with respect to this Indenture or for any remedy
thereunder, unless such Holder shall have previously given to the Trustee
written notice of a continuing Event of Default and unless also the Holders of
at least 25% in aggregate principal amount of the then outstanding Notes shall
have made written request, and offered reasonable indemnity, to the Trustee to
institute such proceeding as Trustee, and the Trustee shall not have received
from the Holders of a majority in aggregate principal amount of the outstanding
Notes a direction inconsistent with such request and shall have failed to
institute such proceeding within 60 days. Such limitations do not apply,
however, to a suit instituted by a Holder of a Note for enforcement of payment
of the principal of (and premium, if any) or interest on such Note on or after
the respective due dates expressed in such Note.

 

In the case of any Event of Default occurring
by reason of any willful action (or inaction) taken (or not taken) by or on
behalf of the Company with the intention of avoiding payment of the premium
that the Company would have had to pay if the Company then had elected to redeem
the Notes pursuant to Section 3.7, an equivalent premium shall also
become and be immediately due and payable to the extent permitted by law upon
the acceleration of the Notes.

 

SECTION 6.3                          Other
Remedies.

 

If an Event of Default occurs and is
continuing, the Trustee may pursue any available remedy to collect the payment
of principal, premium, if any, interest and Additional Interest, if any, on the
Notes or to enforce the performance of any provision of the Notes or this
Indenture.

 

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

 

SECTION 6.4                          Waiver
of Past Defaults.

 

The Holders of a majority in principal amount
of the Notes issued and then outstanding under this Indenture by notice to the
Trustee may on behalf of the Holders of all of the Notes waive any existing
Default or Event of Default under this Indenture, and its consequences, except
a default in the payment of the principal of or interest on Notes (other than as
a result of 

 

91

 

an
acceleration), which shall require the consent of all of the Holders of the
Notes then outstanding.

 

SECTION 6.5                          Control
by Majority.

 

The Holders of a majority in aggregate
principal amount of the then outstanding Notes may direct the time, method and
place of conducting any proceeding for any remedy available to the Trustee or
exercising any trust or power conferred on the Trustee. However, (i) the
Trustee may refuse to follow any direction that conflicts with law or this
Indenture, that the Trustee determines may be unduly prejudicial to the rights
of other Holders or that may involve the Trustee in personal liability, and
(ii) the Trustee may take any other action deemed proper by the Trustee
which is not inconsistent with such direction. In case an Event of Default
shall occur (which shall not be cured), the Trustee will be required, in the
exercise of its power, to use the degree of care of a prudent man in the
conduct of his own affairs. Notwithstanding any provision to the contrary in
this Indenture, the Trustee is under no obligation to exercise any of its
rights or powers under this Indenture at the request, order or direction of any
Holder, unless such Holder shall offer to the Trustee security and indemnity
satisfactory to it against any loss, liability or expense.

 

SECTION 6.6                          Limitation
on Suits.

 

A Holder may pursue a remedy with respect to
this Indenture or the Notes only if:

 

(a)                                  the
Holder gives to the Trustee written notice of a continuing Event of Default or
the Trustee receives such notice from the Company;

 

(b)                                 the
Holders of at least 25% in aggregate principal amount of the then outstanding
Notes make a written request to the Trustee to pursue the remedy;

 

(c)                                  such
Holder or Holders offer and, if requested, provide to the Trustee indemnity or
security reasonably satisfactory to the Trustee against any loss, liability or
expense;

 

(d)                                 the
Trustee does not comply with the request within 60 days after receipt of
the request and the offer and, if requested, the provision of such indemnity or
security; and

 

(e)                                  during
such 60-day period the Holders of a majority in aggregate principal amount of
the then outstanding Notes do not give the Trustee a direction inconsistent
with the request.

 

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

 

SECTION 6.7                          Rights
of Holders of Notes to Receive Payment.

 

Notwithstanding any other provision of this
Indenture, the right of any Holder to receive payment of principal, premium, if
any, and interest on or after the respective due dates expressed 

 

92

 

in the Note
(including in connection with an offer to purchase), or to bring suit for the
enforcement of any such payment on or after such respective dates, shall not be
impaired or affected without the consent of such Holder.

 

SECTION 6.8                          Collection
Suit by Trustee.

 

If an Event of Default specified in Section 6.1(1)
or (2) hereof occurs and is continuing, the Trustee is authorized to
recover judgment in its own name and as trustee of an express trust against the
Company for the whole amount of principal of, premium and interest remaining unpaid
on the Notes and interest on overdue principal and, to the extent lawful,
interest and such further amount as shall be sufficient to cover the costs and
expenses of collection, including the reasonable compensation, expenses,
disbursements and advances of the Trustee, its agents and counsel.

 

SECTION 6.9                          Trustee
May File Proofs of Claim.

 

The Trustee is authorized to file such proofs
of claim and other papers or documents as may be necessary or advisable in
order to have the claims of the Trustee (including any claim for the reasonable
compensation, expenses, disbursements and advances of the Trustee, its agents
and counsel) and the Holders allowed in any judicial proceedings relative to
the Company (or any other obligor upon the Notes), its creditors or its
property and shall be entitled and empowered to collect, receive and distribute
any money or other securities or property payable or deliverable upon the
conversion or exchange of the Notes or on any such claims and any custodian in
any such judicial proceeding is hereby authorized by each Holder to make such
payments to the Trustee, and in the event that the Trustee shall consent to the
making of such payments directly to the Holders, to pay to the Trustee any
amount due to it for the reasonable compensation, expenses, disbursements and
advances of the Trustee, its agents and counsel, and any other amounts due the
Trustee under Section 7.7 hereof. To the extent that the payment of
any such compensation, expenses, disbursements and advances of the Trustee, its
agents and counsel, and any other amounts due the Trustee under Section 7.7
hereof out of the estate in any such proceeding, shall be denied for any
reason, payment of the same shall be secured by a Lien on, and shall be paid
out of, any and all distributions, dividends, money, securities and other
properties that the Holders may be entitled to receive in such proceeding
whether in liquidation or under any plan of reorganization or arrangement or
otherwise. Nothing herein contained shall be deemed to authorize the Trustee to
authorize or consent to or accept or adopt on behalf of any Holder any plan of
reorganization, arrangement, adjustment or composition affecting the Notes or
the rights of any Holder, or to authorize the Trustee to vote in respect of the
claim of any Holder in any such proceeding.

 

SECTION 6.10                    Priorities.

 

If the Trustee collects any money or property
pursuant to this Article VI, it shall pay out the money and property in
the following order:

 

First:  to the Trustee, its agents and attorneys for
amounts due under Section 7.7 hereof, including payment of all
reasonable compensation, expense and liabilities incurred, and all advances
made, by the Trustee and the costs and expenses of collection;

 

93

 

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

 

Third:  without duplication, to the Holders for any
other Obligations owing to the Holders under this Indenture and the Notes; and

 

Fourth:  to the Company or to such party as a court of
competent jurisdiction shall direct.

 

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

 

SECTION 6.11                    Undertaking
for Costs.

 

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

 

ARTICLE VII

 

TRUSTEE

 

SECTION 7.1                          Duties
of Trustee.

 

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

 

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

 

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

 

(ii)                                  in
the absence of bad faith on its part, the Trustee may conclusively rely, as to
the truth of the statements and the correctness of the opinions expressed
therein, upon certificates or opinions furnished to the Trustee and conforming
to the requirements 

 

94

 

of this
Indenture (but need not confirm or investigate the accuracy of mathematical
calculations or other facts stated therein).

 

However, the Trustee shall examine the certificates
and opinions furnished to it to determine whether or not they conform to the
requirements of this Indenture.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

SECTION 7.2                          Rights
of Trustee.

 

(a)                                  The Trustee may
conclusively rely and shall be fully protected in acting or refraining from
acting on any document (whether in original or facsimile form) believed by it
to be genuine and to have been signed or presented by the proper Person. The
Trustee need not investigate any fact or matter stated in the document.

 

(b)                                 Before the Trustee
acts or refrains from acting, it may require an Officers’ Certificate or an Opinion
of Counsel or both. The Trustee shall not be liable for any action it takes or
omits to take in good faith in reliance on such Officers’ Certificate or
Opinion of Counsel. Prior to taking, suffering or admitting any action, the
Trustee may consult with counsel of the Trustee’s own choosing and the Trustee
shall be fully protected from liability in respect of any action taken,
suffered or omitted by it hereunder in good faith and in conclusive reliance on
the advice or opinion of such counsel.

 

95

 

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

 

(d)                                 The Trustee shall not
be liable for any action it takes or omits to take in good faith that it
believes to be authorized or within the rights or powers conferred upon it by
this Indenture. Any request or direction of the Company mentioned herein shall
be sufficiently evidenced by an Officers’ Certificate and any resolution of the
Board of Directors may be sufficiently evidenced by a Board Resolution.
Whenever in the administration of this Indenture the Trustee shall deem it
desirable that a matter be proved or established prior to taking, suffering or
omitting any action hereunder, the Trustee (unless other evidence be herein
specifically prescribed) may, in the absence of bad faith on its part,
conclusively rely upon an Officers’ Certificate.

 

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

 

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

 

(g)                                 The Trustee shall not
be bound to make any investigation into the facts or matters stated in any
resolution, certificate, statement, instrument, opinion, report, notice,
request, direction, consent, order, bond, debenture, note, other evidence of
indebtedness or other paper or documents, but the Trustee, in its discretion, may
make such further inquiry or investigation into such facts or matters as it may
see fit, and, if the Trustee shall determine to make such further inquiry or
investigation, it shall be entitled to examine during normal business hours the
books, records and premises of the Company, personally or by agent or attorney
at the sole cost of the Company, and shall incur no liability or additional
liability of any kind by reason of such inquiry or investigation.

 

(h)                                 The rights,
privileges, protections and benefits given to the Trustee, including, without
limitation, its rights to compensation and to be indemnified, are extended to,
and shall be enforceable by, the Trustee in each of its capacities hereunder,
the Paying Agent and the Registrar, and to each other agent, custodian and
other Persons employed to act hereunder.

 

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

 

(j)                                     The Trustee shall
not be deemed to have notice or be charged with knowledge of any Default or
Event of Default unless the Trustee shall have received from the Company or any
other obligor upon the Notes or from any Holder written notice thereof at its
address set forth in Section 12.2 hereof, and such notice
references the Notes and this Indenture. In the absence of 

 

96

 

any such notice, the Trustee may conclusively
assume that no such Default or Event of Default exists.

 

SECTION 7.3                          Individual
Rights of Trustee.

 

The Trustee in its individual or any other
capacity may become the owner or pledgee of Notes and may otherwise deal with
the Company or any Affiliate of the Company with the same rights it would have
if it were not Trustee. However, in the event that the Trustee acquires any conflicting
interest it must eliminate such conflict within 90 days, apply to the
Commission for permission to continue as Trustee or resign. Any Agent may do
the same with like rights and duties. The Trustee is also subject to Sections 7.10
and 7.11 hereof.

 

SECTION 7.4                          Trustee’s
Disclaimer.

 

The Trustee shall not be  responsible for and makes no representation as to
the validity or adequacy of this Indenture or the Notes or the Offering Memorandum,
it shall not be accountable for the Company’s use of the proceeds from the
Notes or any money paid to the Company or upon the Company’s direction under
any provision of this Indenture, it shall not be responsible for the use or
application of any money received by any Paying Agent other than the Trustee,
and it shall not be responsible for any statement or recital herein or any
statement in the Notes or the Offering Memorandum, any statement or recital on
any Officers’ Certificate delivered to the Trustee under Article IV or Section 8.4
hereof, or any other document in connection with the sale of the Notes or
pursuant to this Indenture other than its certificate of authentication.

 

SECTION 7.5                          Notice
of Defaults.

 

If a Default or Event of Default occurs and
is continuing and if it is actually known to a Responsible Officer, the Trustee
shall mail to Holders a notice of the Default or Event of Default within
90 days after it occurs. Except in the case of a Default or Event of
Default in payment of principal of, premium, if any, or interest or Additional
Interest on any Note, the Trustee may withhold the notice if and so long as the
board of directors, the executive committee or a trust committee of directors
or Responsible Officers of the Trustee in good faith determines that withholding
the notice is in the interests of the Holders.

 

SECTION 7.6                          Reports
by Trustee to Holders of the Notes.

 

Once this Indenture is qualified under the
TIA, if required by the TIA, 60 days after each May 15 beginning with May
15, 2007, and for so long as Notes remain outstanding, the Trustee shall mail
to the Holders a brief report dated as of such reporting date that complies
with TIA § 313(a) (but if no event described in TIA § 313(a) has
occurred within the twelve months preceding the reporting date, no report need
be transmitted). The Trustee also shall comply with TIA § 313(b). The
Trustee shall also transmit by mail all reports as required by
TIA § 313(c).

 

A copy of each report at the time of its
mailing to the Holders shall be mailed to the Company and filed with the
Commission and each stock exchange on which the Notes are listed in accordance
with TIA § 313(d). The Company shall promptly notify the Trustee when the
Notes are listed on any stock exchange or delisted therefrom.

 

97

 

SECTION 7.7                          Compensation
and Indemnity.

 

The Company shall pay to the Trustee from
time to time compensation for its acceptance of this Indenture and services
hereunder as agreed upon in writing. The Trustee’s compensation shall not be
limited by any law on compensation of a trustee of an express trust. The
Company shall reimburse the Trustee promptly upon request for all reasonable
disbursements, advances and expenses incurred or made by it in addition to the
compensation for its services. Such expenses shall include the reasonable
compensation, disbursements and expenses of the Trustee’s agents and counsel.

 

The Company and the Guarantors, jointly and
severally, shall indemnify the Trustee (which for purposes of this Section 7.7
shall include its officers, directors, employees and agents) against any and
all claims, damage, losses, liabilities or expenses incurred by it arising out
of or in connection with the acceptance or administration of its duties under
this Indenture, including the costs and expenses of enforcing this Indenture
against the Company (including this Section 7.7) and defending
itself against any claim (whether asserted by the Company or any Holder or any
other Person) or liability in connection with the exercise or performance of
any of its powers or duties hereunder except to the extent any such loss,
claim, damage, liability or expense may be attributable to its negligence or
bad faith. The Trustee shall notify the Company promptly of any claim for which
it may seek indemnity. Failure by the Trustee to so notify the Company shall
not relieve the Company of its obligations hereunder. The Company shall defend
the claim and the Trustee shall cooperate in the defense. The Trustee may have
separate counsel and the Company shall pay the reasonable fees and expenses of
one such counsel. The Company need not pay for any settlement made without its
consent, which consent shall not be unreasonably withheld. Under no
circumstances shall the Trustee be liable for any consequential or punitive damages
of any kind.

 

The obligations of the Company and the
Guarantors under this Section 7.7 shall survive the satisfaction
and discharge of this Indenture or the resignation or removal of the Trustee, including
any termination under any Bankruptcy Law.

 

To secure the Company’s payment obligations
in this Section 7.7, the Trustee shall have a Lien prior to the
Notes on all money or property held or collected by the Trustee, except that
held in trust to pay principal or interest, if any, on particular Notes. Such
Lien shall survive the satisfaction and discharge of this Indenture and the
resignation or removal of the Trustee, including any termination under any
Bankruptcy Law.

 

When the Trustee incurs expenses or renders
services after an Event of Default specified in Section 6.1(7)
hereof occurs, the expenses and the compensation for the services (including
the fees and expenses of its agents and counsel) are intended to constitute
expenses of administration under any Bankruptcy Law.

 

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

 

98

 

SECTION 7.8                          Replacement
of Trustee.

 

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

 

The Trustee may resign in writing at any time
and be discharged from the trust hereby created by so notifying the Company.
The Holders of a majority in principal amount of the then outstanding Notes may
remove the Trustee by so notifying the Trustee and the Company in writing. The
Company may remove the Trustee if:

 

(a)                                  the
Trustee fails to comply with Section 7.10 hereof;

 

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

 

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

 

(d)                                 the
Trustee becomes incapable of acting.

 

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

 

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

 

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

 

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

 

99

 

SECTION 7.9                          Successor
Trustee by Merger, Etc.

 

If the Trustee consolidates, merges or converts
into, or transfers all or substantially all of its corporate trust business
(including the administration of this Indenture) to, another corporation, the
successor corporation without any further act shall be the successor Trustee.

 

SECTION 7.10                    Eligibility;
Disqualification.

 

There shall at all times be a Trustee
hereunder that is a corporation organized and doing business under the laws of
the United States of America or of any state thereof that is authorized under
such laws to exercise corporate trustee power and that is subject to
supervision or examination by federal or state authorities. The Trustee
together with its affiliates shall at all times have a combined capital surplus
of at least $50.0 million as set forth in its most recent published annual
report of condition.

 

This Indenture shall always have a Trustee
who satisfies the requirements of TIA §§ 310(a)(l), (2) and (5). The
Trustee is subject to TIA § 310(b) including the provision in
§ 310(b)(1);  provided that there shall
be excluded from the operation of TIA § 310(b)(1) any indenture or indentures
under which other securities, or conflicts of interest or participation in
other securities, of the Company or the Guarantors are outstanding if the
requirements for exclusion set forth in TIA § 310(b)(1) are met.

 

SECTION 7.11                    Preferential
Collection of Claims Against the Company.

 

The Trustee is subject to TIA § 311(a),
excluding any creditor relationship listed in TIA § 311(b). A Trustee who
has resigned or been removed shall be subject to TIA § 311(a) to the
extent indicated therein.

 

SECTION 7.12                    Trustee’s
Application for Instructions from the Company.

 

Any application by the Trustee for written
instructions from the Company may, at the option of the Trustee, set forth in
writing any action proposed to be taken or omitted by the Trustee under this
Indenture and the date on and/or after which such action shall be taken or such
omission shall be effective. The Trustee shall not be liable for any action
taken by, or omission of, the Trustee in accordance with a proposal included in
such application on or after the date specified in such application (which date
shall not be less than 20 Business Days after the date any officer of the
Company actually receives such application, unless any such officer shall have
consented in writing to any earlier date) unless prior to taking any such
action (or the effective date in the case of an omission), the Trustee shall
have received written instructions in response to such application specifying
the action to be taken or omitted.

 

100

 

ARTICLE VIII

 

DEFEASANCE;
DISCHARGE OF THE INDENTURE

 

SECTION 8.1                          Option
to Effect Legal Defeasance or Covenant Defeasance.

 

The Company may, at the option of its Board
of Directors and evidenced by a Board Resolution set forth in an Officers’
Certificate, at any time, elect to have either Section 8.2 or 8.3
hereof applied to all outstanding Notes upon compliance with the conditions set
forth below in this Article VIII.

 

SECTION 8.2                          Legal
Defeasance.

 

Upon the Company’s exercise under Section 8.1
hereof of the option applicable to this Section 8.2, The Company
shall, subject to the satisfaction of the conditions set forth in Section 8.4
hereof, be deemed to have been discharged from its obligations with respect to
all outstanding Notes on the date the conditions set forth below are satisfied
(hereinafter, “Legal Defeasance”) except for (i) the rights of Holders
of outstanding Notes to receive payments in respect of the principal of, premium,
if any, and interest and Additional Interest, if any, on such Notes when such
payments are due from the trust referred to below, (ii) the Company’s
obligations with respect to the Notes concerning issuing temporary Notes,
registration of Notes, mutilated, destroyed, lost or stolen Notes and the
maintenance of an office or agency for payment and money for security payments
held in trust, (iii) the rights, powers, trusts, duties and immunities of the
Trustee, and the Company’s obligations in connection therewith and (iv) the
Legal Defeasance provisions of this Indenture. For this purpose, Legal
Defeasance means that the Company shall be deemed to have paid and discharged
the entire Indebtedness represented by the outstanding Notes, which shall
thereafter be deemed to be “outstanding” only for the purposes of Section 8.5
hereof and the other Sections of this Indenture referred to in (a) and (b)
below, and to have satisfied all of its other obligations under such Notes and
this Indenture (and the Trustee, on demand of and at the expense of the
Company, shall execute proper instruments acknowledging the same), except for
the following provisions which shall survive until otherwise terminated or
discharged hereunder:  (a) the
rights of Holders of outstanding Notes to receive payments in respect of the
principal of, premium and Additional Interest, if any, and interest, if any, on
such Notes when such payments are due from the trust referred to in Section 8.4(1);
(b) the Company’s obligations with respect to such Notes under Sections 2.2,
2.3, 2.4, 2.5, 2.6, 2.7, 2.10 and 4.2
hereof; (c) the rights, powers, trusts, duties and immunities of the
Trustee, including without limitation thereunder, under Sections 7.7,
8.5 and 8.7 hereof and the Company’s obligations in connection
therewith; (d) the Company’s rights pursuant to Section 3.7;
and (e) the provisions of this Article VIII. Subject to compliance
with this Article VIII, the Company may exercise its option under this Section 8.2
notwithstanding the prior exercise of its option under Section 8.3
hereof.

 

SECTION 8.3                          Covenant
Defeasance.

 

Upon the Company’s exercise under Section 8.1
hereof of the option applicable to this Section 8.3, the Company
shall, subject to the satisfaction of the conditions set forth in Section 8.4
hereof, be released from its obligations under the covenants contained in Sections

 

101

 

4.3,
 4.7, 4.8, 4.9, 4.10, 4.11, 4.12,
4.13, 4.14, 4.15, 4.16, 4.17, 4.18,
and 5.1 hereof and the operation of Sections 6.1(3), 6.1(4)
and 6.1(5) with respect to the outstanding Notes on and after the date
the conditions set forth below are satisfied (hereinafter, “Covenant
Defeasance”), and the Notes shall thereafter be deemed not “outstanding”
for the purposes of any direction, waiver, consent or declaration or act of
Holders (and the consequences of any thereof) in connection with such
covenants, but shall continue to be deemed “outstanding” for all other purposes
hereunder (it being understood that such Notes shall not be deemed outstanding
for accounting purposes). For this purpose, Covenant Defeasance means that,
with respect to the outstanding Notes, the Company or any of its Subsidiaries
may omit to comply with and shall have no liability in respect of any term,
condition or limitation set forth in any such covenant, whether directly or
indirectly, by reason of any reference elsewhere herein to any such covenant or
by reason of any reference in any such covenant to any other provision herein
or in any other document and such omission to comply shall not constitute a
Default or an Event of Default under Section 6.1 hereof, but,
except as specified above, the remainder of this Indenture and such Notes shall
be unaffected thereby. In addition, upon the Company’s exercise under Section 8.1
hereof of the option applicable to this Section 8.3, subject to the
satisfaction of the conditions set forth in Section 8.4 hereof, Sections 6.1(4),
(5), (6) and (7) hereof shall not constitute Events of
Default.

 

Notwithstanding any discharge or release of
any obligations pursuant to Section 8.2 or 8.3, the
Company’s obligations in Sections 2.5, 2.6, 2.7, 2.8,
7.7, 8.6 and 8.7 shall survive until the Notes are no
longer outstanding pursuant to the last paragraph of Section 2.8.
After the Notes are no longer outstanding, the Company’s obligations in Sections 7.7,
8.6 and 8.7 shall survive.

 

SECTION 8.4                          Conditions
to Legal or Covenant Defeasance.

 

The following shall be the conditions to the
application of either Section 8.2 or 8.3 hereof to the outstanding Notes:

 

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

 

(2)                                  in the case of Legal
Defeasance, the Company shall have delivered to the Trustee an Opinion of
Counsel in the United States reasonably acceptable to the Trustee confirming
that (a) the Company has received from, or there has been published by,
the Internal Revenue Service a ruling or (b) since the date of this
Indenture, there has been a change in the applicable federal income tax law, in
either case to the effect that, and based thereon such Opinion of Counsel in
the United States will confirm that, the holders of the outstanding Notes will
not recognize income, gain or loss for federal income tax purposes as a result
of such Legal Defeasance and will be subject to federal income tax 

 

102

 

on the same amounts, in the same manner and at the same times as would
have been the case if such Legal Defeasance had not occurred;

 

(3)                                  in the case of
Covenant Defeasance, the Company shall have delivered to the Trustee an Opinion
of Counsel in the United States reasonably acceptable to the Trustee confirming
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;

 

(4)                                  no Default or Event
of Default shall have occurred and be continuing on the date of such deposit
(other than a Default or Event of Default resulting from the borrowing of funds
to be applied to such deposit and the grant of any Lien securing such
borrowings);

 

(5)                                  such Legal Defeasance
or Covenant Defeasance will not result in a breach or violation of, or
constitute a default under any material agreement or instrument (other than
this Indenture) to which the Company or any of its Restricted Subsidiaries are
a party or by which the Company or any of its Restricted Subsidiaries is bound;

 

(6)                                  the Company shall
deliver to the Trustee an Officers’ Certificate stating that the deposit was
not made by the Company with the intent of preferring the Holders of Notes over
the other creditors of the Company or any Guarantor or with the intent of
defeating, hindering, delaying or defrauding creditors of the Company or any
Guarantor or others; and

 

(7)                                  the Company shall
deliver to the Trustee an Officers’ Certificate and an Opinion of Counsel in
the United States, each stating that all conditions precedent provided for or
relating to the Legal Defeasance or the Covenant Defeasance have been complied
with.

 

Notwithstanding the foregoing, the
requirements of clause (2) above with respect to a Legal Defeasance need
not be complied with if all Notes not theretofore delivered to the Trustee for
cancellation (x) have become due and payable or (y) will become due
and payable on the maturity date within one year under arrangements
satisfactory to the Trustee for the giving of notice of redemption by the
Trustee in the name, and at the expense, of the Company.

 

SECTION 8.5                          Deposited
Money and Government Securities to Be Held in Trust; Other Miscellaneous
Provisions.

 

Subject to Section 8.6 hereof,
all money and non-callable U.S. Government Securities (including the proceeds
thereof) deposited with the Trustee (or other qualifying trustee, collectively
for purposes of this Section 8.5, the “Trustee”) pursuant to
Section 8.4 hereof in respect of the outstanding Notes shall be
held in trust, shall not be invested, and applied by the Trustee, in accordance
with the provisions of such Notes and this Indenture, to the payment, either
directly or through any Paying Agent (including the Company or any Subsidiary
acting as Paying Agent) as the Trustee may determine, to the Holders of such
Notes of all sums due and to become due thereon in respect of principal,
premium, if any, and interest and Additional Interest, 

 

103

 

if any, 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 against any tax, fee or other charge imposed on or assessed against the
cash or non-callable U.S. Government Securities deposited pursuant to Section 8.4
hereof or the principal and interest received in respect thereof other than any
such tax, fee or other charge which by law is for the account of the Holders of
the outstanding Notes.

 

Anything in this Article VIII to the
contrary notwithstanding, the Trustee shall deliver or pay to the Company from
time to time upon the written request of the Company and be relieved of all
liability with respect to any money or non-callable U.S. Government Securities
held by it as provided in Section 8.4 hereof which, in the opinion
of a nationally recognized firm of independent public accountants expressed in
a written certification thereof delivered to the Trustee (which may be the
opinion delivered under Section 8.4(a) hereof), are in excess of
the amount thereof that would then be required to be deposited to effect an
equivalent Legal Defeasance or Covenant Defeasance.

 

SECTION 8.6                          Repayment
to Company.

 

Any money deposited with the Trustee or any
Paying Agent, or then held by the Company, in trust for the payment of the
principal of, premium, if any, or interest or Additional Interest, if any, on
any Note and remaining unclaimed for one year after such principal and premium,
if any, or interest or Additional Interest, if any, has become due and payable
shall be paid to the Company on its written 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; provided,  however, that
the Trustee or such Paying Agent, before being required to make any such
repayment, may at the expense of the Company cause to be published once, in the  New York Times and  The
Wall Street Journal (national edition), notice that such money remains unclaimed
and that, after a date specified therein, which shall not be less than
30 days from the date of such notification or publication, any unclaimed
balance of such money then remaining shall be repaid to the Company.

 

SECTION 8.7                          Reinstatement.

 

If the Trustee or Paying Agent is unable to
apply any United States dollars or non-callable U.S. Government Securities in
accordance with Section 8.2, 8.3 or 8.8 hereof, 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 under this Indenture and the
Notes shall be revived and reinstated as though no deposit had occurred
pursuant to Section 8.2, 8.3 or 8.8 hereof until such
time as the Trustee or Paying Agent is permitted to apply all such money in
accordance with Section 8.2, 8.3 or 8.8 hereof, as
the case may be; provided, however,
that, if the Company makes any payment of principal of, premium, if any, or
interest or Additional Interest, if any, on any Note following the 

 

104

 

reinstatement
of its obligations, the Company shall be subrogated to the rights of the
Holders of such Notes to receive such payment from the money held by the
Trustee or Paying Agent.

 

SECTION 8.8                          Discharge.

 

The Company and the Guarantors may terminate
the obligations under this Indenture and the Notes when:

 

(1)                                  either:

 

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

 

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

 

(2)                                  no Default or Event
of Default shall have occurred and be continuing on the date of the deposit or
will occur as a result of the deposit (other than a Default resulting from
borrowing of funds to be applied to such deposit and any similar and simultaneous
deposit relating to other Indebtedness, and in each case the grant of any Lien
securing such borrowing) and the deposit will not result in a breach or
violation of, or constitute a default under, any other material instrument to
which the Company is a party or by which the Company is bound;

 

(3)                                  the Company shall
have paid or caused to be paid all sums payable by it under this Indenture;

 

(4)                                  the Company shall
have delivered irrevocable instructions to the Trustee under this Indenture to
apply the deposited money toward the payment of the Notes issued thereunder at
maturity or the redemption date, as the case may be; and

 

(5)                                  the Company shall
have delivered an Officers’ Certificate and an Opinion of Counsel in the United
States (which may be subject to certain qualifications) to the Trustee stating
that all conditions precedent to satisfaction and discharge have been
satisfied.

 

105

 

In the case of clause (1)(b) of this Section 8.8,
and subject to the next sentence and notwithstanding the foregoing paragraph,
the Company’s obligations in Sections 2.5, 2.6, 2.7, 2.8,
4.1, 4.2, 4.15 (as to legal existence of the Company
only), 7.7, 8.6 and 8.7 shall survive until the Notes are
no longer outstanding pursuant to the last paragraph of Section 2.8.
After the Notes are no longer outstanding, the Company’s obligations in Sections 7.7,
8.6 and 8.7 shall survive any discharge pursuant to Section 8.8.

 

After such delivery or irrevocable deposit,
the Trustee upon request shall acknowledge in writing the discharge of the
Company’s obligations under the Notes and this Indenture except for those
surviving obligations specified above.

 

In connection with a discharge, in the event
the Company becomes insolvent within the applicable preference period after the
date of deposit, monies held for the payment of the Notes may be part of the
bankruptcy estate of the Company, disbursement of such monies may be subject to
the automatic stay of the Bankruptcy Law and monies disbursed to Holders may be
subject to disgorgement in favor of the Company’s estate.

 

ARTICLE IX

 

AMENDMENT,
SUPPLEMENT AND WAIVER

 

SECTION 9.1                          Without
Consent of Holders of the Notes.

 

Notwithstanding Section 9.2,
without the consent of any Holders, the Company, the Guarantors, if any, and
the Trustee, at any time and from time to time, may amend or supplement this
Indenture, the Notes or the Guarantees for any of the following purposes:

 

(1)                                  to cure any
ambiguity, mistake, defect or inconsistency;

 

(2)                                  to provide for
uncertificated Notes in addition to or in place of certificated Notes;

 

(3)                                  to provide for the
assumption by a Successor Company or a successor company of a Guarantor, as
applicable, of the Company’s or such Guarantor’s obligations under this
Indenture, the Notes or any Guarantee;

 

(4)                                  to make any change
that would provide any additional rights or benefits to the Holders of Notes or
that does not adversely affect the legal rights under this Indenture of any
such Holder;

 

(5)                                  to secure the Notes;

 

(6)                                  to comply with
requirements of the Commission in order to effect or maintain the qualification
of this Indenture under the TIA, as amended;

 

(7)                                  to add a Guarantee of
the Notes;

 

106

 

(8)                                  to release a
Guarantor upon its sale or designation as an Unrestricted Subsidiary or other
permitted release from its Guarantee; provided that
such sale, designation or release is in accordance with the applicable
provisions of this Indenture;

 

(9)                                  to conform the text
of this Indenture, Notes or Guarantees to any provision of the “Description of
Notes” in the Offering Memorandum; or

 

(10)                            in the event that PIK Notes
are issued in certificated form, to make appropriate amendments to this
Indenture to reflect an appropriate minimum denomination of certificated  PIK Notes and establish minimum redemption
amounts for certificated PIK Notes.

 

SECTION 9.2                          With
Consent of Holders of Notes.

 

With the consent of the Holders of not less
than a majority in aggregate principal amount of the outstanding Notes, the
Company, the Guarantors, if any, and the Trustee may amend or supplement this
Indenture and the Notes for the purpose of adding any provisions to or changing
in any manner or eliminating any of the provisions of this Indenture or the
Notes or of modifying in any manner the rights of the Holders under this
Indenture or the Notes, including the definitions herein;  provided,  however, that no such amendment or supplement shall,
without the consent of the Holder of each outstanding Note affected thereby:

 

(1)                                  reduce the principal
amount of Notes issued thereunder whose Holders must consent to an amendment,
supplement or waiver;

 

(2)                                  reduce the principal
of or change the fixed maturity of any Note or alter the provisions with respect
to the redemption of such Notes issued thereunder (other than provisions
relating to Sections 3.9, 4.10 and 4.14 except as set
forth in item (10) below);

 

(3)                                  reduce the rate of or
change the time for payment of interest on any Note issued thereunder;

 

(4)                                  waive a Default or
Event of Default in the payment of principal of, or interest or premium, or
Additional Interest, if any, on the Notes issued thereunder (except a
rescission of acceleration of such Notes issued thereunder by the holders of at
least a majority in aggregate principal amount of such Notes issued thereunder
with respect to a nonpayment default and a waiver of the payment default that
resulted from such acceleration);

 

(5)                                  make any Note payable
in money other than that stated in the Notes;

 

(6)                                  make any change in
the provisions of this Indenture relating to waivers of past Defaults or the
rights of Holders of Notes to receive payments of principal of, or interest or
premium or Additional Interest, if any, on such Notes issued thereunder or impair
the right of any holder of Notes to institute suit for the enforcement of any
payment on or with respect to such Holder’s Notes;

 

107

 

(7)                                  waive a redemption
payment with respect to any Note issued thereunder (other than a payment
required by Sections 3.9, 4.10 and 4.14 except as set
forth in item (10) below);

 

(8)                                  make any change in
the ranking, priority or subordination provisions of any Note that would adversely
affect the Holders of such Notes;

 

(9)                                  modify the Guarantees
in any manner adverse to the Holders of the Notes;

 

(10)                            amend, change or modify in
any material respect the obligation of the Company to make and consummate a
Change of Control Offer in respect of a Change of Control that has occurred or
make and consummate an Asset Sale Offer in respect of an Asset Sale that has
been consummated after a requirement to make an Asset Sale Offer has arisen; or

 

(11)                            make any change in the
preceding amendment and waiver provisions.

 

The Holders of not less than a majority in
principal amount of the outstanding Notes may on behalf of the Holders of all
the Notes waive any past Default under this Indenture and its consequences,
except a Default:

 

(1)                                  in
any payment in respect of the principal of (or premium, if any) or interest on
any Notes (including any Note which is required to have been purchased pursuant
to an Offer to Purchase which has been made by the Company), or

 

(2)                                  in
respect of a covenant or provision hereof which under this Indenture cannot be
modified or amended without the consent of the Holder of each outstanding Note
affected.

 

It shall not be necessary for the consent of
the Holders of Notes under this Section 9.2 to approve the particular
form of any proposed amendment or waiver, but it shall be sufficient if such
consent approves the substance thereof.

 

After an amendment, supplement or waiver
under this Section 9.2 becomes effective, the Company shall mail to the
Holders of Notes affected thereby a notice briefly describing the amendment,
supplement or waiver. Any failure of the Company to mail such notice, or any defect
therein, shall not, however, in any way impair or affect the validity of any
such amended or supplemental Indenture or waiver.

 

SECTION 9.3                          Compliance
with Trust Indenture Act.

 

Every amendment or supplement to this
Indenture or the Notes shall be set forth in an amended or supplemental
indenture that complies with the TIA as then in effect.

 

SECTION 9.4                          Revocation
and Effect of Consents.

 

Until an amendment, supplement or waiver
becomes effective, a consent to it by a Holder of a Note is a continuing
consent by the Holder and every subsequent Holder of that Note or 

 

108

 

portion of the
Note that evidences the same debt as the consenting Holder’s Note, even if
notation of the consent is not made on the Note. However, any such Holder or
subsequent Holder may revoke the consent as to its Note if the Trustee receives
written notice of revocation before the date the waiver, supplement or
amendment becomes effective. When an amendment, supplement or waiver becomes
effective in accordance with its terms, it thereafter binds every Holder.

 

The Company may, but shall not be obligated
to, fix a record date for determining which Holders consent to such amendment,
supplement or waiver. If the Company fixes a record date, the record date shall
be fixed at (i) the later of 30 days prior to the first solicitation
of such consent or the date of the most recent list of Holders furnished for
the Trustee prior to such solicitation pursuant to Section 2.5
hereof or (ii) such other date as the Company shall designate.

 

SECTION 9.5                          Notation
on or Exchange of Notes.

 

The Trustee may place an appropriate notation
about an amendment, supplement or waiver, the text of which shall be provided
by the Company, on any Note thereafter authenticated. The Company, in exchange
for all Notes, may issue and the Trustee shall authenticate new Notes that
reflect the amendment, supplement or waiver.

 

Failure to make the appropriate notation or
issue a new Note shall not affect the validity and effect of such amendment,
supplement or waiver.

 

SECTION 9.6                          Trustee
to Sign Amendments, Etc. 

 

The Trustee, the Paying Agent and the
Registrar shall sign any amended or supplemental indenture authorized pursuant
to this Article IX if the amendment or supplement does not adversely
affect the rights, duties, liabilities or immunities of the Trustee, the Paying
Agent and the Registrar. The Company and the Guarantors may not sign an
amendment or supplemental indenture until their respective Boards of Directors
approve it. In signing or refusing to sign any amendment or supplemental
indenture the Trustee, the Paying Agent and the Registrar shall be entitled to
receive and (subject to Section 7.1 hereof) shall be fully protected in
relying upon an Officers’ Certificate and an Opinion of Counsel stating that
the execution of such amendment or supplemental indenture is authorized or
permitted by this Indenture, that all conditions precedent thereto have been
met or waived, that such amendment or supplemental indenture is not inconsistent
herewith, and that it will be valid and binding upon the Company in accordance
with its terms.

ARTICLE X

 

[RESERVED]

 

109

 

ARTICLE XI

 

NOTE
GUARANTEES

 

SECTION 11.1                    Guarantees.

 

(a)                                  Each Guarantor hereby
jointly and severally, fully, unconditionally and irrevocably guarantees the
Notes and obligations of the Company hereunder and thereunder, and guarantees
to each Holder of a Note authenticated and delivered by the Trustee and to the
Trustee on behalf of such Holder, that: 
(i) the principal of and premium, if any, and interest and
Additional Interest, if any, on the Notes shall be paid in full when due,
whether at Stated Maturity, by acceleration, call for redemption or otherwise
(including, without limitation, the amount that would become due but for the
operation of the automatic stay under Section 362(a) of the Bankruptcy
Law), together with interest on the overdue principal, if any, and interest on
any overdue interest and Additional Interest, if any, to the extent lawful, and
all other obligations of the Company to the Holders or the Trustee hereunder or
thereunder shall be paid in full or performed, all in accordance with the terms
hereof and thereof; and (ii) in case of any extension of time of payment
or renewal of any Notes or of any such other obligations, the same shall be
paid in full when due or performed in accordance with the terms of the
extension or renewal, whether at Stated Maturity, by acceleration or otherwise.
Each of the Guarantees shall be a guarantee of payment and not of collection.

 

(b)                                 Each Guarantor hereby
agrees that its obligations hereunder shall be unconditional, irrespective of
the validity, regularity or enforceability of the Notes or this Indenture, the
absence of any action to enforce the same, any waiver or consent by any Holder
with respect to any provisions hereof or thereof, the recovery of any judgment
against the Company, any action to enforce the same or any other circumstance
which might otherwise constitute a legal or equitable discharge or defense of a
Guarantor.

 

(c)                                  Each Guarantor hereby
waives the benefits of diligence, presentment, demand for 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 or any other Person,
protest, notice and all demands whatsoever and covenants that the Guarantee of
such Guarantor shall not be discharged as to any Note except by complete
performance of the obligations contained in such Note and such Guarantee or as
provided for in this Indenture. Each of the Guarantors hereby agrees that, in
the event of a default in payment of principal or premium, if any or interest
on such Note, whether at its Stated Maturity, by acceleration, call for
redemption, purchase or otherwise, legal proceedings may be instituted by the
Trustee on behalf of, or by, the Holder of such Note, subject to the terms and
conditions set forth in this Indenture, directly against each of the Guarantors
to enforce such Guarantor’s Guarantee without first proceeding against the Company
or any other Guarantor. Each Guarantor agrees that if, after the occurrence and
during the continuance of an Event of Default, the Trustee or any of the
Holders are prevented by applicable law from exercising their respective rights
to accelerate the maturity of the Notes, to collect interest on the Notes, or
to enforce or exercise any other right or remedy with respect to the Notes,
such Guarantor shall pay to the Trustee for the account of the Holders, upon
demand therefor, the amount that would otherwise have been due and payable had
such rights and remedies been permitted to be exercised by the Trustee or any
of the Holders.

 

110

 

(d)                                 If any Holder or the
Trustee is required by any court or otherwise to return to the Company or any
Guarantor, or any custodian, trustee, liquidator or other similar official
acting in relation to the Company or any Guarantor, any amount paid by any of
them to the Trustee or such Holder, the Guarantee of each of the Guarantors, to
the extent theretofore discharged, shall be reinstated in full force and
effect. This paragraph (d) shall remain effective notwithstanding any
contrary action which may be taken by the Trustee or any Holder in reliance
upon such amount required to be returned. This paragraph (d) shall survive
the termination of this Indenture.

 

(e)                                  Each Guarantor
further agrees that, as between each Guarantor, on the one hand, and the
Holders and the Trustee, on the other hand, (x) the maturity of the obligations
guaranteed hereby may be accelerated as provided in Article VI hereof for
the purposes of the Guarantee of such Guarantor, notwithstanding any stay,
injunction or other prohibition preventing such acceleration in respect of the
obligations guaranteed hereby, and (y) in the event of any acceleration of
such obligations as provided in Article VI hereof, such obligations
(whether or not due and payable) shall forthwith become due and payable by each
Guarantor for the purpose of the Guarantee of such Guarantor.

 

SECTION 11.2                    Execution
and Delivery of Guarantee.

 

To evidence its Guarantee set forth in Section 11.1,
each Guarantor agrees that a notation of such Guarantee substantially in the
form attached hereto as Exhibit B shall be endorsed on each Note
authenticated and delivered by the Trustee. Such notation of Guarantee shall be
signed on behalf of such Guarantor by an officer of such Guarantor (or, if an
officer is not available, by a board member or director) on behalf of such
Guarantor by manual or facsimile signature. In case the officer, board member
or director of such Guarantor who shall have signed such notation of Guarantee
shall cease to be such officer, board member or director before the Note on
which such Guarantee is endorsed shall have been authenticated and delivered by
the Trustee, such Note nevertheless may be authenticated and delivered as
though the Person who signed such notation of Guarantee had not ceased to be
such officer, board member or director.

 

Each Guarantor agrees that its Guarantee set
forth in Section 11.1 shall remain in full force and effect and
apply to all the Notes notwithstanding any failure to endorse on each Note a
notation of such Guarantee. The delivery of any Note by the Trustee, after the
authentication thereof hereunder, shall constitute due delivery of any
Guarantee set forth in this Indenture on behalf of the Guarantors.

 

SECTION 11.3                    Severability.

 

In case any provision of any Guarantee 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 11.4                    Limitation
of Guarantors’ Liability.

 

Each Guarantor and by its acceptance hereof
each Holder confirms that it is the intention of all such parties that the
Guarantee of such Guarantor not constitute a fraudulent transfer or conveyance
for purposes of the Federal Bankruptcy Law, the Uniform Fraudulent
Conveyance 

 

111

 

Act, the
Uniform Fraudulent Transfer Act or any similar federal or state law or the
provisions of its local law relating to fraudulent transfer or conveyance. To
effectuate the foregoing intention, the Trustee, the Holders and Guarantors
hereby irrevocably agree that the obligations of such Guarantor under its
Guarantee shall be limited to the maximum amount that will not, after giving effect
to all other contingent and fixed liabilities of such Guarantor and after
giving effect to any collections from, rights to receive contribution from or
payments made by or on behalf of any other Guarantor in respect of the
obligations of such other Guarantor under its Guarantee, result in the
obligations of such Guarantor under its Guarantee constituting a fraudulent
transfer or conveyance.

 

SECTION 11.5                    Guarantors
May Consolidate, Etc., on Certain Terms.

 

(a)                                  Except as otherwise
provided in this Section 11.5(a), a Guarantor may not (1)
consolidate with or merge with or into (whether or not such Guarantor is the
surviving Person) another Person; or (2) sell, assign, transfer, convey, lease
or otherwise dispose of all or substantially all of its properties or assets;
unless:

 

(1)                                  (a) such Guarantor is
the surviving corporation; or (b) the Person formed by or surviving any such
consolidation or merger (if other than such Guarantor) or to which such sale,
assignment, transfer, conveyance, lease or other disposition has been made is a
corporation or limited liability company organized or existing under the laws
of the United States, any state of the United States or the District of
Columbia (such Guarantor or such Person, including the Person to which such
sale, assignment, transfer, conveyance, lease or other disposition has been
made, as the case may be, being herein called the “Successor Guarantor”);

 

(2)                                  the Successor
Guarantor (if other than such Guarantor) assumes all the obligations of such
Guarantor under the Guarantee, the Indenture and the Registration Rights
Agreement pursuant to agreements reasonably satisfactory to the Trustee;

 

(3)                                  immediately after
such transaction, no Event of Default exists; and

 

(4)                                  the Net Proceeds of
any such sale or other disposition of a Guarantor are applied in accordance
with the provisions of Section 4.10 hereof.

 

In case of any such consolidation, merger,
sale or conveyance and upon the assumption by the successor Person, by
supplemental indenture, executed and delivered, together with an Opinion of
Counsel to the effect that such consolidation, merger, sale or conveyance was
made in accordance with the provisions of this Indenture, to the Trustee and
satisfactory in form to the Trustee , of the Guarantee and the due and punctual
performance of all of the covenants and conditions of this Indenture and the
Registration Rights Agreement to be performed by the Guarantor, such successor
Person shall succeed to and be substituted for the Guarantor with the same
effect as if it had been named herein as a Guarantor. All the Guarantees so
issued shall in all respects have the same legal rank and benefit under this
Indenture as the Guarantees theretofore and thereafter issued in accordance
with the terms of this Indenture as though all such Guarantees had been issued
at the date of the execution hereof.

 

112

 

Upon delivery to the Trustee of an Officers’
Certificate and an Opinion of Counsel to the effect that such sale or other
disposition was made by the Company in accordance with the provisions of this
Indenture, including without limitation Section 4.10, the Trustee
shall execute any documents reasonably required in order to evidence the
release of any Guarantor from its obligations under its Guarantee

 

Notwithstanding the foregoing, any Guarantor
(A) may consolidate with, merge into or sell, assign, transfer, convey, lease
or otherwise dispose of all or part of its properties and assets to the Company
or to another Guarantor or (B) dissolve, liquidate or wind up its affairs if at
that time it does not hold any material assets.

 

SECTION 11.6                    Releases
Following Sale of Assets.  

 

Any Guarantor shall be released and relieved
of any obligations under this Guarantee in the event that:

 

(a)                                  the
sale, disposition or other transfer (including through merger or consolidation)
of (x) Capital Stock of the applicable Guarantor if after such sale,
disposition or other transfer such Guarantor is no longer a Restricted
Subsidiary, or (y) all or substantially all the assets of the applicable
Guarantor, provided that, in
each case, such sale, disposition or other transfer is made in compliance with
the provisions of this Indenture;

 

(b)                                 the
Company designates any Restricted Subsidiary that is a Guarantor as an Unrestricted
Subsidiary in accordance with the provisions of this Indenture;

 

(c)                                  in
the case of any Restricted Subsidiary which after the Issue Date is required to
guarantee the Notes pursuant to Section 4.17 the release or discharge of
the guarantee by such Restricted Subsidiary of all of the Indebtedness (other
than the Senior Subordinated Notes (to the extent the Senior Subordinated Notes
are outstanding)) of the Company or any Restricted Subsidiary or the repayment
of all of the Indebtedness which resulted in the obligation to guarantee the
Notes;

 

(d)                                 the
Company exercises its legal defeasance option or its covenant defeasance option
pursuant to Sections 8.2 or 8.3 or if its obligations under this
Indenture are discharged in accordance with the terms of this Indenture; or

 

(e)                                  such
Guarantor is also a guarantor or borrower under the Credit Agreement as in
effect on the Issue Date and, at the time of release of its Guarantee, (x) has
been released from its guarantee of, and all pledges and security, if any,
granted in connection with the Credit Agreement (which may be conditioned on
the concurrent release hereunder), (y) is not an obligor under any Indebtedness
(other than Indebtedness permitted to be incurred pursuant to clause (8), (9),
(11) or (16) of the definition of “Permitted Debt” and (z) does not guarantee
any Indebtedness of the Company or any Restricted Subsidiaries (other than any guarantee
that will be released upon the release of the Guarantee hereunder).

 

113

 

Upon delivery to the Trustee of an Officers’
Certificate and an Opinion of Counsel to the effect that such sale or other
disposition was made by the Company in accordance with the provisions of this
Indenture, including without limitation Section 4.10, the Trustee
shall execute any documents reasonably required in order to evidence the
release of any Guarantor from its obligations under its Guarantee.

 

Any Guarantor not released from its
obligations under this Guarantee shall remain liable for the full amount of
principal of and interest on the Notes and for the other obligations of any
Guarantor under this Indenture as provided in this Article XI.

 

SECTION 11.7                    Release
of a Guarantor.

 

Any Guarantor that is designated by the Board
of Directors of the Company as an Unrestricted Subsidiary in accordance with
the terms of this Indenture shall, at such time, be deemed automatically and
unconditionally released and discharged of its obligations under its Guarantee
without any further action on the part of the Trustee or any Holder. The
Trustee shall deliver an appropriate instrument evidencing such release upon
receipt of the Company’s request for such release accompanied by an Officers’
Certificate and an Opinion of Counsel certifying as to the compliance with this
Section 11.7. Any Guarantor not so released shall remain liable for
the full amount of principal of and interest on the Notes as provided in its
Guarantee.

 

SECTION 11.8                    Benefits
Acknowledged.

 

Each Guarantor acknowledges that it will
receive direct and indirect benefits from the financing arrangements
contemplated by this Indenture and that its guarantee and waivers pursuant to
its Guarantee are knowingly made in contemplation of such benefits.

 

ARTICLE XII

 

MISCELLANEOUS

 

SECTION 12.1                    Trust
Indenture Act Controls.

 

If any provision of this Indenture limits,
qualifies or conflicts with the duties imposed by TIA § 318(c), the imposed
duties shall control.

 

SECTION 12.2                    Notices.

 

Any notice or communication by the Company,
any Guarantor or the Trustee to the others is duly given if in writing and
delivered in Person or mailed by first class mail (registered or certified,
return receipt requested), telecopier or overnight air courier guaranteeing
next day delivery, to the others’ address:

 

114

 

If to the Company:

 

CDRV Investors, Inc. (to be renamed VWR
Funding, Inc.)

1310 Goshen Parkway

West Chester, PA  19380

Facsimile:  (610) 431-1700

Attention:  Chief Financial Officer

 

With a copy to:

 

Kirkland & Ellis LLP

200 East Randolph Drive

Chicago, Illinois 60601

Facsimile:  (312) 861-2200

Attention:  Dennis Myers

 

If to the Trustee:

 

Law Debenture Trust Company of New York

400 Madison Avenue, 4th Floor

New York, New York 10017

Facsimile:  (212) 750-1361

Attention:  Corporate Trust Services

 

If to the Paying Agent or Registrar:

 

Deutsche Bank Trust Company Americas

60 Wall Street, 27th Floor

MS: NY60-2710

New York, New York 10005

Attention:  Trust & Securities
Services

Fax:  (732) 380-2345

 

With a copy to:

 

Deutsche Bank National Trust Company

for Deutsche Bank Trust Company Americas

25 DeForest Avenue

Mail Stop:  SUM01-0105

Summit, New Jersey 07901

Fax:  (732) 578-4635

 

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

 

All notices and communications (other than
those sent to Holders) shall be deemed to have been duly given:  at the time delivered by hand, if personally
delivered; five (5) Business Days after being deposited in the mail, postage
prepaid, if mailed; when receipt acknowledged, if 

 

115

 

telecopied;
and the next Business Day after timely delivery to the courier, if sent by
overnight air courier guaranteeing next Business Day delivery.

 

Any notice or communication to a Holder shall
be mailed by first class mail, certified or registered, return receipt
requested, or by overnight air courier guaranteeing next Business Day delivery
to its address shown on the register kept by the Registrar. Any notice or
communication shall also be so mailed to any Person described in TIA
§ 313(c), to the extent required by the TIA. Failure to mail a notice or
communication to a Holder or any defect in it shall not affect its sufficiency
with respect to other Holders.

 

If a notice or communication is mailed in the
manner provided above within the time prescribed, it is duly given, whether or
not the addressee receives it, except in the case of notices or communications
given to the Trustee, which shall be effective only upon actual receipt.

 

If the Company mails a notice or
communication to Holders, it shall mail a copy to the Trustee and each Agent at
the same time.

 

SECTION 12.3                    Communication
by Holders of Notes with Other Holders of Notes.

 

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

 

SECTION 12.4                    Certificate
and Opinion as to Conditions Precedent.

 

Upon any request or application by the
Company to the Trustee to take any action under this Indenture (other than the
initial issuance of the Notes), the Company shall furnish to the Trustee upon
request:

 

(a)                                  an
Officers’ Certificate (which shall include the statements set forth in Section 12.5
hereof) stating that, in the opinion of the signers, all conditions precedent
and covenants, if any,  provided for
in this Indenture relating to the proposed action have been satisfied; and

 

(b)                                 an
Opinion of Counsel (which shall include the statements set forth in Section 12.5
hereof) stating that, in the opinion of such counsel, all such conditions precedent
and covenants have been satisfied.

 

SECTION 12.5                    Statements
Required in Certificate or Opinion.

 

Each certificate or opinion with respect to
compliance with a condition or covenant provided for in this Indenture (other
than a certificate provided pursuant to TIA § 314(a)(4)) shall comply with
the provisions of TIA § 314(e) and shall include:

 

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

 

116

 

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

 

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

 

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

 

SECTION 12.6                    Rules
by Trustee and Agents.

 

The Trustee may make reasonable rules for
action by or at a meeting of Holders. The Registrar or Paying Agent may make
reasonable rules and set reasonable requirements for its functions.

 

SECTION 12.7                    No
Personal Liability of Directors, Officers, Employees and Stockholders.

 

No director, officer, employee, incorporator,
stockholder, unitholder or member of the Company, any of its Subsidiaries or
any of its direct or indirect parent companies, as such, will have any
liability for any obligations of the Company or any Guarantor under the Notes,
this Indenture, the Guarantees, or for any claim based on, in respect of, or by
reason of, such obligations or their creation. Each holder of Notes by
accepting a Note waives and releases all such liability. The waiver and release
are part of the consideration for issuance of the Notes. The waiver may not be
effective to waive liabilities under the federal securities laws, and it is the
view of the Commission that such waiver is against public policy.

 

SECTION 12.8                    Governing
Law.

 

THE INTERNAL LAWS OF THE STATE OF NEW YORK,
WITHOUT REGARD TO CONFLICTS OF LAWS PRINCIPLES THEREOF, SHALL GOVERN AND BE
USED TO CONSTRUE THIS INDENTURE, THE NOTES AND THE GUARANTEES.

 

SECTION 12.9                    No
Adverse Interpretation of Other Agreements.

 

This Indenture may not be used to interpret
any other indenture, loan or debt agreement of the Company or its Subsidiaries
or of any other Person. Any such indenture, loan or debt agreement may not be
used to interpret this Indenture.

 

SECTION 12.10              Successors.

 

All agreements of the Company and the
Guarantors in this Indenture and the Notes and the Guarantees, as applicable,
shall bind their respective successors and assigns. All agreements of the
Trustee in this Indenture shall bind its successors and assigns.

 

117

 

SECTION 12.11              Severability.

 

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

 

SECTION 12.12              Counterpart
Originals.

 

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

 

SECTION 12.13              Table
of Contents, Headings, Etc. 

 

The Table of Contents, Cross-Reference Table
and Headings of the Articles and Sections of this Indenture have been inserted
for convenience of reference only, are not to be considered a part of this
Indenture and shall in no way modify or restrict any of the terms or provisions
hereof.

 

SECTION 12.14              Acts
of Holders.

 

(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. Such instrument or instruments (and the
action embodied therein and evidenced thereby) are herein sometimes referred to
as the “Act” of 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 conclusive in favor of the
Trustee and the Company, if made in the manner provided in this Section 12.14.

 

(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 a certificate of a notary
public or other officer authorized by law to take acknowledgments of deeds,
certifying that the individual signing such instrument or writing acknowledged
to such officer the execution thereof. Where such execution is by a signer
acting in a capacity other than such signer’s individual capacity, such
certificate or affidavit shall also constitute sufficient proof of such
signer’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 which the Trustee deems sufficient.

 

(c)                                  The ownership of
Notes shall be proved by the Holder list maintained under Section 2.5
hereunder.

 

(d)                                 Any request, demand,
authorization, direction, notice, consent, waiver or other Act of the Holder of
any Note shall bind every future Holder of the same Note and the holder of
every Note issued upon the registration of transfer thereof or in exchange
therefor or in lieu 

 

118

 

thereof in respect of anything done, omitted
or suffered to be done by the Trustee or the Company in reliance thereon,
whether or not notation of such action is made upon such Note.

 

(e)                                  If the Company shall
solicit from the Holders any request, demand, authorization, direction, notice,
consent, waiver or other Act, the Company may, at its option, by or pursuant to
a Board Resolution, fix in advance a record date for the determination of
Holders entitled to give such request, demand, authorization, direction,
notice, consent, waiver or other Act, but the Company shall have no obligation
to do so. If such a record date is fixed, such request, demand, authorization,
direction, notice, consent, waiver or other Act may be given before or after
such record date, but only the Holders of record at the close of business on
such record date shall be deemed to be Holders for the purposes of determining
whether Holders of the requisite proportion of outstanding Notes have
authorized or agreed or consented to such request, demand, authorization,
direction, notice, consent, waiver or other Act, and for that purpose the
outstanding Notes shall be computed as of such record date;  provided
that no such authorization, agreement or consent by the Holders on such record
date shall be deemed effective unless it shall become effective pursuant to the
provisions of this Indenture not later than six months after the record date.

 

SECTION 12.15              Effectiveness
of Merger.

 

Upon the consummation of the Merger, CDRV
Investors, Inc. and the Guarantors shall succeed to all of the rights and
obligations of Varietal Distribution Merger Sub, Inc. under this Indenture,
without any further action by any person.

 

[Signatures on following page]

 

119

 

 

 

 

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

 

	
   

  	
  VARIETAL DISTRIBUTION

  
	
   

  	
   

  	
  MERGER SUB, INC.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  
					

 

S-1

 

	
   

  	
  CDRV INVESTORS, INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  

 

S-2

 

	
   

  	
  VWR INTERNATIONAL, INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  
	
   

  	
   

  	
   

  
	
   

  	
  VWR MANAGEMENT SERVICES LLC

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  
	
   

  	
   

  	
   

  
	
   

  	
  VWR, INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  
	
   

  	
   

  	
   

  
	
   

  	
  WARD’S NATURAL SCIENCE

  
	
   

  	
   

  	
  ESTABLISHMENT, LLC

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  
	
   

  	
   

  	
   

  
	
   

  	
  SCIENCE KIT, LLC

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  

 

3

 

	
   

  	
  LAW DEBENTURE TRUST COMPANY

  OF NEW YORK,

  as Trustee

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  

 

S-2

 

	
   

  	
  DEUTSCHE BANK TRUST COMPANY

  AMERICAS

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
  Name:

  
	
   

  	
  Title:

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
  Name:

  
	
   

  	
  Title:

  

 

S-3

 

EXHIBIT A

 

FORM OF SENIOR PIK TOGGLE NOTE

(Face of 10.25%/11.25% Senior PIK Toggle Note due 2015)

 

[Global Note Legend]

 

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

 

TRANSFERS OF THIS GLOBAL SECURITY SHALL BE
LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF CEDE & CO.
OR TO A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S NOMINEE.

 

[Restricted Notes Legend]

 

THIS NOTE EVIDENCED HEREBY HAS NOT BEEN
REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED  (THE “SECURITIES ACT”) AND MAY NOT BE
OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED EXCEPT (A) (1) TO A PERSON WHOM
THE SELLER REASONABLY BELIEVES IS A QUALIFIED INSTITUTIONAL BUYER WITHIN THE
MEANING OF RULE 144A UNDER THE SECURITIES ACT PURCHASING FOR ITS OWN ACCOUNT OR
FOR THE ACCOUNT OF A QUALIFIED INSTITUTIONAL BUYER IN A TRANSACTION MEETING THE
REQUIREMENTS OF RULE 144A, (2) IN AN OFFSHORE TRANSACTION COMPLYING WITH RULE
903 OR RULE 904 OF REGULATION S UNDER THE SECURITIES ACT, (3) PURSUANT TO AN
EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT PROVIDED BY RULE 144
THEREUNDER (IF AVAILABLE), (4) TO AN INSTITUTIONAL ACCREDITED INVESTOR IN A
TRANSACTION EXEMPT FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT,
(5) IN ACCORDANCE WITH ANOTHER EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF
THE SECURITIES ACT (BASED UPON AN OPINION OF COUNSEL IF THE COMPANY SO
REQUESTS) OR (6) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE
SECURITIES ACT AND (B) IN ACCORDANCE WITH ALL APPLICABLE BLUE SKY LAWS OF THE
STATES OF THE UNITED STATES.

 

A-1

 

VARIETAL DISTRIBUTION MERGER SUB, INC.

 

10.25%/11.25% Senior PIK Toggle Notes due 2015

 

	
  No.

  	
   

  	
  $

  	
   

  
	
   

  	
   

  	
  CUSIP
  NO.

  	
   

  
	
   

  	
   

  	
  ISIN
  NO.

  	
   

  

 

Varietal Distribution Merger Sub, Inc. (the “Company”,
which includes any successor entity) promises to pay to Cede & Co. or registered
assigns, the principal sum of
            ($       )
on July 15, 2015.  Upon consummation
of the Transactions CDRV Investors, Inc. (to be renamed VWR Funding, Inc.) will
assume the obligations of the Company under this Note.

 

Interest Payment Dates:  January 15 and July 15, beginning January 15,
2008

Record Dates:  January 1 and July 1

 

Reference is made to further provisions of
this Note set forth on the reverse hereof, which further provisions shall for
all purposes have the same effect as set forth at this place.

 

Unless the certificate of authentication
hereon has been executed by the Trustee referred to on the reverse hereof by
manual signature, this Note shall not be entitled to any benefits under this
Indenture referred to on the reverse hereof or be valid or obligatory for any
purpose.

 

A-2

 

IN WITNESS WHEREOF, the Company has caused
this Note to be signed manually or by facsimile by its duly authorized
officers.

 

Dated:

 

	
   

  	
  VARIETAL DISTRIBUTION MERGER 

  
	
   

  	
   

  	
  SUB, INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  
					

 

A-3

 

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

 

Dated:

 

LAW DEBENTURE TRUST COMPANY OF NEW YORK, as Trustee

 

 

	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
   

  

 

A-4

 

(Back of 10.25%/11.25% Senior PIK Toggle Note)

10.25%/11.25% Senior PIK Toggle Notes due 2015

 

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

 

(1)           Interest.  Varietal Distribution Merger Sub, Inc., a
Delaware corporation (the “Company”, which includes any successor entity)
promises to pay interest on the principal amount of this 10.25%/11.25% Senior
PIK Toggle Note due 2015 (a “Senior Note”) as follows:

 

Cash Interest on the Senior Notes will accrue
at the rate of 10.25% per annum and be payable in cash.  PIK Interest on the Senior Notes will accrue
at the rate of 11.25% per annum and be payable (x) with respect to Senior Notes
represented by one or more global notes registered in the name of, or held by,
the Depository Trust Company (“DTC”) or its nominee on the relevant
record date, by increasing the principal amount of the outstanding global
Senior Notes by an amount equal to the amount of PIK Interest for the
applicable interest period (rounded up to the nearest $1) and (y) with respect
to Senior Notes represented by certificated notes, by issuing PIK Notes in
certificated form in an aggregate principal amount equal to the amount of PIK
Interest for the applicable interest period (rounded up to the nearest whole
dollar) and the Trustee will, at the request of the Company, authenticate and
deliver such PIK Notes in certificated form for original issuance to the
holders on the relevant record date, as shown by the records of the
Register.  Following an increase in the
principal amount of the outstanding global Senior Notes as a result of a PIK
Payment, the global Senior Notes will bear interest on such increased principal
amount from and after the date of such PIK Payment.  Any PIK Notes issued in certificated form
will be dated as of the applicable interest payment date and will bear interest
from and after such date.  All Senior
Notes issued pursuant to a PIK Payment will mature on July 15, 2015 and
will be governed by, and subject to the terms, provisions and conditions of,
the Indenture and shall have the same rights and benefits as the Senior Notes
issued on the Issue Date.  Any
certificated PIK Notes will be issued with the description “PIK” on the face of
such PIK Note.

 

The Company will pay interest in United
States dollars (except as otherwise provided herein) semiannually in arrears on
January 15 and July 15, commencing on January 15, 2008 or if any
such day is not a Business Day, on the next succeeding Business Day (each an “Interest
Payment Date”).  Interest on the
Senior Notes shall accrue from the most recent date to which interest has been
paid or, if no interest has been paid, from June 29, 2007;  provided
that if there is no existing Default or Event of Default in the payment of
interest, and if this Senior Note is authenticated between a record date
referred to on the face hereof and the next succeeding Interest Payment Date
(but after June 29, 2007), interest shall accrue from such next succeeding
Interest Payment Date, except in the case of the original issuance of Senior
Notes, in which case interest shall accrue from the date of
authentication.  The Company shall pay
interest (including post-petition interest in any proceeding under any
Bankruptcy Law) on overdue principal to the extent lawful; it shall pay
interest (including post-petition interest in any proceeding under any
Bankruptcy Law) on overdue installments of interest and Additional Interest, if
any (without regard to any applicable grace period) to the extent lawful.  Interest shall be computed on the

 

A-5

 

basis of a 360-day year comprised of
twelve 30-day months.  The interest
rate on the Notes will in no event be higher than the maximum rate permitted by
New York law as the same may be modified by United States law of general application.

 

(2)           Method
of Payment.  For any interest payment
period through July 15, 2011, the Company may, at its option, elect to pay
interest on the Senior Notes:

•                       entirely in
cash (“Cash Interest”),

 

•                       entirely by
increasing the principal amount of the outstanding Senior Notes or by issuing
PIK Notes (“PIK Interest”), or

 

•                       50% as Cash
Interest and 50% as PIK Interest (“Partial PIK Interest”).

 

The Company must elect the form of interest
payment with respect to each interest period by delivering a notice to the
Trustee at least 10 Business Days prior to the beginning of each interest
period.  The Trustee shall promptly
deliver a corresponding notice to the Holders. 
In the absence of such an election, interest on the Senior Notes will be
payable entirely in cash.  Interest for
the first interest period commencing on the Issue Date shall be payable
entirely in cash.  After July 15,
2011, the Company will make all interest payments on the Senior Notes entirely
in cash.

 

The Company will pay Cash Interest on the
Senior Notes (except defaulted interest) on the applicable Interest Payment
Date to the Persons who are registered Holders of Senior Notes at the close of
business on the January 1 and July 1 preceding the Interest Payment
Date, even if such Senior Notes are cancelled after such record date and on or
before such Interest Payment Date, except as provided in Section 2.12
of the Indenture with respect to defaulted interest.  The Senior Notes shall be payable as to
principal, premium, if any, and interest and Additional Interest, if any, at
the office or agency of the Company maintained for such purpose within the City
and State of New York, or, at the option of the Company, payment of interest
may be made by check mailed to the Holders at their addresses set forth in the
register of Holders;  provided
that payment by wire transfer of immediately available funds shall be required
with respect to principal of, premium, if any, and interest on, all Global
Notes and all other Senior Notes the Holders of which shall have provided, at
least three Business Days prior to the applicable payment date, written wire
transfer instructions to the Company and the Paying Agent.  Such payment shall be in such coin or
currency of the United States of America as at the time of payment is legal tender
for payment of public and private debts.

 

Any payments of principal of this Senior Note
prior to Stated Maturity shall be binding upon all future Holders of this Note
and of any Note issued upon the registration of transfer hereof or in exchange
hereof or in lieu hereof, whether or not noted hereon.  The amount due and payable at the maturity of
this Note shall be payable only upon presentation and surrender of this Note at
an office of the Trustee or the Trustee’s agent appointed for such purposes.

 

(3)           Paying
Agent and Registrar.  Initially,
DEUTSCHE BANK TRUST COMPANY AMERICAS, shall act as Paying Agent and Registrar.  The Company may change any Paying

 

A-6

 

Agent or Registrar without notice to any Holder.  The Company or any of its Restricted
Subsidiaries may act in any such capacity.

 

(4)           Indenture.  The Company issued the Senior Notes under an
Indenture, dated as of June 29, 2007 (the “Indenture”), by and among Varietal Distribution Merger Sub,
Inc., CDRV Investors, Inc., the Guarantors, the Trustee and the Paying Agent
and Registrar.  The terms of the Senior
Notes include those stated in the Indenture and those made a part of the
Indenture by reference to the Trust Indenture Act of 1939, as amended (15 U.S.
Code §§ 77aaa-77bbbb) (the “TIA”).  To the extent the provisions of this Senior
Note are inconsistent with the provisions of the Indenture, the Indenture shall
govern.  The Senior Notes are subject to
all such terms, and Holders are referred to the Indenture and such Act for a
statement of such terms.  The Senior
Notes issued on the Issue Date are senior obligations of the Company limited to
$675,000,000 in aggregate principal amount, plus amounts, if any, sufficient to
pay premium and interest on outstanding Senior Notes as set forth in
Paragraph 2 hereof.  The Indenture
permits the issuance of Additional Notes subject to compliance with certain
conditions.

 

The payment of principal and interest on the
Senior Notes is unconditionally guaranteed on a senior basis by the Guarantors.

 

(5)           Optional Redemption.

 

(a)           The
Notes may be redeemed in whole or in part, at any time prior to July 15,
2011, at the option of the Company upon not less than 30 nor more than
60 days’ prior notice mailed by first-class mail to each Holder’s
registered address, at a redemption price equal to 100% of the principal amount
of the Notes redeemed plus the Applicable Premium as of, and accrued and unpaid
interest and Additional Interest, if any, to, the applicable redemption date
(subject to the right of Holders on the relevant record date to receive
interest due on the relevant interest payment date).

 

(b)           The
Notes are subject to redemption, at the option of the Company, in whole or in
part, at any time on or after July 15, 2011, upon not less than 30 nor
more than 60 days’ notice, at the following Redemption Prices (expressed as a
percentage of the principal amount to be redeemed) set forth below, plus
accrued and unpaid interest and Additional Interest, if any, to, but not including,
the redemption date (subject to the right of Holders of record on the relevant
regular record date to receive interest due on an interest payment date that is
on or prior to the redemption date) if redeemed during the twelve-month period
beginning on July 15 of the years indicated below:

 

	
  Year

  	
   

  	
  Percentage

  	
   

  
	
  2011

  	
   

  	
  105.1250

  	
  %

  
	
  2012

  	
   

  	
  102.5625

  	
  %

  
	
  2013 and thereafter

  	
   

  	
  100.0000

  	
  %

  

 

(c)           In
addition to the optional redemption of the Notes in accordance with the provisions
of the preceding paragraph, prior to July 15, 2010, the Company may on one
or more occasions, with the net cash proceeds of one or more Equity Offerings,
redeem up to 35% of the aggregate principal amount of the outstanding Notes at
a Redemption Price of 110.25% of the

 

A-7

 

principal amount thereof, plus accrued and
unpaid interest and Additional Interest, if any, thereon to the date of
redemption;  provided that at least 65% of
the aggregate principal amount of Notes originally issued on the Issue Date
remains outstanding immediately after the occurrence of any such redemption
(excluding Notes held by Parent and its Affiliates) and that any such
redemption occurs within 90 days following the closing of any such Equity
Offering.

 

(d)           Notice
of any redemption upon an Equity Offering 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 one or more conditions precedent,
including, but not limited to completion of the related Equity Offering.

 

(6)           Mandatory
Redemption.  Except as set forth
below, the Company shall not be required to make mandatory redemption or
sinking fund payments with respect to the Senior Notes.

 

If the Notes would otherwise constitute “applicable
high yield discount obligations” within the meaning of Section 163(i)(1)
of the Code, at the end of the first accrual period ending after the fifth
anniversary of the Notes’ issuance (the “AHYDO redemption date”), the
Issuer will be required to redeem for cash a portion of each toggle note then
outstanding equal to the “Mandatory Principal Redemption Amount” (such
redemption, a “Mandatory Principal Redemption”).  The redemption price for the portion of each
toggle note redeemed pursuant to a Mandatory Principal Redemption will be 100%
of the principal amount of such portion plus any accrued interest thereon on
the date of redemption.  The “Mandatory
Principal Redemption Amount” means the portion of a toggle note required to
be redeemed to prevent such toggle note from being treated as an “applicable
high yield discount obligation” within the meaning of Section 163(i)(1) of
the Code.  No partial redemption or
repurchase of the Notes prior to the AHYDO redemption date pursuant to any
other provision of the Indenture will alter the Issuer’s obligation to make the
Mandatory Principal Redemption with respect to any Notes that remain outstanding
on the AHYDO redemption date.

 

(7)           Repurchase at Option of Holder.

 

(a)           Upon
the occurrence of a Change of Control, each Holder will have the right to
require the Company to repurchase all or any part (equal to $2,000 or integral
multiples of $1,000 in excess thereof) of such Holder’s Senior Notes pursuant
to the offer described below (the “Change
of Control Offer”) at an offer price in cash equal to 101% of the
aggregate principal amount thereof plus accrued and unpaid interest and Additional
Interest, if any, thereon to the date of purchase.  Within 30 days following any Change of
Control, the Company will mail a notice to each Holder describing the
transaction or transactions that constitute the Change of Control setting forth
the procedures governing the Change of Control Offer required by the Indenture.

 

(b)           Upon
the occurrence of certain Asset Sales, the Company may be required to offer to
purchase Notes.

 

(c)           Holders
of the Senior Notes that are the subject of an offer to purchase will receive
notice of an Offer to Purchase pursuant to an Asset Sale or a Change of Control
from the

 

A-8

 

Company prior to any related purchase date
and may elect to have such Senior Notes purchased by completing the form titled
“Option of Holder to Elect Purchase” appearing below.

 

(8)           Notice
of Redemption.  Notice of redemption
shall be mailed by first-class mail at least 30 days but not more than
60 days before the redemption date to each Holder whose Senior Notes are
to be redeemed at its registered address. 
Senior Notes in denominations larger than $2,000 may be redeemed in part
but only in minimum denominations of $2,000 and integral multiples of $1,000
thereof, unless all of the Senior Notes held by a Holder are to be
redeemed.  On and after the redemption
date, interest will cease to accrue on the Senior Notes or portions hereof
called for redemption.

 

(9)           Successor
Entity.  When a successor entity
assumes, in accordance with the Indenture, all of the obligations of its
predecessor under the Notes and Indenture, and immediately before and after
such transaction, no Event of Default Exists and certain other conditions are
satisfied, the predecessor entity will be released from those obligations.

 

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

 

(11)         Persons
Deemed Owners.  The registered holder
of a Senior Note may be treated as its owner for all purposes.

 

(12)         Amendment,
Supplement and Waiver.  Subject to
the following paragraphs, the Indenture and the Senior Notes may be amended or
supplemented with the consent of the Holders of at least a majority in
aggregate principal amount of the outstanding Senior Notes, and any existing
Default or Event of Default or compliance with any provision of the Indenture
or the Senior Notes may be waived with the consent of the Holders of a majority
in aggregate principal amount of the outstanding Senior Notes.

 

Notwithstanding Section 9.2 of
the Indenture, without the consent of any Holders, the Company, the Guarantors,
if any, and the Trustee upon receipt of an Officers’ Certificate of no material
adverse effect to the Holders and an Opinion of Counsel, at any time and from
time to time, may amend or supplement the Indenture for any of the following
purposes:

 

(1)           to
cure any ambiguity, mistake, defect or inconsistency;

 

(2)           to
provide for uncertificated Notes in addition to or in place of certificated
Notes;

 

A-9

 

(3)           to
provide for the assumption by a Successor Company or a successor company of a
Guarantor, as applicable, of the Company’s or such Guarantor’s obligations
under the Indenture, the Notes or any Guarantee;

 

(4)           to
make any change that would provide any additional rights or benefits to the
Holders of Notes or that does not adversely affect the legal rights under the
Indenture of any such Holder;

 

(5)           to
secure the Notes;

 

(6)           to
comply with requirements of the Commission in order to effect or maintain the
qualification of the Indenture under the TIA, as amended;

 

(7)           to
add a Guarantee of the Notes;

 

(8)           to
release a Guarantor upon its sale or designation as an Unrestricted Subsidiary
or other permitted release from its Guarantee;  provided
that such sale, designation or release is in accordance with the applicable
provisions of the Indenture; or

 

(9)           to
conform the text of the Indenture, Notes or Guarantees to any provision of the “Description
of Notes” in the Offering Memorandum.

 

With the consent of the Holders of not less
than a majority in aggregate principal amount of the outstanding Notes, the
Company, the Guarantors, if any, and the Trustee may amend or supplement the
Indenture for the purpose of adding any provisions to or changing in any manner
or eliminating any of the provisions of the Indenture or the Notes or of
modifying in any manner the rights of the Holders under the Indenture or the
Notes, including the definitions herein;  provided,
however, that no such amendment or supplement shall, without the consent of
the Holder of each outstanding Note affected thereby:

 

(1)           reduce
the principal amount of Notes issued thereunder whose Holders must consent to
an amendment, supplement or waiver;

 

(2)           reduce
the principal of or change the fixed maturity of any Note or alter the provisions
with respect to the redemption of such Notes issued thereunder (other than
provisions relating to Sections 3.9, 4.10 and 4.14
except as set forth in item (10) below);

 

(3)           reduce
the rate of or change the time for payment of interest on any Note issued
thereunder;

 

(4)           waive
a Default or Event of Default in the payment of principal of, or interest or
premium, or Additional Interest, if any, on the Notes issued thereunder (except
a rescission of acceleration of such Notes issued thereunder by the holders of
at least a majority in aggregate principal amount of such Notes issued
thereunder with respect to a nonpayment default and a waiver of the payment
default that resulted from such acceleration);

 

(5)           make
any Note payable in money other than that stated in the Notes;

 

A-10

 

(6)           make
any change in the provisions of the Indenture relating to waivers of past
Defaults or the rights of Holders of Notes to receive payments of principal of,
or interest or premium or Additional Interest, if any, on such Notes issued
thereunder or impair the right of any holder of Notes to institute suit for the
enforcement of any payment on or with respect to such Holder’s Notes;

 

(7)           waive
a redemption payment with respect to any Note issued thereunder (other than a
payment required by Sections 3.9, 4.10 and 4.14
except as set forth in item (10) below);

 

(8)           make
any change in the ranking, priority or subordination provisions of any Note
that would adversely affect the Holders of such Notes;

 

(9)           modify
the Guarantees in any manner adverse to the Holders of the Notes;

 

(10)         amend,
change or modify in any material respect the obligation of the Company to make
and consummate a Change of Control Offer in respect of a Change of Control that
has occurred or make and consummate an Asset Sale Offer in respect of an Asset
Sale that has been consummated after a requirement to make an Asset Sale Offer
has arisen; or

 

(11)         make
any change in the preceding amendment and waiver provisions.

 

The Holders of not less
than a majority in aggregate principal amount of the outstanding Notes may on
behalf of the Holders of all the Notes waive any past Default under the
Indenture and its consequences, except a Default:

 

(1)           in
any payment in respect of the principal of (or premium, if any) or interest on
any Notes (including any Note which is required to have been purchased pursuant
to an Offer to Purchase which has been made by the Company), or

 

(2)           in
respect of a covenant or provision hereof which under the Indenture cannot be
modified or amended without the consent of the Holder of each outstanding Note
affected.

 

It shall not be necessary for the consent of
the Holders of Notes under Section 9.2 of the Indenture to approve the
particular form of any proposed amendment or waiver, but it shall be sufficient
if such consent approves the substance thereof.

 

After an amendment, supplement or waiver
under Section 9.2 of the Indenture becomes effective, the Company shall
mail to the Holders of Notes affected thereby a notice briefly describing the
amendment, supplement or waiver.  Any
failure of the Company to mail such notice, or any defect therein, shall not,
however, in any way impair or affect the validity of any such amended or
supplemental Indenture or waiver.

 

A-11

 

(13)         Defaults and Remedies.  Events of Default include:

 

(1)           the
Company defaults in payment when due and payable, upon redemption, acceleration
or otherwise, of principal of, or premium, if any, on the Notes;

 

(2)           the
Company defaults in the payment when due of interest or Additional Interest, if
any, on or with respect to the Notes and such default continues for a period of
30 days;

 

(3)           the
Company defaults in the performance of, or breaches any covenant, warranty or
other agreement contained in, the Indenture (other than a default in the performance
or breach of a covenant, warranty or agreement which is specifically dealt with
in clause (1) or (2) above) and such default or breach continues for a
period of 60 days after the notice specified below or 90 days if such
default is with respect to the covenant described under Section 4.3;

 

(4)           a
default under any mortgage, indenture or instrument under which there is issued
or by which there is secured or evidenced any Indebtedness for money borrowed
by the Company or any Restricted Subsidiary or the payment of which is
guaranteed by the Company or any Restricted Subsidiary (other than Indebtedness
owed to the Company or a Restricted Subsidiary), whether such Indebtedness or
guarantee now exists or is created after the Issue Date, if (A) such
default either (1) results from the failure to pay any such Indebtedness
at its stated final maturity (after giving effect to any applicable grace
periods) or (2) relates to an obligation other than the obligation to pay
principal of any such Indebtedness at its stated final maturity and results in
the holder or holders of such Indebtedness causing such Indebtedness to become
due prior to its stated maturity and (B) the principal amount of such
Indebtedness, together with the principal amount of any other such Indebtedness
in default for failure to pay principal at stated final maturity (after giving
effect to any applicable grace periods), or the maturity of which has been so
accelerated, aggregate $25.0 million (or its foreign currency equivalent)
or more at any one time outstanding;

 

(5)           the
failure by the Company or any Significant Subsidiary to pay final judgments
aggregating in excess of $25.0 million (other than any judgments covered
by indemnities or insurance policies issued by reputable and creditworthy
companies), which final judgments remain unpaid, undischarged and unstayed for
a period of more than 60 days after the applicable judgment becomes final
and non-appealable;

 

(6)           the
Guarantee of Parent or a Significant Subsidiary that is a Guarantor or any
group of Subsidiaries that are Guarantors and that, taken together as of the
date of the most recent audited financial statements of the Company, would constitute
a Significant Subsidiary ceases to be in full force and effect (except as
contemplated by the terms hereof) or Parent or any Guarantor denies or
disaffirms its obligations under the Indenture or any Guarantee, other than by
reason of the release of the Guarantee in accordance with the terms of the
Indenture; or

 

A-12

 

(7)           (i)  the Company, any Restricted Subsidiary that
is a Significant Subsidiary or any group of Restricted Subsidiaries that, taken
as a whole, would constitute a Significant Subsidiary, pursuant to or within
the meaning of any Bankruptcy Law:

 

(a)           commences a voluntary case,

 

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

 

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

 

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

 

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

 

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

 

(a)           is for relief against the Company or
any Restricted Subsidiary that is a Significant Subsidiary or any group of
Restricted Subsidiaries that, taken together, would constitute a Significant
Subsidiary, in an involuntary case;

 

(b)           appoints a custodian of the Company
or any Restricted Subsidiary that is a Significant Subsidiary or any group of
Restricted Subsidiaries that, taken together, would constitute a Significant
Subsidiary or for all or substantially all of the property of the Company or
any of its Restricted Subsidiaries; or

 

(c)           orders the liquidation of the Company
or any Restricted Subsidiary that is a Significant Subsidiary or any group of
Restricted Subsidiaries that, taken together, would constitute a Significant
Subsidiary and the order or decree remains unstayed and in effect for 60
consecutive days.

 

If an Event of Default (other than an Event
of Default specified in clause (7) above with respect to the Company)
shall occur and be continuing, the Trustee or the Holders of at least 25% in aggregate
principal amount of the outstanding Notes may declare the principal of the
Notes and any accrued interest on the Notes to be due and payable by notice in
writing to the Company and the Trustee specifying the respective Event of
Default and that it is a “notice of acceleration” (the “Acceleration Notice”)
and the same shall become immediately due and payable.

 

Upon such declaration of acceleration, the
aggregate principal amount of, and accrued and unpaid interest and Additional
Interest, if any, on all of the outstanding Notes shall ipso  facto become and be immediately due and payable
without any declaration or other act on the part of the Trustee or any Holder
of Notes.  After such acceleration, but
before a judgment or decree based on acceleration, the Holders of a majority in
aggregate principal amount of such outstanding Notes may, under certain
circumstances, rescind and annul such acceleration if all

 

A-13

 

Events of Default, other than the nonpayment
of accelerated principal of or interest on such Notes, have been cured or
waived as provided in the Indenture.

 

In the event of any Event of Default
specified in clause (4) above, such Event of Default and all consequences
thereof (excluding, however, any resulting payment default) will be annulled,
waived and rescinded, automatically and without any action by the Trustee or
the Holders of the Notes, if within 30 days after such Event of Default
arose the Company delivers an Officers’ Certificate to the Trustee stating that
(x) the Indebtedness or guarantee that is the basis for such Event of
Default has been discharged, (y) the holders thereof have rescinded or
waived the acceleration, notice or action (as the case may be) giving rise to
such Event of Default or (z) the default that is the basis for such Event
of Default has been cured, it being understood that in no event shall an
acceleration of the principal amount of the Notes as described above be annulled,
waived or rescinded upon the happening of any such events.

 

If an Event of Default specified in
clause (7) above with respect to the Company occurs and is continuing,
then all unpaid principal of, and premium, if any, and accrued and unpaid interest
and Additional Interest, if any, on all of the outstanding Notes shall ipso facto become and be immediately due and payable
without any declaration or other act on the part of the Trustee or any holder
of the Notes.

 

(14)         Trustee
Dealings with the Company.  The
Trustee, in its individual or any other capacity, may make loans to, accept
deposits from, and perform services for the Company, the Guarantors or their
respective Affiliates, and may otherwise deal with the Company, the Guarantors
or their respective Affiliates, as if it were not the Trustee.

 

(15)         No
Recourse Against Others.  No
director, officer, employee, stockholder, unitholder, member, general or
limited partner or incorporator, past, present or future, of the Company, any
of its Subsidiaries or any of its direct or indirect parent companies as such
or in such capacity, shall have any personal liability for any obligations of
the Company or any Guarantor under the Notes, any Guarantee or the Indenture by
reason of his, her or its status as such director, officer, employee,
stockholder, unitholder, member, general or limited partner or incorporator.

 

(16)         Authentication.  This Senior Note shall not be valid until
authenticated by the manual signature of the Trustee or an authenticating
agent.

 

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

 

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

 

A-14

 

(19)         Registration
Rights.  The Company intends to
register the notes under a registration rights agreement to be executed in connection
with this offering.

 

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

 

CDRV Investors, Inc. (to be renamed VWR
Funding, Inc.)

1310 Goshen Parkway

West Chester, PA  19380

Facsimile:  (610) 431-1700

Attention:  Chief Financial Officer

 

A-15

 

ASSIGNMENT FORM

 

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

 

 

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

 

 

 

 

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

 

and irrevocably
appoint

 

 

 

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

 

	
  Date:

  	
   

  	
   

  

 

 

	
   

  	
  Your Signature:

  	
   

  	
   

  
	
   

  	
   

  	
  (Sign exactly as your name

  appears on the face of this

  Senior Note)

  
	
   

  	
   

  
	
  Signature guarantee:

  	
   

  

 

A-16

 

OPTION OF HOLDER TO ELECT
PURCHASE

 

If you want to elect to have this Senior Note
purchased by the Company pursuant to Section 4.10 or 4.14 of
the Indenture, check the box below:

 

[  ] Section 4.10     [  ]
Section 4.14

 

If you want to elect to have only part of the
Senior Note purchased by the Company pursuant to Section 4.10 or Section 4.14
of the Indenture, state the amount you elect to have purchased:  $

 

	
  Date:

  	
   

  	
   

  

 

 

	
   

  	
  Your Signature:

  	
   

  	
   

  
	
   

  	
   

  	
  (Sign exactly as your name

  appears on the Senior Note)

  
	
   

  	
   

  
	
  Tax Identification No.:

  	
   

  
	
   

  	
   

  
	
  Signature guarantee:

  	
   

  

 

A-17

 

CERTIFICATE TO BE DELIVERED UPON

EXCHANGE OF TRANSFER RESTRICTED NOTES

 

CDRV Investors, Inc. (to be
renamed VWR Funding, Inc.)

1310 Goshen Parkway
 West Chester, PA  19380
 Facsimile:  (610) 431-1700

Attention:  Chief Financial Officer

 

Deutsche Bank Trust Company
Americas

60 Wall Street, 27th Floor

MS: NY60-2710

New York, New York 10005

Attention:  Trust & Securities
Services

Fax:  (732) 380-2345

 

Re:  CUSIP #

 

Reference is hereby made to that certain
Indenture dated June 29, 2007 (the “Indenture”) by and among Varietal
Distribution Merger Sub, Inc., a Delaware corporation, that shall be merged
with and into CDRV Investors, Inc. (to be renamed VWR Funding, Inc.), a
Delaware corporation as the surviving corporation (the “Company”), the Guarantors party
thereto and LAW DEBENTURE TRUST COMPANY OF NEW YORK, as trustee (the “Trustee”).  Capitalized terms used but not defined herein
shall have the meanings set forth in the Indenture.

 

This certificate relates to $             
principal amount of Notes held in (check applicable space)              
book-entry or              
definitive form by the undersigned.

 

The undersigned                       
(transferor) (check one box below):

 

o            hereby
requests the Registrar to deliver in exchange for its beneficial interest in
the Global Note held by the Depositary a Note or Notes in definitive,
registered form of authorized denominations and an aggregate principal amount
equal to its beneficial interest in such Global Note (or the portion thereof
indicated above), in accordance with Section 2.6 of the Indenture;

o            hereby
requests the Trustee to exchange a Note or Notes to                     
(transferee).

 

In connection with any transfer of any of the
Notes evidenced by this certificate occurring prior to the expiration of the
periods referred to in Rule 144(k) under the Securities Act of 1933, as
amended, the undersigned confirms that such Notes are being transferred in accordance
with its terms:

 

CHECK
ONE BOX BELOW:

 

(1)           o            to the Company or any of its
subsidiaries; or

 

(2)           o            inside the United States to a “qualified
institutional buyer” (as defined in Rule 144A under the Securities Act of
1933, as amended) that purchases for its own account or for the account of a
qualified institutional buyer to whom notice is given that such transfer is

 

A-18

 

being made in reliance on
Rule 144A under the Securities Act of 1933, as amended, in each case
pursuant to and in compliance with Rule 144A thereunder; or

(3)           o            outside the United States in
an offshore transaction within the meaning of Regulation S under the
Securities Act of 1933, as amended, in compliance with Rule 904
thereunder.

 

Unless one of the boxes is checked, the
Registrar will refuse to register any of the Notes evidenced by this
certificate in the name of any person other than the registered holder thereof.

 

	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Signature

  

 

 

	
  Signature
  Guarantee:

  	
   

  	
   

  
	
   

  	
  (Signature
  must be guaranteed by a participant in a recognized signature guarantee
  medallion program)

  

 

TO BE COMPLETED BY PURCHASER IF (2) ABOVE IS CHECKED.

 

The undersigned represents and warrants that
it is purchasing this Note for its own account or an account with respect to
which it exercises sole investment discretion and that it and any such account
is a “qualified institutional buyer” within the meaning of Rule 144A under
the Securities Act of 1933, as amended (“Rule 144A”), and is aware that
the sale to it is being made in reliance on Rule 144A and acknowledges
that it has received such information regarding the Company as the undersigned
has requested pursuant to Rule 144A or has determined not to request such
information and that it is aware that the transferor is relying upon the
undersigned’s foregoing representations in order to claim the exemption from
registration provided by Rule 144A.

 

 

	
   

  	
   

  	
  [Name of Transferee]

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Dated:

  	
   

  	
   

  	
   

  	
  NOTICE: To
  be executed by an executive

  
	
   

  	
   

  	
  officer

  
						

 

A-19

 

SCHEDULE OF
EXCHANGES OF Senior Notes

 

The following exchanges of a part of this
Global Note for other 10.25%/11.25% Senior Notes have been made: 

 

	
  Date of Exchange

  	
   

  	
  Amount of

  Decrease in

  Principal

  Amount of this

  Global Note

  	
   

  	
  Amount of

  Increase in

  Principal

  Amount of this

  Global Note

  	
   

  	
  Principal

  Amount of this

  Global Note

  Following such

  Decrease (or

  Increase)

  	
   

  	
  Signature of

  Authorized Officer of

  Trustee of

  Senior Note

  Custodian

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  

 

A-20

EXHIBIT B

 

FORM OF NOTATIONAL GUARANTEE

 

The Guarantors listed below (hereinafter
referred to as the “Guarantors,” which term includes any successors or
assigns under that certain Indenture, dated as of June 29, 2007 (as
amended and supplemented from time to time, the “Indenture”), by and
among Varietal Distribution Merger Sub, Inc., a Delaware corporation, that
shall be merged with and into CDRV Investors, Inc. (to be renamed VWR Funding,
Inc.), a Delaware corporation as the surviving corporation (the “Company”), the Guarantors party
thereto, the Trustee and the Registrar and Paying Agent, have guaranteed the
Notes and the obligations of the Company under the Indenture, which include
(i) the due and punctual payment of the principal of, premium, if any, and
interest on the 10.25%/11.25% Senior Notes due 2015 (the “Notes”) of the
Company, whether at stated maturity, by acceleration or otherwise, the due and
punctual payment of interest on the overdue principal and premium, if any, and
(to the extent permitted by law) interest on any interest, if any, on the
Notes, and the due and punctual performance of all other obligations of the
Company to the Holders or the Trustee all in accordance with the terms set
forth in Article XI of the Indenture, and (ii) in case of any extension
of time of payment or renewal of any Notes or any such other obligations, that
the same will be promptly paid in full when due or performed in accordance with
the terms of the extension or renewal, whether at stated maturity, by acceleration
or otherwise.

 

The obligations of each Guarantor to the
Holders and to the Trustee pursuant to this Guarantee and the Indenture are
expressly set forth in Article XI of the Indenture and reference is hereby
made to such Indenture for the precise terms of this Guarantee.

 

No stockholder, employee, officer, director,
unitholder, member or incorporator, as such, past, present or future of each
Guarantor shall have any liability under this Guarantee by reason of his or its
status as such stockholder, employee, officer, director, unitholder, member or
incorporator.

 

This is a continuing Guarantee and shall
remain in full force and effect and shall be binding upon each Guarantor and
its successors and assigns until full and final payment of all of the Company’s
obligations under the Notes and Indenture or until released in accordance with
the Indenture and shall inure to the benefit of the successors and assigns of
the Trustee and the Holders, and, in the event of any transfer or assignment of
rights by any Holder or the Trustee, the rights and privileges herein conferred
upon that party shall automatically extend to and be vested in such transferee
or assignee, all subject to the terms and conditions hereof.  This is a Guarantee of payment and not of
collection.

 

This Guarantee shall not be valid or
obligatory for any purpose until the certificate of authentication on the Note
upon which this Guarantee is noted shall have been executed by the Trustee
under the Indenture by the manual signature of one of its authorized
officers.  The Obligations of each
Guarantor under its Guarantee shall be limited to the extent necessary to
insure that it does not constitute a fraudulent conveyance under applicable
law.

 

B-1

 

THE TERMS OF ARTICLE XI OF THE INDENTURE
ARE INCORPORATED HEREIN BY REFERENCE.

 

Capitalized terms used herein have the same
meanings given in the Indenture unless otherwise indicated.

 

	
  Dated as of

  	
   

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  [Guarantor]

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  
	
   

  	
   

  
	
   

  	
  (SEAL)

  

 

B-2

 

EXHIBIT C

 

[FORM OF CERTIFICATE TO BE DELIVERED

IN CONNECTION WITH TRANSFERS PURSUANT TO RULE 144A]

 

CDRV Investors, Inc. (to be
renamed VWR Funding, Inc.)

1310 Goshen Parkway
 West Chester, PA  19380
 Facsimile:  (610) 431-1700

Attention:  Chief Financial Officer

 

Law Debenture Trust Company of
New York

400 Madison Avenue, 4th Floor

New York, New York 10017

Facsimile:  (212) 750-1361

Attention:  Corporate Trust Services

 

Re: 
CDRV Investors, Inc. (to be renamed VWR Funding, Inc.) (the “Company”)
10.25%/11.25%% Senior Notes due 2015 (the “Notes”)

 

Ladies and Gentlemen:

 

In connection with our
proposed sale of $             
aggregate principal amount at maturity of the Notes, we hereby certify that
such transfer is being effected pursuant to and in accordance with
Rule 144A (“Rule 144A”) under the United States Securities Act of
1933, as amended (the “Securities
Act”), and, accordingly, we hereby further certify that the Notes
are being transferred to a person that we reasonably believe is purchasing the
Notes for its own account, or for one or more accounts with respect to which
such person exercises sole investment discretion, and such person and each such
account is a “qualified institutional buyer” within the meaning of
Rule 144A in a transaction meeting the requirements of Rule 144A and
such Notes are being transferred in compliance with any applicable blue sky
securities laws of any state of the United States.

 

You and the Company are entitled to rely upon
this letter and are irrevocably authorized to produce this letter or a copy
hereof to any interested party in any administrative or legal proceedings or
official inquiry with respect to the matters covered hereby.

 

	
   

  	
  Very truly yours,

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  [Name of Transferor]

  
	
   

  	
   

  
	
  By:

  	
   

  	
   

  	
   

  
	
  Authorized Signature

  	
   

  
					

 

C-1

 

EXHIBIT D

 

[FORM OF CERTIFICATE TO BE DELIVERED

IN CONNECTION WITH TRANSFERS

PURSUANT TO REGULATION S]

 

CDRV Investors, Inc. (to be
renamed VWR Funding, Inc.)

1310 Goshen Parkway

West Chester, PA  19380

Facsimile:  (610) 431-1700

Attention:  Chief Financial Officer

 

Law Debenture Trust Company of
New York

400 Madison Avenue, 4th Floor

New York, New York 10017

Facsimile:  (212) 750-1361

Attention:  Corporate Trust Services

 

 Re: 
CDRV Investors, Inc. (to be VWR Funding, Inc.). (the “Company”)
10.25%/11.25% Senior Notes due 2015 (the “Notes”)

 

Ladies and Gentlemen:

 

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

 

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

 

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

 

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

 

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

 

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

 

D-1

 

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

 

	
   

  	
  Very truly yours,

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  [Name of Transferor]

  
	
   

  	
   

  
	
   

  	
   

  	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
  Authorized Signature

  
						

 

D-2Exhibit 4.6(b)

 

Varietal Distribution Merger Sub, Inc.

 

10.25% Senior Notes due 2015

 

Purchase Agreement

 

June 26, 2007

 

Goldman, Sachs & Co.,
 Banc of America Securities LLC

J.P. Morgan Securities Inc.

Deutsche Bank Securities Inc.

   As representatives of the several Purchasers

   named in Schedule I hereto,
 c/o Goldman, Sachs & Co.  

85 Broad Street,

New York, New York  10004

 

Ladies and Gentlemen:

 

Varietal
Distribution Merger Sub, Inc., a Delaware corporation (the “Varietal”),
proposes, subject to the terms and conditions stated herein, to issue and sell
to the Purchasers named in Schedule I hereto (the “Purchasers”) an
aggregate of $675,000,000 principal amount of 10.25% Senior Notes due 2015
(the “Securities”). The Securities will be issued by Varietal pursuant
to an indenture, to be dated on or about June 29, 2007 (the “Indenture”),
among Varietal, CDRV Investors, Inc., a Delaware corporation (the “Company”),
the Guarantors (as defined herein) and Law Debenture Trust Company of New York,
as trustee (the “Trustee”). In connection with the consummation of the
Transactions (as defined herein), Varietal will merge with and into the Company
(the “Merger”), after which the obligations of Varietal under this
Agreement, the Registration Rights Agreement (as defined herein) and the
Indenture will become obligations of the Company. The representations,
warranties and agreements of the Company and the Guarantors under this
Agreement shall not become effective until consummation of the Merger and
execution by the Company and the Guarantors of a joinder agreement to this
Agreement, the form of which is attached hereto as Exhibit A (the “Joinder
Agreement”), at which time such representations, warranties and agreements
shall become effective as of the date hereof pursuant to the terms of the
Joinder Agreement and each of the Company and the Guarantors shall, without any
further action by any person, become a party to this Agreement.

 

The Securities
are being issued and sold in connection with the Merger, as a result of which
the Company will become a wholly-owned subsidiary of a newly formed holding
company owned by certain investment funds associated with or designated by
Madison Dearborn Partners L.L.C., together with certain other investors who
have agreed to co-invest with such investment funds and certain members of the
Company’s management pursuant to an agreement and plan of

 

 

merger, dated
as of May 2, 2007, as amended from time to time (the “Merger Agreement”).
For the purposes of this Agreement, the term “Transactions” is used in
the same way as such term is used in the Pricing Disclosure Package and means,
collectively, the Merger and the related transactions and financings described
in the Pricing Disclosure Package.

 

The
Securities, upon consummation of the Merger, will be guaranteed (the “Guarantees”)
on a senior unsecured basis by each of the Company’s U.S. subsidiaries that
guarantees (together, the “Guarantors”) the Company’s obligations under
the senior secured credit facilities (the “Credit Facilities”) described
in the Offering Circular (as defined below).

 

1.                                       As
of the Applicable Time and at the Time of Delivery, Varietal represents and
warrants to and the Company and the Guarantors jointly and severally represent
and warrant at the Time of Delivery upon execution and delivery of the Joinder
Agreement, in each case, to each of the Purchasers that:

 

(a)                                  A
preliminary offering circular, dated June 15, 2007 (the “Preliminary
Offering Circular”), has been, and an offering circular, dated June 26,
2007 (the “Offering Circular”), will be, prepared in connection with the
offering of the Securities. The
Preliminary Offering Circular, as amended and supplemented immediately prior to
the Applicable Time (as defined in Section 1(b)), is hereinafter referred to as
the “Pricing Circular”. Any reference to the Preliminary Offering
Circular, the Pricing Circular or the Offering Circular shall be deemed to
refer to and include the Company’s most
recent Annual Report on Form 10-K and all subsequent documents filed with the
United States Securities and Exchange Commission (the “Commission”)
pursuant to Section 13(a), 13(c) or 15(d) of the United States Securities
Exchange Act of 1934, as amended (the “Exchange Act”) on or prior to the
date of such circular and any reference to the Preliminary Offering Circular or
the Offering Circular, as the case may be, as amended or supplemented, as of
any specified date, shall be deemed to include (i) any documents filed with the
Commission pursuant to Section 13(a), 13(c) or 15(d) of the Exchange Act after
the date of the Preliminary Offering Circular or the Offering Circular, as the
case may be, and prior to such specified date; and (ii) any Additional
Issuer Information (as defined in Section 5(f)) furnished by Varietal or the
Company prior to the completion of the distribution of the Securities; and all documents filed under the Exchange
Act and so deemed to be included in the Preliminary Offering Circular, the
Pricing Circular or the Offering Circular, as the case may be, or any amendment
or supplement thereto are hereinafter called the “Exchange Act Reports”.
The Exchange Act Reports, when they were or are filed with the Commission,
conformed or will conform in all material respects to the applicable
requirements of the Exchange Act and the applicable rules and regulations of
the Commission thereunder; and no such documents were filed with the Commission
since the Commission’s close of business on the business day immediately prior
to the date of this Agreement and prior to the execution of this Agreement,
except as set forth on Schedule II(a) hereof. The Preliminary Offering
Circular or the Offering Circular and any amendments or supplements thereto and the Exchange Act Reports did not
and will not, as of their respective dates, contain an untrue

 

2

 

statement of a material fact or omit to state
a material fact necessary in order to make the statements therein, in the light
of the circumstances under which they were made, not misleading; provided, however,
that this representation and warranty shall not apply to any statements or
omissions made in reliance upon and in conformity with information furnished in
writing to Varietal or the Company by a Purchaser through Goldman, Sachs &
Co. expressly for use therein;

 

(b)                                 For
the purposes of this Agreement, the “Applicable Time” is 5:15 p.m.
(Eastern time) on the date of this Agreement; the Pricing Circular as
supplemented by the information set forth in Schedule III hereto, taken
together (collectively, the “Pricing Disclosure Package”) as of the
Applicable Time, did not include any untrue statement of a material fact or
omit to state any material fact necessary in order to make the statements
therein, in the light of the circumstances under which they were made, not
misleading; and each Company Supplemental Disclosure Document (as defined in
Section 6(a)(ii)) listed on Schedule II(b) hereto does not conflict with
the information contained in the Pricing Circular or the Offering Circular and
each such Company Supplemental Disclosure Document, as supplemented by and
taken together with the Pricing Disclosure Package as of the Applicable Time,
did not include any untrue statement of a material fact or omit to state any
material fact necessary in order to make the statements therein, in the light
of the circumstances under which they were made, not misleading; provided, however,
that this representation and warranty shall not apply to statements or
omissions made in a Company Supplemental Disclosure Document in reliance upon
and in conformity with information furnished in writing to Varietal or the
Company by a Purchaser through Goldman, Sachs & Co. expressly for use
therein;

 

(c)                                  None
of Varietal, the Company or any of its subsidiaries has sustained since the
date of the latest audited financial statements included in the Pricing
Circular any material loss or interference with its business from fire,
explosion, flood or other calamity, whether or not covered by insurance, or
from any labor dispute or court or governmental action, order or decree,
otherwise than as set forth or contemplated in the Pricing Circular; and, since
the respective dates as of which information is given in the Pricing Circular,
there has not been any material change in the capital stock or long-term debt
of Varietal, the Company or any of its subsidiaries or any material adverse
change, or any development involving a prospective material adverse change, in
or affecting the general affairs, management, financial position, stockholders’
equity or results of operations of Varietal, the Company and its subsidiaries,
otherwise than as set forth or contemplated in the Pricing Circular;

 

(d)                                 The
Company and its subsidiaries have good and marketable title in fee simple to
all real property and good and marketable title to all personal property owned
by them, in each case free and clear of all liens, encumbrances and defects
except such as are described in the Pricing Circular or such as do not
materially affect the

 

3

 

value of such property and do not interfere
with the use made and proposed to be made of such property by the Company and
its subsidiaries; and any real property and buildings held under lease by the
Company and its subsidiaries are held by them under valid, subsisting and
enforceable leases with such exceptions as are not material and do not
interfere with the use made and proposed to be made of such property and
buildings by the Company and its subsidiaries;

 

(e)                                  Each
of (i) Varietal and (ii) the Company and its subsidiaries has been
duly incorporated and is validly existing as a corporation in good standing
under the laws of the jurisdiction in which it is chartered or organized, with
power and authority (corporate and other) to own its properties and conduct its
business as described in the Pricing Circular, and has been duly qualified as a
foreign corporation for the transaction of business and is in good standing
under the laws of each other jurisdiction in which it owns or leases properties
or conducts any business so as to require such qualification, or is subject to
no material liability or disability by reason of the failure to be so qualified
in any such jurisdiction; and each subsidiary of the Company has been duly incorporated
and is validly existing as a corporation in good standing under the laws of its
jurisdiction of incorporation;

 

(f)                                    As
of March 31, 2007, on a pro forma basis
after giving effect to the consummation of the Transactions, the Company has an
authorized capitalization as set forth under the heading “Capitalization” in
the Pricing Circular, and all of the issued shares of capital stock of the
Company have been duly and validly authorized and issued and are fully paid and
non-assessable; and all of the issued shares of capital stock of each
subsidiary of the Company have been duly and validly authorized and issued, are
fully paid and non-assessable and are owned directly or indirectly by the
Company, free and clear of all material liens, encumbrances, equities or
claims, except as set forth in the Pricing Circular;

 

(g)                                 The
Securities have been duly authorized and, when issued and delivered pursuant to
this Agreement, will have been duly executed, authenticated, issued and
delivered and will constitute valid and legally binding obligations of Varietal
and, at the Closing Date upon completion of the Merger, will constitute valid
and legally binding obligations of the Company, entitled to the benefits
provided by the indenture  to be dated as of June
29, 2007 (the “Indenture”)
between Varietal, the Company, the Guarantors and the Trustee, under which they
are to be issued, which will be substantially in the form previously delivered
to you; the Indenture  has been duly authorized and, when
executed and delivered by Varietal, the Company, the Guarantors and the Trustee, the Indenture  will
constitute a valid and legally binding instrument, enforceable in accordance
with its terms, subject, as to enforcement, to bankruptcy, insolvency,
reorganization and other laws of general applicability relating to or affecting
creditors’ rights and to general equity principles (the “Enforceability
Limitations”); and the Securities and the Indenture (including the Guarantees)  will
conform in all material respects to the descriptions thereof in the Pricing
Disclosure Package and the Offering Circular and will be in

 

4

 

substantially the form previously delivered
to you and the Guarantees have been duly authorized and at the Time of Delivery,
upon consummation of the Merger and execution of the Indenture by the
Guarantors, will constitute the legal, valid and binding obligations of each of
the Guarantors, enforceable against each of the Guarantors in accordance with
their terms and entitled
to the benefits of the Indenture, subject to the Enforceability Limitations;

 

(h)                                 The
Exchange and Registration Rights Agreement to be dated June 29, 2007 (the “Registration
Rights Agreement”) has been duly authorized by Varietal and, at the Time of
Delivery upon consummation of the Merger, will have been duly authorized by the
Company and the Guarantors, and when duly executed and delivered by Varietal,
the Company and each Guarantor, will constitute a valid and legally binding
instrument enforceable in accordance with its terms, subject to the
Enforceability Limitations; and the Registration Rights Agreement will conform
in all material respects to the descriptions thereof in the Pricing Disclosure
Package and the Offering Circular;

 

(i)                                     This
Agreement has been duly authorized, executed and delivered by Varietal and, the
Joinder Agreement, at the Time of Delivery upon consummation of the Merger,
will have been duly authorized, executed and delivered by the Company and each
Guarantor.

 

(j)                                     None
of the transactions contemplated by this Agreement (including, without
limitation, the use of the proceeds from the sale of the Securities) will
violate or result in a violation of Section 7 of the Exchange Act, or any
regulation promulgated thereunder, including, without limitation, Regulations
T, U, and X of the Board of Governors of the Federal Reserve System;

 

(k)                                  Prior
to the date hereof, none of Varietal, the Company, any of its subsidiaries nor
any of their respective affiliates has taken any action which is designed to or
which has constituted or which might have been expected to cause or result in
stabilization or manipulation of the price of any security of Varietal, the
Company or any of its subsidiaries in connection with the offering of the
Securities;

 

(l)                                     The
issue and sale of the Securities and the compliance by Varietal, the Company
and each Guarantor with all of the provisions of the Securities, the issuance
of the Guarantees, the Joinder Agreement, the Indenture, the Registration
Rights Agreement, and this Agreement and the consummation of the
transactions herein and therein contemplated will not conflict with or result
in a breach or violation of any of the terms or provisions of, or constitute a
default under (i) any indenture, mortgage, deed of trust, loan agreement
or other agreement or instrument to which Varietal, the Company or any of its
subsidiaries is a party or by which Varietal, the Company or any of its
subsidiaries is bound or to which any of the property or assets of Varietal,
the Company or any of its subsidiaries is subject, (ii) the Certificate of
Incorporation or By-laws of Varietal, the Company or any of its subsidiaries or
(iii) any statute or any order, rule or regulation of any court or

 

5

 

governmental agency or body having
jurisdiction over Varietal, the Company or any of its subsidiaries or any of
their properties other than, with respect to clauses (i) and (iii), such
breaches, violations or defaults that would not individually or in the
aggregate have a Material Adverse Effect (as defined below); and no consent,
approval, authorization, order, registration or qualification of or with any
such court or governmental agency or body is required for the issue and sale of
the Securities or the consummation by Varietal, the Company and each Guarantor
of the transactions contemplated by this Agreement or, the Indenture or the
Registration Rights Agreement, except for the filing of a registration statement by the Company and each
Guarantor with the Commission pursuant to the United States Securities Act of
1933, as amended (the “Act”) pursuant to the Registration Rights
Agreement, and such consents, approvals, authorizations, registrations
or qualifications as may be required under state securities or Blue Sky laws in
connection with the purchase and distribution of the Securities  by the Purchasers;

 

(m)                               None
of Varietal, the Company or any of its subsidiaries is in violation of its
Certificate of Incorporation or By-laws or in default in the performance or
observance of any material obligation, covenant or condition contained in any
indenture, mortgage, deed of trust, loan agreement, lease or other agreement or
instrument to which it is a party or by which it or any of its properties may be
bound;

 

(n)                                 The
statements set forth in the Pricing Circular and the Offering Circular under
the caption “Description of Notes”,
insofar as they purport to constitute a summary of the terms of the Securities, under the caption “Material United States
Federal Tax Considerations” insofar as it purports to describe the
provisions of the laws referred to therein, and under the caption “Underwriting”,
insofar as it purports to describe the provisions of the documents referred to
therein, are accurate and complete in all material respects;

 

(o)                                 Other
than as set forth in the Pricing Circular, there are no legal or governmental
proceedings pending to which the Company or any of its subsidiaries is a party
or of which any property of Varietal, the Company or any of its subsidiaries is
the subject which, if determined adversely to the Company or any of its
subsidiaries, would individually or in the aggregate have a material adverse
effect on the current or future financial position, stockholders’ equity or
results of operations of the Company and its subsidiaries (“Material Adverse
Effect”); and, to the best of each of Varietal’s and the Company’s
knowledge, no such proceedings are threatened or contemplated by governmental
authorities or threatened by others;

 

(p)                                 When
the Securities are issued and delivered pursuant to this Agreement, the
Securities will not be of the same class (within the meaning of Rule 144A under
the Act) as securities which are listed on a national securities exchange
registered under Section 6 of the Exchange Act or quoted in a U.S. automated
inter-dealer quotation system;

 

6

 

(q)                                 The
Company currently files reports and other information with the Commission that
is required pursuant to Section 13 or 15(d) of the Exchange Act;

 

(r)                                    None
of Varietal, the Company or any of its subsidiaries is, and after giving effect
to the offering and sale of the Securities and the application of the proceeds
thereof, will be an “investment company”, as such term is defined in the United
States Investment Company Act of 1940, as amended (the “Investment Company
Act”);

 

(s)                                  None
of Varietal, the Company nor, to their knowledge, any person acting on its or
their behalf has offered or sold the Securities by means of any general
solicitation or general advertising within the meaning of Rule 502(c) under the
Act or, with respect to Securities sold
outside the United States to non-U.S. persons (as defined in Rule 902 under the
Act), by means of any directed selling efforts within the meaning of Rule 902
under the Securities Act and each of Varietal, the Company, any affiliate of
the Company and, to its knowledge, any person acting on its behalf has complied
with and will implement the “offering restriction” within the meaning of such
Rule 902;

 

(t)                                    Within
the preceding six months, except for the issuance of 10.125% senior
subordinated notes due 2017 as described in the Offering Circular, neither
Varietal nor the Company nor any other person acting on behalf of either
Varietal or the Company has offered or sold to any person any Securities, or
any securities of the same or a similar class as the Securities, other than
Securities offered or sold to the Purchasers hereunder. Each of Varietal and
the Company will take reasonable precautions designed to insure that any offer
or sale, direct or indirect, in the United States or to any U.S. person (as
defined in Rule 902 under the Act) of any Securities or any substantially
similar security issued by Varietal or the Company, within six months
subsequent to the date on which the distribution of the Securities has been
completed (as notified to Varietal or the Company by Goldman, Sachs & Co.),
is made under restrictions and other circumstances reasonably designed not to
affect the status of the offer and sale of the Securities in the United States
and to U.S. persons contemplated by this Agreement as transactions exempt from
the registration provisions of the Securities Act;

 

(u)                                 The
Company and each of its subsidiaries maintains a system of internal control
over financial reporting (as such term is defined in Rule 13a-15(f) of the
Exchange Act) that complies with the requirements of the Exchange Act and has
been designed by the Company’s principal executive officer and principal
financial officer, or under their supervision, to provide reasonable assurance
regarding the reliability of financial reporting and the preparation of
financial statements for external purposes in accordance with generally
accepted accounting principles. The Company’s internal control over financial
reporting is effective and the Company is not aware of any material weaknesses
in its internal control over financial reporting;

 

7

 

(v)                                 Since
the date of the latest audited financial statements included or incorporated by
reference in the Pricing Circular, there has been no change in the Company’s
internal control over financial reporting that has materially affected, or is
reasonably likely to materially affect, the Company’s internal control over
financial reporting;

 

(w)                               The
Company maintains disclosure controls and procedures (as such term is defined
in Rule 13a-15(e) of the Exchange Act) that comply with the requirements of the
Exchange Act; such disclosure controls and procedures have been designed to
ensure that material information relating to the Company and its subsidiaries
is made known to the Company’s principal executive officer and principal
financial officer by others within those entities; and such disclosure controls
and procedures are effective;

 

(x)                                   KPMG
LLP, which has audited certain financial statements of the Company and its
subsidiaries is an independent registered public accounting firm as required by
the Act and the rules and regulations of the Commission thereunder;

 

(y)                                 The
Company and its subsidiaries possess all licenses, permits, certificates,
consents, orders, approvals and other authorizations from, and have made all
declarations and filings with, all federal, state and other governmental
authorities, presently required or necessary to own or lease, as the case may
be, and to operate their respective properties and to carry on their respective
businesses as set forth in the Pricing Disclosure Package (“Permits”),
except where the failure to possess, make or obtain such Permits (by
possession, declaration or filing) would not, individually or in the aggregate,
reasonably be expected to have a Material Adverse Effect;

 

(z)                                   There
is no claim pending or, to the knowledge of the Company, threatened under any
Environmental Law (as defined below) against the Company or its subsidiaries
that would reasonably be expected to have a Material Adverse Effect. The term “Environmental
Law” means any federal, local or foreign law, regulation, ordinance, order,
judgment decree, permit or rule (including rule of common law) now in effect
governing pollution, or actual or alleged exposure to, hazardous to toxic
materials, substances or wastes, including but not limited to, asbestos or
asbestos-containing materials;

 

(aa)                            There
is no strike or labor dispute, slowdown or work stoppage with the employees of
the Company or any of its subsidiaries which is pending or, to the knowledge of
the Company, threatened, except as would not reasonably be expected to have a
Material Adverse Effect;

 

(bb)                          Each of
the Company and its subsidiaries carries insurance (including self-insurance,
if any) in such amounts and covering such risks as in its reasonable
determination is adequate for the conduct of its business and the value of its 

 

8

 

properties, except where the failure to carry
such insurance would not reasonably be expected to have a Material Adverse
Effect;

 

(cc)                            Neither
the Company nor any of its subsidiaries has incurred any liability for any
prohibited transaction or accumulated funding deficiency or any complete or
partial withdrawal liability with respect to any pension, profit sharing or
other plan which is subject to the Employee Retirement Income Security Act of
1974, as amended (“ERISA”), to which the Company or any of its
subsidiaries makes or ever has made a contribution and in which any employee of
the Company or any such subsidiary is or has ever been a participant, which
would, individually or in the aggregate, reasonably be expected to have a
Material Adverse Effect. With respect to such plans, each of the Company and
its subsidiaries is in compliance in all respects with all applicable
provisions of ERISA, except where the failure to so comply would not,
individually or in the aggregate, reasonably be expected to have a Material
Adverse Effect;

 

(dd)                          Assuming
that the representations and warranties of the Purchaser contained in Section 3
and Annex I are true and correct and that the Purchaser complies with its
agreements contained in Section 3 and Annex I, it is not necessary in
connection with the offer, sale and delivery of the Notes to the Purchaser or
the reoffer and resale by the Purchaser in the manner contemplated by this
Agreement and the Pricing Disclosure Package to register the Notes under the
Act or to qualify the Indenture in respect of the Notes under the United States
Trust Indenture Act of 1939, as amended (the “Trust Indenture Act”);

 

(ee)                            The
Company and each of its subsidiaries owns, or has the legal right to use, all
United States patents, patent applications, trademarks, trademark applications,
trade names, copyrights, technology, know-how and processes necessary for each
of them to conduct its business as currently conducted (the “Intellectual
Property”), except for those the failure to own or have such legal right to
use would not be reasonably expected to have a Material Adverse Effect or as
disclosed in the Pricing Disclosure Package. No claim has been asserted and is
pending by any person challenging or questioning the use of any such
Intellectual Property or the validity or effectiveness of any such Intellectual
Property, nor does the Company know of any such claim, and, to the knowledge of
each of Varietal and the Company, the use of such Intellectual Property by
Varietal, the Company and its subsidiaries does not infringe on the rights of
any person, except for such claims and infringements which in the aggregate,
would not be reasonably expected to have a Material Adverse Effect; and

 

(ff)                                To
the knowledge of each of Varietal and the Company, each of its subsidiaries has
filed or caused to be filed all United States federal income tax returns and
all other material tax returns which are required to be filed and has paid (a)
all taxes shown to be due and payable on such returns and (b) all taxes shown
to be due and payable in any assessments of which it has received notice made
against it or any of its property and all other taxes, fees or other charges
imposed on it or any

 

9

 

of its property by any governmental authority
(other than (i) taxes, fees or other charges with respect to which the failure
to pay, in the aggregate, would not reasonably be expected to have a Material
Adverse Effect or (ii) taxes, fees or other charges the amount or validity of
which are currently being contested in good faith by appropriate proceedings
diligently conducted and with respect to which reserves in conformity with GAAP
have been provided on the books of the Company or its subsidiaries, as the case
may be). No tax lien has been filed, and no claim is being asserted, with
respect to any such tax, fee or other charge.

 

Any
certificate signed by any officer of Varietal, the Company or its subsidiaries
and delivered to the Purchasers or counsel for the Purchasers in connection
with the offering of the Securities and, when issued, the Guarantees, shall be
deemed a joint and several representation and warranty by each of Varietal, the
Company and its subsidiaries, as to matters covered thereby, to each Purchaser.

 

2.                                       Subject
to the terms and conditions herein set forth, Varietal agrees to issue and sell
to each of the Purchasers, and each of the Purchasers agrees, severally and not
jointly, to purchase from Varietal, at a purchase price of 97.75% of the
principal amount thereof, the principal amount of Securities set forth opposite
the name of such Purchaser in Schedule I hereto.

 

3.                                       Upon
the authorization by you of the release of the Securities, the several
Purchasers propose to offer the Securities for sale upon the terms and
conditions set forth in this Agreement and the Offering Circular and each
Purchaser hereby represents and warrants to, and agrees with Varietal and, at
the Time of Delivery after the execution and delivery of the Joinder Agreement,
the Company and each Guarantor that:

 

(a)                                  It
will offer and sell the Securities only to (i) persons who it reasonably believes are “qualified
institutional buyers” (“QIBs”) within the meaning of Rule 144A under the
Act in transactions meeting the requirements of Rule 144A or, (ii) institutions which it reasonably
believes are “accredited investors” (“Institutional Accredited Investors”)
within the meaning of Rule 501 under the Act or, (iii) upon the terms and
conditions set forth in Annex I to this Agreement;

 

(b)                                 It
is an Institutional Accredited Investor; and

 

(c)                                  It
will not offer or sell the Securities by any form of general solicitation or
general advertising, including but not limited to the methods described in Rule
502(c) under the Act.

 

4.                                       (a)                                  The Securities to be purchased by each
Purchaser hereunder will be represented by one or more definitive global
Securities in book-entry form which will be deposited by or on behalf of each
of Varietal and the Company with The Depository Trust Company (“DTC”) or
its designated custodian. Varietal will deliver the Securities to Goldman,
Sachs & Co., for the account of each Purchaser, against payment by or on
behalf of such Purchaser of the purchase price therefor by wire transfer in

 

10

 

Federal (same day) funds, by
causing DTC to credit the Securities to the account of Goldman, Sachs & Co.
at DTC. Varietal will cause the certificates representing the Securities to be
made available to Goldman, Sachs & Co. for checking at least twenty-four
hours prior to the Time of Delivery (as defined below) at the office of Cahill
Gordon & Reindel LLP (the “Closing Location”). The
time and date of such delivery and payment shall be 9:30 a.m., New York City
time, on June 29, 2007 or such other time and date as Goldman, Sachs &
Co. and Varietal may agree upon in writing. Such time and date are herein
called the “Time of Delivery”.

 

(b)                                 The
documents to be delivered at the Time of Delivery by or on behalf of the
parties hereto pursuant to Section 8 hereof, including the cross-receipt for
the Securities and any additional documents requested by the Purchasers
pursuant to Section 8 hereof, will be delivered at such time and date at the
Closing Location, and the Securities will be delivered at DTC or its designated custodian), all
at the Time of Delivery. A meeting will be held at the Closing Location at 9:00
a.m., New York City time, on the New York Business Day next preceding the Time
of Delivery, at which meeting the final drafts of the documents to be delivered
pursuant to the preceding sentence will be available for review by the parties
hereto. For the purposes of this Section 4, “New York Business Day” shall mean
each Monday, Tuesday, Wednesday, Thursday and Friday which is not a day on
which banking institutions in New York are generally authorized or obligated by
law or executive order to close.

 

5.                                       Varietal
agrees, and, to the extent applicable, upon execution and delivery of the
Joinder Agreement, the Company and the Guarantors jointly and severally agree,
in each case with each of the Purchasers:

 

(a)                                  To
prepare the Offering Circular in a form approved by you; to make no amendment
or any supplement to the Offering Circular which shall be disapproved by you
promptly after reasonable notice thereof; and to furnish you with copies
thereof;

 

(b)                                 Promptly
from time to time to take such action as you may reasonably request to qualify
the Securities for offering and sale under the securities laws of such jurisdictions
as you may request and to comply with such laws so as to permit the continuance
of sales and dealings therein in such jurisdictions for as long as may be
necessary to complete the distribution of the Securities, provided that in connection therewith the
Company shall not be required to qualify as a foreign corporation or to file a
general consent to service of process in any jurisdiction;

 

(c)                                  To
furnish the Purchasers with written and electronic copies thereof in such
quantities as you may from time to time reasonably request, and if, at any time
prior to the expiration of nine months after the date of the Offering Circular,
any event shall have occurred as a result of which the Offering Circular as
then amended or supplemented would include an untrue statement of a material
fact or omit to state any material fact necessary in order to make the
statements therein,

 

11

 

in the light of the circumstances under which
they were made when such Offering Circular is delivered, not misleading, or, if
for any other reason it shall be necessary or desirable during such same period
to amend or supplement the Offering Circular, to notify you and upon your
request to prepare and furnish without charge to each Purchaser and to any
dealer in securities as many written and electronic copies as you may from time
to time reasonably request of an amended Offering Circular or a supplement to
the Offering Circular which will correct such statement or omission or effect
such compliance;

 

(d)                                 During
the period beginning from the date hereof and continuing until the date six
months after the Time of Delivery, not to offer, sell contract to sell or
otherwise dispose of, except as provided hereunder any securities of Varietal
or the Company that are substantially similar to the Securities, without your prior written consent;

 

(e)                                  Not
to be or become, at any time prior to the expiration of two years after the
Time of Delivery, an open-end investment company, unit investment trust, closed-end
investment company or face-amount certificate company that is or is required to
be registered under Section 8 of the Investment Company Act;

 

(f)                                    At
any time when the Company is not subject to Section 13 or 15(d) of the Exchange
Act, for the benefit of holders from time to time of Securities, to furnish at
its expense, upon request, to holders of Securities and prospective purchasers
of securities information (the “Additional Issuer Information”)
satisfying the requirements of subsection (d)(4)(i) of Rule 144A under the Act;

 

(g)                                 If
requested by you, to use its reasonable best efforts to cause such Designated
Securities to be eligible for the PORTAL trading system of the National
Association of Securities Dealers, Inc.;

 

(h)                                 [reserved];

 

(i)                                     [reserved];

 

(j)                                     During
the period of two years after the Time of Delivery, the Company will not, and
will not permit any of its “affiliates” (as defined in Rule 144 under the
Securities Act) to, resell any of the Securities which would continue to
constitute “restricted securities” under Rule 144 following such sale that have
been reacquired by any of them; and

 

(k)                                  To
use the net proceeds received by it from the sale of the Securities pursuant to
this Agreement in the manner specified in the Pricing Circular under the
caption “Use of Proceeds”.

 

6.                                       (a)  (i) 
Each of Varietal and, upon execution and delivery of the Joinder
Agreement, the Company and each Guarantor jointly and severally represents and
agrees that, without the prior consent of Goldman, Sachs & Co., it has not
made and will not make any offer

 

12

 

relating to the Securities that, if the
offering of the Securities contemplated by this Agreement were conducted as a
public offering pursuant to a registration statement filed under the Act with
the Commission, would constitute an “issuer free writing prospectus,” as
defined in Rule 433 under the Act (any such offer is hereinafter referred to as
a “Company Supplemental Disclosure Document”);

 

(ii)          each Purchaser
represents and agrees that, without the prior consent of the Company and
Goldman, Sachs & Co., other than one or more term sheets relating to the
Securities containing customary information, it has not made and will not make
any offer relating to the Securities that, if the offering of the Securities
contemplated by this Agreement were conducted as a public offering pursuant to
a registration statement filed under the Act with the Commission, would
constitute a “free writing prospectus,” as defined in Rule 405 under the Act
(any such offer (other than any such term sheets), is hereinafter referred to
as a “Purchaser Supplemental Disclosure Document”); and

 

(iii)       any Company Supplemental
Disclosure Document or Purchaser Supplemental Disclosure Document the use of
which has been consented to by Varietal, the Company, each Guarantor and
Goldman, Sachs & Co. is listed on Schedule II(b) hereto.

 

7.                                       Varietal
covenants and agrees with the several Purchasers that Varietal will pay or
cause to be paid the following:  (i) the
fees, disbursements and expenses of each of Varietal’s counsel, the Company’s
counsel and the Company’s accountants in connection with the issue of the
Securities and all other expenses in connection with the preparation, printing,
reproduction and filing of the Preliminary Offering Circular and the Offering
Circular and any amendments and supplements thereto and the mailing and
delivering of copies thereof to the Purchasers and dealers; (ii) the cost of
printing or producing any Agreement among Purchasers, this Agreement, the
Joinder Agreement, the Indenture, the
Registration Rights Agreement, the Blue Sky Memorandum, closing
documents (including any compilations thereof) and any other documents in
connection with the offering, purchase, sale and delivery of the Securities;
(iii) all expenses in connection with the qualification of the Securities for
offering and sale under state securities laws as provided in Section 5(b)
hereof, including the reasonable fees and disbursements of counsel for the Purchasers
in connection with such qualification and in connection with the Blue Sky and
legal investment surveys (not to exceed $10,000 without the consent of the
Company); (iv) any fees charged by securities rating services for rating the
Securities; (v) the cost of preparing the Securities; (vi) the reasonable fees
and expenses of the Trustee  and any agent of the Trustee  and
the fees and disbursements of counsel for the Trustee  in connection
with the Indenture  and the Securities; (vii) any cost incurred in connection with
the designation of the Securities for trading in PORTAL; and (viii) all
other costs and expenses incident to the performance of its obligations
hereunder which are not otherwise specifically provided for in this Section. It
is understood, however, that, except as provided in this Section, and Sections
9 and 12 hereof, the Purchasers will pay all of their own costs and expenses,
including the fees of their counsel, transfer taxes on resale of any of the
Securities by them, any advertising expenses connected with any offers they may
make and one third of the expenses associated with any chartered aircraft.

 

13

8.                                       The
obligations of the Purchasers hereunder shall be subject, in their discretion,
to the condition that all representations and warranties and other statements
of Varietal herein are, at and as of the Time of Delivery, true and correct,
the condition that Varietal shall have performed all of its obligations
hereunder theretofore to be performed, and the following additional conditions:

 

(a)                                  Cahill
Gordon & Reindel LLP, counsel for the Purchasers, shall have furnished to
you such opinion or opinions, dated the Time of Delivery, with respect to the
issuance and sale of the Securities, the Indenture, the Registration Rights
Agreement, the Pricing Disclosure Package, the Offering Circular (as amended or
supplemented at the Closing Date) as well as such other related matters as you
may reasonably request, and such counsel shall have received such papers and
information as they may reasonably request to enable them to pass upon such
matters;

 

(b)                                 Kirkland
& Ellis LLP, counsel for Varietal, shall have furnished to you their
written opinion and negative assurance statement, dated the Time of Delivery,
in the form set forth in Annex II-A hereto and Mr. Thomas D. Salus, Assistant
General Counsel of the Company shall have furnished to you his written opinion,
dated the Time of Delivery, in the form set forth in Annex II-B hereto.

 

(c)                                  On
the date of the Offering Circular prior to the execution of this Agreement and
also at the Time of Delivery, KPMG LLP shall have furnished to you a letter or
letters, dated the respective dates of delivery thereof, in form and substance
satisfactory to you, to the effect set forth in Annex III hereto;

 

(d)                                 (i) Neither
the Company nor any of its subsidiaries shall have sustained since the date of
the latest audited financial statements included in the Pricing Circular any
loss or interference with its business from fire, explosion, flood or other
calamity, whether or not covered by insurance, or from any labor dispute or
court or governmental action, order or decree, otherwise than as set forth or
contemplated in the Pricing Circular, and (ii) since the respective dates as of
which information is given in the Pricing Circular there shall not have been
any change in the capital stock or long-term debt of the Company or any of its
subsidiaries or any change, or any development involving a prospective change,
in or affecting the general affairs, management, financial position,
stockholders’ equity or results of operations of the Company and its subsidiaries,
otherwise than as set forth or contemplated in the Pricing Circular, the effect
of which, in any such case described in clause (i) or (ii), is in your judgment
so material and adverse as to make it impracticable or inadvisable to proceed
with the offering or the delivery of the Securities on the terms and in the
manner contemplated in this Agreement and 
in the Offering Circular;

 

(e)                                  On
or after the Applicable Time (i) no downgrading shall have occurred in the
rating accorded the Company’s debt securities by any “nationally recognized
statistical rating organization”, as that term is defined by the Commission for

 

14

 

purposes of Rule 436(g)(2) under the Act, and
(ii) no such organization shall have publicly announced that it has under
surveillance or review, with possible negative implications, its rating of any
of the Company’s debt securities;

 

(f)                                    On
or after the Applicable Time there shall not have occurred any of the
following:  (i) a suspension or
material limitation in trading in securities generally on the New York Stock
Exchange; (ii) a general moratorium on commercial banking activities
declared by either Federal or New York State authorities or a material
disruption in commercial banking or securities settlement or clearance services
in the United States; (iii) the outbreak or escalation of hostilities
involving the United States or the declaration by the United States of a
national emergency or war; or (iv) the occurrence of any other calamity or
crisis or any change in financial, political or economic conditions in the
United States or elsewhere, if the effect of any such event specified in clause
(iii) or (iv) in your judgment makes it impracticable or inadvisable to proceed
with the offering or the delivery of the Securities on the terms and in the
manner contemplated in the Offering Circular;

 

(g)                                 The
Securities have been designated for trading on PORTAL;

 

(h)                                 The
Purchasers shall have received counterparts of the Indenture that shall have
been executed and delivered by a duly authorized officer of each of Varietal,
the Company, each Guarantor and the Trustee;

 

(i)                                     The
Purchasers shall have received a counterpart of the Registration Rights
Agreement that shall have been executed and delivered by a duly authorized
officer of each of Varietal, the Company and each Guarantor;

 

(j)                                     The
Purchasers shall have received counterparts of the Joinder Agreement that shall
have been executed and delivered by a duly authorized officer of the Company
and each Guarantor;

 

(k)                                  The
Merger shall have been consummated in a manner consistent in all material
respects with the description thereof in the Pricing Circular substantially
concurrently with the purchase of the Securities by the Purchasers;

 

(l)                                     The
Company shall have furnished or caused to be furnished to you at the Time of
Delivery certificates of officers of the Company satisfactory to you as to the
accuracy of the representations and warranties of each of Varietal and the
Company herein at and as of such Time of Delivery, as to the performance by
each of Varietal and the Company of all of its obligations hereunder to be
performed at or prior to such Time of Delivery, as to the matters set forth in
subsection (e) of this Section and as to such other matters as you may
reasonably request; and

 

(m)                               Prior
to the Time of Delivery, Varietal, the Company and each Guarantor shall have
furnished to the Purchasers such further information, certificates and

 

15

 

documents as the Purchasers may reasonably
request, as set forth in the closing memorandum relating to the Transactions.

 

9.                                       (a)                                  Varietal
agrees, and, upon due authorization, execution and delivery of the Joinder
Agreement, the Company and each Guarantor will jointly and severally agreed, to
indemnify and hold harmless each Purchaser against any losses, claims, damages
or liabilities, joint or several, to which such Purchaser may become subject,
under the Act or otherwise, insofar as such losses, claims, damages or
liabilities (or actions in respect thereof) arise out of or are based upon an
untrue statement or alleged untrue statement of a material fact contained in
any Preliminary Offering Circular, the Pricing Circular, the Offering Circular,
or any amendment or supplement thereto, any Company Supplemental Disclosure
Document, or arise out of or are based upon the omission or alleged omission to
state therein a material fact necessary to make the statements therein not
misleading, and will reimburse each Purchaser for any legal or other expenses
reasonably incurred by such Purchaser in connection with investigating or
defending any such action or claim as such expenses are incurred; provided, however,
that Varietal, the Company and each Guarantor shall not be liable in any such
case to the extent that any such loss, claim, damage or liability arises out of
or is based upon an untrue statement or alleged untrue statement or omission or
alleged omission made in any Preliminary Offering Circular, the Pricing
Circular, the Offering Circular or any such amendment or supplement, or any
Company Supplemental Disclosure Document, in reliance upon and in conformity
with written information furnished to Varietal, the Company or any Guarantor by
any Purchaser through Goldman, Sachs & Co. expressly for use therein.

 

(b)                                 Each
Purchaser will indemnify and hold harmless, as of the date hereof, Varietal,
and, upon the execution and delivery of the Joinder Agreement, the Company and
each Guarantor, against any losses, claims, damages or liabilities to which
Varietal, and, upon the execution and delivery of the Joinder Agreement, the
Company and each Guarantor, become subject, under the Act or otherwise, insofar
as such losses, claims, damages or liabilities (or actions in respect thereof)
arise out of or are based upon an untrue statement or alleged untrue statement
of a material fact contained in any Preliminary Offering Circular, the Pricing
Circular, the Offering Circular, or any amendment or supplement thereto, or any
Company Supplemental Disclosure Document, or arise out of or are based upon the
omission or alleged omission to state therein a material fact or necessary to
make the statements therein not misleading, in each case to the extent, but
only to the extent, that such untrue statement or alleged untrue statement or
omission or alleged omission was made in any Preliminary Offering Circular, the
Pricing Circular, the Offering Circular or any such amendment or supplement, or
any Company Supplemental Disclosure Document in reliance upon and in conformity
with written information furnished to Varietal, the Company or any Guarantor by
such Purchaser through Goldman, Sachs & Co. expressly for use therein; and
will reimburse the Company for any legal or other expenses reasonably incurred
by

 

16

 

Varietal, the Company or any Guarantor in connection with investigating
or defending any such action or claim as such expenses are incurred.

 

(c)                                  Promptly
after receipt by an indemnified party under subsection (a) or (b) above of
notice of the commencement of any action, such indemnified party shall, if a
claim in respect thereof is to be made against the indemnifying party under
such subsection, notify the indemnifying party in writing of the commencement
thereof; but the omission so to notify the indemnifying party shall not relieve
it from any liability which it may have to any indemnified party otherwise than
under such subsection. In case any such action shall be brought against any
indemnified party and it shall notify the indemnifying party of the
commencement thereof, the indemnifying party shall be entitled to participate
therein and, to the extent that it shall wish, jointly with any other
indemnifying party similarly notified, to assume the defense thereof, with
counsel satisfactory to such indemnified party (who shall not, except with the
consent of the indemnified party, be counsel to the indemnifying party), and,
after notice from the indemnifying party to such indemnified party of its
election so to assume the defense thereof, the indemnifying party shall not be
liable to such indemnified party under such subsection for any legal expenses
of other counsel or any other expenses, in each case subsequently incurred by
such indemnified party, in connection with the defense thereof other than
reasonable costs of investigation. No indemnifying party shall, without the written
consent of the indemnified party, effect the settlement or compromise of, or
consent to the entry of any judgment with respect to, any pending or threatened
action or claim in respect of which indemnification or contribution may be
sought hereunder (whether or not the indemnified party is an actual or
potential party to such action or claim) unless such settlement, compromise or
judgment (i) includes an unconditional release of the indemnified party from
all liability arising out of such action or claim and (ii) does not include a
statement as to, or an admission of, fault, culpability or a failure to act, by
or on behalf of any indemnified party.

 

(d)                                 If
the indemnification provided for in this Section 9 is unavailable to or
insufficient to hold harmless an indemnified party under subsection (a) or (b)
above in respect of any losses, claims, damages or liabilities (or actions in
respect thereof) referred to therein, then each indemnifying party shall
contribute to the amount paid or payable by such indemnified party as a result
of such losses, claims, damages or liabilities (or actions in respect thereof)
in such proportion as is appropriate to reflect the relative benefits received
by Varietal, the Company and any Guarantor on the one hand and the Purchasers
on the other from the offering of the Securities. If, however, the allocation
provided by the immediately preceding sentence is not permitted by applicable
law or if the indemnified party failed to give the notice required under
subsection (c) above, then each indemnifying party shall contribute to such
amount paid or payable by such indemnified party in such proportion as is
appropriate to reflect not only such relative benefits but also the relative
fault of Varietal, the Company and any Guarantor on the one hand and the
Purchasers on the other in connection with the

 

17

statements or omissions which resulted in such losses, claims, damages
or liabilities (or actions in respect thereof), as well as any other relevant
equitable considerations. The relative benefits received by Varietal, the Company
and any Guarantor on the one hand and the Purchasers on the other shall be
deemed to be in the same proportion as the total net proceeds from the offering
(before deducting expenses) received by Varietal, the Company and any Guarantor
bear to the total underwriting discounts and commissions received by the
Purchasers, in each case as set forth in the Offering Circular. The relative
fault shall be determined by reference to, among other things, whether the
untrue or alleged untrue statement of a material fact or the omission or alleged
omission to state a material fact relates to information supplied by Varietal,
the Company or any Guarantor on the one hand or the Purchasers on the other and
the parties’ relative intent, knowledge, access to information and opportunity
to correct or prevent such statement or omission. Varietal, and, upon the
execution and delivery of the Joinder Agreement, the Company and each
Guarantor, and the Purchasers agree that it would not be just and equitable if
contribution pursuant to this subsection (d) were determined by pro rata
allocation (even if the Purchasers were treated as one entity for such purpose)
or by any other method of allocation which does not take account of the
equitable considerations referred to above in this subsection (d). The amount paid
or payable by an indemnified party as a result of the losses, claims, damages
or liabilities (or actions in respect thereof) referred to above in this
subsection (d) shall be deemed to include any legal or other expenses
reasonably incurred by such indemnified party in connection with investigating
or defending any such action or claim. Notwithstanding the provisions of this
subsection (d), no Purchaser shall be required to contribute any amount in
excess of the amount by which the total price at which the Securities
underwritten by it and distributed to investors were offered to investors
exceeds the amount of any damages which such Purchaser has otherwise been
required to pay by reason of such untrue or alleged untrue statement or
omission or alleged omission. The Purchasers’ obligations in this subsection
(d) to contribute are several in proportion to their respective underwriting
obligations and not joint.

 

(e)                                  The
obligations of Varietal, and, upon the execution and delivery of the Joinder
Agreement, the Company and each Guarantor, under this Section 9 shall be in
addition to any liability which the Company may otherwise have and shall
extend, upon the same terms and conditions, to any affiliate of each Purchaser
and each person, if any, who controls any Purchaser within the meaning of the
Act; and the obligations of the Purchasers under this Section 9 shall be in addition
to any liability which the respective Purchasers may otherwise have and shall
extend, upon the same terms and conditions, to each officer and director of
Varietal, and, upon the execution and delivery of the Joinder Agreement, the
Company and each Guarantor, and to each person, if any, who controls Varietal,
and, upon the execution and delivery of the Joinder Agreement, the Company and
each Guarantor, within the meaning of the Act.

 

18

 

10.                                 (a)                                  If
any Purchaser shall default in its obligation to purchase the Securities which
it has agreed to purchase hereunder, you may in your discretion arrange for you
or another party or other parties to purchase such Securities on the terms
contained herein. If within thirty-six hours after such default by any
Purchaser you do not arrange for the purchase of such Securities, then Varietal
shall be entitled to a further period of thirty-six hours within which to
procure another party or other parties satisfactory to you to purchase such
Securities on such terms. In the event that, within the respective prescribed
periods, you notify Varietal that you have so arranged for the purchase of such
Securities, or Varietal notifies you that it has so arranged for the purchase
of such Securities, you or Varietal shall have the right to postpone the Time
of Delivery for a period of not more than 
seven days, in order to effect whatever changes may thereby be made
necessary in the Offering Circular, or in any other documents or arrangements,
and Varietal agrees to prepare promptly any amendments to the Offering Circular
which in your opinion may thereby be made necessary. The term “Purchaser” as
used in this Agreement shall include any person substituted under this Section
with like effect as if such person had originally been a party to this
Agreement with respect to such Securities.

 

(b)                                 If,
after giving effect to any arrangements for the purchase of the Securities of a
defaulting Purchaser or Purchasers by you and Varietal as provided in
subsection (a) above, the aggregate principal amount of such Securities which
remains unpurchased does not exceed one-eleventh of the aggregate principal
amount of all the Securities, then Varietal shall have the right to require
each non-defaulting Purchaser to purchase the principal amount of Securities
which such Purchaser agreed to purchase hereunder and, in addition, to require
each non-defaulting Purchaser to purchase its pro rata share (based on the
principal amount of Securities  which
such Purchaser agreed to purchase hereunder) of the Securities of such
defaulting Purchaser or Purchasers for which such arrangements have not been
made; but nothing herein shall relieve a defaulting Purchaser from liability
for its default.

 

(c)                                  If,
after giving effect to any arrangements for the purchase of the Securities of a
defaulting Purchaser or Purchasers by you and Varietal as provided in
subsection (a) above, the aggregate principal amount of Securities which
remains unpurchased exceeds one-eleventh of the aggregate principal amount of
all the Securities, or if Varietal shall not exercise the right described in
subsection (b) above to require non-defaulting Purchasers to purchase Securities
of a defaulting Purchaser or Purchasers, then this Agreement shall thereupon
terminate, without liability on the part of any non-defaulting Purchaser or
Varietal, except for the expenses to be borne by Varietal and the Purchasers as
provided in Section 6 hereof and the indemnity and contribution agreements in
Section 9 hereof; but nothing herein shall relieve a defaulting Purchaser from
liability for its default.

 

11.                                 The
respective indemnities, agreements, representations, warranties and other
statements of Varietal, and, upon the execution and delivery of the Joinder
Agreement, the Company

 

19

 

and each Guarantor, and the several
Purchasers, as set forth in this Agreement or made by or on behalf of them,
respectively, pursuant to this Agreement, shall remain in full force and
effect, regardless of any investigation (or any statement as to the results
thereof) made by or on behalf of any Purchaser or any controlling person of any
Purchaser, or Varietal, or, upon the execution and delivery of the Joinder
Agreement, the Company or any Guarantor, or any officer or director or
controlling person of Varietal, and, upon the execution and delivery of the
Joinder Agreement, the Company and each Guarantor, and shall survive delivery
of and payment for the Securities.

 

12.                                 If
this Agreement shall be terminated pursuant to Section 10 hereof, Varietal
shall not then be under any liability to any Purchaser except as provided in
Sections 7 and 9 hereof; but, if for any other reason, the Securities are not
delivered by or on behalf of the Varietal and Company as provided herein,
Varietal and the Company will reimburse the Purchasers through you for all
expenses approved in writing by you, including reasonable fees and
disbursements of counsel, reasonably incurred by the Purchasers in making
preparations for the purchase, sale and delivery of the Securities, but
Varietal and the Company shall then be under no further liability to any
Purchaser except as provided in Sections 7 and 9 hereof.

 

13.                                 In
all dealings hereunder, you shall act on behalf of each of the Purchasers, and
the parties hereto shall be entitled to act and rely upon any statement,
request, notice or agreement on behalf of any Purchaser made or given by you jointly or by Goldman, Sachs & Co. on
behalf of you as the representatives.

 

All
statements, requests, notices and agreements hereunder shall be in writing, and
if to the Purchasers shall be delivered or sent by mail (including electronic
mail), telex or facsimile transmission to you as the representatives in care of Goldman, Sachs & Co.,
One New York Plaza, 42nd Floor, New York, New York 10004,
Attention:  Registration Department; and
if to Varietal, the Company or any Guarantor shall be delivered or sent by mail
(including electronic mail), telex or facsimile transmission to the address of
the Company set forth in the Offering Circular, Attention:  General Counsel; provided, however,
that any notice to a Purchaser pursuant to Section 9(c) hereof shall be
delivered or sent by mail, telex or facsimile transmission to such Purchaser at
its address set forth in its Purchasers’ Questionnaire, or telex constituting
such Questionnaire, which address will be supplied to the Company by you upon
request. Any such statements, requests, notices or agreements shall take effect
upon receipt thereof.

 

14.                                 This
Agreement shall be binding upon, and inure solely to the benefit of, the
Purchasers, Varietal and, upon the execution and delivery of the Joinder
Agreement, the Company and each Guarantor, and, to the extent provided in
Sections 9 and 11 hereof, the officers and directors of Varietal, , upon the
execution and delivery of the Joinder Agreement, the Company and each Guarantor,
and each person who controls Varietal, or, upon the execution and delivery of
the Joinder Agreement, the Company or any Guarantor, or any Purchaser, and
their respective heirs, executors, administrators, successors and assigns, and
no other person shall acquire or have any right under or by virtue of this
Agreement. No purchaser of any of the Securities from any Purchaser shall be
deemed a successor or assign by reason merely of such purchase.

 

20

 

15.                                 Time
shall be of the essence of this Agreement.

 

16.                                 Varietal,
and, upon the execution and delivery of the Joinder Agreement, the Company and
each Guarantor, acknowledges and agrees that (i) the purchase and sale of the
Securities pursuant to this Agreement is an arm’s-length commercial transaction
between Varietal, and, upon the execution and delivery of the Joinder
Agreement, the Company and each Guarantor, on the one hand, and the several
Purchasers, on the other, (ii) in connection therewith and with the process
leading to such transaction each Purchaser is acting solely as a principal and
not the agent or fiduciary of Varietal, and, upon the execution and delivery of
the Joinder Agreement, the Company and each Guarantor, (iii) no Purchaser has
assumed an advisory or fiduciary responsibility in favor of Varietal, or, upon
the execution and delivery of the Joinder Agreement, the Company and each
Guarantor, with respect to the offering contemplated hereby or the process
leading thereto (irrespective of whether such Purchaser has advised or is
currently advising Varietal, the Company or any Guarantor on other matters) or
any other obligation to the Company except the obligations expressly set forth
in this Agreement and (iv) each of Varietal, the Company and each Guarantor has
consulted its own legal and financial advisors to the extent it deemed
appropriate. Each of Varietal, the Company and each Guarantor agrees that it
will not claim that the Purchaser, or any of them, has rendered advisory
services of any nature or respect, or owes a fiduciary or similar duty to
Varietal, the Company or any Guarantor, in connection with such transaction or
the process leading thereto.

 

17.                                 This
Agreement supersedes all prior agreements and understandings (whether written
or oral) between Varietal, the Company, any Guarantor and the Purchasers, or
any of them, with respect to the subject matter hereof.

 

18.                               This
Agreement shall be governed by and construed in accordance with the laws of the
State of New York.

 

19.                                 Varietal
and, upon the execution and delivery of the Joinder Agreement, the Company and
each Guarantor, and each of the Purchasers hereby irrevocably waives, to the
fullest extent permitted by applicable law, any and all right to trial by jury
in any legal proceeding arising out of or relating to this Agreement or the
transactions contemplated hereby.

 

20.                                 This
Agreement may be executed by any one or more of the parties hereto in any
number of counterparts, each of which shall be deemed to be an original, but
all such respective counterparts shall together constitute one and the same
instrument.

 

21.                                 Notwithstanding anything herein to the
contrary, each of Varietal and, upon the execution and delivery of the
Joinder Agreement, the Company and each Guarantor, (and Varietal’s and, upon the execution and delivery of the
Joinder Agreement, the Company’s and each Guarantor’s, employees, representatives, and other agents) are authorized to
disclose to any and all persons, the tax treatment and tax structure of the
potential transaction and all materials of any kind (including tax opinions and
other tax analyses) provided to Varietal,

 

21

 

the Company or any Guarantor
relating to that treatment and structure, without the Purchasers’ imposing any
limitation of any kind. However, any information relating to the tax treatment
and tax structure shall remain confidential (and the foregoing sentence shall
not apply) to the extent necessary to enable any person to comply with
securities laws. For this purpose, “tax treatment” means US federal and state
income tax treatment, and “tax structure” is limited to any facts that may be
relevant to that treatment.

 

If the
foregoing is in accordance with your understanding, please sign and return to
us one for Varietal and each of the
representatives plus one for each counsel counterparts hereof, and upon
the acceptance hereof by you, on behalf of each of the Purchasers, this letter
and such acceptance hereof shall constitute a binding agreement between each of
the Purchasers and Varietal. It is understood that your acceptance of this
letter on behalf of each of the Purchasers is pursuant to the authority set
forth in a form of Agreement among Purchasers, the form of which shall be
submitted to Varietal for examination upon request, but without warranty on
your part as to the authority of the signers thereof.

 

	
   

  	
  Very truly yours,

  
	
   

  	
   

  
	
   

  	
  Varietal
  Distribution Merger Sub, Inc.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Title:

  Name:

  

 

22

 

	
  Accepted
  as of the date hereof:

  
	
   

  
	
  GOLDMAN, SACHS & CO.

  
	
  BANC OF AMERICA SECURITIES LLC

  
	
  J.P. MORGAN SECURITIES INC.

  
	
  DEUTSCHE BANK SECURITIES INC.

  
	
   

  
	
  By: 

  	
  Goldman, Sachs & Co.

  
	
   

  	
  For itself, the other Representatives

  and the other several Initial Purchasers

  named in Schedule I to the

  foregoing Agreement.

  
	
   

  
	
   

  
	
   

  	
   

  
	
  (Goldman, Sachs & Co.)

  	
   

  
			

 

 

SCHEDULE I

 

	
  Purchaser

  	
   

  	
  Principal

  Amount of

  Securities

  to be

  Purchased

  	
   

  
	
  Goldman, Sachs & Co.

  	
   

  	
  $

  	
  202,500,000

  	
   

  
	
  Banc of America Securities LLC

  	
   

  	
  202,500,000

  	
   

  
	
  J.P. Morgan Securities Inc.

  	
   

  	
  202,500,000

  	
   

  
	
  Deutsche Bank Securities Inc.

  	
   

  	
  67,500,000

  	
   

  
	
  Total

  	
   

  	
  $

  	
  675,000,000

  	
   

  

 

2

 

SCHEDULE II

 

(a)                                  Additional
Documents Incorporated by Reference:

 

1.                                       None

 

(b)                                 Approved
Supplemental Disclosure Documents:

 

1.                                       Electronic
Road Show Presentation

2.                                       Company
Supplemental Disclosure Document reflecting covenant changes, dated June 26,
2007

 

 

SCHEDULE III

 

Pricing Supplement, dated June 26, 2007

 

[To be
Provided Separately]

 

 

ANNEX I

 

(1)                                  The Securities have not been and will not be
registered under the Act and may not be offered or sold within the United
States or to, or for the account or benefit of, U.S. persons except in
accordance with Regulation S under the Act or pursuant to an exemption from the
registration requirements of the Act. Each Purchaser represents that it has
offered and sold the Securities, and will offer and sell the Securities (i) as
part of their distribution at any time and (ii) otherwise until 40 days after
the later of the commencement of the offering and the Time of Delivery, only in
accordance with Rule 903 of Regulation S or, Rule 144A or pursuant to Paragraph
2 of this Annex I under the Act. Accordingly, each Purchaser agrees that
neither it, its affiliates nor any persons acting on its or their behalf has
engaged or will engage in any directed selling efforts with respect to the
Securities, and it and they have complied and will comply with the offering
restrictions requirement of Regulation S. Each Purchaser agrees that, at or
prior to confirmation of sale of Securities (other than a sale pursuant to Rule
144A) or pursuant to Paragraph 2 of this Annex I, it will have sent to each
distributor, dealer or person receiving a selling concession, fee or other remuneration
that purchases Securities from it during the restricted period a confirmation
or notice to substantially the following effect:

 

“The
Securities covered hereby have not been registered under the U.S. Securities
Act of 1933 (the “Securities Act”) and may not be offered and sold
within the United States or to, or for the account or benefit of, U.S. persons
(i) as part of their distribution at any time or (ii) otherwise until 40 days
after the later of the commencement of the offering and the closing date,
except in either case in accordance with Regulation S (or Rule 144A if
available) under the Securities Act. Terms used above have the meaning given to
them by Regulation S.”

 

Terms used in this paragraph have the
meanings given to them by Regulation S.

 

Each Purchaser further agrees that it has not
entered and will not enter into any contractual arrangement with respect to the
distribution or delivery of the Securities, except with its affiliates or with
the prior written consent of the Company.

 

(2)                                  Notwithstanding the foregoing, Securities in
registered form may be offered, sold and delivered by the Purchasers in the
United States and to U.S. persons pursuant to Section 3 of this Agreement
without delivery of the written statement required by paragraph (1) above.

 

(3)                                  Each Purchaser agrees that it will not offer,
sell or deliver any of the Securities in any jurisdiction outside the United
States except under circumstances that will result in compliance with the
applicable laws thereof, and that it will take at its own expense whatever
action is required to permit its purchase and resale of the Securities in such
jurisdictions. Each Purchaser understands that no action has been taken to
permit a public offering in any jurisdiction outside the United States where
action would be

 

A-I-1

 

required for such purpose. Each Purchaser
agrees not to cause any advertisement of the Securities to be published in any
newspaper or periodical or posted in any public place and not to issue any
circular relating to the Securities, except in any such case with Goldman,
Sachs & Co.’s express written consent and then only at its own risk and
expense.

 

A-I-2

 

ANNEX II-A

 

Form of Kirkland & Ellis LLP Opinion

 

[To come.]

 

ANNEX II-B

 

Form of Opinion of Mr. Thomas D. Salus

 

[To come.]

 

A-II-1

 

ANNEX III

 

Pursuant to
Section 8(d) of the Purchase Agreement, the accountants shall furnish letters
to the Purchasers to the effect that:

 

(i)                                     They
are an independent registered public accounting firm with respect to the
Company and its subsidiaries within the
meaning of the Securities Exchange Act of 1934 (the “Exchange Act”) and
the applicable published rules and regulations thereunder adopted by the
Securities and Exchange Commission and the Public Accounting Oversight Board
(United States) under rule 101 of the American Institute of Certified Public
Accountants’ Code of Professional Conduct, and its interpretations and rulings;

 

(ii)                                  In
our opinion, the consolidated financial statements and financial statement
schedules audited by us and included in the Offering Circular comply as to form
in all material respects with the applicable requirements of the Exchange Act
and the related published rules and regulations;

 

(iii)                               The
unaudited selected financial information with respect to the consolidated
results of operations and financial position of the Company for the five most
recent fiscal years included in the Offering Circular agrees with the
corresponding amounts (after restatements where applicable) in the audited
consolidated financial statements for such five fiscal years;

 

(iv)                              On
the basis of limited procedures not constituting an audit in accordance with
generally accepted auditing standards, consisting of a reading of the unaudited
financial statements and other information referred to below, a reading of the
latest available interim financial statements of the Company and its subsidiaries,
inspection of the minute books of the Company and its subsidiaries since the
date of the latest audited financial statements included in the Offering Circular,
inquiries of officials of the Company and its subsidiaries responsible for
financial and accounting matters and such other inquiries and procedures as may
be specified in such letter, nothing came to their attention that caused them
to believe that:

 

(A)                              the
unaudited consolidated statements of income, consolidated balance sheets and consolidated
statements of cash flows included in the Offering Circular are not in
conformity with generally accepted accounting principles applied on the basis
substantially consistent with the basis for the unaudited condensed
consolidated statements of income, consolidated balance sheets and consolidated
statements of cash flows included in the Offering Circular;

 

(B)                                any
other unaudited income statement data and balance sheet items included in the
Offering Circular do not agree with the corresponding items in the unaudited
consolidated financial statements from which such data and items were derived,
and any such unaudited data and items were not determined on a basis
substantially consistent with the basis for the corresponding amounts in the
audited consolidated financial statements included in the Offering Circular;

 

A-III-1

 

(C)                                the
unaudited financial statements which were not included in the Offering Circular
but from which were derived any unaudited condensed financial statements
referred to in clause (A) and any unaudited income statement data and balance
sheet items included in the Offering Circular and referred to in clause (B)
were not determined on a basis substantially consistent with the basis for the
audited consolidated financial statements included in the Offering Circular;

 

(D)                               any
unaudited pro forma consolidated condensed financial statements included in the
Offering Circular do not comply as to form in all material respects with the
applicable accounting requirements or the pro forma adjustments have not been
properly applied to the historical amounts in the compilation of those
statements;

 

(E)                                 as
of a specified date not more than five days prior to the date of such letter,
there have been any changes in the consolidated capital stock (other than
issuances of capital stock upon exercise of options and stock appreciation
rights, upon earn-outs of performance shares and upon conversions of
convertible securities, in each case which were outstanding on the date of the
latest financial statements included in the Offering Circular or any increase
in the consolidated long-term debt of the Company and its subsidiaries, or any
decreases in consolidated net current assets or stockholders’ equity or other
items specified by the Representatives, or any increases in any items specified
by the Representatives, in each case as compared with amounts shown in the
latest balance sheet included in the Offering Circular except in each case for
changes, increases or decreases which the Offering Circular discloses have
occurred or may occur or which are described in such letter; and

 

(F)                                 for
the period fro the date of the latest financial statements included in the
Offering Circular to the specified date referred to in clause (E) there were
any decreases in consolidated net revenues or operating profit or the total or
per share amounts of consolidated net income or other items specified by the
Representatives, or any increases in any items specified by the Representatives,
in each case as compared with the comparable period of the preceding year and
with any other period of corresponding length specified by the Representatives,
except in each case for decreases or increases which the Offering Circular
discloses have occurred or may occur or which are described in such letter; and

 

(v)                                 In
addition to the examination referred to in their report(s) included in the
Offering Circular and the limited procedures, inspection of minute books,
inquiries and other procedures referred to in paragraphs (iii) and (iv) above,
they have carried out certain specified procedures, not constituting an audit
in accordance with generally accepted auditing standards, with respect to
certain amounts, percentages and financial information specified by the
Representatives, which are derived from the general accounting records of the
Company and its subsidiaries, which appear in the Offering Circular, and have
compared certain of such amounts, percentages and financial information with
the accounting records of the Company and its subsidiaries and have found them
to be in agreement.

 

A-III-2

 

Exhibit A

 

Form of Joinder Agreement

 

WHEREAS, Varietal
Distribution Merger Sub, Inc., a Delaware corporation (“Varietal”), and
the Purchasers named therein (the “Purchasers”) heretofore executed and
delivered a Purchase Agreement, dated 26, 2007 (the “Purchase Agreement”),
providing for the issuance and sale of the Securities (capitalized terms used
herein and not otherwise defined herein shall have the respective meanings ascribed
to such terms in the Purchase Agreement); and

 

WHEREAS, as a condition to
the consummation of the offering of the Securities, each of the Company and
Guarantors, none of which was originally a party thereto, has agreed to join in
the Purchase Agreement on the Closing Date upon consummation of the Merger.

 

NOW, THEREFORE, each of the
Company and the Guarantors, jointly and severally, hereby agrees for the
benefit of the Purchasers, as follows:

 

1.                                       Joinder.
Each of the undersigned hereby acknowledges that it has received and reviewed a
copy of the Purchase Agreement and all other documents it deems fit prior to
entering into this Joinder Agreement (the “Joinder Agreement”), and acknowledges
and agrees to (i) join and become a party to the Purchase Agreement as
indicated by its signature below; (ii) be bound by all covenants,
agreements, representations, warranties and acknowledgments attributable to an
indemnifying party in the Purchase Agreement as if made by, and with respect
to, each signatory hereto; and (iii) perform all obligations and duties required
of an indemnifying party pursuant to the Purchase Agreement.

 

2.                                       Representations
and Warranties and Agreements of the Surviving Corporation and the Guarantors.
Each of the undersigned hereby represents and warrants to and agrees with the
Purchasers that it has all the requisite power and authority to execute,
deliver and perform its obligations under this Joinder Agreement and the
consummation of the transaction contemplated hereby has been duly and validly
taken and that, when this Joinder Agreement is executed and delivered, it will
constitute a valid and legally binding agreement enforceable against each of
the undersigned in accordance with its terms.

 

3.                                       Counterparts.
This Joinder Agreement may be executed by any one or more of the parties hereto
in any number of counterparts, each of which shall be deemed to be an original,
but all such respective counterparts shall together constitute one and the same
instrument.

 

4.                                       Amendments.
No amendment or waiver of any provision of this Joinder Agreement, nor any
consent or approval to any departure therefrom, shall in any event be effective
unless the same shall be in writing and signed by the parties thereto.

 

5.                                       Applicable
Law. This Agreement shall be governed by and construed in accordance with
the laws of the State of New York.

 

6.                                       Effectiveness.
This Agreement shall be effective upon the consummation of the Merger.

 

 

IN WITNESS
WHEREOF, the undersigned has executed this agreement this 29th day of
June, 2007.

 

	
   

  	
  CDRV INVESTORS, INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  
	
   

  	
   

  
	
   

  	
  [GUARANTORS]

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  

 

A-2

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00128-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00128-of-00352.parquet"}]]