Document:

Exhibit 4.5

    
      

    

    

     

    

     

    GULFMARK
      OFFSHORE, INC.

     

     

    Issuer

     

     

    _______________________

     

     

    

     

    FORM
      OF INDENTURE

     

     

    Dated
      as of ______________

     

     

    

     

    U.S.
      BANK NATIONAL ASSOCIATION

     

     

    Trustee

     

     

    

     

    

     

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    CROSS-REFERENCE
      TABLE1

     

    
      	
              Trust
                Indenture

              Act
                Section

            	
              Indenture
                Section

            
	
              310

            	
              (a)(l)

            	
              7.10

            
	 	
              (a)(2)

            	
              7.10

            
	 	
              (a)(3)

            	
              N.A.

            
	 	
              (a)(4)

            	
              N.A.

            
	 	
              (a)(5)

            	
              7.10

            
	 	
              (b)

            	
              7.10

            
	 	
              (c)

            	
              N.A.

            
	
              311

            	
              (a)

            	
              7.11

            
	 	
              (b)

            	
              7.11

            
	 	
              (c)

            	
              N.A.

            
	
              312

            	
              (a)

            	
              2.05

            
	 	
              (b)

            	
              12.03

            
	 	
              (c)

            	
              12.03

            
	
              313

            	
              (a)

            	
              7.06

            
	 	
              (b)(2)

            	
              7.06,
                7.07

            
	 	
              (c)

            	
              7.06,
                12.02

            
	 	
              (d)

            	
              7.06

            
	
              314
                

            	
              (a)

            	
              4.03,
                12.02, 12.05

            
	 	
              (a)(4)

            	
              4.03

            
	 	
              (c)(1)

            	
              12.04

            
	 	
              (c)(2)

            	
              12.04

            
	 	
              (c)(3)

            	
              N.A.

            
	 	
              (e)

            	
              12.05

            
	 	
              (f)

            	
              N.A.

            
	
              315

            	
              (a)

            	
              7.01

            
	 	
              (b)

            	
              7.05

            
	 	
              (c)

            	
              7.01

            
	 	
              (d)

            	
              7.01

            
	 	
              (e)

            	
              6.11

            
	
              316

            	
              (a)(last
                sentence)

            	
              2.09

            
	 	
              (a)(1)(A)

            	
              6.05

            
	 	
              (a)(l)(B)

            	
              6.04

            
	 	
              (a)(2)

            	
              N.A.

            
	 	
              (b)

            	
              6.07

            
	 	
              (c)

            	
              2.12

            
	 	
              317
                (a)(1)

            	
              6.08

            
	 	
              (a)(2)

            	
              6.09

            
	 	
              (b)

            	
              2.04

            
	 	
              318
                (a)

            	
              12.01

            
	 	
              (b)

            	
              12.01

            
	 	
              (c)

            	
              12.01

            

    

    

     

    NA.
      means
      not applicable.

     

    1This
      Cross-Reference Table is not part of this Indenture.

     

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    TABLE
      OF CONTENTS

     

    
      	
              ARTICLE
                I. DEFINITIONS AND INCORPORATION BY REFERENCE

            
	
              SECTION
                1.01

            	
              Definitions 
                

            	
               2

            
	
              SECTION
                1.02

            	
              Other
                Definitions.

            	
              18

            
	
              SECTION
                1.03

            	
              Incorporation
                by Reference of Trust Indenture Act.

            	
              18

            
	
              SECTION
                1.04

            	
              Rules
                of Construction.

            	
              19

            
	
              ARTICLE
                II. THE NOTES

            
	
              SECTION
                2.01

            	
              Form
                and Dating.

            	
              19

            
	
              SECTION
                2.02

            	
              Execution
                and Authentication.

            	
              20

            
	
              SECTION
                2.03

            	
              Registrar
                and Paying Agent.

            	
              21

            
	
              SECTION
                2.04

            	
              Paying
                Agent to Hold Money in Trust.

            	
              21

            
	
              SECTION
                2.05

            	
              Holder
                Lists.

            	
              21

            
	
              SECTION
                2.06

            	
              Transfer
                and Exchange.

            	
              22

            
	
              SECTION
                2.07

            	
              Replacement
                Notes.

            	
              26

            
	
              SECTION
                2.08

            	
              Outstanding
                Notes.

            	
              26

            
	
              SECTION
                2.09

            	
              Treasury
                Notes.

            	
              26

            
	
              SECTION
                2.10

            	
              Temporary
                Notes.

            	
              27

            
	
              SECTION
                2.11

            	
              Cancellation.

            	
              27

            
	
              SECTION
                2.12

            	
              Defaulted
                Interest.

            	
              27

            
	
              SECTION
                2.13

            	
              CUSIP
                Numbers.

            	
              27

            
	
              ARTICLE
                III. REDEMPTION AND PREPAYMENT

            
	
              SECTION
                3.01

            	
              Notices
                to Trustee.

            	
              28

            
	
              SECTION
                3.02

            	
              Selection
                of Notes to be Redeemed.

            	
              28

            
	
              SECTION
                3.03

            	
              Notice
                of Redemption.

            	
              28

            
	
              SECTION
                3.04

            	
              Effect
                of Notice of Redemption.

            	
              29

            
	
              SECTION
                3.05

            	
              Deposit
                of Redemption Price.

            	
              29

            
	
              SECTION
                3.06

            	
              Notes
                Redeemed in Part.

            	
              30

            
	
              SECTION
                3.07

            	
              Optional
                Redemption.

            	
              30

            
	
              SECTION
                3.08

            	
              Mandatory
                Redemption.

            	
              31

            
	
              SECTION
                3.09

            	
              Offer
                to Purchase by Application of Excess Proceeds.

            	
              31

            
	
              ARTICLE
                IV. COVENANTS

            
	
              SECTION
                4.01

            	
              Payment
                of Notes.

            	
              33

            
	
              SECTION
                4.02

            	
              Maintenance
                of Office or Agency.

            	
              33

            
	
              SECTION
                4.03

            	
              Reports.

            	
              34

            
	
              SECTION
                4.04

            	
              Compliance
                Certificate.

            	
              34

            
	
              SECTION
                4.05

            	
              Taxes.

            	
              35

            
	
              SECTION
                4.06

            	
              Waiver
                of Stay, Extension and Usury Laws.

            	
              35

            

    

    

    
      
        
          
          

        

        
          i

          
            

          

        

        
          
          

        

      

    

    

    

     

    
      	
              SECTION
                4.07

            	
              Restricted
                Payments.

            	
              35

            
	
              SECTION
                4.08

            	
              Dividend
                and Other Payment Restrictions Affecting Restricted
                Subsidiaries.

            	
              38

            
	
              SECTION
                4.09

            	
              Incurrence
                of Indebtedness and Issuance of Preferred Stock.

            	
              40

            
	
              SECTION
                4.10

            	
              Asset
                Sales.

            	
              43

            
	
              SECTION
                4.11

            	
              Transactions
                with Affiliates.

            	
              45

            
	
              SECTION
                4.12

            	
              Liens.

            	
              46

            
	
              SECTION
                4.13

            	
              Business
                Activities.

            	
              46

            
	
              SECTION
                4.14

            	
              Corporate
                Existence.

            	
              46

            
	
              SECTION
                4.15

            	
              Offer
                to Repurchase upon Change of Control.

            	
              46

            
	
              SECTION
                4.16

            	
              Subsidiary
                Guarantees of Certain Indebtedness.

            	
              48

            
	
              SECTION
                4.17

            	
              Changes
                in Covenants When Notes Rated Investment Grade.

            	
              48

            
	
              ARTICLE
                V. SUCCESSORS

            
	
              SECTION
                5.01

            	
              Merger,
                Consolidation, or Sale of Assets.

            	
              49

            
	
              SECTION
                5.02

            	
              Successor
                Corporation Substituted.

            	
              49

            
	
              ARTICLE
                VI. DEFAULTS AND REMEDIES

            
	
              SECTION
                6.01

            	
              Events
                of Default.

            	
              50

            
	
              SECTION
                6.02

            	
              Acceleration.

            	
              52

            
	
              SECTION
                6.03

            	
              Other
                Remedies.

            	
              52

            
	
              SECTION
                6.04

            	
              Waiver
                of Past Defaults.

            	
              52

            
	
              SECTION
                6.05

            	
              Control
                by Majority.

            	
              53

            
	
              SECTION
                6.06

            	
              Limitation
                on Suits.

            	
              53

            
	
              SECTION
                6.07

            	
              Rights
                of Holders of Notes to Receive Payment.

            	
              53

            
	
              SECTION
                6.08

            	
              Collection
                Suit by Trustee.

            	
              54

            
	
              SECTION
                6.09

            	
              Trustee
                May File Proofs of Claim.

            	
              54

            
	
              SECTION
                6.10

            	
              Priorities.

            	
              54

            
	
              SECTION
                6.11

            	
              Undertaking
                for Costs.

            	
              55

            
	
              ARTICLE
                VII. TRUSTEE

            
	
              SECTION
                7.01

            	
              Duties
                of Trustee.

            	
              55

            
	
              SECTION
                7.02

            	
              Rights
                of Trustee.

            	
              56

            
	
              SECTION
                7.03

            	
              Individual
                Rights of Trustee.

            	
              57

            
	
              SECTION
                7.04

            	
              Trustee’s
                Disclaimer.

            	
              57

            
	
              SECTION
                7.05

            	
              Notice
                of Defaults.

            	
              57

            
	
              SECTION
                7.06

            	
              Reports
                by Trustee to Holders of the Notes.

            	
              58

            
	
              SECTION
                7.07

            	
              Compensation
                and Indemnity.

            	
              58

            
	
              SECTION
                7.08

            	
              Replacement
                of Trustee.

            	
              59

            
	
              SECTION
                7.09

            	
              Successor
                Trustee by Merger, Etc.

            	
              60

            
	
              SECTION
                7.10

            	
              Eligibility,
                Disqualification.

            	
              60

            
	
              SECTION
                7.11

            	
              Preferential
                Collection of Claims Against Company.

            	
              60

            

    

    

     

    

    
      
        
          
          

        

        
          ii

          
            

          

        

        
          
          

        

      

    

    

    

     

    
      	
              ARTICLE
                VIII. LEGAL DEFEASANCE AND COVENANT DEFEASANCE

            
	
              SECTION
                8.01

            	
              Option
                to Effect Legal Defeasance or Covenant Defeasance.

            	
              60

            
	
              SECTION
                8.02

            	
              Legal
                Defeasance and Discharge.

            	
              61

            
	
              SECTION
                8.03

            	
              Covenant
                Defeasance.

            	
              62

            
	
              SECTION
                8.04

            	
              Conditions
                to Legal or Covenant Defeasance.

            	
              62

            
	
              SECTION
                8.05

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

            	
              64

            
	
              SECTION
                8.06

            	
              Repayment
                to Company.

            	
              64

            
	
              SECTION
                8.07

            	
              Reinstatement.

            	
              64

            
	
              ARTICLE
                IX. AMENDMENT, SUPPLEMENT AND WAIVER

            
	
              SECTION
                9.01

            	
              Without
                Consent of Holders of Notes.

            	
              65

            
	
              SECTION
                9.02

            	
              With
                Consent of Holders of Notes.

            	
              66

            
	
              SECTION
                9.03

            	
              Compliance
                with Trust Indenture Act.

            	
              67

            
	
              SECTION
                9.04

            	
              Revocation
                and Effect of Consents.

            	
              67

            
	
              SECTION
                9.05

            	
              Notation
                on or Exchange of Notes.

            	
              67

            
	
              SECTION
                9.06

            	
              Trustee
                to Sign Amendments, Etc.

            	
              68

            
	
              ARTICLE
                X. GUARANTEES

            
	
              SECTION
                10.01

            	
              Subsidiary
                Guarantees.

            	
              68

            
	
              SECTION
                10.02

            	
              Execution
                and Delivery of Subsidiary Guarantee.

            	
              69

            
	
              SECTION
                10.03

            	
              Guarantors
                May Consolidate, Etc., on Certain Terms.

            	
              70

            
	
              SECTION
                10.04

            	
              Releases
                Following Release Under All Indebtedness or Sale of
                Assets.

            	
              71

            
	
              SECTION
                10.05

            	
              Limitation
                on Guarantor Liability; Contribution.

            	
              71

            
	
              SECTION
                10.06

            	
              Trustee
                to Include Paying Agent.

            	
              72

            
	
              ARTICLE
                XI. SATISFACTION AND DISCHARGE

            
	
              SECTION
                11.01

            	
              Satisfaction
                and Discharge.

            	
              72

            
	
              ARTICLE
                XII. MISCELLANEOUS

            
	
              SECTION
                12.01

            	
              Trust
                Indenture Act Controls.

            	
              73

            
	
              SECTION
                12.02

            	
              Notices.

            	
              73

            
	
              SECTION
                12.03

            	
              Communication
                by Holders of Notes with Other Holders of Notes.

            	
              74

            
	
              SECTION
                12.04

            	
              Certificate
                and Opinion as to Conditions Precedent.

            	
              74

            
	
              SECTION
                12.05

            	
              Statements
                Required in Certificate or Opinion.

            	
              74

            
	
              SECTION
                12.06

            	
              Rules
                by Trustee and Agents.

            	
              75

            
	
              SECTION
                12.07

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

            	
              75

            
	
              SECTION
                12.08

            	
              Governing
                Law.

            	
              75

            
	
              SECTION
                12.09

            	
              No
                Adverse Interpretation of Other Agreements.

            	
              75

            
	
              SECTION
                12.10

            	
              Successors.

            	
              75

            
	
              SECTION
                12.11

            	
              Severability.

            	
              75

            
	
              SECTION
                12.12

            	
              Counterpart
                Originals.

            	
              76

            
	
              SECTION
                12.13

            	
              Table
                of Contents, Headings, Etc.

            	
              76

            

    

    

    
      
        
          
          

        

        
          iii

          
            

          

        

        
          
          

        

      

    

    

    

    

      
        	
                EXHIBIT
                  A

              	
                Form
                  of Note

              	
                A-1

              
	
                EXHIBIT
                  B

              	
                Form
                  of Supplemental Indenture

              	
                B-1

              

      

      

    

    

    
      
        
          
          

        

        
          iv

          
            

          

        

        
          
          

        

      

    

    

    INDENTURE
      dated as of ______________ between GulfMark Offshore, Inc., a Delaware
      corporation (the “Company”),
      and
      U.S. Bank National Association, a
      national banking association, as
      trustee (the “Trustee”).

     

    The
      Company and the Trustee agree as follows for the benefit of each other and
      for
      the equal and ratable benefit of the Holders (as defined) of the
      __________________ (the “Initial
      Notes”,
      together with any Additional Notes (as defined), the “Notes”):

     

     

    ARTICLE
      I.

     

    DEFINITIONS
      AND INCORPORATION BY REFERENCE

     

    SECTION
      1.01  Definitions.

     

    “Accredited
      Investor”
      means an
      investor that is an “accredited investor” as defined in Rule 501(a)(1), (2),
      (3), (5), (6) or (7) under Regulation D of the Securities Act.

     

    “Acquired
      Debt”
means,
      with respect to any specified Person: (i) 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; or (ii) Indebtedness secured
      by
      a Lien encumbering any asset acquired by such specified Person; provided
      that, in
      each case, such Indebtedness was not incurred in connection with, or in
      contemplation of, such other Person merging with or into or becoming a
      Restricted Subsidiary of such specified Person, or such encumbered asset being
      acquired by such Person.

     

    “Additional
      Notes”
      means
      additional Notes (other than the Initial Notes) issued under this Indenture
      in
      accordance with Section 2.02 and 4.09 hereof.

     

    “Adjusted
      Net Assets” of
      a
      Guarantor at any date means the lesser of the amount by which (i) the fair
      value
      of the property of such Guarantor exceeds the total amount of liabilities,
      including, without limitation, contingent liabilities (after giving effect
      to
      all other fixed and contingent liabilities incurred or assumed on such date),
      but excluding liabilities under its Subsidiary Guarantee, of such Guarantor
      at
      such date and (ii) the present fair salable value of the assets of such
      Guarantor at such date exceeds the amount that will be required to pay the
      probable liability of such Guarantor on its debts (after giving effect to all
      other fixed and contingent liabilities incurred or assumed on such date and
      after giving effect to any collection from any Subsidiary of such Guarantor
      in
      respect of the obligations of such Subsidiary under such Subsidiary Guarantee),
      excluding debt in respect of such Subsidiary Guarantee, as they become absolute
      and matured.

     

    “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.

     

    

    
      
        
          
          

        

        
          2

          
            

          

        

        
          
          

        

      

    

    

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

     

    “Applicable
      Premium”
      means,
      with respect to any Note on any Redemption Date, the greater of (i) ___ of
      the
      principal amount of the Note; and (ii) the excess of (a) the present value
      at
      such Redemption Date of (i) the redemption price of the Note at _______________
      (such redemption price being set forth in the table appearing in Section 3.07
      hereof) plus (ii) all required interest payments due on the Note through
      ______________ (excluding accrued but unpaid interest) computed using a discount
      rate equal to the Treasury Rate as of such Redemption Date plus 50 basis points;
      over (b) the principal amount of the Note. 

     

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

     

    “Asset
      Sale” means
      (i)
      the sale, lease, conveyance or other disposition of any assets or rights
      (including, without limitation, by way of a sale-and-leaseback) other than
      in
      the ordinary course of business consistent with past practices (provided
      that the
      sale, lease, conveyance or other disposition of all or substantially all of
      the
      assets of the Company and its Restricted Subsidiaries, taken as a whole, will
      be
      governed by the covenants described in Sections 4.15 and 5.01 hereof and not
      by
      the provisions of the covenant described in Section 4.10 hereof), and (ii)
      the
      issue or sale by the Company or any of its Restricted Subsidiaries of Equity
      Interests of any of the Company’s Restricted Subsidiaries, in the case of either
      clause (i) or (ii), whether in a single transaction or a series of related
      transactions (a) that have a Fair Market Value in excess of $5,000,000 or (b)
      for Net Proceeds in excess of $5,000,000; provided
      that the
      following will not be deemed to be Asset Sales: (A) a transfer of assets by
      the
      Company to a Restricted Subsidiary of the Company or by a Restricted Subsidiary
      of the Company to the Company or to another Restricted Subsidiary of the
      Company; (B) an issuance or sale of Equity Interests by a Restricted Subsidiary
      of the Company to the Company or to another Restricted Subsidiary of the
      Company; (C) (x) a Permitted Investment or (y) a Restricted Payment that is
      permitted by the covenant described in Section 4.07 hereof; (D) any disposition
      of assets resulting from the enforcement or foreclosure of Liens permitted
      to be
      incurred under the covenant described in Section 4.12 hereof; (E) any
      disposition of assets in trade or exchange for assets of comparable Fair Market
      Value related to the Permitted Business of the Company, provided
      that (x)
      in any such trade or exchange with a Fair Market Value in excess of $20,000,000,
      the Company shall obtain an opinion or report from a nationally recognized
      investment banking firm, appraisal firm or other valuation expert confirming
      that the assets received by the Company and the Restricted Subsidiaries in
      such
      trade or exchange have a fair market value of at least the fair market value
      of
      the assets so traded or exchanged and (y) any cash or Cash Equivalent received
      by the Company or a Restricted Subsidiary in connection with such trade or
      exchange (net of direct costs relating to such transaction) shall be treated
      as
      Net Proceeds of an Asset Sale and shall be applied in the manner set forth
      in
      the covenant described in Sections 3.09 and 4.10 hereof; (F) the sale or lease
      of equipment, inventory, accounts receivable, services or other assets in the
      ordinary course of business or the sale of inventory to any joint venture,
      in
      which the Company owns directly or indirectly at least 50% of the Equity
      Interest, for resale by such joint venture to its customers in the ordinary
      course of business; (G) the sale or disposition of cash or Cash Equivalents;
      (H)
      the sale of assets by the Company or any of its Restricted Subsidiaries for
      the
      purpose of sale to a customer where the sale proceeds are recorded in the
      Company’s consolidated financial statements as operating income in accordance
      with generally accepted accounting principles in the United States; and (I)
      sales of damaged, worn-out or obsolete equipment or assets that, in the
      Company’s reasonable judgment, are either (x) no longer used or (y) no longer
      useful in the business of the Company or its Restricted
      Subsidiaries.

     

    

    
      
        
          
          

        

        
          3

          
            

          

        

        
          
          

        

      

    

    

    “Bankruptcy
      Code” means
      Title 11, U.S. Code, as amended, or any similar federal or state law for the
      relief of debtors.

     

    “Board
      of Directors” means
      the
      board of directors of the Company or any committee thereof duly authorized
      to
      act on behalf of such board of directors.

     

    “Broker-Dealer”
      has the
      meaning set forth in the Registration Rights Agreement.

     

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

     

    “Capital
      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 to be capitalized
      on a balance sheet in accordance with GAAP.

     

    “Capital
      Stock” means
      (i)
      in the case of a corporation, corporate stock, (ii) in the case of an
      association or business entity, any and all shares, interests, participation,
      rights or other equivalents (however designated) of corporate stock, (iii)
      in
      the case of a partnership or limited liability company, partnership or
      membership interests (whether general or limited) and (iv) 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.

     

    “Cash
      Equivalents” means
      (i)
      United States dollars, (ii) securities issued or directly and fully guaranteed
      or insured by the United States government or any agency or instrumentality
      thereof having maturities of not more than one year from the date of
      acquisition, (iii) certificates of deposit and Eurodollar time deposits with
      maturities of not more than one year from the date of acquisition, bankers’
acceptances with maturities of not more than one year from the date of
      acquisition and overnight bank deposits, in each case with any domestic
      commercial bank having capital and surplus in excess of $500,000,000 and a
      Thompson Bank Watch Rating of “B” or better or any commercial bank organized
      under the laws of any other country that is a member of the OECD and has total
      assets in excess of $500,000,000, (iv) repurchase obligations with a term of
      not
      more than seven days for underlying securities of the types described in clauses
      (ii) and (iii) above entered into with any financial institution meeting the
      qualifications specified in clause (iii) above, (v) commercial paper having
      the
      highest rating obtainable from Moody’s or S&P with maturities of not more
      than one year from the date of acquisition, (vi) deposits available for
      withdrawal on demand with any commercial bank not meeting the qualifications
      specified in clause (iii) above, but which is organized under the laws of (a)
      any country that is a member of the OECD and has total assets of $50,000,000
      or
      (b) any other country in which the Company or any Restricted Subsidiary
      maintains an office or is engaged in any Permitted Business, provided
      that, in
      either case, (A) all such deposits are required to be made in such accounts
      in
      the ordinary course of business, (B) such deposits do not exceed at any one
      time
      $2,000,000 in the aggregate and (C) no funds so deposited remain on deposit
      in
      such bank for more than 30 days, and (vii) investments in money market funds
      substantially all of whose assets comprise securities or deposits of the types
      described in clauses (i) through (v) above.

     

    

    
      
        
          
          

        

        
          4

          
            

          

        

        
          
          

        

      

    

    

    “Change
      of Control” means
      the
      occurrence of one or more of the following events: (i) any sale, lease, exchange
      or other transfer (in one transaction or a series of related transactions)
      of
      all or substantially all of the assets of the Company to any Person or group
      of
      related Persons for purposes of Section 13(d) of the Exchange Act (a
“Group”)
      together with any Affiliates thereof (whether or not otherwise in compliance
      with the provisions of this Indenture), other than Permitted Holders, unless
      immediately following such sale, lease, exchange or other transfer in compliance
      with this Indenture such assets are owned, directly or indirectly, by the
      Company or a Restricted Subsidiary of the Company; (ii) the approval by the
      holders of Capital Stock of the Company of any plan or proposal for the
      liquidation or dissolution of the Company (whether or not otherwise in
      compliance with the provisions of this Indenture); (iii) the acquisition in
      one
      or more transactions, of beneficial ownership (within the meaning of Rule 13d-3
      under the Exchange Act) of Voting Securities of the Company by any Person or
      Group, other than Permitted Holders, that either (A) beneficially owns (within
      the meaning of Rule 13d-3 under the Exchange Act), directly or indirectly,
      at
      least 50% of the Company’s then outstanding Voting Securities entitled to vote
      on a regular basis for the Board of Directors of the Company, or (B) otherwise
      has the ability to elect, directly or indirectly, a majority of the members
      of
      the Company’s Board of Directors, including, without limitation, by the
      acquisition of revocable proxies for the election of directors; or (iv) the
      first day on which a majority of the members of the Company’s Board of Directors
      are not Continuing Directors.

     

    “Clearstream”
      means
      Clearstream Banking, S.A.

     

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

     

    “Consolidated
      Cash Flow” means,
      with respect to any Person for any period, the Consolidated Net Income of such
      Person for such period, plus (i) an amount equal to any extraordinary, unusual
      or non-recurring expenses or losses (including, whether or not otherwise
      includable as a separate item in the statement of Consolidated Net Income for
      such period, losses on sales of assets outside of the ordinary course of
      business) plus any net loss realized in connection with an Asset Sale (to the
      extent such losses were deducted in computing such Consolidated Net Income),
      plus (ii) provision for taxes based on income or profits of such Person and
      its
      Restricted Subsidiaries for such period, to the extent that such provision
      for
      taxes was included in computing such Consolidated Net Income, plus (iii)
      consolidated interest expense of such Person and its Restricted Subsidiaries
      for
      such period, whether paid or accrued and whether or not capitalized (including,
      without limitation, amortization of debt issuance costs and original issue
      discount, non-cash interest payments, the interest component of any deferred
      payment obligations, the interest component of all payments associated with
      Capital Lease Obligations, commissions, discounts and other fees and charges
      incurred in respect of letter of credit or bankers’ acceptance financings, and
      net payments (if any) pursuant to Hedging Obligations), to the extent that
      any
      such expense was deducted in computing such Consolidated Net Income, plus (iv)
      depreciation and amortization (including amortization of goodwill and other
      intangibles but excluding amortization of prepaid cash expenses that were paid
      in a prior period) of such Person and its Restricted Subsidiaries for such
      period to the extent that such depreciation and amortization were deducted
      in
      computing such Consolidated Net Income, plus (v) all extraordinary, unusual
      or
      non-recurring items of loss or expense, minus (vi) all extraordinary, unusual
      or
      non-recurring items of gain or revenue, minus (vii) non-cash items increasing
      such Consolidated Net Income for such period, in each case, on a consolidated
      basis and determined in accordance with GAAP. Notwithstanding the foregoing,
      the
      provision for taxes on the income or profits of, and the depreciation and
      amortization and other non-cash charges of, a Restricted Subsidiary of the
      referent Person shall be added to Consolidated Net Income to compute
      Consolidated Cash Flow only to the extent (and in same proportion) that the
      Net
      Income of such Restricted Subsidiary was included in calculating the
      Consolidated Net Income of such Person and only if a corresponding amount would
      be permitted at the date of determination to be dividended to the Company by
      such Restricted Subsidiary without prior governmental approval (that has not
      been obtained), and without direct or indirect restriction pursuant to the
      terms
      of its charter and all agreements, instruments, judgments, decrees, orders,
      statutes, rules and governmental regulations applicable to that Restricted
      Subsidiary or its stockholders.

     

    

    
      
        
          
          

        

        
          5

          
            

          

        

        
          
          

        

      

    

    

    “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, determined in accordance with GAAP); provided
      that (i)
      the
      Net Income (but not loss) of any Person that is not a Restricted Subsidiary
      or
      that is accounted for by the equity method of accounting shall be included
      only
      to the extent of the amount of dividends or distributions paid in cash to the
      referent Person or a Restricted Subsidiary, (ii) the Net Income (but not loss)
      of any Restricted Subsidiary shall be excluded to the extent that the
      declaration or payment of dividends or similar distributions by that Restricted
      Subsidiary of that Net Income is not at the date of determination permitted
      without any prior governmental approval (that has not been obtained) or,
      directly or indirectly, by 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, (iii)
      the cumulative effect of a change in accounting principles shall be excluded,
      and (iv) each of the following shall be excluded: (a) any increased
      amortization, depreciation or cost of sales resulting from the write-up of
      assets pursuant to Accounting Principles Board Opinion Nos. 16 and 17, (b)
      the
      amortization of any Intangible Assets (including amortization attributable
      to
      goodwill and financing costs and including amortization of finance costs
      relating to the issuance of the Notes), (c) any non-recurring charges relating
      to any premium or penalty paid, write off of deferred financing costs or other
      financial recapitalization charges in connection with redeeming or retiring
      any
      Indebtedness prior to or at its Stated Maturity, and (d) any non-cash
      non-recurring charge arising out of the restructuring or consolidation of the
      operations of any Persons or businesses either alone or together with such
      Person or any Restricted Subsidiary of such Person.

     

    “Consolidated
      Tangible Assets” means,
      with respect to any Person as of any date, the amount which, in accordance
      with
      GAAP, would be set forth under the caption “Total Assets” (or any like caption)
      on a consolidated balance sheet of such Person and its Restricted Subsidiaries,
      less all Intangible Assets, including, without limitation, goodwill,
      organization costs, patents, trademarks, copyrights, franchises and research
      and
      development costs.

     

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

     

    “Corporate
      Trust Office of the Trustee” shall
      be
      at the address of the Trustee specified in Section 11.02 hereof or such other
      address as to which the Trustee may give notice to the Company.

     

    “Credit
      Agreement”
      means
      that certain _____________________________________, including any related notes,
      guarantees, collateral documents, instruments and agreements executed in
      connection therewith and in each case, as amended, restated, modified, renewed,
      refunded, replaced (whether upon or after termination or otherwise) or
      refinanced (including by means of Debt Issuances) from time to
      time.

     

    

    
      
        
          
          

        

        
          6

          
            

          

        

        
          
          

        

      

    

    

    “Credit
      Facilities”
      means
      one or more debt facilities (including, without limitation, the Credit
      Agreement), commercial paper facilities or Debt Issuances, in each case with
      banks, investment banks, insurance companies, mutual funds and/or other
      institutional lenders or institutional investors providing for revolving credit
      loans, term loans, receivables financing (including through the sale of
      receivables to such lenders or to special purpose entities formed to borrow
      from
      (or sell receivables to) such lenders against such receivables), letters of
      credit or Debt Issuances, in each case, as amended, extended, renewed, restated,
      refinanced (including, refinancing with Debt Issuances), supplemented or
      otherwise modified (in whole or in part, and without limitation as to amount,
      terms, conditions, covenants and other provisions) from time to
      time.

     

    “Currency
      Hedging Obligations” means,
      with respect to any Person, the net payment Obligations of such Person under
      agreements or arrangements designed to protect such Person against fluctuations
      in the currency exchange rates incurred or entered into in the ordinary course
      of its business and not for speculative purposes.

     

    “Custodian”
      means
      any
      receiver, trustee, assignee, liquidator, sequester or similar official under
      the
      Bankruptcy Code.

     

    “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.

     

    “Definitive
      Note” means
      a
      certificated Note registered in the name of the Holder thereof and issued in
      accordance with Section 2.06 hereof, substantially in the form of Exhibit A
      hereto except that such Note shall not bear the Global Note Legend and shall
      not
      have the “Schedule of Exchanges of Interests in the Global Note” attached
      thereto.

     

    “Depositary”
      means,
      with respect to the Notes issuable or issued in whole or in part in global
      form,
      the Person specified in Section 2.03 hereof as the Depositary with respect
      to
      the Notes, and any and all successors thereto appointed as depositary hereunder
      and having become such pursuant to the applicable provision of this
      Indenture.

     

    “Disqualified
      Stock” means
      any
      Capital Stock that, by its terms (or by the terms of any security into which
      it
      is convertible or for which it is exchangeable at the option of the holder
      thereof), or upon the happening of any event, matures or is mandatorily
      redeemable, pursuant to a sinking fund obligation or otherwise, or redeemable
      at
      the option of the Holder thereof, in whole or in part, on or prior to the date
      that is 91 days after the date on which the Notes mature, except to the extent
      that such Capital Stock is solely redeemable with, or solely exchangeable for,
      any Capital Stock of such Person that is not Disqualified Stock.

     

    “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).

     

    

    
      
        
          
          

        

        
          7

          
            

          

        

        
          
          

        

      

    

    

    “Equity
      Offering”
      means
      any public or private sale or issuance by the Company of Capital Stock (other
      than Disqualified Stock) of the Company made for cash on a primary basis after
      the Issue Date or any contribution of cash to the Company after the Issue Date
      in respect of Capital Stock (other than Disqualified Stock).

     

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

     

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

     

    “Fair
      Market Value” means,
      with respect to consideration received or to be received pursuant to any
      transaction by any Person, the fair market value of such consideration as
      determined in good faith by the Board of Directors of the Company.

     

    “Financial
      Hedging Obligations” means,
      with respect to any Person, the net payment Obligations of such Person under
      (i)
      interest rate swap agreements, interest rate cap agreements and interest rate
      collar agreements and (ii) other agreements or arrangements designed to protect
      such Person against fluctuations in interest rates or currency exchange rates
      incurred or entered into in the ordinary course of its business and not for
      speculative purposes.

     

    “Fixed
      Charge Coverage Ratio” means
      with respect to any Person for any period, the ratio of the Consolidated Cash
      Flow of such Person for such period to the Fixed Charges of such Person for
      such
      period. In the event that the Company or any of its Restricted Subsidiaries
      incurs, assumes, guarantees or redeems any Indebtedness (other than revolving
      credit borrowings under any Credit Facility) or issues or redeems preferred
      stock subsequent to the commencement of the period for which the Fixed Charge
      Coverage Ratio is being calculated but on or prior to the date on which 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 redemption of Indebtedness, or such
      issuance or redemption of preferred stock, as if the same had occurred at the
      beginning of the applicable four-quarter reference period. In addition, for
      purposes of making the computation referred to above, (i) acquisitions that
      have
      been made by the Company or any of its Restricted Subsidiaries, including
      through mergers or consolidations and including any related financing
      transactions, during the four-quarter reference period or subsequent to such
      reference period and on or prior to the Calculation Date shall be deemed to
      have
      occurred on the first day of the four-quarter reference period and Consolidated
      Cash Flow for such reference period shall be calculated without giving effect
      to
      clause (iii) of the proviso set forth in the definition of Consolidated Net
      Income, (ii) the Consolidated Cash Flow attributable to discontinued operations,
      as determined in accordance with GAAP, and operations or businesses disposed
      of
      prior to the Calculation Date, shall be excluded, (iii) the Fixed Charges
      attributable to discontinued operations, as determined in accordance with GAAP,
      and operations or businesses disposed of prior to the Calculation Date, shall
      be
      excluded, but only to the extent that the obligations giving rise to such Fixed
      Charges will not be obligations of the referent Person or any of its Restricted
      Subsidiaries following the Calculation Date and (iv) whenever pro forma effect
      is to be given to an acquisition or disposition, the amount of income or
      earnings related thereto (including the incurrence of any Indebtedness and
      any
      pro forma expense and cost reductions that have occurred or are reasonably
      expected to occur, regardless of whether those expense and cost reductions
      could
      then be reflected in pro forma financial statements in accordance with
      Regulation S-X as promulgated by the Commission or any regulation or policy
      of
      the Commission related thereto) shall be reasonably determined in good faith
      by
      one of the Company’s financial or accounting officers.

     

    

    
      
        
          
          

        

        
          8

          
            

          

        

        
          
          

        

      

    

    

    “Fixed
      Charges” means,
      with respect to any Person for any period, the sum, without duplication, of
      (i)
      the consolidated interest expense of such Person and its Restricted Subsidiaries
      for such period, whether paid or accrued (including, without limitation or
      duplication, amortization of debt issuance costs and original issue discount,
      non-cash interest payments, the interest component of any deferred payment
      obligations, the interest component of all payments associated with Capital
      Lease Obligations, commissions, discounts and other fees and charges incurred
      in
      respect of letter of credit or bankers’ acceptance financings, and net payments
      (if any) pursuant to Hedging Obligations), (ii) the consolidated interest of
      such Person and its Restricted Subsidiaries that was capitalized during such
      period, (iii) any interest expense on Indebtedness of another Person that is
      guaranteed by such Person or one of its Restricted Subsidiaries or secured
      by a
      Lien on assets of such Person or one of its Restricted Subsidiaries (whether
      or
      not such guarantee or Lien is called upon), and (iv) all dividend payments,
      whether or not in cash, on any series of preferred stock of such Person or
      any
      of its Restricted Subsidiaries, other than dividend payments on Equity Interests
      payable solely in Equity Interests of the Company (other than Disqualified
      Stock), in each case, on a consolidated basis and in accordance with
      GAAP.

     

    “GAAP”
      means
      generally accepted accounting principles set forth in the opinions and
      pronouncements of the Accounting Principles Board of the American Institute
      of
      Certified Public Accountants, the statements and pronouncements of the Financial
      Accounting Standards Board and such other statements by such other entities
      as
      have been approved by a significant segment of the accounting profession, which
      are applicable on the Issue Date.

     

    “Global
      Note Legend” means
      the
      legend set forth in Section 2.06(f) hereof, which is required to be placed
      on
      all Global Notes issued under this Indenture.

     

    “Global
      Notes” means,
      individually and collectively, each of the Notes, substantially in the form
      of
      Exhibit A hereto issued in accordance with Sections 2.01 or 2.06
      hereof.

     

    “Government
      Securities” means
      direct obligations of, or obligations guaranteed by, the United States of
      America the payment of which is guaranteed by the full faith and credit of
      the
      United States.

     

    “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, letters of credit and reimbursement agreements in respect
      thereof or pledging assets to secure), of all or any part of any
      Indebtedness.

     

    “Guarantors”
      means
      (i)
      each of the Company’s Restricted Subsidiaries that becomes a guarantor of the
      Notes in accordance with the provisions of Section 10.01 hereof and (ii) each
      of
      the Company’s Restricted Subsidiaries executing a supplemental indenture in
      which such Restricted Subsidiary agrees to be bound by the terms of this
      Indenture; provided
      that
      any
      Person constituting a Guarantor as described above shall cease to constitute
      a
      Guarantor when its respective Subsidiary Guarantee is released in accordance
      with the terms thereof.

     

    “Hedging
      Obligations” means,
      with respect to any Person, collectively, the Currency Hedging Obligations
      of
      such Person and the Financial Hedging Obligations of such Person.

     

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

     

    

    
      
        
          
          

        

        
          9

          
            

          

        

        
          
          

        

      

    

    

    “Indebtedness”
      means,
      with respect to any Person, any indebtedness of such Person, whether or not
      contingent, in respect of borrowed money or evidenced by bonds, notes,
      debentures or similar instruments or letters of credit (or reimbursement
      agreements in respect thereof) or banker’s acceptances or representing Capital
      Lease Obligations or the balance deferred and unpaid of the purchase price
      of
      any property or representing any Hedging Obligations, except any such balance
      that constitutes an accrued expense or trade payable, if and to the extent
      any
      of the foregoing indebtedness (other than letters of credit and Hedging
      Obligations) would appear as a liability upon a balance sheet of such Person
      prepared in accordance with GAAP, as well as all Indebtedness of others secured
      by a Lien on any asset of such Person (whether or not such Indebtedness is
      assumed by such Person) and, to the extent not otherwise included, the guarantee
      by such Person of any Indebtedness or any other liability, whether or not
      contingent, of any other Person, and whether or not it appears on the balance
      sheet of such other Person. The amount of any Indebtedness outstanding as of
      any
      date shall be (i) the accreted value thereof, in the case of any Indebtedness
      that does not require current payments of interest, and (ii) the principal
      amount thereof, together with any interest thereon that is more than 30 days
      past due, in the case of any other Indebtedness.

     

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

     

    “Independent
      Financial Advisor” means
      a
      nationally recognized accounting, appraisal or investment banking firm that
      is,
      in the reasonable judgment of the Board of Directors, qualified to perform
      the
      task for which such firm has been engaged hereunder and disinterested and
      independent with respect to the Company and its Affiliates; provided
      that
      providing accounting, appraisal or investment banking services to the Company
      or
      any of its Affiliates or having an employee, officer or other representative
      serving as a member of the Board of Directors of the Company or any of its
      Affiliates will not disqualify any firm from being an Independent Financial
      Advisor.

     

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

     

    “Initial
      Notes” means
      the
      ___________________ in aggregate principal amount of the Notes initially
      authenticated and delivered under this Indenture of the Issue Date.

     

    “Intangible
      Assets”
      means
      goodwill, patents, tradenames, trademarks, copyrights, franchises, experimental
      expense, organization expenses and any other amounts classified as intangible
      assets in accordance with GAAP.

     

    “Investments”
      means,
      with respect to any Person, all investments by such Person in other Persons
      (including Affiliates) in the forms of direct or indirect loans (including
      guarantees of Indebtedness or other Obligations), advances or capital
      contributions (excluding commission, travel and entertainment, moving, and
      similar advances to officers and employees made in the ordinary course of
      business), purchases or other acquisitions for consideration of Indebtedness,
      Equity Interests or other securities, together with all items that are or would
      be classified as investments on a balance sheet prepared in accordance with
      GAAP. If the Company or any of its Restricted Subsidiaries 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 direct or indirect Subsidiary of the Company, the
      Company, or such Restricted Subsidiary, as the case may be, shall 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 Restricted Subsidiary not
      sold
      or disposed of in an amount determined as provided in the fourth paragraph
      of
      Section 4.07 hereof.

     

    

    
      
        
          
          

        

        
          10

          
            

          

        

        
          
          

        

      

    

    

    “Issue
      Date” means
      ________________.

     

    “Legal
      Holiday” a
      Saturday, a Sunday or a day on which banking institutions in the City of New
      York 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 at a place of
      payment, payment may 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, any
      option or other agreement to sell or give a security interest in any asset
      and
      any filing of or agreement to give any financing statement under the Uniform
      Commercial Code (or equivalent statutes) of any jurisdiction).

     

    “Moody’s”
      means
      Moody’s Investor Services, Inc. or any successor rating agency.

     

    “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, excluding, however, (i) any gain (but not loss), together with any
      related provision for taxes on such gain (but not loss), realized in connection
      with (a) any Asset Sale (including, without limitation, dispositions pursuant
      to
      sale-and-leaseback transactions), or (b) the disposition of any securities
      by
      such Person or any of its Restricted Subsidiaries or the extinguishment of
      any
      Indebtedness of such Person or any of its Restricted Subsidiaries and (ii)
      any
      extraordinary or nonrecurring gain (but not loss), together with any related
      provision for taxes on such extraordinary or nonrecurring gain (but not
      loss).

     

    “Net
      Proceeds” means
      the
      aggregate cash proceeds or Cash Equivalents received by the Company or any
      of
      its Restricted Subsidiaries in respect of any Asset Sale (including, without
      limitation, any cash received upon the sale or other disposition of any non-cash
      consideration received in any Asset Sale), net of the direct costs relating
      to
      such Asset Sale (including, without limitation, legal, accounting, investment
      banking and brokers fees, and sales and underwriting commissions) and any
      relocation expenses incurred as a result thereof, taxes paid or payable as
      a
      result thereof (after taking into account any available tax credits or
      deductions and any tax sharing arrangements), amounts required to be applied
      to
      the repayment of Indebtedness secured by a Lien on the asset or assets that
      were
      the subject of such Asset Sale and any reserve for adjustment in respect of
      the
      sale price of such asset or assets established in accordance with
      GAAP.

     

    “Non-Recourse
      Indebtedness” means
      Indebtedness (i) as to which neither the Company nor any of its Restricted
      Subsidiaries, (a) provides any guarantee or credit support of any kind
      (including any undertaking, guarantee, indemnity, agreement or instrument that
      would constitute Indebtedness) or (b) is directly or indirectly liable (as
      a
      guarantor or otherwise), (ii) the incurrence of which will not result in any
      recourse against any of the assets of the Company or its Restricted
      Subsidiaries, and (iii) no default with respect to which (including any rights
      that the holders thereof may have to take enforcement action against an
      Unrestricted Subsidiary) would permit (upon notice, lapse of time or both)
      any
      holder of any other Indebtedness of the Company or any of its Restricted
      Subsidiaries to declare pursuant to the express terms governing such
      Indebtedness a default on such other Indebtedness or cause the payment thereof
      to be accelerated or payable prior to its Stated Maturity.

     

    

    
      
        
          
          

        

        
          11

          
            

          

        

        
          
          

        

      

    

    

    “Non-U.S.
      Person” means
      a
      person who is not a U.S. Person.

     

    “Note
      Custodian” means
      the
      Trustee, as custodian with respect to the Notes in global form, or any successor
      entity thereto.

     

    “Notes”
      has
      the
      meaning assigned to it in the preamble to this Indenture.

     

    “Obligations”
      means
      any
      principal, premium (if any), interest (including interest accruing on or after
      the filing of any petition in bankruptcy or for reorganization relating to
      the
      Company or its Restricted Subsidiaries whether or not a claim for post-filing
      interest is allowed in such proceeding), penalties, fees, charges, expenses,
      indemnifications, reimbursement obligations, damages, guarantees (including
      the
      Subsidiary Guarantees) and other liabilities or amounts payable under the
      documentation governing any Indebtedness or in respect thereof.

     

    “OECD”
      means
      Organization for Economic Cooperation and Development.

     

    “Officer”
      means,
      with respect to any Person, the Chairman of the Board, the Chief Executive
      Officer, the President, the Chief Operating Officer, the Chief Financial
      Officer, the Treasurer, any Assistant Treasurer, the Controller, the Secretary,
      any Assistant Secretary or any Vice-President of such Person.

     

    “Officers’
      Certificate” means
      a
      certificate signed by two officers, at least one of whom shall be the principal
      executive officer, principal accounting officer or principal financial officer
      of the Company, and delivered to the Trustee.

     

    “Opinion
      of Counsel” means
      an
      opinion from legal counsel who is reasonably acceptable to the Trustee, that
      meets the requirements of Section 11.05 hereof. The counsel may be an employee
      of or counsel to the Company or any Subsidiary of the Company.

     

    “Participant”
      means,
      with respect to DTC, Euroclear or Clearstream, a Person who has an account
      with
      DTC, Euroclear or Clearstream, respectively (and, with respect to DTC, shall
      include Euroclear and Clearstream).

     

    “Permitted
      Business” means
      the
      lines of business conducted by the Company on the Issue Date and businesses
      reasonably related or incidental thereto or which is a reasonable extension
      thereof.

     

    “Permitted
      Holders” means
      Lehman Brothers Holdings Inc., any direct or indirect Subsidiary of Lehman
      Brothers Holdings Inc., or any other Person directly or indirectly controlled
      by
      or under direct or indirect common control with Lehman Brothers Holdings Inc.
      or
      any of its direct or indirect Subsidiaries. For purposes of this definition,
      “control” (including, with correlative meanings, the terms “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.

     

    

    
      
        
          
          

        

        
          12

          
            

          

        

        
          
          

        

      

    

    

    “Permitted
      Investments” means
      (a)
      any Investment in the Company or in a Restricted Subsidiary of the Company;
      (b)
      any Investment in Cash Equivalents or deposit accounts maintained in the
      ordinary course of business consistent with past practices; (c) any Investment
      by the Company or any Restricted Subsidiary of the Company in a Person, if
      as a
      result of such Investment (i) such Person becomes a Restricted Subsidiary of
      the
      Company or (ii) such Person is merged, consolidated or amalgamated with or
      into,
      or transfers or conveys substantially all of its assets to, or is liquidated
      into, the Company or a Restricted Subsidiary of the Company; (d) any Restricted
      Investment made as a result of the receipt of non-cash consideration from an
      Asset Sale that was made pursuant to and in compliance with the covenant
      described in Section 4.10 hereof; (e) any acquisition of assets solely in
      exchange for the issuance of Equity Interests (other than Disqualified Stock)
      of
      the Company; (f) any Investment received in settlement of debts, claims or
      disputes owed to the Company or any Restricted Subsidiary of the Company that
      arose out of transactions in the ordinary course of business; (g) any Investment
      received in connection with or as a result of a bankruptcy, workout or
      reorganization of any Person; (h) advances and extensions of credit in the
      nature of accounts receivable arising from the sale or lease of goods or
      services or the licensing of property in the ordinary course of business; (i)
      other Investments by the Company or any Restricted Subsidiary of the Company
      in
      any Person having an aggregate Fair Market Value (measured as of the date each
      such Investment is made and without giving effect to subsequent changes in
      value), when taken together with all other Investments made pursuant to this
      clause (i) (net of returns of capital, dividends and interest paid on
      Investments and sales, liquidations and redemptions of Investments), not to
      exceed 5% of
      Consolidated Tangible Assets; (j) Investments in the form of intercompany
      Indebtedness or guarantees of Indebtedness of a Restricted Subsidiary of the
      Company permitted under clauses (v) and (ix) of Section 4.09 hereof; (k)
      Investments arising in connection with Financial Hedging Obligations or Currency
      Hedging Obligations that are incurred in the ordinary course of business for
      the
      purpose of fixing or hedging currency or interest rate risk (including with
      respect to any floating rate Indebtedness that is permitted by the terms of
      this
      Indenture to be outstanding) in connection with the conduct of the business
      of
      the Company and its Subsidiaries and not for speculative purposes; (l)
      guarantees (including Subsidiary Guarantees) of Indebtedness permitted under
      Section 4.09 hereof; (m) payroll, travel and similar advances to cover matters
      that are expected at the time of such advances ultimately to be treated as
      expenses for accounting purposes and that are made in the ordinary course of
      business; (n) loans or advances made to employees made in the ordinary course
      of
      business consistent with past practices of the Company or such Restricted
      Subsidiary not to exceed $2,000,000 at any one time outstanding; and (o)
      Investments in any Permitted Joint Venture having an aggregate Fair Market
      Value
      (measured on the date each such Investment was made and without giving effect
      to
      subsequent changes in value), when taken together with all other Investments
      made pursuant to this clause (o) that are at the time outstanding, not to exceed
      $15,000,000.

     

    “Permitted
      Joint Venture”
      means
      any joint venture that the Company or any Restricted Subsidiary is a party
      to
      that is engaged in a Permitted Business.

     

    

    
      
        
          
          

        

        
          13

          
            

          

        

        
          
          

        

      

    

    

    “Permitted
      Liens” means
      (i)
      Liens in favor of the Company or any Restricted Subsidiary; (ii) Liens on
      property of a Person existing at the time such Person is merged into or
      consolidated with the Company or any Restricted Subsidiary of the Company;
      provided
      that
      such Liens were in existence prior to the contemplation of such merger or
      consolidation and do not extend to any assets other than those of the Person
      merged into or consolidated with the Company; (iii) Liens on property existing
      at the time of acquisition thereof by the Company or any Restricted Subsidiary
      of the Company, provided
      that
      such Liens were in existence prior to the contemplation of such acquisition;
      (iv) Liens existing on the Issue Date of this Indenture and any extensions
      or
      renewals thereof, provided
      that
      such extension or renewal of such Liens does not extend to or cover any other
      property or assets of the Company or any Restricted Subsidiary; (v) statutory
      Liens (other than any Lien imposed by ERISA) or landlords’ and carriers’,
      warehouseman’s, mechanics’, suppliers’, materialmen’s, repairmen’s or other like
      Liens arising in the ordinary course of business; (vi) Liens for taxes,
      assessments, government charges or claims not yet due and payable or which
      are
      being contested in good faith by appropriate proceedings promptly instituted
      and
      diligently conducted and if a reserve or other appropriate provisions, if any,
      as shall be required in conformity with GAAP shall have been made therefor;
      (vii) Liens incurred or deposits made in the ordinary course of business in
      connection with workers’ compensation, unemployment insurance and other types of
      social security; (viii) Liens created or deposits made to secure the performance
      of tenders, bids, leases, statutory obligations, surety and appeal bonds,
      government contracts, performance and return-of-money bonds and other
      obligations of a like nature incurred in the ordinary course of business
      (exclusive of obligations for the payment of borrowed money); (ix) easements,
      rights-of-way, licenses, covenants, reservations, restrictions and other similar
      charges or encumbrances not interfering in any material respect with the
      business of the Company or any Restricted Subsidiary incurred in the ordinary
      course of business; (x) any attachment or judgment Lien, unless the judgment
      it
      secures shall not, within 60 days after the entry thereof, have been discharged
      or execution thereof stayed pending appeal, or shall not have been discharged
      within 60 days after the expiration of any such stay; (xi) any other Liens
      imposed by operation of law which do not materially affect the Company’s or any
      Guarantor’s ability to perform its obligations under the Notes, the Subsidiary
      Guarantees and this Indenture; (xii) rights of banks to set off deposits against
      debts owed to said bank; (xiii) Liens upon specific items of inventory or other
      goods and proceeds of the Company or its Restricted Subsidiaries securing the
      Company’s or any Restricted Subsidiary’s obligations in respect of bankers’
acceptances issued or created for the account of any such Person to facilitate
      the purchase, shipment or storage of such inventory or other goods; (xiv) Liens
      securing reimbursement obligations with respect to letters of credit which
      encumber documents and other property relating to such letters of credit and
      the
      products and proceeds thereof entered into in the ordinary course of business
      consistent with past practices; (xv) Liens to secure Purchase Money Indebtedness
      or other purchase money obligations incurred for the purpose of financing all
      or
      a part of the purchase price or cost of construction or improvement of property,
      plant or equipment used in the Permitted Business and acquired, constructed
      or
      improved after the Issue Date, provided
      that
      (1)
      the principal amount of Indebtedness secured by such Liens shall not exceed
      100%
      of the lesser of cost or Fair Market Value of the property or assets so
      acquired, constructed or improved plus transaction costs related thereto, (2)
      such Liens shall not encumber any other property or assets of the Company or
      any
      Restricted Subsidiary (other than the charters or other contracts relating
      solely to such property or assets, and the proceeds therefrom and accessions
      and
      upgrades thereto) and (3) such Liens shall attach to such property or assets
      within 270 days of the date of the completion of the construction or acquisition
      of such property or assets; (xvi) Liens to secure any Permitted Refinancing
      Indebtedness incurred to refinance any Indebtedness secured by any Lien referred
      to in the foregoing clauses (ii), (iii), (iv) and (xv), provided,
      however, that
      such
      new Lien shall be limited to all or part of the same property that secured
      the
      original Lien (provided
      that such
      Liens may extend to after-acquired property, including any assets or Capital
      Stock of any subsequently formed or acquired Subsidiary, if such original Lien
      included such property or assets as collateral); (xvii) Liens in favor of
      customs and revenue authorities to secure payment of customs duties in
      connection with the importation of goods in the ordinary course of business
      and
      other similar Liens arising in the ordinary course of business; (xviii) leases
      or subleases granted to third Persons in the ordinary course of business
      consistent with past practices not interfering with the ordinary course of
      business of the Company or its Restricted Subsidiaries; (xix) deposits made
      in
      the ordinary course of business to secure liability to insurance carriers,
      and
      Liens on the proceeds of insurance granted to insurance carriers solely to
      secure the payment of financed premiums; (xx) Liens in favor of a trustee under
      any indenture securing amounts due to the trustee in connection with its
      services under such indenture; (xxi) Liens under licensing agreements for use
      of
      intellectual property entered into in the ordinary course of business; (xxii)
      Liens incurred in the ordinary course of business of the Company or any
      Restricted Subsidiary of the Company with respect to obligations that do not
      exceed $15,000,000 at any one time outstanding and that (a) are not incurred
      in
      connection with the borrowing of money or the obtaining of advances or credit
      (other than trade credit in the ordinary course of business) and (b) do not
      in
      the aggregate materially detract from the value of the property or materially
      impair the use thereof in the operation of business by the Company or such
      Restricted Subsidiary; (xxiii) any attachment or judgment Lien not constituting
      an Event of Default under clause (f) of the first paragraph of Section 6.01
      hereof; (xxiv) Liens securing Hedging Obligations related to Indebtedness
      permitted under this Indenture; and (xxv) Liens of the Company and any
      Restricted Subsidiary securing Indebtedness under Credit Facilities that are
      permitted by the terms of this Indenture.

     

    

    
      
        
          
          

        

        
          14

          
            

          

        

        
          
          

        

      

    

    

    “Permitted
      Refinancing Indebtedness” means
      any
      Indebtedness of the Company or any of its Restricted Subsidiaries issued in
      exchange for, or the net proceeds of which are used to extend, refinance, renew,
      replace, defease or refund other Indebtedness of the Company or any of its
      Restricted Subsidiaries (other than intercompany Indebtedness); provided
      that:
      (i) the principal amount (or accreted value, if applicable) of such Permitted
      Refinancing Indebtedness does not exceed the principal amount of (or accreted
      value, if applicable), plus accrued and unpaid interest on, the Indebtedness
      so
      extended, refinanced, renewed, replaced, defeased or refunded (plus the amount
      of all expenses and premiums incurred in connection therewith); (ii) such
      Permitted Refinancing Indebtedness has a final maturity date later than the
      final maturity date of, and has a Weighted Average Life to Maturity equal to
      or
      greater than the Weighted Average Life to Maturity of, the Indebtedness being
      extended, refinanced, renewed, replaced, defeased or refunded; (iii) if the
      Indebtedness being extended, refinanced, renewed, replaced, defeased or refunded
      is subordinated in right of payment to the Notes, such Permitted Refinancing
      Indebtedness has a final maturity date later than the final maturity date of,
      and is subordinated in right of payment to, the Notes on terms at least as
      favorable to the Holders of Notes as those contained in the documentation
      governing the Indebtedness being extended, refinanced, renewed, replaced,
      defeased or refunded; and (iv) such Indebtedness is incurred either by the
      Company or a Restricted Subsidiary who is the obligor on the Indebtedness being
      extended, refinanced, renewed, replaced, defeased or refunded. Notwithstanding
      the foregoing, any Indebtedness incurred under Credit Facilities pursuant to
      Section 4.09 hereof shall be subject to the refinancing provisions of the
      definition of Credit Facilities and not pursuant to the requirements set forth
      in this definition of Permitted Refinancing Indebtedness.

     

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

     

    “Purchase
      Money Indebtedness” of
      a
      Person means any Indebtedness represented by Capital Lease Obligations, mortgage
      or construction financings, purchase money obligations or Acquired Debt, in
      each
      case incurred for the purpose of financing all or any part of the purchase
      price, acquisition cost or cost of construction or improvement of property,
      plant or equipment used in the Permitted Business of such Person and acquired,
      constructed or improved after the Issue Date.

     

    “Responsible
      Officer,” when
      used
      with respect to the Trustee, means any officer in the Corporate Trust Office
      of
      the Trustee (or any successor group of the Trustee) or any other officer of
      the
      Trustee customarily performing functions similar to those performed by any
      of
      the above designated officers and also means, with respect to particular
      corporate trust matter, any other officer or employee of the Trustee to whom
      such matter is referred because of his knowledge of and familiarity with the
      particular subject.

     

    “Restricted
      Subsidiary” of
      a
      Person means any Subsidiary of the referenced Person that is not an Unrestricted
      Subsidiary; provided
      that, on
      the Issue Date, all Subsidiaries of the Company shall be Restricted Subsidiaries
      of the Company.

     

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

     

    

    
      
        
          
          

        

        
          15

          
            

          

        

        
          
          

        

      

    

    

    “S&P”
      means
      Standard & Poor’s Rating Services, a division of The McGraw-Hill Companies,
      Inc., or any successor rating agency.

     

    “Senior
      Indebtedness”
      means
      Indebtedness of the Company and its Restricted Subsidiaries, at the time any
      determination is to be made, in an amount equal to the sum of: (1) all
      Indebtedness of the Company and its Restricted Subsidiaries outstanding under
      Credit Facilities and Hedging Obligations related thereto at such time; and
      (2)
      all other outstanding Indebtedness of the Company or any of its Restricted
      Subsidiaries, unless the instrument under which such Indebtedness is incurred
      expressly provides that such Indebtedness is subordinated to the Notes or
      Subsidiary Guarantees, if applicable.

     

    “Significant
      Subsidiary” means
      any
      Subsidiary that would be a “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 of this Indenture.

     

    “Stated
      Maturity” means,
      with respect to any installment of interest or principal on any series of
      Indebtedness, the date on which such payment of interest or principal was
      scheduled to be paid in the original documentation governing such Indebtedness,
      and shall 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
      any
      Indebtedness of (i) the Company which is subordinated in right of payment to
      the
      Notes or (ii) any Guarantor which is subordinated in right of payment to such
      Guarantor’s Subsidiary Guarantee.

     

    “Subsidiary”
      means,
      with respect to any Person, (i) 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 such Person and (ii) any partnership
      (a)
      the sole general partner or the managing general partner of which is such Person
      or an entity described in clause (i) and related to such Person or (b) the
      only
      general partners of which are such Person or of one or more entities described
      in clause (i) and related to such Person (or any combination
      thereof).

     

    “Subsidiary
      Guarantee” means
      the
      guarantee of the Notes by any Guarantors pursuant to Article 10 hereof pursuant
      to the execution and delivery of a supplemental indenture substantially in
      the
      form of Exhibit B hereof entered into in accordance with Section 4.16
      hereof.

     

    “TIA”
      means
      the
      Trust Indenture Act of 1939 (15 U.S.C. § 77aaa-77bbbb) as in effect on the date
      on which this Indenture is qualified under the TIA.

     

    “Total
      Assets”
      of the
      Company means the Company’s and its Restricted Subsidiaries’ total consolidated
      assets, as shown on the Company’s and its Restricted Subsidiaries’ most recent
      consolidated balance sheet.

     

    

    
      
        
          
          

        

        
          16

          
            

          

        

        
          
          

        

      

    

    

    “Treasury
      Rate”
      means,
      as of any 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 Business Days prior to the 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
      the Redemption Date to _________________; provided,
      however,
      that if
      the period from the Redemption Date to ______________ 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”
      means
      the
      party named as such above until a successor replaces it in accordance with
      the
      applicable provisions of this Indenture and thereafter means the successor
      serving hereunder.

     

    “Unrestricted
      Subsidiary” means
      any
      Subsidiary of the Company (including any newly acquired or newly formed
      Subsidiary of the Company) that is designated by the Board of Directors as
      an
      Unrestricted Subsidiary pursuant to a resolution of the Board of Directors
      as
      certified in an Officers’ Certificate delivered to the Trustee, but only to the
      extent that such Subsidiary at the time of designation and thereafter: (a)
      has
      no Indebtedness other than Non-Recourse Indebtedness; (b) is not party to any
      agreement, contract, arrangement or understanding with the Company or any
      Restricted Subsidiary of the Company unless the terms of any such agreement,
      contract, arrangement or understanding are no less favorable to the Company
      or
      such Restricted Subsidiary than those that might be obtained, in light of all
      the circumstances, at the time from Persons who are not Affiliates of the
      Company; (c) is a Person with respect to which neither the Company nor any
      of
      its Restricted Subsidiaries has any direct or indirect obligation (x) to
      subscribe for additional Equity Interests or (y) to maintain or preserve such
      Person’s financial condition or to cause such Person to achieve any specified
      levels of operating results; (d) has not guaranteed or otherwise directly or
      indirectly provided credit support for any Indebtedness of the Company or any
      of
      its Restricted Subsidiaries; and (e) does not own any Capital Stock of or own
      or
      hold any Lien on any property of, the Company or any Restricted Subsidiary
      of
      the Company.

     

    “U.
      S. Person” means
      a
      U.S. person as defined in Rule 902(k) under the Securities Act.

     

    “Voting
      Securities” 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 (i) 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 thereof,
      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 (ii) the then
      outstanding principal amount of such Indebtedness.

     

    

    
      
        
          
          

        

        
          17

          
            

          

        

        
          
          

        

      

    

    

    

     

    SECTION
      1.02  Other
      Definitions.

     

    
      	
              Term

            	
              Defined
                in Section

            
	 	 
	
              “Affiliate
                Transaction”

            	
              4.
                11

            
	
              “Asset
                Sale Offer”

            	
              4.10

            
	
              “Authentication
                Order”

            	
              2.02

            
	
              “Change
                of Control Offer”

            	
              4.15

            
	
              “Change
                of Control Payment”

            	
              4.15

            
	
              “Change
                of Control Payment Date”

            	
              4.15

            
	
              “Covenant
                Defeasance”

            	
              8.03

            
	
              “DTC”

            	
              2.03

            
	
              “Event
                of Default”

            	
              6.01

            
	
              “Excess
                Proceeds”

            	
              4.10

            
	
              “Funding
                Guarantor”

            	
              10.05

            
	
              “incur”

            	
              4.09

            
	
              “Investment
                Grade Rating”

            	
              4.17

            
	
              “Legal
                Defeasance”

            	
              8.02

            
	
              “Offer
                Amount”

            	
              3.09

            
	
              “Offer
                Period”

            	
              3.09

            
	
              “Paying
                Agent”

            	
              2.03

            
	
              “Payment
                Default”

            	
              6.01

            
	
              “Permitted
                Debt”

            	
              4.09

            
	
              “Purchase
                Date”

            	
              3.09

            
	
              “Redemption
                Date”

            	
              3.07

            
	
              “Registrar”

            	
              2.03

            
	
              “Restricted
                Payments”

            	
              4.07

            

    

     

    SECTION
      1.03  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 used in this Indenture have the following
      meanings:

     

    

    
      
        
          
          

        

        
          18

          
            

          

        

        
          
          

        

      

    

    

    “indenture
      securities”
means
      the Notes;

     

    “indenture
      security Holder”
means
      a
      Holder of a Note;

     

    “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.

     

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

     

    SECTION
      1.04  Rules
      of
      Construction.

     

    
      Unless
        the context otherwise requires:

       

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

       

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

       

      (3) “or”
is
        not exclusive;

       

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

       

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

       

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

       

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

       

    

    ARTICLE
      II.

     

    THE
      NOTES

     

    SECTION
      2.01  Form
      and
      Dating.

     

    a. General.
      The
      Notes and the Trustee’s certificate of authentication shall be substantially in
      the form of Exhibit A hereto. The Notes may have notations, legends or
      endorsements required by law, stock exchange rule or usage. Each Note shall
      be
      dated the date of its authentication. The Notes shall be in denominations of
      $1,000 and integral multiples thereof. The Notes shall be issued on the Issue
      Date only against payment in immediately available funds. Subject to Section
      4.16, the Notes may bear notations of Subsidiary Guarantees.

     

    

    
      
        
          
          

        

        
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    The
      terms
      and provisions contained in the Notes shall constitute, and are hereby expressly
      made, a part of this Indenture and the Company and the Trustee, 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.

     

    b. Global
      Notes.
      Notes
      issued in global form shall be substantially in the form of Exhibit A attached
      hereto (including the Global Note Legend and the “Schedule of Exchanges of
      Interests in the Global Note” attached thereto). Notes issued as Definitive
      Notes shall be substantially in the form of Exhibit A attached hereto (but
      without the Global Note Legend thereon and without the “Schedule of Exchanges of
      Interests in the Global Note” attached thereto). Each Global Note shall
      represent such of the outstanding Notes as shall be specified therein and each
      shall provide that it represents the aggregate principal amount of outstanding
      Notes from time to time endorsed thereon and that the aggregate principal amount
      of outstanding Notes represented thereby may from time to time be reduced or
      increased, as appropriate, to reflect exchanges and redemptions. Any endorsement
      of a Global Note to reflect the amount of any increase or decrease in the
      aggregate principal amount of outstanding Notes represented thereby shall be
      made by the Trustee, the Depositary or the Note Custodian, at the direction
      of
      the Trustee, in accordance with instructions given by the Holder thereof as
      required by Section 2.06 hereof.

     

    SECTION
      2.02  Execution
      and Authentication.

     

    At
      least
      one 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 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 two Officers (an
      “Authentication
      Order”),
      authenticate Notes for (i) original issue up to the aggregate principal amount
      stated in paragraph 4 of the Notes and (ii) Additional Notes in such amounts
      as
      may be specified from time to time, without limit as to the aggregate principal
      amount, in one or more series having identical terms and conditions to the
      Initial Notes, subject to compliance with Section 4.09 hereof. 

     

    The
      Trustee may appoint an authenticating agent acceptable to the Company to
      authenticate Notes. 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 an Affiliate of the
      Company.

     

    

    
      
        
          
          

        

        
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    SECTION
      2.03  Registrar
      and Paying Agent.

     

    The
      Company shall maintain 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
      an
      office or agency where Notes may be presented for payment (“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 of the name and address of any Agent
      not
      a party to this Indenture. If the Company fails to appoint or maintain another
      entity as Registrar or Paying Agent, the Trustee shall act as such. The Company
      or any of its Subsidiaries may act as Paying Agent or Registrar.

     

    The
      Company initially appoints The Depository Trust Company (“DTC”) to
      act as
      Depositary with respect to the Global Notes.

     

    The
      Company initially appoints the Trustee to act as the Registrar and Paying Agent
      and to act as Note Custodian with respect to the Global Notes.

     

    SECTION
      2.04  Paying
      Agent to Hold Money in Trust.

     

    The
      Company shall require each Paying Agent other than the Trustee to agree in
      writing that the Paying Agent will hold in trust for the benefit of Holders
      or
      the Trustee all money held by the Paying Agent for the payment of principal,
      premium, or interest on the Notes, and shall notify the Trustee in writing
      of
      any default by the Company in making any such payment. While any such default
      continues, the Trustee may require a Paying Agent to pay all money held by
      it to
      the Trustee. The Company at any time may require a Paying Agent 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 Subsidiary) shall have no further liability
      for
      the money. If the Company or a Subsidiary acts as Paying Agent, it shall
      segregate and hold in a separate trust fund for the benefit of the Holders
      all
      money held by it as Paying Agent. Upon any bankruptcy or reorganization
      proceedings relating to the Company, the Trustee shall serve as Paying Agent
      for
      the Notes.

     

    SECTION
      2.05  Holder
      Lists.

     

    The
      Trustee shall preserve in as current a form as is reasonably practicable the
      most recent list available to it of the names and addresses of all Holders
      and
      shall otherwise comply with TIA § 312(a). If the Trustee is not the Registrar,
      the Company shall furnish to a Responsible Officer of the Trustee at least
      seven
      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 of
      Notes and the Company shall otherwise comply with T1A § 312(a).

     

    

    
      
        
          
          

        

        
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    SECTION
      2.06  Transfer
      and Exchange.

     

    (a) Transfer
      and Exchange of Global Notes. A
      Global
      Note may not be transferred as a whole except by the Depositary to a nominee
      of
      the Depositary, by a nominee of the Depositary to the Depositary or to another
      nominee of the Depositary, or by the Depositary or any such nominee to a
      successor Depositary or a nominee of such successor Depositary. All Global
      Notes
      shall be exchanged by the Company for Definitive Notes if (i) the Company
      delivers to the Trustee written notice from the Depositary that it is unwilling
      or unable to continue to act as Depositary for the Global Notes or that it
      is no
      longer a clearing agency registered under the Exchange Act and, in either case,
      a successor Depositary is not appointed by the Company within 120 days after
      the
      date of such notice from the Depositary, or (ii) the Company in its sole
      discretion determines that Global Notes should be exchanged for Definitive
      Notes
      and delivers a written notice to such effect to the Trustee, or there has
      occurred and is continuing a Default or Event of Default with respect to the
      Notes. Upon the occurrence of either of the preceding events in clause (i),
      (ii)
      or (iii) above, Definitive Notes shall be issued in such names as the Depositary
      shall instruct the Trustee. Global Notes also may be exchanged or replaced,
      in
      whole or in part, as provided in Sections 2.07 and 2.10 hereof. Every Note
      authenticated and delivered in exchange for, or in lieu of, a Global Note or
      any
      portion thereof, pursuant to this Section 2.06 or Section 2.07 hereof, shall
      be
      authenticated and delivered in the form of, and shall be, a Global Note. A
      Global Note may not be exchanged for another Note other than as provided in
      this
      Section 2.06(a), however, beneficial interests in a Global Note may be
      transferred and exchanged as provided in Section 2.06(b) or (c)
      hereof.

     

    (b) Transfer
      and Exchange of Beneficial Interests in the Global Notes. The
      transfer and exchange of beneficial interests in the Global Notes shall be
      effected through the Depositary, in accordance with the provisions of this
      Indenture and the Applicable Procedures. Transfers of beneficial interests
      in
      the Global Notes also shall require compliance with either subparagraph (i)
      or
      (ii) below, as applicable, as well as one or more of the other following
      subparagraphs as applicable:

     

    (i) Transfer
      of Beneficial interests in the Same Global Note. Beneficial
      interests in any Global Note may be transferred to Persons who take delivery
      thereof in the form of a beneficial interest in a Global Note. No written orders
      or instructions shall be required to be delivered to the Registrar to effect
      the
      transfers described in this Section 2.06(b)(i).

     

    (ii) All
      Other Transfers and Exchanges of Beneficial Interests in Global Notes.
In
      connection with all transfers and exchanges of beneficial interests that are
      not
      subject to Section 2.06(b)(i) above, the transferor of such beneficial interest
      must deliver to the Registrar either (A) both (1) a written order from a
      Participant or an Indirect Participant given to the Depositary in accordance
      with the Applicable Procedures directing the Depositary to credit or cause
      to be
      credited a beneficial interest in another Global Note in an amount equal to
      the
      beneficial interest to be transferred or exchanged and (2) instructions given
      in
      accordance with the Applicable Procedures containing information regarding
      the
      Participant account to be credited with such increase; or (B) both (1) a written
      order from a Participant or an Indirect Participant given to the Depositary
      in
      accordance with the Applicable Procedures directing the Depositary to cause
      to
      be issued a Definitive Note in an amount equal to the beneficial interest to
      be
      transferred or exchanged and (2) instructions given by the Depositary to the
      Registrar containing information regarding the Person in whose name such
      Definitive Note shall be registered to effect the transfer or exchange referred
      to in clause (i) above. Upon satisfaction of all of the requirements for
      transfer or exchange of beneficial interests in Global Notes contained in this
      Indenture and the Notes or otherwise applicable under the Securities Act, the
      Trustee shall adjust the principal amount of the relevant Global Note(s)
      pursuant to Section 2.06(g) hereof.

     

    

    
      
        
          
          

        

        
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    (c) Transfer
      or Exchange of Beneficial Interests in Global Notes for Definitive
      Notes.
      If any
      holder of a beneficial interest in a Global Note proposes to exchange such
      beneficial interest for a Definitive Note or to transfer such beneficial
      interest to a Person who takes delivery thereof in the form of a Definitive
      Note, then, upon satisfaction of the conditions set forth in Section 2.06(b)(ii)
      hereof, the Trustee shall cause the aggregate principal amount of the applicable
      Global Note to be reduced accordingly pursuant to Section 2.06(h) hereof, and
      the Company shall execute and the Trustee shall authenticate and deliver to
      the
      Person designated in the instructions a Definitive Note in the appropriate
      principal amount. Any Definitive Note issued in exchange for a beneficial
      interest pursuant to this Section 2.06(c) shall be registered in such name
      or
      names and in such authorized denomination or denominations as the holder of
      such
      beneficial interest requests through instructions to the Registrar from or
      through Depositary and the Participant or Indirect Participant. The Trustee
      shall deliver such Definitive Notes to the Persons in whose names such Notes
      are
      so registered.

     

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

     

    If
      any
      such exchange or transfer from a Definitive Note to a beneficial interest is
      effected pursuant to the subparagraph above at a time when a Global Note has
      not
      yet been issued, the Company shall issue and, upon receipt of an Authentication
      Order in accordance with Section 2.02 hereof, the Trustee shall authenticate
      one
      or more Global Notes in an aggregate principal amount equal to the principal
      amount of Definitive Notes so transferred.

     

    (e) Transfer
      and Exchange of Definitive Notes for Definitive Notes. Upon
      request by a Holder of Definitive Notes and such Holder’s compliance with the
      provisions of this Section 2.06(e), the Registrar shall register the transfer
      or
      exchange of Definitive Notes. Prior to such registration of transfer or
      exchange, the requesting Holder shall present or surrender to the Registrar
      the
      Definitive Notes duly endorsed or accompanied by a written instruction of
      transfer in form satisfactory to the Registrar duly executed by such Holder
      or
      by its attorney, duly authorized in writing. 

     

    (f) Global
      Note Legend. The
      following legend shall appear on the face of all Global Notes and Definitive
      Notes issued under this Indenture unless specifically stated otherwise in the
      applicable provisions of this Indenture:

     

    

    
      
        
          
          

        

        
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    “THIS
      GLOBAL NOTE IS HELD BY THE DEPOSITARY (AS DEFINED IN THE INDENTURE GOVERNING
      THIS NOTE) OR ITS NOMINEE IN CUSTODY FOR THE BENEFIT OF THE BENEFICIAL OWNERS
      HEREOF, AND IS NOT TRANSFERABLE TO ANY PERSON UNDER ANY CIRCUMSTANCES EXCEPT
      THAT (I) THE TRUSTEE MAY MAKE SUCH NOTATIONS HEREON AS MAY BE REQUIRED PURSUANT
      TO SECTION 2.06 OF THE INDENTURE, (II) THIS GLOBAL NOTE MAY BE EXCHANGED IN
      WHOLE BUT NOT IN PART PURSUANT TO SECTION 2.06(a) OF THE INDENTURE, (III) THIS
      GLOBAL NOTE MAY BE DELIVERED TO THE TRUSTEE FOR CANCELLATION PURSUANT TO SECTION
      2.11 OF THE INDENTURE AND (IV) THIS GLOBAL NOTE MAY BE TRANSFERRED TO A
      SUCCESSOR DEPOSITARY WITH THE PRIOR WRITTEN CONSENT OF GULFMARK OFFSHORE,
      INC.

     

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

     

    (g) Cancellation
      and/or Adjustment of Global Notes. At
      such
      time as all beneficial interests in a particular Global Note have been exchanged
      for Definitive Notes or a particular Global Note has been redeemed, repurchased
      or canceled in whole and not in part, each such Global Note shall be returned
      to
      or retained and canceled by the Trustee in accordance with Section 2.11 hereof.
      At any time prior to such cancellation, if any beneficial interest in a Global
      Note is exchanged for or transferred to a Person who will take delivery thereof
      in the form of a beneficial interest in another Global Note or for Definitive
      Notes, the principal amount of Notes represented by such Global Note shall
      be
      reduced accordingly and an endorsement shall be made on such Global Note, by
      the
      Trustee or by the Depositary at the direction of the Trustee, to reflect such
      reduction; and if the beneficial interest is being exchanged for or transferred
      to a Person who will take delivery thereof in the form of a beneficial interest
      in another Global Note, such other Global Note shall be increased accordingly
      and an endorsement shall be made on such Global Note, by the Trustee or by
      the
      Depositary at the direction of the Trustee, to reflect such
      increase.

     

    (h) General
      Provisions Relating to Transfers and Exchanges.

     

    

    
      
        
          
          

        

        
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    (i) To
      permit
      registrations of transfers and exchanges, the Company shall execute and the
      Trustee shall authenticate Global Notes and Definitive Notes upon receipt of
      an
      Authentication Order in accordance with Section 2.02 hereof or at the
      Registrar’s request.

     

    (ii) No
      service charge shall be made to a Holder of a beneficial interest in a Global
      Note or to a Holder of a Definitive Note for any registration of transfer or
      exchange, but the Company may require payment of a sum sufficient to cover
      any
      transfer tax or similar governmental charge payable in connection therewith
      (other than any such transfer taxes or similar governmental charge payable
      upon
      exchange or transfer pursuant to Sections 2.10, 3.06, 4.10, 4.15 and 9.05
      hereof).

     

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

     

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

     

    (v) Neither
      the Registrar nor the Company will be required: 

     

    (A)
      to
      issue, to register the transfer of or to exchange any Notes during a period
      beginning at the opening of business 15 days before the day of any selection
      of
      Notes for redemption under Section 3.02 hereof and ending at the close of
      business on the day of selection, (B) to register the transfer of or to exchange
      any Note 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.

     

    (vi)
       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, premium, or interest on such Notes and for all other
      purposes, and none of the Trustee, any Agent or the Company shall be affected
      by
      notice to the contrary.

     

    (vii)
       The
      Trustee shall authenticate Global Notes and Definitive Notes in accordance
      with
      the provisions of Section 2.02 hereof.

     

    (viii)
       All
      certifications, certificates and Opinions of Counsel required to be submitted
      to
      the Registrar pursuant to this Section 2.06 to effect a registration of transfer
      or exchange may be submitted by facsimile.

     

    

    
      
        
          
          

        

        
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    SECTION
      2.07  Replacement
      Notes.

     

    If
      any
      mutilated Note is surrendered to the Trustee or the Company and the Trustee
      receives evidence to its satisfaction of the destruction, loss or theft of
      any
      Note, the Company shall issue and the Trustee, upon receipt of an Authentication
      Order, shall authenticate a replacement Note if the Trustee’s requirements are
      met. If required by the Trustee or the Company, an indemnity bond must be
      supplied by 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 may charge for its 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
      2.08  Outstanding
      Notes.

     

    The
      Notes
      outstanding at any time are all the Notes authenticated by the Trustee except
      for those canceled 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
      2.08
      as not outstanding. Except as set forth in Section 2.09 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 2.07 hereof, it ceases to be outstanding unless
      the Trustee receives proof satisfactory to it that the replaced Note is held
      by
      a protected purchaser.

     

    If
      the
      principal amount of any Note is considered paid under Section 4.01 hereof,
      it
      ceases to be outstanding and interest on it ceases to accrue.

     

    If
      the
      Paying Agent (other than the Company, a 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
      2.09  Treasury
      Notes.

     

    In
      determining whether the Holders of the required principal amount of Notes have
      concurred in any direction, waiver or consent, Notes owned by the Company,
      or by
      any Person directly or indirectly controlling or controlled by or under direct
      or indirect common control with 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 that a Responsible Officer of the Trustee actually knows are so owned
      shall be so disregarded.

     

    

    
      
        
          
          

        

        
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    SECTION
      2.10  Temporary
      Notes.

     

    Until
      certificates representing Notes are ready for delivery, the Company may prepare
      and the Trustee, upon receipt of an Authentication Order, shall authenticate
      temporary Notes. Temporary Notes shall be substantially in the form of
      certificated Notes but may have variations that the Company considers
      appropriate for temporary Notes and as shall be reasonably acceptable to the
      Trustee. Without unreasonable delay, the Company shall prepare and the Trustee
      shall authenticate Definitive 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 Notes to the Trustee for cancellation. The
      Registrar and Paying Agent shall forward to the Trustee any Notes surrendered
      to
      them for registration of transfer, exchange or payment. The Trustee and no
      one
      else shall cancel all Notes surrendered for registration of transfer, exchange,
      payment, replacement or cancellation and shall destroy cancelled Notes (subject
      to the record retention requirement of the Exchange Act). Certification of
      the
      destruction of all cancelled Notes will be delivered to the Company. The Company
      may not issue new Notes to replace Notes that it has paid or that have been
      delivered to the Trustee for cancellation.

     

    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, in each case at the rate provided in the Notes
      and in Section 4.01 hereof. The Company shall promptly notify the Trustee in
      writing of the amount of defaulted interest proposed to be paid on each Note
      and
      the date of the proposed payment. The Company shall fix or cause to be fixed
      each such special record date and payment date, provided
      that no
      such
      special record date shall be less than two Business Days prior to the related
      payment date for such defaulted interest. At least five Business Days before
      the
      special record date, the Company (or, upon the written request of the Company,
      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  CUSIP
      Numbers.

     

    The
      Company in issuing the Notes may use “CUSIP” numbers (if then generally in use),
      and, if so, the Trustee shall use “CUSIP” numbers in notices of redemption as a
      convenience to Holders; provided
      that any
      such
      notice may state that no representation is made as to the correctness of such
      numbers either as printed on the Notes or as contained in any notice of a
      redemption and that reliance may be placed only on the other identification
      numbers printed on the Notes, and any such redemption shall not be affected
      by
      any defect in or omission of such numbers. The Company will promptly notify
      the
      Trustee of any change in the “CUSIP” numbers.

     

    

    
      
        
          
          

        

        
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    ARTICLE
      III.

     

    REDEMPTION
      AND PREPAYMENT

     

    SECTION
      3.01  Notices
      to Trustee.

     

    If
      the
      Company elects to redeem Notes pursuant to the optional redemption provisions
      of
      Section 3.07 hereof, it shall furnish to the Trustee, at least 30 days but
      not
      more than 60 days before a redemption date, an Officers’ Certificate setting
      forth (i) the clause 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.

     

    SECTION
      3.02  Selection
      of Notes to be Redeemed.

     

    If
      less
      than all of the Notes are to be redeemed at any time, selection of Notes for
      redemption shall be made by the Trustee in compliance with the requirements
      of
      the principal national securities exchange, if any, on which the Notes are
      listed, or, if the Notes are not so listed, on a
      pro
      rata basis,
      by
      lot or by such method as the Trustee shall deem fair and appropriate;
provided
      that no
      Notes
      of $1,000 or less shall be redeemed in part. In the event of partial redemption
      by lot, the particular Notes to be redeemed shall be selected, unless otherwise
      provided herein, not less than 30 nor more than 60 days prior to the redemption
      date by the Trustee from the outstanding Notes not previously called for
      redemption.

     

    The
      Trustee shall promptly notify the Company in writing of the Notes selected for
      redemption and, in the case of any Note selected for partial redemption, the
      portion of the principal amount thereof to be redeemed. Notes and portions
      of
      Notes selected shall be in amounts of $1,000 or integral multiples of $1,000.
      Except as provided in the preceding sentence, provisions of this Indenture
      that
      apply to Notes called for redemption also apply to portions of Notes called
      for
      redemption.

     

    SECTION
      3.03  Notice
      of
      Redemption.

     

    Subject
      to the provisions of Section 3.09 hereof, 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 each Holder whose Notes are to
      be
      redeemed at its registered address.

     

    The
      notice shall identify the Notes (including CUSIP numbers) to be redeemed and
      shall state:

     

    (a) the
      redemption date;

     

    (b) the
      redemption price;

     

    (c) if
      less
      than all of the Notes are to be redeemed, the identification of the particular
      Notes to be redeemed;

     

    

    
      
        
          
          

        

        
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    (d) if
      any
      Note is being redeemed in part, the portion of the principal amount of such
      Note
      to be redeemed and that, after the redemption date 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;

     

    (e) the
      name
      and address of the Paying Agent;

     

    (f) that
      Notes called for redemption must be surrendered to the Paying Agent to collect
      the redemption price;

     

    (g) 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 on
      Notes
      called for redemption ceases to accrue on and after the redemption
      date;

     

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

     

    (i) 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 its expense; provided,
      however, that
      the
      Company shall have delivered to the Trustee, at least 35 days prior to the
      redemption date (unless a shorter period is acceptable to the Trustee), an
      Officers’ Certificate requesting that the Trustee give such notice and setting
      forth the information to be stated in such notice as provided in the preceding
      paragraph.

     

    SECTION
      3.04  Effect
      of
      Notice of Redemption.

     

    Once
      notice of redemption is mailed in accordance with Section 3.03 hereof, Notes
      called for redemption become irrevocably due and payable on the redemption
      date
      at the redemption price, subject to the satisfaction of any conditions precedent
      provided in such notice.

     

    SECTION
      3.05  Deposit
      of Redemption Price.

     

    No
      later
      than 10:00 a.m. New York City Time on the redemption date, the Company shall
      deposit with the Trustee or with the Paying Agent money sufficient to pay the
      redemption price of and accrued interest on all Notes to be redeemed 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, and accrued interest
      on,
      all Notes to be redeemed.

     

    

    
      
        
          
          

        

        
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    If
      the
      Company complies with the provisions of the preceding paragraph, on and after
      the redemption date, interest shall cease to accrue on the Notes or the portions
      of Notes called for redemption. If a Note is redeemed on or after an interest
      record date but on or prior to the related interest payment date, then any
      accrued and unpaid interest 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 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 4.01
      hereof.

     

    SECTION
      3.06  Notes
      Redeemed in Part.

     

    Upon
      surrender and cancellation of a Note that is redeemed in part, the Company
      shall
      issue and, upon the Company’s written request, 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.

     

    SECTION
      3.07  Optional
      Redemption.

     

    (a) Except
      as
      set forth in clause (b) of this Section 3.07, the Notes shall not be redeemable
      at the Company’s option prior to ______________. Thereafter, the Notes will be
      subject to redemption at any time at the option of the Company, in whole or
      in
      part, upon not less than 30 nor more than 60 days’ notice, at the redemption
      prices (expressed as percentages of principal amount) set forth below plus
      accrued and unpaid interest thereon to the applicable redemption date, if
      redeemed during the twelve-month period beginning on July 15 of the years
      indicated below:

     

    
      	
              Year

               

            	
              Percentage

               

            
	 	 
	 	 
	 	 
	 	 

    

    (b) Notwithstanding
      the foregoing, at any time prior to _________________, the Company may also
      redeem all or a part of the Notes, 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 Notes redeemed
      plus
      the Applicable Premium as of, and accrued and unpaid interest to, the date
      of
      redemption (the “Redemption
      Date”).

     

    (c) In
      addition, at any time prior to _________________, the Company may on any one
      or
      more occasions redeem up to an aggregate of 35% of the principal amount of
      Notes
      (including any Additional Notes) outstanding at a redemption price of ______
      of
      the principal amount thereof, plus accrued and unpaid interest, if any, thereon,
      to the redemption date, with the net cash proceeds of any one or more Equity
      Offerings; provided
      that
      at
      least 65% of the aggregate principal amount of Notes outstanding on the Issue
      Date remain outstanding immediately after each occurrence of such redemption;
      and provided,
      further, that
      each
      such redemption shall occur within 120 days of the date of the closing of such
      Equity Offering.

     

    

    
      
        
          
          

        

        
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    (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.

     

    (e) Any
      redemption pursuant to this Section 3.07 shall be made pursuant to the
      provisions of Sections 3.01 through 3.06 hereof.

     

    SECTION
      3.08  Mandatory
      Redemption.

     

    Except
      as
      set forth under Sections 3.09, 4.10 and 4.15 hereof, the Company shall not
      be
      required to make mandatory redemption or sinking fund payments with respect
      to
      the Notes.

     

    SECTION
      3.09  Offer
      to
      Purchase by Application of Excess Proceeds.

     

    In
      the
      event that, pursuant to Section 4.10 hereof, the Company shall be required
      to
      commence an Asset Sale Offer (as defined in Section 4.10 hereof),
      it
      shall
      follow the procedures specified below.

     

    The
      Asset
      Sale Offer shall remain open for a period of 20 Business Days following its
      commencement and no longer, except to the extent that a longer period is
      required by applicable law (the “Offer
      Period”). No
      later
      than five Business Days after the termination of the Offer Period (the
“Purchase
      Date”),
      the
      Company shall purchase the principal amount of Notes required to be purchased
      pursuant to Section 4.10 hereof (the “Offer
      Amount”) or,
      if
      less than the Offer Amount has been tendered, all Notes tendered in response
      to
      the Asset Sale Offer. 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 an interest record date and on or before the
      related interest payment date, any accrued and unpaid interest shall be paid
      to
      the Person in whose name a Note is registered at the close of business on such
      record date, and no additional interest shall be payable to Holders who tender
      Notes pursuant to the Asset Sale Offer.

     

    Upon
      the
      commencement of an Asset Sale Offer, the Company shall send, by first class
      mail, a notice to the Trustee and each of the Holders. The notice shall contain
      all instructions and materials necessary to enable such Holders to tender Notes
      pursuant to the Asset Sale Offer. The Asset Sale Offer shall be made to all
      Holders. The notice, which shall govern the terms of the Asset Sale Offer,
      shall
      state:

     

    (a) that
      the
      Asset Sale Offer is being made pursuant to this Section 3.09 and Section 4.10
      hereof and the length of time the Asset Sale Offer shall remain
      open;

     

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

     

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

     

    

    
      
        
          
          

        

        
          31

          
            

          

        

        
          
          

        

      

    

    

    (d) that,
      unless the Company defaults in making such payment, any Note accepted for
      payment pursuant to the Asset Sale Offer shall cease to accrete or accrue
      interest after the Purchase Date;

     

    (e) that
      Holders electing to have a Note purchased pursuant to an Asset Sale Offer may
      only elect to have all of such Note purchased and may not elect to have only
      a
      portion of such Note purchased;

     

    (f) that
      Holders electing to have a Note purchased pursuant to any Asset Sale Offer
      shall
      be required to surrender the Note, with the form entitled “Option of Holder to
      Elect Purchase” on the reverse of the Note completed, or transfer by book-entry
      transfer, to the Company, a depositary, if appointed by the Company, or a Paying
      Agent at the address specified in the notice at least three days before the
      Purchase Date;

     

    (g) that
      Holders shall be entitled to withdraw their election if the Company, the
      Depositary or the Paying Agent, as the case may be, receives, not later than
      the
      expiration of the Offer Period, a telegram, telex, facsimile transmission or
      letter setting forth the name of the Holder, the principal amount of the Note
      the Holder delivered for purchase and a statement that such Holder is
      withdrawing his election to have such Note purchased;

     

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

     

    (i) that
      Holders whose Notes were purchased only in part shall be issued new Notes equal
      in principal amount to the unpurchased portion of the Notes surrendered (or
      transferred by book-entry transfer).

     

    On
      or
      before the Purchase Date, the Company shall, to the extent lawful, accept for
      payment, on a
      pro
      rata basis
      to,
      the extent necessary, the Offer Amount of Notes or portions thereof tendered
      pursuant to the Asset Sale Offer, or if less than the Offer Amount has been
      tendered, all Notes tendered, and shall 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 3.09. The
      Company, the Depositary or the Paying Agent, as the case may be, shall promptly
      (but in any case not later than five days after the Purchase Date) 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, and
      the
      Company shall promptly issue a new Note, and the Trustee, upon written request
      from the Company shall authenticate and mail or deliver (or cause to be
      transferred by book entry) such new Note to such Holder, in a principal amount
      equal to any unpurchased portion of the Note surrendered. Any Note not so
      accepted shall be promptly mailed or delivered by the Company to the Holder
      thereof. The Company shall publicly announce the results of the Asset Sale
      Offer
      on the Purchase Date.

     

    Other
      than as specifically provided in this Section 3.09, any purchase pursuant to
      this Section 3.09 shall be made pursuant to the provisions of Sections 3.01
      through 3.06 hereof.

     

    

    
      
        
          
          

        

        
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    ARTICLE
      IV.

     

    COVENANTS

     

    SECTION
      4.01  Payment
      of Notes.

     

    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 shall be considered paid on the date
      due if the Paying Agent, if other than the Company or a Subsidiary thereof,
      holds as of 10:00 a.m. New York City Time on the due date money deposited by
      the
      Company in immediately available funds and designated for and sufficient to
      pay
      all principal, premium, if any, and interest then due. The Company shall pay
      interest (including post-petition interest in any proceeding under the
      Bankruptcy Code) on overdue principal at the rate borne on the Notes to the
      extent lawful; it shall pay interest (including post-petition interest in any
      proceeding under the Bankruptcy Code) on overdue installments of interest
      (without regard to any applicable grace period) at the same rate to the extent
      lawful.

     

    SECTION
      4.02  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, Registrar or co-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
      purpose 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.

     

    The
      Company hereby designates the _____________________________ of
      __________________________, located at the date hereof at
      ___________________________________________, as one such office or agency of
      the
      Company in accordance with Section 2.03 hereof.

     

    

    
      
        
          
          

        

        
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    SECTION
      4.03  Reports.

     

    (a) Whether
      or not required by the rules and regulations of the Commission, so long as
      any
      Notes are outstanding, the Company shall furnish to each of the Holders of
      Notes
      within the time periods specified in the Commission’s rules and regulations all
      quarterly and annual financial information that would be required to be
      contained in a filing with the Commission on Forms 10-Q and 10-K if the Company
      were required to file such financial information, including a “Management’s
      Discussion and Analysis of Financial Condition and Results of Operations” and,
      with respect to the annual information only, reports thereon by the Company’s
      independent public accountants (which shall be firm(s) of established national
      reputation). In addition, whether or not required by the rules and regulations
      of the Commission, the Company shall file a copy of all such information and
      reports with the Commission for public availability and make such information
      available to securities analysts and prospective investors upon request. The
      Company shall at all times comply with TIA § 314(a).

     

    (b) The
      Company shall be deemed to have furnished such reports to the Trustee and
      Holders of the Notes in accordance with Section 4.03(a) hereof if it has filed
      such reports with the Commission via the EDGAR filing system and such reports
      are publicly available.

     

    (c) Delivery
      of such reports, information and documents to the Trustee is for informational
      purposes only and the Trustee’s receipt of such shall not constitute
      constructive notice of any information contained therein or determinable from
      information contained therein, including the Company’s compliance with any of
      its covenants hereunder (as to which the Trustee is entitled to rely exclusively
      on Officers’ Certificates).

     

    SECTION
      4.04  Compliance
      Certificate.

     

    (a) The
      Company shall deliver to the Trustee, within 90 days after the end of each
      fiscal year, 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
      the Company 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 the Company 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, interest, 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.

     

    

    
      
        
          
          

        

        
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    (b) 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
      and what action the Company is taking or proposes to take with respect
      thereto.

     

    SECTION
      4.05  Taxes.

     

    The
      Company shall pay, and shall cause each of its Restricted 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
      or where the failure to effect such payment is not adverse in any material
      respect to the Holders of the Notes.

     

    SECTION
      4.06  Waiver
      of
      Stay, Extension and Usury Laws.

     

    Each
      of
      the Company and the Restricted Subsidiaries covenants (to the extent that it
      may
      lawfully do so) that it shall not at any time insist upon, plead, or in any
      manner whatsoever claim or take the benefit or advantage of, any stay, 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 each of the
      Company and the Restricted Subsidiaries (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 had been
      enacted.

     

    SECTION
      4.07  Restricted
      Payments.

     

    The
      Company will not, and will not permit any of its Restricted Subsidiaries to,
      directly or indirectly: (i) declare or pay any dividend or make any other
      payment or distribution on account of the Company’s or any of its Restricted
      Subsidiaries’ Equity Interests (including, without limitation, any payment in
      connection with any merger or consolidation involving the Company) or to the
      direct or indirect holders of the Company’s or any of its Restricted
      Subsidiaries’ Equity Interests in their capacity as such (other than dividends
      or distributions payable in Equity Interests (other than Disqualified Stock)
      of
      the Company); (ii) purchase, redeem or otherwise acquire or retire for value
      (including without limitation, in connection with any merger or consolidation
      involving the Company) any Equity Interests of the Company; (iii) make any
      payment on or with respect to, or purchase, redeem, defease or otherwise acquire
      or retire for value any Subordinated Indebtedness of the Company or any
      Guarantor, except (x) a payment of interest or principal at Stated Maturity
      and
      (y) intercompany Indebtedness between the Company and any of its Restricted
      Subsidiaries; or (iv) make any Restricted Investment (all such payments and
      other actions set forth in clauses (i) through (iv) above being collectively
      referred to as “Restricted
      Payments”),
      unless,
      at the time of and after giving effect to such Restricted Payment:

     

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

     

    

    
      
        
          
          

        

        
          35

          
            

          

        

        
          
          

        

      

    

    

    

     

    (b) 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 4.09 hereof; and

     

    (c) such
      Restricted Payment, together with the aggregate amount of all other Restricted
      Payments made by the Company or any of its Restricted Subsidiaries after the
      Issue Date (excluding Restricted Payments permitted by clauses (ii), (iii),
      (iv), (v), (vi), (vii), (viii) or (ix) of the next succeeding paragraph), is
      less than the sum of (i) 50% of
      the
      Consolidated Net Income of the Company for the period (taken as one accounting
      period) from ______________ 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, if such Consolidated Net Income for such period
      is a deficit, less 100% of such deficit), plus (ii) 100% of the aggregate net
      proceeds received by the Company (including the Fair Market Value of non-cash
      proceeds less issuance costs) from the issue or sale, in either case, since
      ______________ of (A) Equity Interests of the Company (other than Disqualified
      Stock), or (B) Disqualified Stock or debt securities of the Company that have
      been converted into such Equity Interests (other than Equity Interests (or
      Disqualified Stock or convertible or exchangeable debt securities) sold to
      a
      Restricted Subsidiary of the Company and other than Disqualified Stock or debt
      securities that have been converted or exchanged into Disqualified Stock),
      plus
      (iii) in case any Unrestricted Subsidiary has been redesignated a Restricted
      Subsidiary pursuant to the terms of this Indenture or has been merged,
      consolidated or amalgamated with or into, or transfers or conveys assets to
      or
      is liquidated into, the Company or a Restricted Subsidiary and provided
      that no
      Default or Event of Default shall have occurred and be continuing or would
      occur
      as a consequence thereof, the lesser of (A) the book value (determined in
      accordance with GAAP) at the date of such redesignation, combination or transfer
      of the aggregate Investments made by the Company and its Restricted Subsidiaries
      in such Unrestricted Subsidiary (or of the assets transferred or conveyed,
      as
      applicable) and (B) the Fair Market Value of such Investment in such
      Unrestricted Subsidiary at the time of such redesignation, combination or
      transfer (or of the assets transferred or conveyed, as applicable), in each
      case
      as determined in good faith by the Board of Directors of the Company, whose
      determination shall be conclusive and evidenced by a resolution of such Board
      of
      Directors and, in each case, after deducting any Indebtedness associated with
      the Unrestricted Subsidiary so designated or combined or with the assets so
      transferred or conveyed, plus (iv) to the extent not already included in
      Consolidated Net Income for such period, without duplication, any Restricted
      Investment that was made after the Issue Date is sold for cash or otherwise
      liquidated or repaid for cash, the lesser of (A) the cash return of capital
      with
      respect to such Restricted Investment (less the cost of disposition, if any)
      and
      (B) the initial amount of such Restricted Investment.

     

    

    
      
        
          
          

        

        
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    The
      foregoing provisions shall not prohibit: (i) the payment of any dividend or
      consummation of any irrevocable redemption of debt within 60 days after the
      date
      of declaration of the dividend or giving of any such redemption notice, as
      the
      case may be, if at the date of declaration or notice, such payment would have
      complied with the provisions of this Indenture; (ii) the redemption, repurchase,
      retirement, defeasance or other acquisition of any Subordinated Indebtedness
      or
      Equity Interests of the Company in exchange for, or out of the net cash proceeds
      of the substantially concurrent sale (other than to a Subsidiary of the Company)
      of, Equity Interests of the Company (other than any Disqualified Stock);
provided
      that the
      amount of any such net cash proceeds that are utilized for any such redemption,
      repurchase, retirement, defeasance or other acquisition shall be excluded from
      clause (c)(ii) of the preceding paragraph; (iii) the defeasance, redemption,
      repurchase or other acquisition of Subordinated Indebtedness with the net cash
      proceeds from an incurrence of Permitted Refinancing Indebtedness; (iv) the
      payment of any dividend or distribution by a Restricted Subsidiary of the
      Company to the holders of its common Equity Interests on a pro
      rata basis;
      (v) the repurchase, redemption or other acquisition or retirement for value
      of
      any Equity Interests of the Company or any Restricted Subsidiary of the Company
      held by any employee or director of the Company (or any of its Subsidiaries),
      or
      any former employee or director of the Company (or any of its Subsidiaries)
      issued pursuant to any management equity plan or stock option plan or any other
      management or employee benefit plan, agreement or trust; provided,
      however, that
      the
      aggregate price paid for all such repurchased, redeemed, acquired or retired
      Equity Interests pursuant to this clause (v) shall not exceed $2,000,000 in
      any
      twelve-month period; (vi) the declaration and payment of dividends to holders
      of
      any class or series of Disqualified Stock of the Company issued in accordance
      with the terms of this Indenture to the extent such dividends are included
      in
      the definition of “Fixed Charges”; (vii) repurchases of Equity Interests deemed
      to occur upon the cashless exercise of stock options; (viii) reasonable and
      customary directors’ fees to the members of the Company’s Board of Directors,
provided
      that
      such fees are consistent with past practice; and (ix) other Restricted Payments
      since the Issue Date in an aggregate amount not to exceed $10,000,000,
provided
      that,
      with respect to clauses (ii), (iii), (v), (vi), (vii) and (ix) above, no Default
      or Event of Default shall have occurred and be continuing immediately after
      such
      transaction.

     

    In
      determining whether any Restricted Payment is permitted by the foregoing
      covenant, the Company may allocate or reallocate all or any portion of such
      Restricted Payment among the clauses (i) through (ix) of the preceding paragraph
      or among such clauses and the first paragraph of this covenant including clauses
      (a), (b) and (c), provided
      that
      at
      the time of such allocation or reallocation, all such Restricted Payments,
      or
      allocated portions thereof, would be permitted under the various provisions
      of
      the foregoing covenant.

     

    The
      amount of all Restricted Payments (other than cash) shall be the Fair Market
      Value (as evidenced by a resolution of the Board of Directors of the Company
      set
      forth in an Officers’ Certificate delivered to the Trustee) on the date of the
      Restricted Payment of the asset(s) or securities proposed to be transferred
      or
      issued by the Company or such Restricted Subsidiary, as the case may be,
      pursuant to the Restricted Payment, such determination to be based upon an
      opinion or appraisal by an Independent Financial Advisor if the Fair Market
      Value of any Restricted Payment is greater than $10,000,000. Not later than
      (i)
      the end of any calendar quarter in which any Restricted Payment is made or
      (ii)
      the making of a Restricted Payment which, when added to the sum of all previous
      Restricted Payments made in a calendar quarter, would cause the aggregate of
      all
      Restricted Payments made in such quarter to exceed $10,000,000, the Company
      shall deliver to the Trustee an Officers’ Certificate stating that such
      Restricted Payment is permitted and setting forth the basis upon which the
      calculations required by this covenant were computed, which calculations may
      be
      based upon the Company’s latest available financial statements.

     

    

    
      
        
          
          

        

        
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    The
      Board
      of Directors may designate any Restricted Subsidiary to be an Unrestricted
      Subsidiary only if (i) immediately after giving effect to such designation,
      the
      Company is able 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
      4.09, (ii) immediately before and immediately after giving effect to such
      designation, no Default or Event of Default shall have occurred and be
      continuing and (iii) the Company certifies that such designation complies with
      this covenant. Any such designation by the Board of Directors shall be evidenced
      to the Trustee by promptly filing with the Trustee a copy of the resolution
      giving effect to such designation and an Officers’ Certificate certifying that
      such designation complied with the foregoing provisions. 

     

    For
      purposes of making the determination as to whether such designation would cause
      a Default or Event of Default, all outstanding Investments by the Company and
      its Restricted Subsidiaries (except to the extent repaid in cash) in the
      Subsidiary so designated will be deemed to be Restricted Payments at the time
      of
      such designation and will reduce the amount available for Restricted Payments
      under the first paragraph of this covenant. All such outstanding Investments
      will be deemed to constitute Investments in an amount equal to the greatest
      of
      (i) the net book value (determined in accordance with GAAP) of such Investments
      at the time of such designation, (ii) the Fair Market Value of such Investments
      at the time of such designation and (iii) the original Fair Market Value of
      such
      Investments at the time they were made. Such designation will only be permitted
      if such Restricted Payment would be permitted at such time and if such
      Restricted Subsidiary otherwise meets the definition of an Unrestricted
      Subsidiary.

     

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

     

    Notwithstanding
      the foregoing, if, at any time, any Unrestricted Subsidiary would fail to meet
      the requirements under the definition of Unrestricted Subsidiary, it shall
      thereafter cease to be an Unrestricted Subsidiary for purposes of this Indenture
      and any Indebtedness of such Subsidiary shall be deemed to be incurred as of
      such date.

     

    SECTION
      4.08  Dividend
      and Other Payment Restrictions Affecting Restricted 

     

    Subsidiaries.

     

    

    
      
        
          
          

        

        
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    The
      Company will not, and will not permit any of its Restricted Subsidiaries to,
      directly or indirectly, create or otherwise cause or suffer to exist or become
      effective any encumbrance or restriction on the ability of any Restricted
      Subsidiary of the Company or the Company to (i)(x) pay dividends or make any
      other distributions to the Company or any of its Restricted Subsidiaries (1)
      on
      its Capital Stock or (2) with respect to any other interest or participation
      in,
      or measured by, its profits; provided
      that the
      priority of any preferred stock in receiving dividends or liquidating
      distributions prior to dividends or liquidating distributions being paid on
      Capital Stock shall not be deemed a restriction on the ability to make
      distributions on Capital Stock, or (y) pay any Indebtedness owed to the Company
      or any of its Restricted Subsidiaries, (ii) make loans or advances to the
      Company or any of its Restricted Subsidiaries or (iii) transfer any of its
      properties or assets to the Company or any of its Restricted Subsidiaries,
      except for such encumbrances or restrictions existing under or by reason of:
      (a)
      Indebtedness outstanding on the Issue Date; (b) this Indenture and the Notes;
      (c) the Credit Facilities as in effect on the Issue Date and any future Liens
      that may be permitted to be granted under any other provisions of this
      Indenture; (d) applicable law or any applicable rule, regulation or order of
      any
      court or governmental authority; (e) any instrument governing Indebtedness
      or
      Capital Stock of a Person acquired by the Company or any of its Restricted
      Subsidiaries as in effect at the time of such acquisition (except with respect
      to Indebtedness incurred in connection with or in contemplation of such
      acquisition), which encumbrance or restriction is not applicable to any Person,
      or the properties or assets of any Person, other than the Person, or the
      property or assets of the Person or such Person’s subsidiaries, so acquired,
provided
      that in
      the case of Indebtedness, such Indebtedness was permitted by the terms of this
      Indenture to be incurred; (f) restrictions of the nature described in clause
      (iii) above by reason of customary non-assignment provisions in contracts,
      agreements, and leases entered into in the ordinary course of business and
      consistent with past practices; (g) purchase money obligations for property
      acquired in the ordinary course of business that impose restrictions of the
      nature described in clause (iii) above on the property so acquired; (h) any
      restriction with respect to a Restricted Subsidiary imposed pursuant to an
      agreement entered into for the sale or disposition of all or substantially
      all
      of the Capital Stock or assets of such Restricted Subsidiary pending the closing
      of such sale or disposition; (i) agreements relating to secured Indebtedness
      otherwise permitted to be incurred pursuant to Sections 4.09 and 4.12 hereof
      that limit the right of the debtor to dispose of assets securing such
      Indebtedness; (j) Permitted Refinancing Indebtedness in respect of Indebtedness
      referred to in clauses (a), (b), (c), (e) and (g) of this paragraph,
provided
      that the
      restrictions contained in the agreements governing such Permitted Refinancing
      Indebtedness are no more restrictive than those contained in the agreements
      governing the Indebtedness being refinanced; (k) any encumbrance or restriction
      contained in contracts for sales of assets or Capital Stock of a Restricted
      Subsidiary permitted under Section 4.10 with respect to the assets or Capital
      Stock of a Restricted Subsidiary to be sold pursuant to such contract; (l)
      encumbrances or restrictions contained in agreements entered into in connection
      with Hedging Obligations permitted from time to time under this Indenture;
      (m)
      any encumbrance or restriction existing under any agreement that extends,
      renews, refinances or replaces the agreements containing the encumbrances or
      restrictions in the foregoing clauses (a) and (e), provided that the terms
      and
      conditions of any such encumbrances or restrictions are not materially more
      restrictive than those contained in such agreement; and (n) provisions with
      respect to the disposition or distribution of assets or property in joint
      venture agreements, asset sale agreements, sale leaseback agreements, stock
      sale
      agreements and other similar agreements entered into in the ordinary course
      of
      business. 

     

    

    
      
        
          
          

        

        
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    Nothing
      contained in this Section 4.08 shall prevent the Company or its Restricted
      Subsidiaries from creating, incurring, assuming or suffering to exist any Liens
      permitted by this Indenture or entering into agreements in connection therewith
      that impose restrictions on the transfer or disposition of the property or
      assets subject to such Liens.

     

    SECTION
      4.09  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 the Company shall not issue any
      Disqualified Stock and shall not permit any of its Restricted Subsidiaries
      to
      issue any shares of preferred stock; provided,
      however, that
      (a)
      the Company and any Guarantor may incur Indebtedness (including Acquired Debt),
      (b) the Company may issue shares of Disqualified Stock or (c) a Restricted
      Subsidiary may incur Acquired Debt, if, in each case, the Company’s Fixed Charge
      Coverage Ratio 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 Disqualified
      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 Disqualified Stock had
      been issued, as the case may be, at the beginning of such four-quarter
      period.

     

    The
      provisions of the first paragraph of this covenant shall not apply to the
      incurrence of any of the following items of indebtedness (collectively,
“Permitted
      Debt”):

     

    (i)
      the
      incurrence by the Company or any of its Restricted Subsidiaries of additional
      Indebtedness and letters of credit pursuant to one or more Credit Facilities
      (with letters of credit being deemed to have a principal amount equal to the
      maximum potential liability of the Company thereunder) in an aggregate principal
      amount at any one time outstanding under this clause (i) not to exceed the
      greater of $100,000,000 or 15% of Consolidated Tangible Assets;

     

    (ii)
      the
      incurrence by the Company and the Guarantors of Indebtedness represented by
      the
      Notes (but not Additional Notes) and the Subsidiary Guarantees;

     

    (iii)
      Indebtedness outstanding on the Issue Date; 

     

    (iv)
       the
      incurrence by the Company or any of its Restricted Subsidiaries of Permitted
      Refinancing Indebtedness in exchange for, or the net proceeds of which are
      used
      to extend, refinance, renew, replace, defease or refund, Indebtedness that
      was
      permitted by this Indenture to be incurred;

     

    

    
      
        
          
          

        

        
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    (v)
       the
      incurrence by the Company or any of its Restricted Subsidiaries of intercompany
      Indebtedness between or among the Company and any of its Restricted
      Subsidiaries; provided,
      however, that
      (i)
      if the Company or any Guarantor is the obligor on such Indebtedness, such
      Indebtedness is expressly subordinate to the payment in full of all Obligations
      with respect to the Notes and (ii) (A) any subsequent issuance or transfer
      of
      Equity Interests that results in any such Indebtedness being held by a Person
      other than the Company or a Restricted Subsidiary and (B) any sale or other
      transfer of any such Indebtedness to a Person that is not either the Company
      or
      a Restricted Subsidiary shall be deemed, in each case, to constitute an
      incurrence of such Indebtedness by the Company or such Restricted Subsidiary,
      as
      the case may be;

     

    (vi)
       the
      incurrence by the Company or any of its Restricted Subsidiaries of Purchase
      Money Indebtedness (or Capital Lease Obligations), including all Permitted
      Refinancing Indebtedness incurred to refund, refinance or replace Purchase
      Money
      Indebtedness incurred pursuant to this clause (vi);

     

    (vii)
       the
      incurrence by the Company or any of its Restricted Subsidiaries of obligations
      in the ordinary course of business under (A) trade letters of credit which
      are
      to be repaid in full not more than one year after the date on which such
      Indebtedness is originally incurred to finance the purchase of goods by the
      Company or a Restricted Subsidiary of the Company; (B) standby letters of credit
      issued for the purpose of supporting (1) workers’ compensation liabilities of
      the Company or any of its Restricted Subsidiaries, or (2) performance, payment,
      deposit or surety obligations of the Company or any of its Restricted
      Subsidiaries; and (C) bid, advance payment and performance bonds and surety
      bonds of the Company and its Restricted Subsidiaries, and refinancings
      thereof;

     

    (viii) the
      incurrence by the Company or any of its Restricted Subsidiaries of (x) Financial
      Hedging Obligations that are incurred for the purpose of fixing or hedging
      interest rate risk (including with respect to any floating rate Indebtedness
      that is permitted by the terms of this Indenture to be outstanding), and (y)
      Currency Hedging Obligations in connection with the conduct of the Permitted
      Business in currencies other than the United States Dollar, and, in the case
      of
      clauses (x) and (y) not for speculative purposes and incurred in the ordinary
      course of business consistent with prudent business practices;

     

    (ix)
       the
      guarantee by the Company or any Restricted Subsidiary of the Company of
      Indebtedness of the Company or a Restricted Subsidiary of the Company that
      was
      permitted to be incurred by another provision of this covenant; provided
      that
      the
      guarantee of any Indebtedness under this clause (ix) by a Restricted Subsidiary
      of the Company that ceases to be a Restricted Subsidiary shall be deemed a
      Restricted Investment at the time such Restricted Subsidiary’s status terminates
      in an amount equal to the maximum principal amount so guaranteed, for so long
      as, and to the extent that, such guarantee remains outstanding;

     

    

    
      
        
          
          

        

        
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    (x) the
      issuance by a Restricted Subsidiary of the Company of preferred stock to the
      Company or to any of its Restricted Subsidiaries; provided,
      however, that
      any
      subsequent event or issuance or transfer of any Equity Interests that results
      in
      the owner of such preferred stock ceasing to be the Company or any of its
      Restricted Subsidiaries or any subsequent transfer of such preferred stock
      to a
      Person, other than the Company or one of its Restricted Subsidiaries, shall
      be
      deemed to be an issuance of preferred stock by such Subsidiary that was not
      permitted by this clause (x);

     

    (xi)
      the
      incurrence by the Company or any of its Restricted Subsidiaries of Indebtedness
      arising from the honoring by a bank or other financial institution of a check,
      draft or similar instrument inadvertently drawn against insufficient funds,
      so
      long as such Indebtedness is covered within five Business Days;

     

    (xii)
      the
      incurrence by the Company or any of its Restricted Subsidiaries of Indebtedness
      consisting of guarantees, indemnities, holdbacks or obligations in respect
      of
      purchase price adjustments in connection with the acquisition or disposition
      of
      any business, assets or Capital Stock of the Company or any Restricted
      Subsidiary; provided
      that
      such Indebtedness is not reflected on the balance sheet of the Company or any
      Restricted Subsidiary;

     

    (xiii)
      the accrual of interest, the accretion or amortization of original issue
      discount, the payment of interest on any Indebtedness in the form of additional
      Indebtedness with the same terms, and the payment of dividends on Disqualified
      Stock in the form of additional shares of the same class of Disqualified Stock
      will not be deemed to be an incurrence of Indebtedness or an issuance of
      Disqualified Stock for purposes of this covenant; provided,
      in each
      case, that the amount thereof is included in Fixed Charges of the Company as
      accrued; and

     

    (xiv)
      the
      incurrence by the Company or any of its Restricted Subsidiaries of Indebtedness
      (in addition to Indebtedness permitted by any other clause of this paragraph)
      in
      an aggregate principal amount (or accreted value, as applicable) at any time
      outstanding not to exceed $30,000,000.

     

    For
      purposes of determining compliance with this covenant, in the event that an
      item
      of Indebtedness meets the criteria of more than one of the categories of
      Permitted Debt described in clauses (i) through (xiv) above or is entitled
      to be
      incurred pursuant to the first paragraph of this covenant, the Company may,
      in
      its sole discretion, divide and classify such item of Indebtedness at the time
      of incurrence or later classify, reclassify or divide such item of Indebtedness
      in any manner that complies with this covenant and such item of Indebtedness
      shall be treated as having been incurred pursuant to only one of such clauses
      or
      pursuant to the first paragraph hereof. Accrual of interest, the accretion
      of
      accreted value and the payment of interest in the form of additional
      Indebtedness will not be deemed to be an incurrence of Indebtedness for purposes
      of this covenant. In addition, the maximum amount of Indebtedness that the
      Company and its Restricted Subsidiaries may incur pursuant to this covenant
      will
      not be deemed to be exceeded, with respect to any outstanding Indebtedness,
      due
      solely to the result of fluctuations in the exchange rates of
      currencies.

     

    

    
      
        
          
          

        

        
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    SECTION
      4.10  Asset
      Sales.

     

    The
      Company will not, and will not permit any of its Restricted Subsidiaries to,
      engage in an Asset Sale unless (i) the Company or such Restricted Subsidiary,
      as
      the case may be, receives consideration at the time of such Asset Sale at least
      equal to the Fair Market Value of the assets or Equity Interests issued or
      sold
      or otherwise disposed of and (ii) at least 75% of
      the
      consideration therefor received by the Company or such Restricted Subsidiary
      is
      in the form of cash or Cash Equivalents; provided
      that,
      for purposes of this provision, the amount of each of the following shall be
      deemed to be cash: (a) any liabilities (as shown on the Company’s or such
      Restricted Subsidiary’s most recent balance sheet), of the Company or any
      Restricted Subsidiary of the Company (other than contingent liabilities and
      liabilities that are by their terms subordinated to the Notes or any Subsidiary
      Guarantee) that are assumed by the transferee of any such assets pursuant to
      a
      customary novation agreement that releases the Company or such Restricted
      Subsidiary from further liability; (b) any securities, notes or other
      obligations received by the Company or any such Restricted Subsidiary from
      such
      transferee that are converted by the Company or such Restricted Subsidiary
      into
      cash (to the extent of the cash received) within 270 days of the consummation
      of
      such Asset Sale; (c) any Capital Stock or assets of the kind referred to in
      clauses (b), (c) or (d) of the last paragraph of this Section 4.10; and (d)
      accounts receivables of a business retained by the Company of any of its
      Restricted Subsidiaries following the sale of such business; provided
      that (i)
      such accounts receivables are not more than 60 days past due and (ii) do not
      have a payment date greater than 90 days from the date of the invoice creating
      such accounts receivable.

     

    Any
      Asset
      Sale pursuant to a condemnation, appropriation or other similar taking,
      including by deed in lieu of condemnation, or pursuant to the foreclosure or
      other enforcement of a Permitted Lien or exercise by the related lienholder
      of
      rights with respect thereto, including by deed or assignment in lieu of
      foreclosure shall not be required to satisfy the conditions set forth in clauses
      (i) and (ii) of the first paragraph of this Section 4.10.

     

    

    
      
        
          
          

        

        
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    Within
      365 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 such Net Proceeds,
      at its option, (a) to repay Indebtedness for borrowed money other than
      Subordinated Indebtedness, (b) to acquire a controlling interest in another
      business or all or substantially all of the assets of a business, engaged in
      a
      Permitted Business, (c) to make capital expenditures in a Permitted Business
      or
      (d) to acquire other long-term assets that are used or useful in a Permitted
      Business, provided
      that
      the
      Company or such Restricted Subsidiary will have complied with clause (b), (c)
      or
      (d) if, within 365 days of such Asset Sale, the Company or such Restricted
      Subsidiary shall have commenced and not completed or abandoned an investment
      in
      compliance with clause (b), (c) or (d) and such Investment is substantially
      completed within 120 days after the first anniversary of such Asset Sale.
      Pending the final application of any such Net Proceeds, the Company may
      temporarily reduce Indebtedness under any Credit Facility or otherwise invest
      such Net Proceeds in any manner that is not prohibited by this Indenture. Any
      Net Proceeds from Asset Sales that are not applied or invested as provided
      in
      the first sentence of this paragraph shall be deemed to constitute “Excess
      Proceeds.” When
      the
      aggregate amount of Excess Proceeds exceeds $20,000,000, the Company shall
      be
      required to make an offer to all Holders of Notes and other Indebtedness that
      ranks by its terms pari
      passu in
      right
      of payment with the Notes and the terms of which contain substantially similar
      requirements with respect to the application of net proceeds from Asset Sales
      as
      are contained in this Indenture (an “Asset
      Sale Offer”) to
      purchase on a pro
      rata basis
      the
      maximum principal amount of the Notes, that is an integral multiple of $1,000,
      that may be purchased out of the Excess Proceeds, at an offer price in cash
      in
      an amount equal to 100% of the principal amount thereof plus accrued and unpaid
      interest thereon to the date of purchase, in accordance with the procedures
      set
      forth in Section 3.09 hereof. To the extent that the aggregate amount of Notes
      and other such Indebtedness tendered pursuant to an Asset Sale Offer is less
      than the Excess Proceeds, the Company or such Restricted Subsidiaries, as the
      case may be, may use any remaining Excess Proceeds for general corporate
      purposes. If the aggregate principal amount of Notes surrendered by Holders
      thereof exceeds the amount of Excess Proceeds, the Trustee shall select the
      Notes to be purchased on a
      pro
      rata basis.
      Upon completion of such offer to purchase, the amount of Excess Proceeds shall
      be reset at zero.

     

    

    
      
        
          
          

        

        
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    SECTION
      4.11  Transactions
      with Affiliates.

     

    The
      Company will not, and will not permit any of its Restricted Subsidiaries to,
      directly or indirectly, make any payment to, or sell, lease, transfer or
      otherwise dispose of any 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 of any such Person (each of the foregoing, an “Affiliate
      Transaction”),
      unless
      (i) such Affiliate Transaction is on terms that are no less favorable to the
      Company or the relevant Restricted Subsidiary than those that would have been
      obtained in a comparable transaction by the Company or such Restricted
      Subsidiary with an unrelated Person and (ii) the Company delivers to the Trustee
      (a) with
      respect to any Affiliate Transaction or series of related Affiliate Transactions
      involving aggregate consideration in excess of $10,000,000, a resolution of
      its
      Board of Directors set forth in an Officers’ Certificate certifying that such
      Affiliate Transaction complies with clause (i) above, and (b) with respect
      to
      any Affiliate Transaction or series of related Affiliate Transactions involving
      aggregate consideration in excess of $20,000,000, an opinion as to the fairness
      to the Holders of such Affiliate Transaction from a financial point of view
      issued by an Independent Financial Advisor. None of the following shall be
      deemed to be Affiliate Transactions: (1) any employment agreement entered into
      by the Company or any of its Restricted Subsidiaries in the ordinary course
      of
      business and consistent with the past practice of the Company or such Restricted
      Subsidiary, as the case may be, (2) transactions between or among the Company
      and/or its Restricted Subsidiaries, (3) transactions with a Person that is
      an
      Affiliate of the Company solely because the Company owns an Equity Interest
      in,
      or controls, such Person, (4) sales of Equity Interests (other than Disqualified
      Stock) to Affiliates of the Company, (5) Restricted Payments that are permitted
      by Section 4.07 hereof, (6) advances to employees for moving, entertainment
      and
      travel expenses, drawing accounts and similar expenditures in the ordinary
      course of business and consistent with past practices, (7) maintenance in the
      ordinary course of business of customary benefit programs or arrangements for
      employees, officers or directors, including vacation plans, health and life
      insurance plans, deferred compensation plans and retirement or savings plans
      and
      similar plans, (8) any issuance of securities, or other payments, awards or
      grants in cash, securities or otherwise pursuant to, or the funding of,
      employment agreements or stock option or stock ownership plans approved by
      the
      Board of Directors, (9) fees and compensation paid to, and indemnity provided
      on
      behalf of, officers, directors or employees of the Company or any of its
      Restricted Subsidiaries, as determined by the Board of Directors of the Company
      or of any such Restricted Subsidiary, to the extent such fees and compensation
      are reasonable and customary as determined by the Board of Directors of the
      Company or such Restricted Subsidiary, (10) transactions between the Company
      and
      its Restricted Subsidiaries, on the one hand, and any Permitted Holders, on
      the
      other, for the purposes of providing investment banking, financial advisory,
      banking and other financial services, to the extent such fees and compensation
      to such Permitted Holders in such transactions are reasonable and customary
      as
      determined by the Board of Directors of the Company or such Restricted
      Subsidiary, and (11) the performance of obligations of the Company or any of
      its
      Restricted Subsidiaries under the terms of any written agreement to which the
      Company or any of its Restricted Subsidiaries is a party as in effect on the
      Issue Date.

     

    

    
      
        
          
          

        

        
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    SECTION
      4.12  Liens.

     

    The
      Company will not, and will not permit any of its Restricted Subsidiaries to,
      directly or indirectly, create, incur, assume or suffer to exist any Lien on
      any
      asset now owned or hereafter acquired, or any income or profits therefrom or
      assign or convey any right to receive income therefrom, except Permitted Liens,
      to secure (a) any Indebtedness of the Company or such Restricted Subsidiary,
      unless prior to, or contemporaneously therewith, the Notes are equally and
      ratably secured, or (b) any Indebtedness of any Guarantor, unless prior to,
      or
      contemporaneously therewith, the Subsidiary Guarantees are equally and ratably
      secured; provided,
      however, that
      if
      such Indebtedness is expressly subordinated to the Notes or any Subsidiary
      Guarantees, the Lien securing such Indebtedness will be subordinated and junior
      to the Lien securing the Notes or any Subsidiary Guarantees, as the case may
      be,
      with the same relative priority as such Indebtedness has with respect to the
      Notes or any Subsidiary Guarantees.

     

    SECTION
      4.13  Business
      Activities.

     

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

     

    SECTION
      4.14  Corporate
      Existence.

     

    Subject
      to Articles 5 and 10 hereof, the Company shall do or cause to be done all things
      necessary to preserve and keep in full force and effect (i) its corporate
      existence, and the corporate, partnership or other existence of each of its
      Restricted Subsidiaries, in accordance with the respective organizational
      documents (as the same may be amended from time to time) of the Company or
      any
      such Restricted Subsidiary and (ii) the rights (charter and statutory), licenses
      and franchises of the Company and its Restricted Subsidiaries; provided,
      however, 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 Restricted
      Subsidiaries, if the Board of Directors shall determine that the preservation
      thereof is no longer desirable in the conduct of the business of the Company
      and
      its Restricted Subsidiaries, taken as a whole, and that the loss thereof is
      not
      adverse in any material respect to the Holders of the Notes.

     

    SECTION
      4.15  Offer
      to
      Repurchase upon Change of Control.

     

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

     

    

    
      
        
          
          

        

        
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    Within
      30
      days following any Change of Control, the Company shall mail a notice to each
      Holder describing: (i) the transaction or transactions that constitute the
      Change of Control and that the Change of Control Offer is being made pursuant
      to
      this Section 4.15 and that all Notes tendered will be accepted for payment;
      (ii)
      the purchase price and the purchase date, which 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”);
      (iii)
      that any Note not tendered will continue to accrue interest; (iv) that, unless
      the Company defaults in the payment of the Change of Control Payment, all Notes
      accepted for payment pursuant to the Change of Control Offer shall cease to
      accrue interest after the Change of Control Payment Date; (v) that Holders
      electing to have any Notes purchased pursuant to a Change of Control Offer
      will
      be required to surrender the Notes, with the form entitled “Option of Holder to
      Elect Purchase” on the reverse of the Notes completed, to the Paying Agent at
      the address specified in the notice prior to the close of business on the third
      Business Day preceding the Change of Control Payment Date; (vi) that Holders
      will be entitled to withdraw their election if the Paying Agent receives, not
      later than the close of business on the second Business Day preceding the Change
      of Control Payment Date, a telegram, telex, facsimile transmission or letter
      setting forth the name of the Holder, the principal amount of Notes delivered
      for purchase, and a statement that such Holder is withdrawing his election
      to
      have the Notes purchased; and (vii) that Holders whose Notes are being purchased
      only in part will be issued new Notes equal in principal amount to the
      unpurchased portion of the Notes surrendered, which unpurchased portion must
      be
      equal to $1,000 in principal amount or an integral multiple thereof and integral
      multiples of $1,000 in excess thereof, as applicable. The Company shall comply
      with the requirements of Rule 14e-1 under the Exchange Act and any other
      securities laws and regulations thereunder to the extent such laws and
      regulations are applicable in connection with the repurchase of Notes as a
      result of a Change of Control.

     

    (b) On
      the
      Change of Control Payment Date, the Company will, to the extent lawful, (i)
      accept for payment all Notes or portions thereof properly tendered pursuant
      to
      the Change of Control Offer, (ii) deposit with the Paying Agent an amount equal
      to the Change of Control Payment in respect of all Notes or portions thereof
      so
      tendered and (iii) deliver or cause to be delivered to the Trustee the Notes
      so
      accepted together with an Officers’ Certificate stating the aggregate principal
      amount of Notes or portions thereof being purchased by the Company. The Paying
      Agent will promptly mail to each Holder of Notes so 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
      such
      new Note will be in a principal amount of $1,000 or an integral multiple
      thereof. Prior to complying with the provisions of this Section 4.15, but in
      any
      event within 90 days following a Change of Control, the Company will either
      repay all outstanding Indebtedness or obtain the requisite consents, if any,
      under all agreements governing outstanding Indebtedness to permit the repurchase
      of Notes required by this covenant. The Company will publicly announce the
      results of the Change of Control Offer on or as soon as practicable after the
      Change of Control Payment Date.

     

    

    
      
        
          
          

        

        
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    (c) The
      Company shall not be required to make a Change of Control Offer upon a Change
      of
      Control if a third party makes the Change of Control Offer in the manner, at
      the
      times and otherwise in compliance with the requirements set forth herein
      applicable to a Change of Control Offer made by the Company and purchases all
      Notes validly tendered and not withdrawn under such Change of Control Offer.
      A
      Change of Control Offer may be made in advance of a Change of Control, and
      conditioned upon the occurrence of such Change of Control, if a definitive
      agreement is in place for the Change of Control at the time of making the Change
      of Control Offer.

     

    SECTION
      4.16  Subsidiary
      Guarantees of Certain Indebtedness.

     

    No
      Restricted Subsidiary of the Company may guarantee any Indebtedness of the
      Company, including Indebtedness under any Credit Facility, unless such
      Restricted Subsidiary (i) executes and delivers to the Trustee a supplemental
      indenture in form and substance satisfactory to the Trustee providing that
      such
      Restricted Subsidiary shall become a Guarantor under this Indenture and
      evidencing such Subsidiary Guarantee of the Notes in accordance with Article
      10
      hereof, such Subsidiary Guarantee to be a general unsecured obligation of the
      Guarantor ranking pari
      passu in
      right
      of payment with all other current or future Senior Indebtedness of such
      Guarantor, and senior in right of payment to any Subordinated Indebtedness
      of
      such Guarantor and (ii) delivers an Opinion of Counsel to the effect,
inter
      alia, that
      such
      supplemental indenture has been duly authorized and executed by such Restricted
      Subsidiary. Neither the Company nor any Guarantor shall be required to make
      a
      notation on the Notes to reflect any such subsequent Subsidiary Guarantee.
      Nothing in this Section 4.16 shall be construed to permit any Restricted
      Subsidiary of the Company to incur Indebtedness otherwise prohibited by Section
      4.09 hereof.

     

    SECTION
      4.17  Changes
      in Covenants When Notes Rated Investment Grade.

     

    If
      at any
      time that the Notes have a rating equal to or greater than BBB- by S&P and
      Baa3 by Moody’s (each such rating, an “Investment
      Grade Rating”)
      and no
      Default or Event of Default shall have occurred and be continuing, then,
      beginning on the day such Investment Grade Rating is attained, the Company
      and
      its Subsidiaries shall no longer be subject to Sections 3.09, 4.07, 4.08, 4.09,
      4.10, 4.11 and 4.13 and clause (iv) of Section 5.01 herein, provided,
      however,
      that the
      provisions described under Sections 4.03, 4.12, 4.15, 4.16, 5.01 (other than
      clause (iv) of Section 5.01) and 10.01 herein shall not be so
      terminated.

     

    

    
      
        
          
          

        

        
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    ARTICLE
      V.

     

    SUCCESSORS

     

    SECTION
      5.01  Merger,
      Consolidation, or Sale of Assets.

     

    The
      Company will not consolidate or merge with or into (whether or not the Company
      is the surviving corporation), or sell, assign, transfer, lease, convey or
      otherwise dispose of all or substantially all of its properties or assets in
      one
      or more related transactions, to another corporation, Person or entity unless
      (i) the Company is the surviving corporation or the entity or the Person formed
      by or surviving any such consolidation or merger (if other than the Company)
      or
      to which such sale, assignment, transfer, lease, conveyance or other disposition
      shall have been made is a corporation organized or existing under the laws
      of
      the United States, any state thereof or the District of Columbia; (ii) the
      entity or Person formed by or surviving any such consolidation or merger (if
      other than the Company) or the entity or Person to which such sale, assignment,
      transfer, lease, conveyance or other disposition shall have been made assumes
      all the obligations of the Company under the Notes and this Indenture pursuant
      to a supplemental indenture in a form reasonably satisfactory to the Trustee;
      (iii) immediately before and after such transaction no Default or Event of
      Default shall have occurred; and (iv) except in the case of a merger of the
      Company with or into a Restricted Subsidiary, the Company or the entity or
      Person formed by or surviving any such consolidation or merger (if other than
      the Company), or to which such sale, assignment, transfer, lease, conveyance
      or
      other disposition shall have been made will, at the time of such transaction
      and
      after giving pro forma effect thereto as if such transaction had occurred at
      the
      beginning of the applicable four-quarter period, (x) 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 4.09 or (y) have a Fixed
      Charge Coverage Ratio that is no less than the Fixed Charge Coverage Ratio
      of
      the Company immediately prior to such transaction.

     

    SECTION
      5.02  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 5.01 hereof, the successor corporation formed by such
      consolidation or into or with which 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 may 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.

     

    

    
      
        
          
          

        

        
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    ARTICLE
      VI.

     

    DEFAULTS
      AND REMEDIES

     

    SECTION
      6.01  Events
      of
      Default.

     

    An
      “Event
      of Default”
      occurs
      if:

     

    (a) the
      Company defaults in the payment when due of interest on the Notes and such
      default continues for 30 days;

     

    (b) the
      Company defaults in the payment when due of principal of or premium, if any,
      on
      the Notes;

     

    (c) the
      Company or any of its Restricted Subsidiaries fails to comply with any of the
      provisions of Sections 3.09, 4.10 or 4.15 hereof for 30 days after notice to
      the
      Company by the Trustee or the Holders of at least 25% in
      aggregate principal amount of the Notes then outstanding;

     

    (d) the
      Company or any of its Restricted Subsidiaries fails to observe or perform any
      covenant, representation, warranty or other agreement in this Indenture, the
      Notes or the Subsidiary Guarantees (other than the provisions expressly set
      forth in clause (c) above) for 60 days after notice to the Company by the
      Trustee or the Holders of at least 25% in
      aggregate principal amount of the Notes then outstanding;

     

    (e) a
      default
      occurs under any mortgage, indenture or instrument under which there may be
      issued or by which there may be secured or evidenced any Indebtedness for money
      borrowed by the Company or any of its Restricted Subsidiaries (or the payment
      of
      which is guaranteed by the Company or any of its Restricted Subsidiaries)
      whether such Indebtedness or guarantee now exists, or is created after the
      Issue
      Date, which default (i) is caused by a failure to pay principal of or premium,
      if any, or interest on such Indebtedness prior to the expiration of the grace
      period provided in such Indebtedness on the date of such default (a “Payment
      Default”) or
      (ii)
      results in the acceleration of such Indebtedness prior to its express maturity
      and, in each case, the principal amount of any such Indebtedness, together
      with
      the principal amount of any other such Indebtedness under which there has been
      a
      Payment Default or the maturity of which has been so accelerated, aggregates
      without duplication $5,000,000 or more and such default shall not have been
      cured or acceleration rescinded within five Business Days after such
      occurrence;

     

    (f) a
      final
      judgment or final judgments for the payment of money in an aggregate amount
      in
      excess of $15,000,000 (excluding amounts covered by insurance) shall be rendered
      by a court or courts of competent jurisdiction against the Company or any of
      its
      Restricted Subsidiaries and such judgment or judgments remain unpaid,
      undischarged or unstayed for a period of 60 days;

     

    

    
      
        
          
          

        

        
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    (g) the
      Company or any of its Restricted Subsidiaries or any of its Significant
      Subsidiaries or any group of Subsidiaries that, when taken together, would
      constitute a Significant Subsidiary pursuant to or within the meaning of the
      Bankruptcy Code:

     

    (i) commences
      a voluntary case,

     

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

     

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

     

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

     

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

     

    (h) a
      court
      of competent jurisdiction enters an order or decree under the Bankruptcy Code
      that:

     

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

     

    (ii) appoints
      a Custodian of the Company or any of its Restricted Subsidiaries or any of
      its
      Significant Subsidiaries or any group of Subsidiaries that, when 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 any of
      its
      Significant Subsidiaries or any group of Subsidiaries that, when taken together,
      would constitute a Significant Subsidiary; or

     

    (iii)
       orders
      the liquidation of the Company or any of its Restricted Subsidiaries or any
      of
      its Significant Subsidiaries or any group of Subsidiaries that, when taken
      together, would constitute a Significant Subsidiary;

     

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

     

    (i) except
      as
      permitted herein, any Subsidiary Guarantee of a Restricted Subsidiary that
      constitutes a Significant Subsidiary or a group of Restricted Subsidiaries,
      that
      taken together, would constitute a Significant Subsidiary shall be held in
      any
      judicial proceeding to be unenforceable or invalid or shall cease for any reason
      to be in full force and effect or any Guarantor, or any Person acting on behalf
      of any Guarantor, shall deny or disaffirm its obligations under its Subsidiary
      Guarantee (other than by reason of the termination of this Indenture or the
      release of any such Subsidiary Guarantee in accordance with this
      Indenture).

     

    

    
      
        
          
          

        

        
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    SECTION
      6.02  Acceleration.

     

    If
      any
      Event of Default occurs and is continuing, the Trustee or the Holders of at
      least 25% in aggregate principal amount of the then outstanding Notes may
      declare all the Notes to be due and payable immediately. Notwithstanding the
      foregoing, in the case of an Event of Default specified in clause (g) or (h)
      of
      Section 6.01 hereof occurs with respect to the Company, any Significant
      Subsidiary or any group of Subsidiaries that, taken together, would constitute
      a
      Significant Subsidiary, all outstanding Notes shall be due and payable without
      further action or notice. Holders of the Notes may not enforce this Indenture
      or
      the Notes except as provided in this Indenture. The Holders of a majority in
      aggregate principal amount of the then outstanding Notes by written notice
      to
      the Trustee may on behalf of all of the Holders rescind an acceleration and
      its
      consequences if the rescission would not conflict with any judgment or decree
      and if all existing Events of Default (except nonpayment of principal or
      interest that has become due solely because of the acceleration) have been
      cured
      or waived. The Trustee may withhold from Holders of the Notes notice of any
      continuing Default or Event of Default (except a Default or Event of Default
      relating to the payment of principal or interest) if it determines that
      withholding notice is in their interest.

     

    SECTION
      6.03  Other
      Remedies.

     

    If
      an
      Event of Default occurs and is continuing, the Trustee may pursue any available
      remedy to collect the payment of principal, interest 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 of a Note 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
      6.04  Waiver
      of
      Past Defaults.

     

    The
      Holders of a majority in aggregate principal amount of the Notes then
      outstanding by 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
      hereunder, except a continuing Default or Event of Default in the payment of
      interest on, or the principal of, the Notes including in connection with an
      offer to purchase; provided,
      however, that
      the
      Holders of a majority in aggregate principal amount of then outstanding Notes
      may rescind an acceleration and its consequences, including any related payment
      default that resulted from such acceleration, to the extent permitted by
      applicable law. Upon any such waiver, such Default shall cease to exist, and
      any
      Event of Default arising therefrom shall be deemed to have been cured for every
      purpose of this Indenture; but no such waiver shall extend to any subsequent
      or
      other Default or impair any right consequent thereon.

     

    

    
      
        
          
          

        

        
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    SECTION
      6.05  Control
      by Majority.

     

    Holders
      of a majority in principal amount of the then outstanding Notes may direct
      the
      time, method and place of conducting any proceeding for exercising any remedy
      available to the Trustee or exercising any trust or power conferred on it.
      However, 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 of Notes or that may involve the Trustee in personal
      liability.

     

    SECTION
      6.06  Limitation
      on Suits.

     

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

     

    (a) the
      Holder of a Note has previously given to the Trustee written notice of a
      continuing Event of Default;

     

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

     

    (c) such
      Holder of a Note or Holders of Notes offer and, if requested, provide to the
      Trustee indemnity satisfactory to the Trustee against any loss, liability or
      expense to be incurred in compliance with such request;

     

    (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 indemnity;
      and

     

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

     

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

     

    SECTION
      6.07  Rights
      of
      Holders of Notes to Receive Payment.

     

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

     

    

    
      
        
          
          

        

        
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    SECTION
      6.08  Collection
      Suit by Trustee.

     

    If
      an
      Event of Default specified in Section 6.01(a) or (b) 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
      6.09  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 of the
      Notes 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 property payable
      or deliverable 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 7.07 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 7.07 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 pursuant to this Article, it shall pay out the money
      in the following order:

     

    First: to
      the
      Trustee, its agents and attorneys for amounts due under Section 7.07 hereof,
      including payment of all compensation, expense, and liabilities incurred, and
      all advances made, by the Trustee and the costs and expenses of
      collection;

     

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

     

    

    
      
        
          
          

        

        
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    Third: 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 of
      Notes 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 cost 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 of a Note pursuant
      to Section 6.07 hereof, or a suit by Holders of more than 10% in principal
      amount of the then outstanding Notes.

     

     

    ARTICLE
      VII.

     

    TRUSTEE

     

    SECTION
      7.01  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 own
      affairs.

     

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

     

    (i) The
      Trustee need perform only those duties that are specifically set forth in this
      Indenture and the TIA and no others, and no implied covenants or obligations
      shall be read into this Indenture against the Trustee. To the extent of any
      conflict between the duties of the Trustee hereunder and under the TIA, the
      TIA
      shall control.

     

    (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 of this Indenture. However, the Trustee shall examine the
      certificates and opinions to determine whether or not they conform to the
      requirements of this Indenture (but need not confirm or investigate the accuracy
      of mathematical calculations or other facts stated therein).

     

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

     

    

    
      
        
          
          

        

        
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    (i) this
      paragraph does not limit the effect of paragraph (b) of this Section
      7.01;

     

    (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
      6.05 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 7.01.

     

    (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
      7.02  Rights
      of
      Trustee.

     

    (a) The
      Trustee may conclusively rely upon any document (whether in its 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. The Trustee may consult with
      counsel of its selection and the advice of such counsel or any Opinion of
      Counsel shall be full and complete authorization and protection from liability
      in respect of any action taken, suffered or omitted by it hereunder in good
      faith and in reliance thereon.

     

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

     

    (d) The
      Trustee shall not be liable for any action 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.

     

    

    
      
        
          
          

        

        
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    (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 against the costs, expenses and liabilities (including fees and
      expenses of its agents and counsel) that might be incurred by it in compliance
      with such request or direction.

     

    SECTION
      7.03  Individual
      Rights of Trustee.

     

    The
      Trustee, any Paying Agent, any authenticating agent or registrar 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
      7.04  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, 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 any other document
      in connection with the sale of the Notes or pursuant to this Indenture other
      than its certificate of authentication.

     

    SECTION
      7.05  Notice
      of
      Defaults.

     

    If
      a
      Default or Event of Default occurs and is continuing and if it is actually
      known
      to a Responsible Officer of the Trustee, the Trustee shall mail to Holders
      of
      Notes 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, or interest, if any, on any Note, the Trustee may
      withhold the notice if and so long as a committee of its Responsible Officers
      in
      good faith determines that withholding the notice is in the interests of the
      Holders of the Notes.

     

    

    
      
        
          
          

        

        
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    SECTION
      7.06  Reports
      by Trustee to Holders of the Notes.

     

    Within
      60
      days after each May 15 beginning with the May 15 following the date of this
      Indenture, and for so long as Notes remain outstanding, the Trustee shall mail
      to the Holders of the Notes 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)(2). 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 of Notes 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.

     

    SECTION
      7.07  Compensation
      and Indemnity.

     

    The
      Company shall pay to the Trustee from time to time such compensation for its
      acceptance of this Indenture and services hereunder as the parties shall agree
      from time to time. 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 shall indemnify each of the Trustee and any predecessor Trustee against
      any and all losses, liabilities, claims, damages or expenses (including taxes
      other than taxes based upon the income or gross receipts of the Trustee)
      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
      7.07) 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, liability, claim, damage 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 such counsel. The Company need not pay for any settlement made
      without its consent, which consent shall not be unreasonably
      withheld.

     

    The
      obligations of the Company under this Section 7.07 shall survive the
      satisfaction and discharge of this Indenture.

     

    

    
      
        
          
          

        

        
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    To
      secure
      the Company’s payment obligations in this Section 7.07, 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 and interest on particular
      Notes. Such Lien shall survive the satisfaction and discharge of this
      Indenture.

     

    When
      the
      Trustee incurs expenses or renders services after an Event of Default specified
      in Section 6.01(g) or (h) 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 the Bankruptcy
      Code.

     

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

     

    SECTION
      7.08  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 7.08.

     

    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 Notes 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 bankrupt or insolvent or an order for relief is entered
      with
      respect to the Trustee under the Bankruptcy Code;

     

    (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
      Notes 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 of a Note who has been a Holder
      of
      a Note for at least six months, fails to comply with Section 7.10 hereof, such
      Holder of a Note 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.

     

    

    
      
        
          
          

        

        
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    A
      successor Trustee shall deliver a written acceptance of its appointment to
      the
      retiring Trustee and to the Company. Thereupon, the resignation or removal
      of
      the retiring Trustee shall become effective, and the successor Trustee shall
      have all the rights, powers and duties of the Trustee under this Indenture.
      The
      successor Trustee shall mail a notice of its succession to Holders of the Notes.
      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 7.07 hereof. Notwithstanding replacement of the Trustee pursuant
      to this Section 7.08, the Company’s obligations under Section 7.07 hereof shall
      continue for the benefit of the retiring Trustee.

     

    SECTION
      7.09  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,
      that is subject to supervision or examination by federal or state authorities
      and that has (or, in the case of a Trustee that is a subsidiary of a bank
      holding company, its bank holding company parent shall have) a combined capital
      and surplus of at least $50,000,000 as set forth in its most recent published
      annual report of condition.

     

    This
      Indenture shall always have a Trustee who satisfies the requirements of TIA
§
310(a)(1), (2) and (5). The Trustee is subject to TIA § 310(b).

     

    SECTION
      7.11  Preferential
      Collection of Claims Against 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.

     

     

    ARTICLE
      VII.

     

    LEGAL
      DEFEASANCE AND COVENANT DEFEASANCE

     

    SECTION
      8.01  Option
      to Effect Legal Defeasance or Covenant Defeasance.

     

    The
      Company may, at the option of its Board of Directors evidenced by a resolution
      set forth in an Officers’ Certificate, at any time, elect to have either Section
      8.02 or 8.03 hereof be applied to all outstanding Notes upon compliance with
      the
      conditions set forth below in this Article 8.

     

    

    
      
        
          
          

        

        
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    SECTION
      8.02  Legal
      Defeasance and Discharge.

     

    Upon
      the
      Company’s exercise under Section 8.01 hereof of the option applicable to this
      Section 8.02. the Company shall, subject to the satisfaction of the conditions
      set forth in Section 8.04 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 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 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 8.05 hereof and the other Sections of this Indenture
      referred to in (a) and (b) below, and to have satisfied all 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 solely from the trust fund described in Section
      8.04 hereof, and as more fully set forth in such Section, payments in respect
      of
      the principal of, premium, if any, and interest on such Notes when such payments
      are due, (b) the Company’s obligations with respect to such Notes under Article
      2 and Section 4.02 hereof, (c) the rights, powers, trusts, duties and immunities
      of the Trustee hereunder and the Company’s obligations in connection therewith
      and (d) this Article 8. Subject to compliance with this Article 8, the Company
      may exercise its option under this Section 8.02 notwithstanding the prior
      exercise of its option under Section 8.03 hereof.

     

    

    
      
        
          
          

        

        
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    SECTION
      8.03  Covenant
      Defeasance.

     

    Upon
      the
      Company’s exercise under Section 8.01 hereof of the option applicable to this
      Section 8.03, the Company shall, subject to the satisfaction of the conditions
      set forth in Section 8.04 hereof, be released from its obligations under the
      covenants contained in Sections 3.09, 4.03, 4.04, 4.05, 4.07, 4.08, 4.09, 4.10,
      4.11, 4.12, 4.13, 4.15, 4.16 and 4.17 hereof, Article 5 hereof and Section
      10.03
      hereof 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 may omit to comply with and shall have no
      liability in respect of any term, condition or limitation set forth in any
      such
      covenant, whether directly or indirectly, by reason of any reference elsewhere
      herein to any such covenant or by reason of any reference in any such covenant
      to any other provision herein or in any other document and such omission to
      comply shall not constitute a Default or an Event of Default under Section
      6.01
      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 8.01 hereof of the option applicable to this Section 8.03 hereof,
      subject to the satisfaction of the conditions set forth in Section 8.04 hereof,
      Sections 6.01(c) through 6.01(g) hereof and 6.01(i) hereof shall not constitute
      Events of Default.

     

    SECTION
      8.04  Conditions
      to Legal or Covenant Defeasance.

     

    The
      following shall be the conditions to the application of either Section 8.02
      or
      8.03 hereof to the outstanding Notes:

     

    In
      order
      to exercise either Legal Defeasance or Covenant Defeasance:

     

    (a)  the
      Company must irrevocably deposit with the Trustee, in trust, for the benefit
      of
      the Holders of the Notes, cash in U.S. dollars, non-callable Government
      Securities, or a combination thereof, in such amounts as will be sufficient,
      in
      the opinion of a nationally recognized firm of independent public accountants,
      to pay the principal of, premium, if any, and interest on the outstanding Notes
      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;

     

    

    
      
        
          
          

        

        
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    (b)  in
      the
      case of an election under Section 8.02 hereof, 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 shall 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 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;

     

    (c)  in
      the
      case of an election under Section 8.03 hereof, 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;

     

    (d)  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) or insofar as Section 6.01(g)
      or 6.01(h) hereof is concerned, at any time in the period ending on the 91st
      day
      after the date of deposit;

     

    (e)  such
      Legal Defeasance or Covenant Defeasance will not result in a breach or violation
      of, or constitute a default under, any material agreement or instrument (other
      than this Indenture) to which the Company or any of its Restricted Subsidiaries
      is a party or by which the Company or any of its Restricted Subsidiaries is
      bound;

     

    (f)  the
      Company shall have delivered to the Trustee an Opinion of Counsel to the effect
      that on the 91st day following the deposit, the trust funds will not be subject
      to the effect of any applicable bankruptcy, insolvency, reorganization or
      similar laws affecting creditors’ rights generally;

     

    (g)  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 with the intent of defeating,
      hindering, delaying or defrauding creditors of the Company or others;
      and

     

    (h)  the
      Company shall deliver to the Trustee an Officers’ Certificate and an Opinion of
      Counsel, each stating that all conditions precedent provided for or relating
      to
      the Legal Defeasance or the Covenant Defeasance have been complied
      with.

     

    
       

    

    
      
        
          
          

        

        
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        SECTION
          8.05  Deposited
          Money and Government Securities to be Held in Trust; Other Miscellaneous
          Provisions.

         

      

    

    Subject
      to Section 8.06 hereof, all money and non-callable Government Securities
      (including the proceeds thereof) deposited with the Trustee (or other qualifying
      trustee, collectively for purposes of this Section 8.05, the “Trustee”)
      pursuant to Section 8.04 hereof in respect of the outstanding Notes shall be
      held in trust and applied by the Trustee, in accordance with the provisions
      of
      such Notes and this Indenture, to the payment, either directly or through any
      Paying Agent (including the Company 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 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 Government Securities
      deposited pursuant to Section 8.04 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 8 to the contrary notwithstanding, the Trustee shall deliver
      or
      pay to the Company from time to time upon the request of the Company any money
      or non-callable Government Securities held by it as provided in Section 8.04
      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 8.04(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
      8.06  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 on
      any
      Note and remaining unclaimed for two years after such principal, and premium,
      if
      any, or interest has become due and payable shall be paid to the Company on
      its
      request or (if then held by the Company) shall be discharged from such trust;
      and the Holder of such Note shall thereafter, as a secured 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 will be repaid to the
      Company.

     

    SECTION
      8.07  Reinstatement.

     

    If
      the
      Trustee or Paying Agent is unable to apply any U.S. dollars or non-callable
      Government Securities in accordance with Section 8.02 or 8.03 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 Company’s obligations under this Indenture and the Notes shall be revived
      and reinstated as though no deposit had occurred pursuant to Section 8.02
      or 8.03 hereof until such time as the Trustee or Paying Agent is permitted
      to
      apply all such money in accordance with Section 8.02 or 8.03 hereof, as the
      case
      may be; provided,
      however, that,
      if
      the Company makes any payment of principal of, premium, if any, or interest
      on
      any Note following the reinstatement of its obligations, the Company shall
      be
      subrogated to the rights of the Holders of such Notes to receive such payment
      from the money held by the Trustee or Paying Agent.

     

    

    
      
        
          
          

        

        
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    ARTICLE
      IX.

     

    AMENDMENT,
      SUPPLEMENT AND WAIVER

     

    SECTION
      9.01  Without
      Consent of Holders of Notes.

     

    Notwithstanding
      Section 9.02 hereof, the Company and the Trustee may amend or supplement this
      Indenture, the Notes or the Subsidiary Guarantees without the consent of any
      Holder of a Note:

     

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

            

    

     

    
      	(b)  	
              to
                provide for uncertificated Notes in addition to or in place of
                certificated Notes or to alter the provisions of Article 2 hereof
                (including the related definitions) in a manner that does not materially
                adversely affect any Holder;

            

    

     

    
      	(c)  	
              to
                provide for the assumption of the Company’s obligations to the Holders of
                the Notes in the case of a merger, consolidation or sale of assets
                of the
                Company pursuant to Article 5 hereof or of any Guarantor pursuant
                to
                Article 10 hereof or to add any Person as a Guarantor
                hereunder;

            

    

     

    
      	(d)  	
              to
                make any change that would provide any additional rights or benefits
                to
                the Holders of the Notes or that does not adversely affect the legal
                rights hereunder of any such Holder;
                or

            

    

     

    
      	(e)  	
              to
                comply with requirements of the Commission in order to effect or
                maintain
                the qualification of this Indenture under the TIA or to allow any
                Guarantor to guarantee the Notes.

            

    

     

    Upon
      the
      request of the Company accompanied by a resolution of its Board of Directors
      authorizing the execution of any such amended or supplemental Indenture, and
      upon receipt by the Trustee of the documents described in Section 7.02 hereof,
      the Trustee shall join with the Company in the execution of any amended or
      supplemental Indenture authorized or permitted by the terms of this Indenture
      and to make any further appropriate agreements and stipulations that may be
      therein contained, but the Trustee shall not be obligated to enter into such
      amended or supplemental Indenture that affects its own rights, duties,
      liabilities or immunities under this Indenture or otherwise.

     

    

    
      
        
          
          

        

        
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    SECTION
      9.02  With
      Consent of Holders of Notes.

     

    Except
      as
      provided below in this Section 9.02, the Company and the Trustee may amend
      or
      supplement this Indenture (including Sections 3.09, 4.10 and 4.15 hereof) and
      the Notes may be amended or supplemented with the consent of the Holders of
      at
      least a majority in principal amount of the Notes then outstanding (including,
      without limitation, consents obtained in connection with a tender offer or
      exchange offer for the Notes), and, subject to Sections 6.04 and 6.07 hereof,
      any existing Default or Event of Default (other than a Default or Event of
      Default in the payment of the principal of, premium, if any, or interest on
      the
      Notes, except a payment default resulting from an acceleration that has been
      rescinded) or compliance with any provision of this Indenture or the Notes
      may
      be waived with the consent of the Holders of a majority in principal amount
      of
      the then outstanding Notes (including consents obtained in connection with
      a
      tender offer or exchange offer for the Notes).

     

    Upon
      the
      request of the Company accompanied by a resolution of its Board of Directors
      authorizing the execution of any such amended or supplemental Indenture, and
      upon the filing with the Trustee of evidence satisfactory to the Trustee of
      the
      consent of the Holders of Notes as aforesaid, and upon receipt by a Responsible
      Officer of the Trustee of the documents described in Section 7.02 hereof, the
      Trustee shall join with the Company in the execution of such amended or
      supplemental Indenture unless such amended or supplemental Indenture affects
      the
      Trustee’s own rights, duties, liabilities or immunities under this Indenture or
      otherwise, in which case the Trustee may in its discretion, but shall not be
      obligated to, enter into such amended or supplemental Indenture.

     

    It
      shall
      not be necessary for the consent of the Holders of Notes under this Section
      9.02
      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 9.02 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.
      Subject to Sections 6.04 and 6.07 hereof, the Holders of a majority in aggregate
      principal amount of the Notes then outstanding may waive compliance in a
      particular instance by the Company with any provision of this Indenture or
      the
      Notes. However, without the consent of each Holder affected, an amendment or
      waiver may not (with respect to any Notes held by a non-consenting
      Holder):

     

    (a)  reduce
      the principal amount of Notes whose Holders must consent to an amendment,
      supplement or waiver of any provision of this Indenture, the Notes or any
      Subsidiary Guarantee;

     

    

    
      
        
          
          

        

        
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    (b)  reduce
      the principal of or change the fixed maturity of any Note or alter or waive
      in
      any manner that adversely affects the rights of any Holder of Notes any of
      the
      provisions with respect to the redemption of the Notes except as provided above
      with respect to Sections 3.09, 4.10 and 4.15 hereof and the related
      definitions;

     

    (c)  reduce
      the rate of or change the time for payment of interest, including default
      interest, on any Note;

     

    (d)  waive
      a
      Default or Event of Default in the payment of principal of or premium, if any,
      or interest on the Notes (except a rescission of acceleration of the Notes
      by
      the Holders of at least a majority in aggregate principal amount of the then
      outstanding Notes and a waiver of the payment default that resulted from such
      acceleration);

     

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

     

    (f)  make
      any
      change that adversely affects the rights of any Holder of Notes in the
      provisions of this Indenture relating to waivers of past Defaults or make any
      change to the rights of Holders of Notes to receive payments of principal of
      or
      interest on the Notes;

     

    (g)  waive
      a
      redemption payment with respect to any Note (other than a payment required
      by
      Sections 3.09, 4.10 and 4.15 hereof); or

     

    (h)  make
      any
      change in Section 6.04 or 6.07 hereof or in the foregoing amendment and waiver
      provisions.

     

    SECTION
      9.03  Compliance
      with Trust Indenture Act.

     

    Every
      amendment or supplement to this Indenture or the Notes shall be set forth in
      a
      amended or supplemental Indenture that complies with the TIA as then in
      effect.

     

    SECTION
      9.04  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 of a Note and every subsequent
      Holder of a Note or portion of a Note that evidences the same debt as the
      consenting Holder’s Note, even if notation of the consent is not made on any
      Note. However, any such Holder of a Note or subsequent Holder of a Note 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. An amendment, supplement or waiver becomes effective in accordance
      with its terms and thereafter binds every Holder.

     

    SECTION
      9.05  Notation
      on or Exchange of Notes.

     

    The
      Trustee may place an appropriate notation about an amendment, supplement or
      waiver 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.

     

    

    
      
        
          
          

        

        
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    Failure
      to make the appropriate notation or issue a new Note shall not affect the
      validity and effect of such amendment, supplement or waiver.

     

    SECTION
      9.06  Trustee
      to Sign Amendments, Etc.

     

    The
      Trustee shall sign any amended or supplemental Indenture authorized pursuant
      to
      this Article 9 if the amendment or supplement does not adversely affect the
      rights, duties, liabilities or immunities of the Trustee. The Trustee may,
      but
      shall not be obligated to, enter into any such supplemental indenture which
      affects the Trustee’s own rights, duties, liabilities or immunities under this
      Indenture or otherwise. The Company may not sign an amendment or supplemental
      Indenture until the Board of Directors approves it. In executing any amended
      or
      supplemental indenture, the Trustee shall be entitled to receive and (subject
      to
      Section 7.01 hereof) shall be fully protected in relying upon, an Officers’
Certificate and an Opinion of Counsel stating that the execution of such amended
      or supplemental indenture is authorized or permitted by this
      Indenture.

     

     

    ARTICLE
      X.

     

    GUARANTEES

     

    SECTION
      10.01  Subsidiary
      Guarantees.

     

    Subject
      to Section 10.05 hereof, any Restricted Subsidiary that becomes a Guarantor
      shall, jointly and severally, unconditionally guarantee to each Holder of a
      Note
      authenticated and delivered by the Trustee and to the Trustee and its successors
      and assigns, the Notes and the Obligations of the Company hereunder and
      thereunder, that:

     

    (a)  the
      principal of, premium, if any, and interest on the Notes will be promptly paid
      in full when due, subject to any applicable grace period, whether at maturity,
      by acceleration, redemption or otherwise, and interest on the overdue principal,
      premium, if any (to the extent permitted by law), interest on any interest
      on
      the Notes, and all other payment Obligations of the Company to the Holders
      or
      the Trustee hereunder or thereunder will be promptly paid in full and performed,
      all in accordance with the terms hereof and thereof; and

     

    (b)  in
      case
      of any extension of time of payment or renewal of any Notes or any of such
      other
      Obligations, the same will be promptly paid in full when due or performed in
      accordance with the terms of the extension or renewal, subject to any applicable
      grace period, whether at Stated Maturity, by acceleration, redemption or
      otherwise.

     

    

    
      
        
          
          

        

        
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    Failing
      payment when so due of any amount so guaranteed or any performance so guaranteed
      for whatever reason, the Guarantors will be jointly and severally obligated
      to
      pay the same immediately. An Event of Default under this Indenture or the Notes
      shall constitute an event of default under the Subsidiary Guarantees, and shall
      entitle the Holders to accelerate the Obligations of the Guarantors hereunder
      in
      the same manner and to the same extent as the Obligations of the Company. The
      Guarantors shall agree that their Obligations hereunder shall be unconditional,
      irrespective of the validity 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. Each Guarantor shall waive diligence, presentment,
      demand of payment, filing of claims with a court in the event of insolvency
      or
      bankruptcy of the Company, any right to require a proceeding first against
      the
      Company, protest, notice and all demands whatsoever and shall covenant that
      its
      Subsidiary Guarantee will not be discharged except by complete performance
      of
      the Obligations contained in the Notes and this Indenture. If any Holder or
      the
      Trustee is required by any court or otherwise to return to the Company, the
      Guarantors, or any Note Custodian, Trustee, liquidator or other similar official
      acting in relation to either the Company or the Guarantors, any amount paid
      by
      the Company or any Guarantor to the Trustee or such Holder, the Subsidiary
      Guarantee, to the extent theretofore discharged, shall be reinstated in full
      force and effect. Each Guarantor shall agree that it shall not be entitled
      to,
      and shall waive, any right to exercise any right of subrogation in relation
      to
      the Holders in respect of any Obligations guaranteed by the Subsidiary
      Guarantee, except as provided under Section 10.05 hereof. Each Guarantor shall
      further agree that, as between the Guarantors, on the one hand, and the Holders
      and the Trustee, on the other hand, (x) the maturity of the Obligations
      guaranteed by the Subsidiary Guarantee may be accelerated as provided in Article
      6 hereof for the purposes of its Subsidiary Guarantee, notwithstanding any
      stay,
      injunction or other prohibition preventing such acceleration in respect of
      the
      Obligations guaranteed thereby, and (y) in the event of any declaration of
      acceleration of such Obligations as provided in Article 6 hereof, such
      Obligations (whether or not due and payable) shall forthwith become due and
      payable by each Guarantor for the purpose of its Subsidiary Guarantee. The
      Guarantors shall have the right to seek contribution from any non-paying
      Guarantor pursuant to Section 10.05 after the Notes and the Obligations
      hereunder shall have been paid in full to the Holders under the Subsidiary
      Guarantees.

     

    SECTION
      10.02  Execution
      and Delivery of Subsidiary Guarantee.

     

    To
      evidence its Subsidiary Guarantee set forth in Section 10.01 hereof, each
      Guarantor shall (i) execute and deliver a supplemental indenture substantially
      in the form of Exhibit B hereto, which supplemental indenture shall be
      entered into in accordance with Section 4.16 hereof and shall be executed on
      behalf of such Guarantor, by manual or facsimile signature, by an Officer of
      such Guarantor and (ii) deliver an Opinion of Counsel to the effect that such
      supplemental indenture has been duly authorized and executed by such
      Guarantor.

     

    Each
      Guarantor shall agree that its Subsidiary Guarantee set forth in Section 10.01
      hereof shall remain in full force and effect notwithstanding any failure to
      endorse on each Note a notation of such Subsidiary Guarantee.

     

    

    
      
        
          
          

        

        
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    If
      an
      officer who shall have signed this Indenture or a supplemental indenture no
      longer holds that office at the time the Trustee authenticates the Note on
      which
      a Subsidiary Guarantee is endorsed, the Subsidiary Guarantee shall be valid
      nevertheless.

     

    The
      delivery of any Note by the Trustee, after the authentication thereof hereunder,
      shall constitute due delivery of the Subsidiary Guarantee set forth in this
      Indenture on behalf of the Guarantors.

     

    SECTION
      10.03  Guarantors
      May Consolidate, Etc., on Certain Terms.

     

    
      	(a)  	
              Except
                as set forth in Articles 4 and 5 hereof, nothing contained in this
                Indenture shall prohibit a merger between a Guarantor and another
                Guarantor or a merger between a Guarantor and the
                Company.

            

    

     

    
      	(b)  	
              No
                Guarantor shall consolidate with or merge with or into (whether or
                not
                such Guarantor is the surviving Person) or sell all or substantially
                all
                of its assets to, another corporation, Person or entity whether or
                not
                affiliated with such Guarantor unless, (i) subject to the following
                paragraph, the Person formed by or surviving any such merger or
                consolidation, or to which such sale of assets shall have been made
                (if
                other than such Guarantor) assumes all the Obligations of such Guarantor,
                pursuant to a supplemental indenture substantially in the form of
                Exhibit B hereto, under this Indenture; and (ii) immediately after
                giving effect to such transaction, no Default or Event of Default
                exists.

            

    

     

    Notwithstanding
      the foregoing paragraph, (i) any Guarantor may consolidate with, merge into
      or
      transfer all or a part of its properties and assets to the Company or any other
      Guarantor and (ii) any Guarantor may merge with a Restricted Subsidiary of
      the
      Company that has no significant assets or liabilities and was incorporated
      solely for the purpose of re-incorporating or re-domesticating such Guarantor
      in
      another State of the United States or, if such Guarantor was organized under
      the
      laws of a jurisdiction other than a State of the United States, in any foreign
      country that is a member of the OECD; provided
      that,
      in
      each
      case, such merged entity continues to be a Guarantor.

     

        
      (c)  In
      the
      case of any such consolidation, merger, sale or conveyance and upon the
      assumption by the successor Person, by supplemental indenture, executed and
      delivered to the Trustee and substantially in the form of Exhibit B hereto,
      of the Subsidiary Guarantee endorsed upon the Notes and the due and punctual
      performance of all of the covenants and conditions of this Indenture 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. Such successor Person thereupon may cause to be signed
      any or all of the Subsidiary Guarantees to be endorsed upon all of the Notes
      issuable hereunder which theretofore shall not have been signed by the Company
      and delivered to the Trustee. All of the Subsidiary Guarantees so issued shall
      in all respects have the same legal rank and benefit under this Indenture as
      the
      Subsidiary Guarantees theretofore and thereafter issued in accordance with
      the
      terms of this Indenture as though all of such Subsidiary Guarantees had been
      issued at the date of the execution hereof.

     

    

    
      
        
          
          

        

        
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    SECTION
      10.04  Releases
      Following Release Under All Indebtedness or Sale of Assets.

     

    In
      the
      event of (i) the release by the lenders under all Indebtedness of the Company
      of
      all guarantees of a Guarantor and all Liens on the property and assets of such
      Guarantor relating to such Indebtedness, or (ii) a sale or other disposition
      of
      all of the assets of any Guarantor, by way of merger, consolidation or
      otherwise, or a sale or other disposition of all of the Capital Stock of any
      Guarantor in compliance with this Indenture to any entity that is not the
      Company or a Subsidiary, then such Guarantor (in the event of a sale or other
      disposition, by way of such a merger, consolidation or otherwise, of all of
      the
      Capital Stock of such Guarantor), or the Person acquiring the property (in
      the
      event of such a sale or other disposition of all of the assets of such
      Guarantor), will be released and relieved of any obligations under its
      Subsidiary Guarantee; provided,
      however, that
      any
      such termination shall occur only to the extent that all obligations of such
      Guarantor under such Indebtedness and all of its guarantees of, and under all
      of
      its pledges of assets or other security interests which secure, Indebtedness
      of
      the Company shall also terminate upon such release, sale or transfer and, in
      the
      event of any sale or other disposition, that the Net Proceeds of such sale
      or
      other disposition are applied in accordance with Section 4.10 hereof. Upon
      delivery by the Company to the Trustee of an Officers’ Certificate to the effect
      of the foregoing, the Trustee shall execute any documents reasonably required
      in
      order to evidence the release of any Guarantor from its Obligation under its
      Subsidiary Guarantee. Any Guarantor not released from its Obligations under
      its
      Subsidiary Guarantee shall remain liable for the full amount of principal of,
      premium, if any, and interest on the Notes and for the other Obligations of
      such
      Guarantor under this Indenture as provided in this Article 10.

     

    SECTION
      10.05  Limitation
      on Guarantor Liability; Contribution.

     

    For
      purposes hereof, each Guarantor’s liability shall be limited to the lesser of
      (i) the aggregate amount of the Obligations of the Company under the Notes
      and
      this Indenture and (ii) the amount, if any, which would not have (A) rendered
      such Guarantor “insolvent” (as such term is defined in the Bankruptcy Code and
      in the Debtor and Creditor Law of the State of New York) or (B) left such
      Guarantor with unreasonably small capital at the time its Subsidiary Guarantee
      of the Notes was entered into; provided
      that,
      it
      will
      be a presumption in any lawsuit or other proceeding in which a Guarantor is
      a
      party that the amount guaranteed pursuant to the Subsidiary Guarantee is the
      amount set forth in clause (i) above unless any creditor, or representative
      of
      creditors of such Guarantor, or debtor in possession or trustee in bankruptcy
      of
      the Guarantor, otherwise proves in such a lawsuit that the aggregate liability
      of the Guarantor is the amount set forth in clause (ii) above. In making any
      determination as to solvency or sufficiency of capital of a Guarantor in
      accordance with the previous sentence, the right of such Guarantor to
      contribution from other Guarantors as set forth below, and any other rights
      such
      Guarantor may have, contractual or otherwise, shall be taken into
      account.

     

    In
      order
      to provide for just and equitable contribution among the Guarantors, the
      Guarantors shall agree, inter se, that in the event any payment or distribution
      is made by any Guarantor (a “Funding
      Guarantor”) under
      its
      Subsidiary Guarantee, such Funding Guarantor shall be entitled to a contribution
      from all other Guarantors in a
      pro
      rata amount
      based on the Adjusted Net Assets of each Guarantor (including the Funding
      Guarantor) for all payments, damages and expenses incurred by that Funding
      Guarantor in discharging the Company’s obligations with respect to the Notes or
      any other Guarantor’s Obligations with respect to its Subsidiary
      Guarantee.

     

    

    
      
        
          
          

        

        
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    SECTION
      10.06  Trustee
      to Include Paying Agent.

     

    In
      case
      at any time any Paying Agent other than the Trustee shall have been appointed
      by
      the Company and be then acting hereunder, the term “Trustee”
      as
      used
      in this Article 10 shall in each case (unless the context shall otherwise
      require) be construed as extending to and including such Paying Agent within
      its
      meaning as fully and for all intents and purposes as if such Paying Agent were
      named in this Article 10 in place of the Trustee.

     

    ARTICLE
      XI.

     

    SATISFACTION
      AND DISCHARGE

     

    SECTION
      11.01  Satisfaction
      and Discharge.

     

    This
      Indenture will be discharged and will cease to be of further effect as to all
      Notes issued hereunder, when (a) either (i) all such Notes have been
      authenticated and delivered (except lost, stolen or destroyed Notes which 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 (ii) all Notes that have not been delivered to the Trustee
      for cancellation have become due and payable by reason of the making of a notice
      of redemption or otherwise or will become due and payable 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, cash in U.S.
      Dollars, non-callable Government Securities, or a combination thereof, in such
      amounts as will be sufficient without consideration of any reinvestment of
      interest, to pay and discharge the entire indebtedness on such Notes not
      delivered to the Trustee for cancellation for principal, premium, if any, and
      accrued interest to the date of maturity or redemption; (b) no Default or Event
      of Default with respect to this Indenture or the Notes shall have occurred
      and
      be continuing on the date of such deposit or shall occur as a result of such
      deposit and such deposit will not result in a breach or violation of, or
      constitute a default under, any other instrument to which the Company is a
      party
      or by which the Company is bound; (c) the Company has paid or caused to be
      paid
      all sums payable by it under this Indenture; and (d) the Company has delivered
      irrevocable instructions to the Trustee under this Indenture to apply the
      deposited money toward the payment of such Notes at maturity or the redemption
      date, as the case may be. In addition, the Company must deliver an Officers’
Certificate and an opinion of counsel to the Trustee stating that all conditions
      precedent to satisfaction and discharge have been satisfied.

     

    

    
      
        
          
          

        

        
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    ARTICLE
      XII.

     

    MISCELLANEOUS

     

    SECTION
      12.01  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
      12.02  Notices.

     

    Any
      notice or communication by the Company 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:

     

    If
      to the
      Company:

     

                                       
      (a)  GulfMark
      Offshore, Inc.

     

    10111
      Richmond Avenue, 

     

    Suite
      340

     

    Houston,
      Texas 77042

     

    Telecopier
      No.: (713) 963-9796

     

    Attention: __________________________

     

    If
      to the
      Trustee:

     

                                       
      (b)  U.S.
      Bank
      National Association

     

    225
      Asylum Street, 23rd
      Floor

     

    Hartford,
      Connecticut 06103

     

    Telecopier
      No.: (860) 241-6897

     

    Attention: Corporate
      Trust Services

     

    Ref: GulfMark
      Offshore

     

    The
      Company or the Trustee, by notice to the others 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 Business Days after being deposited in the mail, postage prepaid, if
      mailed; when receipt acknowledged, if telecopied; and the next Business Day
      after timely delivery to the courier, if sent by overnight air courier
      guaranteeing next day delivery.

     

    

    
      
        
          
          

        

        
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    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 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 of 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.

     

    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
      12.03  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
      12.04  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, the Company shall furnish to the Trustee:

     

    (c)  an
      Officers’ Certificate in form and substance reasonably satisfactory to the
      Trustee (which shall include the statements set forth in Section 11.05 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

     

    (d)  an
      Opinion of Counsel in form and substance reasonably satisfactory to the Trustee
      (which shall include the statements set forth in Section 11.05 hereof) stating
      that, in the opinion of such counsel, all such conditions precedent and
      covenants have been satisfied.

     

    SECTION
      12.05  Statements
      Required in Certificate or Opinion.

     

    Each
      certificate or opinion with respect to compliance with a condition or covenant
      provided for in this Indenture (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;

     

    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;

     

    

    
      
        
          
          

        

        
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    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
      12.06  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
      12.07  No
      Personal Liability of Directors, Officers, Employees and
      Stockholders.

     

    No
      past,
      present or future director, officer, employee, incorporator, partner, member
      or
      stockholder of the Company or any Guarantor, or of any member, partner or
      stockholder of any such entity, as such, shall have any liability for any
      obligations of the Company under the Notes, this Indenture or the Subsidiary
      Guarantees or for any claim based on, in respect of, or by reason of, such
      obligations or their creation. Each Holder by accepting a Note waives and
      releases all such liability. The waiver and release are part of the
      consideration for issuance of the Notes. Such waiver may not be effective to
      waive liabilities under the federal securities laws and it is the view of the
      Commission that such a waiver is against public policy.

     

    SECTION
      12.08  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 SUBSIDIARY GUARANTEES.

     

    SECTION
      12.09  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 in this Indenture and the Notes shall bind its
      successors. All agreements of the Trustee in this Indenture shall bind its
      successors.

     

    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.

     

    

    
      
        
          
          

        

        
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    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.

     

    [Signatures
      Page(s) Follow]

     

    

    
      
        
          
          

        

        
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    SIGNATURES

     

    Dated
      as
      of ______________

     

    
      	 	
              Issuer:

               

            
	 	
              GULFMARK
                OFFSHORE, INC.

               

            
	 	
              By: _____________

              Name: ___________________

              Title: ___________________

            
	 	 
	 	
              Trustee:

               

            
	 	
              U.S.
                BANK NATIONAL ASSOCIATION

            
	 	 
	 	 
	 	
              By: ____________________

               

                     
                ___________________

               

                    
                ____________________

               

            

    

    

     

    

     

    

    
      
        
          
          

        

        
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      EXHIBITS

       

      
        	
                Exhibit
                  A

                 

              	
                FORM
                  OF NOTE

                 

              
	
                Exhibit
                  B 

                 

              	
                FORM
                  OF SUPPLEMENTAL INDENTURE

                 

              

      

      

       

    

     

    

    
      
        
          
          

        

        
          78

          
            

          

        

        
          
          

        

      

    

    

    EXHIBIT
      A

     

    [Insert
      the Global Note Legend, if applicable, pursuant to the provisions of the
      Indenture]

     

    

     

    

    
      
        
          
          

        

        
          A-1

          
            

          

        

        
          
          

        

      

    

    

    EXHIBIT
      B

     

    (Face
      of
      Note)

     

    CUSIP/CINS:
      ____________

     

    _______________________

     

    No.
      _____ $
      __________

     

    GULFMARK
      OFFSHORE, INC.

     

    promises
      to pay to _____________________, or registered assigns,

     

    the
      principal sum of _______________________ Dollars on ___________.

     

    Interest
      Payment Dates: January 15 and July 15

     

    Record
      Dates: January 1 and July 1

     

    

     

    

     

    

    
      
        
          
          

        

        
          A-2

          
            

          

        

        
          
          

        

      

    

    

    IN
      WITNESS WHEREOF, the company has caused this Note to be duly
      executed.

     

    Dated:
      

     

    
      	 	
              GULFMARK
                OFFSHORE, INC.

            
	 	 
	 	 
	 	 
	 	
              By:______________________

              Name:

              Title:

            

    

    

     

    

    
      
        
          
          

        

        
          A-3

          
            

          

        

        
          
          

        

      

    

    

    This
      is
      one of the 

     

    Notes
      referred to in the

     

    within-mentioned
      Indenture:

     

    ______________________

     

    as
      Trustee

     

    By:
      ______________________________

     

    Authorized
      Signatory

     

    

    
      
        
          
          

        

        
          A-4

          
            

          

        

        
          
          

        

      

    

    

    (Back
      of
      Note)

     

    __________________________

     

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

     

    1. Interest.
      GulfMark
      Offshore, Inc., a Delaware corporation (the “Company”),
      promises
      to pay interest on the principal amount of this Note at __% per annum, from
      _________________ until maturity. The Company will pay interest semi-annually
      in
      arrears on January 15 and July 15 of each year, or if any such day is not a
      Business Day, on the next succeeding Business Day (each an “Interest
      Payment Date”).
      Interest
      on the Notes will accrue from the most recent date to which interest has been
      paid or, if no interest has been paid, from the date of issuance; provided
      that
      if
      there is no existing Default in the payment of interest, and if this Note is
      authenticated between a record date referred to on the face hereof and the
      next
      succeeding Interest Payment Date, interest shall accrue from such next
      succeeding Interest Payment Date; provided,
      further, that
      the
      first Interest Payment Date shall be ___________________. The Company shall
      pay
      interest (including post-petition interest in any proceeding under the
      Bankruptcy Code) on overdue principal and premium, if any, from time to time
      on
      demand at the rate borne on the Notes; it shall pay interest (including
      post-petition interest in any proceeding under the Bankruptcy Code) on overdue
      installments of interest (without regard to any applicable grace periods) from
      time to time on demand at the same rate to the extent lawful. Interest will
      be
      computed on the basis of a 360-day year of twelve 30-day months.

     

    2. Method
      of Payment.
      The
      Company will pay interest on the Notes (except defaulted interest) to the
      Persons who are registered Holders of Notes at the close of business on the
      January 1 or July 1 next preceding the Interest Payment Date, even if such
      Notes
      are canceled after such record date and on or before such Interest Payment
      Date,
      except as provided in the Indenture with respect to defaulted interest. The
      Notes will be payable as to principal, premium, and interest 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 will be required with
      respect to principal of and interest, and premium on, all Global Notes and
      all
      other Notes the Holders of which shall have provided wire transfer instructions
      to the Company or 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.

     

    3. Paying
      Agent and Registrar.
      Initially,
      U.S. Bank National Association, the Trustee under the Indenture, will act as
      Paying Agent and Registrar. The Company may change any Paying Agent or Registrar
      without notice to any Holder. The Company or any of its Subsidiaries may act
      in
      any such capacity.

     

    

    
      
        
          
          

        

        
          A-5

          
            

          

        

        
          
          

        

      

    

    

    

     

    4. Indenture.
      The
      Company issued the Notes under an Indenture dated as of _________________
      (“Indenture”) between
      the Company and the Trustee. The terms of the Notes include those stated in
      the
      Indenture and those made part of the Indenture by reference to the Trust
      Indenture Act of 1939, as amended (15 U.S. Code § 77aaa-77bbbb). The Notes are
      subject to all such terms, and Holders are referred to the Indenture and such
      Act for a statement of such terms. To the extent any provision of this Note
      conflicts with the express provisions of the Indenture, the provisions of the
      Indenture shall govern and be controlling. The Notes are obligations of the
      Company limited to ___________________ in aggregate principal amount. Additional
      Notes may be issued pursuant to the Indenture and will be part of the same
      series as the Initial Notes.

     

    5. Optional
      Redemption.
      (a)
      Except as set forth in subparagraph (b) of this paragraph 5, the Notes shall
      not
      be redeemable at the Company’s option prior to ______________. Thereafter, the
      Notes will be subject to redemption at any time at the option of the Company,
      in
      whole or in part, upon not less than 30 nor more than 60 days' notice, at the
      redemption prices (expressed as percentages of principal amount) set forth
      below
      plus accrued and unpaid interest to the applicable redemption date, if redeemed
      during the twelve-month period beginning on July 15 of the years indicated
      below:

     

    
      	
              Year

            	
              Percentage

            
	 	 
	 	 
	 	 
	 	 

    

     

    (b) Notwithstanding
      the foregoing, at any time prior to ______________, the Company may also redeem
      all or a part of the Notes, 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 Notes redeemed plus
      the Applicable Premium as of, and accrued and unpaid interest to, the date
      of
      redemption (the “Redemption
      Date”).

     

    (c) In
      addition, at any time before ______________, the Company may on any one or
      more
      occasions redeem up to an aggregate of 35% of the principal amount of Notes
      (including any Additional Notes) outstanding at a redemption price of ______
      of
      the principal amount thereof, plus accrued and unpaid interest thereon, to
      the
      redemption date, with the net cash proceeds of one or more Equity Offerings;
      provided
      that at
      least 65% of the aggregate principal amount of Notes outstanding on the Issue
      Date remain outstanding immediately after each occurrence of such redemption;
      and provided,
      further,
      that
      each such redemption shall occur within 120 days of the date of the closing
      of
      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.

     

    

    
      
        
          
          

        

        
          A-6

          
            

          

        

        
          
          

        

      

    

    

    

     

    6. Mandatory
      Redemption.
      Except
      as
      set forth in paragraph 7 below, the Company shall not be required to make
      mandatory redemption or sinking fund payments with respect to the
      Notes.

     

    7. Repurchase
      at Option of Holder.
      (a)
      Upon
      the occurrence of a Change of Control, each Holder of Notes will have the right
      to require the Company to repurchase all or any part (equal to $1,000 or an
      integral multiple thereof) of such Holder’s Notes pursuant to the offer
      described below (the “Change
      of Control Offer”) at
      an
      offer price in cash equal to 101% of the aggregate principal amount thereof
      plus
      accrued and unpaid interest thereon, to the date of purchase (the “Change
      of Control Payment”).
      Within
      30
      days following any Change of Control, the Company shall mail a notice to each
      Holder setting forth the procedures governing the Change of Control Offer as
      required by the Indenture.

     

    (b) If
      the
      Company or a Restricted Subsidiary consummates any Asset Sales and the aggregate
      amount of Excess Proceeds exceeds $20,000,000, the Company shall commence an
      offer to all Holders of Notes pursuant to the Indenture and other Indebtedness
      that ranks by its terms pari passu
      in right
      of payment with the Notes and the terms of which contain substantially similar
      requirements with respect to the application of net proceeds from Asset Sales
      as
      are contained in the Indenture (an “Asset
      Sale Offer”) to
      purchase on a pro
      rata
      basis
      the maximum principal amount of Notes, that is an integral multiple of $1,000,
      that may be purchased out of the Excess Proceeds, at an offer price in cash
      in
      an amount equal to 100% of the principal amount thereof plus accrued and unpaid
      interest thereon to the date of purchase, in accordance with the procedures
      set
      forth in the Indenture. To the extent that the aggregate amount of Notes and
      other such Indebtedness tendered pursuant to an Asset Sale Offer is less than
      the Excess Proceeds, the Company or such Restricted Subsidiary, as the case
      may
      be, may use any remaining Excess Proceeds for general corporate purposes. If
      the
      aggregate principal amount of Notes surrendered by Holders thereof exceeds
      the
      amount of Excess Proceeds, the Trustee shall select the Notes to be purchased
      on
      a
      pro
      rata basis.
      Holders of Notes that are the subject of an offer to purchase will receive
      an
      Asset Sale Offer from the Company prior to any related purchase date and may
      elect to have such Notes purchased by completing the form entitled “Option of
      Holder to Elect Purchase” attached to the Notes.

     

    8. Notice
      of Redemption.
      Notice
      of
      redemption will be mailed, by first class mail, at least 30 days but not more
      than 60 days before a redemption date to each Holder whose Notes are to be
      redeemed at its registered address. Notes in denominations larger than $1,000
      may be redeemed in part but only in integral multiples of $1,000, unless all
      of
      the Notes held by a Holder are to be redeemed. On and after the redemption
      date,
      interest cease to accrue on Notes or portions thereof called for
      redemption.

     

    

    
      
        
          
          

        

        
          A-7

          
            

          

        

        
          
          

        

      

    

    

    

     

    9. Denominations,
      Transfer, Exchange.
      The
      Notes
      are in registered form without coupons in denominations of $1,000 and integral
      multiples of $1,000. The transfer of Notes may be registered and 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 Note or portion of a Note selected
      for
      redemption, except for the unredeemed portion of any Note being redeemed in
      part. Also, the Company need not exchange or register the transfer of any Notes
      for a period of 15 days before a selection of Notes to be redeemed or during
      the
      period between a record date and the corresponding Interest Payment
      Date.

     

    10. Persons
      Deemed Owners.
      The
      registered Holder of a Note may be treated as its owner for all
      purposes.

     

    11. Amendment,
      Supplement and Waiver.
      Subject
      to certain exceptions, the Indenture or the Notes may be amended or supplemented
      with the consent of the Holders of at least a majority in principal amount
      of
      the Notes then outstanding (including, without limitation, consents obtained
      in
      connection with a tender offer or exchange of the Notes), and any existing
      Default or Event of Default (other than a Default or Event of Default in the
      payment of the principal of, premium, if any, or interest on the Notes, except
      a
      Payment Default resulting from an acceleration that has been rescinded) or
      compliance with any provision of the Indenture or the Notes may be waived with
      the consent of the Holders of a majority in principal amount of the then
      outstanding Notes (including consents obtained in connection with a tender
      offer
      or exchange offer for the Notes). Without the consent of any Holder of a Note,
      the Indenture or the Notes may be amended or supplemented to cure any ambiguity,
      defect or inconsistency; to provide for uncertificated Notes in addition to
      or
      in place of certificated Notes; to provide for the assumption of the Company’s
      obligations to Holders of the Notes in case of a merger, consolidation or sale
      of assets or to add any Person as a Guarantor; to make any change that would
      provide any additional rights or benefits to the Holders of the Notes or that
      does not adversely affect the legal rights under the Indenture of any such
      Holder; or to comply with the requirements of the Commission in order to effect
      or maintain the qualification of the Indenture under the TIA or to allow any
      Guarantor to guarantee the Notes.

     

    

    
      
        
          
          

        

        
          A-8

          
            

          

        

        
          
          

        

      

    

    

    12. Defaults
      and Remedies.
      Events
      of
      Default include: (a) default by the Company in the payment when due of interest
      on, with respect to, the Notes and such default continues for 30 days; (b)
      default by the Company in the payment when due of principal of or premium,
      if
      any, on the Notes; (c) failure by the Company or any of its Restricted
      Subsidiaries to comply with certain provisions of the Indenture that require
      the
      Company to repurchase Notes at the option of the Holders for 30 days after
      notice to the Company by the Trustee or the Holders of at least 25% in aggregate
      principal amount of the Notes then outstanding; (d) failure by the Company
      or
      any of its Restricted Subsidiaries to observe or perform any covenant,
      representation, warranty or other agreement in the Indenture, the Notes or
      the
      Subsidiary Guarantees (other than as described in clause (c) above) for 60
      days
      after notice to the Company by the Trustee or the Holders of at least 25% in
      aggregate principal amount of the Notes then outstanding; (e) a default occurs
      under any mortgage, indenture or instrument under which there may be issued
      or
      by which there may be secured or evidenced any Indebtedness for money borrowed
      by the Company or any of its Restricted Subsidiaries (or the payment of which
      is
      guaranteed by the Company or any of its Restricted Subsidiaries) whether such
      Indebtedness or guarantee now exists, or is created after the Issue Date, which
      default (i) is caused by a failure to pay principal of or premium, if any,
      or
      interest on such Indebtedness prior to the expiration of the grace period
      provided in such Indebtedness on the date of such default (a “Payment
      Default”) or
      (ii)
      results in the acceleration of such Indebtedness prior to its express maturity
      and, in each case, the principal amount of any such Indebtedness, together
      with
      the principal amount of any other such Indebtedness under which there has been
      a
      Payment Default or the maturity of which has been so accelerated, aggregates
      without duplication $5,000,000 or more and such default shall not have been
      cured or acceleration rescinded within five Business Days after such occurrence;
      (f) a final judgment or final judgments for the payment of money in an aggregate
      amount in excess of $15,000,000 (excluding amounts covered by insurance), shall
      be rendered by a court or courts of competent jurisdiction against the Company
      or any of its Restricted Subsidiaries or any of its Significant Subsidiaries
      and
      such judgment or judgments remain unpaid or undischarged for a period of 60
      days; (g) the Company or any of its Restricted Subsidiaries or any of its
      Significant Subsidiaries or any group of Subsidiaries that, when taken together,
      would constitute a Significant Subsidiary pursuant to or within the meaning
      of
      the Bankruptcy Code: (i) commences a voluntary case, (ii) consents to the entry
      of an order for relief against it in an involuntary case, (iii) consents to
      the
      appointment of a custodian of it or for all or substantially all of its
      property, (iv) makes a general assignment for the benefit of its creditors,
      or
      (v) generally is not paying its debts as they become due; (h) a court of
      competent jurisdiction enters an order or decree under the Bankruptcy Code
      that:
      (i) is for relief against the Company or any of its Restricted Subsidiaries
      or
      any of its Significant Subsidiaries or any group of Subsidiaries that, when
      taken together, would constitute a Significant Subsidiary, in an involuntary
      case, (ii) appoints a Custodian of the Company or any of its Restricted
      Subsidiaries or any of its Significant Subsidiaries or any group of Subsidiaries
      that, when 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 any of its Significant Subsidiaries or any group of Subsidiaries
      that, when taken together, would constitute a Significant Subsidiary, or (iii)
      orders the liquidation of the Company or any of its Restricted Subsidiaries
      or
      any of its Significant Subsidiaries or any group of Subsidiaries that, when
      taken together, would constitute a Significant Subsidiary, and the order or
      decree remains unstayed and in effect for 60 consecutive days; or (i) except
      as
      permitted in the Indenture, any Subsidiary Guarantee of a Restricted Subsidiary
      that constitutes a Significant Subsidiary or a group of Restricted Subsidiaries,
      that taken together, would constitute a Significant Subsidiary shall be held
      in
      any judicial proceeding to be unenforceable or invalid or shall cease for any
      reason to be in full force and effect or any Guarantor, or any Person acting
      on
      behalf of any Guarantor, shall deny or disaffirm its obligations under its
      Subsidiary Guarantee (other than by reason of the termination of the Indenture
      or the release of any such Subsidiary Guarantee in accordance with the
      Indenture). If any Event of Default occurs and is continuing, the Trustee or
      the
      Holders of at least 25% in aggregate principal amount of the then outstanding
      Notes may declare all the Notes to be due and payable immediately.
      Notwithstanding the foregoing, in the case of an Event of Default arising from
      certain events of bankruptcy or insolvency specified in clause (g) or (h) above
      occurs with respect to the Company, any Significant Subsidiary or any group
      of
      Subsidiaries that, taken together, would constitute a Significant Subsidiary,
      all outstanding Notes shall become due and payable without further action or
      notice. Holders may not enforce the Indenture or the Notes except as provided
      in
      the Indenture. The Holders of at least a majority in aggregate principal amount
      of the then outstanding Notes by written notice to the Trustee may on behalf
      of
      all of the Holders rescind an acceleration and its consequences if the
      rescission would not conflict with any judgment or decree and if all existing
      Events of Default (except nonpayment of principal or interest has become due
      solely because of the acceleration) have been cured or waived. The Trustee
      may
      withhold from Holders of the Notes notice of any continuing Default or Event
      of
      Default (except a Default or Event of Default relating to the payment of
      principal or interest) if it determines that withholding notice is in their
      interest. The Holders of a majority in aggregate principal amount of the Notes
      then outstanding by 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
      hereunder, except a continuing Default or Event of Default in the payment of
      interest or the principal of, the Notes, including an offer to
      purchase.

     

    

    
      
        
          
          

        

        
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    The
      Company is required to deliver to the Trustee annually a statement regarding
      compliance with the Indenture, and the Company is required upon becoming aware
      of any Default or Event of Default, to deliver to the Trustee a statement
      specifying such Default or Event of Default.

     

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

     

    14. No
      Recourse Against Others.
      No
      past,
      present or future director, officer, employee, incorporator, partner, member
      or
      stockholder, of the Company or any Guarantor, or of any member, partner or
      stockholder of any such entity, as such, shall have any liability for any
      obligations of the Company under the Notes, the Subsidiary Guarantees or the
      Indenture or for any claim based on, in respect of, or by reason of, such
      obligations or their creation. Each Holder by accepting a Note waives and
      releases all such liability. The waiver and release are part of the
      consideration for the issuance of the Notes. Such waiver may not be effective
      to
      waive liabilities under the federal securities laws and it is the view of the
      Commission that such a waiver is against public policy.

     

    15. Authentication.
      This
      Note
      shall not be valid until authenticated by the manual signature of a Responsible
      Officer of the Trustee or an authenticating agent.

     

    16. Abbreviations.
      Customary
      abbreviations may be used in the name of a Holder or an assignee, such as:
      TEN
      COM (tenants in common), TEN ENT (tenants by the 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).

     

    17. 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 Notes and the Trustee may use CUSIP numbers in notices of redemption as
      a
      convenience to Holders. No representation is made as to the accuracy of such
      numbers either as printed on the Notes or as contained in any notice of
      redemption and reliance may be placed only on the other identification numbers
      placed thereon.

     

    The
      Company will furnish to any Holder upon written request and without charge
      a
      copy of the Indenture and/or the Registration Rights Agreement. Requests may
      be
      made to:

     

    GulfMark
      Offshore, Inc.

     

    10111
      Richmond Avenue

     

    Suite
      340

     

    Houston,
      Texas 77042

     

    Telecopier
      No.: (713) 963-9796

     

    Attention: _______________________________

     

    

     

    

    
      
        
          
          

        

        
          A-10

          
            

          

        

        
          
          

        

      

    

    

    Assignment
      Form

     

    To
      assign
      this Note, fill in the form below: 

     

    (I)
      or
      (we) assign and transfer this Note
      to:___________________________________________

    (Insert
      assignee’s legal name)

    __________________________________________________________________________

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

     

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

    

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

     

    

    ______________________________________________________________________________

     

    Date:____________

     

    Your
      Signature:
      ________________________________________________________________

     

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

     

    SIGNATURE
      GUARANTEE*: __________________________________________________

     

    *
      Signatures must be guaranteed by an “eligible guarantor institution” meeting the
      requirements of the Registrar, which requirements include membership or
      participation in the Security Transfer Agent Medallion Program (“STAMP”) or such
      other “signature guarantee program” as may be determined by the Registrar in
      addition to, or in substitution for, STAMP, all in accordance with the
      Securities Exchange Act of 1934, as amended.

     

    

     

    

    
      
        
          
          

        

        
          A-11

          
            

          

        

        
          
          

        

      

    

    

    Opinion
      of Holder to Elect Purchase

     

    If
      you
      want to elect to have this Note purchased by the Company pursuant to Section
      4.10 or 4.15 of the Indenture, check the box below:

    
      
         

        
          o Section
            4.10                             
 o Section
            4.15

           

        

      

    

    If
      you
      want to elect to have only part of the Note purchased by the Company pursuant
      to
      Section 4.10 or Section 4.15 of the Indenture, state the amount you elect to
      have purchased:

     

    $_________

     

    Date:_____________

     

    Your
      Signature:
      ________________________________________________________________

     

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

     

    Tax
      Identification
      No.:___________________________________________________________

     

    SIGNATURE
      GUARANTEE*: __________________________________________________

     

    *
      Signatures must be guaranteed by an “eligible guarantor institution” meeting the
      requirements of the Registrar, which requirements include membership or
      participation in the Security Transfer Agent Medallion Program (“STAMP”) or such
      other “signature guarantee program” as may be determined by the Registrar in
      addition to, or in substitution for, STAMP, all in accordance with the
      Securities Exchange Act of 1934, as amended.

    

    

    
      
        
          
          

        

        
          A-12

          
            

          

        

        
          
          

        

      

    

    

    SCHEDULE
      OF EXCHANGES OF INTERESTS IN THE GLOBAL 

     

    NOTE*

     

    The
      following exchanges of a part of this Global Note for an interest in another
      Global Note or for a Definitive Note, or exchanges of a part of another Global
      Note or Definitive Note for an interest in this Global Note, 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 signatory of Trustee or Note
                  Custodian

              

      

      

       

    

     

    

     

    

     

    

     

    

     

    

     

    

     

    

     

    

     

    

     

    

     

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

     

    

    
      
        
          
          

        

        
          A-13

          
            

          

        

        
          
          

        

      

    

    

    EXHIBIT
      B

     

    FORM
      OF SUPPLEMENTAL INDENTURE

     

    SUPPLEMENTAL
      INDENTURE (this “Supplemental
      Indenture”),
      dated
      as
      of __________________________ between GulfMark Offshore, Inc., a Delaware
      corporation (the “Company”),
      [Guarantor]
      (the “Guarantor”),
      and
      ________________________, as trustee under the indenture referred to below
      (the
“Trustee”).
      Capitalized
      terms used herein and not defined herein shall have the meaning ascribed to
      them
      in the Indenture (as defined below). 

     

    W
      I T N E S E T H

     

    WHEREAS,
      the Company has heretofore executed and delivered to the Trustee an indenture
      (the “Indenture”),
      dated
      as
      of ___________________, providing for the issuance of an aggregate principal
      amount of ___________________________________ (the “Notes”);

     

    WHEREAS,
      Article 10 and Section 4.16 of the Indenture provide that under certain
      circumstances the Company may or must cause certain of its Subsidiaries to
      execute and deliver to the Trustee a supplemental indenture pursuant to which
      such Subsidiaries shall unconditionally guarantee all of the Company’s
      Obligations under the Notes pursuant to a Subsidiary Guarantee on the terms
      and
      conditions set forth herein; and

     

    WHEREAS,
      pursuant to Section 9.01 of the Indenture, the Trustee is authorized to execute
      and deliver this Supplemental Indenture.

     

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

     

    1. Agreement
      to Guarantee. Subject
      to Section 10.05 of the Indenture, each Guarantor hereby jointly and severally,
      unconditionally guarantees to each Holder of a Note authenticated and delivered
      by the Trustee and to the Trustee and its successors and assigns, the Notes
      and
      the Obligations of the Company under the Notes or under the Indenture, that:
      (a)
      the principal of, premium, if any, and interest, on the Notes will be promptly
      paid in full when due, subject to any applicable grace period, whether at
      maturity, by acceleration, redemption or otherwise, and interest on overdue
      principal, premium, if any, (to the extent permitted by law) interest on any
      interest, if any, on the Notes and all other payment Obligations of the Company
      to the Holders or the Trustee under the Indenture or under the Notes will be
      promptly paid in full and performed, all in accordance with the terms thereof;
      and (b) in case of any extension of time of payment or renewal of any Notes
      or
      any of such other payment Obligations, the same will be promptly paid in full
      when due or performed in accordance with the terms of the extension or renewal,
      subject to any applicable grace period, whether at stated maturity, by
      acceleration, redemption or otherwise. Failing payment when so due of any amount
      so guaranteed or any performance so guaranteed for whatever reason, the
      Guarantors will be jointly and severally obligated to pay the same
      immediately.

     

    

    
      
        
          
          

        

        
          B-1

          
            

          

        

        
          
          

        

      

    

    

    

     

    The
      obligations of the Guarantors to the Holders and to the Trustee pursuant to
      this
      Supplemental Indenture and the Indenture are expressly set forth in Article
      10
      of the Indenture, and reference is hereby made to such Indenture for the precise
      terms of this Subsidiary Guarantee. The terms of Article 10 of the Indenture
      are
      incorporated herein by reference. This Subsidiary Guarantee is subject to
      release as and to the extent provided in Section 10.04 of the
      Indenture.

     

    This
      is a
      continuing Subsidiary Guarantee and shall remain in full force and effect and
      shall be binding upon each Guarantor and its respective successors and assigns
      to the extent set forth in the Indenture until full and final payment of all
      of
      the Company’s Obligations under the Notes and 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 Subsidiary Guarantee of payment and not a
      guarantee of collection.

     

    Each
      Guarantor hereby waives diligence, presentment, demand of payment, filing of
      claims with a court in the event of insolvency or bankruptcy of the Company,
      any
      right to require a proceeding first against the Company, protest, notice and
      all
      demands whatsoever and covenants that this Subsidiary Guarantee will not be
      discharged except by complete performance of the Obligations contained in the
      Notes and the Indenture.

     

    This
      Subsidiary Guarantee shall not be valid or obligatory for any purpose until
      the
      certificate of authentication on the Note upon which this Subsidiary Guarantee
      is noted shall have been executed by the Trustee under the Indenture by the
      manual signature of one of its authorized officers.

     

    For
      purposes hereof, each Guarantor’s liability shall be limited to the lesser of
      (i) the aggregate amount of the Obligations of the Company under the Notes
      and
      the Indenture and (ii) the amount, if any, which would not have (A) rendered
      such Guarantor “insolvent” (as such term is defined in the Bankruptcy Code and
      in the Debtor and Creditor Law of the State of New York) or (B) left such
      Guarantor with unreasonably small capital at the time its Subsidiary Guarantee
      of the Notes was entered into; provided
      that it
      will
      be a presumption in any lawsuit or other proceeding in which a Guarantor is
      a
      party that the amount guaranteed pursuant to the Subsidiary Guarantee is the
      amount set forth in clause (i) above unless any creditor, or representative
      of
      creditors of such Guarantor, or debtor in possession or trustee in bankruptcy
      of
      such Guarantor, or proves in such a lawsuit that the aggregate liability of
      the
      Guarantor is limited to the amount set forth in clause (ii) above. The Indenture
      provides that, in making any determination as to the solvency or sufficiency
      of
      capital of a Guarantor in accordance with the previous sentence, the right
      of
      such Guarantors to contribution from other Guarantors as set forth in the
      Indentures and any other rights such Guarantors may have, contractual or
      otherwise, shall be taken into account.

     

    

    
      
        
          
          

        

        
          B-2

          
            

          

        

        
          
          

        

      

    

    

    2. No
      Recourse Against Others. No
      past,
      present or future director, officer, employee, incorporator, partner, member,
      shareholder or agent of any Guarantor, as such, shall have any liability for
      any
      obligations of the Company or any Guarantor under the Notes, any Subsidiary
      Guarantees, the Indenture or this Supplemental Indenture or for any claim based
      on, in respect of, or by reason of, such obligations or their creation. Each
      Holder by accepting a Note waives and releases all such liability. The waiver
      and release are part of the consideration for issuance of the Notes. Such waiver
      may not be effective to waive liabilities under the federal securities law
      and
      it is the view of the Commission that such waiver is against public
      policy.

     

    3. New
      York Law to Govern. THE
      INTERNAL LAW OF THE STATE OF NEW YORK SHALL GOVERN AND BE USED TO CONSTRUE
      THIS
      SUPPLEMENTAL INDENTURE.

     

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

     

    5. Effect
      of Headings. The
      Section headings herein are for convenience only and shall not affect the
      construction hereof.

     

    6. The
      Trustee. The
      Trustee shall not be responsible in any manner whatsoever for or in respect
      of
      the validity or sufficiency of this Supplemental Indenture or for or in respect
      of the correctness of the recitals of fact contained herein, all of which
      recitals are made solely by the Guarantor.

     

     

     

    

    
      
        
          
          

        

        
          B-3

          
            

          

        

        
          
          

        

      

    

    

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

     

    Dated:

    
       

      
        	 	
                GULFMARK
                  OFFSHORE, INC.

              
	 	
                By:
                  ______________________________

                Name:

                Title:

              
	 	
                [GUARANTOR]

              
	 	
                By:
                  ______________________________

                Name:

                Title:

              
	 	
                By:
                  ______________________________

                Name:

                Title:

              
	 	
                By:
                  ______________________________

                Name:

                Title:

              
	 	
                __________________________,

                as
                  Trustee

              
	 	
                By:
                  ______________________________

                Name:

                Title:

              

      

      

       

    

     

    

    
      
        
          
          

        

        
          B-4EXHIBIT 10.1

                 DEVELOPMENT, DISTRIBUTION AND SUPPLY AGREEMENT

         THIS AGREEMENT ("Agreement") is made this 21st day of April, 2006, by
and between Specialized Health Products International, Inc., having an address
at 585 West 500 South, Bountiful, Utah 84010 (hereinafter referred to as
"SHPI"), and Bard Access Systems, Inc., a Utah corporation having a place of
business at 5425 West Amelia Earhart Drive, Salt Lake City, Utah 84116
(hereinafter referred to as "BAS").

                                    RECITALS

         WHEREAS, SHPI owns intellectual property related to safety percutaneous
endoscopic gastronomy ("PEG") introducer needles,

         WHEREAS, BAS desires to fund SHPI's efforts to develop a safety PEG
introducer needle that meets BAS's requirements,

         WHEREAS, BAS further desires to obtain the right to distribute such
safety PEG introducer needle worldwide for use in the Field (as such term is
hereinafter defined),

         WHEREAS, SHPI is willing to grant such distribution rights to BAS, all
on the terms and conditions hereinafter set forth,

         WHEREAS, BAS also desires to have SHPI manufacture, package and supply
BAS with the aforementioned safety PEG introducer needle,

         WHEREAS, SHPI desires to manufacture, package and supply BAS with the
aforementioned safety PEG introducer needle, and

         WHEREAS, the parties are willing to carry out the foregoing pursuant to
the terms and conditions set forth in this Agreement;

         NOW, THEREFORE, in consideration of the terms and conditions set forth
in this Agreement and for other good and valuable consideration, the receipt and
sufficiency of which is acknowledged by the execution hereof, SHPI and BAS
hereby agree as follows:

I.       DEFINITIONS. The following terms are defined for purposes of this
         Agreement.

         1.1. "Effective Date" shall mean the date and year first written above.

         1.2. "Affiliate" shall mean any person or corporation or other business
entity controlled by, controlling, or under common control with a party to this
Agreement.

         1.3. "Act" shall mean the United States Food, Drug and Cosmetic Act of
1938, as amended and all regulations promulgated pursuant thereto, and any state
and local laws and regulations thereunder promulgated and all similar laws and
regulations of any other country or relevant jurisdiction related to the
development, manufacture, sale or distribution of Products.

         1.4. "Products" shall mean the 18 gauge safety PEG introducer needle
used for percutaneous endoscopic gastronomy and developed by SHPI pursuant to
this Agreement as described in Exhibit A attached hereto and any improvements
thereto. The safety device shall be for the stylett. The tubular outer wall
shall be blunt.

<PAGE>

         1.5. "Specifications" shall mean the raw material, manufacturing,
quality assurance, packaging and finished product specifications and protocols
relating to the Products as set forth in Exhibit A, as the same may be modified
or supplemented pursuant to the provisions hereof.

         1.6. "Field" shall mean percutaneous endoscopic gastronomy.

         1.7. "Territory" shall mean worldwide.

         1.8. "Confidential Information" shall mean any information of a
confidential or proprietary nature as to which BAS or an Affiliate of BAS or
SHPI or an Affiliate of SHPI, as the disclosing party, prior to or during the
Term, develops or acquires any interest, including, all discoveries, inventions,
improvements, and ideas relating to any process, formula, machine, device,
manufacture, composition of matter, plan or design, whether patentable or not,
or relating to the conduct of business by the disclosing party (including the
existence and subject matter of this Agreement) which, prior to or during the
Term, was or is disclosed to the other party, as the receiving party, exclusive
of data or information: (i) which, at the time of disclosure hereunder, was in
the public domain or which, subsequent to disclosure hereunder, becomes part of
the public domain by any means other than the breach by the receiving party of
its obligations hereunder; (ii) which was known to the receiving party, at the
time of disclosure hereunder, as evidenced by the receiving party's business
records maintained in the ordinary course of business; (iii) which is, at any
time, disclosed to the receiving party by any person or entity not a party
hereto whom the receiving party believes, after reasonable inquiry, has the
right to disclose the same; (iv) which is developed by an employee of the
receiving party who is shown, by competent proof and by clear and convincing
evidence, not to have been privy to information disclosed by the disclosing
party; or (v) which is disclosed verbally, except where the disclosing party
reduces the verbal disclosure to writing, marks the same as confidential and
proprietary and furnishes the receiving party with the reduction to writing
within thirty (30) days of the verbal disclosure.

         1.9. "Contract Year" shall mean the twelve (12) month period commencing
on the date of the first Commercial Sale and each successive twelve (12) month
period thereafter.

         1.10. "Commercial Sale" shall mean the first arms-length sale of a
Product, other than for clinical use required to obtain Regulatory Approval, in
any country of the world by BAS or a BAS Affiliate to a non-affiliated third
party.

         1.11. "Development Program" shall mean those research, development and
other services or activities relating to the development, testing,
manufacturing, production and evaluation of the Product(s), all as contained in
and as more fully described in Exhibit A.

         1.12. "Regulatory Approval" shall mean the notification to or
concurrence, acknowledgment, or approval of any governmental or
quasi-governmental agency or regulatory body, which notification, concurrence,
acknowledgment or approval is necessary for or useful to the manufacturing,
processing, marketing or sale of Products anywhere in the world, and which is
made in the name of SHPI or has been given/granted on behalf of SHPI.

                                       2
<PAGE>

         1.13 "Trademarks" shall mean U.S. Trademark Application No. 76/520,721
for SecureLoc(TM), and all international and common law trademark rights to
SecureLoc(TM).

         1.14 "510(k)" shall mean a pre-market approval notification, as defined
in Section 510(k) of the Act.

         1.15 "CE mark" shall mean the Communite de European mark commonly known
as the CE Mark.

         1.16 "Development Program Funding" shall mean the amount of ** Dollars
($**) to be paid by BAS to SHPI to fund the Development Program which amount
shall include any amounts paid by BAS to SHPI prior to the date hereof pursuant
to purchase order numbers 51674, 51675, 60016, 60019, 60020, and 60022.

         1.17. "Manufacturing Sub-Contract Triggering Event" shall have the
         meaning set forth in Section 9.5. "Term" shall have the meaning set
         forth in Section 7.1.

         1.18 "Losses" shall have the meaning set forth in Section 10.1.

         1.19 "BAS IP" shall have the meaning set forth in Section 9.2.

         1.20 "Equipment" shall have the meaning set forth in Section 3.4.

II.      REPRESENTATIONS AND WARRANTIES

         2.1. SHPI Representations and Warranties. SHPI hereby represents and
warrants to BAS:
                  (a) that SHPI is not currently a party to any agreement, oral
         or written, which would, in any manner, be inconsistent with the rights
         herein granted to BAS, and shall not enter into any such agreement or
         understanding, oral or written, during the Term, nor, during the Term,
         directly or indirectly, will engage in any activity which would, in any
         manner, be inconsistent with the rights herein granted to BAS;

                  (b) that SHPI is a corporation organized, validly existing and
         in good standing under the laws of Utah, has all requisite corporate
         power and authority to own and operate its property and to carry on its
         business as now being conducted and is duly qualified and in good
         standing to do business in any of those jurisdictions where it is
         required to be qualified;

                  (c) that the execution and delivery of this Agreement by SHPI
         has been duly and validly authorized by all necessary corporate action
         on the part of SHPI and that (assuming valid execution by BAS where
         applicable and subject to federal bankruptcy law) this Agreement is a
         valid and binding obligation of SHPI enforceable against it; and

                  (d) all Products will have 510(k) approval. SHPI will submit a
         CE mark application for the Products upon its completion of the
         manufacturing startup phase in accordance with its SOP04-001.

---------------
The "**" marks the location of information that has been omitted and filed
separately with the Securities and Exchange Commission pursuant to a request for
confidential treatment.

                                       3
<PAGE>

                  (e) that SHPI is not, nor will it be, as a result of the
         execution and delivery of this Agreement, or the performance of its
         obligations under this Agreement, in breach of any license or other
         agreement relating to the Products, and

                  (f) that to the best of its knowledge all patents, registered
         trademarks, know-how, service marks and copyrights, if any, included in
         the Products are valid and subsisting. To the best of its knowledge,
         SHPI does not infringe upon or unlawfully or wrongfully use any patent,
         trademark, trade name, service mark, copyright or trade secret owned or
         claimed by another, and

                  (g) that, on the Effective Date, SHPI is not a party to any
         lawsuit, nor is there any outstanding or threatened claim against SHPI
         alleging that use of the Products infringes or otherwise
         misappropriates the proprietary rights of any third party.

         2.2. BAS Representations and Warranties. BAS hereby represents and
warrants to SHPI:

                  (a) that BAS is a corporation organized, validly existing and
         in good standing under the laws of Utah, has all requisite corporate
         power and authority to own and operate its property and to carry on its
         business as now being conducted and is duly qualified and in good
         standing to do business in any of those jurisdictions where it is
         required to be qualified as a result of ownership of property or
         residence of any of its employees or agents, and

                  (b) that the execution and delivery of this Agreement by BAS
         has been duly and validly authorized by all necessary corporate action
         on the part of BAS and that (assuming valid execution by SHPI and
         subject to federal bankruptcy law) this Agreement is a valid and
         binding obligation of BAS enforceable against it, and

                  (c) that BAS is not currently a party to any agreement or
         understanding, oral or written, which would, in any manner, be
         inconsistent with its obligations described herein and shall not enter
         into any such agreement or understanding, oral or written, during the
         Term, nor, during the Term, directly or indirectly, engage in any
         activity which would, in any manner, be inconsistent with its
         obligations described herein, and

                  (d) that it is registered with the Food and Drug
         Administration and authorized to sell the Products.

                                       4
<PAGE>

III.     DEVELOPMENT PROGRAM.

         3.1 Funding. In consideration for the distribution rights granted in
this Agreement, BAS hereby covenants to fund the Development Program to the
extent of the Development Program Funding. The parties specifically acknowledge
that SHPI shall remain solely liable for all costs and expenses related to the
Development Program that exceed the Development Program Funding, unless the
parties make changes to the Development Program or the Specifications. Within
ten (10) days of the close of each month in which SHPI incurs any out-of-pocket
expenses in conjunction with the Development Program, SHPI will furnish BAS with
a written statement documenting such expenses incurred during that month, in a
form, and accompanied by such documentation or receipts, as may be reasonably
satisfactory to BAS. BAS shall pay from the Development Program Funding the
amount of the expenses covered by each such statement within thirty (30) days of
its receipt thereof. Any portion of the Development Program Funding that remains
unpaid at the time of SHPI's delivery of the first Product to BAS after
Regulatory Approval by the United States Food and Drug Administration ("FDA")
shall become immediately payable. If a party proposes to make a change to the
Development Program or the Specifications, the parties shall follow the
procedure set forth in Section 6.4 (relating to modifications in
Specifications). To the extent that the proposed modification results in a delay
or greater expense in concluding the Development Program, the parties shall
jointly examine and mutually agree upon the consequences and the proportion to
which each party will be responsible for the additional time and expenses. Costs
associated with product changes initiated by BAS, or due to changes made by BAS
after the mold is initiated, shall be borne by BAS.

         3.2 Diligence. The parties agree that the milestones shall be as set
forth in the Development Program and that both parties shall use all
commercially reasonable efforts to achieve such milestones in the Development
Program unless otherwise agreed in writing by the parties. If the Development
Program is not completed within twelve (12) months of the Effective Date, BAS
may, upon written notice to SHPI, terminate this Agreement without any liability
to SHPI, unless such delay is attributable to BAS. Such early termination may be
affected only if design inputs (BAS DRS) are established within one month from
the Effective Date and final design and product specifications are mutually
established within two months from the Effective Date.

         3.3 Intellectual Property. As between the parties, each party shall
retain sole ownership of all ideas, inventions, processes, compounds and
methods, whether patentable or unpatentable, which have or potentially have,
utility in the Development Program and which prior to the date of this Agreement
or during the Term, are conceived, developed, reduced to practice or acquired by
it alone or jointly with a third party. All ideas, inventions, processes,
compounds and methods, whether patentable or unpatentable that are conceived,
developed, reduced to practice or acquired, in each case, jointly by the parties
prior to or during the Term shall be jointly owned by the parties.

         3.4 Equipment. (a) Any equipment purchased using Development Program
Funding including the equipment set forth in Exhibit B shall be the sole and
exclusive property of BAS and shall be conspicuously marked "Property of BAS"
(the "Equipment"). SHPI shall at all times keep the Equipment free and clear of

                                       5
<PAGE>

all liens, claims or encumbrances and shall provide BAS prompt written notice of
any judicial process affecting the Equipment. SHPI shall not use the Equipment
for any purpose other than fulfilling its obligations under this Agreement. Upon
termination of the Agreement, SHPI shall make the Equipment available for pickup
by BAS and shall provide BAS reasonable access to its facilities during normal
business hours for Equipment retrieval.

         (b) SHPI shall bear the risk of loss for the Equipment while in its
possession and shall maintain adequate insurance for the replacement value of
the Equipment in the event of loss. Risk of loss for the Equipment shall return
to BAS upon BAS's retrieval of the Equipment.

IV.      DISTRIBUTION OF PRODUCTS

         4.1. Appointment of BAS as Distributor. Subject to the terms and
conditions hereof, SHPI hereby appoints BAS, and BAS hereby agrees to act, as
the exclusive distributor of Products in the Field throughout the Territory, for
the Term.

         4.2. BAS's Responsibilities. BAS will use reasonable efforts to promote
sales and use of the Products in the Territory. SHPI hereby expressly
acknowledges and agrees that the grants set forth in Section 4.1 shall be deemed
to include a grant to BAS of the right to sell through any Affiliate of BAS and
through distributors of BAS or any Affiliate of BAS. Upon written request by
SHPI no more than once per Contract Year, BAS shall provide SHPI with a list of
all BAS Affiliates.

         4.3. Device Complaints. BAS shall maintain a system of product
complaint recording and reporting wherein it will record the details of product
complaints it receives. BAS agrees to send copies of the complaint reports
relating to substantial design, technical or quality issues to SHPI. SHPI shall
be responsible for supporting BAS's investigation of such complaint reports.
SHPI shall, within thirty (30) days after SHPI receives the initial complaint
reports from BAS, forward the findings of the investigation to BAS.

         4.4. Recall. If BAS or SHPI are required by any competent governmental
authority to conduct a recall of any Product or either party determines in its
reasonable business judgment that a voluntary recall of any Product is required
(and in the instance of a voluntary recall with the consent of the other party
hereto, which neither SHPI nor BAS will unreasonably withhold), then SHPI shall
bear all expenses of SHPI and all reasonable expenses of BAS related to the
recall as it pertains to the Products. The parties will cooperate in good faith
on all aspects of a recall. Only BAS shall communicate with end-users. Reporting
to regulatory authorities in order to satisfy legal requirements with respect to
recalls shall be initiated by SHPI. Both parties shall comply with applicable
law in initiating and administering recalls and shall cooperate fully with the
governmental authorities during all recall investigations and follow-up actions.
Each party shall immediately notify and provide copies to the other party of any
communications, whether relating to recalls or otherwise, with any governmental
authority.

         4.5 Traceability Reporting in Canada. SHPI shall have the right, up to
four times per year, to request and receive from BAS a traceability report of
Products shipped into Canada, such report to include a current status of
specified lot(s), an identification of customers receiving shipments and a
report of any Product remaining in BAS's inventory. Health Canada Medical Device

                                       6
<PAGE>

Regulations also require that BAS's maintain records sufficient to facilitate
withdrawal of the Products from the market should a recall be necessary. Such
records must be kept for the longer of (i) the projected useful life of the
Product or (b) two years from shipment of the Product by BAS to its customer.

V.       TERMS OF PURCHASE AND SALE

         5.1. Purchase Orders. All sales and purchases of Products shall be
initiated pursuant to BAS's purchase order for the same placed with SHPI. All
such sales and purchases shall be governed by the terms and provisions of this
Agreement and any such purchase order, provided that in the event there is a
conflict between the terms of this Agreement and any of the terms of such
purchase order, the terms of this Agreement shall prevail. Purchase orders shall
be issued by BAS at the beginning of the preceding quarter and shall set forth
the quantity of each item ordered and the required delivery dates. Each purchase
order issued by BAS hereunder shall be accompanied by a non-binding forecast of
BAS's anticipated orders during each of the succeeding three (3) quarters.
Insomuch as these requirements are met, delivery of Products shall be made
within forty-five (45) days from receipt of purchase order, or on a later date
specified by BAS. All purchase orders issued by BAS hereunder shall be firm and
non-cancelable unless BAS has exercised its rights pursuant to Sections 9.3
through 9.5 of this Agreement.

         5.2. Selling Price. (a) SHPI and BAS hereby agree that the selling
prices by SHPI to BAS shall be $** for each bulk, non-sterile unit Product in a
fully-finished form in accordance with applicable Specifications and the
assumptions/comments set forth in Exhibit C, which is attached hereto and
incorporated herein, which selling prices shall be firm for purchase orders
placed through the end of the first complete Contract Year. After the first
Contract Year, and thereafter, the selling price shall be reduced to $** for
each bulk, non-sterile unit Product, with the proviso that on or about the
completion of each succeeding Contract Year the parties shall jointly discuss
any necessary adjustments to the selling prices of the Products. Any such
adjustments to the selling prices shall not exceed the documented increases or
decreases in contract manufacturing costs or raw materials costs of the Products
since SHPI's initial delivery of the Products to BAS or the last such increase,
as the case may be, provided, however, that: (1) no adjustments shall be made
unless the cost of manufacturing or raw materials has increased or decreased by
more than **% in the aggregate during each succeeding Contract Year; and (2)
SHPI has negotiated in good faith with its contract manufacturers and suppliers
to obtain a fair market price for such manufacturing or raw materials. All
documentation of increased or decreased costs provided by SHPI to BAS pursuant
to this Section 5.2 shall be accompanied by a certification of the chief
financial officer of SHPI as to its accuracy. Upon reasonable prior notice, BAS
shall have the right during normal business hours to audit SHPI's records to
verify any such increase or decrease.

         (b)  **

---------------
The "**" marks the location of information that has been omitted and filed
separately with the Securities and Exchange Commission pursuant to a request for
confidential treatment.

                                       7
<PAGE>

         5.3. Delivery. SHPI shall use commercially reasonable efforts to
manufacture and deliver Products to BAS, but in no case will SHPI be obligated
to deliver more than 30% over the forecasted volumes for a quarter, as such
forecast is determined in accordance with Section 5.1. BAS shall provide up to
six (6) months notice for changes to the forecast as described in Section 5.1 if
the increase in volume is more than 30% of the amount forecasted.

         5.4. Payment and Shipment. Shipment shall be in accordance with BAS's
instructions. SHPI shall invoice BAS for Products at the time of shipment. All
payments shall be due net thirty (30) days after shipment. All shipments of
sterile, single packaged Products shall be F.O.B. destination to BAS's facility
in Salt Lake City, Utah. All shipments of bulk, non-sterile Products shall be
F.O.B. destination to a BAS Affiliate facility in Renosa, Mexico. SHPI will
provide freight prepaid by common carrier. All other locations and means of
delivery will be specified at the time of purchase order and all associated
shipping costs will be paid by BAS.

         5.5. Minimum Purchase Requirements. Subject to the provisions of
Sections 9.3 through 9.5, BAS agrees to place purchase orders with SHPI under
this Agreement in the following cumulative quantities (hereinafter referred to
as the "Minimum Purchase Requirement"): ** units in the first Contract Year, **
units in the second Contract Year, ** units in the third Contract Year, and **
units in each Contract Year thereafter. **.

         5.6 Minimum Order Quantity. The minimum order quantity for any order
shall be ten thousand (10,000) units for each SKU.

         5.7 Competitive Products. The parties agree that nothing in this
Agreement shall restrict BAS's right to manufacture, market, sell, distribute or
license products or technologies competitive with Products.

VI.      MANUFACTURE OF PRODUCTS

         6.1. Representations and Warranties. SHPI hereby represents and
warrants to BAS:

                  (a) that each of the Products sold to BAS hereunder shall be
         manufactured in accordance with the requirements of the FDA, including
         the requirements of the Quality Systems Regulations set forth in 21CFR,
         Parts 808, 812 and 820; and

                  (b) that each of the Products sold to BAS hereunder shall be
         new, free from defects in material and workmanship, and shall comply in
         all respects with the applicable Specifications therefor; and

---------------
The "**" marks the location of information that has been omitted and filed
separately with the Securities and Exchange Commission pursuant to a request for
confidential treatment.

                                       8
<PAGE>

                  (c) that each of the Products sold to BAS hereunder will not,
         at the time of delivery to BAS, be adulterated or misbranded within the
         meaning of the Act or within the meaning of any jurisdiction in which
         the definitions of misbranding and adulterating are substantially the
         same as in the Act, nor, following FDA approval of Products, will any
         Product at the time of delivery to BAS be an article which may not,
         under the Act, be introduced into interstate commerce, and

                  (d) that SHPI holds good and marketable title to all Products,
         and

                  (e) that all Products shall, at the time of delivery to BAS,
         have an expiration date of not less than 24 months from the date of
         manufacture. Products will be shipped to BAS having a remaining
         shelf-life of at least 12 months.

         6.2. Warranty Limitations. Except as otherwise set forth in this
Agreement, there are no other express or implied warranties, including any
warranty of merchantability or fitness for a particular purpose. In the event of
any breach of the warranties set forth in Section 6.1 hereof, SHPI shall, at
SHPI's sole cost and expense, at BAS's option, repair or replace the Products
which are defective or do not conform to the Specifications, within thirty (30)
days of the return of such item(s) to SHPI or shall credit BAS's account for the
purchase price paid for such item(s) by BAS upon the return thereof by BAS. All
shipping costs incurred incident to any such breach shall be borne by SHPI.

         6.3. Labeling. Product labeling shall have bar coding on the primary
and secondary packaging in compliance with the Health Industry Bar Coding
standards. No changes may be made to any Product labeling or packaging without
the prior written consent of BAS.

         6.4 Changes to Specifications. In the event that the Specifications are
proposed to be modified, the party seeking to make such modification shall
notify the other party as far in advance as is practicable prior to the proposed
effectiveness of such modification and the parties shall jointly agree on
whether and when to implement such modification. To the extent that such
modification results in an increase or decrease in the cost of manufacturing or
packaging the Products, the parties shall jointly examine and mutually agree
upon the consequences thereof and appropriate adjustments to the then current
price in effect pursuant to Section 5.2.

VII.     TERM AND TERMINATION

         7.1. Term. This Agreement shall commence as of the date first above
written and shall remain in full force and effect (a) through the end of the
fourth Contract Year, and (b) thereafter, shall be automatically renewed for
successive one-year terms unless terminated by BAS by providing written notice
to SHPI at least one hundred eighty (180) days prior to the expiration of the
initial or any renewal term (the "Term").

         7.2. Breach. Except as otherwise provided in this Agreement, in the
event of a material breach or default by either of the parties hereto of any
term or provision of this Agreement on their respective parts to be observed or
performed, the party who is not in breach or default shall have the right to

                                       9
<PAGE>

give the other party notice thereof, whereupon the party receiving such notice
shall have thirty (30) days to cure or cause the cure of such breach or default,
or if the same cannot reasonably be cured within such thirty (30) days, the
party receiving such notice shall, within said period, commence or have caused
the commencement of such cure and thereafter continue to diligently prosecute or
cause the prosecution of cure of the same. If such breach or default is so
cured, this Agreement shall remain in full force and effect. If such breach or
default is not so cured, this Agreement shall immediately terminate upon notice
of termination given to the party which failed to so cure such breach or
default. A material breach or default of this Agreement shall include the
following occurrences:

                           (i) after the placement by BAS of a purchase order,
SHPI delivers Product volumes in an amount that is less than 80% of the forecast
volumes (as required in Section 5.1) for three (3) consecutive months or three
(3) times within any six (6) month period; or

                           (ii) more than 20% of the Products delivered by SHPI
in two (2) consecutive months or in three (3) Products deliveries in any six (6)
month period, fail to conform to the Specifications.

         7.3. Effect of Termination or Expiration. Expiration or prior
termination of this Agreement, for any reason, will not release either party
from any liability which at said time it has already incurred to the other
party, nor affect in any way the survival of any rights, duties or obligations
of either party which are expressly stated elsewhere in this Agreement to
survive said expiration or prior termination. Nothing in the immediately
preceding sentence will affect, be construed or operate as a waiver of the right
of the party aggrieved by any breach of this Agreement to be compensated for any
injury or damage resulting therefrom which is incurred before or after such
expiration or termination.

         7.4 Disposition of Inventory. BAS will be entitled to sell its stock of
the Products, if any, for a twelve-month period following the termination or
expiration of this Agreement, or if such date is later, the date of delivery of
any Products to BAS.

VIII.    REGULATORY MATTERS

         8.1. United States and European Union. SHPI shall obtain and comply
with all licenses, consents, permits and applicable laws and regulations,
including the Act, which may from time to time be required by appropriate
governmental authorities with respect to its manufacturing and packaging
processes at its facility and otherwise to permit the performance of its
obligations hereunder as well as the sale of the Products in the United States
and the European Union, including the filing of a 510(k) application with the
United States Food and Drug Administration and the filing of a CE Mark
application with the European Union. SHPI agrees to provide BAS with copies of
all papers, concurrence and office actions pertaining to regulatory
communications with the United States Food and Drug Administration. SHPI shall
promptly transfer ownership of the aforementioned 510(k) and CE Mark
applications to BAS at no cost. BAS shall not have the right to further transfer
the 510(k) other than to a BAS Affiliate. BAS shall register as the
specification developer and shall list the Products with the FDA.

                                       10
<PAGE>

         8.2. Other. SHPI shall provide BAS with whatever reasonable assistance
BAS may request, including providing its technical files and data, in
conjunction with BAS's initiating the registration or approval process for the
Products outside of the United States and the European Union. BAS agrees to
cover the reasonable costs associated with any unanticipated and extraordinary
data requests by governmental authorities. SHPI agrees to support all required
facility audits by regulatory bodies from those non-FDA geographies where BAS or
SHPI has initiated the registration or approval process.

IX.      INTELLECTUAL PROPERTY MATTERS and MANUFACTURING SUB-CONTRACT

         9.1 Infringement. In the event suit is filed against BAS or any
Affiliate of BAS by a third party alleging that the manufacture, import, use,
offer for sale or sale of any Product alone and not based upon its combination
with any other article, infringes or misappropriates the proprietary rights of
such third party, BAS shall promptly notify SHPI and shall include in its notice
all facts in BAS's possession relating to the same. In said event, SHPI hereby
agrees to indemnify, save and hold BAS harmless from and against all Losses (as
defined below) incident to any such suit in accordance with the procedure set
forth in Section 10.3.

         9.2 Trademarks. In connection with SHPI's performance of this
Agreement, BAS hereby grants SHPI the right to reproduce and print on the
Products or Product packaging such trademarks, trade names, brand names,
slogans, logos, copyrights and trade dress of BAS that BAS may designate in
writing from time to time (collectively together with any goodwill associated
therewith, the "BAS IP"), strictly in accordance with trademark usage and
packaging guidelines set forth in the Specifications or otherwise provided by
BAS. Samples of all such uses of BAS IP on the Products or Product packaging
shall be submitted to BAS for its written approval prior to production. The
permission granted to SHPI to the BAS IP is restricted to usage in connection
with the Products supplied under this Agreement, and such permission extends
only for the Term or such shorter period as may be designated or required by
BAS.

         Any BAS IP, patent or other proprietary technology owned by or licensed
to BAS or any of its Affiliates associated with the Products shall be the sole
and exclusive property of BAS and it Affiliates and nothing set forth in this
Agreement shall be construed to grant to SHPI any title, right or interest
thereto. SHPI's use of such BAS IP, patents or other proprietary technology
shall be limited exclusively to its performance of this Agreement. Any other use
of said BAS IP, patents or other proprietary technology (unless otherwise
specified herein) shall constitute an infringement thereof or violation of BAS's
rights.

         BAS shall be entitled to use the Trademarks in connection with the
marketing, promotion and sale of the Products in the Territory as approved by
SHPI, which approval shall not be unreasonably withheld. In connection with such
use, SHPI hereby grants to BAS, to the extent necessary, a royalty-free,
non-exclusive license for the Term to use and employ the Trademarks and to affix
the Trademarks to the Products.

         9.3 Manufacturing Sub-Contract. Whenever a Manufacturing Sub-Contract
Triggering Event (as such term is defined in Section 9.5) shall have occurred,
SHPI agrees, at it's option, that either:

                                       11
<PAGE>

                  (i) SHPI shall enter into a manufacturing sub-contract with a
third party acceptable to BAS, under terms and conditions acceptable to BAS,
granting such third party the right to manufacture the Products for supply to
BAS in accordance with this Agreement, or

                  (ii) BAS shall have the right to exercise its rights under the
sub-contract granted in Section 9.4. BAS shall provide to SHPI written notice
specifying the Manufacturing Sub-Contract Triggering Event which has occurred.

         9.4. Grant of Manufacturing Sub-Contract. Should a Manufacturing
Sub-Contract Triggering Event (as such term is defined in Section 9.5) occur,
BAS will make reasonable efforts to resolve the manufacturing deficiencies with
SHPI. If after reasonable efforts the manufacturing deficiencies continue, SHPI
will grant to BAS, or a third party acceptable to BAS, a non-exclusive
manufacturing sub-contract ("Sub-Contract") for the manufacture of the Products
in accordance with SHPI's obligations under this Agreement. The Sub-Contract
shall expire upon the expiration of this Agreement and shall be subject to the
terms and conditions of this Agreement.

         9.5. Manufacturing Sub-Contract Triggering Event. The following shall
individually and collectively constitute a "Manufacturing Sub-Contract
Triggering Event" for purposes of this Agreement:

                  (i) SHPI discontinues the manufacture of the Products;

                  (ii) SHPI voluntarily liquidates its assets or dissolves its
business;

                  (iii) SHPI delivers Product volumes, after the placement by
BAS of a purchase order, in an amount less than 80% of the purchase order
volumes, so long as such purchase order volumes are within the forecast volumes
(as determined in accordance with Section 5.1) for three (3) consecutive months
or three (3) times within any six (6) month period; or

                  (iv) more than 20% of the Products delivered in two (2)
consecutive months or in three (3) Products deliveries in any six (6) month
period fail to conform to the Specifications.

X.       INDEMNIFICATION/INSURANCE.

         10.1. Product Liability. SHPI and its Affiliates (collectively referred
to as "SHPI" for the purpose of this Section 10.1) hereby agree to indemnify,
save and hold BAS and its Affiliates harmless from and against all suits,
actions, claims, demands, judgments, liabilities and expenses (including
reasonable attorneys' fees and expenses) (collectively, "Losses") which arise or
result from (a) alleged injury (including death) incident to the use of any of
the Products and not based solely on the combination of such Products with other
products manufactured or sold by BAS, and (b) misrepresentations of any
representation contained herein, or default in the observance or performance of
any term or provision hereof. Notwithstanding the foregoing, it is understood
and agreed that SHPI shall have no obligations under this Section 10.1 for any
Losses to the extent caused by the negligence, recklessness, willful misconduct
or breach of any of the terms of this Agreement by BAS, its Affiliates or
agents.

                                       12
<PAGE>

         10.2. BAS Indemnity. BAS and its Affiliates (collectively referred to
as "BAS" for the purpose of this Section 10.2) hereby agree to indemnify, save
and hold SHPI and its Affiliates harmless from and against all Losses which
arise or result from BAS's labeling or claims on Products inconsistent with the
Specifications, misrepresentations of any representation contained herein, or
default in the observance or performance of any term or provision hereof.
Notwithstanding the foregoing, it is understood and agreed that BAS shall have
no obligations under this Section 10.2 for any Losses to the extent caused by
(i) the negligence, recklessness, willful misconduct or breach of any of the
terms of this Agreement by SHPI, its Affiliates or agents or (ii) Products that
do not conform in all respects to the Specifications or warranties.

         10.3. Procedure. In the event of a claim subject to the indemnification
provisions stated above, the indemnified party shall give prompt notice to
indemnifying party, provided that the failure to give such notice shall not
affect any indemnified party's rights to indemnification under this Agreement
unless such failure shall materially prejudice the indemnifying party's ability
to defend such claim. The indemnifying party (at its expense) shall have the
right to assume the defense of any such claim against the indemnified party. If
the indemnifying party shall elect not to assume the defense of any such claim
or fails to make such an election within twenty (20) days after it receives the
above notice, the indemnified party may assume such defense with counsel of its
choice and at the expense of the indemnifying party. The indemnified party shall
have the right to participate in (but not control) the defense of any such claim
defended by the indemnifying party hereunder and to retain its own counsel in
connection with such claim, but the fees and expenses of such counsel shall be
at the indemnified party's expense; provided, however, that the indemnifying
party shall bear the reasonable fees and expenses as incurred of counsel to the
indemnified party if representation of the indemnifying party and the
indemnified party by the same counsel would reasonably be likely to create a
conflict. No party shall be liable for any settlement by which it is affected
without its written consent, which consent shall not be unreasonably withheld or
delayed. The indemnified party shall fully cooperate with the indemnifying party
in the defense of any matter subject to indemnification.

         10.4. Insurance. SHPI hereby covenants to obtain and maintain, during
the Term, a comprehensive general liability insurance policy, with products
liability endorsement, for the Products which policy shall be a minimum amount
of two million dollars ($2,000,000) per occurrence. Said policy shall either
name BAS and its Affiliates as additional insureds or shall provide coverage via
a broad form vendor's endorsement. Additionally, said policy shall provide for
not less than thirty (30) days prior written notice to BAS in the event of any
change in coverage or policy cancellation. SHPI hereby covenants to deliver to
BAS a certificate evidencing such coverage within ten (10) days of the Effective
Date.

XI.      MISCELLANEOUS

         11.1. Confidential Information. Each party shall hold in confidence any
Confidential Information disclosed by the other or otherwise obtained by such
party as a result of activities contemplated by this Agreement, and each party
shall protect the confidentiality thereof with the same degree of care that it
exercises with respect to its own information of a like nature, but in no event

                                       13
<PAGE>

less than reasonable care. Access to Confidential Information must be restricted
to the receiving party's employees, who, in each case, need to have access to
carry out a permitted use and are bound in writing to maintain the
confidentiality of such Confidential Information. The Confidential Information
and all copies of part or all thereof, shall be and remain the exclusive
property of the disclosing party, and the receiving party shall acquire only
such rights as are expressly set forth under the terms and conditions of this
Agreement and only for so long as such rights are in effect.

         11.2. Survival. The following Articles or Sections shall continue in
effect notwithstanding any termination of this Agreement: 3.1, 3.3, 3.4, 6.1,
6.2, 7.3, 9.1, 9.3 through 9.5, 10.1 through 10.3, and Articles XI and XII, and
no termination of this Agreement shall relieve any party of liability for a
breach or violation of this Agreement occurring before such termination.

         11.3. No Agency. This Agreement shall not constitute BAS the agent or
legal representative of SHPI for any purpose whatsoever and BAS shall not hold
itself out as an agent of SHPI. This Agreement creates no relationship of joint
venturers, partners, associates, employment or principal and agent between the
parties, and both parties are acting as independent contractors. Neither party
is granted herein any right or authority assume or create any obligation or
responsibility for or on behalf of the other party. Neither party shall have any
authority to bind the other party to any contract, whether of employment or
otherwise, and each party shall bear all of its own expenses for its operations,
including the compensation of its own employees and salespeople and the
maintenance of its own offices, service and warehouse facilities. Each party
shall be solely responsible for its own employees and salespeople and for their
acts and the things done by them.

         11.4. Amendments. This Agreement may be amended, modified or
supplemented only by a written instrument executed by the parties hereto.

         11.5. Waivers. No waiver of any provision of this Agreement, or consent
to any departure from the terms hereof, shall be effective unless the same shall
be in writing and signed by the party waiving or consenting thereto. No failure
on the part of any party to exercise and no delay in exercising, any right or
remedy hereunder shall operate as a waiver thereof, nor shall any single or
partial exercise of any such right or remedy by such party preclude any other or
further exercise thereof or the exercise of any other right or remedy. The
waiver by any party hereto of a breach of any provision of this Agreement shall
not operate as a waiver of any subsequent breach. All rights and remedies
hereunder are cumulative and are in addition to and not exclusive of any other
rights and remedies provided by law.

         11.6. Performance. Each party hereto acknowledges that money damages
alone will not adequately compensate such party for breach of such party's
obligations under Section 11.1 and, therefore, agrees that in the event of the
breach or threatened breach of any such obligation, in addition to all other
remedies available to the other party, at law, in equity or otherwise, such
other party shall be entitled to seek injunctive relief compelling specific
performance of, or other compliance with, the terms of such Section.

                                       14
<PAGE>

         11.7. Notices. Any notice or communication given pursuant to this
Agreement by any party to any other party shall be in writing and shall be
sufficiently given if personally delivered, sent by facsimile or other means of
confirmed electronic transmission or sent by a recognized next-day courier
service or by mail, postage prepaid to the parties at the following addresses or
to such other address as either party may hereafter designate to the others by
like notice:
                  (a) if to SHPI, to:
                           Specialized Health Products International, Inc.
                           585 West 500 South
                           Bountiful, Utah 84010
                           Attention: General Counsel
                           Facsimile Number: (801) 298-1759

                  (b) if to BAS, to:
                           Bard Access Systems, Inc.
                           5425 West Amelia Earhart Drive
                           Salt Lake City, Utah 84116
                           Attention: President
                           FAX Number: 801-595-4907
                           with a copy to:

                           C. R. Bard, Inc. 730 Central Avenue Murray
                           Hill, New Jersey 07974 (908) 277-8000 FAX
                           Number: (908) 277-8025
                           ATTENTION:  Office of General Counsel

         11.8. Expenses. Each party hereto shall pay its own expenses in
connection with the transactions contemplated hereby, whether or not they are
completed.

         11.9. Publicity. Except as required by applicable law or regulations,
neither party shall use the name of the other party in any publicity or
advertising without the prior written approval of the other party. Neither party
shall disclose any terms or conditions of this Agreement without the prior
written consent of the other party, provided, however, that either party, an
Affiliate of either party, or the corporate parent of either party may make such
disclosure to the extent that it reasonably believes such disclosure is
advisable or necessary for it to comply with the Federal Securities Laws or
other applicable law.

         11.10. Entire Agreement. This Agreement constitutes the entire
agreement among the parties hereto with respect to the subject matter hereof and
supersedes all negotiations, representations, warranties, commitments, offers,
contracts and writings prior to the date hereof.

         11.11. Governing Law. This Agreement shall be governed by and construed
and enforced in accordance with, the substantive laws of Utah, without giving
effect to its conflicts of law rules.

         11.12. Severability. Any provision of this Agreement which is
prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction,
be ineffective to the extent of such prohibition or unenforceability without

                                       15
<PAGE>

invalidating the remaining provisions hereof or affecting the validity or
enforceability of such provision in any other jurisdiction. In the event that
any provision of this Agreement shall be determined to be unenforceable by
reason of its extension for too great a period of time or over too large a
geographic area or over too great a range of activities, it shall be interpreted
to extend only over the maximum period of time, geographic area or range of
activities as to which it may be enforceable.

         11.13. Exhibits and Schedules. All Exhibits and Schedules mentioned in
this Agreement shall be attached to this Agreement and shall form an integral
part hereof. All capitalized terms defined in this Agreement which are used in
any Exhibit or Schedule shall, unless the context otherwise requires, have the
same meaning therein as given herein.

         11.14. Counterparts. This Agreement may be executed in two (2) or more
counterparts, including facsimile counterparts, all of which shall be considered
one and the same agreement and shall become effective when two (2) or more
counterparts have been signed by each of the parties and delivered to the other
parties, it being understood that all parties need not sign the same
counterpart.

         11.15. Assignments; Successors and Assigns. Neither party shall
transfer or assign (by operation of law or otherwise) its rights or obligations
under this Agreement without the prior written consent of the other party.
Notwithstanding the foregoing, either party may assign this Agreement in
connection with a sale or transfer of substantially all of the assets of, or a
majority interest in the voting shares of, that party to, or the merger or
consolidation of that party with or into, any other person or company.

         11.16. Force Majeure. Either party shall be excused from delay in
performing or from its failure to perform hereunder to the extent that such
delay or failure results from any cause or causes beyond such party's reasonable
control, including: delay by any supplier in providing materials, parts or
services; delay by any carrier; fire; flood; acts of God; acts of war or
terrorism; labor dispute; riot; compliance with any applicable governmental act,
regulation or request; and shortage of labor, materials or manufacturing
facilities.

         11.17. Construction. Unless the context of this Agreement clearly
indicates otherwise: (a) the singular shall include the plural, the plural shall
include the singular, and the part shall include the whole; (b) references to
one gender shall include all genders; (c) "or" has the inclusive meaning
frequently identified with the phrase "and/or"; (d) "including" or "includes"
has the inclusive meaning frequently identified with the phrase "including but
not limited to"; and (e) references to "hereunder," "herein" and "hereof" relate
to this Agreement as a whole; articles, sections, subsection, exhibit and
schedule references are to this Agreement unless otherwise specified. Any
reference herein to any law or agreement, including this Agreement, shall be
deemed to include such law or agreement as it may be modified, varied, amended
or supplemented from time to time. The headings contained in this Agreement are
solely for reference purposes and shall not affect the meaning or interpretation
of this Agreement.

                                       16
<PAGE>

XII.     ARBITRATION

         12.1. In the event of a dispute of whatever nature arising between the
parties, including, those arising out of or relating to this Agreement or the
construction, interpretation, performance, breach, termination, enforceability
or validity of this Agreement, the parties shall exercise good faith efforts to
resolve such dispute within a reasonable period of time. Should the parties fail
to reach agreement after thirty (30) days of good faith negotiations, the
parties agree to submit said dispute to binding arbitration. Said arbitration
shall take place in Salt Lake City, Utah, in accordance with the rules of the
American Arbitration Association. The arbitration panel shall consist of one
arbitrator selected by the American Arbitration Association

         12.2. The arbitration proceedings conducted pursuant hereto shall be
confidential. Neither party shall disclose or permit the disclosure of any
information about the evidence adduced or the documents produced by the other
party in the arbitration proceedings or about the existence, contents or results
of the arbitration award without the prior written consent of such other party
except in the course of judicial, regulatory or arbitration proceeding or as may
be required by a governmental authority. Before making any disclosure permitted
by the preceding sentence, the party intending to make such disclosure shall
give the other party reasonable written notice of the intended disclosure and
afford the other party reasonable opportunity to protect its interests.

         12.3. The arbitrators shall set forth in writing their findings of fact
and conclusions of law and shall render their award based thereon. Said award
shall be a final and binding judgment enforceable by a court of competent
jurisdiction.

         12.4. The parties shall each be responsible for its own expenses
related to any such proceeding (including the fees and expenses of counsel).

         IN WITNESS WHEREOF, the parties have executed this Agreement as of the
day and year first above written.

                           SPECIALIZED HEALTH PRODUCTS INTERNATIONAL, INC.

                           By: /s/ Jeffrey M. Soinski
                               ----------------------------------------
                           Name:    Jeffrey M. Soinski
                           Title:   President & CEO

                           BARD ACCESS SYSTEMS, INC.

                           By: /s/ Jim Beasley
                           Name:    Jim Beasley
                           Title:   President

                                       17
<PAGE>

                                    EXHIBIT A

**

---------------
The "**" marks the location of information that has been omitted and filed
separately with the Securities and Exchange Commission pursuant to a request for
confidential treatment.

                                       18
<PAGE>

                                    EXHIBIT B

                                    Equipment

**

---------------
The "**" marks the location of information that has been omitted and filed
separately with the Securities and Exchange Commission pursuant to a request for
confidential treatment.

                                       19
<PAGE>

                                    EXHIBIT C

                           1.1 Assumptions and Notes

**

---------------
The "**" marks the location of information that has been omitted and filed
separately with the Securities and Exchange Commission pursuant to a request for
confidential treatment.

                                       20

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