Document:

Exhibit
10.22

[VWR Letterhead]

Date:       June 11, 2004

To:          Gerard J. Christian

Re:          Your VWR Employment Contract

Dear Gerry:

As you know, VWR has
redesigned several aspects of the management compensation program, including a
Management Equity and Option Program (“Equity Program”) that we believe builds
a strong basis to foster a performance-based culture and generate shareholder
wealth, including the potential for individual wealth creation.  As a senior leader, you are included in all
the new management compensation programs, including the opportunity to
participate in the Equity Program.

At the same time, VWR’s
philosophy regarding employment contracts has changed and VWR will not be
renewing or offering employment contracts to its employees and leaders in the future,
except as may be required by local law. 
VWR and its new owners believe that an individual’s participation in the
management compensation programs, while at the same time having an employment
contract, is inconsistent with our performance-based culture and our overall
compensation philosophy.

To summarize our
discussions regarding employment contracts:

1.                                       Effective immediately, you will be
included in all new management compensation programs, including the opportunity
to participate in the Equity Program.

2.                                       As of June 30, 2005, your current
employment contract will be terminated.

3.                                       For purposes of your current employment
contract termination benefit calculation only, your salary and target
bonus amount will be frozen as of April 6, 2004.

4.                                       On June 30, 2005, you will either

i.                                          elect to remain with VWR as an “at will”
employee in your then current job function, at your then current compensation
level, and will continue to participate in VWR’s employee benefit programs at
then current benefit levels, but without any employment contract (unless
required by local law), or

 

 

ii.                                       elect to leave VWR and VWR will pay to
you, in accordance with your Employment Agreement, the contractual termination
benefit due, calculated with your frozen salary and target bonus amount.

5.                                       If required by local law, on July 1,
2005, a new “statutory minimum” employment agreement will be agreed between you
and VWR.

We believe that total
management alignment with VWR’s goals, philosophy and culture will enable VWR
to substantially increase our revenues and profits and that the potential
benefits of the new management compensation systems far outweigh the benefits
afforded by your employment contract. 
We trust, after due consideration, that you will conclude the same.

Sincerely, 

	
  James W. Rogers

  Chairman of the Board

  	
  Walter W. Zywottek

  President & CEO

  

 

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Exhibit 4.1  

MEDICAL DEVICE MANUFACTURING, INC.
  (as Issuer) 

10% Senior Subordinated Notes due 2012  

  
 
INDENTURE    
    

Dated as of June 30, 2004  

 U.S. BANK NATIONAL ASSOCIATION
  (as Trustee) 

   TABLE OF CONTENTS  

	 
	 	 
	 	Page

	ARTICLE I DEFINITIONS AND INCORPORATION BY REFERENCE	 	2
	 	
 SECTION 1.1	
 	

Definitions	
 	

2
	 	SECTION 1.2	 	Other Definitions	 	25
	 	SECTION 1.3	 	Incorporation by Reference of Trust Indenture Act	 	26
	 	SECTION 1.4	 	Rules of Construction	 	26
	

ARTICLE II THE NOTES	
 	

27
	 	
 SECTION 2.1	
 	

Form and Dating	
 	

27
	 	SECTION 2.2	 	Execution and Authentication	 	27
	 	SECTION 2.3	 	Registrar, Paying Agent and Depositary	 	28
	 	SECTION 2.4	 	Paying Agent to Hold Money in Trust	 	28
	 	SECTION 2.5	 	Holder Lists	 	28
	 	SECTION 2.6	 	Transfer and Exchange	 	28
	 	SECTION 2.7	 	Replacement Notes	 	38
	 	SECTION 2.8	 	Outstanding Notes	 	39
	 	SECTION 2.9	 	Treasury Notes	 	39
	 	SECTION 2.10	 	Temporary Notes	 	39
	 	SECTION 2.11	 	Cancellation	 	39
	 	SECTION 2.12	 	Defaulted Interest	 	39
	 	SECTION 2.13	 	CUSIP Numbers	 	40
	 	SECTION 2.14	 	Issuance of Additional Notes	 	40
	

ARTICLE III REDEMPTION	
 	

41
	 	
 SECTION 3.1	
 	

Notices to Trustee	
 	

41
	 	SECTION 3.2	 	Selection of Notes to Be Redeemed	 	41
	 	SECTION 3.3	 	Notice of Redemption	 	41
	 	SECTION 3.4	 	Effect of Notice of Redemption	 	42
	 	SECTION 3.5	 	Deposit of Redemption Price	 	42
	 	SECTION 3.6	 	Notes Redeemed in Part	 	42
	 	SECTION 3.7	 	Optional Redemption	 	42
	

ARTICLE IV COVENANTS	
 	

43
	 	
 SECTION 4.1	
 	

Payment of Notes	
 	

43
	 	SECTION 4.2	 	Maintenance of Office or Agency	 	43
	 	SECTION 4.3	 	Commission Reports and Reports to Holders	 	44
	 	SECTION 4.4	 	Compliance Certificate	 	44
	 	SECTION 4.5	 	Taxes	 	45
	 	SECTION 4.6	 	Stay, Extension and Usury Laws	 	45
	 	SECTION 4.7	 	Limitation on Incurrence Of Additional Indebtedness and disqualified capital stock	 	45
	 	SECTION 4.8	 	Limitation on Liens Securing Indebtedness	 	47
	 	SECTION 4.9	 	Limitation on Restricted Payments	 	47
	 	SECTION 4.10	 	Limitation on Dividends and Other Payment Restrictions Affecting Subsidiaries	 	50
	 	SECTION 4.11	 	Limitation on Transactions with Affiliates	 	51
	 	SECTION 4.12	 	Limitation on Sale Of Assets And Subsidiary Stock	 	52
	 	 	 	 	 

i

 

	 	SECTION 4.13	 	Repurchase of Notes At The Option Of The Holder upon a Change of Control	 	54
	 	SECTION 4.14	 	Subsidiary Guarantors	 	56
	 	SECTION 4.15	 	Limitation On Status As Investment Company	 	56
	 	SECTION 4.16	 	Maintenance of Properties and Insurance	 	56
	 	SECTION 4.17	 	Corporate Existence	 	57
	 	SECTION 4.18	 	Limitation on Layering Indebtedness	 	57
	

ARTICLE V SUCCESSORS	
 	

57
	 	
 SECTION 5.1	
 	

Merger, Consolidation or Sale of Assets	
 	

57
	 	SECTION 5.2	 	Successor Corporation Substituted	 	58
	

ARTICLE VI DEFAULTS AND REMEDIES	
 	

58
	 	
 SECTION 6.1	
 	

Events of Default	
 	

58
	 	SECTION 6.2	 	Acceleration	 	59
	 	SECTION 6.3	 	Other Remedies	 	60
	 	SECTION 6.4	 	Waiver of Past Defaults	 	60
	 	SECTION 6.5	 	Control by Majority	 	60
	 	SECTION 6.6	 	Limitation on Suits	 	61
	 	SECTION 6.7	 	Rights of Holders of Notes to Receive Payment	 	61
	 	SECTION 6.8	 	Collection Suit by Trustee	 	61
	 	SECTION 6.9	 	Trustee May File Proofs of Claim	 	61
	 	SECTION 6.10	 	Priorities	 	62
	 	SECTION 6.11	 	Undertaking for Costs	 	62
	

ARTICLE VII TRUSTEE	
 	

62
	 	
 SECTION 7.1	
 	

Duties of Trustee	
 	

62
	 	SECTION 7.2	 	Rights of Trustee	 	63
	 	SECTION 7.3	 	Individual Rights of Trustee	 	64
	 	SECTION 7.4	 	Trustee's Disclaimer	 	64
	 	SECTION 7.5	 	Notice of Defaults	 	64
	 	SECTION 7.6	 	Reports by Trustee to Holders of the Notes	 	64
	 	SECTION 7.7	 	Compensation and Indemnity	 	65
	 	SECTION 7.8	 	Replacement of Trustee	 	65
	 	SECTION 7.9	 	Successor Trustee by Merger, etc.	 	66
	 	SECTION 7.10	 	Eligibility; Disqualification	 	66
	 	SECTION 7.11	 	Preferential Collection of Claims Against Company	 	67
	

ARTICLE VIII LEGAL DEFEASANCE AND COVENANT DEFEASANCE AND SATISFACTION AND DISCHARGE	
 	

67
	 	
 SECTION 8.1	
 	

Option to Effect Legal Defeasance or Covenant Defeasance	
 	

67
	 	SECTION 8.2	 	Legal Defeasance and Discharge	 	67
	 	SECTION 8.3	 	Covenant Defeasance	 	67
	 	SECTION 8.4	 	Conditions to Legal or Covenant Defeasance	 	68
	 	SECTION 8.5	 	Deposited Money and Government Securities to be Held in Trust; Other Miscellaneous Provisions	 	69
	 	SECTION 8.6	 	Repayment to Company	 	69
	 	SECTION 8.7	 	Reinstatement	 	70
	 	SECTION 8.8	 	SATISFACTION AND DISCHARGE	 	70
	 	 	 	 	 

ii

 

	

ARTICLE IX AMENDMENT, SUPPLEMENT AND WAIVER	
 	

71
	 	
 SECTION 9.1	
 	

Without Consent of Holders of Notes	
 	

71
	 	SECTION 9.2	 	With Consent of Holders of Notes	 	71
	 	SECTION 9.3	 	Compliance with Trust Indenture Act	 	73
	 	SECTION 9.4	 	Revocation and Effect of Consents	 	73
	 	SECTION 9.5	 	Notation on or Exchange of Notes	 	73
	 	SECTION 9.6	 	Trustee to Sign Amendments, etc.	 	73
	

ARTICLE X GUARANTEES	
 	

74
	 	
 SECTION 10.1	
 	

Guarantees	
 	

74
	 	SECTION 10.2	 	Execution and Delivery of Guarantees	 	75
	 	SECTION 10.3	 	Guarantors May Consolidate, etc., on Certain Terms	 	75
	 	SECTION 10.4	 	Release of Guarantors	 	76
	 	SECTION 10.5	 	Limitation of Guarantor's Liability; certain bankruptcy events	 	77
	 	SECTION 10.6	 	Application of Certain Terms and Provisions to the Guarantors	 	77
	 	SECTION 10.7	 	Subordination of guarantees	 	78
	

ARTICLE XI SUBORDINATION	
 	

78
	 	
 SECTION 11.1	
 	

Notes Subordinated to Senior Indebtedness	
 	

78
	 	SECTION 11.2	 	No Payment on Notes in Certain Circumstances	 	78
	 	SECTION 11.3	 	Notes Subordinated to Prior Payment of All Senior Indebtedness on Dissolution, Liquidation or Reorganization	 	79
	 	SECTION 11.4	 	Holders to Be Subrogated to Rights of Holders of Senior Indebtedness	 	80
	 	SECTION 11.5	 	Relative Rights	 	80
	 	SECTION 11.6	 	Trustee Entitled to Assume Payments Not Prohibited in Absence of Notice.	 	80
	 	SECTION 11.7	 	Application by Trustee of Assets Deposited with it	 	81
	 	SECTION 11.8	 	Subordination Rights Not Impaired by Acts or Omissions of the Company, the Guarantors or Holders of Senior Indebtedness	 	81
	 	SECTION 11.9	 	Holders Authorize Trustee to Effectuate Subordination of Notes.	 	81
	 	SECTION 11.10	 	Right of Trustee to Hold Senior Indebtedness	 	82
	 	SECTION 11.11	 	Article XI Not to Prevent Events of Default	 	82
	 	SECTION 11.12	 	No Fiduciary Duty of Trustee to Holders of Senior Indebtedness	 	82
	

ARTICLE XII MISCELLANEOUS	
 	

83
	 	
 SECTION 12.1	
 	

Trust Indenture Act Controls	
 	

83
	 	SECTION 12.2	 	Notices	 	83
	 	SECTION 12.3	 	Communication by Holders of Notes with Other Holders of Notes	 	84
	 	SECTION 12.4	 	Certificate and Opinion as to Conditions Precedent	 	84
	 	SECTION 12.5	 	Statements Required in Certificate or Opinion	 	84
	 	SECTION 12.6	 	Rules by Trustee and Agents	 	84
	 	SECTION 12.7	 	No Personal Liability of Directors, Officers, Employees and Stockholders	 	84
	 	SECTION 12.8	 	Governing Law	 	85
	 	SECTION 12.9	 	No Adverse Interpretation of Other Agreements	 	85
	 	SECTION 12.10	 	Successors	 	85
	 	SECTION 12.11	 	Severability	 	85
	 	SECTION 12.12	 	Counterpart Originals	 	85
	 	SECTION 12.13	 	Table of Contents, Headings, Etc.	 	85

iii

   CROSS-REFERENCE TABLE*  

	TIA Section
 
	 	Indenture Section
	 
	310	(a)(1)	 	7.10	 
	 	(a)(2)	 	7.10	 
	 	(a)(3)	 	N.A.	 
	 	(a)(4)	 	N.A.	 
	 	(a)(5)	 	7.10	 
	 	(b)	 	7.10	 
	 	(c)	 	N.A.	 
	311	(a)	 	7.11	 
	 	(b)	 	7.11	 
	 	(c)	 	N.A.	 
	312	(a)	 	2.5	 
	 	(b)	 	12.3	 
	 	(c)	 	12.3	 
	313	(a)	 	7.6	 
	 	(b)(1)	 	N.A.	 
	 	(b)(2)	 	7.6; 7.7	 
	 	(c)	 	7.5; 7.6; 12.2	 
	 	(d)	 	7.6	 
	314	(a)	 	12.2; 12.5	 
	 	(b)	 	N.A.	 
	 	(c)(1)	 	12.4	 
	 	(c)(2)	 	12.4	 
	 	(c)(3)	 	N.A.	 
	 	(d)	 	N.A.	 
	 	(e)	 	12.5	 
	 	(f)	 	N.A.	 
	315	(a)	 	7.1(b	)
	 	(b)	 	7.5; 12.2	 
	 	(c)	 	7.1(a	)
	 	(d)	 	7.1(c	)
	 	(e)	 	6.11	 
	316	(a)(last sentence)	 	2.9	 
	 	(a)(1)(A)	 	6.5	 
	 	(a)(1)(B)	 	6.4	 
	 	(a)(2)	 	N.A.	 
	 	(b)	 	6.7	 
	 	(c)	 	2.12	 
	317	(a)(1)	 	6.8	 
	 	(a)(2)	 	6.9	 
	 	(b)	 	2.4	 
	318	(a)	 	11.1	 
	 	(c)	 	11.1	 

N.A.
means not applicable 

	*
	This
Cross-Reference table shall not, for any purpose, be deemed to be part of this Indenture. 

1

   
        INDENTURE, dated as of June 30, 2004, by and among Medical Device Manufacturing, Inc., a Colorado corporation (the "Company") the Guarantors party hereto and U.S. Bank
National Association, as trustee (including any successors thereto, the "Trustee"). 

        Each
party agrees as follows for the benefit of each other and for the equal and ratable benefit of the Holders of the 10% Series A Senior Subordinated Notes due 2012 (the
"Series A Notes") and the 10% Series B Senior Subordinated Notes due 2012 (the "Series B Notes" and, together with the Series A Notes, the "Notes"): 

ARTICLE I

DEFINITIONS AND INCORPORATION

BY REFERENCE  

SECTION 1.1 Definitions  

        "144A Global Note" means one or more Global Notes bearing the Private Placement Legend, that will be issued in an
aggregate amount of denominations equal in total to the outstanding principal amount of the Notes sold in reliance on Rule 144A. 

        "Accrued Bankruptcy Interest" means, with respect to any Indebtedness, all interest accruing thereon after the filing of a petition by or
against the Company or any of its Subsidiaries under any Bankruptcy Law, in accordance with and at the rate (including any rate applicable upon any default or event of default, to the extent lawful)
specified in the documents evidencing or governing such Indebtedness, whether or not the claim for such interest is allowed as a claim after such filing in any proceeding under such Bankruptcy Law. 

        "Acquired Indebtedness" means Indebtedness (including Disqualified Capital Stock) of any Person existing at the time such Person becomes a
Subsidiary of the Company, including by designation, or is merged or consolidated into or with the Company or one of its Subsidiaries. 

        "Acquisition" means the purchase or other acquisition of any Person or assets that would constitute a "business" within the meaning of
Rule 3-05 of Regulation S-X under the Securities Act, as in effect on the Issue Date, whether by purchase, merger, consolidation, or otherwise, and whether or not
for consideration. 

        "Additional Notes" means additional Notes which may be issued after the Issue Date pursuant to this Indenture (other than pursuant to an
Exchange Offer or otherwise in exchange for or in replacement of outstanding Notes). All references herein to "Notes" shall be deemed to include Additional Notes except as stated otherwise. 

        "Affiliate" means any Person directly or indirectly controlling or controlled by or under direct or indirect common control with the
Company. For purposes of this definition, the term "control" means the power to direct the management and policies of a Person, directly or through one or more intermediaries, whether through the
ownership of voting securities, by contract, or otherwise; provided, that with respect to ownership interest in the Company and its Subsidiaries, a
Beneficial Owner of 10% or more of the total voting power normally entitled to vote in the election of directors, managers or trustees, as applicable (other than any such Beneficial Owner eligible to
report ownership on Schedule 13F or Schedule 13G (or any similar successor forms under the Exchange Act rules and regulations)) shall for such purposes be deemed to possess control.
Notwithstanding the foregoing, the term "Affiliate" shall not include Subsidiaries. 

        "Agent" means any Registrar, co-registrar, Paying Agent or additional paying agent. 

        "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 at the relevant time. 

2

 

        "Average Life" means, as of the date of determination, with respect to any security or instrument, the quotient obtained by dividing
(1) the sum of the products (a) of the number of years from the date of determination to the date or dates of each successive scheduled principal (or mandatory redemption) payment
of such security or instrument and (b) the amount of each such respective principal (or mandatory redemption) payment by (2) the sum of all such principal (or mandatory redemption)
payments. 

        "Bankruptcy Code" means the United States Bankruptcy Code, codified at 11 U.S.C. §101-1330, as amended. 

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

        "Beneficial Owner" or "beneficial owner" for purposes of the definition of Change of
Control and Affiliate has the meaning attributed to it in Rules 13d-3 and 13d-5 under the Exchange Act (as in effect on the Issue Date), whether or not applicable. 

        "Board of Directors" means, with respect to any Person, (1) such Person's board of directors or (2) any committee of the
board of directors authorized, with respect to any particular matter, to exercise the power of the board of directors. 

        "Broker-Dealer" means any broker-dealer that receives Exchange Notes for its own account in the Exchange Offer in exchange for Notes that
were acquired by such broker-dealer as a result of market-making or other trading activities. 

        "Business Day" means each Monday, Tuesday, Wednesday, Thursday and Friday which is not a day on which banking institutions in New York,
New York are authorized or obligated by law or executive order to close. 

        "Capital Contribution" means any contribution to the equity of the Company from a direct or indirect Parent Entity for which no
consideration is given (other than the issuance of Qualified Capital Stock). 

        "Capitalized Lease Obligation" means, as to any Person, the obligations of such Person under a lease that are required to be classified
and accounted for as capital lease obligations under GAAP and, for purposes of this definition, the amount of such obligations at any date shall be the capitalized amount of such obligations at such
date, determined in accordance with GAAP. 

        "Capital Stock" means: 

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

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

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

        (4)   any
other interest or participation that confers on a Person the right to receive a share of the profits and losses of, or distributions of assets of, the issuing
Person, but excluding from all of the foregoing any debt securities convertible into Capital Stock, whether or not such debt securities include any right of participation with Capital Stock. 

        "Cash Equivalent" means: 

        (1)   securities
issued or directly and fully guaranteed or insured by the United States of America or any agency or instrumentality thereof
(provided, that the full faith and credit of the United States of America is pledged in support thereof); 

3

 

        (2)   demand
deposits, time deposits and certificates of deposit and commercial paper issued by the parent corporation of any domestic commercial bank of recognized standing
having capital and surplus in excess of $300,000,000; 

        (3)   commercial
paper issued by others rated at least A-2 or the equivalent thereof by S&P or at least P-2 or the equivalent thereof by Moody's; 

        (4)   repurchase
obligations having terms not more than seven days, with institutions meeting the criteria set forth in clause (2) above, for direct
obligations issued by or fully guaranteed by the United States of America (provided, that the full faith and credit of the United States of America is
pledged in support thereof), having, on the date of purchase thereof, a fair market value of at least 100% of the amount of repurchase obligations; 

        (5)   with
respect to Investments by any Foreign Subsidiary, any demand deposit account; 

        (6)   direct
investments in tax exempt obligations of any state of the United States of America, or any municipality of any such state, in each case rated "AA" or better by
S&P, "Aa2" or better by Moody's or an equivalent rating by any other credit rating agency of recognized national standing, provided that such
obligations mature within six months from the date of acquisition thereof; or 

        (7)   investments
in money markets or mutual funds, 95% of more of the assets of which are invested in obligations of the types described in clauses (1) - (6) above, 

        and
in the case of each of (1), (2), and (3) maturing within one year after the date of acquisition. 

        "Change of Control" means (a) Parent ceases to beneficially own, in the aggregate, a majority of the voting power of the Voting
Equity Interests of the Company, (b) prior to consummation of the first Public Equity Offering after the Issue Date, the Permitted Holders shall cease to beneficially own, in the aggregate,
voting power of Parent equal to more than 50% of the voting power held by the Permitted Holders on the date the MedSource Acquisition is consummated, (c) following the consummation of the first
Public Equity Offering after the Issue Date, (1) any merger or consolidation of the Company with or into any Person or any sale, transfer or other conveyance, whether direct or indirect, of all
or substantially all of the Company's assets, on a consolidated basis, in one transaction or a series of related transactions, if, immediately after giving effect to such transaction(s), any "person"
(including any group that is deemed to be a "person") (other than Parent, Parent's controlled Affiliates and/or the Permitted Holders) is or becomes the beneficial owner of more than 50% of the
aggregate voting power of the Voting Equity Interests of the transferee(s) or surviving entity or entities and Parent, Parent's controlled Affiliates and/or the Permitted Holders, in the aggregate,
beneficially own, directly or indirectly, less voting power than such person, (2) any merger or consolidation of Parent with or into any Person, if, immediately after giving effect to such
merger or consolidation, any "person" (including any group that is deemed to be a "person") (other than the Permitted Holders) is or becomes the beneficial owner of more than 50% of the aggregate
voting power of the Voting Equity Interests of Parent or surviving entity and the Permitted Holders, in the aggregate, beneficially own, directly or indirectly, less voting power of Parent than such
person, (3) any "person" (including any group that is deemed to be a "person") (other than the Permitted Holders) is or becomes the beneficial owner of more than 50% of the aggregate voting
power of the Voting Equity Interests of Parent and the Permitted Holders, in the aggregate, beneficially own, directly or indirectly, less voting power of Parent than such person, (4) the
Continuing Directors of Parent cease for any reason to constitute a majority of the Board of Directors of Parent then in office, or (d) the Company adopts a plan of liquidation. As used in this
definition, "person" (including any group that is deemed to be a "person") has the meaning given by Sections 13(d) of the Exchange Act, whether or not applicable. The phrase "all or
substantially all" of the Company's assets will likely be interpreted under applicable state law and will be dependent upon particular facts and circumstances. As a result, there may be a 

4

 

degree
of uncertainty in ascertaining whether a sale or transfer of "all or substantially all" of the Company's assets has occurred. 

        "Clearstream" means Clearstream Banking Luxembourg, or its successors. 

        "Commission" means the Securities and Exchange Commission. 

        "Consolidated Coverage Ratio" of any Person on any date of determination (the "Transaction Date") means the ratio, on a  pro forma basis, of (a) the aggregate
amount of Consolidated EBITDA of such Person attributable to continuing operations and businesses
(exclusive of amounts attributable to operations and businesses permanently discontinued or disposed of) for the Reference Period to (b) the aggregate Consolidated Fixed Charges of such Person
(exclusive of amounts attributable to operations and businesses permanently discontinued or disposed of, but only to the extent that the obligations giving rise to such Consolidated Fixed Charges
would no longer be obligations contributing to such Person's Consolidated Fixed Charges subsequent to the Transaction Date) during the Reference Period;  provided, that for purposes of such calculation:

        (1)   Acquisitions
which occurred during the Reference Period or subsequent to the Reference Period and on or prior to the Transaction Date shall be assumed to have occurred
on the first day of the Reference Period; 

        (2)   transactions
giving rise to the need to calculate the Consolidated Coverage Ratio shall be assumed to have occurred on the first day of the Reference Period; 

        (3)   the
incurrence of any Indebtedness (including issuance of any Disqualified Capital Stock) during the Reference Period or subsequent to the Reference Period and on or
prior to the Transaction Date (and the application of the proceeds therefrom to the extent used to refinance or retire other Indebtedness), other than Indebtedness incurred under any revolving credit
facility, shall be assumed to have occurred on the first day of the Reference Period; 

        (4)   if
since the beginning of such period the Company or any Guarantor has repaid, repurchased, redeemed, defeased or otherwise acquired, retired or discharged any
Indebtedness (each a "Discharge") or if the transaction giving rise to the need to calculate the Consolidated Coverage Ratio involves a Discharge of Indebtedness (in each case other than Indebtedness
incurred under any revolving credit facility unless such Indebtedness has been or will be permanently repaid), Consolidated EBITDA and Consolidated Fixed Charges for such period shall be calculated
after giving effect on a pro forma basis to such Discharge of such Indebtedness, including with the net proceeds of such new Indebtedness, as if such
Discharge had occurred on the first day of such period; 

        (5)   in
the case of an incurrence, at any time during or after the Reference Period, of Indebtedness (including any Disqualified Capital Stock) with a floating interest or
dividend rate shall be computed on a pro forma basis as if the rate applicable at the Transaction Date had been in effect from the beginning of the
Reference Period to the Transaction Date, unless such Person or any of its Subsidiaries is a party to an Interest Swap or Hedging Obligation that has the effect of fixing the interest rate or dividend
rate on the date of computation, in which case such rate shall be used; 

        (6)   for
any Reference Period that includes any fiscal quarter ending on or prior to December 31, 2007, in calculating the Company's Consolidated EBITDA, there shall
be excluded therefrom the amount of any restructuring charges or reserves (which, for the avoidance of doubt, shall include retention, severance, systems establishment cost, excess pension charges,
contract termination costs, including future lease commitments, and costs to consolidate facilities and relocate employees) relating to any facilities, assets or business of the Company and its
Subsidiaries and MedSource and its Subsidiaries existing on the date the MedSource Acquisition is consummated that were deducted in such period in computing the Company's Consolidated Net Income
during such Reference Period; provided that the amount of such charges or reserves excluded pursuant to this clause (6) shall not 

5

 

exceed
$15,000,000 in the aggregate from and after the date the MedSource Acquisition is consummated; and 

        (7)   for
any Reference Period that includes any fiscal quarter ending on or after June 30, 2003 and on or prior to September 30, 2004, in calculating the
Company's Consolidated EBITDA, there shall be excluded therefrom the amount of any charges or expenses that were added to "EBITDA" in connection with the calculation of "Adjusted EBITDA" in the
Offering Circular and for the fiscal quarters ended June 30, 2004 and September 30, 2004, up to $1,500,000 of such charges or expenses (or similar charges or expenses) incurred by
MedSource during such quarter, in each case that were deducted in such period in computing the Company's or MedSource's, as applicable, Consolidated Net Income during such Reference Period. 

        "Consolidated EBITDA" means, with respect to any Person, for any period, the Consolidated Net Income of such Person for such period
adjusted (A) to add thereto (to the extent deducted from net revenues in determining Consolidated Net Income), without duplication, the sum of: 

        (1)   Consolidated
income tax expense and any payments made to a Parent Entity pursuant to clause (k) of Section 4.9 hereof; 

        (2)   Consolidated
depreciation and amortization expense; 

        (3)   Consolidated
Fixed Charges; 

        (4)   any
unrealized foreign currency translation or transaction gains or losses in respect of Indebtedness or other obligations of the Company or any Guarantor owing to the
Company or any Guarantor; 

        (5)   without
duplication, any other non-cash charges reducing Consolidated Net Income for such period, excluding any such charge that represents an accrual or
reserve for a cash expenditure for a future period; 

        (6)   any
reasonable expenses or charges related to any equity offering, Permitted Investment, acquisition, recapitalization or Indebtedness permitted to be incurred under
this Indenture that was not consummated and, in each case, deducted during such Reference Period in computing Consolidated Net Income; and 

        (7)   the
amount of any expense relating to any minority interests of any Guarantors; and 

        (B)  to
exclude (i) non-cash items increasing Consolidated Net Income of such Person for such period, excluding revenues accrued in the ordinary course of
business and any items which represent the reversal of any accrual of, or cash reserve for, anticipated cash charges in any prior period, and (ii) the amount of all cash payments made by such
Person or any of its Subsidiaries during such period to the extent such payments relate to non-cash charges that were added back in determining Consolidated EBITDA for such period or any
prior period (excluding payments in respect of Interest Swap and Hedging Obligations); provided, that, except as already included in the calculation of
Consolidated Net Income, consolidated income tax expense and depreciation and amortization of a Subsidiary that is not a Wholly Owned Subsidiary shall only be added to the extent of the Equity
Interest of the Company in such Subsidiary. 

        "Consolidated Fixed Charges" of any Person means, for any period, the aggregate amount (without duplication and determined in each case in
accordance with GAAP) of: 

        (a)   interest
expensed or capitalized, paid on, or accrued (including, in accordance with the following sentence, interest attributable to Capitalized Lease Obligations) of
such Person and its Consolidated Subsidiaries during such period, in each case to the extent attributable to such period, including (1) original issue discount and non-cash interest
payments (but excluding any non-cash interest expense attributable to the movement in the mark to market valuation of Interest Swap and 

6

 

Hedging
Obligations pursuant to Financial Accounting Standards Board Statement No. 133—"Accounting for Derivative Instruments and Hedging Activities" and amortization of costs for
the issuance of Indebtedness) or accruals on any Indebtedness, (2) the interest portion of all deferred payment obligations, and (3) all commissions, discounts and other fees and charges
owed with respect to bankers' acceptances and letters of credit financings and Interest Swap and Hedging Obligations (excluding, for the avoidance of doubt, amounts due upon settlement of any such
Interest Swap and Hedging Obligations); 

        (b)   the
amount of dividends accrued or payable (or guaranteed) by such Person or any of its Consolidated Subsidiaries in respect of Preferred Stock (other than by
Subsidiaries of such Person to such Person or such Person's Wholly Owned Subsidiaries and other than those paid solely in Equity Interests other than Disqualified Capital Stock); and 

        (c)   the
amount of dividends accrued or payable in respect of any Disqualified Capital Stock of such Person and its Subsidiaries (other than those paid solely in Equity
Interests other than Disqualified Capital Stock). 

        For
purposes of this definition, (x) interest on a Capitalized Lease Obligation shall be deemed to accrue at an interest rate reasonably determined in good faith by the Company to
be the rate of interest implicit in such Capitalized Lease Obligation in accordance with GAAP and (y) without duplication, interest expense attributable to any Indebtedness represented by the
guaranty by such Person or a Subsidiary of such Person of an obligation of another Person shall be deemed to be the interest expense attributable to the Indebtedness guaranteed. 

        "Consolidated Net Income" means, with respect to any Person for any period, the net income (or loss) of such Person and its Consolidated
Subsidiaries (before preferred stock dividends and otherwise determined on a consolidated basis in accordance with GAAP) for such period, minus an amount equal to any payments made (x) to a
Parent Entity pursuant to clause (k) and (y) to a Parent Entity pursuant to clause (1), in each case, of Section 4.9 during such period, to the extent the expenses of such
Parent Entity paid with the proceeds of such dividend would not otherwise reduce Consolidated Net Income, and adjusted to exclude (only to the extent included in computing such net income (or loss)
and without duplication): 

        (a)   all
after-tax gains and losses which are either extraordinary (as determined in accordance with GAAP) or are unusual; 

        (b)   the
net income, if positive, of any Person, other than a Consolidated Subsidiary, in which such Person or any of its Consolidated Subsidiaries has an interest, except to
the extent of the amount of any dividends or distributions actually paid in cash to such Person or a Consolidated Subsidiary of such Person during such period, but in any case not in excess of such
Person's pro rata share of such Person's net income for such period; 

        (c)   the
net income, if positive, of any of such Person's Consolidated Subsidiaries to the extent that the declaration or payment of dividends or similar distributions is not
at the time permitted by operation of the terms of its charter or bylaws or any other agreement, instrument, judgment, decree, order, statute, rule or governmental regulation applicable to such
Consolidated Subsidiary; 

        (d)   the
cumulative effect of a change in accounting principles; 

        (e)   any
non-cash compensation charges or other non-cash expenses or charges arising from the grant, issuance, vesting or repricing of stock, stock
options or other equity-based awards or any amendment, modification, substitution or change in any such stock, stock options or other equity-based awards; 

7

 

        (f)    the
amount of any non-cash charges or expenses relating to any restructuring deducted in such period in computing the net income (or loss) of the Company,
except to the extent that such charges or reserves relate to a reserve or other item that is expected to be paid in cash at a later date; 

        (g)   all
unrealized gains and losses attributable to the movement in the mark to market valuation of Interest Swap and Hedging Obligations pursuant to Financial Accounting
Standards Board Statement No. 133—"Accounting for Derivative Instruments and Hedging Activities"; and 

        (h)   any
impairment charges taken in accordance with Financial Accounting Standards Board Statement No. 142. 

        "Consolidated Subsidiary" means, for any Person, each Subsidiary of such Person (whether now existing or hereafter created or acquired)
the financial statements of which are Consolidated for financial statement reporting purposes with the financial statements of such Person in accordance with GAAP. 

        "Consolidation" means, with respect to the Company, the consolidation of the accounts of the Subsidiaries with those of the Company, all
in accordance with GAAP; provided, that "Consolidation" will not include the consolidation of the accounts of any Unrestricted Subsidiary with the
accounts of the Company. The term "consolidated" has a correlative meaning to the foregoing. 

        "Corporate Trust Office of the Trustee" shall be at the address of the Trustee specified in Section 12.2 hereof or such other
address as to which the Trustee may give notice to the Company. 

        "Continuing Director" means during any period of 12 consecutive months after the Issue Date, individuals who at the beginning of
any such 12-month period constituted the Board of Directors of Parent (together with any new directors whose election by such Board of Directors or whose nomination for election by the
shareholders of Parent was approved by a vote of a majority of the directors then still in office who were either directors at the beginning of such period or whose election or nomination for election
was previously so approved, including new directors designated in or provided for in an agreement regarding the merger, consolidation or sale, transfer or other conveyance, of all or substantially all
of the assets of the Company or any Parent Entity, if such agreement was approved by a vote of such majority of directors); provided, that, for purposes
hereof, committees of Parent referred to in clause (2) of the definition of "Board of Directors" shall not be considered in determining the Continuing Directors of Parent. 

        "Credit Facilities" means each of the (1) the Existing Credit Agreement and (2) the New Credit Agreement, in each case,
including any related notes, guarantees, collateral documents, instruments and agreements executed in connection therewith, as such credit agreement and/or related documents may be amended, restated,
supplemented, renewed, replaced, refinanced (in whole or in part) or otherwise modified from time to time by one or more agreements, facilities, instruments or debt securities (including, without
limitation, debt securities sold into the capital markets) whether or not with the same agent, trustee, representative lenders or holders and whether or not previously repaid in full or in part for
any period of time, and, subject to the proviso to the next succeeding sentence, irrespective of any changes in the terms and conditions thereof. The term "Credit Facilities" shall also include any
amendment, amendment and restatement, renewal, extension, restructuring, supplement or other modification to the Existing Credit Agreement, the New Credit Agreement and all refundings, refinancings
and replacements of any credit facilities, including any agreements, facilities, instruments or debt securities: 

        (1)   extending
the maturity of any Indebtedness incurred thereunder or contemplated thereby; 

        (2)   adding
or deleting borrowers or guarantors thereunder, so long as borrowers and issuers include one or more of the Company and its Subsidiaries and their respective
successors and assigns; 

8

 

        (3)   increasing
the amount of Indebtedness incurred thereunder or available to be borrowed thereunder; provided, that on the
date such Indebtedness is incurred it would not be prohibited by Section 4.7 hereof; or 

        (4)   otherwise
altering the terms and conditions thereof in a manner not prohibited by the terms of this Indenture. 

        Without
limiting the generality of the foregoing, the term "Credit Facilities" shall include agreements in respect of Interest Swap and Hedging Obligations with Persons which, at the
time such agreements were entered into, were lenders (or Affiliates thereof) party to any of the Credit Facilities. 

        "Custodian" means any receiver, trustee, assignee, liquidator or similar official under any Bankruptcy Law. 

        "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 one or more certificated Notes registered in the name of the Holder thereof and issued in accordance with
Section 2.6 hereof, in the form of Exhibit A hereto except that such Note shall not include the information called for by footnotes 3, 4, 6 and 9 thereof. 

        "Depositary" means, with respect to the Notes issuable or issued in whole or in part in global form, the Person specified in
Section 2.3 hereof as the Depositary with respect to the Notes, until a successor will have been appointed and become such pursuant to the applicable provisions of this Indenture, and
thereafter "Depositary" will mean or include such successor. 

        "Designated Senior Indebtedness" means (A) so long as any Indebtedness is outstanding under the Credit Facilities, the Credit
Facilities and (B) at any time at which no Indebtedness is outstanding under the Credit Facilities, any series of Senior Indebtedness with at least $25,000,000 principal amount outstanding. 

        "Disqualified Capital Stock" means with respect to any Person, (a) Equity Interests of such Person that, by its terms or by the
terms of any security into which it is convertible, exercisable or exchangeable, is, or upon the happening of an event or the passage of time or both would be, required to be redeemed or repurchased
including at the option of the holder thereof by such Person or any of its Subsidiaries, in whole or in part, on or prior to 91 days following the Stated Maturity of the Notes and
(b) any Equity Interests of any Subsidiary of such Person other than any common equity with no preferences, privileges, and no redemption or repayment provisions. Notwithstanding the foregoing,
any Equity Interests that would constitute Disqualified Capital Stock solely because the holders thereof have the right to require the Company to repurchase such Equity Interests upon the occurrence
of a change of control or an asset sale shall not constitute Disqualified Capital Stock if the terms of such Equity Interests provide that the Company may not repurchase or redeem any such Equity
Interests pursuant to such provisions prior to the Company's purchase of the Notes as are required to be purchased pursuant to the provisions of Section 4.13 hereof. 

        "Distribution Compliance Period" means the 40-day distribution compliance period as defined in Regulation S. 

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

        "Euroclear" means Euroclear Bank S.A./N.V., or its successor, as operator of the Euroclear system. 

        "Event of Loss" means, with respect to any property or asset, any (1) loss, destruction or damage of such property or asset or
(2) any condemnation, seizure or taking, by exercise of the power of 

9

 

eminent
domain or otherwise, of such property or asset, or confiscation or requisition of the use of such property or asset. 

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

        "Exchange Notes" means the Series B Notes issued in the Exchange Offer pursuant to Section 2.6(f) hereof. 

        "Exchange Offer" shall mean the Registered Exchange Offer as defined in the Registration Rights Agreement. 

        "Exchange Offer Registration Statement" shall have the meaning set forth in the Registration Rights Agreement. 

        "Exempted Affiliate Transaction" means (a) customary employee compensation arrangements approved by a majority of independent (as
to such transactions) members of the Board of Directors and reasonable and customary directors fees, indemnification and similar arrangements and payments pursuant thereto, (b) transactions
solely between or among the Company and any of its Subsidiaries or solely among Subsidiaries of the Company, (c) any payments made in connection with the Transactions, substantially as
described in the Offering Circular, (d) payment of any Restricted Payment or any Investment in an Unrestricted Subsidiary, in each case, not prohibited by this Indenture, (e) payments or
loans to employees or consultants which are approved by a majority of the Board of Directors of the Company in good faith, (f) any agreement as in effect as of the Issue Date or the date the
MedSource Acquisition is consummated that was disclosed in the Offering Circular or any payment or transaction contemplated thereby, (g) transactions with customers, clients, suppliers, or
purchasers or sellers of goods or services, in each case in the ordinary course of business and otherwise in compliance with the terms of this Indenture, (h) transactions with a Person (other
than an Unrestricted Subsidiary of the Company) that is an Affiliate of the Company solely because the Company owns, directly or through a Subsidiary, an Equity Interest in, or controls, such Person,
(i) any issuance of Equity Interests (other than Disqualified Capital Stock) of the Company to Affiliates of the Company or any Capital Contribution by Affiliates of the Company, (j) the
provision of administrative services, to any Unrestricted Subsidiary on substantially the same terms provided to Subsidiaries, (k) payment of any Tax Payments that are not prohibited by this
Indenture, (l) transactions effected as part of a Qualified Securitization Transaction, and (m) payments of customary fees by the Company or any of its Subsidiaries to, and customary
transactions with, Affiliates of DLJ Merchant Banking III, Inc. made for, or in connection with, any financial advisory, underwriting, placement services or in respect of other investment
banking or commercial banking activities, including, without limitation, in connection with acquisitions or divestitures that are approved by a majority of the members of the Company's Board of
Directors in good faith. 

        "Existing Credit Agreement" means the Credit Agreement, dated as of May 31, 2000, by and among the Company, Bank of America, N.A.,
as administrative agent and the lenders and other agents party thereto, as amended through the Issue Date. 

        "Existing Indebtedness" means the Indebtedness of the Company and its Subsidiaries (other than Indebtedness under the Credit Facilities)
in existence at the closing of the MedSource Acquisition (after giving effect to the Transactions), reduced to the extent such amounts are repaid, refinanced or retired. 

        "Foreign Subsidiary" means any Subsidiary of the Company which is not organized under the laws of the United States, any state thereof or
the District of Columbia. 

        "GAAP" means United States generally accepted accounting principles set forth in the opinions and pronouncements of the Accounting
Principles Board of the American Institute of Certified Public 

10

 

Accountants
and statements and pronouncements of the Financial Accounting Standards Board or in such other statements by such other entity as approved by a significant segment of the accounting
profession in the United States as in effect on the Issue Date. Notwithstanding the foregoing, Indebtedness, Preferred Stock, expenses, charges and other items of a Person that would be reflected in
the Company's financial statements in accordance with GAAP and related rules and regulations promulgated by the Commission or the Public Company Accounting Oversight Board as a result of "push down"
accounting (or similar principles) shall be disregarded for purposes of any calculation under this Indenture's covenants. 

        "Global Notes" means one or more Notes in the form of Exhibit A hereto that includes the information referred to in footnotes 3, 4,
6 and 9 to the form of Note, attached hereto as Exhibit A, issued under this Indenture, that is deposited with or on behalf of and registered in the name of the Depositary or its nominee. 

        "Global Note Legend" means the legend set forth in Section 2.6(g)(ii) hereof, which is required to be placed on all
Global Notes issued under this Indenture. 

        "Government Securities" means direct obligations of, or obligations guaranteed by, the United States of America, and the payment for which
the United States pledges its full faith and credit. 

        "Guarantee" means a guarantee by the Guarantors of all or any part of the Notes, in accordance with Article X hereof. 

        "Guarantor" means each of the Company's present and future Subsidiaries that at the time are guarantors of the Notes in accordance with
this Indenture. 

        "Holder" means a Person in whose name a Note is registered on the Registrar's books. 

        "Indebtedness" of any Person means, without duplication: 

        (a)   all
liabilities and obligations, contingent or otherwise, of such Person, to the extent such liabilities and obligations would appear as a liability upon the
consolidated balance sheet of such Person in accordance with GAAP, (1) in respect of borrowed money (whether or not the recourse of the lender is to the whole of the assets of such Person or
only to a portion thereof), (2) evidenced by bonds, notes, debentures or similar instruments, (3) representing the balance deferred and unpaid of the purchase price of any property or
services, except those incurred in the ordinary course of its business that would constitute a trade payable to trade creditors; 

        (b)   all
liabilities and obligations, contingent or otherwise, of such Person (1) evidenced by bankers' acceptances or similar instruments issued or accepted by banks,
(2) relating to any Capitalized Lease Obligation, or (3) evidenced by a letter of credit or a reimbursement obligation of such Person with respect to any letter of credit; 

        (c)   all
net obligations of such Person under Interest Swap and Hedging Obligations; 

        (d)   all
liabilities and obligations of others of the kind described in the preceding clause (a), (b) or (c) that such Person has guaranteed or that is
otherwise its legal liability or which are secured by any assets or property of such Person; 

        (e)   any
and all deferrals, renewals, extensions, refinancing and refundings (whether direct or indirect) of, or amendments, modifications or supplements to, any liability of
the kind described in any of the preceding clauses (a), (b), (c) or (d), or this clause (e), whether or not between or among the same parties; and 

        (f)    all
Disqualified Capital Stock of such Person (measured at the greater of its voluntary or involuntary maximum fixed repurchase price plus accrued and unpaid dividends). 

11

 

For
purposes hereof, the "maximum fixed repurchase price" of any Disqualified Capital Stock which does not have a fixed repurchase price shall be calculated in accordance with the terms of such
Disqualified Capital Stock as if such Disqualified Capital Stock were purchased on any date on which Indebtedness shall be required to be determined pursuant to this Indenture, and if such price is
based upon, or measured by, the fair market value of such Disqualified Capital Stock, such fair market value
to be determined in good faith by the board of directors of the issuer of such Disqualified Capital Stock. 

The
amount of any Indebtedness outstanding as of any date shall be (1) the accreted value thereof, in the case of any Indebtedness issued with original issue discount and (2) the
principal amount thereof in the case of any other Indebtedness. 

        "Indenture" means this Indenture, as amended or supplemented from time to time in accordance with the terms hereof. 

        "Indirect Participant" means an entity that, with respect to DTC, clears through or maintains a direct or indirect, custodial relationship
with a Participant. 

        "Initial Purchasers" mean the initial purchasers of the Series A Notes under the Purchase Agreement, dated June 23, 2004,
with respect to the Series A Notes. 

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

        "Interest Payment Date" means the stated due date of an installment of interest on the Notes. 

        "Interest Swap and Hedging Obligation" means any obligation of any Person pursuant to any interest rate swap agreement, interest rate cap
agreement, interest rate collar agreement, interest rate exchange agreement, currency exchange agreement, commodity hedging agreement or any other agreement or arrangement designed to protect against
fluctuations in interest rates, currency values or commodity prices and not for speculative purposes, including, without limitation, any arrangement whereby, directly or indirectly, such Person is
entitled to receive from time to time periodic payments calculated by applying either a fixed or floating rate of interest on a stated notional amount in exchange for periodic payments made by such
Person calculated by applying a fixed or floating rate of interest on the same notional amount. 

        "Investment" by any Person in any other Person means (without duplication): 

        (a)   the
acquisition (whether by purchase, merger, consolidation or otherwise) by such Person (whether for cash, property, services, securities or otherwise) of Equity
Interests, Capital Stock, bonds, Notes, debentures, partnership or other ownership interests or other securities, including any options or warrants, of such other Person; 

        (b)   the
making by such Person of any deposit with, or advance, loan or other extension of credit to, such other Person (including the purchase of property from another
Person subject to an understanding or agreement, contingent or otherwise, to resell such property to such other Person), other than accounts receivable, endorsements for collection or deposits arising
in the ordinary course of business; 

        (c)   other
than guarantees of Indebtedness of the Company or any Subsidiary to the extent permitted by Section 4.7 hereof, the entering into by such Person of any
guarantee of, or other credit support or contingent obligation with respect to, Indebtedness or other liability of such other Person; 

        (d)   the
making of any capital contribution by such Person to such other Person; and 

        (e)   the
designation by the Board of Directors of any Person to be an Unrestricted Subsidiary. 

12

 

The
Company shall be deemed to make an Investment in an amount equal to the fair market value of the net assets of any Subsidiary (or, if neither the Company nor any of its Subsidiaries has
theretofore made an Investment in such subsidiary, in an amount equal to the Investments being made), at the time that such Subsidiary is designated an Unrestricted Subsidiary, and any property
transferred to an Unrestricted Subsidiary from the Company or a Subsidiary of the Company shall be deemed an Investment valued at its fair market value at the time of such transfer. The Company or any
of its Subsidiaries shall be deemed to have made an Investment in a Person that is or was required to be a Guarantor if, upon the issuance, sale or other disposition of any portion of the Company's or
the Subsidiary's ownership in the Capital Stock of such Person, such Person ceases to be a Guarantor. The fair market value of each Investment shall be measured at the time made or returned, as
applicable. 

        "Issue Date" means the date of first issuance of the Notes under this Indenture. 

        "Junior Security" means any Qualified Capital Stock and any Indebtedness of the Company or a Guarantor, as applicable, that is
contractually subordinated in right of payment to all Senior Indebtedness (and any securities issued in exchange for or in replacement of Senior Indebtedness) at least to the same extent as the Notes
or the Guarantee, as applicable, are subordinated to Senior
Indebtedness pursuant to this Indenture and has no scheduled installment of principal due, by redemption, sinking fund payment or otherwise, on or prior to the Stated Maturity of the Notes;  provided,
that in the case of subordination in respect of Senior Indebtedness under the Credit Facilities, "Junior Security" shall mean (except with the
consent of the requisite lenders under the Credit Facilities) any Qualified Capital Stock and any Indebtedness of the Company or the Guarantor, as applicable, that: 

        (1)   has
a final maturity date occurring after the final maturity date of all Senior Indebtedness outstanding under the Credit Facilities (and any securities issued in
exchange or replacement of such Senior Indebtedness) on the date of issuance of such Qualified Capital Stock or Indebtedness; 

        (2)   is
unsecured; 

        (3)   has
an Average Life longer than the security for which such Qualified Capital Stock or Indebtedness is being exchanged; and 

        (4)   by
its terms or by law is subordinated to Senior Indebtedness outstanding under the Credit Facilities (and any securities issued in exchange for Senior Indebtedness) on
the date of issuance of such Qualified Capital Stock or Indebtedness at least to the same extent as the Notes are subordinated to Senior Indebtedness pursuant to this Indenture (including, without
limitation, with respect to payment blockage and turnover). 

        "Letter of Transmittal" means the letter of transmittal to be prepared by the Company and sent to all Holders of the Notes for use by such
Holders in connection with the Exchange Offer. 

        "Lien" means any mortgage, charge, pledge, lien (statutory or otherwise), privilege, security interest, hypothecation or other encumbrance
upon or with respect to any property of any kind, real or personal, movable or immovable, now owned or hereafter acquired. 

        "Liquidated Damages" means all Liquidated Damages then owing pursuant to the Registration Rights Agreement. 

        "Management Agreements" means the Management Agreement dated July 6, 1999 between KRG Capital Partners, LLC and Parent, as amended
through the Issue Date, and that agreement to be entered into between DLJ Merchant Banking III, Inc. (or one of its Affiliates) and Parent on or prior to the consummation of the MedSource
Acquisition, each as described in the Offering Circular, in each case, as such agreement may be amended from time to time. 

        "MedSource" means MedSource Technologies, Inc., a Delaware corporation 

13

 

        "MedSource Acquisition" means the transactions pursuant to the Merger Agreement under which Merger Sub will merge with and into MedSource
and MedSource will be the surviving corporation and a direct wholly owned subsidiary of the Company. 

        "Merger Agreement" means the Agreement and Plan of Merger dated as of April 27, 2004, by and among the Company, Merger Sub and
MedSource. 

        "Merger Consideration and Related Costs" means: (1) the cash consideration for the MedSource Acquisition payable by the Company to
holders of MedSource's common stock and options and warrants to purchase common stock pursuant to the Merger Agreement, including any amounts payable as a result of any such holders' exercise of
dissenters' rights; (2) the cash consideration for the other Transactions; and (3) all fees and expenses related to the foregoing and payable in connection with the Transactions, in each
case, substantially as described in the Offering Circular. 

        "Merger Sub" means Pine Merger Corporation, a Delaware corporation. 

        "Moody's" means Moody's Investors Service, Inc. and its successors. 

        "Net Cash Proceeds" means the aggregate amount of cash or Cash Equivalents received by the Company in the case of a sale of Qualified
Capital Stock or a Capital Contribution and by the Company and its Subsidiaries in respect of an Asset Sale plus, in the case of an issuance of Qualified Capital Stock upon any exercise, exchange or
conversion of securities (including options, warrants, rights and convertible or exchangeable debt) of the Company that were issued for cash on or after the Issue Date, the amount of cash originally
received by the Company upon the issuance of such securities (including options, warrants, rights and convertible or exchangeable debt) less, in each case, the direct costs relating to such Asset Sale
or issuance of Qualified Capital Stock, including, without limitation, legal, accounting, investment banking and other professional fees, and brokerage and sales commissions and any relocation
expenses incurred as a result thereof incurred in connection with such Asset Sale or sale of Qualified Capital Stock, and, in the case of an Asset Sale only less (1) the amount (estimated
reasonably and in good faith by the Company) of income, franchise, sales and other applicable taxes required to be paid by the Company or any of its respective Subsidiaries in connection with such
Asset Sale in the taxable year that such sale is consummated or in the immediately succeeding taxable year, the computation of which shall take into account the reduction in tax liability resulting
from any available operating losses and net operating loss carryovers, tax credits and tax credit carry-forwards,
and similar tax attributes, (2) cash payments attributable to Persons owning an interest (other than a Lien) in the assets subject to the Asset Sale, (3) any deduction of appropriate
amounts to be provided by the Company as a reserve in accordance with GAAP against any liability associated with the asset disposed of in such transaction and retained by the Company after such sale
or other disposition thereof, including, without limitation, pension and other post-employment benefit liabilities and liabilities related to environmental matters or against any
indemnification obligations associated with such transaction and (4) any holdbacks with respect to indemnification obligations or purchase price adjustments pending receipt thereof. 

        "New Credit Agreement" means the credit and guaranty agreement dated on or prior to the closing of the MedSource Acquisition, by and among
the Company, the guarantors party thereto, certain financial institutions, Credit Suisse First Boston, acting through its Cayman Islands Branch, as sole lead arranger, sole book runner, collateral
agent and administrative agent, and the other agents party thereto, providing for (A) an aggregate $194,000,000 term loan facility, and (B) an aggregate $40,000,000 revolving credit
facility, including any related notes, guarantees, collateral documents, instruments and agreements executed in connection therewith. 

        "Non-Recourse Securitization Entity Indebtedness" has the meaning set forth in the definition of Securitization Entity. 

        "Non-U.S. Person" means any Person other than a U.S. Person. 

14

 

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

        "Obligation" means any principal, premium or interest payment, or monetary penalty, or damages, due by the Company or any Guarantor under
the terms of the Notes or this Indenture, including any Liquidated Damages due pursuant to the terms of the Registration Rights Agreement. 

        "Offering" means the offering of the Notes by the Company. 

        "Offering Circular" means the final Offering Circular, dated June 23, 2004, relating to the offer and sale of the Series A
Notes. 

        "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, the Principal Accounting Officer, or any Vice President of such
Person. 

        "Officers' Certificate" means the officers' certificate to be delivered upon the occurrence of certain events as set forth in this
Indenture. 

        "Opinion of Counsel" means an opinion from legal counsel, that meets the requirements of Sections 12.4 and 12.5 hereof, which
opinion may be subject to customary assumptions, limitations and qualifications. The counsel may be an employee of or counsel to the Company or any Subsidiary of the Company. 

        "Parent" means UTI Corporation, a Maryland corporation, or its successor. 

        "Parent Entity" means any Person that, directly or indirectly holds Voting Equity Interests of the Company with voting power, in the
aggregate, at least equal to 80% of the voting power of the Voting Equity Interests of the Company. 

        "Participant" means, with respect to the Depositary, Euroclear or Clearstream, a Person who has an account with the Depositary, Euroclear
or Clearstream, respectively (and, with respect to The Depository Trust Company, shall include Euroclear and Clearstream). 

        "Permitted Holders" means each of the Principals and any of their Related Parties. 

        "Permitted Indebtedness" means: 

        (a)   Indebtedness
of the Company and the Guarantors, evidenced by the Notes and the Guarantees issued pursuant to this Indenture up to the amounts being issued on the Issue
Date and the exchange notes or guarantees issued in exchange for such notes and Guarantees, less any amounts repaid or retired; 

        (b)   Refinancing
Indebtedness incurred by the Company and the Subsidiaries, as applicable, with respect to any Existing Indebtedness or any Indebtedness (including
Disqualified Capital Stock), described in clause (a) or incurred pursuant to the Debt Incurrence Ratio test set forth in Section 4.7 hereof, or which was refinanced pursuant to
this clause (b); 

        (c)   Indebtedness
incurred by the Company and its Subsidiaries solely in respect of bankers acceptances, reimbursement obligations with respect to letters of credit,
performance bonds, bid and surety bonds and completion guarantees and Indebtedness in respect of workers' compensation claims in each case, to the extent that such incurrence does not result in the
incurrence of any obligation to repay any obligation relating to borrowed money or other Indebtedness and incurred in the ordinary course of business; 

        (d)   Indebtedness
incurred by the Company that is owed to (borrowed from) any Subsidiary, and Indebtedness incurred by a Guarantor owed to (borrowed from) any other Guarantor
or the Company; 

15

 

 provided, that in the case of Indebtedness of the Company or a Guarantor payable to any Subsidiary that is not a Guarantor, such obligations shall be unsecured and
contractually subordinated to payments then due in respect of the Company's obligations pursuant to the Notes, and any event that causes any Subsidiary to which such Indebtedness is owed no longer to
be a Subsidiary (including by designation to be an Unrestricted Subsidiary) shall be deemed to be a new incurrence by such issuer of such Indebtedness and any guarantor thereof subject to
Section 4.7 hereof; 

        (e)   guarantees
by the Company or any Subsidiary of any Indebtedness or other obligations of the Company or any Subsidiary permitted to be incurred pursuant to this
Indenture; 

        (f)    Interest
Swap and Hedging Obligations incurred by the Company or any of its Subsidiaries that are incurred for the purpose of fixing or hedging interest rate, currency
or commodity risk with respect to any fixed or floating rate Indebtedness that is permitted by this Indenture to be outstanding or any receivable, liability or contractual provision the payment in
respect of which is determined by reference to a foreign currency or commodity; provided, that the notional amount of any such Interest Swap and Hedging
Obligation does not exceed the principal amount of Indebtedness to which such Interest Swap and Hedging Obligation relates; 

        (g)   Indebtedness
incurred by the Company or any of its Subsidiaries 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 ten Business Days; 

        (h)   Indebtedness
incurred by the Company or any of its Subsidiaries arising from agreements providing for indemnification, adjustment of purchase price,
earn-outs or similar obligations, in each case, incurred or assumed in connection with the acquisition or disposition of any business, assets or a Subsidiary or Unrestricted Subsidiary of
the Company in accordance with the terms of this Indenture, other than guarantees of Indebtedness incurred by any Person acquiring all or any portion of such business, assets or Subsidiary or
Unrestricted Subsidiary for the purpose of financing such acquisition; 

        (i)    Indebtedness
incurred by the Company or any of its Subsidiaries supported by a letter of credit issued pursuant to the Credit Facilities, in a principal amount not in
excess of the stated amount of such letter of credit; provided, such letter of credit was permitted to be issued under Section 4.7 hereof; 

        (j)    Indebtedness
incurred by the Company or any of its Subsidiaries, the net proceeds of which are used to satisfy, defease or discharge the Notes as provided under
Article VIII hereof; and 

        (k)   Indebtedness
incurred by any Foreign Subsidiary that is owed to (borrowed from) the Company or any Subsidiary of the Company; 

        "Permitted Investment" means: 

        (a)   any
Investment in any of the Notes; 

        (b)   any
Investment in cash or Cash Equivalents; 

        (c)   any
Investment: (i) by the Company or any Subsidiary in the Company (excluding payments to any securityholder of the Company by a Subsidiary of the Company),
(ii) by the Company or any Subsidiary in any Guarantor, (iii) by the Company or any Subsidiary in any Person if as a result of such Investment such Person becomes a Guarantor or such
Person is merged with or into the Company or a Guarantor, (iv) by any Foreign Subsidiary of the Company in any Foreign Subsidiary of the Company, or (v) by any Foreign Subsidiary in any
Person if as a result of such Investment such Person becomes a Foreign Subsidiary or such Person is merged with or into a Foreign Subsidiary of the Company; 

        (d)   other
Investments in any Person or Persons after the date that the MedSource Acquisition is consummated, provided, that
after giving pro forma effect to each such Investment, the aggregate amount of all such Investments made on and after the Issue Date pursuant to this
clause (d) that are 

16

 

outstanding
(after giving effect to any such Investments that are returned to the Company or the Subsidiary that made such prior Investment, without restriction, in cash on or prior to the date of any
such calculation, but only up to the amount of the Investment made under this clause (d) in such Person), at any time does not in the aggregate exceed the greater of
(x) $20,000,000 and (2) 3% of the Total Assets of the Company at the time of such Investment, in each case (measured by the value attributed to the Investment at the time made or
returned, as applicable); provided, that after giving pro forma effect to any such Investment in an
Unrestricted Subsidiary, the aggregate amount of all Investments in Unrestricted Subsidiaries pursuant to this clause (d) that are outstanding (after giving effect to any such
Investments in Unrestricted Subsidiaries that are returned to the Company or the Subsidiary that made such prior Investment, without restriction, in cash on or prior to the date of such calculation,
but only up to the amount of the Investments in Unrestricted Subsidiaries under this clause (d)) at any time does not exceed $10,000,000; 

        (e)   any
Investment in any Person solely in exchange for Qualified Capital Stock, Capital Stock of any Parent Entity or from a Capital Contribution or the Net Cash Proceeds
of any substantially concurrent sale of the Company's Qualified Capital Stock or from any substantially concurrent Capital Contribution; 

        (f)    any
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
Section 4.12 hereof; 

        (g)   Investments
represented by Interest Swap and Hedging Obligations; 

        (h)   Investments
in the form of advances to employees for travel, relocation and like expenses, in each case, consistent with the Company's past practices; 

        (i)    Investments
received in settlement of obligations or pursuant to any plan of reorganization or similar arrangement upon the bankruptcy, insolvency, reorganization,
recapitalization or liquidation of any Person or the good faith settlement of debts of, or litigation or disputes with, any Person that is not an Affiliate; 

        (j)    Investments
in MedSource and its Subsidiaries at the time of the MedSource Acquisition; and 

        (k)   Investments
by the Company or any Subsidiary in a Securitization Entity or any Investment by a Securitization Entity in any other Person in connection with a Qualified
Securitization Transaction which Investments consist of the transfer of receivables and related assets; provided, however, that any Investment in a
Securitization Entity is in the form of (a) a Purchase Money Note, (b) an equity interest, (c) obligations of the Securitization Entity to pay the purchase price for assets
transferred to it or (d) interests in either accounts receivable and related assets generated by the Company or a Subsidiary and, in each case, transferred to such Securitization Entity or
other Person in connection with a Qualified Securitization Transaction. 

        "Permitted Lien" means: 

        (a)   Liens
existing on the Issue Date; 

        (b)   Liens
imposed by governmental authorities for taxes, assessments or other charges not yet subject to penalty or which are being contested in good faith and by
appropriate proceedings, if adequate reserves with respect thereto are maintained on the books of the Company in accordance with GAAP; 

        (c)   statutory
Liens of carriers, warehousemen, mechanics, material men, landlords, repairmen or other like Liens arising by operation of law in the ordinary course of
business provided that (1) the underlying obligations are not overdue for a period of more than 30 days, or (2) such Liens are
being contested in good faith and by appropriate proceedings and adequate reserves with respect thereto are maintained on the books of the Company in accordance with GAAP; 

17

   
        (d)   Liens securing the performance of bids, trade contracts (other than borrowed money), leases, statutory obligations, surety and appeal bonds, performance bonds and other
obligations of a like nature incurred in the ordinary course of business; 

        (e)   easements,
rights-of-way, zoning, similar restrictions and other similar encumbrances or title defects which, singly or in the aggregate, do not
in any case materially detract from the value of the property, subject thereto (as such property is used by the Company or any of its Subsidiaries) or interfere with the ordinary conduct of the
business of the Company or any of its Subsidiaries; 

        (f)    Liens
arising by operation of law in connection with judgments, only to the extent, for an amount and for a period not resulting in an Event of Default with respect
thereto; 

        (g)   pledges
or deposits made in the ordinary course of business in connection with workers' compensation, unemployment insurance and other types of social security
legislation; 

        (h)   Liens
securing the Notes; 

        (i)    Liens
securing Indebtedness of a Person existing at the time such Person becomes a Subsidiary or is merged with or into the Company or a Subsidiary or Liens securing
Indebtedness incurred in connection with an acquisition, provided, that such Liens were in existence prior to the date of such acquisition, merger or
consolidation, were not incurred in anticipation thereof, and do not extend to any other assets; 

        (j)    Liens
arising from Purchase Money Indebtedness permitted to be incurred pursuant to Section 4.7 hereof; provided,
such Liens relate solely to the property which is subject to such Purchase Money Indebtedness; 

        (k)   leases
or subleases granted to other Persons in the ordinary course of business not materially interfering with the conduct of the business of the Company or any of its
Subsidiaries or materially detracting from the value of the relative assets of the Company or any Subsidiary; 

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

        (m)  Liens
securing Refinancing Indebtedness incurred to refinance any Indebtedness that was previously so secured in a manner no more adverse to the Holders than the terms
of the Liens securing such refinanced Indebtedness, and provided that the Indebtedness secured is not increased and the Lien is not extended to any
additional assets or property that would not have been security for the Indebtedness refinanced; 

        (n)   Liens
securing Senior Indebtedness (including under the Credit Facilities) incurred in accordance with the terms of Section 4.7 hereof; 

        (o)   Liens
securing Interest Swap and Hedging Obligations; 

        (p)   Liens
securing Indebtedness of any Foreign Subsidiary incurred in accordance with the provisions of Section 4.7 hereof; and 

        (q)   any
Lien securing non-Recourse Securitization Entity Indebtedness of a Securitization Entity in connection with a Qualified Securitization Transaction. 

        "Person" or "person" means any corporation, individual, joint stock company, joint
venture, partnership, limited liability company, unincorporated association, governmental regulatory entity, country, state or political subdivision thereof, trust, municipality or other entity. 

18

 

        "Preferred Stock" means any Equity Interest of any class or classes of a Person (however designated) which is preferred as to payments of
dividends, or as to distributions upon any liquidation or dissolution, over Equity Interests of any other class of such Person. 

        "Principals" means KRG Capital Partners, LLC and DLJ Merchant Banking III, Inc. 

        "Pro Forma" or "pro forma" shall have the meaning set forth in
Regulation S-X of the Securities Act unless otherwise specifically stated herein, except that, for purposes of calculating the Company's "Consolidated Coverage Ratio," such
calculation shall include the reduction in costs and related adjustments that are or will be attributable to any Acquisition otherwise included in, or giving rise to, such calculation that are or will
be (i) attributable to such Acquisition and calculated on a basis consistent with Regulation S-X of the Securities Act as in effect on the Issue Date, or
(ii) implemented, or for which the steps necessary for implementation have been, or will be, taken by the Company or any of its Subsidiaries and are reasonably expected to occur, with respect
to the Company, any Subsidiary of the Company or the business that was the subject of any such Acquisition, within 90 days after the date of the Acquisition, as if, all such reductions in costs
and related adjustments had been effected as of the beginning of the applicable Reference Period. 

        "Private Placement Legend" means the legend set forth in Section 2.6(g)(i) hereof to be placed on all Notes issued under
this Indenture except where specifically stated otherwise by the provisions of this Indenture. 

        "Public Equity Offering" means an underwritten public offering pursuant to a registration statement filed with the Commission in
accordance with the Securities Act of common stock of a Parent Entity. 

        "Purchase Money Indebtedness" of any Person means any Indebtedness of such Person to any seller or other Person incurred solely to finance
the acquisition (including in the case of a Capitalized Lease Obligation, the lease), construction, installation or improvement of any after acquired real or personal tangible property which is
incurred within 180 days following such acquisition, construction, installation or improvement and is secured only by the assets so financed. For the avoidance of doubt, it is understood and
agreed that Purchase Money Indebtedness may be incurred under the Credit Facilities. 

        "Purchase Money Note" means a promissory note of a Securitization Entity evidencing a line of credit, which may be irrevocable, from the
Company or any Subsidiary of the Company in connection with a Qualified Securitization Transaction to a Securitization Entity, which note shall be repaid from cash available to the Securitization
Entity, other than amounts required to be established as reserves pursuant to agreements, amounts paid to investors in respect of interest, principal and other amounts paid in connection with the
purchase of newly generated receivables or newly acquired equipment. 

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

        "Qualified Capital Stock" means any Capital Stock of the Company that is not Disqualified Capital Stock. 

        "Qualified Equity Offering" means (a) an underwritten public offering pursuant to a registration statement filed with the
Commission in accordance with the Securities Act, or (b) a private placement (other than to an Affiliate of the Company) resulting in net cash proceeds of $50,000,000 or more, in each case of
(1) Equity Interests (other than Disqualified Capital Stock) of the Company or (2) Equity Interests of a Parent Entity (other than Disqualified Capital Stock), to the extent that the
cash proceeds therefrom are used as a Capital Contribution to the Company. 

        "Qualified Exchange" means: 

        (1)   any
legal defeasance, redemption, retirement, repurchase or other acquisition of Capital Stock, or Indebtedness of the Company with the Net Cash Proceeds received by the
Company made within 60 days of the sale of its Qualified Capital Stock (other than to a Subsidiary) or, to the extent used to 

19

 

retire
Indebtedness (other than Disqualified Capital Stock) of the Company issued on or after the Issue Date, Refinancing Indebtedness of the Company; 

        (2)   any
issuance of Qualified Capital Stock of the Company in exchange for, or the proceeds of which are used to purchase, any Capital Stock or Indebtedness of the Company;
or 

        (3)   any
issuance of Refinancing Indebtedness (including Disqualified Capital Stock) of the Company in exchange for, or the proceeds of which are used to purchase,
Indebtedness (including Disqualified Capital Stock) of the Company. 

        "Qualified Securitization Transaction" means any transaction or series of transactions that may be entered into by the Company or any of
its Subsidiaries pursuant to which the Company or any of its Subsidiaries may sell, convey or otherwise transfer to (1) a Securitization Entity, in the case of a transfer by the Company or any
of its Subsidiaries, and (2) any other Person, in the case of a transfer by a Securitization Entity, or may grant a security interest in, any accounts receivable, whether now existing or
arising or acquired in the future, of the Company or any of its Subsidiaries, and any assets related thereto, including all collateral securing such accounts receivable, all contracts and contract
rights and all guarantees or other obligations in respect of such accounts receivable, proceeds of such accounts receivable and other assets, including contract rights, that are customarily
transferred or in respect of which security interests are customarily granted in connection with asset securitization transactions involving accounts receivable. 

        "Record Date" means a Record Date specified in the Notes, whether or not such date is a Business Day. 

        "Recourse Indebtedness" means Indebtedness as to which either the Company or any of its Subsidiaries (1) provides credit support of
any kind (including any undertaking, agreement or instrument that would constitute Indebtedness), (2) is directly or indirectly liable (as a guarantor or otherwise), or (3) constitutes
the lender. 

        "Reference Period" with regard to any Person means the four full fiscal quarters (or such lesser period during which such Person has been
in existence) ended immediately preceding any date upon which any determination is to be made pursuant to the terms of the Notes or this Indenture. 

        "Refinancing Indebtedness" means Indebtedness (including Disqualified Capital Stock) (a) issued in exchange for, or the proceeds
from the issuance and sale of which are used within 60 days to repay, redeem, defease, refund, refinance, discharge or otherwise retire for value, in whole or in part, or
(b) constituting an amendment, modification or supplement to, or a deferral or renewal of ((a) and (b) above are, collectively, a "Refinancing"), any Indebtedness (including the
Notes and Disqualified Capital Stock) in a principal amount or, in the case of Disqualified Capital Stock, liquidation preference, not to exceed (after deduction of reasonable and customary fees and
expenses incurred in connection with the Refinancing plus the amount of any premium paid in connection with such Refinancing) the lesser of (1) the principal amount or, in the case of
Disqualified Capital Stock, liquidation preference, of the Indebtedness (including Disqualified Capital Stock) so Refinanced and (2) if such Indebtedness being Refinanced was issued with an
original issue discount, the accreted value thereof (as determined in accordance with GAAP) at the time of such Refinancing; provided, that
(A) such Refinancing Indebtedness shall only be used to refinance outstanding Indebtedness (including Disqualified Capital Stock) of such Person issuing such Refinancing Indebtedness,
(B) such Refinancing Indebtedness shall (x) not have an Average Life shorter than the Indebtedness (including Disqualified Capital Stock) to be so refinanced at the time of such
Refinancing and (y) in all respects, be no less contractually subordinated or junior, if applicable, to the rights of Holders of the Notes than was the Indebtedness (including Disqualified
Capital Stock) to be refinanced, (C) such Refinancing Indebtedness shall have a final stated maturity or redemption date, as applicable, no earlier than the final stated maturity or redemption
date, as applicable, of the Indebtedness (including Disqualified 

20

 

Capital
Stock) to be so refinanced or, if sooner, 91 days after the Stated Maturity of the Notes, and (D) such Refinancing Indebtedness shall be secured (if secured) in a manner no more
adverse to the Holders of the Notes than the terms of the Liens (if any) securing such refinanced Indebtedness, including, without limitation, the amount of Indebtedness secured shall not be
increased. For the avoidance of doubt, Indebtedness (other than Disqualified Capital Stock), shall not constitute "Refinancing Indebtedness" in connection with a Refinancing of Disqualified Capital
Stock. 

        "Reg S Permanent Global Note" means one or more permanent Global Notes bearing the Private Placement Legend, that will be issued in an
aggregate amount of denominations equal in total to the outstanding principal amount of the Reg S Temporary Global Note upon expiration of the Distribution Compliance Period. 

        "Reg S Temporary Global Note" means one or more temporary Global Notes bearing the Private Placement Legend and the Reg S Temporary Global
Note Legend, issued in an aggregate amount of denominations equal in total to the outstanding principal amount of the Notes initially sold in reliance on Rule 903 of Regulation S. 

        "Reg S Temporary Global Note Legend" means the legend set forth in Section 2.6(g)(iii) hereof, which is required to
be placed on all Reg S Temporary Global Notes issued under this Indenture. 

        "Registration Rights Agreement" means the Registration Rights Agreement, dated as of the Issue Date, by and among the Company and the
other parties named on the signature pages thereto, as such agreement may be amended, modified or supplemented from time to time. 

        "Regulation S" means Regulation S promulgated under the Securities Act, as it may be amended from time to time, and any successor
provision thereto. 

        "Regulation S Global Note" means a Reg S Temporary Global Note or a Reg S Permanent Global Note, as the case may be. 

        "Related Business" means the business conducted (or proposed to be conducted) by the Company and its Subsidiaries as of the Issue Date and
any and all businesses that in the good faith judgment of the Board of Directors are materially related, ancillary or complementary businesses. 

        "Related Business Asset" means assets (except in connection with the acquisition of a Subsidiary in a Related Business that becomes a
Guarantor, other than notes, bonds, obligations and securities) and capital expenditures, in each case that, in the good faith reasonable judgment of the Board of Directors, will immediately
constitute, be a part of, or be used in, a Related Business of the Company or a Subsidiary. 

        "Related Party" with respect to either of the Principals means: 

        (a)   any
investment fund controlled by or under common control with such Principal, and any officer, director or employee of such Principal or any entity controlled by or
under common control with such Principal; 

        (b)   any
spouse or lineal descendant (including by adoption and stepchildren) of the officers, directors and employees referred to in clause (a) above; and 

        (c)   any
trust, corporation or partnership or other entity of which 80% in interest is held by beneficiaries, stockholders, partners or owners who are one or more of the
persons described in clauses (a) or (b); 

        "Restricted Definitive Note" means one or more Definitive Notes bearing the Private Placement Legend, issued under this Indenture. 

21

 

        "Restricted Global Note" means one or more Global Notes bearing the Private Placement Legend, issued under this Indenture; provided, that
in no case shall an Exchange Note issued in accordance with this Indenture and the terms of the Registration Rights Agreement be a Restricted Global Note. 

        "Restricted Investment" means, in one or a series of related transactions, any Investment, other than other Permitted Investments. 

        "Restricted Payment" means, with respect to any Person: 

        (a)   the
declaration or payment of any dividend or other distribution in respect of Equity Interests of such Person or any Parent Entity of such Person; 

        (b)   any
payment (except to the extent made with Qualified Capital Stock) on account of the purchase, redemption or other acquisition or retirement for value of Equity
Interests of such Person or any Parent Entity of such Person; 

        (c)   other
than with the proceeds from the substantially concurrent sale of, or in exchange for, Refinancing Indebtedness, any purchase, redemption, or other acquisition or
retirement for value of, any payment in respect of any amendment of the terms of or any defeasance of, any Subordinated Indebtedness (other than the Notes), directly or indirectly, by such Person or a
Subsidiary of such Person prior to the scheduled maturity, any scheduled repayment of principal, or scheduled sinking fund payment, as the case may be, of such Indebtedness; and 

        (d)   any
Restricted Investment by such Person, 

provided, however, that the term "Restricted Payment" does not include (1) any dividend,
distribution or other payment on or with respect to Equity Interests of an issuer to the extent payable solely in shares of Qualified Capital Stock of such issuer, (2) any dividend,
distribution or other payment (in each case, that does not constitute an "Investment") to the Company, or to any Subsidiary of the Company, by the Company or any of its Subsidiaries, (3) any
Investment in any Guarantor by the Company or any Subsidiary, (4) any Investment in the Company by any Subsidiary of the Company so long as the Company receives the proceeds of such Investment,
or (5) the payment of the Merger Consideration and Related Costs. 

        "Rule 144" means Rule 144 promulgated under the Securities Act, as it may be amended from time to time, and any successor
provision thereto. 

        "Rule 144A" means Rule 144A promulgated under the Securities Act, as it may be amended from time to time, and any successor
provision thereto. 

        "Securities Act" means the Securities Act of 1933, as amended, and the rules and regulations of the Commission thereunder. 

        "Securitization Entity" means a wholly owned subsidiary (or a wholly owned subsidiary of another Person in which the Company or any
subsidiary of the Company makes an Investment and in which the Company or any Subsidiary of the Company transfers accounts receivable or equipment and related assets) that engages in no activities
other than in connection with the financing of accounts receivable and that is designated by the Board of Directors of the Company (as provided below) as a Securitization Entity and: 

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

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

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

22

 

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

        (such
Indebtedness described in this clause (1), being referred to as "Non-Recourse Securitization Entity Indebtedness"); 

        (2)   with
which neither the Company nor any Subsidiary (other than such Securitization Entity) has any material contract, agreement, arrangement or understanding other than
those that might be obtained at the time from Persons that are not Affiliates of the Company, other than fees payable in the ordinary course of business in connection with servicing accounts
receivable of such entity; and 

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

        Any
designation of a Subsidiary as a Securitization Entity 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 the designation and an Officers' Certificate certifying that the designation complied with the preceding conditions and was permitted by this Indenture. 

        "Senior Indebtedness" of the Company or any Guarantor means Indebtedness of the Company or such Guarantor arising under the Credit
Facilities (including any fees, costs and other monetary obligation in respect of the Credit Facilities, and interest, whether or not allowable, accruing on Indebtedness incurred pursuant to the
Credit Facilities after the filing of a petition initiating any proceeding under any bankruptcy, insolvency or similar law) or that, by the terms of the instrument creating or evidencing such
Indebtedness, is expressly designated as Senior Indebtedness and made senior in right of payment to the Notes or the applicable Guarantee and all obligations for principal, premium, interest,
penalties, fees, indemnifications, expenses, reimbursements, damages and other amounts payable pursuant to the documentation governing or relating to such Indebtedness;  provided, that in no event shall
Senior Indebtedness include (a) Indebtedness to any Subsidiary of the Company or any officer, director or
employee of the Company or any Subsidiary of the Company, (b) Indebtedness incurred in violation of the terms of this Indenture; provided, that
Indebtedness under the Credit
Facilities will not cease to be Senior Indebtedness as a result of this clause (b) if the lenders thereunder obtained a certificate from an executive officer of the Company on the date
such Indebtedness was incurred certifying that the incurrence of such Indebtedness was not prohibited by this Indenture, (c) Indebtedness to trade creditors, (d) Disqualified Capital
Stock, and (e) any liability for taxes owed or owing by the Company or such Guarantor. 

        "Shelf Registration Statement" shall have the meaning set forth in the Registration Rights Agreement. 

        "Significant Subsidiary" means any Subsidiary or group of Subsidiaries that would constitute a "significant subsidiary" of the Company as
defined in Regulation S-X of the Securities Act, as in effect on the Issue Date. 

        "S&P" means Standard & Poor's Ratings Services, a division of The McGraw-Hill Companies, and its successors. 

        "Special Record Date" means, for payment of any Defaulted Interest, a date fixed by the Paying Agent pursuant to Section 2.12
hereof. 

        "Standard Securitization Undertakings" means representations, warranties, covenants and indemnities entered into by the Company or any
Subsidiary that are reasonably customary in an accounts receivable securitization transaction, including servicing of the obligations thereunder. 

23

 

        "Stated Maturity," when used with respect to any Note, means July 15, 2012. 

        "Subordinated Indebtedness" means Indebtedness of the Company or a Guarantor that is subordinated in right of payment by its terms or the
terms of any document or instrument relating thereto to the Notes or such Guarantee, as applicable, in any respect. 

        "Subsidiary," with respect to any Person, means (1) a corporation with a majority of the voting power of its Voting Equity
Interests, at the time, directly or indirectly, owned by such Person, by such Person and one or more Subsidiaries of such Person or by one or more Subsidiaries of such Person, (2) any other
Person (other than a corporation) in which such Person, one or more Subsidiaries of such Person, or such Person and one or more Subsidiaries of such Person, directly or indirectly, at the date of
determination thereof has a majority of the voting power of its Voting Equity Interests, or (3) a partnership in which such Person or a Subsidiary of such Person is, at the time, a general
partner and in which such Person, directly or indirectly, at the date of determination thereof has a majority economic ownership interest. Notwithstanding the foregoing, an Unrestricted Subsidiary
shall not be a Subsidiary of the Company or of any Subsidiary of the Company. Unless the context requires otherwise, Subsidiary means each direct and indirect Subsidiary of the Company. 

        "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. 

        "Transactions" shall mean the "Transactions" as described in the Offering Circular. 

        "Total Assets" means, as of any date of determination, the total consolidated assets of the Company and its Subsidiaries as set forth on
the most recent consolidated balance sheet of the Company and its Subsidiaries. 

        "Transfer Restricted Notes" means Global Notes and Definitive Notes that bear or are required to bear the Private Placement Legend, issued
under this Indenture. 

        "Unrestricted Definitive Note" means one or more Definitive Notes that do not bear and are not required to bear the Private Placement
Legend, issued under this Indenture. 

        "Unrestricted Global Note" means one or more permanent Global Notes representing a series of Notes that does not bear and is not required
to bear the Private Placement Legend, issued under this Indenture. 

        "Unrestricted Subsidiary" means any subsidiary of the Company that does not directly, indirectly or beneficially own any Capital Stock of,
and Subordinated Indebtedness of, or own or hold any Lien on any property of, the Company or any other Subsidiary of the Company and that, at the time of determination, shall be an Unrestricted
Subsidiary (as designated by the Board of Directors); provided, that such Subsidiary at the time of such designation (a) has no Recourse
Indebtedness; (b) is not party to any agreement, contract, arrangement or understanding with the Company or any Subsidiary of the Company unless the terms of any such agreement, contract,
arrangement or understanding are no less favorable to the Company or such Subsidiary than those that might be obtained at the time from Persons who are not Affiliates of the Company (unless in
compliance with Section 4.11 hereof); (c) is a Person with respect to which neither the Company nor any of its 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; and (d) has
not guaranteed or otherwise directly or indirectly provided credit support for any Indebtedness of the Company or any of its Subsidiaries. The Board of Directors may designate any Unrestricted
Subsidiary to be a Subsidiary, provided, that (1) no Default or Event of Default is existing or will occur as a consequence thereof and
(2) immediately after giving effect to such designation, on a pro forma basis, the Company could incur at least $1.00 of Indebtedness pursuant to
the Debt Incurrence Ratio set forth in Section 4.7 hereof. Each such designation shall be evidenced by filing with the Trustee a 

24

 

certified
copy of the resolution giving effect to such designation and an Officers' Certificate certifying that such designation complied with the foregoing conditions. 

        "U.S. Government Obligations" means direct noncallable obligations of, or noncallable obligations guaranteed by, the United States of
America for the payment of which obligation or guarantee the full faith and credit of the United States of America is pledged. 

        "U.S. Person" means a U.S. person as defined in Rule 902(o) under the Securities Act. 

        "Voting Equity Interests" of any Person means Equity Interests of such Person then outstanding that at the time are entitled to vote in
the election of, as applicable, directors, members or partners generally. 

        "Wholly Owned Subsidiary" means a Subsidiary all the Equity Interests of which (other than directors' qualifying shares) are owned by the
Company or one or more Wholly Owned Subsidiaries of the Company or a combination thereof. 

SECTION 1.2 Other Definitions  

	Term
 
	 	Defined in Section

	"Acceleration Notice"	 	6.2(a)
	"Affiliate Transaction"	 	4.11
	"Asset Sale"	 	4.12
	"Asset Sale Amount"	 	4.12
	"Asset Sale Offer"	 	4.12
	"Asset Sale Offer Amount"	 	4.12
	"Asset Sale Offer Price"	 	4.12
	"Asset Sale Offer Period"	 	4.12
	"Authentication Order"	 	2.2
	"Benefited Party"	 	10.1
	"Change of Control Offer"	 	4.13
	"Change of Control Offer Period"	 	4.13
	"Change of Control Purchase Date"	 	4.13
	"Change of Control Purchase Price"	 	4.13
	"Company"	 	Preamble
	"Company Affiliated Group"	 	4.9(k)
	"Covenant Defeasance"	 	8.3
	"Debt Incurrence Ratio"	 	4.7
	"Defaulted Interest"	 	2.12
	"Discharge"	 	Definition of "Consolidated Coverage Ratio"
	"DTC"	 	2.3
	"Excess Proceeds"	 	4.12
	"Medical Device Manufacturing, Inc."	 	Preamble
	"Guarantee Obligations"	 	10.1
	"incur" or "incurrence"	 	4.7
	"Incurrence Date"	 	4.7
	"Investment Company Act"	 	4.15
	"Legal Defeasance"	 	8.2
	"Notes"	 	Preamble
	"Paying Agent"	 	2.3
	"Payment Blockage Period"	 	11.2(b)
	"Payment Default"	 	11.2(a)
	 	 	 

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	"Payment Blockage Notice"	 	11.2(b)
	"Redemption Date"	 	3.7(a)
	"Registrar"	 	2.3
	"Refinancing"	 	Definition of "Refinancing Indebtedness"
	"Series A Notes"	 	Preamble
	"Series B Notes"	 	Preamble
	"Tax Payment"	 	4.9(k)
	"Transaction Date"	 	Definition of "Consolidated Coverage Ratio"
	"Trustee"	 	Preamble

SECTION 1.3 Incorporation by Reference of Trust Indenture Act  

        Whenever this Indenture refers to a provision of the TIA, such 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: 

        "Commission" means the Securities and Exchange Commission; 

        "obligor" on the Notes means the Company, each Guarantor and any successor obligor on 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 1.4 Rules of Construction  

        Unless the context otherwise requires: 

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

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

        (3)   "or"
is not exclusive; 

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

        (5)   provisions
apply to successive events and transactions; 

        (6)   "herein,"
"hereof" and other words of similar import refer to this Indenture as a whole and not to any particular Article, Section or other subdivision; 

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

        (8)   calculation
of amounts for purposes of any provision of this Indenture shall be without duplication of amounts otherwise included in such calculation; and 

        (9)   any
amount requiring calculation of a U.S. dollar-equivalent of a currency other than U.S. dollars shall be based on the exchange rate in effect at the time of the
transaction or calculation, as applicable, without regard to subsequent fluctuations in such exchange rate. 

26

 

ARTICLE II

THE NOTES  

SECTION 2.1 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
terms and provisions contained in the Notes shall constitute, and are hereby expressly made, a part of this Indenture and the Company, the Guarantors 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 thereon and the "Schedule of Exchanges of Interests in the Global Note" attached thereto). Notes issued in definitive form 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 shall represent 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
or the Notes Custodian, at the direction of the Trustee, in accordance with instructions given by the Holder thereof as required by Section 2.6 hereof. 

        (c)   Euroclear and Clearstream Procedures Applicable. The provisions of the "Operating Procedures of the Euroclear System" and
"Terms and Conditions Governing Use of Euroclear" and the "General Terms and Conditions of Clearstream Banking Luxembourg" and "Customer Handbook" of Clearstream in effect at the relevant time shall
be applicable to transfers of beneficial interests in the Regulation S Global Notes that are held by Participants through Euroclear or Clearstream. 

SECTION 2.2 Execution and Authentication  

        An Officer shall sign the Notes for the Company by manual or facsimile signature. In the case of Definitive Notes, such signatures may be imprinted or otherwise
reproduced on such Notes. 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 an Officer (an "Authentication Order"), authenticate Notes for issuance up to the aggregate principal amount stated in such
Authentication Order; provided that Notes authenticated for issuance on the Issue Date shall not exceed $175,000,000 in aggregate principal amount. 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. 

27

 

SECTION 2.3 Registrar, Paying Agent and Depositary  

        The Company shall maintain an office or agency in the Borough of Manhattan, The City 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 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 Notes Custodian with respect to the Global Notes. 

SECTION 2.4 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, if any, or Liquidated Damages, if any, or interest on the Notes, and will notify the Trustee of any default by the Company in making any such payment.
While any such default continues, the Trustee may require a Paying Agent 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 2.5 Holder Lists  

        The Trustee shall preserve in as current a form as is reasonably practicable the most recent list available to it of the names and addresses of all Holders and
shall otherwise comply with TIA § 312(a). If the Trustee is not the Registrar, the Company shall furnish, or shall cause the Registrar (if other than the Company) to furnish, to 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 TIA § 312(a). 

SECTION 2.6 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 will be exchanged by the Company for Definitive Notes if (i) the Company delivers to the Trustee notice from the Depositary that (x) the
Depositary is unwilling or unable to continue to act as Depositary for the Global Notes and the Company thereupon fails to appoint a successor Depositary within 120 days or (y) the
Depositary is no longer a clearing agency registered under the Exchange Act, (ii) the Company in its sole discretion determines that the Global Notes (in whole but not in part) should be
exchanged for Definitive Notes and delivers a written notice to such effect to the Trustee or (iii) upon request of the Trustee or Holders of a majority of the aggregate principal amount of
outstanding Notes if there 

28

 

shall
have occurred and be continuing a Default or Event of Default with respect to the Notes; provided that in no event shall the Reg S Temporary Global Note be exchanged by the Company for
Definitive Notes prior to (x) the expiration of the Distribution Compliance Period and (y) the receipt by the Registrar of any certificates identified by the Company and its counsel to
be required pursuant to Rule 903 or Rule 904 under the Securities Act. Upon the occurrence of any of the preceding events in (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 2.7 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 2.6 or Section 2.7 or 2.10 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 2.6(a), however, beneficial interests in a Global Note may be transferred and exchanged as provided in Section 2.6(b), (c) or (f) 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. Beneficial interests in the Restricted Global Notes shall
be subject to restrictions on transfer comparable to those set forth herein to the extent required by the Securities Act. Transfers of beneficial interests in the Global Notes also 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 Restricted Global Note may
be transferred to Persons who take delivery thereof in the form of a beneficial interest in the same Restricted Global Note in accordance with the transfer restrictions set forth in the Private
Placement Legend; provided, however, that prior to the expiration of the Distribution Compliance Period, transfers of beneficial interests in the Reg S Temporary Global Note may not be made to
a U.S. Person or for the account or benefit of a U.S. Person (other than an Initial Purchaser). Beneficial interests in any Unrestricted Global Note may be transferred to Persons who take
delivery thereof in the form of a beneficial interest in an Unrestricted Global Note. No written orders or instructions shall be required to be delivered to the Registrar to effect the transfers
described in this Section 2.6(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 2.6(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 (B)(1) above; provided, that in no event shall Definitive Notes be issued upon the transfer or exchange of beneficial interests in the Reg
S Temporary Global Note prior to (x) the expiration of the Distribution Compliance Period and (y) the receipt by the Registrar of any certificates identified by the Company or its
counsel to be required pursuant to Rule 903 and Rule 904 under the Securities Act. Upon consummation of an Exchange Offer by the Company in accordance with
Section 2.6(f) hereof, the requirements of this Section 2.6(b)(ii) shall be deemed to have been satisfied upon receipt by the Registrar of the instructions contained in the 

29

 

Letter
of Transmittal delivered by the Holder of such beneficial interests in the Restricted Global Notes. 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 2.6(h) hereof. 

        (iii)  Transfer of Beneficial Interests to Another Restricted Global Note. A beneficial interest in any Restricted Global
Note may be transferred to a Person who takes delivery thereof in the form of a beneficial interest in another Restricted Global Note if the transfer complies with the requirements of
Section 2.6(b)(ii) above and the Registrar receives the following: 

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

        (B)  if
the transferee will take delivery in the form of a beneficial interest in the Reg S Temporary Global Note or the Reg S Permanent Global Note, then the
transferor must deliver a certificate in the form of Exhibit B hereto, including the certifications in item (2) thereof. 

        (iv)  Transfer and Exchange of Beneficial Interests in a Restricted Global Note for Beneficial Interests in the Unrestricted Global
Note. A beneficial interest in any Restricted Global Note may be exchanged by any holder thereof for a beneficial interest in an Unrestricted Global Note or transferred
to a Person who
takes delivery thereof in the form of a beneficial interest in an Unrestricted Global Note if the exchange or transfer complies with the requirements of Section 2.6(b)(ii) above
and: 

        (A)  such
exchange or transfer is effected pursuant to the Exchange Offer in accordance with the Registration Rights Agreement and Section 2.6(f) hereof, and the
holder of the beneficial interest to be transferred, in the case of an exchange, or the transferee, in the case of a transfer, certifies in the applicable Letter of Transmittal that it is not
(1) a Broker-Dealer, (2) a Person participating in the distribution of the Exchange Notes or (3) a Person who is an affiliate (as defined in Rule 144) of the Company (or
such other certification as the Company or its counsel determines to be required under applicable laws); 

        (B)  such
transfer is effected pursuant to the Shelf Registration Statement in accordance with the Registration Rights Agreement; 

        (C)  such
transfer is effected by a Broker-Dealer pursuant to the Exchange Offer Registration Statement in accordance with the Registration Rights Agreement; or 

        (D)  the
Registrar receives the following: (1) if the holder of such beneficial interest in a Restricted Global Note proposes to exchange such beneficial
interest for a beneficial interest in an Unrestricted Global Note, a certificate from such holder in the form of Exhibit C hereto, including the certifications in item (1)(a) thereof; or
(2) if the holder of such beneficial interest in a Restricted Global Note proposes to transfer such beneficial interest to a Person who shall take delivery thereof in the form of a
beneficial interest in an Unrestricted Global Note, a certificate from such holder in the form of Exhibit B hereto, including the certifications in item (4) thereof; and, in each such
case set forth in this subparagraph (D), if the Registrar so requests or if the Applicable Procedures so require, an Opinion of Counsel in form, reasonably acceptable to the Registrar and the Company
to the effect that such exchange or transfer is in compliance with the Securities Act and that the restrictions on transfer contained herein and in the Private Placement Legend are no longer required
in order to maintain compliance with the Securities Act. 

30

 

        If
any such transfer is effected pursuant to subparagraph (B) or (D) above at a time when an Unrestricted Global Note has not yet been issued, the Company shall
issue and, upon receipt of an Authentication Order in accordance with Section 2.2 hereof, the Trustee shall authenticate one or more Unrestricted Global Notes in an aggregate principal amount
equal to the aggregate principal amount of beneficial interests transferred pursuant to subparagraph (B) or (D) above. Beneficial interests in an Unrestricted Global Note cannot
be exchanged for, or transferred to Persons who take delivery thereof in the form of, a beneficial interest in a Restricted Global Note. 

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

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

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

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

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

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

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

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

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

the
Trustee shall cause the aggregate principal amount of the applicable Restricted Global Note to be reduced accordingly pursuant to Section 2.6(h) hereof, and the Company shall execute
and, upon receipt of an Authentication Order pursuant to Section 2.2 hereof, the Trustee shall authenticate and deliver to the Person designated in the instructions a Restricted Definitive
Note in the appropriate principal amount. Any Restricted Definitive Note issued in exchange for a beneficial interest in a Restricted Global Note pursuant to this
Section 2.6(c) shall be registered in such name or names and in such authorized denomination or denominations as the holder of such beneficial interest shall instruct the Registrar through
instructions from the Depositary and the Participant or Indirect Participant. The Trustee shall deliver such Restricted Definitive Notes to the Persons in whose names such Notes are so registered. Any
Restricted Definitive Note issued in exchange for a beneficial interest 

31

 

in
a Restricted Global Note pursuant to this Section 2.6(c)(i) shall bear the Private Placement Legend and shall be subject to all restrictions on transfer contained therein. 

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

        (A)  such
exchange or transfer is effected pursuant to the Exchange Offer in accordance with the Registration Rights Agreement and Section 2.6(f) hereof, and the
holder of such beneficial interest, in the case of an exchange, or the transferee, in the case of a transfer, certifies in the applicable Letter of Transmittal that it is not (1) a
Broker-Dealer, (2) a Person participating in the distribution of the Exchange Notes or (3) a Person who is an affiliate (as defined in Rule 144) of the Company (or such other
certification as the Company or its counsel determines to be required under applicable law); 

        (B)  such
transfer is effected pursuant to the Shelf Registration Statement in accordance with the Registration Rights Agreement; 

        (C)  such
transfer is effected by a Broker-Dealer pursuant to the Exchange Offer Registration Statement in accordance with the Registration Rights Agreement; or 

        (D)  the
Registrar receives the following: (1) if the holder of such beneficial interest in a Restricted Global Note proposes to exchange such beneficial
interest for an Unrestricted Definitive Note, a certificate from such holder in the form of Exhibit C hereto, including the certifications in item (1)(b) thereof; or (2) if the
holder of such beneficial interest in a Restricted Global Note proposes to transfer such beneficial interest to a Person who shall take delivery thereof in the form of an Unrestricted
Definitive Note, a certificate from such holder in the form of Exhibit B hereto, including the certifications in item (4) thereof; and, in each such case set forth in this subparagraph
(D), an
Opinion of Counsel in form, reasonably acceptable to the Registrar and the Company to the effect that such exchange or transfer is in compliance with the Securities Act and that the restrictions on
transfer contained herein and in the Private Placement Legend are no longer required in order to maintain compliance with the Securities Act. 

        (iii)  Beneficial Interests in Unrestricted Global Notes to Unrestricted Definitive Notes. If any holder of a beneficial
interest in an Unrestricted Global Note proposes to exchange such beneficial interest for an Unrestricted Definitive Note or to transfer such beneficial interest to a Person who takes
delivery thereof in the form of an Unrestricted Definitive Note, then, upon satisfaction of the conditions set forth in Section 2.6(b)(ii) hereof, the Trustee shall cause the aggregate
principal amount of the applicable Unrestricted Global Note to be reduced accordingly pursuant to Section 2.6(h) hereof, and the Company shall execute and, upon receipt of an
Authentication Order pursuant to Section 2.2 hereof, the Trustee shall authenticate and deliver to the Person designated in the instructions an Unrestricted Definitive Note in the
appropriate principal amount. Any Unrestricted Definitive Note issued in exchange for a beneficial interest pursuant to this Section 2.6(c)(iii) shall be registered in such name
or names and in such authorized denomination or denominations as the holder of such beneficial interest shall instruct the Registrar through instructions from the Depositary and the Participant or
Indirect Participant. The Trustee shall deliver such Unrestricted Definitive Notes to the Persons in whose names such Notes are so registered. Any Unrestricted Definitive Note issued in
exchange for a beneficial interest pursuant to this Section 2.6(c)(iii) shall not bear the Private Placement Legend. 

        (iv)  Transfer or Exchange of Reg S Temporary Global Notes. Notwithstanding the other provisions of this Section 2.6, a
beneficial interest in the Reg S Temporary Global Note may not be 

32

 

(A) exchanged
for a Definitive Note prior to (x) the expiration of the Distribution Compliance Period (unless such exchange is effected by the Company, does not require an
investment decision on the part of the holder thereof and does not violate the provisions of Regulation S) and (y) the receipt by the Registrar of any certificates identified by the
Company or its counsel to be required pursuant to Rule 903(c)(3)(B) under the Securities Act or (B) transferred to a Person who takes delivery thereof in the form of a Definitive
Note prior to the events set forth in clause (A) above or unless the transfer is pursuant to an exemption from the registration requirements of the Securities Act other than
Rule 903 or Rule 904. 

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

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

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

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

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

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

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

        (A)  such
exchange or transfer is effected pursuant to the Exchange Offer in accordance with the Registration Rights Agreement and Section 2.6(f) hereof, and the
Holder, in the case of an exchange, or the transferee, in the case of a transfer, certifies in the applicable Letter of Transmittal that it is not (1) a Broker-Dealer, (2) a Person
participating in the distribution of the Exchange Notes or (3) a Person who is an affiliate (as defined in Rule 144) of the Company (or such other certifications as the Company or its
counsel determines to be required under applicable law); 

        (B)  such
transfer is effected pursuant to the Shelf Registration Statement in accordance with the Registration Rights Agreement; 

        (C)  such
transfer is effected by a Broker-Dealer pursuant to the Exchange Offer Registration Statement in accordance with the Registration Rights Agreement; or 

        (D)  the
Registrar receives the following: (1) if the Holder of such Restricted Definitive Notes proposes to exchange such Notes for a beneficial interest in the
Unrestricted Global 

33

 

Note,
a certificate from such Holder in the form of Exhibit C hereto, including the certifications in item (1)(c) thereof; or (2) if the Holder of such Restricted Definitive Notes
proposes to transfer such Notes to a Person who shall take delivery thereof in the form of a beneficial interest in the Unrestricted Global Note, a certificate from such Holder in the form of
Exhibit B hereto, including the certifications in item (4) thereof; and, in each such case set forth in this subparagraph (D), if the Registrar so requests or if the Applicable
Procedures so require, an Opinion of Counsel in form, reasonably acceptable to the Registrar and the Company to the effect that such exchange or transfer is in compliance with the Securities Act and
that the restrictions on transfer contained herein and in the Private Placement Legend are no longer required in order to maintain compliance with the Securities Act. Upon satisfaction of the
conditions of any of the subparagraphs in this Section 2.6(d)(ii), the Trustee shall cancel the Restricted Definitive Notes so transferred or exchanged and increase or cause to be increased the
aggregate principal amount of the Unrestricted Global Note. 

        (iii)  Unrestricted Definitive Notes to Beneficial Interests in Unrestricted Global Notes. A Holder of an Unrestricted
Definitive Note may exchange such Note for a beneficial interest in an Unrestricted Global Note or transfer such Definitive Notes to a Person who takes delivery thereof in the
form of a beneficial interest in an Unrestricted Global Note at any time. Upon receipt of a request for such an exchange or transfer, the Trustee shall cancel the applicable Unrestricted
Definitive Note and increase or cause to be increased the aggregate principal amount of one of the Unrestricted Global Notes. If any such exchange or transfer from a Definitive Note to a
beneficial interest is effected pursuant to subparagraphs (ii)(B), (ii)(D) or (iii) of this Section 2.6(d) at a time when an Unrestricted Global Note has not yet
been issued, the Company shall issue and, upon receipt of an Authentication Order in accordance with Section 2.2 hereof, the Trustee shall authenticate one or more Unrestricted Global Notes in
an aggregate principal amount equal to the principal amount of Definitive Notes so transferred. 

        (e)   Transfer and Exchange of Definitive Notes for Definitive Notes. Upon request by a Holder of Definitive Notes and such
Holder's compliance with the provisions of this Section 2.6(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. In addition, the requesting Holder shall provide any additional certifications, documents and information, as applicable,
required pursuant to the following provisions of this Section 2.6(e). 

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

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

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

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

34

 

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

        (A)  such
exchange or transfer is effected pursuant to the Exchange Offer in accordance with the Registration Rights Agreement and Section 2.6(f) hereof, and the
Holder, in the case of an exchange, or the transferee, in the case of a transfer, certifies in the applicable Letter of Transmittal that it is not (1) a Broker-Dealer, (2) a Person
participating in the distribution of the Exchange Notes or (3) a Person who is an affiliate (as defined in Rule 144) of the Company (or such other certification as the Company or its
counsel determines to be required under applicable law); 

        (B)  any
such transfer is effected pursuant to the Shelf Registration Statement in accordance with the Registration Rights Agreement; 

        (C)  any
such transfer is effected by a Broker-Dealer pursuant to the Exchange Offer Registration Statement in accordance with the Registration Rights Agreement; or 

        (D)  the
Registrar receives the following: (1) if the Holder of such Restricted Definitive Notes proposes to exchange such Notes for an Unrestricted Definitive Note, a
certificate from such Holder in the form of Exhibit C hereto, including the certifications in item (1)(d) thereof; or (2) if the Holder of such Restricted Definitive Notes
proposes to transfer such Notes to a Person who shall take delivery thereof in the form of an Unrestricted Definitive Note, a certificate from such Holder in the form of Exhibit B hereto,
including the certifications in item (4) thereof; and, in each such case set forth in this
subparagraph (D), an Opinion of Counsel in form reasonably acceptable to the Registrar and the Company to the effect that such exchange or transfer is in compliance with the Securities Act and that
the restrictions on transfer contained herein and in the Private Placement Legend are no longer required in order to maintain compliance with the Securities Act. 

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

        (f)    Exchange Offer. Upon the occurrence of the Exchange Offer in accordance with the Registration Rights Agreement, the
Company shall issue and, upon receipt of an Authentication Order in accordance with Section 2.2 hereof, the Trustee shall authenticate (i) one or more Unrestricted Global Notes in an
aggregate principal amount equal to the sum of (A) the principal amount of the beneficial interests in the Restricted Global Notes tendered for acceptance by Persons that certify in the
applicable Letters of Transmittal that (x) they are not Broker-Dealers, (y) they are not participating in a distribution of the Exchange Notes and (z) they are not affiliates (as
defined in Rule 144) of the Company (or such other certification as the Company or its counsel determines to be required under applicable law), and accepted for exchange in the Exchange Offer
and (B) the principal amount of Definitive Notes exchanged or transferred for beneficial interests in Unrestricted Global Notes in connection with the Exchange Offer pursuant to
Section 2.6(d)(ii) hereof and (ii) Definitive Notes in an aggregate principal amount equal to the principal amount of the Restricted Definitive Notes accepted for exchange in the
Exchange Offer (other than Definitive Notes described in clause (i)(B) immediately above). Concurrently with the issuance of such Notes, the Trustee shall cause the aggregate principal
amount of the applicable Restricted Global Notes to be reduced accordingly, and the Company shall execute and, upon receipt of an Authentication Order pursuant to Section 2.2 hereof, the
Trustee shall authenticate and deliver to the Persons designated by the Holders of Definitive Notes so accepted Definitive Notes in the appropriate principal amount. 

35

   
        (g)   Legends. The following legends 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. 

        (i)    Private Placement Legend. 

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

THIS
NOTE (OR ITS PREDECESSOR) WAS ORIGINALLY ISSUED IN A TRANSACTION EXEMPT FROM REGISTRATION UNDER THE UNITED STATES SECURITIES ACT OF 1933 (THE "SECURITIES ACT"), AND THIS NOTE MAY NOT BE
OFFERED, SOLD OR OTHERWISE TRANSFERRED IN THE ABSENCE OF SUCH REGISTRATION OR AN APPLICABLE EXEMPTION THEREFROM. EACH PURCHASER OF THIS NOTE IS HEREBY NOTIFIED THAT THE SELLER OF THIS NOTE
MAY BE RELYING ON THE EXEMPTION FROM THE PROVISIONS OF SECTION 5 OF THE SECURITIES ACT PROVIDED BY RULE 144A THEREUNDER. 

THE
HOLDER OF THIS NOTE AGREES FOR THE BENEFIT OF THE COMPANY THAT (A) THIS NOTE MAY BE OFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED, ONLY (I) IN THE UNITED STATES TO A
PERSON WHOM THE SELLER REASONABLY BELIEVES IS A QUALIFIED INSTITUTIONAL BUYER (AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT) IN A TRANSACTION MEETING THE REQUIREMENTS OF RULE 144A,
(II) OUTSIDE THE UNITED STATES IN AN OFFSHORE TRANSACTION IN ACCORDANCE WITH RULE 904 UNDER THE SECURITIES ACT, (III) PURSUANT TO AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT
PROVIDED BY RULE 144 THEREUNDER (IF AVAILABLE) OR (IV) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT, IN EACH OF CASES (I) THROUGH (IV) IN ACCORDANCE
WITH ANY APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES, AND (B) THE HOLDER WILL, AND EACH SUBSEQUENT HOLDER IS REQUIRED TO, NOTIFY ANY PURCHASER OF THIS NOTE FROM IT OF THE
RESALE RESTRICTIONS REFERRED TO IN (A) ABOVE. 

        (B)  Notwithstanding
the foregoing, any Global Note or Definitive Note issued pursuant to subparagraphs (b)(iv), (c)(ii), (c)(iii), (d)(ii), (d)(iii), (e)(ii),
(e)(iii) or (f) to this Section 2.6 (and all Notes issued in exchange therefor or substitution thereof) shall not bear the Private Placement Legend. 

        (ii)   Global Note Legend. To the extent required by the Depositary, each Global Note shall bear legends in
substantially the following forms: 

"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 2.6 OF THE INDENTURE, (II) THIS GLOBAL NOTE
MAY BE EXCHANGED IN WHOLE BUT NOT IN PART PURSUANT TO SECTION 2.6(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 

36

 

SUCCESSOR
DEPOSITARY WITH THE PRIOR WRITTEN CONSENT OF THE COMPANY." 

"UNLESS
AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR NOTES IN DEFINITIVE FORM, THIS NOTE MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE 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." 

        (iii)  Reg S Temporary Global Note Legend. To the extent required by the Depositary, each Reg S Temporary Global
Note shall bear a legend in substantially the following form: 

THIS
NOTE (OR ITS PREDECESSOR) WAS ORIGINALLY ISSUED IN A TRANSACTION ORIGINALLY EXEMPT FROM REGISTRATION UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES ACT"), AND MAY NOT
BE TRANSFERRED IN THE UNITED STATES OR TO, OR FOR THE ACCOUNT OR BENEFIT OF, ANY U.S. PERSON EXCEPT PURSUANT TO AN AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND ALL
APPLICABLE STATE SECURITIES LAWS. TERMS USED ABOVE HAVE THE MEANINGS GIVEN TO THEM IN REGULATION S UNDER THE SECURITIES ACT. 

        (h)   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 cancelled in whole and not in part, each such Global Note shall be returned to or retained and
cancelled by the Trustee in accordance with Section 2.11 hereof. At any time prior to such cancellation, if any beneficial interest in a Global Note is exchanged for 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 may 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 may be made on such Global Note by the Trustee or by the Depositary at the direction of the Trustee to reflect such increase. 

        (i)    General Provisions Relating to Transfers and Exchanges. 

        (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 2.2 hereof or at the Registrar's request. 

37

 

        (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, 3.6, 4.12 and 4.13 hereof). 

        (iii)  The
Registrar shall not be required to register the transfer of or exchange 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 Indebtedness, 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 shall 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 3.2 hereof and ending at the close of business on the day of selection, (B) to
register the transfer of or to exchange any Note so selected for redemption in whole or in part, except the unredeemed portion of any Note being redeemed in part or (C) to
register the transfer of or to exchange a Note between a Record Date and the next succeeding Interest Payment Date. 

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

        (vii) The
Trustee shall authenticate Global Notes and Definitive Notes in accordance with the provisions of Section 2.2 hereof. 

        (viii)   All
certifications, certificates and Opinions of Counsel required to be submitted to the Registrar pursuant to this Section 2.6 to effect a
registration of transfer or exchange may be submitted by facsimile. 

        Notwithstanding
anything herein to the contrary, as to any certifications and certificates delivered to the Registrar pursuant to this Section 2.6, the Registrar's duties shall be
limited to confirming that any such certifications and certificates delivered to it are in the form of Exhibits A, B, C and D attached hereto. The Registrar shall not be responsible for confirming the
truth or accuracy of representations made in any such certifications or certificates. 

SECTION 2.7 Replacement Notes  

        If any mutilated Note is surrendered to the Trustee or the Company and the Trustee and the Company receive evidence (which evidence may be from the
Trustee) to their 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. 

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SECTION 2.8 Outstanding Notes  

        The Notes outstanding at any time are all the Notes authenticated by the Trustee (including any Note represented by a Global Note) except for those
cancelled by it or at its direction, those delivered to it for cancellation, those reductions in the interest in a Global Note effected by the Trustee in accordance with the provisions hereof,
and those described in this Section 2.8 as not outstanding. Except as set forth in Section 2.9 hereof, a Note does not cease to be outstanding because the Company or an Affiliate
of the Company holds the Note. If a Note is replaced pursuant to Section 2.7 hereof, such Note, together with the Guarantee of that particular Note endorsed thereon, ceases to be
outstanding unless the Trustee receives proof satisfactory to it that the replaced Note is held by a bona fide purchaser. If the principal amount
of any Note is considered paid under Section 4.1 hereof, it ceases to be outstanding and interest on it ceases to accrue. If the Paying Agent (other than the Company, a Subsidiary or an
Affiliate of any thereof) holds, on a redemption date or the maturity date, money sufficient to pay Notes payable on that date, then on and after that date such Notes shall be deemed to be no longer
outstanding and shall cease to accrue interest. 

SECTION 2.9 Treasury Notes  

        In determining whether the Holders of the required 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 the Trustee knows are so owned shall be so disregarded. 

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 Definitive 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, or at the direction of the Trustee, the Registrar or the Paying Agent (other than the Company or an Affiliate of the Company), 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 shall 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  

        Any interest on any Note which is payable, but is not punctually paid or duly provided for, on any Interest Payment Date plus, to the extent lawful, any
interest payable on the defaulted interest at the rate and in the manner provided in Section 4.1 hereof and in the Note (herein called "Defaulted Interest") shall forthwith cease to be
payable to the registered holder on the relevant Record Date, and 

39

 

such
Defaulted Interest may be paid by the Company, at its election in each case, as provided in clause (1) or (2) below: 

        (1)   The
Company may elect to make payment of any Defaulted Interest to the Persons in whose names the Notes are registered at the close of business on a Special Record Date
for the payment of such Defaulted Interest, which shall be fixed in the following manner. The Company shall notify the Trustee and the Paying Agent in writing of the amount of Defaulted Interest
proposed to be paid on each Note and the date of the proposed payment, and at the same time the Company shall deposit with the Paying Agent an amount of cash equal to the aggregate amount
proposed to be paid in respect of such Defaulted Interest or shall make arrangements reasonably satisfactory to the Paying Agent for such deposit prior to the date of the proposed payment, such cash
when deposited to be held in trust for the benefit of the Persons entitled to such Defaulted Interest as provided in this clause (1). Thereupon the Paying Agent shall fix a "Special Record
Date" for the payment of such Defaulted Interest which shall be not more than 15 days and not less than 10 days prior to the date of the proposed payment and not less than 10 days
after the receipt by the Paying Agent of the notice of the proposed payment. The Paying Agent shall promptly notify the Company and the Trustee of such Special Record Date and, in the name and at the
expense of the Company, shall cause notice of the proposed payment of such Defaulted Interest and the Special Record Date therefor to be mailed, first-class postage prepaid, to each Holder at its
address as it appears in the Note register maintained by the Registrar not less than 10 days prior to such Special Record Date. Notice of the proposed payment of such Defaulted Interest and the
Special Record Date therefor having been mailed as aforesaid, such Defaulted Interest shall be paid to the persons in whose names the Notes (or their respective predecessor Notes) are registered on
such Special Record Date and shall no longer be payable pursuant to the following clause (2). 

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

        Subject
to the foregoing provisions of this Section 2.12, each Note delivered under this Indenture upon registration of transfer of or in exchange for or in lieu of any
other Note shall carry the rights to interest accrued and unpaid, and to accrue, which were carried by such other Note. 

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. 

SECTION 2.14 Issuance of Additional Notes  

        The Company may, subject to Section 4.7 hereof and applicable law, issue Additional Notes under this Indenture. The Notes issued on the Issue Date and any
Additional Notes subsequently issued shall be treated as a single class for all purposes under this Indenture. 

40

 

ARTICLE III

REDEMPTION  

SECTION 3.1 Notices to Trustee  

        If the Company elects to redeem Notes pursuant to the optional redemption provisions of Section 3.7 hereof, it shall furnish to the Trustee, at least
30 days (unless a shorter period is acceptable to the Trustee) but not more than 60 days (unless a longer period is acceptable to the Trustee) 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 3.2 Selection of Notes to Be Redeemed  

        If less than all of the Notes are to be redeemed at any time, the Trustee shall select the Notes or portions thereof to be redeemed among the Holders of the Notes
pursuant to the rules of DTC, if applicable, or on a pro rata basis, by lot or in such other manner it deems appropriate and fair. 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 principal amount
thereof to be redeemed.
Notes and portions of Notes in denominations of larger than $1,000 selected shall be in amounts of $1,000 or integral multiples of $1,000; except that if all of the Notes of a Holder are to be
redeemed, the entire outstanding amount of Notes held by such Holder, even if not an integral multiple of $1,000, shall be redeemed. 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 3.3 Notice of Redemption  

        Subject to the provisions of Section 3.7 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 to be redeemed and shall state: 

        (a)   the
redemption date; 

        (b)   the
redemption price; 

        (c)   if
any Note is being redeemed in part, the portion of the principal amount of such Note to be redeemed and that, on or 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; 

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

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

        (f)    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; 

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

41

 

        (h)   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. 

        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 30 days prior to the redemption date (unless a shorter period shall be 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 3.4 Effect of Notice of Redemption  

        Once notice of redemption is mailed in accordance with Section 3.3 hereof, Notes called for redemption become irrevocably due and payable on the redemption
date at the redemption price. A notice of redemption may not be conditional. 

SECTION 3.5 Deposit of Redemption Price  

        (a)   On
the Business Day immediately prior to the redemption date, the Company shall deposit with the Trustee or with the Paying Agent immediately available funds sufficient
to pay the redemption price of and accrued and unpaid interest (and Liquidated Damages, if any) 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 and unpaid interest (and Liquidated
Damages, if any) on, all Notes to be redeemed. 

        (b)   If
the Company complies with the provisions of the clause (a) of this Section 3.5, 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 payment Record Date but on or prior to the related Interest Payment Date, then any
accrued and unpaid interest (and Liquidated Damages, if any) shall be paid to the Person in whose name such Note was registered at the close of business on such Record Date. If any
Note called for redemption shall not be so paid upon surrender for redemption because of the failure of the Company to comply with the preceding paragraph, interest shall be paid on the unpaid
principal, from the redemption date until such principal is paid, and to the extent lawful on any interest not paid on such unpaid principal, in each case at the rate provided in the Notes and in
Section 4.1 hereof. 

SECTION 3.6 Notes Redeemed in Part  

        Upon surrender of a Note that is redeemed in part, the Company shall issue and, upon receipt of an Authentication Order, 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. 

SECTION 3.7 Optional Redemption  

        (a)   Except
as set forth in clause (b) of this Section 3.7, the Company shall not have the right to redeem any Notes pursuant to this Section 3.7
prior to July 15, 2008. The Notes will be redeemable for cash at the option of the Company, in whole or in part, at any time or from time to time on or after July 15, 2008, upon not less
than 30 days nor more than 60 days prior notice mailed by first class mail to each Holder at its last registered address, at the following redemption prices (expressed as percentages of
the principal amount) if redeemed during the 12-month period commencing July 15 of 

42

 

the years
indicated below, in each case together with accrued and unpaid interest (and Liquidated Damages, if any), thereon to the date of redemption of the Notes (the "Redemption Date"): 

	Year
 
	 	Percentage
	 
	2008	 	105.000	%
	2009	 	102.500	%
	2010 and thereafter	 	100.000	%

        (b)   Notwithstanding
the provisions of clause (a) of this Section 3.7, at any time or from time to time on or prior to July 15, 2007 upon one or
more Qualified Equity Offerings, up to 35% of the aggregate principal amount of the Notes issued pursuant to this Indenture (only as necessary to avoid any duplication, excluding any replacement
Notes) may be redeemed at the Company's option within 90 days of the closing of any such Qualified Equity Offering from the Net Cash Proceeds of such Qualified Equity Offering, on not less than
30 days, but not more than 60 days, notice to each Holder of the Notes to be redeemed, at a redemption price equal to 110.000% of principal, together with accrued and unpaid interest
(and Liquidated Damages, if any) thereon to the Redemption Date; provided, however, that immediately following each such redemption not less than 65% of the aggregate principal amount of the Notes
originally issued pursuant to this Indenture on the Issue Date remain outstanding (only as necessary to avoid any duplication, excluding any replacement Notes). 

        (c)   Any
redemption pursuant to this Section 3.7 shall be made pursuant to the provisions of Sections 3.1 through 3.6 hereof. 

        (d)   The
Notes will not have the benefit of any sinking fund and the Company shall not be required to make any mandatory redemption payments with respect to the Notes. 

ARTICLE IV

COVENANTS  

SECTION 4.1 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 12:00 noon Eastern 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 all Liquidated
Damages, if any, in the same manner on the dates and in the amounts set forth in the Registration Rights Agreement and herein. 

        The
Company shall pay interest (including Accrued Bankruptcy Interest in any proceeding under any Bankruptcy Law) on overdue principal at the then applicable interest rate on the Notes
to the extent lawful; it shall pay interest (including Accrued Bankruptcy Interest in any proceeding under any Bankruptcy Law) on overdue installments of interest and Liquidated Damages, if any,
(without regard to any applicable grace period) at the same rate to the extent lawful. 

SECTION 4.2 Maintenance of Office or Agency  

        The Company shall maintain in the Borough of Manhattan, The City of New York, an office or agency (which may be an office of the Trustee or an affiliate of the
Trustee, 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 

43

 

office
or agency or shall fail to furnish the Trustee with the address thereof, such presentations, surrenders, notices and demands may be made or served at the Corporate Trust Office of the Trustee. 

        The
Company may also from time to time designate one or more other offices or agencies where the Notes may be presented or surrendered for any or all such purposes and may from time to
time rescind such designations; provided, however that no such designation or rescission shall in any
manner relieve the Company of its obligation to maintain an office or agency in the Borough of Manhattan, The City of New York for such purposes. The Company and the Guarantors 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 Corporate Trust Office of the Trustee as one such office or agency of the Company in accordance with Section 2.3 hereof. 

SECTION 4.3 Commission Reports and Reports to Holders  

        (a)   Whether
or not the Company is subject to the reporting requirements of Section 13 or 15(d) of the Exchange Act, the Company will deliver or make available
to the Trustee and to each Holder of Notes, within five days after the Company is or would have been (if the Company was subject to such reporting obligations) required to file such with the
Commission, annual and quarterly financial statements substantially equivalent to financial statements that would have been included in reports if the Company were subject to the requirements of
Section 13 or 15(d) of the Exchange Act, including, with respect to annual information only, a report thereon by the Company's certified independent public accountants, and, in each
case, together with a management's discussion and analysis of financial condition and results of operations which would be so required and, from and after the consummation of the Exchange Offer unless
the Commission will not accept such reports, file with the Commission the annual, quarterly and other reports which the Company is or would have been required to file with the Commission. 

        (b)   In
the event that (A) (1) the rules and regulations of the Commission permit the Company and any Parent Entity to report at such Parent Entity's level on a
consolidated basis and (2) such Parent Entity is not engaged in any business in any material respect other than incidental to its ownership, directly or indirectly, of the Capital Stock of the
Company and its Affiliates, the information and reports required by this Section 4.3 may be those of such Parent Entity on a consolidated basis;  provided, that such information and reports
distinguish in all material respects between the Company and its Subsidiaries and such Parent Entity and its
other subsidiaries, if any; provided, further, that if such Parent Entity's capitalization (including cash and Cash Equivalents) differs from that of
the Company and its Subsidiaries in any material respect, such information and reports will include annual and quarterly financial statements substantially equivalent to the financial statements that
would have been included in reports filed with the Commission, if the Company were subject to the requirements of Section 13 or 15(d) of the Exchange Act, including, with respect to annual
information only, a report thereon by the Company's certified independent public accountants or (B) any Parent Entity has unconditionally guaranteed the Company's Obligations with respect to
the Notes, then the Company's obligation may be satisfied by such Parent Entity delivering and filing its statements and reports so long as it owns all of the Company's outstanding Capital Stock. 

SECTION 4.4 Compliance Certificate  

        (a)   The
Company shall deliver to the Trustee, within 120 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 and its Subsidiaries have
kept, observed, performed and fulfilled their obligations under this Indenture, and further stating, as to each such Officer signing such 

44

 

certificate,
that to his or her knowledge the Company and its Subsidiaries are 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 and be continuing, 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 his or her knowledge no event has occurred and remains in existence by reason of which payments on account of the principal of or interest, if any,
on the Notes is prohibited or if such event has occurred, a description of the event and what action the Company is taking or proposes to take with respect thereto. 

        (b)   The
Company shall, so long as any of the Notes are outstanding, deliver to the Trustee, within five Business Days of 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 4.5 Taxes  

        The Company shall pay, and shall cause each of its Subsidiaries to pay, prior to delinquency, all material taxes, assessments, and governmental levies except such
as are contested in good faith and by appropriate proceedings or where the failure to effect such payment would not have a material adverse effect on the ability of the Company and the Guarantors to
satisfy their obligations under the Notes, the Guarantees and this Indenture. 

SECTION 4.6 Stay, Extension and Usury Laws  

        The Company 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 the Company
(to the extent that it may lawfully do so) hereby expressly waives all benefit or advantage of any such law, and covenants that it shall not, by resort to
any such law, hinder, delay or impede the execution of any power herein granted to the Trustee, but shall suffer and permit the execution of every such power as though no such law has been enacted. 

SECTION 4.7 Limitation on Incurrence Of Additional Indebtedness and disqualified capital stock  

        Except as set forth in this Section 4.7, the Company and the Guarantors shall not, and neither the Company nor the Guarantors shall permit any of the
Company's Subsidiaries to, directly or indirectly, issue, assume, guaranty, incur, become directly or indirectly liable with respect to (including Acquired Indebtedness as a result of an Acquisition),
or otherwise become responsible for, contingently or otherwise (individually and collectively, to "incur" or, as appropriate, an "incurrence"), any Indebtedness (including Disqualified Capital Stock
and Acquired Indebtedness), other than Permitted Indebtedness. 

        Notwithstanding
the foregoing if: 

        (1)   no
Default or Event of Default shall have occurred and be continuing at the time of, or would occur after giving effect on a pro
forma basis to, such incurrence of Indebtedness and the use of proceeds therefrom; and 

        (2)   on
the date of such incurrence (the "Incurrence Date"), the Company's Consolidated Coverage Ratio for the Reference Period immediately preceding the Incurrence Date,
after giving effect on a pro forma basis to such incurrence of such Indebtedness and the use of proceeds therefrom, would be at least 2.0 to 1.0 (the
"Debt Incurrence Ratio"); 

45

 

then
the Company and the Guarantors may incur such Indebtedness (including Disqualified Capital Stock and Acquired Indebtedness). 

        In
addition, the foregoing limitations of the first paragraph of this Section 4.7 will not prohibit: 

        (a)   the
Company's incurrence or the incurrence by any Subsidiary of the Company of Purchase Money Indebtedness after the MedSource Acquisition is consummated;  provided, that 

        (1)   the
aggregate principal amount of such Indebtedness incurred and outstanding at any time pursuant to this paragraph (a) (including any Refinancing
Indebtedness issued to retire, defease, refinance, replace or refund such Indebtedness) shall not exceed $5,000,000 (or the equivalent thereof in any applicable foreign currency), and 

        (2)   in
each case, such Indebtedness shall not constitute more than 100% of the Company's cost or the cost to such Guarantor (determined in accordance with GAAP in good faith
by the Company), as applicable, of the property so purchased, constructed, improved or leased; 

        (b)   the
Company's incurrence or the incurrence by any Subsidiary of the Company of Indebtedness in an aggregate principal amount incurred and outstanding at any time
pursuant to this paragraph (b) (including any Indebtedness incurred to retire, defease, refinance, replace or refund such Indebtedness) of up to $20,000,000; 

        (c)   the
Company's incurrence or the incurrence by any Guarantor of Indebtedness pursuant to the Credit Facilities in an aggregate principal amount incurred and outstanding
at any time pursuant to this paragraph (c) (plus any Refinancing Indebtedness incurred to retire, defease, refinance, replace or refund such Indebtedness) of up to,
(x) $234,000,000 minus (y) the amount of any Non-Recourse Securitization Indebtedness of any Securitization Entity outstanding
at the time of such incurrence, after giving pro forma effect to the use of proceeds from such incurrence, with letters of credit being deemed to have a principal amount equal to the full amount
thereof, minus the amount of any such Indebtedness (1) retired with the Net Cash Proceeds from any Asset Sale applied to permanently reduce the
outstanding amounts or the commitments with respect to such Indebtedness pursuant to clause (b) of the second paragraph of Section 4.12 hereof or (2) assumed by a
transferee in an Asset Sale; provided, however, that no more than $5,000,000 of Indebtedness incurred
pursuant to this clause (c) can be outstanding at any time prior to consummation of the MedSource Acquisition (other than Indebtedness incurred to make scheduled amortization payments
under the Existing Credit Agreement); and 

        (d)   the
incurrence by a Securitization Entity of Non-Recourse Securitization Indebtedness in connection with a Qualified Securitization Transaction in an
aggregate principal amount incurred and outstanding at any time pursuant to this paragraph of up to (x) $234,000,000 minus (y) the amount
of any Indebtedness of the Company or any Guarantor outstanding pursuant to the Credit Facilities pursuant to clause (c) at the time of such incurrence, after giving  pro forma effect to the
use of proceeds from such incurrence. 

        Indebtedness
(including Disqualified Capital Stock) of any Person that is outstanding at the time such Person becomes one of the Company's Subsidiaries (including upon designation of any
subsidiary or other Person as a Subsidiary) or is merged with or into or consolidated with the Company or one of the Company's Subsidiaries shall be deemed to have been incurred at the time such
Person becomes or is designated one of the Company's Subsidiaries or is merged with or into or consolidated with the Company or one of the Company's Subsidiaries as applicable. 

        Notwithstanding
any other provision of this Section 4.7, but only to avoid duplication, a guarantee of the Company's Indebtedness or of the Indebtedness of a Subsidiary incurred
in accordance with the terms of this Indenture will not constitute a separate incurrence, or amount outstanding, of Indebtedness. Upon each incurrence the Company may designate in the Company's sole
discretion 

46

 

pursuant
to which provision of this Section 4.7 or the definition of Permitted Indebtedness any Indebtedness is being incurred and the Company may subdivide an amount of Indebtedness and
designate more than one such provision pursuant to which such amount of Indebtedness is being incurred and such Indebtedness shall not be deemed to have been incurred or outstanding under any other
provision of this Section 4.7 or the definition of Permitted Indebtedness, except as stated otherwise in the foregoing provisions. At any time, the Company can redesignate in its sole
discretion any Indebtedness as having been incurred pursuant to any provision of this Section 4.7 or the definition of Permitted Indebtedness, and the Company may subdivide an amount of
Indebtedness and redesignate more than one such provision pursuant to which such amount of Indebtedness as having been incurred, so long as at the time of such redesignation the Company could have
incurred such Indebtedness (or portion thereof) pursuant to such provisions of this Section 4.7 or the definition of Permitted Indebtedness. Accrual of interest or dividends, the accretion of
accreted value or amortization of original issue discount, the payment of interest or dividends in kind, changes in obligations in respect of Interest Swap and Hedging Obligations, and any increase as
a result of currency fluctuations will not be deemed to be an incurrence of Indebtedness for purposes of this Section 4.7. 

        For
the avoidance of doubt, outstanding Indebtedness shall be determined without duplication of Refinancing Indebtedness in respect thereof or, for the purposes of
Section 4.7(b) hereof, Indebtedness incurred in respect of the retirement, defeasance, refinancing, replacement or refunding of such outstanding Indebtedness. 

SECTION 4.8 Limitation on Liens Securing Indebtedness  

        The Company shall not and the Guarantors shall not, and neither the Company nor the Guarantors shall permit any of the Company's Subsidiaries to, create, incur,
assume or suffer to exist any Lien of any kind, other than Permitted Liens, upon any of their respective assets now owned or acquired on or after the Issue Date or upon any income or profits therefrom
securing any of the Company's Indebtedness or any Indebtedness of any Guarantor, unless the Company provides, and causes the Company's Subsidiaries to provide, concurrently therewith, that the Notes
and the applicable Guarantees are equally and ratably so secured for so long as such other Indebtedness is secured by such Lien; provided, that if such
Indebtedness is Subordinated Indebtedness, the Lien securing such Subordinated Indebtedness shall be contractually subordinate and junior to the Lien securing the Notes (and any related applicable
Guarantees) with the same relative priority as such Subordinated Indebtedness shall have with respect to the Notes (and any related applicable Guarantees), and  provided, further, that this clause shall not be applicable to any Liens securing any such Indebtedness
which became the Company's Indebtedness pursuant to a transaction subject to the provisions of
Section 5.1 hereof or which constitutes Acquired Indebtedness and which in either case were in existence at the time of such transaction (unless such Indebtedness was incurred or such Lien
created in connection with, or in contemplation of, such transaction), so long as such Liens do not extend to or cover any of the Company's property or assets or any property or assets of any of the
Company's Subsidiaries other than property or assets acquired in such transaction. 

SECTION 4.9 Limitation on Restricted Payments  

        The Company shall not, and shall not permit any of the Company's Subsidiaries to, directly or indirectly, make any Restricted Payment;  provided, however, that, after the MedSource Acquisition is consummated, the Company and the Company's
Subsidiaries may make any Restricted Payment so long as, after giving effect to such Restricted Payment on a pro forma basis: 

        (1)   no
Default or an Event of Default shall have occurred and be continuing; 

47

 

        (2)   the
Company shall be permitted to incur at least $1.00 of additional Indebtedness pursuant to the Debt Incurrence Ratio set forth in Section 4.7 hereof; and 

        (3)   the
aggregate amount of all Restricted Payments made by the Company and the Company's Subsidiaries, including after giving effect to such proposed Restricted Payment on
and after the Issue Date, would not exceed, without duplication, the sum of: 

        (a)   50%
of the Company's aggregate Consolidated Net Income for the period (taken as one accounting period) commencing on the first day of the first full fiscal quarter in
which the Issue Date occurs to and including the last day of the fiscal period for which internal financial statements are available (or, in the event Consolidated Net Income for such period is a
deficit, then minus 100% of such deficit), plus 

        (b)   the
aggregate Net Cash Proceeds received by the Company after the Issue Date from (1) a Capital Contribution, (2) the sale of the Company's Qualified
Capital Stock, and (3) the issue or sale of convertible or exchangeable Disqualified Capital Stock or convertible or exchangeable Indebtedness of the Company that have been converted into or
exchanged for Qualified Capital Stock of the Company, in each case other than (A) to one of the Company's Subsidiaries, (B) the Net Cash Proceeds received by the Company from a Capital
Contribution or from the sale of the Company's Qualified Capital
Stock in connection with the Transactions and (C) in the case of clauses (1) and (2), to the extent applied in connection with a Qualified Exchange or a Permitted Investment pursuant to
clause (e) of the definition thereof, plus 

        (c)   the
fair market value of any property or assets other than cash received by the Company in the form of a Capital Contribution or in exchange for the Company's Qualified
Capital Stock (other than from one of the Company's Subsidiaries), after the Issue Date; provided that if the fair market value of such property or assets acquired in any transaction or series of
related transactions is (i) less than $10,000,000, the determination of fair market value shall be made by the Company's Board of Directors and (ii) $10,000,000, or more, the
determination of fair market value shall be made by Board of Directors of the Company after it has received an opinion or valuation with respect to the fair market value of such property or assets
from an independent investment banking firm, appraisal or valuation firm, in each case of national reputation in the United States, which opinion shall have been obtained within 90 days of the
consummation of such Capital Contribution; plus 

        (d)   except
in each case, in order to avoid duplication, to the extent any such payment or proceeds have been included in the calculation of Consolidated Net Income, an
amount equal to the net reduction in Investments (other than returns of or from Permitted Investments) in any Person resulting from cash distributions on or cash repayments of any Investment,
including payments of interest on Indebtedness, dividends, repayments of loans or advances, or other distributions or other transfers of assets, in each case to the Company or any Subsidiary or from
the Net Cash Proceeds from the sale of any such Investment or from redesignations of Unrestricted Subsidiaries as Subsidiaries (valued in each case as provided in the definition of Investments), not
to exceed, in each case, the amount of Investments previously made by the Company or any Subsidiary in such Person, including, if applicable, such Unrestricted Subsidiary, less the cost of
disposition. 

        Notwithstanding
the foregoing clauses (2) and (3) of the first paragraph of this Section 4.9, however, the Company and the Company's Subsidiaries may make the
following: 

        (a)   payments
of cash dividends, distributions or advances to any Parent Entity for repurchases of Capital Stock of any parent entity from the Company's employees or
directors (or their heirs or estates) or employees or directors (or their heirs or estates) of, any Parent Entity or any Subsidiary of the Company or any subsidiary of any Parent Entity upon their
death, disability or termination 

48

 

of
employment, provided such repurchases are made with the proceeds of such dividends within three Business Days of the payment of such dividends, and
payments of cash, or dividends, distributions or advances to any Parent Entity to make payments of cash, in lieu of the issuance of fractional shares upon the exercise of options or warrants or upon
the conversion or exchange of, or issuance of Capital Stock in lieu of cash dividends on, any Capital Stock of any Parent Entity, in an aggregate amount not to exceed $2,000,000 in any calendar year;  provided, that if the aggregate amount permitted to be paid in any calendar year has not been paid, any
such shortfall amount in any preceding year may be carried forward and paid in a subsequent year, in addition to the amount permitted for such calendar year, in an aggregate amount not to exceed
$6,000,000 in any calendar year; provided, further that the aggregate amount of all such payments
pursuant to this clause (a) prior to consummation of the MedSource Acquisition shall not exceed $100,000; 

        (b)   the
payment of any dividend on Disqualified Capital Stock issued in accordance Section 4.7; 

        (c)   other
Restricted Payments not otherwise permitted pursuant to this Section 4.9 in an aggregate amount not to exceed $10,000,000; 

        (d)   after
consummation of the MedSource Acquisition, payments of cash dividends, distributions or advances to any Parent Entity for payment of fees to the Principals or
their Affiliates; provided that the aggregate amount of such payments pursuant to this clause (d) shall not exceed $900,000 during any twelve month period plus transaction fees equal to
the greater of (A) $150,000 per transaction and (B) 2% of the value of any transactions and reimbursement of any reasonable out-of-pocket expenses of the
Principals or their Affiliates, in each case, in accordance with the Management Agreements; 

        (e)   payments
of cash dividends, distributions or advances to any Parent Entity for redemption of Parent's Class B-1 and B-2 convertible
preferred stock and for payments to the holders of warrants for shares of Parent's Class A-8 5% convertible preferred stock in connection with the exercise of such warrants;
provided that the aggregate amount of such payments pursuant to this clause (e) shall not exceed $160,000; and 

        (f)    the
redemption, repurchase, retirement, defeasance or other acquisition of Subordinated Indebtedness or Disqualified Capital Stock of the Company upon a change of
control or with the proceeds from an Asset Sale to the extent required by the terms of such Subordinated Indebtedness or
Disqualified Capital Stock but only after the Company shall have complied with Sections 4.12 and 4.13, as the case may be, and purchased all notes properly tendered pursuant to the relevant
offer prior to purchasing, redeeming or repaying such Subordinated Indebtedness or Disqualified Capital Stock; 

and
clauses (1), (2) and (3) of the first paragraph of this Section 4.9 will not prohibit: 

        (g)   any
dividend, distribution or other payments by any of the Company's Subsidiaries on its Equity Interests that is paid pro rata to all holders of such Equity Interests; 

        (h)   a
Qualified Exchange; 

        (i)    from
and after the date that the MedSource Acquisition is consummated, the payment of any dividends within 60 days after the date of its declaration if such
dividend could have been made on the date of such declaration in compliance with this Indenture; 

        (j)    the
repurchase of Equity Interests deemed to occur upon the exercise of stock options, warrants or other convertible securities to the extent such Equity Interests
represent a portion of the exercise price thereof; 

49

 

        (k)   payments
to a Parent Entity, pursuant to this clause (k), to enable the Parent Entity to pay Federal, state or local tax liabilities (any such payments to a
Parent Entity, a "Tax Payment"), in an amount not to exceed the lesser of (i) amount of any tax liabilities that would be otherwise payable by the Company and its Subsidiaries to the
appropriate taxing authorities to the extent that the Parent Entity has an obligation to pay such tax liabilities relating to the Company's operations, assets, or capital or those of its Subsidiaries,
and (ii) the amount determined by assuming that the Company is the parent company of an affiliated group (the "Company Affiliated Group") filing a consolidated Federal income tax return or
consolidated, combined, unitary, or group, state or local income tax return, and that the Parent Entity and each such Subsidiary is a member of the Company Affiliated Group;  provided, that any Tax
Payments shall either be used by the Parent Entity to pay such tax liabilities within 90 days of the Parent Entity's
receipt of such payment or refunded to the payee; and 

        (l)    payments
to any Parent Entity pursuant to this clause (l) in order to pay reasonable legal and accounting expenses, payroll and other compensation expenses of
directors of such Parent Entity and any employees of such Parent Entity whose principal responsibilities involve management or other duties for the Company and its Subsidiaries, in each case, in the
ordinary course of business, and other
reasonable filing and listing fees and other reasonable corporate overhead expenses in the ordinary course of business (any of the foregoing, "Parent Payments");  provided, that any Parent Payments shall either be used by the Parent Entity to pay such expenses or
fees within 30 days of the Parent Entity's receipt of such Parent Payment or refunded to the Company. 

        The
full amount of any Restricted Payment made pursuant to the foregoing clauses (b), (d), (e), (f) and (i), (but not pursuant to clause (a), (c), (g), (h), (j),
(k) and (l)) of the immediately preceding sentence, however, will be counted as Restricted Payments made for purposes of the calculation of the aggregate amount of Restricted Payments available
to be made referred to in clause (3) of the first paragraph of this Section 4.9. 

        For
purposes of this Section 4.9, the amount of any Restricted Payment made or returned, if other than in cash, shall be the fair market value thereof, as determined in the good
faith reasonable judgment of the Company's Board of Directors, unless stated otherwise, at the time made or returned, as applicable. 

SECTION 4.10 Limitation on Dividends and Other Payment Restrictions Affecting Subsidiaries  

        The Company shall not and the Guarantors shall not, and neither the Company nor the Guarantors shall permit any of the Company's Subsidiaries to, directly or
indirectly, create, assume or suffer to exist any consensual restriction on the ability of any of the Company's Subsidiaries to pay dividends or make other distributions to or on behalf of, or to pay
any obligation to or on behalf of, or otherwise to transfer assets or property to or on behalf of, or make or pay loans or advances to or on behalf of, the Company or any of the Company's
Subsidiaries, except: 

        (1)   restrictions
imposed by the Notes or this Indenture or by the Company's other Indebtedness (which may also be guaranteed by the Guarantors) ranking  pari passu with the Notes or the Guarantees, as applicable,
provided, that such restrictions are no more
restrictive taken as a whole than those imposed by this Indenture and the Notes; 

        (2)   restrictions
imposed by applicable law; 

        (3)   restrictions
existing on the Issue Date; 

        (4)   restrictions
under any Acquired Indebtedness not incurred in violation of this Indenture or any agreement (including any Equity Interest) relating to any property,
asset, or business acquired by the Company or any of the Company's Subsidiaries, which restrictions in each case existed at the time 

50

 

of
acquisition, were not put in place in connection with or in anticipation of such acquisition and are not applicable to any Person, other than the Person acquired, or to any property, asset or
business, other than the property, assets and business so acquired; 

        (5)   restrictions
imposed by Indebtedness incurred under the Credit Facilities or other Senior Indebtedness incurred pursuant to Section 4.7 hereof;  provided, that such restrictions are not materially more
restrictive, taken as a whole, than those imposed by the New Credit Agreement, as of the date
the MedSource Acquisition is consummated; 

        (6)   restrictions
solely with respect to any of the Company's Subsidiaries imposed pursuant to a binding agreement which has been entered into for the sale or disposition of
all or substantially all of the Equity Interests or any assets of such Subsidiary; provided, that such restrictions apply solely to the Equity Interests
or assets of such Subsidiary which are being sold or, in the case of a sale of all or substantially all of the Equity Interests of a Subsidiary, the cash or Cash Equivalents held by such Subsidiary; 

        (7)   restrictions
on transfer contained in Purchase Money Indebtedness incurred pursuant to Section 4.7 hereof;  provided, that such restrictions relate only to the transfer of the property acquired, constructed,
installed, or leased with the proceeds of such
Purchase Money Indebtedness; 

        (8)   customary
provisions with respect to the disposition or distribution of assets in joint venture agreements and other similar agreements; 

        (9)   restrictions
contained in Indebtedness incurred under clause (b) under Section 4.7 hereof; 

        (10) customary
restrictions or encumbrances contained in any Indebtedness incurred by a Foreign Subsidiary that apply only to such Foreign Subsidiary and its Subsidiaries; 

        (11) restrictions
in connection with and pursuant to amendments, modifications, restatements, increases, supplements or refinancings of the contracts, instruments or
obligations referred to in clauses (1), (3), (4), (7), (10) or this clause (11) of this paragraph that are not materially more restrictive taken as a whole than those being
replaced and do not apply to any other Person or assets than those that would have been covered by the restrictions in the Indebtedness so refinanced; and 

        (12) any
encumbrance or restriction existing under Non-Recourse Securitization Entity Indebtedness or other contractual requirements of a Securitization Entity
in connection with a Qualified Securitization Transaction; provided, however, that such restrictions apply only to such Securitization Entity. 

        Notwithstanding
the foregoing, (a) customary provisions restricting subletting or assignment of any lease or any other contracts entered into in the ordinary course of business,
consistent with industry practice shall not be prohibited by the foregoing and (b) any asset subject to a Lien which is not prohibited to exist with respect to such asset pursuant to the terms
of this Indenture may be subject to customary restrictions on the transfer or disposition thereof pursuant to such Lien. 

SECTION 4.11 Limitation on Transactions with Affiliates  

        Neither the Company nor any of the Company's Subsidiaries shall be permitted on or after the Issue Date to enter into or suffer to exist any contract, agreement,
arrangement or transaction with any Affiliate (an "Affiliate Transaction"), or any series of related Affiliate Transactions (other than Exempted Affiliate Transactions), (1) unless it is
determined that the terms of such Affiliate Transactions are fair and reasonable to the Company, and no less favorable to the Company than could have been obtained in an arm's length transaction with
a non-Affiliate, and (2) if involving consideration to either party in excess of $2,000,000, unless such Affiliate Transaction(s) has been approved by a majority of the members of
the Company's Board of Directors (including a majority of members of the Company's Board of Directors that are disinterested in such transaction, if there are 

51

 

any
directors who are so disinterested), and (3) if involving consideration to either party in excess of $10,000,000, unless, in addition the Company, prior to the consummation thereof, obtains
a written favorable opinion, which opinion can be subject to customary qualifications, as to the fairness of such transaction to the Company from a financial point of view from an independent
investment banking firm of national reputation in the United States or an appraisal or valuation firm of national reputation in the United States. Within five days of any Affiliate
Transaction(s) involving consideration to either party of $2,000,000 or more (other than Exempted Affiliate Transactions), the Company shall deliver to the Trustee an Officers' Certificate addressed
to the Trustee certifying that such Affiliate Transaction(s) were made in compliance with this Indenture and a copy of the board resolutions and opinion as to the fairness of such transaction, as
applicable. 

SECTION 4.12 Limitation on Sale Of Assets And Subsidiary Stock  

        The Company shall not and the Guarantors shall not, and neither the Company nor the Guarantors shall permit any of the Company's Subsidiaries (other than a
Securitization Entity) to, in one or a series of related transactions, convey, sell, transfer, assign or otherwise dispose of, directly or indirectly, any of their property, business or assets,
including by merger or consolidation (in the case of one of the Company's Subsidiaries), and including any sale or other transfer or issuance of any Equity Interests of any of the Company's
Subsidiaries, whether by the Company or one of the Company's Subsidiaries or through the issuance, sale or transfer of Equity Interests by one of the Company's Subsidiaries and including any sale and
leaseback transaction, other than in any such case to the Company or another Subsidiary (any of the foregoing, an "Asset Sale"), unless: 

        (1)   at
least 75% of the total consideration for such Asset Sale or series of related Asset Sales consists of cash, Cash Equivalents, Related Business Assets or a combination
thereof; and 

        (2)   with
respect to any Asset Sale or related series of Asset Sales involving a conveyance, sale, transfer, assignment or other disposition of securities, property or assets
with an aggregate fair market value in excess of $2,000,000, the Company's Board of Directors determines in good faith that the Company receives or such Subsidiary receives, as applicable, fair market
value for such Asset Sale. 

For
purposes of clause (1) above of this Section 4.12, the following shall be deemed cash consideration: (a) Senior Indebtedness or balance sheet liabilities (other than
contingent liabilities) assumed by a transferee in connection with such Asset Sale; provided, that the Company is and the Company's Subsidiaries are
fully released from obligations in connection therewith; and (b) property that within 90 days of such Asset Sale is converted into cash or Cash Equivalents;  provided that such cash and Cash
Equivalents shall be treated as Net Cash Proceeds attributable to the original Asset Sale for which such property was
received. 

        Within
365 days following such Asset Sale, the Net Cash Proceeds therefrom (the "Asset Sale Amount") may be: 

        (a)   invested
in Related Business Assets, used to make Restricted Investments that are not prohibited by Section 4.9 hereof, or used to make Permitted Investments
other than those permitted by clauses (a), (b), (c)(i), (c)(ii), (f) and (g) of the definition of Permitted Investments; 

        (b)   used
to retire Senior Indebtedness or Indebtedness of the Company's Foreign Subsidiaries and, in the case of Indebtedness that was incurred pursuant to
paragraph (c) of Section 4.7 hereof, to permanently reduce the amount of such Indebtedness that is permitted to be incurred pursuant to paragraph (c) of
Section 4.7 hereof, provided, that in the case of a revolver or similar arrangement that makes credit available, such commitment is permanently
so reduced by such amount; 

        (c)   applied
to the optional redemption of the Notes in accordance with the terms of this Indenture and to the optional redemption of other Indebtedness  pari passu with the Notes with similar provisions requiring
the Company to repurchase such Indebtedness with the proceeds from such Asset 

52

 

Sale,
pro rata in proportion to the respective principal amounts (or accreted values in the case of Indebtedness issued with an original issue discount) of the Notes and such other  pari passu Indebtedness
then outstanding; or 

        (d)   applied
in any combination of the foregoing. 

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

        The
accumulated Net Cash Proceeds from Asset Sales not applied as set forth in the preceding paragraph shall constitute Excess Proceeds. Within 30 days after the date that the
amount of Excess Proceeds exceeds $15,000,000, the Company shall apply an amount equal to the Excess Proceeds (rounded down to the nearest $1,000) (the "Asset Sale Offer Amount") by making an offer to
repurchase the Notes and such other pari passu Indebtedness with similar provisions requiring the Company to make an offer to purchase such Indebtedness
with the proceeds from such Asset Sale pursuant to a cash offer (subject only to conditions required by applicable law, if any), pro rata in proportion to the respective principal amounts (or accreted
values in the case of Indebtedness issued with an original issue discount) of the Notes and such other Indebtedness then outstanding (the "Asset Sale Offer"). The Company will offer to purchase the
Notes in the Asset Sale Offer at a purchase price of 100% of the principal amount of the Notes (the "Asset Sale Offer Price"), together with accrued and unpaid interest (and Liquidated Damages, if
any) to the date of payment. Each Asset Sale Offer shall remain open for at least 20 Business Days and not more than 30 Business Days following its commencement (the "Asset Sale Offer Period"). 

        Upon
expiration of the Asset Sale Offer Period, the Company shall apply the Asset Sale Offer Amount plus an amount equal to accrued and unpaid interest (and Liquidated Damages) if any,
to the purchase of all Indebtedness properly tendered in accordance with the provisions hereof (on a pro rata basis if the Asset Sale Offer Amount is insufficient to purchase all Indebtedness so
tendered) at the Asset Sale Offer Price, together with accrued and unpaid interest (and Liquidated Damages, if any) to the date of
payment, in the case of any Notes that have been tendered, and the price required by the terms of any such other pari passu Indebtedness with similar
provisions requiring the Company to make an offer to purchase such Indebtedness with the proceeds from such Asset Sale. To the extent that the aggregate amount of Notes and such other  pari passu
Indebtedness tendered pursuant to an Asset Sale Offer is less than the Asset Sale Offer Amount, the Company may use any remaining Net Cash
Proceeds for general corporate purposes as otherwise permitted by this Indenture and following the consummation of each Asset Sale Offer the Excess Proceeds amount shall be reset to zero. 

        Notwithstanding,
and without complying with, the provisions of this Section 4.12: 

        (1)   the
Company may and the Company's Subsidiaries may, in the ordinary course of business, convey, sell, transfer, assign or otherwise dispose of inventory and other assets
acquired and held for resale in the ordinary course of business; 

        (2)   the
Company may and the Company's Subsidiaries may liquidate Cash Equivalents; 

        (3)   the
Company may and the Company's Subsidiaries may convey, sell, transfer, assign or otherwise dispose of assets pursuant to and in accordance with Section 5.1; 

        (4)   the
Company may and the Company's Subsidiaries may sell or dispose of damaged, worn out or other obsolete personal property in the ordinary course of business so long as
such property is no longer necessary for the proper conduct of the Company's business or the business of such Subsidiary, as applicable; 

53

   
        (5)   the Company may and each of the Company's Subsidiaries may surrender or waive contract rights or settle, release or surrender contract, tort or other litigation claims
in the ordinary course of business; 

        (6)   the
Company may and each of the Company's Subsidiaries may grant Liens (and permit foreclosure thereon) not prohibited by this Indenture; 

        (7)   the
Company may and each of the Company's Subsidiaries may sell or grant licenses to use the Company's or any Subsidiary's intellectual property to the extent that such
license does not prohibit the licensor from using such property; 

        (8)   the
Company may and each of the Company's Subsidiaries may sell assets received by the Company or any Subsidiary upon the foreclosure on a Lien; 

        (9)   the
Company may and each of the Company's Subsidiaries may sell or exchange equipment in connection with the purchase or other acquisition of other equipment; 

        (10) the
Company may and each of the Company's Subsidiaries may dispose any Equity Interests in or assets or rights of an Unrestricted Subsidiary; 

        (11) the
Company may and the Company's Subsidiaries may make conveyances, sales, assignments or other dispositions that constitute Permitted Investments and Restricted
Payments and are not prohibited by Section 4.9 hereof; 

        (12) the
Company may, and the Company's Subsidiaries may, in one or a series of related transactions, sell or dispose of assets for which the Company or the Company's
Subsidiaries receive aggregate consideration of less than $2,000,000. 

        (13) the
Company may, and the Company's Subsidiaries may, dispose of any receivables to a Securitization Entity pursuant to a Qualified Securitization Transaction so long as
the Company or such Subsidiary receives (a) fair market value in such disposition and (b) cash and Cash Equivalents in an amount equal to 75% or more of the fair market value thereof
(for purposes of this clause (13), Purchase Money Notes will be deemed to be cash); 

        (14) any
Securitization Entity may transfer receivables, or a fractional undivided interest therein, and any related assets in a Qualified Securitization Transaction; and 

        (15) the
Company or the Company's Subsidiaries may sell or dispose of any Equity Interests in or all or substantially all of the assets of UTI SFM Feinmechanit GmbH. 

        All
Net Cash Proceeds in excess of $2,000,000 from an Event of Loss shall be reinvested or used as otherwise provided above in the second paragraph of this Section 4.12. 

        To
the extent that the provisions of any securities laws or regulations conflict with the provisions of this paragraph, the Company's compliance or the compliance of any of the Company's
Subsidiaries with such laws and regulations shall not in and of itself cause a breach of the Company's obligations under this Section 4.12. 

        If
the payment date in connection with an Asset Sale Offer hereunder is on or after the Record Date for an Interest Payment Date and on or before the associated Interest Payment Date,
any accrued and unpaid interest (and Liquidated Damages, if any) due on such Interest Payment Date will be paid to the Person in whose name a Note is registered at the close of business on such
Record Date. 

SECTION 4.13 Repurchase of Notes At The Option Of The Holder upon a Change of Control  

        In the event that a Change of Control has occurred, each Holder of Notes will have the right, at such Holder's option, pursuant to an offer (subject only to
conditions required by applicable law, if any) by the Company (the "Change of Control Offer"), to require the Company to repurchase all or 

54

 

any
part of such Holder's Notes (provided, that the principal amount of such Notes must be $1,000 or an integral multiple thereof) on a date (the
"Change of Control Purchase Date") that is no later than 90 calendar days after the occurrence of such Change of Control, at a cash price equal to 101% of the principal amount thereof (the
"Change of Control Purchase Price"), together with accrued and unpaid interest (and Liquidated Damages, if any), to the Change of Control Purchase Date. 

        The
Change of Control Offer shall be made within 30 calendar days following a Change of Control and shall remain open for 20 Business Days following its commencement, or such
other period as may be required by applicable law (the "Change of Control Offer Period"). Upon expiration of the Change of Control Offer Period, the Company shall purchase all Notes properly tendered
and not withdrawn in response to the Change of Control Offer. 

        Notwithstanding
the foregoing, the Company shall not be required to make a Change of Control Offer upon a Change of Control if a third party makes the Change of Control Offer in the
manner, at the times and otherwise in compliance with the requirements set forth in this Indenture applicable to a Change of Control Offer made by the Company, including any requirements to repay in
full all Indebtedness under the Credit Facilities, any of the Company's other Senior Indebtedness or Senior Indebtedness of any Guarantor or obtain the consents of such lenders to such Change of
Control Offer as set forth in the following paragraph, and purchases all Notes properly tendered and not withdrawn under such Change of Control Offer. 

        Prior
to the commencement of a Change of Control Offer, the Company will: 

        (1)   (a) repay
in full in cash and terminate all commitments under Senior Indebtedness under the Credit Facilities and all other Senior Indebtedness the terms of which
require repayment upon a Change of Control or (b) offer to repay in full and terminate all commitments under all Senior Indebtedness under the Credit Facilities and all such other Senior
Indebtedness and repay the Senior Indebtedness owed to each lender which has accepted such offer in full; or 

        (2)   obtain
the requisite consents under the Credit Facilities and all such other Senior Indebtedness to permit the repurchase of the Notes as provided herein. 

        The
Company's failure to comply with the preceding sentence shall constitute an Event of Default described in Section 6.1 hereof. 

        On
or before the Change of Control Purchase Date, the Company will: 

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

        (2)   deposit
with the Paying Agent cash sufficient to pay the Change of Control Purchase Price (together with accrued and unpaid interest (and Liquidated Damages, if any) to
the Change of Control Purchase Date) of all Notes or portions of Notes properly tendered; and 

        (3)   deliver
or cause to be delivered to the Trustee the Notes so accepted together with an Officers' Certificate listing the Notes or portions thereof being purchased by the
Company. 

        The
Company will promptly pay or cause to be paid to each Holder of Notes properly tendered an amount equal to the Change of Control Purchase Price (together with accrued and unpaid
interest (and Liquidated Damages, if any) to the Change of Control Purchase Date) and the Trustee promptly will authenticate and deliver to such Holders a new Note equal in principal amount to
any unpurchased portion of the Notes surrendered, if any. The Company will publicly announce the results of the Change of Control Offer on or as soon as practicable after the Change of Control
Purchase Date. 

        To
the extent that the provisions of any securities laws or regulations conflict with the provisions of this Section 4.13, the Company's compliance or compliance by any of the
Guarantors with such laws and regulations shall not in and of itself cause a breach of their obligations under this Section 4.13. 

55

 

        If
the Change of Control Purchase Date hereunder is on or after an interest payment Record Date and on or before the associated Interest Payment Date, any accrued and unpaid interest
(and Liquidated Damages, if any) due on such Interest Payment Date will be paid to the Person in whose name a Note is registered at the close of business on such Record Date. 

        The
provisions of this Indenture relating to the Company's obligation to make an offer to repurchase the Notes as a result of a Change of Control may be waived or modified prior to the
occurrence of a Change of Control with the written consent of the holders of a majority in aggregate principal amount of the Notes outstanding. 

SECTION 4.14 Subsidiary Guarantors  

        (a)   The
Company shall cause all of the Company's present and future Subsidiaries other than the Company's Foreign Subsidiaries and any Securitization Entity, to jointly and
severally, irrevocably and unconditionally guaranty all principal, premium, if any, and interest on the Notes on a senior subordinated basis. Such future Subsidiaries of the Company shall become a
Guarantor by executing a supplemental indenture, substantially in the form attached as Exhibit E. 

        (b)   Notwithstanding
anything herein or in this Indenture to the contrary, if any of the Company's Subsidiaries (including Foreign Subsidiaries) that is not a Guarantor
guarantees any of the Company's other Indebtedness or any other Indebtedness of the Guarantors, or the Company or any of the Company's Subsidiaries, individually or collectively, pledges more than 66%
of the aggregate voting power of the Voting Equity Interests of a Subsidiary (including Foreign Subsidiaries) that is not a Guarantor to a lender to secure the Company's Indebtedness or any
Indebtedness of any Guarantor, then such Subsidiary must become a Guarantor by executing a supplemental indenture, substantially in the form attached as Exhibit E. 

SECTION 4.15 Limitation On Status As Investment Company  

        The Company and its Subsidiaries shall be prohibited from being required to register as an "investment company" (as that term is defined in the Investment Company
Act of 1940, as amended (the "Investment Company Act")), or from otherwise becoming subject to regulation under the Investment Company Act. 

SECTION 4.16 Maintenance of Properties and Insurance  

        The Company and the Guarantors shall cause all material properties used or useful to the conduct of their business and the business of each of their Subsidiaries
to be maintained and kept in good condition, repair and working order (reasonable wear and tear excepted) and supplied with all
necessary equipment and shall cause to be made all necessary repairs, renewals, replacements, betterments and improvements thereof, all as in their reasonable judgment may be necessary, so that the
business carried on in connection therewith may be properly conducted at all times; provided, however, that nothing in this Section 4.16 shall
prevent the Company or any Guarantor from discontinuing any operation or maintenance of any of such properties, or disposing of any of them, if such discontinuance or disposal is
(a) (i) in the judgment of the Board of Directors of the Company, desirable in the conduct of the business of such entity and (ii) would not have a material adverse effect on the
ability of the Company and the Guarantors to satisfy their obligations under the Notes, the Guarantees and this Indenture, and, to the extent applicable, (b) as otherwise permitted under
Section 4.12 hereof. 

        The
Company and Guarantors shall provide, or cause to be provided, for themselves and each of their Subsidiaries, insurance (including appropriate self-insurance) against
loss or damage of the kinds that, in the reasonable, good faith opinion of the Board of Directors of the Company is adequate and appropriate for the conduct of the business of the Company, the
Guarantors and such Subsidiaries. 

56

 

SECTION 4.17 Corporate Existence  

        Subject to Section 4.13 and Article V 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 Subsidiaries, in accordance with the respective organizational documents (as the same may be
amended from time to time) of the Company or any such Subsidiary and (ii) the rights (charter and statutory), licenses and franchises of the Company and its 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 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 Subsidiaries,
taken as a whole, and that the loss thereof would not have a material adverse effect on the ability of the Company to satisfy its obligations under the Notes, the Guarantees and this Indenture. 

SECTION 4.18 Limitation on Layering Indebtedness  

        The Company shall not and the Guarantors shall not, and neither the Company nor the Guarantors will permit any of the Company's Subsidiaries to, directly or
indirectly, incur, or suffer to exist any Indebtedness that is contractually subordinate in right of payment to any of the Company's other Indebtedness or any other Indebtedness of a Guarantor unless,
by its terms, such Indebtedness is
contractually subordinate in right of payment to, or ranks pari passu with, the Notes or the Guarantee, as applicable. 

ARTICLE V

SUCCESSORS  

SECTION 5.1 Merger, Consolidation or Sale of Assets  

        The Company shall not consolidate with or merge with or into another Person or, directly or indirectly, sell, lease, convey or transfer all or substantially all
of the Company's assets (such amounts to be computed on a consolidated basis), whether in a single transaction or a series of related transactions, to another Person or group of affiliated Persons or
adopt a plan of liquidation, unless: 

        (1)   either
(a) the Company is the continuing entity or (b) the resulting, surviving or transferee entity or, in the case of a plan of liquidation, the entity
which receives the greatest value from such plan of liquidation is a corporation organized under the laws of the United States, any state thereof or the District of Columbia and expressly assumes by
supplemental indenture all of the Company's obligations in connection with the Notes and this Indenture; 

        (2)   no
Default or Event of Default shall exist or shall occur immediately after giving effect on a pro forma basis to such
transaction; 

        (3)   unless
such transaction is solely the merger of the Company and one of the Company's previously existing Wholly Owned Subsidiaries which is also a Guarantor for the
purpose of reincorporation into another jurisdiction, which transaction is not for the purpose of evading the restrictions imposed by this Indenture, immediately after giving effect to such
transaction on a pro forma basis, the consolidated resulting, surviving or transferee entity would immediately thereafter be permitted to incur at least
$1.00 of additional Indebtedness pursuant to the Debt Incurrence Ratio set forth in Section 4.7 hereof or, if not, the Debt Incurrence Ratio on a pro
forma basis is at least equal to the Debt Incurrence Ratio immediately prior thereto; and 

        (4)   each
Guarantor shall have, by amendment to its Guarantee and, as applicable this Indenture, if necessary confirmed in writing that its Guarantee shall apply to the
obligations of the Company or the surviving entity in accordance with the Notes and this Indenture. 

57

 

SECTION 5.2 Successor Corporation Substituted  

        Upon any consolidation or merger or any transfer of all or substantially all of the Company's assets in accordance with Section 5.1, the successor
corporation formed by such consolidation or into which the Company is merged or to which such transfer is made shall succeed to and (except in the case of a lease or any transfer of all or
substantially all of the Company's assets) be substituted for, and may exercise every right and power of, the Company under this Indenture with the same effect as if such successor corporation had
been named therein as the Company, and (except in the case of a lease or any transfer of all or substantially all of the Company's assets) the Company shall be released from the obligations under the
Notes and this Indenture except with respect to any obligations that arise from, or are related to, such transaction. 

        For
purposes of the foregoing, the transfer (by lease, assignment, sale or otherwise) of all or substantially all of the properties and assets of one or more Subsidiaries, the Company's
interest in which constitutes all or substantially all of the Company's properties and assets, shall be deemed to be the transfer of all or substantially all of the Company's properties and assets. 

ARTICLE VI

DEFAULTS AND REMEDIES  

SECTION 6.1 Events of Default  

        "Event of Default," wherever used herein, means any one of the following events: 

        (a)   the
Company's failure to pay any installment of interest (or Liquidated Damages, if any) on the Notes as and when the same becomes due and payable and the continuance of
any such failure for 30 days; 

        (b)   the
Company's failure to pay all or any part of the principal, or premium, if any, on the Notes when and as the same becomes due and payable at maturity, redemption, by
acceleration or otherwise, including, without limitation, payment of the Change of Control Purchase Price or the Asset Sale Offer Price, on Notes validly tendered and not properly withdrawn pursuant
to a Change of Control Offer or Asset Sale Offer, as applicable; 

        (c)   the
Company's failure or the failure by any of the Company's Subsidiaries to observe or perform any other covenant or agreement contained in the Notes or this Indenture
and, except for the provisions under Section 5.1 hereof, the continuance of such failure for a period of 30 days after written notice is given to the Company by the Trustee or to the
Company and the Trustee by the Holders of at least 25% in aggregate principal amount of the Notes outstanding; 

        (d)   a
default in the Company's Indebtedness or the Indebtedness any of the Company's Subsidiaries with an aggregate amount outstanding in excess of $15,000,000
(a) resulting from the failure to pay principal at maturity or (b) as a result of which the maturity of such Indebtedness has been accelerated prior to its stated maturity; 

        (e)   final
unsatisfied judgments not covered by insurance aggregating in excess of $15,000,000, at any one time rendered against the Company or any of the Company's
Subsidiaries and not stayed, bonded or discharged within 60 days; and 

        (f)    any
Guarantee of a Guarantor that is a Significant Subsidiary ceases to be in full force and effect or becomes unenforceable or invalid or is declared null and void
(other than in accordance with the terms of the Guarantee and this Indenture) or any Guarantor denies or disaffirms its Obligations under its Guarantee. 

        (g)   a
court having jurisdiction in the premises enters a decree or order for (A) relief in respect of the Company or any Significant Subsidiary in an involuntary case
under any applicable Bankruptcy Law 

58

 

now
or hereafter in effect, (B) appointment of a receiver, liquidator, assignee, Custodian, trustee, sequestrator or similar official of the Company or any Significant Subsidiary or for all or
substantially all of the property and assets of the Company or any Significant Subsidiary or (C) the winding up or liquidation of the affairs of the Company or any Significant Subsidiary and,
in each case, such decree or order shall remain unstayed and in effect for a period of 60 consecutive days; or 

        (h)   the
Company or any Significant Subsidiary (A) commences a voluntary case under any applicable Bankruptcy Law now or hereafter in effect, or consents to the entry
of an order for relief in an involuntary case under any such law, (B) consents to the appointment of or taking possession by a receiver, liquidator, assignee, Custodian, trustee, sequestrator
or similar official of the Company or any Significant Subsidiary or for all or substantially all of the property and assets of the Company or any Significant Subsidiary or (C) effects any
general assignment for the benefit of creditors. 

        If
a Default occurs and is continuing, the Trustee must, within 90 days after the receipt of notice of such Default, give to the Holders notice of such Default. 

SECTION 6.2 Acceleration  

        (a)   If
an Event of Default occurs and is continuing (other than an Event of Default specified in Sections 6.1 (g) or (h) hereof relating to the Company
or any of the Company's Significant Subsidiaries,) then in every such case, unless the principal of all of the Notes shall have already become due and payable, either the Trustee or the Holders of at
least 25% in aggregate principal amount of the Notes then outstanding, by notice in writing to the Company (and to the Trustee if given by Holders) (an "Acceleration Notice"), may declare all
principal, determined as set forth below, and accrued interest (and Liquidated Damages, if any) thereon to be due and payable immediately; provided,
however, that if any Senior Indebtedness is outstanding pursuant to the Credit Facilities, upon a declaration of such acceleration, such principal and interest shall be due and
payable upon the earlier of (x) the fifth Business Day after sending the Company and the representative under the Credit Facilities such written notice, unless such Event of Default is cured or
waived prior to such date and (y) the date of acceleration of any Senior Indebtedness under the Credit Facilities. In the event a declaration of acceleration resulting from an Event of Default
described in Section 6.1(d) hereof has occurred and is continuing, such declaration of acceleration shall be automatically annulled if such default is cured or waived or the Holders of
the Indebtedness which is the subject of such default have rescinded their declaration of acceleration in respect of such Indebtedness within 30 days thereof and the Trustee has received
written notice of such cure, waiver or rescission and no other Event of Default described in Section 6.1(d) hereof has occurred that has not been cured or waived within 30 days of
the declaration of such acceleration in respect of such Indebtedness. If an Event of Default specified in Sections 6.1(g) and (h) hereof, relating to the Company or any of the
Company's Significant Subsidiaries occurs, all principal and accrued interest (and Liquidated Damages, if any) thereon will be immediately due and payable on all outstanding Notes without any
declaration or other act on the part of the Trustee or the Holders. The Holders of a majority in aggregate principal amount of Notes generally are authorized to rescind such acceleration if all
existing Events of Default, other than the non-payment of the principal of, premium, if any, and interest (and Liquidated Damages, if any) on the Notes which have become due solely by such
acceleration, have been cured or waived. 

        (b)   Prior
to the declaration of acceleration of the maturity of the Notes, the Holders of a majority in aggregate principal amount of the Notes at the time outstanding may
waive on behalf of all the Holders any Default, except a Default in the payment of principal of or interest on any Note not yet cured or a Default with respect to any covenant or provision
which cannot be modified or amended without the consent of the Holder of each outstanding Note affected. Subject to the provisions of this Indenture relating to the duties of the Trustee, the
Trustee will be under no obligation to exercise any of its rights or powers under this Indenture at the request, order or direction of any of the Holders, unless such Holders have offered to the
Trustee reasonable security or indemnity. 

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        (c)   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 or waive any existing Default or Event of Default 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, interest, premium or Liquidated Damages, if any, that has become due solely because of the acceleration) have been cured or waived. 

        (d)   Notwithstanding
clause (c) of this Section 6.2, no waiver shall be effective against any Holder for any Event of Default or event which with notice
or lapse of time or both would be an Event of Default with respect to any covenant or provision which cannot be modified or amended without the consent of the Holder of each outstanding
Note affected thereby, unless all such affected Holders agree, in writing, to waive such Event of Default or other event. No such waiver shall cure or waive any subsequent default or impair any
right consequent thereon. 

SECTION 6.3 Other Remedies  

        If an Event of Default occurs and is continuing, the Trustee may pursue any available remedy to collect the payment of principal, premium, if any, Liquidated
Damages, if any, and 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 6.4 Waiver of Past Defaults  

        Subject to Section 6.7 hereof, the Holders of at least a majority in principal amount of the outstanding Notes by written notice to the Company and to the
Trustee, may, on behalf of all Holders, waive any existing or past Default or Event of Default hereunder and its consequences under this Indenture, except a continuing Default or Event of Default in
the payment of the principal of, premium, and Liquidated Damages, if any, or interest on the Notes (including in connection with an offer to purchase);  provided, however, that the Holders of a majority in aggregate principal amount of the then outstanding
Notes may rescind an acceleration and its consequences, including any related Payment Default (as defined below) that resulted from such acceleration. 

        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 arising therefrom. 

SECTION 6.5 Control by Majority  

        Subject to the provisions of this Indenture and applicable law, Holders of at least a majority in aggregate 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 in good faith may be unduly prejudicial to the rights of other Holders of Notes not joining in the giving of
such direction or that may involve the Trustee in personal liability and the Trustee may take any other action it deems proper that is not inconsistent with any such direction received from Holders of
the Notes. 

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SECTION 6.6 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 gives to the Trustee written notice of a continuing Event of Default; 

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

        (c)   such
Holder of a Note or Holders of Notes offer and, if requested, provide to the Trustee indemnity satisfactory to the Trustee against any costs, liability or
expense; 

        (d)   the
Trustee does not comply with the request within 60 days after receipt of the request and the offer and, if requested, the provision of 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. 

SECTION 6.7 Rights of Holders of Notes to Receive Payment  

        Notwithstanding any other provision of this Indenture, except as permitted by Section 9.2 hereof, the right of any Holder of a Note to receive
payment of the principal of, premium and Liquidated Damages, if any, and interest on the Note, on or after the respective due dates expressed in the Note or to bring suit for the enforcement of
any such payment on or after such respective dates, shall not be impaired or affected without the consent of such Holder. 

SECTION 6.8 Collection Suit by Trustee  

        If an Event of Default specified in Section 6.1 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 Liquidated Damages, if any, and interest remaining unpaid on the Notes and interest on overdue
principal and, to the extent lawful, interest and such further amount as shall be sufficient to cover the costs and expenses of collection, including the reasonable compensation, expenses,
disbursements and advances of the Trustee, its agents and counsel. 

SECTION 6.9 Trustee May File Proofs of Claim  

        The Trustee is authorized to file such proofs of claim and other papers or documents as may be necessary or advisable in order to have the claims of the Trustee
(including any claim for the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel) and the Holders 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 7.7 hereof. To the extent that the payment of any such compensation, expenses, disbursements and advances of the Trustee,
its agents and counsel, and any other amounts due the Trustee under Section 7.7 hereof out of the estate in any such proceeding, shall be denied for any reason, payment of the same shall be
secured by a Lien on, and shall be paid out of, any and all distributions, dividends, money, securities and other properties that the Holders may be entitled to receive in such proceeding whether in
liquidation or under any plan of reorganization or arrangement 

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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; provided, however that the
Trustee may, on behalf of the Holders, vote for the election of a trustee in bankruptcy or similar official and may be a member of the creditor's committee. 

SECTION 6.10 Priorities  

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

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

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

        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 costs of the suit, and the court in its discretion may assess reasonable costs,
including reasonable attorneys' fees, 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 6.7 hereof, or a suit by Holders of more than 10% in principal amount of the
then outstanding Notes. 

ARTICLE VII

TRUSTEE  

SECTION 7.1 Duties of Trustee  

        (a)   If
an Event of Default of which the Trustee has knowledge 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 of which the Trustee has knowledge: 

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

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        (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. 

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

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

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

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

        (d)   Whether
or not therein expressly so provided, every provision of this Indenture that in any way relates to the Trustee is subject to Sections 7.1 and 7.2 hereof. 

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

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

SECTION 7.2 Rights of Trustee  

        (a)   In
connection with the Trustee's rights and duties under this Indenture, the Trustee may conclusively rely upon any document 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 under this Indenture, 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 and the written 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. 

        (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 that might be incurred by it in compliance with such request or direction. 

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        (g)   Except
with respect to Section 4.1 hereof, the Trustee shall have no duty to inquire as to the performance of the Company's covenants in Article IV hereof.
In addition, the Trustee shall not be deemed to have knowledge of any Default or Event of Default except (i) any Event of Default occurring pursuant to Sections 6.1(a), 6.1(b) and
4.1 hereof or (ii) any Default or Event of Default of which the Trustee shall have received written notification in the manner set forth in this Indenture or an officer in the corporate trust
administration of the Trustee shall have obtained actual knowledge. Delivery of reports, information and documents to the Trustee under Section 4.3 hereof is for informational purposes only and
the Trustee's receipt of the foregoing shall not constitute constructive notice of any information contained therein or determinable from information contained therein, including the Company's or any
Guarantor's, as applicable, compliance with any of their covenants thereunder (as to which the Trustee is entitled to rely exclusively on an Officer's Certificate). 

        (h)   The
Trustee shall not be bound to make any investigation into the facts or matters stated in any resolution, certificate, statement, instrument, opinion, report, notice,
request, direction, consent, order, bond, debenture, note, other evidence of indebtedness or other paper or document, but the Trustee may, in its discretion, make such further inquiry or investigation
into such facts or matters as it may see fit. 

SECTION 7.3 Individual Rights of Trustee  

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

SECTION 7.4 Trustee's Disclaimer  

        The Trustee shall not be responsible for and makes no representation as to the validity or adequacy of this Indenture or the Notes, 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 7.5 Notice of Defaults  

        If a Default or Event of Default occurs and is continuing and if it is known to the Trustee, the Trustee shall mail to Holders of Notes a notice in the manner and
to the extent provided by Section 313(c) of the TIA of the Default or Event of Default within 90 days after it occurs. Except in the case of a Default or Event of Default in
payment of principal of, premium, if any, Liquidated Damages, if any, or interest on any Note, the Trustee may withhold the notice if and so long as a committee of its Officers in good faith
determines that withholding the notice is in the interests of the Holders of the Notes. 

SECTION 7.6 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 

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TIA
§ 313(a) has occurred within the 12 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 by the Trustee 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. 

SECTION 7.7 Compensation and Indemnity  

        The Company shall pay to the Trustee from time to time reasonable compensation for its acceptance of this Indenture and services hereunder. 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 the Trustee against any and all losses, liabilities or expenses (including reasonable attorneys' fees) incurred by it arising out of or in connection with the
acceptance or administration of its duties under this Indenture, including the costs and expenses of enforcing this Indenture against the Company (including this Section 7.7) and defending
itself against any claim (whether asserted by the Company or any Holder or any other Person) or liability in connection with the exercise or performance of any of its powers or duties hereunder,
except to the extent any such loss, liability or expense may be attributable to its negligence, bad faith or willful misconduct. 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 7.7 shall survive the satisfaction and discharge of this Indenture. 

        To
secure the Company's payment obligations in this Section 7.7, the Trustee shall have a Lien prior to the Notes on all money or property held or collected by the Trustee, except
that held in trust to pay principal 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 Sections 6.1(g) or 6.1(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 any Bankruptcy Law. 

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

SECTION 7.8 Replacement of Trustee  

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

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

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outstanding
Notes may remove the Trustee by so notifying the Trustee and the Company in writing. The Company may remove the Trustee if: 

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

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

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

        (d)   the
Trustee becomes incapable of acting. 

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

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

        A
successor Trustee shall deliver a written acceptance of its appointment to the retiring Trustee and to the Company. Thereupon, the resignation or removal of the retiring Trustee shall
become effective, and the successor Trustee shall have all the rights, powers and 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, all sums
owing to the Trustee hereunder have been paid and subject to the Lien provided for in Section 7.7 hereof. Notwithstanding replacement of the Trustee pursuant to this Section 7.8, the
Company's obligations under Section 7.7 hereof shall continue for the benefit of the retiring Trustee. 

SECTION 7.9 Successor Trustee by Merger, etc.  

        If the Trustee consolidates, merges or converts into, or transfers all or substantially all of its corporate trust business 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 or trust company (or a member of a bank holding company) 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 the bank holding company of which it is a member has) 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). 

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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 VIII

LEGAL DEFEASANCE AND COVENANT DEFEASANCE

AND SATISFACTION AND DISCHARGE  

SECTION 8.1 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 8.2 or 8.3 hereof be applied to all outstanding Notes upon compliance with the conditions set forth below in this Article VIII. 

SECTION 8.2 Legal Defeasance and Discharge  

        Upon the Company's exercise under Section 8.1 hereof of the option applicable to this Section 8.2, each of the Company and the Guarantors, as
applicable, shall, subject to the satisfaction of the applicable conditions set forth in Section 8.4 hereof, be deemed to have been discharged from its obligations with respect to all
outstanding Notes and Guarantees, as applicable, on the date the conditions set forth below are satisfied (hereinafter, "Legal Defeasance"). For this purpose, Legal Defeasance means that the Company
and the Guarantors shall be deemed to have paid and discharged the entire Indebtedness represented by the outstanding Notes (including the Guarantees), which shall thereafter be deemed to be
"outstanding" only for the purposes of Section 8.5 hereof and the other Sections of this Indenture referred to in clauses (a) and (b) below, and to have satisfied all their
other obligations under such Notes, such Guarantees 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 8.4 hereof, and as more fully set forth in Section 8.4, payments in respect of the principal of, premium, if any, and interest and Liquidated Damages, if any, on
such Notes when such payments are due, (b) the Company's obligations with respect to such Notes under Sections 2.6, 2.7 and 2.10 and Section 4.2 hereof, (c) the rights,
powers, duties and immunities of the Trustee hereunder and the Company's obligations in connection therewith and (d) this Article VIII. Subject to compliance with this
Article VIII, the Company may exercise its option under this Section 8.2 notwithstanding the prior exercise of its option under Section 8.3 hereof. 

SECTION 8.3 Covenant Defeasance  

        Upon the Company's exercise under Section 8.1 hereof of the option applicable to this Section 8.3, subject to the satisfaction of the applicable
conditions set forth in Section 8.4 hereof, the Company and the Guarantors shall be released from their respective obligations under Sections 4.3, 4.4, 4.5, 4.7, 4.8, 4.9, 4.10, 4.11,
4.12, 4.13, 4.14, 4.15, 4.16, 4.17, 4.18 and Article V hereof and the Guarantors shall be released from their obligations under Article X hereof, in each case on and after the date the
conditions set forth below are satisfied (hereinafter, "Covenant Defeasance"), and the Notes and the Guarantees 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 and the
Guarantors may omit to comply with and shall have no liability in respect of any term, condition or 

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limitation
set forth in any such covenant, whether directly or indirectly, by reason of any reference elsewhere herein to any such covenant or by reason of any reference in any such covenant to any
other provision herein or in any other document and such omission to comply shall not constitute a Default or an Event of Default under Section 6.1 hereof, but, except as specified above, the
remainder of this Indenture and such Notes shall be unaffected thereby. In addition, upon the Company's exercise under Section 8.1 hereof of the option applicable to this Section 8.3,
subject to the satisfaction of the applicable conditions set forth in Section 8.4 hereof, (x) Sections 6.1(c) through 6.1(f) hereof shall not constitute Events of Default
and (y) Sections 6.1(g) and 6.1(h) hereof shall not constitute an Event of Default to the extent they occur after the 91st day following the occurrence of the Company's
exercise of Covenant Defeasance; provided, however that for all other purposes as set forth herein, such Covenant Defeasance provisions shall be
effective. 

SECTION 8.4 Conditions to Legal or Covenant Defeasance  

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

        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, cash in United States legal tender, U.S. Government Obligations, or a
combination thereof, in amounts that will be sufficient, in the opinion of a nationally recognized firm of independent public accountants which opinion can be subject to customary qualifications, to
pay the principal of, premium, if any, and Liquidated Damages, if any, and interest on the outstanding Notes on the stated date for payment thereof or on the applicable redemption date, as the case
may be, and the Trustee must have, for the benefit of Holders of the Notes, a valid, perfected exclusive security interest in such trust; 

        (b)   in
the case of an election under Section 8.2 hereof, the Company must deliver to the Trustee an Opinion of Counsel which opinion can be subject to customary
qualifications 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, 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 8.3 hereof, the Company must deliver to the Trustee an Opinion of Counsel which opinion can be subject to customary
qualifications reasonably acceptable to the Trustee confirming that Holders of the 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)   in
the case of an election under Section 8.2 or 8.3 hereof, (x) no Default or Event of Default shall have occurred and be continuing on the date of the
deposit, and (y) in the case of an election under Section 8.2 hereof, no Event of Default specified in Section 6.1(g) or (h) hereof may occur at any time from the
date of the deposit to the 91st calendar day thereafter; 

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

        (f)    the
Company must deliver to the Trustee an Officers' Certificate stating that the deposit was not made by the Company with the intent to hinder, delay or defraud any
other of the Company's creditors; and 

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        (g)   the
Company must deliver to the Trustee an Officers' Certificate confirming the satisfaction of the conditions in clauses (a) through (f) above, and an
Opinion of Counsel, confirming the satisfaction of the conditions in clauses (a) (with respect to the validity and perfection of the security interest), (b), (c) and (e). 

        Legal
Defeasance and Covenant Defeasance shall be deemed to occur on the earlier of (i) the 91st day after the deposit, and (ii) the day on which all of the
applicable conditions set forth in this Section 8.4 are satisfied. 

        If
the amount deposited with the Trustee to effect a Defeasance is insufficient to pay the principal of, premium, if any, and interest on the Notes when due, or if any court enters an
order directing the repayment of the deposit to the Company or otherwise making the deposit unavailable to make payments under the Notes when due, then (so long as the insufficiency exists or the
order remains in effect) the Company and the Guarantors' obligations under this Indenture and the Notes will be revived, and the Defeasance will be deemed not to have occurred. 

SECTION 8.5 Deposited Money and Government Securities to be Held in Trust; Other Miscellaneous Provisions  

        Subject to Section 8.6 hereof, all money and U.S. Government Obligations (including the proceeds thereof) deposited with the Trustee (or other qualifying
trustee, collectively for purposes of this Section 8.5, the "Trustee") pursuant to Section 8.4 hereof in respect of the outstanding Notes shall be held in trust 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 (and Liquidated Damages, if any), but such money need not
be segregated from other funds except to the extent required by law. 

        The
Company shall pay and indemnify the Trustee against any tax, fee or other charge imposed on or assessed against the cash or U.S. Government Obligations deposited pursuant to
Section 8.4 hereof or the principal and interest received in respect thereof, other than any such tax, fee or other charge which by law is for the account of the Holders of the outstanding
Notes. 

        Anything
in this Article VIII to the contrary notwithstanding, the Trustee shall deliver or pay to the Company from time to time upon the request of the Company any money or U.S.
Government Obligations held by it as provided in Section 8.4 hereof which, in the opinion of a firm of independent public accountants nationally recognized in the United States expressed in a
written certification thereof delivered to the Trustee (which may be the opinion delivered under Section 8.4(a) hereof), are in excess of the amount thereof that would then be required
to be deposited to effect an equivalent Legal Defeasance or Covenant Defeasance. 

SECTION 8.6 Repayment to Company  

        Any money deposited with the Trustee or any Paying Agent, or then held by the Company, in trust for the payment of the principal of, premium, if any, Liquidated
Damages, if any, or interest on any Note and remaining unclaimed for two years after such principal, and premium, if any, Liquidated Damages, if any, or interest has become due and
payable shall be paid to the Company on its written request or (if then held by the Company) shall be discharged from such trust; and the Holder of such Note shall thereafter, as a 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 

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the
date of such notification or publication, any unclaimed balance of such money then remaining will be repaid to the Company. 

SECTION 8.7 Reinstatement  

        If the Trustee or Paying Agent is unable to apply any United States legal tender or U.S. Government Obligations in accordance with Section 8.2 or 8.3
hereof, as the case may be, by reason of any order directing the repayment of the deposited money to the Company or otherwise making the deposit unavailable to make payments under the Notes when due,
or if any court enters an order avoiding the deposit of money with the Trustee or Paying Agent or otherwise requires the payment of the money so deposited to the Company or to a fund for the benefit
of its creditors, then (so long as the insufficiency exists or the order remains in effect) the Company's and the Guarantors' obligations under this Indenture and the Notes shall be revived and
reinstated as though no deposit had occurred pursuant to Section 8.3 or 8.4 hereof until such time as the Trustee or Paying Agent is permitted to apply all such money in accordance with
Section 8.3 or 8.4 hereof, as the case may be; provided, however, that, if the Company makes any payment of principal of, premium, if any,
Liquidated Damages, 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. 

SECTION 8.8 Satisfaction and Discharge  

        This Indenture will be discharged and will cease to be of further effect (except as to surviving rights of registration of transfer or exchange of Notes) as to
all outstanding Notes when either: 

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

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

        (2)   the
Company shall have delivered irrevocable instructions to the Trustee to apply the deposited money toward the payment of the Notes at maturity or the redemption date,
as the case may be; 

        (3)   such
deposit does not and will not result in a breach or violation of, or constitute a Default under this Indenture or a default under any other material agreement or
instrument to which the Company or any of the Company's Subsidiaries are a party or are otherwise bound; 

        (4)   the
Company shall have paid all other amounts payable by the Company under this Indenture; 

        (5)   the
Company shall have delivered to the Trustee an Officers' Certificate stating that the deposit was not made by the Company with intent to hinder, delay, or defraud
any other of the Company's creditors; and 

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        (6)   the
Company shall have delivered to the Trustee an Officers' Certificate and an Opinion of Counsel, which opinion can be subject to customary qualifications, confirming
the satisfaction of the conditions in clause (3) above. 

ARTICLE IX

AMENDMENT, SUPPLEMENT AND WAIVER  

SECTION 9.1 Without Consent of Holders of Notes  

        Notwithstanding Section 9.2 hereof, the Company, the Guarantors and the Trustee may amend or supplement this Indenture, the Notes or any Guarantee, 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 II 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 by a successor to the Company pursuant to Article V hereof; 

        (d)   to
provide for additional Guarantors as set forth in Section 4.14 hereof or for the release or assumption of a Guarantee in compliance with this Indenture; 

        (e)   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 rights hereunder of any Holder
of the Note; 

        (f)    to
comply with the provisions of the Depositary, Euroclear or Clearstream or the Trustee with respect to the provisions of this Indenture or the Notes relating to
transfers and exchanges of Notes or beneficial interests therein; 

        (g)   to
comply with requirements of the Commission in order to effect or maintain the qualification of this Indenture under the TIA; or 

        (h)   to
provide for the issuance of Additional Notes in accordance with the limitations set forth in this Indenture as of the date hereof. 

        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 9.6 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 adversely affects its own rights, duties or immunities under this Indenture or otherwise. 

SECTION 9.2 With Consent of Holders of Notes  

        Except as expressly stated otherwise in this Section 9.2, and subject to Sections 6.4 and 6.7 hereof, the Company, the Guarantors and the Trustee may amend
or supplement this Indenture, the Notes and the Guarantees, with the consent of the Holders of at least a majority in aggregate principal amount of the Notes (including, without limitation, the
Additional Notes, if any, voting as a single class) then outstanding (including, without limitation, consents obtained in connection with a purchase of, or tender offer or exchange offer for, the
Notes), and, subject to Sections 6.4 and 6.7 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 aggregate principal amount of the then 

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outstanding
Notes (including consents obtained in connection with a purchase of, or tender offer or exchange offer for, the Notes). 

        Subject
to Sections 6.4 and 6.7 hereof, the Holders of a majority in aggregate principal amount of the Notes then outstanding voting as a single class may waive compliance in a
particular instance by the Company or any Subsidiary with any provision of this Indenture, the Notes or the Guarantees. 

        However,
without the consent of each Holder affected (it being understood that, except as expressly stated otherwise in paragraphs (a) through (c) below,
Sections 4.12 and 4.13 hereof may be amended, waived or modified in accordance with the first paragraph of this Section 9.2) an amendment or waiver may not (with respect to any Notes
held by a non-consenting Holder): 

        (a)   change
the Stated Maturity on any Note, or reduce the principal amount thereof or the rate (or extend the time for payment) of interest thereon or any premium payable
upon the redemption thereof at the Company's option, or change the coin or currency in which, any Note or any premium or the interest thereon is payable, or impair the right to institute suit
for the enforcement of any such payment on or after the Stated Maturity thereof (or, in the case of redemption at the Company's option, on or after the Redemption Date), or after an Asset Sale or
Change of Control has occurred reduce the Change of Control Purchase Price or the Asset Sale Offer Price with respect to the corresponding Asset Sale or Change of Control or alter the provisions
(including the defined terms used therein) regarding the Company's right to redeem the Notes at the Company's option in a manner adverse to the Holders; 

        (b)   reduce
the percentage in principal amount of the outstanding Notes, the consent of whose Holders is required for any such amendment, supplemental indenture or waiver
provided for in this Indenture; or 

        (c)   modify
any of the waiver provisions, except to increase any required percentage or to provide that certain other provisions of this Indenture cannot be modified or
waived without the consent of the Holder of each outstanding Note affected thereby. 

        Notwithstanding
the foregoing, no amendment to the subordination provisions of this Indenture may adversely affect the rights of any holders of Designated Senior Indebtedness then
outstanding without the consent of the holders of such Designated Senior Indebtedness (or any group or representative thereof authorized to give such consent). 

        In
connection with any amendment, supplement or waiver under this Article IX, the Company may, but shall not be obligated to, offer to any Holder who consents to such amendment,
supplement or waiver, or to all Holders, consideration for such Holder's consent to such amendment, supplement or waiver. 

        Upon
the request of the Company accompanied by a resolution of its Board of Directors authorizing the execution of any such amended or supplemental Indenture, and upon 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 the Trustee of the documents described in Section 9.6 hereof, the Trustee shall join with the Company in the execution of such amended or supplemental Indenture unless such amended
or supplemental Indenture adversely affects the Trustee's own rights, duties or immunities under this Indenture or otherwise, in which case the Trustee may in its discretion, but shall not be
obligated to, enter into such amended or supplemental Indenture. 

        It
shall not be necessary for the consent of the Holders of Notes under this Section 9.2 to approve the particular form of any proposed amendment or waiver, but it shall be
sufficient if such consent approves the substance thereof. 

        After
an amendment, supplement or waiver under this Section 9.2 becomes effective, the Company shall mail to the Holders of Notes affected thereby a notice briefly describing the
amendment, 

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supplement
or waiver. Any failure of the Company to mail such notice, or any defect therein, shall not, however, in any way impair or affect the validity of any such amended or supplemental Indenture
or waiver. 

SECTION 9.3 Compliance with Trust Indenture Act  

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

SECTION 9.4 Revocation and Effect of Consents  

        Until an amendment, supplement or waiver becomes effective (as determined by the Company and which may be prior to any such amendment, supplement or waiver
becoming operative), 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 Indebtedness 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 (as determined by
the Company), which may be prior to any such amendment, supplement or waiver becoming operative. 

        The
Company may, but shall not be obligated to, fix a record date for the purpose of determining the Holders entitled to consent to any amendment, supplement or waiver, which record date
shall be the date so fixed by the Company notwithstanding the provisions of the TIA. If a record date is fixed, then notwithstanding the last sentence of the immediately preceding paragraph, those
Persons who were Holders at such record date, and only those Persons (or their duly designated proxies), shall be entitled to revoke any consent previously given, whether or not such Persons continue
to be Holders after such record date. 

        After
an amendment, supplement or waiver becomes effective, it shall bind every Holder unless it makes a change described in any of clauses (a) through (d) of
Section 9.2 hereof, in which case, the amendment, supplement or waiver shall bind only each Holder of a Note who has consented to it and every subsequent Holder of a Note or
portion of a Note that evidences the same debt as the consenting Holder's Note; provided, that any such waiver shall not impair or affect the
right of any Holder to receive payment of principal and premium of and interest (and Liquidated Damages, if any) on a Note, on or after the respective dates set for such amounts to become due and
payable expressed in such Note, or to bring suit for the enforcement of any such payment on or after such respective dates. 

SECTION 9.5 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. 

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

SECTION 9.6 Trustee to Sign Amendments, etc.  

        The Trustee shall sign any amended or supplemental Indenture authorized pursuant to this Article IX if the amendment or supplement does not adversely
affect the rights, duties, liabilities or immunities of the Trustee. The Company may not sign an amended or supplemental Indenture until the Board of Directors approves it. In executing any amended or
supplemental Indenture, the Trustee 

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shall
be entitled to receive indemnity reasonably satisfactory to it and to receive and (subject to Section 7.1 hereof) shall be fully protected in relying upon, an Officers' Certificate and an
Opinion of Counsel stating that the execution of such amended or supplemental Indenture is authorized or permitted by this Indenture. 

ARTICLE X

GUARANTEES  

SECTION 10.1 Guarantees  

        By its execution of the Guarantee attached to each Note and this Indenture or a supplemental Indenture in the Form of Exhibit E attached
hereto, each of the Guarantors acknowledges and agrees that it receives substantial benefits from the Company and that such party is providing its Guarantee for good and valuable consideration,
including, without limitation, such substantial benefits and services, and the Holders are relying on the Notes being guaranteed by the Guarantors to the extent required by this Indenture.
Accordingly, subject to the provisions of this Article X, each Guarantor, jointly and severally, hereby unconditionally guarantees on a senior subordinated basis to each Holder of a Note
authenticated and delivered by the Trustee and its successors and assigns that: (i) the principal of, premium, if any, and interest and Liquidated Damages, if any, on the Notes shall be duly
and punctually paid in full when due, whether at maturity, by acceleration, call for redemption, upon a Change of Control Offer, upon an Asset Sale Offer or otherwise, and interest on overdue
principal, premium, if any, Liquidated Damages, if any, and (to the extent permitted by law) interest on any interest, if any, on the Notes and all other obligations of the Company to the Holders or
the Trustee hereunder or under the Notes (including fees, expenses or other) shall be promptly paid in full or performed, all in accordance with the terms hereof; and (ii) in case of any
extension of time of payment or renewal of any Notes or any of such other obligations, the same shall be promptly paid in full when due or performed in accordance with the terms of the extension or
renewal, whether at Stated Maturity, by acceleration, call for redemption, upon a Change of Control, upon an Asset Sale Offer or otherwise, subject, however, in the case of clauses (i) and
(ii) above, to the limitations set forth in Section 10.5 hereof (collectively, the "Guarantee Obligations"). 

        Subject
to the provisions of this Article X hereof, each Guarantor hereby agrees that its Guarantee hereunder shall be unconditional, irrespective of the validity, regularity or
enforceability of the Notes or this Indenture, the absence of any action to enforce the same, any waiver or consent by any Holder of the Notes with respect to any thereof, the entry 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 hereby waives
and relinquishes: (a) any right to require the Trustee, the Holders or the Company (each, a "Benefited Party") to proceed against the Company, the Subsidiaries or any other Person or to proceed
against or exhaust any security held by a Benefited Party at any time or to pursue any other remedy in any secured party's power before proceeding against the Guarantors; (b) any defense that
may arise by reason of the incapacity, lack of authority, death or disability of any other Person or Persons or the failure of a Benefited Party to file or enforce a claim against the estate (in
administration, bankruptcy or any other proceeding) of any other Person or Persons; (c) demand, protest and notice of any kind (except as expressly required by this Indenture), including but
not limited to notice of the existence, creation or incurring of any new or additional Indebtedness or obligation or of any action or non-action on the part of the Guarantors, the Company,
the Subsidiaries, any Benefited Party, any creditor of the Guarantors, the Company or the Subsidiaries or on the part of any other Person whomsoever in connection with any obligations the performance
of which are hereby guaranteed; (d) any defense based upon an election of remedies by a Benefited Party, including but not limited to an election to proceed against the Guarantors for
reimbursement; (e) any defense based upon any statute or rule of law which provides that the obligation of a surety must be neither larger in amount nor in other respects more burdensome than 

74

 

that
of the principal; (f) any defense arising because of a Benefited Party's election, in any proceeding instituted under the Bankruptcy Law, of the application of
Section 1111(b)(2) of the Bankruptcy Code; and (g) any defense based on any borrowing or grant of a security interest under Section 364 of the Bankruptcy Code. The
Guarantors hereby covenant that, except as otherwise provided herein, the Guarantees shall not be discharged except by payment in full of all Guarantee Obligations, including the principal, premium,
if any, and interest on the Notes and all other costs provided for under this Indenture or as provided in Article VIII hereof. 

        If
any Holder or the Trustee is required by any court or otherwise to return to either the Company or the Guarantors, or any trustee, Custodian or liquidator or similar official acting
in relation to either the Company or the Guarantors, any amount paid by the Company or the Guarantors to the Trustee or such Holder, the Guarantees, to the extent theretofore discharged, shall be
reinstated in full force and effect. Each of the Guarantors agrees that it shall not be entitled to exercise any right of subrogation in relation to the Holders in respect of any Guarantee Obligations
hereby until payment in full of all such obligations guaranteed hereby. Each Guarantor agrees that, as between it, on the one hand, and the Holders of Notes and the Trustee, on the other hand,
(x) the maturity of the obligations guaranteed hereby may be accelerated as provided in Article VI hereof for the purposes hereof, notwithstanding any stay, injunction or other
prohibition preventing such acceleration in respect of the Guarantee Obligations, and (y) in the event of any acceleration of such obligations as provided in Article VI hereof, such
Guarantee Obligations (whether or not due and payable) shall forthwith become due and payable by such Guarantor for the purpose of the Guarantee. The Guarantors will have the right to seek
contribution from any non-paying Guarantor so long as the exercise of such rights does not impair the rights of the Holders of the Guarantees. 

SECTION 10.2 Execution and Delivery of Guarantees  

        To evidence the Guarantees set forth in Section 10.1 hereof, each of the Guarantors agrees that a notation of the Guarantees substantially in the form
included in Exhibit A hereto shall be endorsed by an officer of such Guarantor on each Note authenticated and delivered by the Trustee and that this Indenture shall be executed on behalf
of each of the Guarantors by an Officer of each of the Guarantors. 

        Each
of the Guarantors agree that the Guarantees set forth in this Article X shall remain in full force and effect and apply to all the Notes notwithstanding any failure to
endorse on each Note a notation of the Guarantees. 

        If
an Officer whose facsimile signature is on a Note or a notation of Guarantee no longer holds that office at the time the Trustee authenticates the Note on which the
Guarantees are endorsed, the Guarantees shall be valid nevertheless. 

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

SECTION 10.3 Guarantors May Consolidate, etc., on Certain Terms  

        (a)   Nothing
contained in this Indenture or in the Notes shall prevent any consolidation or merger of any Guarantor with or into each other or with or into the Company or
prevent any sale or conveyance of the property of a Guarantor as an entirety or substantially as an entirety to the Company or another Guarantor. Upon any such consolidation or merger, the Guarantee
of the Guarantor that does not survive the consolidation, merger or sale shall no longer be of any force or effect. 

        (b)   Except
for a merger or consolidation in which a Guarantor is sold and its Guarantee is released in compliance with the provisions of Section 10.4 hereof, no
Guarantor shall consolidate or 

75

 

merge
with or into (whether or not such Guarantor is the surviving Person) another Person unless, (i) subject to the provisions of Section 10.4 hereof and the other provisions of this
Indenture, the Person formed by or surviving any such consolidation or merger (if other than such Guarantor) assumes all the obligations of such Guarantor pursuant to a supplemental indenture in form
reasonably satisfactory to the Trustee, pursuant to which such Person shall guarantee, on a senior subordinated basis, all of such Guarantor's obligations under such Guarantor's Guarantee on the terms
set forth in this Indenture; and (ii) immediately before and immediately after giving effect to such transaction on a pro forma basis, no Default
or Event of Default shall have occurred or be continuing. In case of any such consolidation or merger and upon the assumption by the successor corporation, by supplemental indenture, executed and
delivered to the Trustee and reasonably satisfactory in form to the Trustee, of the Guarantees endorsed upon the Notes and the due and punctual performance of all of the covenants and conditions of
this Indenture to be performed by such Guarantor, such successor corporation shall succeed to and be substituted for such Guarantor with the same effect as if it had been named herein as a Guarantor.
Such successor corporation thereupon may cause to be signed any or all of the 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 the Guarantees so issued shall in all respects have the same legal rank and benefit under this Indenture as the Guarantees theretofore and thereafter issued
in accordance with the terms of this Indenture as though all of such Guarantees had been issued at the date of the execution hereof. 

        (c)   The
Trustee, subject to the provisions of Section 12.4 hereof, shall be entitled to receive an Officers' Certificate as conclusive evidence that any such
consolidation or merger, and any such assumption of Guarantee Obligations, comply with the provisions of this Section 10.3. Such Officers' Certificate shall comply with the provisions of
Section 12.5 hereof. 

SECTION 10.4 Release of Guarantors  

        Notwithstanding Section 10.3(b) hereof, upon the sale or disposition (including by merger or stock purchase) of a Guarantor (as an entirety) or of
all or substantially all of its assets to an entity which is not and is not required to become a Guarantor, or the designation of a Subsidiary as an Unrestricted Subsidiary, which transaction is
otherwise in compliance with this Indenture (including, without limitation, the provisions of Section 4.12 hereof), such Guarantor will be deemed released from its obligations under its
Guarantee of the Notes; provided, however, that any such termination shall occur only to the extent that, following consummation of such transaction,
all obligations of such Guarantor under all of its guarantees of, and under all of its pledges of assets or other security interests which secure, any of the Company's Indebtedness or any Indebtedness
of any other of the Company's Subsidiaries shall also terminate upon such release, sale or transfer and none of its Equity Interests are pledged for the benefit of any holder of any of the Company's
Indebtedness or any Indebtedness of any of the Company's Subsidiaries. 

        Any
Guarantee that is defeased or discharged in accordance with Article VIII hereof will be released. Furthermore, any Guarantor that became a Guarantor because it guaranteed any
of the Company's other Indebtedness or any other Indebtedness of the Guarantors, or, because more than 66% of the voting power of its Voting Equity Interests were pledged to a lender to secure the
Company's Indebtedness or any Indebtedness of any Guarantor, and such Guarantor is released from that guarantee, then it shall also be released from its Guarantee under this Indenture. 

        Upon
delivery by the Company to the Trustee of an Officer's Certificate, to the effect that such sale or other disposition or that such designation was made by the Company in accordance
with the provisions of this Indenture, the Trustee shall execute any documents reasonably required in order to evidence the release of any such Guarantor from its obligations under its Guarantee.
Except as provided in Section 10.3(a) hereof, any Guarantor not released from its obligations under its Guarantee 

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shall
remain liable for the full amount of principal of and interest on the Notes and for the other obligations of any Guarantor under this Indenture as provided in this Article X. 

        Notwithstanding
the foregoing provisions of this Article X, (i) any Guarantor whose Guarantee would otherwise be released pursuant to the provisions of this
Section 10.4 may elect, at its sole discretion, by written notice to the Trustee, to maintain such Guarantee in effect notwithstanding the event or events that otherwise would cause the release
of such Guarantee (which election to maintain such Guarantee in effect may be conditional or for a limited period of time), and (ii) any Subsidiary of the Company which is not a Guarantor may
elect, at its sole discretion, by written notice to the Trustee, to become a Guarantor (which election may be conditional or for a limited period of time). 

SECTION 10.5 Limitation of Guarantor's Liability; certain bankruptcy events  

        (a)   Each
Guarantor, and by its acceptance hereof each Holder, hereby confirms that it is the intention of all such parties that the Guarantee Obligation of such Guarantor
pursuant to its Guarantee not constitute a fraudulent transfer or conveyance for purposes of any Bankruptcy Law, the Uniform Fraudulent Conveyance Act, the Uniform Fraudulent Transfer Act or any
similar federal or state law to the extent applicable to any Guarantee. To effectuate the foregoing intention, the Trustee, the Holders and such Guarantor hereby irrevocably agree that the Guarantee
Obligations of such Guarantor shall be limited to the maximum amount as will, after giving effect to all other contingent and fixed liabilities of such Guarantor that are relevant under such laws and
after giving effect to such maximum amount and to any collections from rights to receive contributions from or payments made by or on behalf of any other Guarantor in respect of the Guarantee
Obligations of such other Guarantor under this Article X, result in the Guarantee Obligations of such Guarantor under this Article X, resulting in the obligations of such Guarantor under
its Guarantee not constituting a fraudulent transfer or conveyance. 

        (b)   Each
Guarantor hereby covenants and agrees, to the fullest extent that it may do so under applicable law, that in the event of the insolvency, bankruptcy, dissolution,
liquidation or reorganization of the Company, such Guarantor shall not file (or join in any filing of), or otherwise seek to participate in the filing of, any motion or request seeking to stay or to
prohibit (even temporarily) execution on the Guarantee and hereby waives and agrees not to take the benefit of any such stay of execution, whether under Section 362 or 105 of the Bankruptcy Law
or otherwise. 

SECTION 10.6 Application of Certain Terms and Provisions to the Guarantors  

        (a)   For
purposes of any provision of this Indenture which provides for the delivery by any Guarantor of an Officers' Certificate and/or an Opinion of Counsel, the
definitions of such terms in Section 1.1 hereof shall apply to such Guarantor as if references therein to the Company were references to such Guarantor. 

        (b)   Any
request, direction, order or demand which by any provision of this Indenture is to be made by any Guarantor, shall be sufficient if evidenced as described in
Section 12.2 hereof as if references therein to the Company were references to such Guarantor. 

        (c)   Any
notice or demand which by any provision of this Indenture is required or permitted to be given or served by the Trustee or by the holders of Notes to or on any
Guarantor may be given or served as described in Section 12.2 hereof as if references therein to the Company were references to such Guarantor. 

        (d)   Upon
any demand, request or application by any Guarantor to the Trustee to take any action under this Indenture, such Guarantor shall furnish to the Trustee such
certificates and opinions as are required in Section 12.4 hereof as if all references therein to the Company were references to such Guarantor. 

77

 

SECTION 10.7 Subordination of guarantees  

        The obligations of each Guarantor under its Guarantee pursuant to this Article X is subordinated in right of payment to the prior payment in full in cash
of all Senior Indebtedness of such Guarantor on the same basis as the Notes are subordinated to Senior Indebtedness of the Company as provided for in Article XI hereof. For the purposes of the
foregoing sentence, the Trustee and the Holders shall have the right to receive and/or retain payments by any of the Guarantors only at such times as they may receive and/or retain payments in respect
of Notes pursuant to this Indenture, including as set forth in Article XI hereof. In the event that the Trustee or the Holders receive any payment from a Guarantor at a time when such payment
is prohibited by the foregoing sentence, such payment shall be held in trust for the benefit of, and immediately paid over and delivered to, the holders of the Senior Indebtedness of such Guarantor
remaining unpaid, to the extent necessary to pay in full in cash all such Senior Indebtedness and to cash collateralize any letters of credit issued under the Credit Facilities that remain effective. 

ARTICLE XI

SUBORDINATION  

SECTION 11.1 Notes Subordinated to Senior Indebtedness  

        The Company and the Guarantors, and each Holder by its acceptance of Notes, agree that (a) the payment of any Obligation in respect of the Notes, including
the principal of, premium, if any, and interest (and Liquidated Damages, if any) on the Notes and (b) any other payment in respect of the Notes, including on account of the acquisition or
redemption of the Notes by the Company and the Guarantors (including, without limitation, pursuant to Sections 4.12 and 4.13 hereof) is subordinated, to the extent and in the manner provided in
this Article XI, to the prior payment in full in cash of all Senior Indebtedness of the Company and the termination or cash collateralization of all letters of credit issued under the Credit
Facilities and that these subordination provisions are for the benefit of the holders of Senior Indebtedness. 

        This
Article XI shall constitute a continuing offer to all Persons who, in reliance upon such provisions, become holders of, or continue to hold, Senior Indebtedness, and such
provisions are made for the benefit of the holders of Senior Indebtedness and such holders are made obligees hereunder and any one or more of them may enforce such provisions. 

SECTION 11.2 No Payment on Notes in Certain Circumstances  

        (a)   Neither
the Company nor any Guarantor may make payment (by set-off or otherwise) to the Holders of the Notes on account of any Obligation in respect of the
Notes or on account of the redemption provisions of the Notes (including any repurchases of Notes), for cash or property (other than Junior Securities): (i) upon the maturity of the Company's
Senior Indebtedness or any Senior Indebtedness of any Guarantor by lapse of time, acceleration (unless waived) or otherwise, unless and until all principal of, premium, if any, and the interest and
other amounts on such Senior Indebtedness are first paid in full in cash and, in the case of Senior Indebtedness under the Credit Facilities, all letters of credit issued under the Credit Facilities
shall either have been terminated or cash collateralized in accordance with the terms thereof; or (ii) in the event of default in the payment of any principal of, premium, if any, or interest
or other amounts on the Company's Senior Indebtedness or Senior Indebtedness of such Guarantor, as applicable, when such Senior Indebtedness becomes due and payable, whether at maturity or at a date
fixed for prepayment or by declaration or otherwise (a "Payment Default"), unless and until such Payment Default has been cured or waived or otherwise has ceased to exist or such Senior Indebtedness
has been paid in full in cash and all letters of credit issued under the Credit Facilities have been terminated or cash collateralized in accordance with the terms thereof. 

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        (b)   Upon
(i) the happening of an event of default other than a Payment Default that permits the holders of any Designated Senior Indebtedness to declare such
Designated Senior Indebtedness to be due and payable and (ii) written notice of such event of default delivered to the Company and the Trustee by the holders or representatives of the holders
of any Designated Senior Indebtedness (a "Payment Blockage Notice"), then, unless and until such event of default has been cured or waived or otherwise has ceased to exist, no payment (by
set-off or otherwise) may be made by or on behalf of the Company or any Guarantor, in each case, which is an obligor or guarantor under such Designated Senior Indebtedness, to the Holders
of the Notes on account of any Obligation in respect of the Notes or on account of the redemption provisions of the Notes (including any repurchase of the Notes), in any such case, other than payments
made with Junior Securities. Notwithstanding the foregoing, unless the Designated Senior Indebtedness in respect of which such event of default exists has been declared due and payable in its entirety
within 179 days after the Payment Blockage Notice is delivered as set forth above (the "Payment Blockage Period") (and such declaration has not been rescinded or waived), at the end of the
Payment Blockage Period, the Company shall and the Guarantors shall be required to pay all sums not previously paid to the Holders of the Notes during the Payment Blockage Period due to the foregoing
prohibitions and to resume all other payments as and when due on the Notes. 

        Any
number of Payment Blockage Notices may be given; provided, however, that: (i) not more than one Payment Blockage Notice shall
be given within a period of any 360 consecutive days, and (ii) no non-Payment Default that existed upon the date of such Payment Blockage Notice or the commencement of such
Payment Blockage Period shall be made the basis for the commencement of any other Payment Blockage Period unless such default shall have been cured or waived for a period of not less than
90 days (for purposes of this provision, any subsequent action, or any subsequent breach of any financial covenant for a period commencing after the expiration of such Payment Blockage Period
that, in either case, would give rise to a new Event of Default, even though it is an event that would also have been a separate breach pursuant to any provision under which a prior Event of Default
previously existed, shall constitute a new Event of Default for this purpose). 

        (c)   In
furtherance of the provisions of Section 11.1 hereof, in the event that, notwithstanding the foregoing provisions of this Section 11.2 or
Section 11.3 hereof, any payment or distribution of assets of the Company or any Guarantor (other than Junior Securities) shall be received by the Trustee or the Holders at a time when such
payment or distribution is prohibited by the foregoing provisions of this Section 11.2, such payment or distribution shall be held in trust for the benefit of the holders of such Senior
Indebtedness, and shall be immediately paid or delivered by the Trustee or such Holders, as the case may be, to the holders of such Senior Indebtedness remaining unpaid for or to their representative
or representatives, or to the trustee or trustees under any indenture pursuant to which any instruments evidencing any of such Senior Indebtedness may have been issued, ratably according to the
aggregate principal amounts remaining unpaid on account of such Senior Indebtedness held or represented by each, for application to the payment of all such Senior Indebtedness remaining unpaid, to the
extent necessary to pay all such Senior Indebtedness in full in cash and to cash collateralize all letters of credit issued under the Credit Facilities that remain outstanding after giving effect to
any concurrent payment or distribution to the holders of such Senior Indebtedness. 

SECTION 11.3 Notes Subordinated to Prior Payment of All Senior Indebtedness on Dissolution, Liquidation or Reorganization  

        Upon any distribution of assets of the Company or any Guarantor upon any dissolution, winding up, total or partial liquidation or reorganization of the Company or
a Guarantor, whether voluntary or involuntary, in bankruptcy, insolvency, receivership or a similar proceeding or upon assignment for the benefit of creditors or any marshaling of assets or
liabilities: 

        (a)   the
holders of all of the Company's Senior Indebtedness or such Guarantor's Senior Indebtedness, as applicable, will first be entitled to receive payment in full in cash
and all letters of 

79

 

credit
issued under the Credit Facilities will either have been terminated or cash collateralized in accordance with the terms thereof before the Holders are entitled to receive any payment (other
than in the form of Junior Securities) on account of any Obligation in respect of the Notes or on account of the redemption provision of the Notes (including any repurchases of the Notes); and 

        (b)   any
payment or distribution of the Company's or such Guarantor's assets of any kind or character from any source, whether in cash, property or securities (other than
Junior Securities) to which the Holders or the Trustee on behalf of the Holders would be entitled (by set-off or otherwise), except for the subordination provisions contained in this
Indenture, will be paid by the liquidating trustee or agent or other Person making such a payment or distribution directly to the holders of such Senior Indebtedness or their representative to the
extent necessary to make payment in full in cash on all such Senior Indebtedness remaining unpaid and to cash collateralize all letters of credit issued under the Credit Facilities that remain
outstanding, after giving effect to any concurrent payment or distribution to the holders of such Senior Indebtedness. 

SECTION 11.4 Holders to Be Subrogated to Rights of Holders of Senior Indebtedness  

        Subject to the termination or cash collateralization of all letters of credit issued under the Credit Facilities and the payment in full in cash of all Senior
Indebtedness of the Company or any Guarantor as provided herein, the Holders of Notes shall be subrogated to the rights of the holders of such Senior Indebtedness to receive payments or distributions
of assets of the Company applicable to the Senior Indebtedness until all amounts owing on the Notes shall be paid in full, and for the purpose of such subrogation no such payments or distributions to
the holders of such Senior Indebtedness by or on behalf of the Company or any Guarantor, or by or on behalf of the Holders by virtue of this Article XI, which otherwise would have been made to
the Holders shall, as between the Company or any Guarantor and the Holders, be deemed to be payment by the Company or any Guarantor or on
account of such Senior Indebtedness, it being understood that the provisions of this Article XI are and are intended solely for the purpose of defining the relative rights of the Holders, on
the one hand, and the holders of such Senior Indebtedness, on the other hand. 

SECTION 11.5 Relative Rights  

        This Article XI defines the relative rights of Holders and holders of Senior Indebtedness. Nothing in this Indenture shall: (1) impair, as between
the Company and Holders, the obligation of the Company or the obligation of the Guarantors, which is absolute and unconditional, to pay, when due, principal of, premium, if any, and interest on or
(Liquidated Damages, if any, on) the Notes in accordance with their terms; (2) affect the relative rights of Holders and creditors of the Company other than their rights in relation to holders
of Senior Indebtedness; or (3) prevent the Trustee or any Holder from exercising its available remedies upon a Default or Event of Default, subject to the rights of holders and owners of Senior
Indebtedness to receive distributions and payments otherwise payable to Holders. 

SECTION 11.6 Trustee Entitled to Assume Payments Not Prohibited in Absence of Notice.  

        The Trustee shall not at any time be charged with knowledge of the existence of any facts which would prohibit the making of any payment to or by the Trustee
unless and until a Trust Officer of the Trustee or any Paying Agent shall have received, no later than three Business Days prior to such payment written notice thereof from the Company or from one or
more holders of Senior Indebtedness or from any representative therefor and, prior to the receipt of any such written notice, the Trustee, subject to the provisions of Sections 7.1 and 7.2
hereof, shall be entitled in all respects conclusively to assume that no such fact exists. 

80

 

        Notwithstanding
anything to the contrary in this Article XI or elsewhere in this Indenture or in the Notes, upon any distribution of assets of the Company and the Guarantors
referred to in this Article XI, the Trustee, subject to the provisions of Sections 7.1 and 7.2 hereof, and the Holders shall be entitled to rely upon any order or decree made by any
court of competent jurisdiction in which such dissolution, winding up, liquidation or reorganization proceedings are pending, or a certificate of the liquidating trustee or agent or other Person
making any distribution to the Trustee or to the Holders for the purpose of ascertaining the Persons entitled to participate in such distribution, the holders of the Senior Indebtedness and other
Indebtedness of the Company or any Guarantor, the amount thereof or payable thereon, the amount or amounts paid or distributed thereon and all other facts pertinent thereto or to this
Article XI so long as such court has been apprised of the provisions of, or the order, decree or certificate makes reference to, the provisions of this Article XI. 

SECTION 11.7 Application by Trustee of Assets Deposited with it  

        Amounts deposited in trust with the Trustee pursuant to and in accordance with Article VIII hereof shall be for the sole benefit of Holders and, to the
extent the making of such deposit by the Company shall (i) not be in contravention of any term or provision of the Credit Facilities when made and (ii) be allocated for the payment of
the Notes, shall not be subject to the subordination provisions of this Article XI. Otherwise, any deposit of assets with the Trustee or the Agent (whether or not in trust) for the payment of
principal of or interest on any Notes shall be subject to the provisions of Sections 11.1, 11.2, 11.3 and 11.4 hereof; provided, that, if prior
to one Business Day preceding the date on which by the terms of this Indenture any such assets may become distributable for any purpose (including without limitation, the payment of either principal
of or interest on any Note) the Trustee or such Paying Agent shall not have received with respect to such assets the written notice provided for in Section 11.6, then the Trustee or such Paying
Agent shall have full power and authority to receive such assets and to apply the same to the purpose for which they were received, and shall not be affected by any notice to the contrary which may be
received by it on or after such date. 

SECTION 11.8 Subordination Rights Not Impaired by Acts or Omissions of the Company, the Guarantors or Holders of Senior Indebtedness  

        No right of any present or future holders of any Senior Indebtedness to enforce the subordination provisions contained in this Article XI shall at any time
in any way be prejudiced or impaired by any act or failure to act on the part of the Company or any Guarantor or by any act or failure to act, in good faith, by any such holder, or by any
noncompliance by the Company or any Guarantor with the terms of this Indenture, regardless of any knowledge thereof which any such holder may have or be otherwise charged with. The holders of Senior
Indebtedness may extend, renew, modify or amend the terms of the Senior Indebtedness or any security therefor and release, sell or exchange such security and otherwise deal freely with the Company and
the Guarantors, all without affecting the liabilities and obligations of the parties to this Indenture or the Holders. The subordination provisions contained in this Indenture are for the benefit of
the holders from time to time of Senior Indebtedness and may not be rescinded, cancelled, amended or modified in any way other than any amendment or modification that is consented to by each holder of
Senior Indebtedness that would be adversely affected thereby. The subordination provisions hereof shall continue to be effective or be reinstated, as the case may be, if at any time any payment of any
of the Senior Indebtedness is rescinded or must otherwise be returned by any holder of the Senior Indebtedness upon the insolvency, bankruptcy, or reorganization of the Company, any Guarantor, or
otherwise, all as though such payment has not been made. 

SECTION 11.9 Holders Authorize Trustee to Effectuate Subordination of Notes.  

        Each Holder of the Notes by his acceptance thereof authorizes and expressly directs the Trustee on his behalf to take such action as may be necessary or
appropriate to effectuate the subordination 

81

 

provisions
contained in this Article XI and to protect the rights of the Holders pursuant to this Indenture, and appoints the Trustee his attorney-in-fact for such
purpose, including, in the event of any dissolution, winding up, liquidation or reorganization of the Company or any Guarantor (whether in bankruptcy, insolvency or receivership proceedings or upon an
assignment for the benefit of creditors or any other marshalling of assets and liabilities of the Company or any Guarantor), the immediate filing of a claim for the unpaid balance of his Notes in the
form required in said proceedings and cause said claim to be approved. In the event of any liquidation or reorganization of the Company or any Guarantor in bankruptcy, insolvency, receivership or
similar proceeding, if the Holders of the Notes (or the Trustee on their behalf) have not filed any claim, proof of claim, or other instrument of similar character necessary to enforce the obligations
of the Company or any Guarantor in respect of the Notes at least thirty (30) days before the expiration of the time to file the same, then in such event, but only in such event, the holders of
the Senior Indebtedness or a representative on their behalf may, as an attorney-in-fact for such Holders, file any claim, proof of claim, or other instrument of similar
character on behalf of such Holders. Nothing herein contained shall be deemed to authorize the Trustee or the holders of Senior Indebtedness or their representative to authorize or consent to or
accept or adopt on behalf of any Holder any plan of reorganization, arrangement, adjustment or composition affecting the Notes or the rights of any Holder thereof, or to authorize the Trustee or the
holders of Senior Indebtedness or their representative to vote in respect of the claim of any Holder in any such proceeding. 

SECTION 11.10 Right of Trustee to Hold Senior Indebtedness  

        The Trustee shall be entitled to all of the rights set forth in this Article XI in respect of any Senior Indebtedness at any time held by it to the same
extent as any other holder of Senior Indebtedness, and nothing in this Indenture shall be construed to deprive the Trustee of any of its rights as such holder. 

        Nothing
in this Article XI shall apply to claims of, or payments to, the Trustee under or pursuant to Section 7.7 hereof. 

SECTION 11.11 Article XI Not to Prevent Events of Default  

        The failure to make a payment on account of principal of, premium, if any, or interest (or Liquidated Damages, if any) on the Notes by reason of any provision of
this Article XI shall not be construed as preventing the occurrence of a Default or an Event of Default under Section 6.1 or in any way limit the rights of the Trustee or any Holder to
pursue any other rights or remedies with respect to the Notes. 

SECTION 11.12 No Fiduciary Duty of Trustee to Holders of Senior Indebtedness  

        The Trustee shall not be deemed to owe any fiduciary duty to the holders of Senior Indebtedness, and shall not be liable to any such holders if it shall in good
faith mistakenly pay over or distribute to the Holders of Notes or the Company, any Guarantor or any other Person, cash, property or securities to which any holders of Senior Indebtedness shall be
entitled by virtue of this Article XI or otherwise. With respect to the holders of Senior Indebtedness, the Trustee undertakes to perform or to observe only such of its covenants or obligations
as are specifically set forth in this Article XI and no implied covenants or obligations with respect to holders of Senior Indebtedness shall be read into this Indenture against the Trustee.
Nothing in this Section 11.12 shall affect the obligation of any other such Person to hold such payment for the benefit of, and to pay such payment over to, the holders of Senior Indebtedness
or their representative. In the event of any conflict between the fiduciary duty of the Trustee to the Holders of Notes and to the holders of Senior Indebtedness, the Trustee is expressly authorized
to resolve such conflict in favor of the Holders. 

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ARTICLE XII

MISCELLANEOUS  

SECTION 12.1 Trust Indenture Act Controls  

        If any provision of this Indenture limits, qualifies or conflicts with the duties imposed by the TIA, the imposed duties shall control. 

SECTION 12.2 Notices  

        Any notice or communication by the Company, any Guarantor or the Trustee to the other 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 and the Guarantors: 

        Medical
Device Manufacturing, Inc. 

200
West 7th Avenue

Collegeville, PA 19426

Attention: Chief Financial Officer

with
copies in either case (which shall not constitute notice) to: 

Hogan &
Hartson LLP

One Tabor Center

1200 Seventeenth Street

Suite 1500

Denver, Colorado 80202

Attention: Christopher Walsh 

        If
to the Trustee: 

U.S.
Bank National Association

60 Livingston Avenue

St. Paul, MN 55107-2292

Attention: Corporate Trust Department 

        The
Company, the Guarantors 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: (i) at the time delivered by hand, if personally delivered;
(ii) when answered back, if telexed; (iii) when receipt acknowledged, if telecopied; and (iv) the next Business Day after timely delivery to the courier, if sent by overnight air
courier guaranteeing next day delivery. 

        Any
notice or communication to a Holder shall be mailed by first class mail, certified or registered, return receipt requested, or by overnight air courier guaranteeing next day delivery
to its address shown on the register kept by the Registrar. Any notice or communication shall also be so mailed to any Person described in TIA § 313(c), to the extent required by the TIA.
Failure to mail a notice or communication to a Holder or any defect in it shall not affect its sufficiency with respect to other Holders. 

        If
a notice or communication is mailed in the manner provided above within the time prescribed, it is duly given, whether or not the addressee receives it. 

83

 

        If
the Company mails a notice or communication to Holders, it shall mail a copy to the Trustee and each Agent at the same time. 

SECTION 12.3 Communication by Holders of Notes with Other Holders of Notes  

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

SECTION 12.4 Certificate and Opinion as to Conditions Precedent  

        Upon any request or application by the Company to the Trustee to take any action under this Indenture, the Company shall furnish to the Trustee: 

        (a)   an
Officers' Certificate in form and substance reasonably satisfactory to the Trustee (which shall include the statements set forth in Section 12.5 hereof)
stating that, in the opinion of the signers, all conditions precedent and covenants, if any, provided for in this Indenture relating to the proposed action have been satisfied; and 

        (b)   an
Opinion of Counsel in form and substance reasonably satisfactory to the Trustee (which shall include the statements set forth in Section 12.5 hereof) stating
that, in the opinion of such counsel, all such conditions precedent and covenants have been satisfied. 

SECTION 12.5 Statements Required in Certificate or Opinion  

        Each certificate or opinion with respect to compliance with a condition or covenant provided for in this Indenture (other than a certificate provided pursuant to
TIA § 314(a)(4)) shall comply with the provisions of TIA § 314(e) and shall include: 

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

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

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

        (d)   a
statement as to whether or not, in the opinion of such Person, such condition or covenant has been satisfied; provided,
however, that with respect to matters of fact, an Opinion of Counsel may rely on an Officers' Certificate or certificate of public officials. 

SECTION 12.6 Rules by Trustee and Agents  

        The Trustee may make reasonable rules for action by or at a meeting of Holders. The Registrar or Paying Agent may make reasonable rules and set reasonable
requirements for its functions. 

SECTION 12.7 No Personal Liability of Directors, Officers, Employees and Stockholders  

        No past, present or future direct or indirect stockholder, employee, officer or director, as such, of the Company, the Guarantors or any successor entity shall
have any personal liability in respect of the Company's obligations or the obligations of the Guarantors under this Indenture or the Notes solely by reason of his, her or its status as such
stockholder, employee, officer or director, except that this provision shall in no way limit the obligation of any Guarantor pursuant to any guarantee of the Notes. 

84

 

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. 

SECTION 12.8 Governing Law  

        THE INTERNAL LAW OF THE STATE OF NEW YORK SHALL GOVERN AND BE USED TO CONSTRUE THIS INDENTURE, THE NOTES AND THE GUARANTEES, INCLUDING, WITHOUT LIMITATION,
SECTIONS 5-1401 AND 5-1402 OF THE NEW YORK GENERAL OBLIGATIONS LAW AND NEW YORK CIVIL PRACTICE LAWS AND RULES 327(b). 

SECTION 12.9 No Adverse Interpretation of Other Agreements  

        This Indenture may not be used to interpret any other indenture, loan or debt agreement of the Company or its Subsidiaries or of any other Person. Any such
indenture, loan or debt agreement may not be used to interpret this Indenture. 

SECTION 12.10 Successors  

        All agreements of the Company and the Guarantors in this Indenture and the Notes shall bind their successors. All agreements of the Trustee in this Indenture
shall bind its successors. 

SECTION 12.11 Severability  

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

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 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 on following page]

85

SIGNATURES  

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

	

 	
 	
THE COMPANY:

MEDICAL DEVICE MANUFACTURING, INC.
	
 	
 	

By:	
 	

/s/  STEWART A. FISHER      
 Name: Stewart A. Fisher

Title: Chief Financial Officer and Secretary
	

 	
 	
GUARANTORS:

AMERICAN TECHNICAL MOLDING, INC.
	
 	
 	

By:	
 	

/s/  STEWART A. FISHER      
 Name: Stewart A. Fisher

Title: Chief Financial Officer and Secretary
	

 	
 	
NOBLE-MET, LTD.
	
 	
 	

By:	
 	

/s/  STEWART A. FISHER      
 Name: Stewart A. Fisher

Title: Chief Financial Officer and Secretary
	

 	
 	
G&D, INC. D/B/A STAR GUIDE CORPORATION
	
 	
 	

By:	
 	

/s/  STEWART A. FISHER      
 Name: Stewart A. Fisher

Title: Chief Financial Officer and Secretary
	

 	
 	
UTI HOLDING COMPANY
	
 	
 	

By:	
 	

/s/  STEWART A. FISHER      
 Name: Stewart A. Fisher

Title: Chief Financial Officer and Secretary
	

 	
 	
UTI CORPORATION, a Pennsylvania corporation
	

 	
 	

By:	
 	

/s/  STEWART A. FISHER      
 Name: Stewart A. Fisher

Title: Chief Financial Officer and Secretary
	 	 	 	 	 

	

 	
 	
MICRO-GUIDE, INC.
	
 	
 	

By:	
 	

/s/  STEWART A. FISHER      
 Name: Stewart A. Fisher

Title: Chief Financial Officer and Secretary
	

 	
 	
VENUSA, LTD.
	
 	
 	

By:	
 	

/s/  STEWART A. FISHER      
 Name: Stewart A. Fisher

Title: Chief Financial Officer and Secretary
	

 	
 	
SPECTRUM MANUFACTURING, INC.
	
 	
 	

By:	
 	

/s/  STEWART A. FISHER      
 Name: Stewart A. Fisher

Title: Chief Financial Officer and Secretary
	

 	
 	
MEDSOURCE TECHNOLOGIES, INC.
	
 	
 	

By:	
 	

/s/  STEWART A. FISHER      
 Name: Stewart A. Fisher

Title: Chief Financial Officer and Secretary
	

 	
 	
MEDSOURCE TECHNOLOGIES, LLC
	
 	
 	

By:	
 	

/s/  STEWART A. FISHER      
 Name: Stewart A. Fisher

Title: Chief Financial Officer and Secretary
	

 	
 	
BRIMFIELD ACQUISITION CORP.
	
 	
 	

By:	
 	

/s/  STEWART A. FISHER      
 Name: Stewart A. Fisher

Title: Chief Financial Officer and Secretary
	

 	
 	
BRIMFIELD PRECISION, LLC
	
 	
 	

By:	
 	

/s/  STEWART A. FISHER      
 Name: Stewart A. Fisher

Title: Chief Financial Officer and Secretary
	 	 	 	 	 

	

 	
 	
KELCO ACQUISITION, LLC
	
 	
 	

By:	
 	

/s/  STEWART A. FISHER      
 Name: Stewart A. Fisher

Title: Chief Financial Officer and Secretary
	

 	
 	
HAYDEN PRECISION INDUSTRIES, LLC
	
 	
 	

By:	
 	

/s/  STEWART A. FISHER      
 Name: Stewart A. Fisher

Title: Chief Financial Officer and Secretary
	

 	
 	
PORTLYN, LLC
	
 	
 	

By:	
 	

/s/  STEWART A. FISHER      
 Name: Stewart A. Fisher

Title: Chief Financial Officer and Secretary
	

 	
 	
THE MICROSPRING COMPANY, LLC
	
 	
 	

By:	
 	

/s/  STEWART A. FISHER      
 Name: Stewart A. Fisher

Title: Chief Financial Officer and Secretary
	

 	
 	
TENAX, LLC
	
 	
 	

By:	
 	

/s/  STEWART A. FISHER      
 Name: Stewart A. Fisher

Title: Chief Financial Officer and Secretary
	

 	
 	
THERMAT ACQUISITION CORP.
	
 	
 	

By:	
 	

/s/  STEWART A. FISHER      
 Name: Stewart A. Fisher

Title: Chief Financial Officer and Secretary
	

 	
 	
MEDSOURCE TECHNOLOGIES NEWTON, INC.
	
 	
 	

By:	
 	

/s/  STEWART A. FISHER      
 Name: Stewart A. Fisher

Title: Chief Financial Officer and Secretary
	 	 	 	 	 

	

 	
 	
MEDSOURCE TECHNOLOGIES PITTSBURGH, INC.
	
 	
 	

By:	
 	

/s/  STEWART A. FISHER      
 Name: Stewart A. Fisher

Title: Chief Financial Officer and Secretary
	

 	
 	
MEDSOURCE TRENTON, INC.
	
 	
 	

By:	
 	

/s/  STEWART A. FISHER      
 Name: Stewart A. Fisher

Title: Chief Financial Officer and Secretary
	

 	
 	
NATIONAL WIRE & STAMPING, INC.
	
 	
 	

By:	
 	

/s/  STEWART A. FISHER      
 Name: Stewart A. Fisher

Title: Chief Financial Officer and Secretary
	

 	
 	
TEXCEL, INC.
	
 	
 	

By:	
 	

/s/  STEWART A. FISHER      
 Name: Stewart A. Fisher

Title: Chief Financial Officer and Secretary
	

 	
 	
CYCAM, INC.
	
 	
 	

By:	
 	

/s/  STEWART A. FISHER      
 Name: Stewart A. Fisher

Title: Chief Financial Officer and Secretary
	

 	
 	
ELX, INC.
	
 	
 	

By:	
 	

/s/  STEWART A. FISHER      
 Name: Stewart A. Fisher

Title: Chief Financial Officer and Secretary
	

 	
 	
THE TRUSTEE:

U.S. NATIONAL BANK ASSOCIATION
	
 	
 	

By:	
 	

/s/  RICHARD PROKOSCH      
 Name: Richard Prokosch

Title: Vice President

   EXHIBIT A  

[FORM OF NOTE]

MEDICAL DEVICE MANUFACTURING, INC.  

10% [SERIES A] [SERIES B](1) SENIOR SUBORDINATED NOTE DUE 2012

	(1)
	Series A
should be replaced with Series B in the Exchange Notes. 

	 	 	CUSIP:            
	No.	 	$                        

        Medical
Device Manufacturing, Inc., a Colorado corporation (hereinafter called the "Company" which term includes any successors under the Indenture hereinafter referred to), for
value received, hereby promises to pay to Cede & Co., or registered assigns, the principal sum
of                        Dollars, on July 15, 2012. 

        Interest
Payment Dates: January 15 and July 15 commencing January 15, 2005. 

        Record
Dates: January 1 and July 1, commencing January 1, 2005. 

        Reference
is made to the further provisions of this Note on the reverse side, which will, for all purposes, have the same effect as if set forth at this place. 

A-1

 

        IN
WITNESS WHEREOF, the Company has caused this instrument to be duly executed. 

	

 	
 	

MEDICAL DEVICE MANUFACTURING, INC.

a Colorado corporation
	

 	
 	

By:	
 	

 Name:

Title:
	

 	
 	

By:	
 	

 Name:

Title:

TRUSTEE'S CERTIFICATE OF AUTHENTICATION  

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

U.S. BANK NATIONAL ASSOCIATION  

	

 	
 	

By:	
 	

 Authorized Signatory

Dated:
[            ] 

A-2

 
(Back
of Note) 

10%
[Series A] [Series B](2) Senior Subordinated Notes due 2012 

	(2)
	Series A
should be replaced with Series B in the Exchange Notes. 

[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 2.6 OF THE INDENTURE,
(II) THIS GLOBAL NOTE MAY BE EXCHANGED IN WHOLE BUT NOT IN PART PURSUANT TO SECTION 2.6(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 THE
COMPANY.](3) 

	(3)
	To
be included only on Global Notes deposited with DTC as Depositary. 

[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.](4) 

	(4)
	To
be included only on Global Notes deposited with DTC as Depositary. 

[THIS
NOTE (OR ITS PREDECESSOR) WAS ORIGINALLY ISSUED IN A TRANSACTION EXEMPT FROM REGISTRATION UNDER THE UNITED STATES SECURITIES ACT OF 1933 (THE "SECURITIES ACT"), AND THIS NOTE
MAY NOT BE OFFERED, SOLD OR OTHERWISE TRANSFERRED IN THE ABSENCE OF SUCH REGISTRATION OR AN APPLICABLE EXEMPTION THEREFROM. EACH PURCHASER OF THIS NOTE IS HEREBY NOTIFIED THAT THE SELLER OF
THIS NOTE MAY BE RELYING ON THE EXEMPTION FROM THE PROVISIONS OF SECTION 5 OF THE SECURITIES ACT PROVIDED BY RULE 144A THEREUNDER. 

A-3

 

THE
HOLDER OF THIS NOTE AGREES FOR THE BENEFIT OF THE COMPANY THAT (A) THIS NOTE MAY BE OFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED, ONLY (I) IN THE UNITED STATES TO A
PERSON WHOM THE SELLER REASONABLY BELIEVES IS A QUALIFIED INSTITUTIONAL BUYER (AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT) IN A TRANSACTION MEETING THE REQUIREMENTS OF RULE 144A,
(II) OUTSIDE THE UNITED STATES IN AN OFFSHORE TRANSACTION IN ACCORDANCE WITH RULE 904 UNDER THE SECURITIES ACT, (III) PURSUANT TO AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT
PROVIDED BY RULE 144 THEREUNDER (IF AVAILABLE) OR (IV) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT, IN EACH OF CASES (I) THROUGH (IV) IN ACCORDANCE
WITH ANY APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES, AND (B) THE HOLDER WILL, AND EACH SUBSEQUENT HOLDER IS REQUIRED TO, NOTIFY ANY PURCHASER OF THIS NOTE FROM IT OF THE
RESALE RESTRICTIONS REFERRED TO IN (A) ABOVE.](5) 

	(5)
	To
be included only on Transfer Restricted Notes. 

[THIS
NOTE (OR ITS PREDECESSOR) WAS ORIGINALLY ISSUED IN A TRANSACTION ORIGINALLY EXEMPT FROM REGISTRATION UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES ACT"), AND
MAY NOT BE TRANSFERRED IN THE UNITED STATES OR TO, OR FOR THE ACCOUNT OR BENEFIT OF, ANY U.S. PERSON EXCEPT PURSUANT TO AN AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE
SECURITIES ACT AND ALL APPLICABLE STATE SECURITIES LAWS. TERMS USED ABOVE HAVE THE MEANINGS GIVEN TO THEM IN REGULATION S UNDER THE SECURITIES ACT.](6) 

	(6)
	To
be included only on Reg S Temporary Global Notes. 

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

	1.
	Interest. Medical Device Manufacturing, Inc., a Colorado corporation (the "Company"), promises to pay interest on the principal
amount of this Note at 10% per annum from the Issue Date until maturity and shall pay the Liquidated Damages, if any, payable pursuant to Section 6 of the Registration Rights Agreement
referred to below. The Company will pay interest and Liquidated Damages, if any, semi-annually 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"). The first Interest Payment Date shall be January 15, 2005. 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 Issue Date; provided that if there is no existing Default in the payment
of interest, and if this Note is authenticated between a Record Date (defined below) referred to on the face hereof and the next succeeding Interest Payment Date, interest shall accrue from
such next succeeding Interest Payment Date. The Company shall pay interest (including Accrued Bankruptcy Interest in any proceeding under any Bankruptcy Law) on overdue principal and premium, if any,
from time to time on demand at the rate then in effect; it shall pay interest (including Accrued Bankruptcy Interest in any proceeding under any Bankruptcy Law) on overdue installments of interest and
Liquidated Damages, if any, (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) and Liquidated Damages, if any, to the Persons
who are registered Holders of Notes at the close of business on the January 1 or July 1 immediately preceding the Interest Payment Date (each a 

A-4

 

"Record
Date"), even if such Notes are cancelled after such Record Date and on or before such Interest Payment Date, except as provided in Section 2.12 of the Indenture (as defined below) with
respect to defaulted interest. The Notes will be payable as to principal, interest, premium, if any, and Liquidated Damages, if any, at the office or agency of the Company maintained within the City
and State of New York for such purpose, or, at the option of the Company, payment of interest and Liquidated Damages, if any, may be made by check mailed to the Holders at their addresses set forth in
the register of Holders, and provided, that payment by wire transfer of immediately available funds to an account within the United States will be
required with respect to principal of and interest, premium, if any, and Liquidated Damages, if any, on all Global Notes. 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.

	4.
	Indenture. The Company issued the Notes under an Indenture, dated as of the Issue Date ("Indenture"), by and among the Company, the
Guarantors party thereto 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.

	5.
	Optional Redemption. 

        (a)   Except
as set forth in clause (b), the Company shall not have the option to redeem the Notes pursuant to this Section 5 prior to July 15, 2008. The
Notes will be redeemable for cash at the option of the Company, in whole or in part, at any time on or after July 15, 2008, upon not less than 30 days nor more than 60 days prior
notice mailed by first class mail to each Holder at its last registered address, at the following redemption prices (expressed as percentages of the principal amount) if redeemed during the
12-month period commencing July 15th of the years indicated below, in each case (subject to the right of Holders of record on a Record Date to receive the corresponding
interest due (and the corresponding Liquidated Damages, if any) on the corresponding Interest Payment Date that
is on or prior to such redemption date) together with accrued and unpaid interest and Liquidated Damages, if any, thereon to the redemption date: 

	Year
 
	 	Percentage
	 
	2008	 	105.000	%
	2009	 	102.500	%
	2010 and thereafter	 	100.000	%

        (b)   Notwithstanding
the provisions of clause (a) of this Section 5, at any time or from time to time on or prior to July 15, 2007 upon one or
more Qualified Equity Offerings, up to 35% of the aggregate principal amount of the Notes issued pursuant to the Indenture (only as necessary to avoid any duplication, excluding any replacement Notes)
may be redeemed at the Company's option within 90 days of the closing of such Qualified Equity Offering, on not less than 30 days, but not more than 60 days, notice to each Holder
of the Notes to be redeemed, with cash received by the Company from the Net Cash Proceeds of such Qualified Equity Offering, at a redemption price equal to 110.000% of principal, together with accrued
and unpaid interest and Liquidated Damages, if any, thereon to the Redemption Date; provided, however, that immediately following such redemption not less than 65% of the aggregate principal amount of
the Notes originally issued pursuant to the Indenture on the Issue Date remain outstanding (only as necessary to avoid any duplication, excluding any replacement Notes). 

A-5

 

        (c)   Notice
of redemption will be mailed by first class mail at least 30 days but not more than 60 days before the 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 ceases to accrue on Notes or portions thereof called for redemption unless the Company defaults in such payments due on the redemption date. 

        (d)   The
Notes will not have the benefit of any sinking fund and the Company shall not be required to make any mandatory redemption payments with respect to the Notes. 

        6.     Offers to Purchase. 

        (a)   Change of Control. Subject to certain exceptions set forth in the Indenture, in the event that a Change of Control has
occurred, each Holder of Notes will have the right, at such Holder's option, pursuant to an offer (subject only to conditions required by applicable law, if any) by the Company (the "Change of Control
Offer"), to require the Company to repurchase all or any part of such Holder's Notes (provided, that the principal amount of such Notes must be $1,000 or an integral multiple thereof) on a date (the
"Change of Control Purchase Date") that is no later than 90 calendar days after the occurrence of such Change of Control, at a cash price equal to 101% of the principal amount thereof (the
"Change of Control Purchase Price"), together with accrued and unpaid interest (and Liquidated Damages, if any), to the Change of Control Purchase Date. 

        The
Change of Control Offer shall be made within 30 calendar days following a Change of Control and shall remain open for 20 Business Days following its commencement, or such
other period as may be required by applicable law (the "Change of Control Offer Period"). Upon expiration of the Change of Control Offer Period, the Company shall purchase all Notes properly tendered
and not withdrawn in response to the Change of Control Offer. 

        (b)   Asset Sale. Subject to certain exceptions set forth in the Indenture, the Company shall not and the Guarantors shall not,
and neither the Company nor the Guarantors shall permit any of the Company's Subsidiaries (other than a Securitization Entity) to, in one or a series of related transactions, convey, sell, transfer,
assign or otherwise dispose of, directly or indirectly, any of their property, business or assets, including by merger or consolidation (in the case of one of the Company's Subsidiaries), and
including any sale or other transfer or issuance of any Equity Interests of any of the Company's Subsidiaries, whether by the Company or one of the Company's Subsidiaries or through the issuance, sale
or transfer of Equity Interests by one of the Company's Subsidiaries and including any sale and leaseback transaction, other than in any such case to the Company or another Subsidiary (any of the
foregoing, an "Asset Sale"), unless: 

        (1)   at
least 75% of the total consideration for such Asset Sale or series of related Asset Sales consists of cash, Cash Equivalents, Related Business Assets or a combination
thereof; and 

        (2)   with
respect to any Asset Sale or related series of Asset Sales involving a conveyance, sale, transfer, assignment or other disposition of securities, property or assets
with an aggregate fair market value in excess of $2,000,000, the Company's Board of Directors determines in good faith that the Company receive or such Subsidiary receives, as applicable, fair market
value for such Asset Sale. 

        For
purposes of (1) above of this Section 6, the following shall be deemed cash consideration: (a) Senior Indebtedness or balance sheet liabilities (other than
contingent liabilities) assumed by a transferee in connection with such Asset Sale; provided, that the Company is and the Company's Subsidiaries are fully released from obligations in connection
therewith; and (b) property that within 90 days of such Asset Sale is converted into cash or Cash Equivalents; provided that such cash and
Cash Equivalents shall be treated as Net Cash Proceeds attributable to the original Asset Sale for which such property was received. 

A-6

 

        Within
365 days following such Asset Sale, the Net Cash Proceeds therefrom (the "Asset Sale Amount") may be: 

        (a)   invested
in Related Business Assets, used to make Restricted Investments that are not prohibited by Section 4.9 of the Indenture, or used to make Permitted
Investments other than those permitted by clauses (a), (b), (c)(i), (c)(ii), (f) and (g) of the definition of Permitted Investments; 

        (b)   used
to retire Senior Indebtedness or Indebtedness of the Company's Foreign Subsidiaries and, in the case of Indebtedness that was incurred pursuant to
paragraph (c) of Section 4.7 of the Indenture, to permanently reduce the amount of such Indebtedness that is permitted to be incurred pursuant to paragraph (c) of
Section 4.7 of the Indenture, provided, that in the case of a revolver or similar arrangement that makes credit available, such commitment is
permanently so reduced by such amount; 

        (c)   applied
to the optional redemption of the Notes in accordance with the terms of the Indenture and to the optional redemption of other Indebtedness  pari passu with the Notes with similar provisions requiring the
Company to repurchase such Indebtedness with the proceeds from such Asset Sale, pro rata
in proportion to the respective principal amounts (or accreted values in the case of Indebtedness issued with an original issue discount) of the Notes and such other Indebtedness then outstanding; or 

        (d)   applied
in any combination of the foregoing. 

        7.     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, it 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. 

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

        9.     Amendment, Supplement and Waiver. Subject to certain exceptions, the Indenture, the Notes or the Guarantees may be amended
or supplemented with the consent of the Holders of at least a majority in principal amount of the then outstanding Notes, and any existing Default or compliance with any provision of the Indenture,
the Notes or the Guarantees may be waived with the consent of the Holders of a majority in principal amount of the then outstanding Notes. Without the consent of any Holder of a Note, the Indenture,
the Notes or the Guarantees 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 or consolidation, to provide for additional Guarantees as set forth in the Indenture or for the
release or assumption of Guarantees in compliance with the Indenture, to make any change that would provide any additional rights or benefits to the Holders of the Notes (including the addition of any
Guarantor) or that does not adversely affect the rights under the Indenture of any such Holder, to comply with the provisions of the Depositary, Euroclear or Clearstream or the Trustee with respect to
the provisions of the Indenture or the Notes relating to transfers and exchanges of Notes or beneficial interests therein, to comply with the requirements of the Commission in order to 

A-7

 

effect
or maintain the qualification of the Indenture under the TIA, or to provide for the issuance of Additional Notes in accordance with the limitations set forth in the Indenture as of the date
thereof. 

        10.   Defaults and Remedies. The Indenture provides that each of the following constitutes an Event of Default: 

        (a)   the
Company's failure to pay any installment of interest (or Liquidated Damages, if any) on the Notes as and when the same becomes due and payable and the continuance of
any such failure for 30 days; 

        (b)   the
Company's failure to pay all or any part of the principal, or premium, if any, on the Notes when and as the same becomes due and payable at maturity, redemption, by
acceleration or otherwise, including, without limitation, payment of the Change of Control Purchase Price or the Asset Sale Offer Price, on Notes validly tendered and not properly withdrawn pursuant
to a Change of Control Offer or Asset Sale Offer, as applicable; 

        (c)   the
Company's failure or the failure by any of the Company's Subsidiaries to observe or perform any other covenant or agreement contained in the Notes or the Indenture
and, except for the provisions under Section 5.1 of the Indenture, the continuance of such failure for a period of 30 days after written notice is given to the Company by the Trustee or
to the Company and the Trustee by the Holders of at least 25% in aggregate principal amount of the Notes outstanding; 

        (d)   a
default in the Company's Indebtedness or the Indebtedness any of the Company's Subsidiaries with an aggregate amount outstanding in excess of $15,000,000
(a) resulting from the failure to pay principal at maturity or (b) as a result of which the maturity of such Indebtedness has been accelerated prior to its stated maturity; 

        (e)   final
unsatisfied judgments not covered by insurance aggregating in excess of $15,000,000, at any one time rendered against the Company or any of the Company's
Subsidiaries and not stayed, bonded or discharged within 60 days; 

        (f)    any
Guarantee of a Guarantor that is a Significant Subsidiary ceases to be in full force and effect or becomes unenforceable or invalid or is declared null and void
(other than in accordance with the terms of the Guarantee and the Indenture) or any Guarantor denies or disaffirms its Obligations under its Guarantee; 

        (g)   a
court having jurisdiction in the premises enters a decree or order for (A) relief in respect of the Company or any Significant Subsidiary in an involuntary case
under any applicable Bankruptcy Law now or hereafter in effect, (B) appointment of a receiver, liquidator, assignee, Custodian, trustee, sequestrator or similar official of the Company or any
Significant Subsidiary or for all or substantially all of the property and assets of the Company or any Significant Subsidiary or (C) the winding up or liquidation of the affairs of the Company
or any Significant Subsidiary and, in each case, such decree or order shall remain unstayed and in effect for a period of 60 consecutive days; and 

        (h)   the
Company or any Significant Subsidiary (A) commences a voluntary case under any applicable Bankruptcy Law now or hereafter in effect, or consents to the entry
of an order for relief in an involuntary case under any such law, (B) consents to the appointment of or taking possession by a receiver, liquidator, assignee, Custodian, trustee, sequestrator
or similar official of the Company or any Significant Subsidiary or for all or substantially all of the property and assets of the Company or any Significant Subsidiary or (C) effects any
general assignment for the benefit of creditors. 

        11.   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. 

A-8

 

        12.   No Recourse Against Others. No past, present or future director, officer, employee, incorporator or stockholder (direct
or indirect) of the Company or the Guarantors (or any such successor entity), as such, shall have any liability for any Obligations of the Company or the Guarantors under the Notes, the Guarantees or
the Indenture or for any claim based on, in respect of, or by reason of, such Obligations or their creation, except in their capacity as an obligor or Guarantor of the Notes in accordance with the
Indenture. 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. 

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

        14.   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). 

        15.   Additional Rights of Holders of Transfer Restricted Notes.(7) In addition to the rights provided to Holders of Notes
under the Indenture, Holders of Transfer Restricted Notes shall have all the rights set forth in the Registration Rights Agreement dated as of the date of the Indenture, among the Company, the
Guarantors and the Initial Purchaser (the "Registration Rights Agreement"). 

	(7)
	To
be included only on Transfer Restricted Notes. 

        16.   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, and any such redemption
shall not be affected by any defect in or omission of such numbers. 

        17.   Subordination. The Notes and the Guarantees are subordinated in right of payment to the extent and in the manner provided
in Section 10.7 of the Indenture, to the prior payment in full in cash of all Senior Indebtedness and the termination or cash collateralization of all letters of credit issued under the Credit
Facilities. The Company and the Guarantors agree, and each Holder by accepting a Note consents and agrees, to the subordination provided in the Indenture and authorizes the Trustee to give it
effect. 

        18.   Governing Law. THE INDENTURE AND THE NOTES SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF
NEW YORK, INCLUDING, WITHOUT LIMITATION, SECTIONS 5-1401 AND 5-1402 OF THE NEW YORK GENERAL OBLIGATIONS LAW AND NEW YORK CIVIL LAWS AND RULES 327(b). 

        19.   Conflicts Between this Note and the Indenture. In the event of any conflicts between the terms of this
Note and the terms of the Indenture, the terms of the Indenture shall govern. 

        The
Company will furnish to any Holder upon written request and without charge a copy of the Indenture [and/or the Registration Rights Agreement](8). Requests may
be made to: 

	(8)
	To
be included only on Transfer Restricted Notes. 

Medical
Device Manufacturing, Inc.

200 West 7th Avenue

Collegeville, PA 19426

Attention: Chief Financial Officer 

A-9

 

Assignment Form  

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

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

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

	and irrevocably appoint	 	

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

        Date:                               
       

Your
Signature:                                      

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

Signature
Guarantee* 

*NOTICE:
The Signature must be guaranteed by an Institution which is a member of one of the following recognized signature Guarantee Programs: (i) The Securities Transfer Agent Medallion
Program (STAMP); (ii) The New York Stock Exchange Medallion Program (MNSP); (iii) The Stock Exchange Medallion Program (SEMP); or (iv) in such other guarantee program acceptable
to the Trustee. 

A-10

 
Option of Holder to Elect Purchase  

        If you want to elect to have this Note purchased by the Company pursuant to Section 4.12 or Section 4.13 of the Indenture, check the box
below: 

o    Section 4.12                   o    Section 4.13

        If you want to elect to have only part of the Note purchased by the Company pursuant to Section 4.12 or Section 4.13 of the Indenture, state
the amount you elect to have purchased (in denominations of $1,000 only, except if you have elected to have all of your Notes purchased):
$                   

	Date:	 	Your
Signature:                                      
	

 	
 	

(Sign exactly as your name appears on the Note)
	

 	
 	

Social Security or Tax Identification No.:                        

Signature
Guarantee* 

*NOTICE:
The Signature must be guaranteed by an Institution which is a member of one of the following recognized signature Guarantee Programs: (i) The Securities Transfer Agent Medallion
Program (STAMP); (ii) The New York Stock Exchange Medallion Program (MNSP); (iii) The Stock Exchange Medallion Program (SEMP); or (iv) in such other guarantee program acceptable
to the Trustee. 

A-11

 
SCHEDULE OF EXCHANGES OF INTERESTS IN THE GLOBAL NOTE(9)  

	(9)
	This
should be included only if the Note is issued in global form. 

        The
following exchanges of an interest in this Global Note for an interest in another Global Notes or for a Definitive Note, or exchanges of an interest in 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

Officer of

Trustee or Note

Custodian

	 	 	 	 	 	 	 	 	 

A-12

 
GUARANTEE  

        The Guarantors listed below (hereinafter referred to as the "Guarantors," which term includes any successors or assigns under the Indenture, dated the date
hereof, among the Guarantors, the Company (defined below) and U.S. Bank National Association, as trustee (the "Indenture") and any additional Guarantors), have irrevocably and unconditionally
guaranteed on a senior subordinated basis the Guarantee Obligations (as defined in Section 10.1 of the Indenture), which include (i) the due and punctual payment of the principal of,
premium, if any, and interest and Liquidated Damages, if any, on the 10% Senior Subordinated Notes due 2012 (the "Notes") of Medical Device Manufacturing, Inc., a Colorado corporation (the
"Company"), whether at maturity, by acceleration, call for redemption, upon a Change of Control Offer, upon an Asset Sale Offer or otherwise, the due and punctual payment of interest on the overdue
principal and premium, if any, and (to the extent permitted by law) interest on any interest on the Notes, and the due and punctual performance of all other obligations of the Company, to the Holders
or the Trustee all in accordance with the terms set forth in Article X of the Indenture, and (ii) in case of any extension of time of payment or renewal of any Notes or any such other
obligations, that the same will be promptly paid in full when due or performed in accordance with the terms of the extension or renewal, whether at Stated Maturity, by acceleration, call for
redemption, upon a Change of Control Offer, upon an Asset Sale Offer, or otherwise, subject in the case of clause (i) and (ii) above, to the limitations set forth in
Section 10.5 of the Indenture. 

        The
obligations of each Guarantor to the Holders and to the Trustee pursuant to this Guarantee and the Indenture are expressly set forth in Article X of the Indenture and
reference is hereby made to such Indenture for the precise terms of this Guarantee. 

        The
obligations of each Guarantor to the Holders and to the Trustee pursuant to this Guarantee and the Indenture are subordinated to Senior Indebtedness of the Guarantors as set forth in
Section 10.7 of the Indenture and reference is hereby made to such Section and Article for the precise terms of such subordination. 

        No
past, present or future director, officer, employee, incorporator or stockholder (direct or indirect) of the Guarantors (or any such successor entity), as such, shall have any
liability for any obligations of the Guarantors under this Guarantee or the Indenture or for any claim based on, in respect of, or by reason of, such obligations or their creation, except in their
capacity as an obligor or Guarantor of the Notes in accordance with the Indenture. 

        This
is a continuing Guarantee and shall remain in full force and effect and shall be binding upon each Guarantor and its successors and assigns until full and final payment of all of
the Company's obligations under the Notes and the Indenture or until released or legally defeased in accordance with the Indenture and shall inure to the benefit of the successors and assigns of the
Trustee and the Holders, and, in the event of any transfer or assignment of rights by any Holder or the Trustee, the rights and privileges herein conferred upon that party shall automatically extend
to and be vested in such transferee or assignee, all subject to the terms and conditions hereof. This is a Guarantee of payment and performance and not of collectibility. 

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

        The
obligations of each Guarantor under this Guarantee shall be limited to the extent necessary to insure that it does not constitute a fraudulent conveyance under applicable law. 

        THE
TERMS OF ARTICLE X OF THE INDENTURE ARE INCORPORATED HEREIN BY REFERENCE. 

        Capitalized
terms used herein have the same meanings given in the Indenture unless otherwise indicated. 

A-13

 

        IN
WITNESS WHEREOF, each of the Guarantors has caused this instrument to be duly executed. 

Dated:                        

	

 	
 	

[NAME OF GUARANTOR]
	

 	
 	

By:	
 	

 Name:

Title:
	

 	
 	

[NAME OF GUARANTOR]
	

 	
 	

By:	
 	

 Name:

Title:
	

 	
 	

[NAME OF GUARANTOR]
	

 	
 	

By:	
 	

 Name:

Title:

A-14

EXHIBIT B

FORM OF CERTIFICATE OF TRANSFER  

Medical
Device Manufacturing, Inc.

200 West 7th Avenue

Collegeville, PA 19426

Attention: Chief Financial Officer 

U.S.
Bank National Association

180 East Fifth Street

St. Paul, MN 55101

Attention: Corporate Trust Department 

        Re:
10% Senior Subordinated Notes due 2012 

Dear
Sirs: 

        Reference
is hereby made to the Indenture, dated as of June 30, 2004 (the "Indenture"), among Medical Device Manufacturing, Inc., as issuer (the "Company"), the Guarantors
party thereto and U.S. Bank National Association, as trustee. Capitalized terms used but not defined herein shall have the meanings given to them in the
Indenture.                        , (the "Transferor")
owns and proposes to transfer the Note[s] or interest in such Note[s] specified in Annex A hereto, in the principal amount of
$                        in such
Note[s] or interests (the "Transfer"), to                        (the "Transferee"), as further specified in Annex A hereto. In
connection with the Transfer, the Transferor hereby
certifies that: 

[CHECK
ALL THAT APPLY] 

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

	2.
	o    Check if Transferee will take delivery of a beneficial interest in the Regulation S Global
Note or a Definitive Note pursuant to Regulation S. The Transfer is being effected pursuant to and in accordance with Rule 903 or Rule 904
under the Securities Act and, accordingly, the Transferor hereby further certifies that (i) the Transfer is not being made to a person in the United States and (x) at the time the buy
order was originated, the Transferee was outside the United States or such Transferor and any Person acting on its behalf reasonably believed and believes that the Transferee was outside the United
States or (y) the transaction was executed in, on or through the facilities of a designated offshore securities market and neither such Transferor nor any Person acting on its behalf knows that
the transaction was prearranged with a buyer in the United States, (ii) no directed selling efforts have been made in contravention of the requirements of Rule 903(b) or
Rule 904(b) of Regulation S under the Securities Act, (iii) the transaction is not part of a plan or scheme to evade the registration requirements of the Securities Act and
(iv) if the proposed transfer is being made prior to the expiration of the Distribution Compliance Period, the transfer is not being made to a U.S. Person or for the account or benefit of a
U.S. Person (other than an 

 

Initial
Purchaser) and the interest transferred will be held immediately thereafter through Euroclear or Clearstream. Upon consummation of the proposed transfer in accordance with the terms of the
Indenture, the transferred beneficial interest or Definitive Note will be subject to the restrictions on Transfer enumerated in the Private Placement Legend printed on the Regulation S
Global Note and/or the Definitive Note and in the Indenture and the Securities Act. 

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

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

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

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

        (d)   o    Such
Transfer is being effected to an Institutional Accredited Investor and pursuant to an exemption from
the registration requirements of the Securities Act other than Rule 144A, Rule 144 or Rule 904, and the Transferor hereby further certifies that it has not engaged in any general
solicitation within the meaning of Regulation D under the Securities Act and the Transfer complies with the transfer restrictions applicable to beneficial interests in a Restricted Global
Note or Restricted Definitive Notes and the requirements of the exemption claimed, which certification is supported by (1) a certificate executed by the Transferee in a form of
Exhibit D to the Indenture and (2) if such Transfer is in respect of a principal amount of Notes at the time of transfer of less than $250,000, an opinion of counsel provided by the
Transferor or the Transferee (a copy of which the Transferor has attached to this certification and provided to the Company, which has confirmed its acceptability), to the effect that such Transfer is
in compliance with the Securities Act. Upon consummation of the proposed transfer in accordance with the terms of the Indenture, the Definitive Note will be subject to the restrictions on
transfer enumerated in the Private Placement Legend printed on the Definitive Notes and in the Indenture and the Securities Act. 

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

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

        (b)   o    Check if Transfer is Pursuant to Regulation S.
(i) The Transfer is being effected pursuant to and in accordance with Rule 903 or Rule 904 under the Securities Act and in compliance with the transfer restrictions contained in
the Indenture and any applicable blue sky securities laws of any State of the United States and (ii) the restrictions on transfer contained in 

B-2

 

the
Indenture and the Private Placement Legend are not required in order to maintain compliance with the Securities Act. Upon consummation of the proposed Transfer in accordance with the terms of the
Indenture, the transferred beneficial interest or Definitive Note will no longer be subject to the restrictions on transfer enumerated in the Private Placement Legend printed on the Restricted
Global Notes, on Restricted Definitive Notes and in the Indenture and the Securities Act. 

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

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

	

	
 	

Dated:	
 	

	

[Insert Name of Transferor]	
 	

 	
 	

 
	

By:	
 	

 Name:

Title:	
 	

 	
 	

 

ANNEX A TO CERTIFICATE OF TRANSFER  

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

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

	(a)	 	o	 	a beneficial interest in the:
	 	 	(i)	 	o    144A Global Note (CUSIP            ), or
	 	 	(ii)	 	o    Regulation S Global Note (CUSIP            ), or
	(b)	 	o	 	a Restricted Definitive Note.

	2.
	After
the Transfer the Transferee will hold: 

[CHECK
ONE] 

	(a)	 	o	 	a beneficial interest in the:
	 	 	(i)	 	o    144A Global Note (CUSIP            ), or
	 	 	(ii)	 	o    Regulation S Global Note (CUSIP            ), or
	 	 	(iii)	 	o    Unrestricted Global Note (CUSIP            ); or
	(b)	 	o	 	a Restricted Definitive Note; or
	(c)	 	o	 	an Unrestricted Definitive Note,

in
accordance with the terms of the Indenture. 

B-3

   EXHIBIT C

FORM OF CERTIFICATE OF EXCHANGE  

Medical
Device Manufacturing, Inc.

200 West 7th Avenue

Collegeville, PA 19426

Attention: Chief Financial Officer 

U.S.
Bank National Association

180 East Fifth Street

St. Paul, MN 55101

Attention: Corporate Trust Department 

	Re:
	10%
Senior Subordinated Notes due 2012 

Dear
Sirs: 

        Reference
is hereby made to the Indenture, dated as of June 30, 2004 (the "Indenture"), between Medical Device Manufacturing, Inc., as issuer (the "Company"), the
Guarantors party thereto and U.S. National Association, as trustee. Capitalized terms used but not defined herein shall have the meanings given to them in the Indenture. 

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

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

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

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

        (c)   Check if Exchange is from Restricted Definitive Note to beneficial interest in an Unrestricted Global Note. In
connection with the Owner's Exchange of a Restricted Definitive Note for a beneficial interest in an Unrestricted Global Note, the Owner hereby certifies (i) the beneficial interest is
being acquired for the Owner's own account without transfer, (ii) such Exchange has 

C-1

 

been
effected in compliance with the transfer restrictions applicable to Restricted Definitive Notes and pursuant to and in accordance with the Securities Act, (iii) the restrictions on
transfer contained in the Indenture and the Private Placement Legend are not required in order to maintain compliance with the Securities Act and (iv) the beneficial interest is being acquired
in compliance with any applicable blue sky securities laws of any State of the United States. 

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

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

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

        (b)   o    Check if Exchange is from Restricted Definitive Note to beneficial interest
in a Restricted Global Note. In connection with the Exchange of the Owner's Restricted Definitive Note for a beneficial interest in the: [CHECK ONE]
o    144A Global Note or o    Regulation S Global Note with an
equal principal amount, the Owner hereby certifies (i) the beneficial interest is being acquired for the Owner's own account without transfer and (ii) such Exchange has been effected in
compliance with the transfer restrictions applicable to the Restricted Global Notes and pursuant to and in accordance with the Securities Act, and in compliance with any applicable blue sky securities
laws of any State of the United States. Upon consummation of the proposed Exchange in accordance with the terms of the Indenture, the beneficial interest issued will be subject to the restrictions on
transfer enumerated in the Private Placement Legend printed on the relevant Restricted Global Note and in the Indenture and the Securities Act. 

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

	

 [Insert Name of Owner]	
 	

 
	

By:	
 	

 Name:

Title:	
 	

 

Dated:                  

C-2

   EXHIBIT D

FORM OF CERTIFICATE FROM ACQUIRING

INSTITUTIONAL ACCREDITED INVESTOR  

Medical
Device Manufacturing, Inc.

200 West 7th Avenue

Collegeville, PA 19426

Attention: Chief Financial Officer 

U.S.
Bank National Association

180 East Fifth Street

St. Paul, MN 55101

Attention: Corporate Trust Department 

	Re:
	10%
Senior Subordinated Notes due 2012 

Dear
Sirs: 

        Reference
is hereby made to the Indenture, dated as of June 30, 2004 (the "Indenture"), between Medical Device Manufacturing, Inc., as issuer (the "Company"), the
Guarantors party thereto and U.S. National Association, as trustee. Capitalized terms used but not defined herein shall have the meanings given to them in the Indenture. 

        In
connection with our proposed purchase of $                        aggregate principal amount of: (a) a beneficial interest in
a Global Note, or (b) a Definitive Note, we confirm
that: 

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

        2.     We
understand that the offer and sale of the Notes have not been registered under the Securities Act, and that the Notes and any interest therein may not be offered or
sold except as permitted in the following sentence. We agree, on our own behalf and on behalf of any accounts for which we are acting as hereinafter stated, that if we should sell the Notes or any
interest therein, we will do so only (A) to the Company or any Guarantor or any of their respective subsidiaries, (B) in accordance with Rule 144A under the Securities Act to a
"qualified institutional buyer" (as defined therein), (C) to an institutional "accredited investor" (as defined below) that, prior to such transfer, furnishes (or has furnished on its behalf by
a U.S. broker-dealer) to you and to the Company a signed letter substantially in the form of this letter and, if the proposed transfer is in respect of an aggregate principal amount of Notes of less
than $250,000, an opinion of counsel in form reasonably acceptable to the Company to the effect that such transfer is in compliance with the Securities Act, (D) outside the United States in
accordance with Rule 904 of Regulation S under the Securities Act, (E) pursuant to the provisions of Rule 144 under the Securities Act, (F) in accordance with
another exemption from the registration requirements of the Securities Act (and based upon an opinion of counsel acceptable to the Company) or (G) pursuant to an effective registration
statement under the Securities Act, and we further agree to provide to any person purchasing the Definitive Note from us in a transaction meeting the requirements of clauses (A) through
(F) of this paragraph a notice advising such purchaser that resales thereof are restricted as stated herein. 

        3.     We
understand that, on any proposed resale of the Notes or beneficial interest therein, we will be required to furnish to you and the Company such certifications, legal
opinions and other information as you and the Company may reasonably require to confirm that the proposed sale 

D-1

 

complies
with the foregoing restrictions. We further understand that the Notes purchased by us will bear a legend to the foregoing effect. We further understand that any subsequent transfer by us of
the Notes or beneficial interest therein acquired by us must be effected through one of the Initial Purchasers. 

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

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

        You
and the Company are entitled to rely upon this letter and are irrevocably authorized to produce this letter or a copy hereof to any interested party in any administrative or legal
proceedings or official inquiry with respect to the matters covered hereby. 

	

 [Insert Name of Accredited Investor]	
 	

Dated:                         ,
            
	

By:	
 	

	
 	

 	
 	

 
	Name:

Title	 	 	 	 

D-2

   EXHIBIT E

FORM OF SUPPLEMENTAL INDENTURE

TO BE DELIVERED BY SUBSEQUENT

GUARANTORS  

        Supplemental Indenture (this "Supplemental Indenture"), dated as of            , among the Guarantor(s) listed on the
signature page attached hereto
(each a "Guaranteeing Subsidiary"), a subsidiary of Medical Device Manufacturing, Inc. (or its permitted successor), a Colorado corporation (the "Company"), the Company and U.S. National Bank
Association, as trustee under the Indenture referred to below (the "Trustee"). 

W I T N E S S E T H  

        WHEREAS, the Company has heretofore executed and delivered to the Trustee an indenture (the "Indenture"), dated as of June 30, 2004, providing for the
issuance of 10% Senior Subordinated Notes due 2012 (the "Notes"); 

        WHEREAS,
the Indenture provides that under certain circumstances each Guaranteeing Subsidiary shall execute and deliver to the Trustee a supplemental indenture pursuant to which any
newly-acquired or created Guarantor shall unconditionally guarantee on a senior subordinated basis all of the Company's obligations under the Notes and the Indenture on the terms and conditions set
forth herein (a "Subsidiary Guarantee"); and 

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

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

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

        2.     Agreement to Guarantee. Each Guaranteeing Subsidiary irrevocably and unconditionally guarantees on a senior subordinated
basis the Guarantee Obligations, which include (i) the due and punctual payment of the principal of, premium, if any, and interest and Liquidated Damages, if any, on the Notes, whether at
maturity, by acceleration, call for redemption, upon a Change of Control Offer, upon an Asset Sale Offer or otherwise, the due and punctual payment of interest on the overdue principal and premium, if
any, and (to the extent permitted by law) interest on any interest on the Notes, and payment of expenses, and the due and punctual performance of all other obligations of the Company, to the Holders
or the Trustee all in accordance with the terms set forth in Article X of the Indenture, and (ii) in case of any extension of time of payment or renewal of any Notes or any such other
obligations, that the same will be promptly paid in full when due or performed in accordance with the terms of the extension or renewal, whether at stated maturity, by acceleration, call for
redemption, upon a Change of Control Offer, upon an Asset Sale Offer or otherwise. 

        The
obligations of each Guaranteeing Subsidiary to the Holders and to the Trustee pursuant to this Subsidiary Guarantee and the Indenture (i) are expressly set forth in
Article X of the Indenture and reference is hereby made to such Indenture for the precise terms of this Subsidiary Guarantee and (ii) are subordinated to the Senior Indebtedness of each
Guaranteeing Subsidiary as set forth in Section 10.7 and Article XI of the Indenture and reference is hereby made to such Section and Article for the precise terms of such
subordination. 

E-1

 

        No
past, present or future director, officer, employee, incorporator or stockholder (direct or indirect) of the Guaranteeing Subsidiary (or any such successor entity), as such, shall
have any liability for any obligations of the Guaranteeing Subsidiary under this Subsidiary Guarantee or the Indenture or for any claim based on, in respect of, or by reason of, such obligations or
their creation, except in their capacity as an obligor or Guarantor of the Notes in accordance with the Indenture. 

        This
is a continuing Guarantee and shall remain in full force and effect and shall be binding upon each Guaranteeing Subsidiary and its successors and assigns until full and final
payment of all of the Company's obligations under the Notes and Indenture or until released in accordance with the Indenture and shall inure to the benefit of the successors and assigns of the Trustee
and the Holders, and, in the event of any transfer or assignment of rights by any Holder or the Trustee, the rights and privileges herein conferred upon that party shall automatically extend to and be
vested in such transferee or assignee, all subject to the terms and conditions hereof. This is a Guarantee of payment and performance and not of collectibility. 

        The
obligations of each Guaranteeing Subsidiary under its Subsidiary Guarantee shall be limited to the extent necessary to insure that it does not constitute a fraudulent conveyance
under applicable law. 

        THE
TERMS OF ARTICLE X OF THE INDENTURE ARE INCORPORATED HEREIN BY REFERENCE. 

        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, INCLUDING, WITHOUT LIMITATION, SECTION 5-1401 OF THE NEW YORK GENERAL OBLIGATIONS LAW. 

        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. 

E-2

QuickLinks

INDENTURE

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